MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
STANDYNE AMALGAMATIONS PRIVATE LIMITED |
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Registered Office : |
9, Industrial Area II, Maraimalai Nagar, Kancheepuram-603209,
Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.10.2001 |
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Com. Reg. No.: |
18-47925 |
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CIN No.: [Company
Identification No.] |
U34107TN2001PTC047925 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES15145E |
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PAN No.: [Permanent
Account No.] |
AAFCS7717L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Fuel Injection Pump. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
USD 288000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track records.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered for small business dealings with slight
caution initially. |
LOCATIONS
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Registered Office : |
9, Industrial Area II, Maraimalai Nagar, Kancheepuram-603209, |
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Tel. No.: |
91-4114-47408300/ 47400301/ 253294 |
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Fax No.: |
91-4114-47400308/ 251986 |
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E-Mail : |
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Website : |
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Head Office : |
Arjay Apex Centre, 24, |
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Tel. No.: |
91-4114-500301 |
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Fax No.: |
91-4114-500308 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Anantharamakrishnan Sivasailam |
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Designation : |
Chairman |
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Address : |
Sudharma, 128, Dr. Radhakrishnan Salai, Chennai-600004, Tamilnadu |
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Date of Birth/Age : |
24.08.1934 |
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Date of Appointment : |
22.10.2001 |
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Name : |
Mr. William D Gurley |
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Designation : |
Managing Director |
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Address : |
32, |
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Date of Birth/Age : |
30.09.1948 |
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Date of Appointment : |
22.10.2001 |
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Name : |
Mr. Ram Prasad |
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Designation : |
Managing Director |
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Address : |
170, |
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Date of Birth/Age : |
24.11.1944 |
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Date of Appointment : |
26.10.2001 |
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Name : |
Mr. Narayanaswamy Venkataramani |
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Designation : |
Director |
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Address : |
Lakshmi, 12, |
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Date of Birth/Age : |
09.12.1939 |
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Date of Appointment : |
26.10.2001 |
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Name : |
Mr. Stephen S Langin |
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Designation : |
Director |
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Address : |
27, |
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Date of Birth/Age : |
06.08.1958 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Kamal Kant Tiwari |
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Designation : |
Managing Director |
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Address : |
C-2, Sheyas, 36, 4th |
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Date of Birth/Age : |
15.05.1969 |
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Date of Appointment : |
07.11.2006 |
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Name : |
Mr. Mervyn D Jones |
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Designation : |
Director |
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Address : |
950, |
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Date of Birth/Age : |
01.03.1947 |
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Date of Appointment : |
29.09.2006 |
KEY EXECUTIVES
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Name : |
Mr. Sitaraman Karthikeyan |
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Designation : |
Comp[any Secretary |
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Address : |
Flat 1-4-2, Greata Pearl, 174, |
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Date of Birth/Age : |
25.02.1962 |
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Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Standyne Corporation |
3705300 |
|
Simpson & Company Limited |
1958000 |
|
India Pistons Limited |
1602000 |
As on 31.03.2006
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Names of Shareholders |
|
Percentage of
Holding |
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Foreign holdings |
|
51.00 |
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Bodies Corporate |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fuel Injection Pump. |
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Exports : |
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Products : |
QLC Pumps and Yanmar |
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Countries : |
Stanadyne, SpA, |
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Imports : |
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Products : |
RSN Injector Assemblied with nozzle assemblies |
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Countries : |
Stanadyne, SpA and |
GENERAL INFORMATION
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Bankers : |
Central
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Fraser & Ross Chartered Accountants |
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Address : |
2nd Floor, |
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Tel No. : |
91-44-42131124 / 28 / 24326010 / 24326781 |
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Fax No.: |
91-44-42131129 |
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Holding Company : |
Standyne Corporation |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7265300 |
Equity Shares |
Rs.10/- each |
Rs.72.653
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
72.653 |
72.653 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
2.626 |
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4] (Accumulated Losses) |
|
(0.581) |
0.000 |
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NETWORTH |
|
72.072 |
75.279 |
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LOAN FUNDS |
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1] Secured Loans |
|
57.575 |
60.962 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
57.575 |
60.962 |
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DEFERRED TAX LIABILITIES |
|
4.030 |
0.000 |
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TOTAL |
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133.677 |
136.241 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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137.618 |
131.289 |
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Capital work-in-progress |
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0.526 |
0.625 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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31.654 |
14.489 |
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Sundry Debtors |
|
20.763 |
18.501 |
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Cash & Bank Balances |
|
1.029 |
1.418 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
8.717 |
6.587 |
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Total
Current Assets |
|
62.163 |
40.995 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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65.426 |
38.382 |
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Provisions |
|
3.340 |
1.137 |
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Total
Current Liabilities |
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68.766 |
39.519 |
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Net Current Assets |
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(6.603) |
1.476 |
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MISCELLANEOUS EXPENSES |
|
2.136 |
2.851 |
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TOTAL |
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133.677 |
136.241 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
227.832 |
156.780 |
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Other Income |
|
0.602 |
0.055 |
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Total Income |
|
228.434 |
156.835 |
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Profit/(Loss) Before Tax |
|
1.475 |
2.626 |
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Provision for Taxation |
|
4.682 |
-- |
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Profit/(Loss) After Tax |
|
[3.207] |
2.626 |
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Earnings in Foreign Currency : |
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Export Earnings |
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227.725 |
156.780 |
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Total Earnings |
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227.725 |
156.780 |
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Imports : |
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Components, Consumables |
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35.133 |
20.147 |
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Capital Goods |
|
0.893 |
5.724 |
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Total Imports |
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36.026 |
25.871 |
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Expenditures : |
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Manufacturing Expenses |
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39.778 |
21.526 |
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Employees Cost |
|
13.340 |
10.470 |
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Administrative Expenses |
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26.531 |
19.580 |
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Distribution Expenses |
|
144.479 |
99.021 |
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Financial Expenses |
|
4.156 |
2.280 |
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Total Expenditure |
|
228.284 |
152.877 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[1.40] |
1.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.65 |
1.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.74 |
1.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.75 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
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0.90 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U34107TN2001PTC047925 |
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Name of the company |
STANDYNE AMALGAMATIONS PRIVATE LIMITED |
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Address |
Arjay Apex Centre, 24, |
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This Form is for |
Modification of charge |
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Type of Charges |
Simple mortgage |
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Particular of the charge holder |
STANDYNE AMALGAMATIONS PRIVATE LIMITED 9, Industrial Area II, Maraimalai Nagar,
Kancheepuram-603209, |
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Nature or description of the instrument creating charge |
Articles of agreement dated 18.12.2002 Letter of hypothecation dated 18.12.2002 Application and alteration for letter of credit dated 18.12.2002 |
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Date of the instrument creating charge |
18.12.2002 |
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Amount Secure by the charge |
Rs.96.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Foreign currency Term Loan Rs.80.000 millions – 25% margin; 6M LIBOR+1% - 10 equal half yearly installments Packing credit working capital loan for Rs.14.000 millions – Packing Credit rate of interest applicable as per RBI directives- 10% margin; Letter of credit Rs.2.500 millions – counter Guarantee of the company. |
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Particulars of the Property charged |
Plant and machinery and Electrical Installations in the factory at No.9, Industrial Area II, Maraimalainagar-603209, Kancheepuram District, Tamilnadu Stock of raw materials (components), Tools, Consumables, Spares etc. in the factory at No.9, Industrial Area II, Maraimalainagar – 603209, Kancheepuram District, Tamilnadu. |
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Brief description of the instrument modifying the charge |
Agreement of hypothecatation of goods Rs.4.000 millions General counter guarantee fro Rs.5.000 millions Letter of hypothecation for Rs.12.000 millions FC Term Loan |
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Particulars of present modification |
Rs.40.000 millions additional working capital – 10% margin – interest as per RBI Rs.12.000 millions FC Term Loan – 2.5% margin – 6ml + 2.50% WT Rs.2.500 millions additional guarantee |
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Name of the company |
STANDYNE AMALGAMATIONS PRIVATE LIMITED |
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Presented By |
Mr. Ram Prasad, Managing
Director |
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1) Date and description of instrument creating the change |
Date : 18.12.2002 Deed of hypothecation of specific fixed assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.96.500 millions |
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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 |
Hypothecation of specific fixed assets for the Term loan of Rs.80.000 millions and current assets of the working capital facilities of Rs.16.500 millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term loan of Rs.80.000 millions in 5 years starting from April 2004 in half yearly installments with interest. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
The situation of the registered office of the company
has changed from Arjay Apex Centre, 24,
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.40.54 |
|
|
1 |
Rs.80.21 |
|
Euro |
1 |
Rs.54.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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 |
|