MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
OM SHAKTI HYDRAULICS PRIVATE LIMITED |
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Registered Office : |
B-197, 5th |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.04.2002 |
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Com. Reg. No.: |
08-30372 |
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CIN No.: [Company
Identification No.] |
V31909KAZ002PTC030372 |
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IEC No.: |
0703005120 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO01247B |
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PAN No.: [Permanent
Account No.] |
AAACO5892R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of hydraulic cylinders, pneumatic cylinders & telescopic cylinders. |
RATING & COMMENTS
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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 7000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having satisfactory track. Profit margin is under severe pressure. Payments are reported as correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions |
LOCATIONS
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Registered Office/ Head Office/ Factory : |
B-197, 5th |
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Tel. No.: |
91-80-28364084/2363442/41171117/41171007, 91-9448 |
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Fax No.: |
91-80-28363442 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. B N Bhojaraju |
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Designation : |
Director |
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Address : |
No. 69, 7th |
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Date of Birth/Age : |
25-06-1964 |
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Qualification : |
DME |
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Experience : |
25 Years |
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Date of Appointment : |
03-04-2002 |
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Name : |
Mr. Shetty N Krishan |
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Designation : |
Director |
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Date of Birth/Age : |
18-04-1963 |
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Qualification : |
DME |
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Experience : |
25 Years |
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Date of Appointment : |
03-04-2002 |
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Name : |
Mr. D Balkrishna |
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Designation : |
Director |
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Address : |
No. 910, 2nd B Cross, 5th Main Havanur Extn. Nagasandra Post, Bangalore-560077, Karnataka |
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Date of Birth/Age : |
22-06-1966 |
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Qualification : |
DME |
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Experience : |
25 Years |
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Date of Appointment : |
03-04-2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. B N Bhojaraju |
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3300 |
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Mr. Shetty N Krishan |
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3300 |
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Mr. D Balkrishna |
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3400 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of hydraulic cylinders, pneumatic cylinders
& telescopic cylinders. |
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Products : |
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Exports : |
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Products : |
All Ahmeed International Power and Hood |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit [60-90 days] |
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Purchasing : |
L/C and Credit [30-60 days] |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
OEM’s and Manufactures
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No. of Employees : |
Office – 25, Production – 30, Branch - 10 Total – 65 |
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Bankers : |
Canara Bank Specialised SSI Branch, Peenya Industrial Estate, Banglore-560058, Karnataka Credit Limit Rs. 6.000 Millions UTI Bank Limited UCO Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N.J. Rairakha & Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-80-23307556 |
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Associates/Subsidiaries : |
Ultra Fluid Systems V - 17 Peenya Industrial Area, Bangalore-560058, Manufactures of Hydraulic Products |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
1.000 million |
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.952 |
0.717 |
0.282 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.952 |
1.717 |
1.282 |
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LOAN FUNDS |
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1] Secured Loans |
7.804 |
4.564 |
1.088 |
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2] Unsecured Loans |
0.301 |
0.051 |
0.813 |
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TOTAL BORROWING |
8.105 |
4.615 |
1.901 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
10.057 |
6.332 |
3.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.522 |
4.270 |
1.072 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
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0.000 |
2.262 |
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Sundry Debtors |
11.202
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3.220 |
2.925 |
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Cash & Bank Balances |
0.009
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0.107 |
0.429 |
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Other Current Assets |
9.668
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6.677 |
0.000 |
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Loans & Advances |
0.832
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0.647 |
0.201 |
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Total
Current Assets |
21.711
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10.651 |
5.817 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.176
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8.589 |
3.706 |
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Provisions |
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Total
Current Liabilities |
15.176
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8.589 |
3.706 |
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Net Current Assets |
6.535
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2.062 |
2.111 |
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MISCELLANEOUS EXPENSES |
0.000
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0.000 |
0.000 |
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TOTAL |
10.057 |
6.332 |
3.183 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
37.878 |
24.979 |
15.239 |
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Other Income |
0.008 |
0.343 |
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Total Income |
37.886 |
25.322 |
15.239 |
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Profit/(Loss) Before Tax |
0.397 |
0.475 |
0.216 |
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Provision for Taxation |
0.164 |
0.425 |
0.044 |
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Profit/(Loss) After Tax |
0.233 |
0.050 |
0.172 |
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Expenditures : |
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Cost of Goods Sold |
42.173 |
28.389 |
0.000 |
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Depreciation & Amortization |
0.812 |
0.449 |
0.000 |
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Interest |
1.181 |
0.497 |
0.000 |
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Administrative and Selling Expenses |
1.492 |
0.995 |
0.000 |
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Other Expenses |
0.000 |
0.000 |
15.411 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.62
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0.20 |
1.13
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Net Profit Margin (PBT/Sales) |
(%) |
1.05
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1.90 |
1.42
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.57
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3.18 |
3.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20
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0.28 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.93
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7.69 |
4.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.43
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1.24 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
Established in 1990, Om
Shakti Hydraulics Pvt.Ltd., a part of BBK group of companies, is a leading manufacturer of hydraulic cylinders,
pneumatic cylinders & telescopic cylinders. The company is organised
& managed by young, dynamic and efficient engineers who have worked in various
hydraulic industries for over a decade.
Subject is a BBK Group of Companies established in 1990 Organised & Managed by Young, Dynamic and Efficient Engineers having worked in various Hydraulic Industries for over a Decade. Policy Being Quality, Customer Satisfaction and Services. The company boasts of having supplied quality products to various companies in the Indian Industrial Sector. Subject is an ISO 9001:2000 Quality Standard certified Company.
Supported with a wide dealer network, Good and efficient sales and service personal, the products are available at short notice thus enabling to serve the industry with less delivery time.
The Companies are aided with sound manufacturing and testing facilities, which
have gained the confidence of valued customers over a long period of time.
Hydraulic and Pneumatic standard cylinders and other systems according to ISO,
Cetop Standards have been supplied to Machine Tool, Steel, Food Processing,
Paper, Pulp, Defence, Material Handling, SPM, Automobiles, Heavy duty
application such as Hydraulic Press, Earth Moving Equipment Industries, so on
and so forth.
The Group has developed Tipping kits and Cabin tilt units for vehicles.
Cylinder, Pump and Valve all indigenously built and Quality in par with the
already existing gaints in the industry.
Special Cylinders such as Clamp & Swing Cylinders are specially made
according to customer specifications, which are the landmark in the companies
list of achievements. It has the design strength to develop new projects
according to customer requirements from conceptto the manufacturing stage.
Stainless steel cylinders for marine applications have been manufactured and
supplied taking into consideration, special parameters such as Corrosion
pitting high and low temperature.
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Other Products
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Product Applications
Hydraulic and Pneumatic standard
cylinders and systems are supplied to machine tool, steel, food processing, paper,
pulp, defence, material handling, spm, automobiles, heavy duty application such
as hydraulic press, earth moving equipment industries and so on and so forth.
Tipping kits and cabin tilt units are supplied for vehicles, cylinder, pump and
valve. All are indigenously built and quality is at par with the already
existing giants in the industry.
Special cylinders such as clamp & swing cylinders are specially made
according to customer specifications, which are the landmark in the companies
list of achievements. It has the design strength to develop new projects
according to customer requirements from concept to the manufacturing stage.
Stainless steel cylinders for marine applications have been manufactured and
supplied taking into consideration, special parameters such as corrosion
pitting high and low temperature.
Infrastructure
Om Shakti Hydraulics Pvt.Ltd., has a well-equipped work station, with state of
the art machineries and strong research and development unit. Supported with a
wide dealer network, good and efficient sales and service personal, the
products are available at short notice thus enabling to serve the industry with
less delivery time. Our professionals go through continous training, resulting
in constant research, innovation and development.
There had been good
progress in the sales during yhe year and the compoany has significant profit
during financial year.
Particulars to charge created by
a company registered in India Charge subject to which property has been
acquired by a company registered in
Name of the Company : Om Shakthi Hydraulics Private Limited
Presented by : Canara Bank
Specialised SSI Branch, Peenya Industrial Estate, Banglore-560058, Karnataka
- Data description of the instruments creating the charge : 05-01-2005
- Amount secured by the charge / Amount owing on the security of the charge : Rs.2.200 million
- Short particulars of the company charged. If the property acquired is subject to charge, date of acquisition of property should be given : Plant, machinery, tools and accessories as per list attached to the agreement as also those to be purchased hereafter which are kept / to be kept or in in transit for being erected at the premises in the occupation of the borrower at no. B 197, II Stage, Peenya Industrial Estate, Banglore-560058,Karnataka or anywhere else
- Gist of the terms and conditions and extent and operation of the charge : Rate of interest @ 2% above the ongoing Benchmark PLR with a minimum of 12.75% p.a.
Repayment – In 56 monthly installments of Rs. 0.039 millions each and last installment of Rs. 0.160 million commencing from April 2005
- Name, address and description of the persons entitled to the charge : Canara Bank
Specialised SSI Branch,
Peenya Industrial Estate,
Banglore-560058,
Karnataka
· Date and Brief description of the instruments modifying the charge : NA
· Particulars of modifications pecifying the terms and conditions or the extent of operation of the charge in which modification is made, and the details of the modification : NA
Name of the company : M/s Scandent Solutions Corporation Limited
Presented by : UTI Bank Limited
Banglore-560001,
Karnatak
Data of Creation of Charge : 02.02.2005
1. Data description of the instruments creating the charge : 02-02-2005
Deed of Hypothecation of Current Assets
2. Amount secured by the charge / Amount owing on the security of the charge : Rs.247.500 million
3. Short particulars of the company charged. If the property acquired is subject to charge, date of acquisition of property should be given : Hypothecation to the Bank on all the stocks in Trade both present & Future consisting stock including Raw materials, Stock in progress & other current assets whatsoever , being movable properties now or at anytime hereafter belonging to the Borrower’s or at my / our disposal and and now or at any time or time to time hereafter stored or to be stored or bought into or in course of transit to my/our possession or occupation or at any other premises or places (all of which hereinafter collectively referred to as current assets) & outstandings , moneys receivable, Claims & Bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by the government department or office or any Municipal or Local or Public or Semi Government Body or authority or any body corporate or undertaking or project whatever in the public sector (all of which hereinafter collectively reffered to as “the said debts”) except the receivables of Scandent Group Inc. USA, to secure as a Continuing Security.Hypothecation to the Bank on all the Movable Plant & Machinery, Furnitures, Fixtures, etc. both Present and Future consisting of Plant and Machinery being Movable Properties now stored at or being stored or which may hereafter be bought into or stored at orat present installed at various locations of the company (brief particulars wherof are setout in the schedule hereunder written) and also the Plant & Machinery which may at any time hereafter belonging to Borrower or Borrowers disposal and now or at any time and from time to time hereafter stored or be stored or bought into or upon or in course of transit or awaiting transit by any other premises or places (all of which hereinafter collectively reffered to as “the said Assets”) to secure as a Continuing Security.
4. Gist of the terms and conditions and extent and operation of the charge: Rate of Interest : PLR – 4% currently 8% p.a. with periodical rests &/or at such rate/s & rests as may be specified by the Bank from time to time . Penal interest : 2% p.a
Repayment : 18 months moratorium post disbursement and repayment in Five Equal Half Yearly Installments. First repayment to being at the end of 24 months from the date of last disbursement.
5. Name, address and description of the persons entitled to the charge : UTI Bank Limited, M G Road Branch, M G Road, Banglore – 560001, Karnataka (A Banking Company)
6. Date and Brief description of the instruments modifying the charge : NA
7. Particulars of modifications pecifying the terms and conditions or the extent of operation of the charge in which modification is made, and the details of the modification : NA
Name of the Company : Om Shakthi Hydraulics Private Limited
Presented by : Canara Bank,
Specialised SSI Branch, Peenya ,
1. Data description of the instruments creating the charge:11-08-2004, 28-11-2005
2. Amount secured by the charge / Amount owing on the security of the charge :Rs. 2.000millions, Rs.1.500millions
3. Short particulars of the company charged. If the property acquired is subject to charge, date of acquisition of property should be given: The whole of the borrower’s present and future stocks of the raw materials, goods in process of manufacture and all finished and manufactured goods and articles such as hydraulic power packets and system etc., stored at borrower’sfactory / godown at No. B-197, II stage, Peenya Industrial Area, Bangalore-560058 or wherever else; All the of the borrower’s present and future bookdebts, outstanding moneis, receivables, claim, bills etc.; All the Plant, machinery, tools, accessories morefully described in list annexed to the Agreement re: Collatoral Security.
Hypothecation by way of second charge
on all the items of machineries, equipments, goods and movable assets etc. ,
morefully described in Sch. A whether they are available / erected in the
borrower’s premises at B-197, II stage, Peenya Industrial Area,
Bangalore-560058 against various factoring facilities sanctioned by Canara
Bank, SSI Branch, Peenya,
4. Gist of the terms and conditions and extent and operation of the charge: Rate of Interest: Rate of Interest @ 1.755 p.a. over and above ongoing PLR with a minimum of 12.5% p.a.
Interest @ 12.25% p.a., and factoring charges of 0.30% compound monthly by the factores.
5. Name, address and description of the persons entitled to the charge : Canara Bank, Specialised, SSI Branch Peenya Industrial Estate, Bangalore-560058.
6. Date and Brief description of the instruments modifying the charge :NA
7. Particulars of modifications pecifying the terms and conditions or the extent of operation of the charge in which modification is made, and the details of the modification : NA
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.40.81 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 factorsP 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 |
|