MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
M-TECH INNOVATIONS LIMITED |
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Registered Office : |
Mahavir Chambers,
12 – Premananda Society, Balaji Nagar, Pune – 41104, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.02.1992 |
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Com. Reg. No.: |
11-65521 |
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CIN No.: [Company
Identification No.] |
U45402PN1992PLC065521 |
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IEC No.: |
3192006200 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM01213C |
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PAN No.: [Permanent
Account No.] |
AADCM8512F |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Company is in engaged
in Self Manufacturing Adhesive Film and Sheets, Article base Metals, Aluminum
Scrap and Waste, Scrap and Waste of base metals and others article of
plastics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having fine track records. Trade relations are fair.
Financial position is good. Payments are usually correct and as per
commitments. The company is doing
well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Corporate Office : |
Mahavir Chambers,
12 – Premanand Society, Balaji Nagar, Dhankawadi, Pune – 41104, Maharashtra,
India |
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Tel. No.: |
91-20-24376223 / 24373323 / 24375198 /
24372373 / 24365938 / 24366910 |
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Mobile No.: |
91-9822091209
/ 9370046971 |
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Fax No.: |
91-20-24372849 |
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E-Mail : |
info@m-techindia.com |
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Website : |
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Location : |
Owned |
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Factory 1 : |
33 KM
Stone, Pune - Bangalore Highway,
Before Nasrapur Turn, Gat No.
79, Village - Kelawade, Tal. – Bhore, Pune, India |
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Tel. No.: |
91-2113-272273 |
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Fax No.: |
91-2113-272856 |
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Location : |
Owned |
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Factory 2: |
Balaji Nagar, Dhankawadi, Pune – 400 043, Maharashtra |
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Tel. No.: |
91-22-24376223 |
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Fax No.: |
91-22-24372849 |
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Location : |
Owned |
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Branches : |
South Zone Mr. Shanker Dhanashri House No. 3-4-827, Flat No. 104, Saisubhi, Laxmi Complex,
Barkat pura, Hydrabad - 500
027. Tel No. : 91-40- 653 4751 Fax : 91-40- 653 4753 Email : sdhanshri@eth.net North Zone Mr. Mahanand Upadyay C/O Mr. S S Mudgal, 212 H, First Floor, Munirka, New Delhi
- 110 016. Mobile : 91-9312405173 Email : mahanand_uu@yahoo.com Europe & American Zone Ms. Micaela Spencer Tel No. : 44-1332 769248 Fax : 44-1332 733120 Mobile : 44-7813 113997 E-Mail : sales@mtechworldwide.plus.com
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DIRECTORS
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Name : |
Mr. Vijay M.
Gandhi |
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Designation : |
Managing Director |
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Address : |
686-1A, HEM Vijay
Chandrika Society, Bibwewadi, Pune – 411037 |
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E-mail: |
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Date of Birth/Age : |
09.09.1962 |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
20.02.1992 |
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Name : |
Mr. Murgappa
Baburao Halvekar |
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Designation : |
Director |
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Address : |
26, Vijayanti
Apartment, Kadam Plaza, Katraj, Pune - 411046 |
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Date of Birth/Age : |
06.03.1960 |
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Qualification : |
Automobile Engineering |
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Date of Appointment : |
20.02.1992 |
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Name : |
Mr. Milind S.
Bhagat |
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Designation : |
Director |
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Address : |
C-605, Rajyog
Society, Bibwewadi, Pune – 411 037, Maharashtra |
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Date of Birth/Age : |
17.10.1960 |
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Qualification : |
Mechanical Engineering |
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Date of Appointment : |
20.02.1992 |
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Name : |
Mr. Roy Mathew |
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Designation : |
Whole Time
Director |
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Address : |
Flat No. 24,
Anuradha Apartments, Bhau Patil Road, Bopodi, Pune – 411 020, Maharashtra, India |
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Date of Birth/Age : |
15.05.1973 |
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Date of Appointment : |
20.02.1992 |
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Name : |
Mr. Rajkumar Milapchand Gandhi |
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Designation : |
Whole-Time
Director |
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Address : |
E 203, Shree Rajyog
Society, Bibwewadi, Pune – 411 037, Maharashtra, India |
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E-Mail: |
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Date of Birth/Age : |
22.02.1967 |
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Qualification : |
Printing engineering |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Niranjan
Sadanand Nadkarni |
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Designation : |
Independent
Director |
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Address : |
301, Swojas
Swararaj, Krishna path, Off Law College road, Plot No. 6A, Pune – 411 004,
Maharashtra, India |
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E-Mail: |
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Date of Birth/Age : |
08.06.1965 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Ramesh
Harakchand Gugle |
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Designation : |
Independent
Director |
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Address : |
162, Jamkhed,
District – Ahmednagar – 413 201, Maharashtra, India |
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E-Mail: |
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Date of Birth/Age : |
25.12.1955 |
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Date of Appointment : |
17.08.2006 |
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Name : |
Mr. Vishal
Prakash Katariya |
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Designation : |
Independent
Director |
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Address : |
Flat No. 5,
Bhagyashree Apartments, BMCC Road, Deccan Gymkhana, Pune – 411 004,
Maharashtra, India |
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E-Mail: |
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Date of Birth/Age : |
19.05.1976 |
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Date of Appointment : |
17.08.2006 |
KEY EXECUTIVES
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Name : |
Mr. K P N Rajan |
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Designation : |
Manager |
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Name : |
Ms. Madhura Jayant
Sardar |
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Designation : |
Secretary |
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Address : |
E- 4, Suvarna
Nagari, Behind Sanjeevan Hospital, Karve Road, Pune – 411 004, Maharashtra,
India |
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E-Mail: |
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Date of Birth/Age : |
26.01.1983 |
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Date of Appointment : |
15.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ajit
Rajmachikar |
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1000 |
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Mr. Nagesh Shetty
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500 |
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Mr. Vaibhav A.
Gandhi |
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1000 |
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Mrs. Archana V.
Gandhi |
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1000 |
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Mr. Vijay
Milapchand Gandhi |
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11060500 |
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Mrs. Vandana
Rajkumar Gugale |
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1000 |
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Mrs. Manjusha S.
Shingavi |
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2000 |
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Mr. Rahul K. Gandhi |
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1775 |
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Mr. Rajkumar Navalmal |
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1000 |
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Mr. Murgappa Baburao
Halvekar |
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1850 |
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Mrs. Anita Vijay Gandhi |
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9200 |
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Mr. Rajkumar M. Gandhi |
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12000 |
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Mr. Vasantalal Phulchand Munot |
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157895 |
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Mr. Mansukhlal Phulchand Munot |
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184210 |
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Canbank Venture Capital Fund Limited |
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2368420 |
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Category |
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Percentage of Holding |
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Directors or relatives of directors |
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72.08 |
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Other top fifty (50) shareholders (other than listed above) |
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25.88 |
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Others |
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2.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is in
engaged in Self adhesive Film and Sheets, Article base metals, Aluminum Scrap
and Waste, Scrap and Waste of base metals and others article of
plastics. |
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Products : |
© Dr Flosser Tooth Picks © Dr Flosser Toner © Herboral Liquid Gargle © Hexoral Anticeptic and Antiplaque
Mouthwash
© Pre-paid Scratch Cards © ATM Cards © Photo ID Cards
© Smart Cards & Readers ·
RFID Products © RFID Tags © RFID Readers & Solutions ·
Industrial / Consumer Electronics Products © Membrane Switches ·
Automotive & Home Appliances Products © Aluminium Labels © In Mould Decoration © Labels & Stickers © Dome Labels © Flexible Speaker Grills © Moulded Logos © All logos, monograms, trademarks and
designs are the property of their respective owners |
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Exports : |
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Products : |
Prepaid Paper, PVC Card |
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Countries : |
Australia, Maldives, south African
countries |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
L/C or Direct Payment 60 days |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Identity and prepaid Card |
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67786486 |
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In mould Prod |
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1601190 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
+
Electrolux Voltas
Limited (WIM ) – Nagpur, Maharashtra Refrigeration project, 25 Vidya Tel No : 91-712-2221923 +
Mindarika
Limited – Gurgaon, Haryana +
Mirc
Electronics Limited – Mumbai, Maharashtra +
Pinnacle
Exports Private Limited, S No 273, Madhavnagar, Burhanagar, Ahmednagar,
Maharashtra Tel No : 91-241-2324736 +
Matsushita
Washing Machine India Limited, Pune, Maharashtra 204, Green Terrace, Koregaon
Park +
Videocon
Appliances Limited, 228, Jyoti Nagar, Aurangabad, Maharashtra Tel No : 91-240-2328283 +
Videocon International
Limited, 30, Pratapnagar, Aurangabad, Maharashtra Tel No : 91-240-2321315 +
Whirlpool of
India Limited, Pondicherry +
Base
Corporation Limited, Bangalore, Karnataka +
Rajendra
Sinhji Institute, Pune, Maharashtra +
Demak
S.A.S., Italy +
GE Plastics
India Limited, Pune, Maharashtra +
Graphics
India, Mumbai +
Bombay Tape
Manufacturing Company, Mumbai +
Precision
Distribution Private Limited, Mumbai +
Sun Beam
Industries, Delhi +
Premier
Colourscan Instruments, Mumbai |
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No. of Employees : |
552 (155 in office
and 397 in factory) |
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Bankers : |
SIDBI Tower, 15, Ashoka
Marg, Lucknow - 226001
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dayananda Shetty
and Company, Chartered
Accountants |
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Address : |
15, Dalal
Chambers, Market Yard, Pune 411 037, Maharashtra, India |
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Tel. No.: |
91-20-24269352 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7750000 |
Equity Shares |
Rs. 10.00 each |
Rs.77.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5100606 |
Equity Shares |
Rs. 10.00
each |
Rs.51.006 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
51.907 |
26.294 |
23.411 |
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2] Share Application Money |
0.000 |
0.000 |
2.080 |
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3] Reserves & Surplus |
33.129 |
9.617 |
6.328 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
85.036 |
35.911 |
31.819 |
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LOAN FUNDS |
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1] Secured Loans |
113.467 |
59.600 |
41.804 |
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2] Unsecured Loans |
5.487 |
4.662 |
5.881 |
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TOTAL BORROWING |
118.954 |
64.262 |
47.685 |
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DEFERRED TAX LIABILITIES |
8.934 |
5.401 |
6.731 |
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TOTAL |
212.924 |
105.574 |
86.235 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
130.621 |
44.523 |
44.091 |
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Capital work-in-progress |
26.310 |
19.048 |
9.071 |
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INVESTMENT |
0.189 |
0.189 |
0.201 |
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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 |
26.533
|
20.220
|
18.136 |
|
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Sundry Debtors |
38.874
|
31.546
|
22.594 |
|
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Cash & Bank Balances |
17.317
|
3.077
|
1.798 |
|
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Other Current Assets |
3.887
|
3.369
|
4.755 |
|
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Loans & Advances |
10.471
|
7.449
|
5.663 |
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Total
Current Assets |
97.082
|
65.661 |
52.946 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Current Liabilities |
28.397
|
13.054
|
12.577 |
|
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Provisions |
13.214
|
1.977
|
7.725 |
|
Total
Current Liabilities |
41.611
|
15.031
|
20.302 |
|
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Net Current Assets |
55.471
|
41.631
|
32.646 |
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MISCELLANEOUS EXPENSES |
0.333 |
0.182 |
0.226 |
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TOTAL |
212.924 |
105.574 |
86.235 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
224.207 |
171.574 |
149.221 |
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Other Income |
6.221 |
4.608 |
2.800 |
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Total Income |
230.428 |
176.182 |
152.021 |
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Profit/(Loss) Before Tax |
8.629 |
6.514 |
5.251 |
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Provision for Taxation |
4.993 |
2.638 |
1.748 |
|
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Profit/(Loss) After Tax |
3.636 |
3.876 |
3.503 |
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Imports : |
|
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|
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Raw Materials |
21.113 |
|
NA |
|
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Stores & Spares |
0.000 |
|
NA |
|
|
Capital Goods |
37.400 |
18.536 |
NA |
|
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Others |
0.000 |
|
NA |
|
Total Imports |
58.513 |
18.536 |
NA |
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Export Value |
11.087 |
13.002 |
0.000 |
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Expenditures : |
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|
Raw Material Consumed |
0.000 |
67.916 |
63.796 |
|
|
Cost of goods sold |
175.845 |
136.200 |
0.000 |
|
|
Purchased made for re-sale |
0.000 |
3.838 |
1.155 |
|
|
Increase or decrease in finished goods,
work-in-progress |
0.000 |
1.860 |
(1.983) |
|
|
Salaries, Wages and bonus |
0.000 |
26.872 |
22.437 |
|
|
Managerial Remuneration |
0.000 |
1.368 |
1.353 |
|
|
Payment of Auditors |
0.000 |
0.045 |
0.047 |
|
|
Interest and Financial Charges |
8.982 |
4.689 |
5.781 |
|
|
Insurance Expenses |
0.000 |
0.811 |
0.823 |
|
|
Power and Fuel |
0.000 |
2.650 |
2.508 |
|
|
Depreciation and amortization |
11.314 |
7.353 |
7.430 |
|
|
Dividend |
3.925 |
3.043 |
0.000 |
|
|
Administrative and selling expenses |
25.657 |
20.502 |
0.000 |
|
|
Other Expenditure |
0.000 |
52.265 |
43.422 |
|
Total Expenditure |
225.723 |
169.668 |
146.768 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.57
|
2.20
|
2.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.84
|
3.80
|
3.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39
|
5.91
|
5.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.18
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.21
|
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.33
|
4.37
|
2.61 |
LOCAL AGENCY
FURTHER INFORMATION
The M-Tech
(formerly Mahavir) Group of Industries was set up in 1987 and is a pioneer in Engineering
Plastics printing. Within a short span of time, M-Tech achieved market leader
status and is today among the leading manufacturers of printed plastics for the
consumer electronic industries, telecom, automotive companies, banking, process
control industry, industrial electronics and instrumentation companies.
The product range
includes Labels and Stickers, Flexible Speaker Grills, Membrane Switches, In
Mould Decoration, Security Cards and Smart Cards. The M-Tech Group was awarded
the ISO 9002 certification in 1996. The people, technology and production
capability have all been key elements in establishing ourselves as a market
leader.
Customer
Satisfaction is the primary aim of business and our Quality Policy Management
System is designed to meet this goal. The basic principle of our Quality
Management System is preventing non-conformities and deviation in product and
processes, which assure quality to the organization and its customers. Through
stringent quality parameters and management system, and adhering to high
standards of customer satisfaction, M-Tech has had the privilege of having
among its customers Government Organizations, Public Sector Undertakings,
Banks, Telecom companies and leading multinational organizations.
History
1988: Company started in 1988 as M/s. Mahavir
Screen Printers, a small unit set up for printing of letter heads and visiting
cards.
1990: Manufacturing of plastic labels started for
the electronic industry with a range of around 200 items.
1993: Changes the name as Mahavir Decorative Products
Private Limited and Production of Membrane switches and panels commenced and
during the last ten years they are established as a preferred supplier.
1995: Introduction of polyurethane coated Emblems
and Dome Labels
1997: Major diversification with the setting up
of the Security Cards Division, manufacturing PVC cards for varied applications.
Manufacturing of Prepaid and ATM cards also started in the same year.
1999: A major product innovation in the form of
Flexible Speaker Grills for
the TV industry and Prepaid Scratch Cards for mobile phones.
2000: Commenced the supply of Smart Cards
(Chip/RFID cards) and associated peripherals in addition to offering smart
card-based solutions. An in-house R&D facility was set up to study specific
user requirements and suggests cost-effective solutions with respect to
cards/readers appropriate to a given application.
2002: Health Care Division of M-Tech launches
"Dental Toner" & "Dental Floss" [Tooth Pick] under the
brand name "Dr. Flosser". Dr. Flosser can be called a new generation
product in dental care.
2002: Completed the development and started the
production of In-mold components.
2003: Health Care Division of M-Tech launches
Herbal Mouthwash.
2004: Health Care Division of M-Tech launches Hexoral
- Allopathic Mouthwash.
2004: Started the supply of Automotive Dials
& Contactless Cards and Readers.
2005:
Development of I-Code RFID Tags.
Achievements
2005: Doing a project with Tamilnadu Road
Development Corporation (TNRDC) for the smart card reader deployment for
Toll collection.
2003: Income Tax
PAN Card’s contract awarded
to M-Tech:
M-Tech Innovations
Private Limited (formerly Mahavir Decorative Products Private Limited) based in
Pune, India was recently awarded the prestigious order for the manufacture and
personalization of PAN cards of the Income Tax department of the Government of
India. The order was bagged through national competitive bidding initiated by
the channelising agency UTI-ISL, a government undertaking.
This is a first of
its kind government card project in India on a national scale with very high
card volumes and would be looked at as a pilot for the proposed National ID
Card project and other government schemes.
Awards
M-Tech is the
recipient of several prestigious awards.
2002: The Golden
Elan Award for selection as
finalist in the best phone card design category awarded by International Card
Manufacturers Association, USA.
2001: GS Parkhe
Industrial Award for
Product Innovation.
2000: The
International Golden Image Award (2000) for Best Product Quality by the Screen Printing and Graphic
Imaging Association, USA.
1997: The
Dahanukar Best Entrepreneur Award for best Entrepreneurship by MCCI.
1997: The Tata
Honeywell Award for best
quality system by the Maratha Chambers of Commerce and Industry (MCCI).
1994: The Industrial
Safety Performance Award
for best safety practices given by the Directorate of Industrial Safety and
Health Pune.
Detailed
Product Description
Aesthetics is as important as the technical specifications of the product. At
m-tech they will show you how to attract the buyer’s attention & help you
to do that.
M-tech is the first company in India to win ISO 9001-2000 accreditation in the
labels industry. A decade long investment in innovation and development in
material science, printing and high precision punching is backed by
state-of-the art tool room, computerized artwork facility, automatic and dust
free a/c printing area. Here only top grade raw materials like PVC, polyester,
poly carbonate and aluminium is put to use, by a work force devoted to quality.
They develop as well as manufacture graphic overlays, dials and automotive
dials as per customers’ requirement.
They are always looking forward in getting more business and greater
cooperation with overseas customers based on mutual benefits.
More Products
- In Mould
Speedo Meter Dials For Automobiles
- PC Based
Reader
- Pc Based
Contactless Card Readers
- Pc Based
Reader
Fixed Assets
v
Free Hold Land
v
Land and
Building
v
Plant and
machinery
v
Computer
v
Dies and
Moulds
v
Furniture and
Fixtures
v
Motor Vehicle
v
Wind Electric
Generator
v
Computer
Software
v
Other
Equipments
|
Corporate
identity number of the company |
U45402PN1992PLC065521 |
|
Name of the
company |
M – TECH
INNOVATIONS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Mahavir Chambers,
12 – Premananda Society, Balaji Nagar, Pune – 411043, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Equitable Mortgage
or mortgage of property by depositing the title deeds and others |
|
Particular of
charge holder |
State Bank of
India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune – 411003,
Maharashtra, India |
|
Amount secured by
the charge |
Rs. 174.500
Millions |
|
Brief of the
principal terms and conditions and extent and operations of the charge |
For demand cash
credit Rs. 40 Millions Interest: 2 % above
SBAR i.e. min 12.25 % p.a. Margin : Raw
Materials : 25 % ; WIP : 100 % Finished goods
100 % ; Book debts upto 90 days 25 % For stand by line
of credit limit Rs. 7.5 Millions interest 1 % over regular interest rate
applicable to working capital limits For term loan:
Rs. 117 millions Interests: 14 % p.a. For letter of
credit limit Rs. 5 millions Margin 25 % For Bank
Guarantee Limits Rs. 5 Millions Margin :
25 % |
|
Description of
the property charged indicating whether it is a charge on |
Immovable
Properties |
|
Particulars of
the property charged |
Plot No. 12, S
No. 23, Hissa No. ˝ Dhankawadi, Pune and other properties as per original
charge. |
|
Charge
identification number of the charge to be modified. |
90094241 |
|
Date of instrument
modifying the charge |
11.08.2006 |
|
Particulars of
the present modification |
Additional
security provided |
|
Corporate
identity number of the company |
U45402PN1992PLC065521 |
|
Name of the
company |
M – TECH INNOVATIONS
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Mahavir Chambers,
12 – Premananda Society, Balaji Nagar, Pune – 411043, Maharashtra, India |
|
This form is for |
Modification of charge
|
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of
India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune – 411003,
Maharashtra, India |
|
Nature or
description of the instruments creating or modifying charge |
Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and creation of equitable mortgage on
additional facilities |
|
Date of the instrument
creating of modifying the charge |
05.10.2006 |
|
Amount secured by
the charge |
Rs. 174.500
Millions |
|
Brief of the
principal terms and conditions and extent and operations of the charge |
Rate of interest For demand cash
credit of Rs. 40 millions: Interest:
2 % above SBAR i.e. min. 12.25 % p.a. For stand by line
of credit limit of Rs. 7.5 millions interest : 1 % over regular interest rate
applicable to working capital limits For term loan of
Rs. 117 millions interests: 14 % p.a. Terms of
repayment : For stand by line of credit limit Maximum period of 60 days at
one instance For letter or
credit limit : demand upto 180 days For term loan
repayment for the period Jan 2007 – March 2008 -3 monthly installment of Rs.
1.95 millions each for the period April 2011-9 Monthly installment of Rs.
1.95 Millions each Margin : For demand cash
credit : Margin : Raw Materials 25 % WIP 100 % Finished goods 100 % Book
debts upto 90 days 25 % For bank
guarantee limits of Rs. 5 millions Margin 25 % |
|
Short particulars
of the property charged |
By this
modification the additional security of Plot No. P-1/2, Hinjewadi Infotech
Park, Pune adm 4000 sq. mtrs. Together with structure standing thereon
provided. The other properties as per original charge continue to be the
security. |
|
Date of
instrument modifying the charge |
11.08.2006 |
|
Particulars of
the present modification |
By this
modification the additional security of Plot No. P-1/2, Hinjewadi Infotech
Park, Pune adm 4000 sq. mtrs. Together with structure standing thereon given
for the amount to be secured of Rs. 174.500 Millions |
|
Name of the
company |
M – TECH INNOVATIONS LIMITED |
|
Presented
By |
Mr. Vijay M. Gandhi, Managing Director |
|
1) Date and
description of instrument creating the change |
April 07, 1997.
Deed of Hypothecation executed by the company in favour of Small Industries
Development Bank Of India |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
The term loan of
Rs. 0.3 millions agreed to be lent and advanced by SIDBI to the company
together with interest further interest, liquidated damages, costs, charges,
expense and all other money payable by the company to SODBI in terms of the
letter of intent No. 281 / ISO dated June 13, 1996 issued to the letter of
intent as may be renewed or amended or modified by SIDBI from time to time is
hereinafter referred to as loan agreement. |
|
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 |
Whole movable
properties of the company including its movables, plant, machinery, machinery
spares, tools and accessories, office equipments, computers furniture and
fixture both present and future whether installed or not and whether now
lying loose or in cases or which are now lying or stored in or about or shall
hereafter form time to time during the continuance of the security be brought
into or upon or be stored or be in or about the company premises, factory
showrooms and godowns or wherever else the same may be or be held by any
party to the order or disposition of the company or in the course of transit
or on high seas or on order or delivery howsoever and whosesoever in the
possession. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The charge
operate as first charge to secure the due repayment and discharge by the
company to SIDBI of its term loan of Rs. 0.3 millions liquidated damages costs
charge, expenses and all other moneys payable by the company under the loan
agreement. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security to be kept distinguishable and held
as the exclusive property of DIDBI. The security
created under the said deed of hypothecation to be continuing security. |
|
5) Name and
Address and description of the person entitled to the charge. |
Small Industries
Development Bank of India SIDBI Tower, 15,
Ashoka Marg, Lucknow - 226001 |
|
6) Date and brief description of instrument
modifying the charge |
Deed of
hypothecation dated February 19, 2004 for securing All equipment,
plant, machinery and other assets to be acquired out of earlier loans of Rs.
0.3 millions under ISO 9000 scheme Rs. 3.5 millions Rs. 3.8 millions and Rs.
12 millions under TDMFS All equipment,
plant, machinery and other assets to be acquired by the company out of loan
under the fast track financing scheme and All Movable plant
and machinery and other assets of the company. Current assets
and book debts together with all spares, tools and accessories and whether
installed or nor and whether now lying loose or in cases or which are now
lying or stored in or shall hereafter form time to time during the
continuance of the security of these presents be brought into or upon or be
stored or be in or about all the company’s factory, premise godowns and
garages of the company in the course of transit or on high seas or on order
and wheresoever in the possession of the company. |
|
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. |
The charge
operate as first charge on movable properties as at A to III and second
charge on IV above and First charge on
the immovable properties at B and specifically mentioned at Schedule to
secure the due repayment and discharge by the company to SIDBI to the company
together with interest, further moneys liquidated damages, costs charges,
expenses and all other moneys payable by the company under the loan agreement
dated February 17, 2004 agreed to be lent and advanced by SIDBI to the
company. The charge operate
a second charge on to secure the due repayment and discharge by the company
to SIDBI of its term loan of Rs. 3.8 millions and Rs.12 millions together
with interest future interest liquidated damages, costs charge expenses and all other moneys payable
by the company. The charge by the
way of hypothecation dated 07.04.1997 being the original charge as modified
by the deed of hypothecation dated 27.03.1998 and mortgage created on
28.03.1998 for Rs. 0.3 millions loan under ISO 9000 and Rs. 3.5 millions loan
under TDMFS dtd. 24.02.2000 for Rs. 3.8 millions on as mentioned above thus
securing making SIDBI loans in aggregate of Rs. 24 millions. |
|
Name of the
company |
M – TECH INNOVATIONS LIMITED |
||||||||||||
|
Presented
By |
Mr. Rajkumar Gandhi, Director |
||||||||||||
|
1) Date and
description of instrument creating the change |
General Agreement for grant of Small
Industries Advances (Working Capital Finance) dated 18.12.2003 |
||||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000 millions Rs. 20.000 millions for Cash Credit and Rs.
5.000 millions for Letter of Credit |
||||||||||||
|
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 Goods, Book Debts, Movable
and Other Assets and Letter of Credit Guarantees and Indemnities |
||||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest at the rate of 2% over the
SBU Advance Rate with minimum of presently 12.50% per annum. |
||||||||||||
|
5) Name and Address
and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch, Tara Chambers,
Wakdewadi, Pune-Mumbai Road, Pune - 411 003, Maharashtra, India |
||||||||||||
|
6) Date and brief description of instrument modifying
the charge |
1. Supplemental General Agreement for the grant of Small Industrial
Advance and Hypothecation of goods, book-debts and other assets dated
11.11.2004 2. Agreement for the Grant of Small Industrial Advances dated 11.11.2004 3. General Agreement for the Grant of Medium Term Advances to small scale
Industries and Hypothecation of Movable, Book Debts and Other Assets dated
11.11.2004 |
||||||||||||
|
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. |
Facilities provided to the Company revised
and additional facilities provided as follows: Rs. in Millions
The additional limits secured by – goods, book
debts, movables and other assets including documents of title to goods and
other assets such as outstanding, monies receivables, claims, bills,
invoices, documents, contracts, engagements, securities, investments and
right and all machinery Terms as per Annexure. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.32 |
|
UK Pound |
1 |
Rs.82.08 |
|
Euro |
1 |
Rs.56.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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. |
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 |
|
