MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CIR –Q – TECH TAKO TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
73 / A, Electronic City, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.10.1996 |
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Com. Reg. No.: |
021271 |
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CIN No.: [Company
Identification No.] |
U32200KA1996PTC021271 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC01118F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of ESDC (Electrostatic Discharge) and Clean Room Products
used for Antistatic products. |
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 44000 |
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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 experience 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 : |
73 / A, Electronic City, |
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Tel. No.: |
91-80-28520566 / 28520568 / 28520581 |
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Fax No.: |
91-80-28520377 |
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E-Mail : |
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Website : |
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Sales Office : |
No. 306 and 304, III Floor Brigade MM annexe |
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Tel. No.: |
91-80-26761740 / 26763345 |
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Fax No.: |
91-80-28520377 / 26761741 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. K V Keshavamurthy |
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Designation : |
Managing Director |
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Address : |
113, 8th Cross, Prashanth Nagar, |
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Date of Birth/Age : |
03.05.1952 |
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Date of Appointment : |
11.10.1996 |
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Name : |
Mr. A. Vijayendra |
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Designation : |
Director |
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Address : |
304, Shankara, Kus Layout, Koramangala, |
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Date of Birth/Age : |
19.05.1952 |
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Date of Appointment : |
11.10.1996 |
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Name : |
Mr. Kow Kek Hing |
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Designation : |
Director |
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Address : |
1404, Puteri court, Daman Pouteri, Selangor, |
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Date of Birth/Age : |
20.01.1953 |
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Date of Appointment : |
01.11.1996 |
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Name : |
Kow Kek Leong |
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Designation : |
Director |
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Address : |
3, Jalan, 2 Taman, Putera Selangor, Ampang – 68000, |
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Date of Birth/Age : |
20.06.1948 |
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Date of Appointment : |
01.11.1996 |
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Name : |
Mr. Wong Kwai Kheong |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
24.08.1956 |
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Date of Appointment : |
01.11.1996 |
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Name : |
Melwin ernest Ho Pool Yan |
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Designation : |
Director |
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Address : |
Jalan Teratai, 51, 1/2 J, Taman Bukit Permal 2, |
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Name : |
Mr. Raj Kiran |
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Designation : |
Director Business Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. K V Keshavamurthy |
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134560 |
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Mr. A. Vijayendra |
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32080 |
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Tako Asiatic Technology SDN BHD |
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320000 |
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Mr. Nagarathna Murthy |
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19840 |
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Mr. Raj Kiran |
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5600 |
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Mrs. Usha Vijayendra and Mr. A. Vijayendra |
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19840 |
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Mr. A Vijayendra and Mrs. Usha Vijayendra |
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102480 |
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Mr. A. Vijayendra and Mr. Nitin Vijayendra |
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5600 |
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Total |
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640000 |
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign Institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies |
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50.00 |
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Director or relatives of directors |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of ESDC (Electrostatic Discharge) and Clean Room Products
used for Antistatic products. |
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Products : |
Item Code No. K#6730 E I K#6730040 P |
Kompass Code Description Machinery and equipment for the chemical and pharmaceutical industries
and laboratories (trade) [120] Clean Room Products (trade) [11] |
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Exports to: |
South |
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Imports from: |
Europe, |
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GENERAL INFORMATION
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Customers : |
v
Tata Consultancy v
Services Agilent Technologies v
Indian Space Research Organization (ISRO) v
Infosys v
v
ABB v
Cisco Systems v
Wipro GE Medical Systems v
Motorola v
Siemens |
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No. of Employees : |
25 |
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Bankers : |
Canara Bank Yediur Branch, E-mail: YEDIYUR@CANBANK.COM |
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Facilities : |
Secured Loans Bank Overdraft (Secured by stock of materials) Computer Loan (Secured by hypothecation of Computers) Vehicle Loan (Secured by hypothecation of vehicles) Total |
As
on 31.03.2005 (Rs.
in millions) 2.802 0.120 0.566 3.488 |
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Unsecured Loans Loan from Directors Other Loans Total |
As
on 31.03.2005 (Rs.
in millions) 0.316 0.250 0.566 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Krishnaswamy and Company Chartered Accountants |
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Address : |
14, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
640000 |
Equity Shares |
Rs. 10.00 each |
Rs. 6.400
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
6.401 |
6.401 |
6.401 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.786 |
3.863 |
2.591 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.187 |
10.264 |
8.992 |
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LOAN FUNDS |
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1] Secured Loans |
4.786 |
3.488 |
2.052 |
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2] Unsecured Loans |
4.588 |
0.466 |
0.150 |
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TOTAL BORROWING |
9.374 |
3.954 |
2.202 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
15.774 |
14.318 |
11.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.779 |
8.238 |
7.366 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.501 |
0.501 |
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DEFERREX TAX ASSETS |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.345
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6.815 |
2.891 |
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Sundry Debtors |
8.545
|
4.857 |
2.886 |
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Cash & Bank Balances |
2.042
|
0.470 |
0.611 |
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Other Current Assets |
1.319
|
1.389 |
1.320 |
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Loans & Advances |
1.164
|
0.776 |
0.368 |
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Total
Current Assets |
19.415
|
14.307 |
8.076 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.407
|
9.125 |
5.212 |
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Provisions |
0.460
|
0.058 |
0.000 |
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Total
Current Liabilities |
11.867
|
9.183 |
5.212 |
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Net Current Assets |
7.548
|
5.123 |
2.863 |
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MISCELLANEOUS EXPENSES |
0.446 |
0.455 |
0.464 |
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TOTAL |
15.774 |
14.318 |
11.194 |
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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 |
25.000 |
15.867 |
9.359 |
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Other Income |
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3.460 |
2.361 |
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Increase / Decrease in Inventory |
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0.137 |
0.523 |
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Total Income |
NA |
19.464 |
12.243 |
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Profit/(Loss) Before Tax |
NA |
0.741 |
0.038 |
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Provision for Taxation |
NA |
(0.031) |
(0.024) |
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Profit/(Loss) After Tax |
NA |
0.772 |
0.062 |
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Expenditures : |
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Manufacturing Expenses |
NA |
10.936 |
6.054 |
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Selling and Distribution Expenses |
NA |
0.849 |
0.843 |
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Administrative Expenses |
NA |
6.096 |
4.431 |
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Preliminary Expenses written off |
NA |
0.009 |
0.009 |
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Depreciation |
NA |
0.572 |
0.506 |
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Interest and Bank Charges |
NA |
0.261 |
0.363 |
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Total Expenditure |
NA |
18.723 |
12.206 |
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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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3.97 |
0.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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4.67 |
0.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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3.29 |
0.25 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.07 |
0.00 |
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|
0.82 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.90
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1.28 |
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|
1.55 |
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Current Ratio (Current Asset/Current Liability) |
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1.64
|
1.56 |
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LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
CIR –Q – TECH TAKO TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
CANARA BANK YEDIUR BRANCH, |
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1) Date and description of instrument creating the change |
02.12.1996 a. Cash Credit
agreement b. Agreement Re:
Collateral Security machinery / Vehicle etc. (both document
related to single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.675
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
whole of the present and future stocks and Book Debts belonging to the
company; collateral Security on Plant and Machineries belonging to the
company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
Margin as applicable from time to time Repayable on Demand. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Yediur Branch, (A Banking
Company) |
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6) Date and brief description of instrument modifying the charge |
07.05.2005 Supplemental Collateral
Security Agreement. |
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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. |
By the above, the
Company has provided additional security of its other Movable Properties /
Assets, machineries, equipments etc.
Both present and future are available for the entire credit facilities
of Rs. 6.000 millions by way of First Charge. |
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Corporate identity
number (CIN) Foreign company registration number |
U32200KA1996PTC021271 |
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Name of the
Company |
CIR –Q – TECH TAKO TECHNOLOGIES PRIVATE LIMITED |
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Address |
73 / A, Electronic City, |
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This form is for |
Creation of
Charge |
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Type of Charge |
A Charge on Movable Property
(nor being pledge) |
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Particulars of
the charge holder |
Canara Bank Yediur Branch, E-mail: YEDIYUR@CANBANK.COM |
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Amount secured by
the charge |
Rs. 1.475
millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation of
Furniture |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: 11.75 % (b) Terms of
repayment: 40 monthly installments of Rs. 0.037 million each and interest at
8 % when debited (c ) Margin: 25 % (d) Extent and operation
of the charge: Charge on the
furniture, fixtures and office equipment at the office of the company situate
at no. 36, MM Brigade Annexe, |
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Short particulars
of the property charged |
Charge on the
furniture, fixtures and office equipment at the office of the company situate
at no. 36, MM Brigade Annexe, |
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Date of
Instrument |
13.01.2007 |
Fixed Assets
Land
Electrical Installation
Plant and Machinery
Office Equipments
Vehicles
Furniture and Fixtures
Computers
Factory Equipment
Buildings
Website details attached
Profile
A pioneering effort to introduce the concept of
Electrostatic Discharge Control was launched by subject in 1989 at
Activities
Their activities are Manufacturing of Personnel Grounding,
Work surface Modification, Packaging Materials and a complete range of Test and
Measuring Instruments relevant to Electrostatic Discharge control.
About Tako
Started in 1979, TAKO's ESD products has gained wide market
acceptance and satisfied customers around the world in various industries
including semiconductors, electronics, clean room facilities and other related
industries. TAKO have established its presence in
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. 40.73 |
|
|
1 |
Rs. 80.43 |
|
Euro |
1 |
Rs. 54.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|