MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SEW EURODRIVE INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 4, G I D C, Por, Ramangamdi, Vadodara – 391 243, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.02.1997 |
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Com. Reg. No.: |
037646 |
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CIN No.: [Company
Identification No.] |
U34300GJ1997PTC037646 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS00751C |
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Legal Form : |
Private limited liability Company. |
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Line of Business : |
Manufacturing, designing, assembling, and dealing in Electric Motors and
accessories, parts and components used in respect of any of the foregoing. |
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 800000 |
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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 records. 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 : |
Plot No. 4, G I D C, Por, Ramangamdi, Vadodara – 391 243, |
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Tel. No.: |
91-265-2830492, 2830493, 2831021, 2831086 |
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Fax No.: |
91-265-2831087 |
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E-Mail : |
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Website : |
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Branches : |
Building 5 Road-2 Sec, Uttara Pahaka
-1230,
158 (A), 2nd 254, No, 308, prestige centre point,7, edward
road, 4th Floor, 418-419, Suneja Tower 1, District Centre,
Janak Puri, Mr. Sujit Nishra Kolkata 2nd Floor, Chennai 2nd Floor, Tel No.: 91-44-28144461, 28144462 Fax No.: 91-44-28144463 m. sangeetha@seweurodriveindia.com
Pune Office No. 2&7, First Floor, Triveni
Apartment, Mumbai 312-A, 3rdfloor, acme plaza, Andheri Kurla
road, Andheri (east), Sew Eurodrive India Pvt. Ltd. |
DIRECTORS
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Name : |
Mr. Rainer Blickle |
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Designation : |
Director (Foreigner) |
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Address : |
Am Muhlweg – 18, Kraichtal – 76703, |
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Date of Birth/Age : |
16.07.1947 |
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Date of Appointment : |
03.02.1997 |
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Name : |
Mr. Hans Sondermann |
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Designation : |
Director (Foreigner) |
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Address : |
Zum Rotig 19 A, |
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Date of Birth/Age : |
17.04.1959 |
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Date of Appointment : |
28.06.2000 |
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Name : |
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Designation : |
Director (Foreigner) |
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Address : |
901 / 902, Vastu Co-operative Society, Worli, Mumbai – 400 030, |
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Date of Birth/Age : |
25.08.1946 |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr. Sameer Oberoi |
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Designation : |
Director |
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Address : |
A – 18, |
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Date of Birth/Age : |
16.10.1968 |
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Date of Appointment : |
20.06.2005 |
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Name : |
Mr. Vipin Kumar Varma |
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Designation : |
Director |
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Address : |
6 Anjana Park, New |
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Date of Birth/Age : |
28.09.1961 |
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Date of Appointment : |
08.08.2003 |
KEY EXECUTIVES
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Name : |
Mr. Rajendra Roop Singh |
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Designation : |
Secretary |
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Address : |
25, Anand Nagar, Co-operative Housing Society, |
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Tel No.: |
91-265- 2830492 |
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Fax No.: |
91-265-2831087 |
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Mobile No.: |
91-9810046520 |
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E-Mail: |
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Date of Birth/Age : |
05.06.1969 |
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Date of Appointment : |
22.01.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sew Industriebeteiligungs GmbH |
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9928140 |
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Sew Eurodrive GmbH and Company |
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1 |
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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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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, designing, assembling, and dealing in Electric Motors
and accessories, parts and components used in respect of any of the
foregoing. |
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Products : |
n
Geared and Brake Motors n
Electronically – controlled drives n
Industrial Gear Units n
Mechanical Control drives n
Drive Applications n
Energy efficient motors |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitle Haskins and Sells Chartered Accountants |
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Address : |
31, Nutan Bharat Society, Alkapuri, |
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Holding Company: |
Ms. Sew Industriebeteiligungs GmbH |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9928141 |
Equity Shares |
Rs. 10.00 each |
Rs. 99.281 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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99.281 |
99.281 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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102.307 |
41.309 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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201.588 |
140.590 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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201.588 |
140.590 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.096 |
39.996 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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111.882 |
101.331 |
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Sundry Debtors |
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99.045 |
69.045 |
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Cash & Bank Balances |
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106.975 |
67.351 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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35.122 |
20.703 |
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Total
Current Assets |
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353.024 |
258.430 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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153.822 |
138.072 |
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Provisions |
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36.727 |
19.797 |
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Total
Current Liabilities |
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190.549 |
157.869 |
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Net Current Assets |
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162.475 |
100.561 |
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MISCELLANEOUS EXPENSES |
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0.017 |
0.033 |
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TOTAL |
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201.588 |
140.590 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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437.599 |
365.070 |
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Other Income |
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7.835 |
5.163 |
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Total Income |
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446.002 |
372.510 |
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Profit/(Loss) Before Tax |
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94.067 |
42.989 |
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Provision for Taxation |
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33.069 |
16.966 |
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Profit/(Loss) After Tax |
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60.998 |
26.023 |
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Earnings in Foreign Currency : |
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Export Earnings |
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0.568 |
1.062 |
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Commission Earnings |
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0.000 |
0.000 |
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Other Earnings |
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0.000 |
1.215 |
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Total Earnings |
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Expenditures : |
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Raw material consumed |
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213.158 |
200.593 |
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Purchase made for re-sale |
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84.241 |
67.625 |
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Salaries, wages and bonus |
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14.834 |
11.953 |
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Managerial Remuneration |
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0.000 |
2.676 |
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Payment to auditors |
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0.430 |
0.435 |
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Interest paid or Payable |
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0.000 |
0.171 |
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Insurance Expenses |
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0.809 |
0.592 |
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Consumption of Power and fuel |
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1.413 |
1.307 |
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Other Expenditure |
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37.050 |
44.169 |
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Total Expenditure |
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351.935 |
329.521 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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13.68 |
6.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
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21.50 |
11.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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23.99 |
14.41 |
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Return on Investment (ROI) (PBT/Networth) |
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0.47 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.95 |
1.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.85 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject - the wholly
owned subsidiary of German Multinational SEW EURODRIVE GmbH & Co.KG
established in
Subject is the pioneer and world leader in Complete Drive Management Solution® established in 1931 in Germany and
presently having operations all over the world with 11 manufacturing and 58
assembly plants.
Subject is one of the very few companies in the
world manufacture the complete range of Electrical, Mechanical and Electronic
power transmission equipments under one roof. All SEW products are designed,
developed and manufactured in house.
Subject has a modern assembly plant in
In
Advantages
v
The one and the only company who design, develop
and manufacture the complete range of electrical, mechanical and electronic Complete
Drive Management System®
v
Worldwide network help the customer to get timely
service support round the clock
v
Nation wide service network in
v
The drive management training center based in
v
A full fledged energy audit team providing
extensive energy audit to industries
v
The fastest delivery available for all range of
geared motors, gearboxes and inverters
v
24 hours online service through contact nos. 098240
19484 & 3137410
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.01 |
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1 |
Rs. 81.74 |
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Euro |
1 |
Rs. 55.04 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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