MIRA
INFORM REPORT
|
Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MICROCARE COMPUTERS PRIVATE LIMITED |
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Registered Office : |
105, Ratna Complex, Ameerpet, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.03.1989 |
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Com. Reg. No.: |
01-9795 |
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CIN No.: [Company
Identification No.] |
U72200AP1989PTC009795 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM00865E |
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PAN No.: [Permanent
Account No.] |
AACCM4586C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing computer related sales and services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
105, Ratna Complex, Ameerpet, |
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Tel. No.: |
91-40-23743254 or 23743652 or 23748934 or
23739311 or 2373312 |
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Fax No.: |
91-40-23740305 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Paladagu Kamaiah Chowdary |
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Designation : |
Managing Director |
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Address : |
319 Sanali Heavens Nagar, Junanagar, Ameerpet, |
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Date of Birth/Age : |
14.08.955 |
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Date of Appointment : |
29.03.1989 |
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Name : |
Ms. Paladagu Suguna Kumari |
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Designation : |
Director |
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Address : |
Flat No. 319, Sanali Heavens Nagar, Junanagar, Ameerpet, |
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Date of Birth/Age : |
15.06.1963 |
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Date of Appointment : |
03.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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P. K. Chowdary |
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128506 |
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P. S. Kesava Rao |
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10000 |
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P. Punnamma |
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15000 |
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B. Subba Rao |
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60000 |
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P. Suguna Kumari |
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155000 |
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K. Vijaya Ramajah |
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150000 |
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K. Subrahmenswara Rao |
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16024 |
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P. Babu Rao |
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20000 |
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P. V. Satyanarayana Rao |
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20000 |
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P. Raja Rao |
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18000 |
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P. Navya |
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54970 |
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P. Veni |
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18500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing computer related sales and services. |
GENERAL INFORMATION
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Bankers : |
State Bank of Commercial Branch,
Ashok My Home Cham Bers, Secunderabad – 500003, Canara bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S V Rao Associates Chartered Accountants |
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Address : |
215 & 216, Model House, Panjagutta, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
780,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.800 |
6.800 |
6.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.582 |
23.239 |
15.309 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.382 |
30.039 |
22.109 |
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LOAN FUNDS |
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1] Secured Loans |
27.688 |
39.949 |
12.548 |
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2] Unsecured Loans |
5.735 |
5.124 |
3.048 |
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TOTAL BORROWING |
33.423 |
45.073 |
15.596 |
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DEFERRED TAX LIABILITIES |
7.541 |
10.836 |
2.088 |
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TOTAL |
78.346 |
85.948 |
39.793 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.981 |
3.786 |
5.262 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.070 |
0.070 |
0.070 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.669
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5.157 |
5.157 |
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Sundry Debtors |
73.685
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54.938 |
50.755 |
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Cash & Bank Balances |
3.024
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11.517 |
6.449 |
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Other Current Assets |
0.037
|
0.467 |
7.793 |
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Loans & Advances |
29.758
|
42.410 |
0.252 |
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Total
Current Assets |
121.173
|
114.489 |
70.406 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.878
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32.408 |
35.967 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
45.878
|
32.408 |
35.967 |
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Net Current Assets |
75.295
|
82.081 |
34.439 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.011 |
0.022 |
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TOTAL |
78.346 |
85.948 |
39.793 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 [Estimated] |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
400.000 |
301.700 |
214.689 |
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Other Income |
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6.410 |
4.493 |
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Total Income |
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308.110 |
219.182 |
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Profit/(Loss) Before Tax |
NA |
19.560 |
3.775 |
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Provision for Taxation |
NA |
11.630 |
[1.912] |
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Profit/(Loss) After Tax |
NA |
7.930 |
5.687 |
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Expenditures : |
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Purchase for the year |
NA |
265.064 |
189.780 |
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Personnel Cots |
NA |
4.783 |
4.804 |
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Administrative and other Expenses |
NA |
11.107 |
10.360 |
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Financial Charges |
NA |
5.052 |
2.598 |
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Depreciation & Amortization |
NA |
2.385 |
2.864 |
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Total Expenditure |
NA |
288.391 |
210.406 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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2.57 |
2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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6.48 |
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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16.54 |
4.99 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.65 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.12
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2.58 |
2.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.64
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3.53 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Computers
- Vehicles
- Furniture and
Fittings
- Electrical
Equipment
- Other
Equipment
- Cycle
Bankers
Charges Report as per Registry
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Name of the
company |
MICROCARE
COMPUTERS PRIVATE LIMITED |
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Presented By |
P. K. Chowdary,
Managing Director |
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1) Date and description
of instrument creating the change |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
All the goods
such as computer systems, spares, peripherals, etc and book debts, present
and future |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of Commercial
Branch, Ashok My Home Cham Bers, Secunderabad – 500003, |
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6) Date and brief description of instrument
modifying the charge |
Not Applicable |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
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Corporate
identity number of the company |
U72200AP1989PTC009795 |
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Name of the
company |
MICROCARE COMPUTERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
105, Ratna Complex, Ameerpet, |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
State Bank of Commercial
Branch, Ashok My Home Cham Bers, Secunderabad – 500003, |
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Amount secured by
the charge |
Rs. 47.500 Millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
Hypothecation of
all the Goods such as computers system, spares, peripherals etc and book
debts, present and future Rate of interest
11.25 % |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Goods are
situated at 105 Ratna Complex, Ameerpeth, |
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Charge identification
number of the charge to be modified |
90118904 |
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Brief description
of the instruments modifying the charge under section 135 |
Hypothecation
Agreement dated 11.09.2006 |
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Date of
instrument modifying the charge |
11.09.2006 |
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Particulars of
the present modification |
The exiting
working capital limits were enhanced from Rs. 32.500 Millions to Rs. 47.500
Millions |
AS PER WEBSITE
Subject is established in 1989 as a third party maintenance
organization engaged in providing sales, service and network solutions to
various corporate & public sectors, defense, State Govt. Educational and
other organizations.
Associated with
- TVS Electronics Limited as a authorized service provider since 1991.
- Microland Limited for providing total networking solutions in 1995.
- Compaq as their
authorized service provider in 1995 to provide high end solutions based on Compaq Enterprise Servers including ALPHA Servers and Workstations.
- Authorized
reseller for Desktop PC's,
Notebooks, Servers and Workstations
They have established their branch office at Vishakapatnam in 1990 which
has become independent sales, service and solution provider for Compaq.
They Provide Complete Solutions to their customers and target to become
most reliable and dependable vendor and service provider for their total IT
Requirement.
Strategies
To sell only those products for which they are authorized service
partners.
To maintain long term association with their customers by providing
quality solutions and services.
Team
P.K.Chowdary, Managing Director is an Electronics Engineer having 26
years of relevant experience.
A highly professional sales team capable of providing enterprise
solutions.
A highly committed service team of 30 Engineers Compaq, 3Com, AT&T
(Lucent), TVSE and capable of providing 24X7 Support.
Assisted by Professionally managed front and back office executives.
Strategic Alliances
Compaq/HP - Alpha Servers, Intel Servers, Desktop PC's,
Notebooks, Professional work stations, Ink Jet and Laser Jet Printers and
Plotters.
TVSE
- Dot Matrix
Printers, keyboards and UPS Systems
3Com
- NICs,
Hubs, Modems and switches.
Cisco
- Routers
and Switches
Avaya(Lucent)- SYSTIMAX Structured Cabling & Network
Accessories.
Microcare is associated with Compaq since its entry in to Indian market.
Present Status
Authorized
Authorized Specialist Server Reseller.
Authorized Service Provider.
Recipient of Best Regional Reseller Award for past 3 Three
years.
Member of Compaq Premium Partner Club.
Strengths
People
Well trained sales and service team of about 50 lead by P.K.Chowdary.
Spares
Wide inventory of spares worth Rs 2.000 Millions for providing immediate
service to the customers.
Finance
Financed by Canara bank, SBI and SBH with following limits at present.
Cash credit -Rs 6.000 Millions
LC limits -Rs 5.000 Millions
BG limits -Rs 5.000 Millions
Term Loan -Rs 45.000 Millions *
* Utilized for supplies to BHEL on lease rental basis
To become the best reseller and service provider for Compaq in terms of
Quality of service and customer satisfaction.
To have 100 % satisfied customer base. To become 300 Millions Company by
2003 and 600 Millions by 2005.
Authorized Service provider for Compaq and TVS Electronics Limited
Recipient of Compaq Best Regional Reseller Award for last three
consecutive years
The Microcare offers a wide range of both Compaq/HP and TVSE
products and services for all the business and home computing needs. Also
offers Samsung/Samtron monitors.
Computers
Desktops and workstations
Dependable, secure systems of Compaq/HP that simplify business computing
and offer the latest in home gaming and entertainment. Desktops and
workstations with Intel Pentium4 Processor 2.0 GHz. which delivers a new level
of stability.
Notebooks,Tablet PC's,Handheld
The best in mobile computing - from thin, light notebook PCs to PDAs of
Compaq/HP, all with wireless access to the most important information and with
Intel Pentium4 Processor 1.8GHz supporting Intel speed step technology.
Printing and Multifunction
Printers, faxes, copiers, all-in-one/multifunction machines, print
servers and network software, digital offset printing, large-format printers,
plotters of Compaq/HP and Dot matrix printers from TVSE. HP/Compaq
designjet printers with line drawings in fastmode in 45 seconds and images in
fastmode in 36 seconds.
Digital Imaging
Compaq/Hp Scanners, digital projectors, and photography which can be
easily connected to the PC and with easy to use software that lets you apply
special effects to the images and communicate with the loved ones in many fun
and exciting ways. Digital cameras with a recently introduced dual mode
capability.
Servers
Compaq/Hp Blade and tower servers, super scalable servers and server
appliances for rack-mount environments, internal system expansion or simplified
clustering.
Networking
Home networking, switches and hubs, storage area networks (SANs), print
servers and network software, modems, UNIX-server connectivity, output
management and document delivery.
Monitors
Compaq/HP PC monitors, LCD and multi-media displays, plus micro-portable
projectors for mobile presentations and home cinema. Samsung/Samtron Monitors
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.33 |
|
|
1 |
Rs.82.63 |
|
Euro |
1 |
Rs.55.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|