MIRA
INFORM REPORT
|
Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SECURE METERS
LIMITED |
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Registered Office : |
D-53, 2nd
Floor, Saket, New Delhi-110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.1987 |
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Com. Reg. No.: |
55-106218 |
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CIN No.: [Company
Identification No.] |
U74899DL1987PLC106218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS00044C/JDHS00332D |
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PAN No.: [Permanent
Account No.] |
AACCS8785M |
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Legal Form : |
A closely held
public limited liability company |
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Line of Business : |
Manufacturing of
Secure Energy Metering Systems and Calibration Equipments, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000000 |
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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 and reputed company having fine track records. The company’s
financial position is strong. Trade relations are fair. Payments are usually
correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
D-53, 2nd
Floor, Saket, New Delhi-110017, India |
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Tel. No.: |
91-11-26531007 |
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Fax No.: |
91-11-26510752 |
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E-Mail : |
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Head Office : |
P.O. Box No. 30, Pratap
Nagar Industrial Area, E-Class, Udaipur – 313 003, Rajasthan |
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Tel. No.: |
91-294-2492300/301/2492302/2492303/2492304/2492305 |
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Fax No.: |
91-294-2492310 |
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E-Mail : |
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Factory/Warehouse: |
Udaipur Unit ‘E’ Class, Pratap
Nagar Industrial Area, Udaipur [Rajasthan] Barotiwala Unit Haripur Road,
Barotiwala, District – Solan, Himachal Pradesh Bated Unit Village Bated, off
Haripur Road, Barotiwala, District Solan, Himachal Pradesh Haripur Unit Village Bated,
Near Haripur Road, Barotiwala, District Solan, Himachal Pradesh G 1, 466-467,
Meware Industrial Area, Udaipur – 313003, India |
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Overseas
Office: |
101, Upper Cross
Street, No. 08-07, People’s Park Centre, Singapore – 058357 |
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Branches : |
Located At:- v
Sir
Pherozeshah Mehta Road, Post Box No. 1345, Mumbai – 400001, Maharashtra v
606-607, Silver
Oaks, Opposite Arun Society, Near Paldi Bus Stand, Ahmedabad – 380007,
Gujarat v
134, Mittal
Tower, ‘C’ Nariman Point, Mumbai – 400021, Maharashtra v
20, C. V.
Raman Road, Alwarpet, Chennai – 600018, Tamilnadu v
127, Vedachalam
Street, Vasudevan Nagar, Jafferkhanpet, Chennai – 600083, Tamilnadu v
1, ‘E’
Neelamber, 28-B, Shakespeare Sarani, Kolkata – 700017, West Bengal v
Plot No. BH.
Bayababa Math, Unit 9, Bhubaneshwar, Orissa v
B-10,
Greenland Society, Opp Harinagar, Gotri Road, Vadodara, Gujarat v
No. 6,
Marappa Road, Ulsoor, Bangalore, Karnataka v
Plot No. 31,
Southern Railway Colony, Picket, Secunderabad, Andhra Pradesh v
Plot No. 11,
Home No. 1010, Shaktinagar, Gupteswar, Jabalpur – 482008, Madhya Pradesh v
A-111/201,
B, Kamal Apartment (2), Power House Road, Bani Park, Jaipur – 302001,
Rajasthan v
Springdale
School Complex, Manik Nagar, R. G. Baruah Road, P.O. Japorigog, Guwahati –
781005, Assam v
TC No.
3/2187, ‘Sulatha’, 1st Floor, LIC Lane, Patton, Thiruvananthapuram
– 695004, Kerala v
Pesticides
India, Chandola Talao, Near Kashiram Textiles, N.H. 8, Post Narol, Ahmedabad
– 382405, Gujarat v
85, Seema
Nagar 2, Palanpur Patia, Rander Road, Surat, Gujarat |
DIRECTORS
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Name : |
Mr. Salil Singhal |
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Designation : |
Chairman |
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Address : |
Singhal Farm
House, Rajokri, New Delhi-110038, India |
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Date of
Birth/Age : |
21.08.1946 |
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Date of
Appointment : |
01.04.1997 |
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Name : |
Mr. Sanjay
Singhal |
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Designation : |
Managing Director |
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Address : |
Lake House, P. P.
Singhal Marg, Udaipur – 313001, Rajasthan |
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Date of
Birth/Age : |
22.01.1955 |
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Qualification
: |
B. Sc. |
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Experience : |
20 Years |
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Date of
Appointment : |
23.08.1993 |
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Name : |
Mr. Arvind
Singhal |
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Designation : |
Director |
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Address : |
Lake House, P.P.
Singhal Marg, Udaipur, Rajasthan-313001 |
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Date of
Birth/Age : |
29.11.1947 |
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Qualification
: |
M. Com |
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Experience : |
30 Years |
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Date of
Appointment : |
21.09.1999 |
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Other
Directorships |
v P. I. Industries Limited, India v Fimakon India Limited, India v Wolkem India Limited, India |
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Name : |
Mr. Dilip
Dwarkadas Upeshi |
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Designation : |
Director (Mumbai, Maharashtra, India) |
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Address : |
501, Shanti Apartments,
98, Walkeshwar Road, Mumbai-400006, Maharashtra |
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Date of
Birth/Age : |
28.01.1936 |
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Date of
Appointment : |
28.03.1995 |
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Name : |
Mr. Girdhar Gopal
Agrawal |
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Designation : |
Director
(Fatehpura, Udaipur, Rajasthan, India) |
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Address : |
Govindam, 6, Bhan
Bagh, New Fatehpura, Udaipur-313001, Rajasthan |
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Date of
Birth/Age : |
25.11.1933 |
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Date of
Appointment : |
22.04.1987 |
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Name : |
Mr. Prabhu Lal
Agarwal |
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Designation : |
Director
(Udaipur, Rajasthan, India) |
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Address : |
Narayan Villa,
56-A, New Fatehpura, Sukhadia Circle, Udaipur-313001, Rajasthan |
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Date of
Birth/Age : |
22.10.1926 |
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Date of
Appointment : |
28.03.1995 |
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Name : |
Mr. Pradyumna
Natvarlal Shah |
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Designation : |
Director (Mumbai,
Maharashtra, India) |
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Address : |
Shantiniketan,
Prabhat Colony Road No.1, Santacruz (East), Mumbai-400055, Maharashtra |
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Date of
Birth/Age : |
01.01.1929 |
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Date of
Appointment : |
28.03.1995 |
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Name : |
Mr. Ajay Relan |
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Designation : |
Director (New
Delhi, India) |
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Name : |
Mr. Arvind
Singhal |
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Designation : |
Director
(Udaipur, Rajasthan, India) |
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Name : |
Mr. Hemender P
Pandwal |
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Designation : |
Director |
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Address : |
844, Gyan Nagar, Hiran
Magri, Sector -4, Udaipur-313003, Rajasthan |
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Date of
Birth/Age : |
26.03.1961 |
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Date of
Appointment : |
31.05.1999 |
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Name : |
Mr. Charles R.
Stephenson |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. H. Pandwal |
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Designation : |
Vic President [F
& A] and Company Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Salil Singhal |
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16777 |
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Arvind Singhal
(Partner – Hycron India) |
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50000 |
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Girdhar Gopal
Agarwal |
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50 |
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Sanjay Singhal |
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714299 |
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Sanjaya Singhal
(HUF) |
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145632 |
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Suket Sanjaya
Singhal |
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305417 |
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Anaya Sanjay
Singhal |
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10910 |
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Nandita Singhal |
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9600 |
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Ananya Singhal |
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303237 |
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Suket Singhal |
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3777 |
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Salil Arvind and
Sanjaya Family Trust |
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33527 |
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Sanjay Sinhgal |
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614155 |
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Nandita Singhal |
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437054 |
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Sanjaya Singhal
(Partner – Hycron India) |
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387142 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Secure
Energy Metering Systems and Calibration Equipments, etc. |
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Products : |
·
High
Accuracy System for Bulk Supply Point Metering ·
Flexible
System for Light Industrial, Commercial and Domestic Metering Applications ·
Single Phase
Electricity Dispenser with Remote Keypad and Display for Domestic Application ·
High
Accuracy Metering for Commercial and Industrial Applications. ·
Panel
Instrument for Industry and Commerce. ·
Maximum
Demand Controller to optimally utilise sanctioned loads Generic Name of Principal Product/Service of the company are :-
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Brand Names : |
Secure, Sems and
Entity |
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Terms : |
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Selling : |
Cash, Contract, L/C
or Credit (60 days) terms. |
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Purchasing : |
Cash, L/C or
Credit (60 days) terms |
GENERAL
INFORMATION
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Customers : |
v Rajasthan State Electricity Board v
Power Grid
Corporation of India Limited |
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No. of Employees : |
About 800 |
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Bankers : |
v
State Bank
of Bikaner and Jaipur, Chetak Circle, Udaipur, Rajasthan v
State Bank
of India, Commercial Branch, Madhuban, Udaipur – 313001, Rajasthan v
IDBI Bank
Limited, D-24, Durlabh Niwas, Prithviraj Road, C-Scheme, Jaipur, Rajasthan v
Punjab
National Bank, Chetak Cirlce, Udaipur, Rajasthan v
ICICI Bank
Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India v
Hongkong and
Shanghai Banking Corporation Limited, JMD Regent Square, DLF Phase – II,
Gurgaon, Haryana v
ICICI Bank
Limited, 9th Floor, JMC House, Opposite Parimal Garden, Ambawadi,
Ahmedabad v
Yes Bank
Limited, 102/103, CG – Centre, C-G Road, Ahmedabad v
Punjab
national Bank, Mid Corporate Branch, M. I. Road, Jaipur |
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Facilities : |
Secured Loans
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Banking
Relations : |
Satisfactory |
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Financial
Institution : |
IDBI Bank
Limited, Jeevan Nidhi Building, Ground Floor, LIC Complex, Bhawani Singh
Road, Jaipur |
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Auditors : |
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Name : |
Chandabhoy and
Jassobhoy Chartered
Accountants |
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Address : |
605-607, Silver Oaks,
Near Mahalaxmi Char Rasta, Raldi, Ahmedabad – 380 007, Gujarat |
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Tel. No.: |
91-79-26586063/26586069 |
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Fax No.: |
91-79-26586063 |
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E-Mail : |
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Associates/Subsidiaries : |
v P. I. Industries Limited v Hycorn India Limited v Hycorn Electronics v Polymers Response International Limited,
U.K. v Entity Metering Systems Limited, UK v Lipi Data Systems Limited v Biotech International Limited v Wolkem India Limited v Fimakem India Limited v Computronics International Limited v P. P. Singhal and Company v Godha Extrusions Limited v Chemicals International Limited v Technocan Equipment Manufacturing Private
Limited v Binari Holding Private Limited v Kemini Circuits Limited v VIPPS India v Coastal Chemical Limited |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
|
1000000 |
Cumulative
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 100.000 millions |
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Total |
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Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4905936 |
Equity Shares |
Rs. 10/- each |
Rs. 49.059 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
43.359 |
43.359 |
43.359 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
1507.005 |
1160.229 |
1059.506 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1550.364 |
1203.588 |
1102.865 |
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LOAN FUNDS |
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1] Secured Loans |
876.444 |
527.964 |
368.721 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
|
876.444 |
527.964 |
368.721 |
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DEFERRED TAX
LIABILITIES |
50.114 |
58.722 |
50.119 |
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TOTAL
|
2476.922 |
1790.274 |
1521.705 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
432.294 |
382.333 |
371.035 |
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Capital work-in-progress
|
25.082 |
34.093 |
19.168 |
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INVESTMENT
|
443.210 |
421.605 |
88.048 |
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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
|
622.140
|
289.461 |
267.227 |
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Sundry Debtors
|
1324.297
|
703.090 |
775.010 |
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Cash & Bank Balances
|
96.333
|
88.296 |
202.571 |
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Other Current Assets
|
0.000
|
0.000 |
0.000 |
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Loans & Advances
|
359.314
|
220.380 |
194.850 |
Total Current Assets
|
2402.084
|
1301.227 |
1439.658 |
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Less :
CURRENT LIABILITIES & PROVISIONS
|
|
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|
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Current Liabilities
|
722.832
|
298.324 |
288.629 |
|
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Provisions
|
102.916
|
50.660 |
108.015 |
Total Current Liabilities
|
825.748
|
348.984 |
396.644 |
|
Net Current Assets
|
1576.336
|
952.243 |
1043.014 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.440 |
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TOTAL
|
2476.922 |
1790.274 |
1521.705 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
3145.891 |
1988.508 |
1701.013 |
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Other Income |
42.742 |
18.543 |
-- |
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Total Income |
3188.633 |
2007.051 |
1701.013 |
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Profit/(Loss) Before Tax |
429.816 |
147.040 |
287.355 |
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Provision for Taxation |
25.852 |
20.202 |
34.046 |
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Profit/(Loss) After Tax |
403.964 |
126.838 |
253.309 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
464.749 |
526.079 |
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Imports : |
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|
|
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Total Imports |
NA |
512.439 |
309.955 |
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Expenditures : |
|
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|
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Cost of Goods Sold |
56.060 |
64.841 |
|
|
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Manufacturing Expenses |
74.915 |
42.561 |
|
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Administrative Expenses |
544.463 |
292.967 |
|
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|
Raw Material Consumed |
2038.780 |
1158.318 |
|
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|
Increase/(Decrease) in Finished Goods |
[203.076] |
30.921 |
|
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|
Salaries, Wages, Bonus, etc. |
176..683 |
156.051 |
1413.658 |
|
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Interest |
69.029 |
50.498 |
|
|
|
Depreciation & Amortization |
66.411 |
63.414 |
|
|
|
Bad Debts written off |
10.980 |
0.000 |
|
|
|
Provision for Doubtful Debts [Net] |
11.963 |
0.000 |
|
|
|
Provision for Diminution in value of
Investment written back |
[87.391] |
0.000 |
|
|
|
Fully Convertible Debentures Expenses
Written off |
0.000 |
0.440 |
|
|
Total Expenditure |
2758.817 |
1860.011 |
1413.658 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
12.67
|
6.32 |
14.89 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.66
|
7.39 |
16.89 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.16
|
7.34 |
13.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.11 |
0.23 |
|
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|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
0.73 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.73 |
3.63 |
LOCAL AGENCY
FURTHER INFORMATION
PERFORMANCE
HIGHLIGHTS
Financials
During the year under review, the company has achieved a turn over of
Rs. 3189 million, as against Rs. 2007 million during the previous year,
representing a growth of 59 %. The company achieved a profit before tax of Rs.
429.82 Million as against Rs. 147.04 Million during the corresponding previous
year, representing a growth of 192 %. This impressive growth could be achieved
as a result of excellent performance by the team in all fields.
Polymeters
Response International Limited, UK [PRI]
During the year under review, PRI has achieved a turn over of GBP 14.06
million, as against GBP 11.92 million during the previous year, representing a
growth of 18 %. During the same year growth in PBT was also at 18 % at GBP 3.13
million as compared to GBP 2.66 million during the previous year.
PRI is showing consistent growth since and last five years, which is
expected to continue in the coming years as well PRI’s strategy of focusing on
strategic markets has yielded results and it is now a key supplier in a number
of markets. The company has bagged the prestigious “Queens Award for Enterprise
International Trade 2006” for international sales, which is a big recognition
in itself.
Entity Solutions
Limited [ESL]
During the year under review,
ESL has achieved a turn over of Rs. 95 million, as against Rs. 22 million in
the previous year. The margins were under pressure due to induction of
additional manpower during the year. The technical innovations during the year
are expected to yield good results in the coming years. It continues to focus
on development of Information Technology based innovative metering solutions
and energy monitoring systems and expects greater achievements in the coming years.
Entity Holdings
Pte Limited [EHPL]
A new subsidiary under the name ‘Entity Holdings Pte Limited’ was
incorporated in Singapore during the current year, to facilitate all future
inorganic growth of the company.
Exports
The company achieved an export turnover of Rs. 375 million during the
year ending 31.03.2006, as against Rs. 416 million during the previous year,
which is lower by about 11 % as compared to the previous year.
The export sales depend mainly on orders received from PRI. The
reduction in export sales this year is primarily due to timing issues of these
orders.
The company continues to enjoy the status of Export House granted by the
Joint Director General of Foreign Trade.
THE FUTURE
The Government’s Power policy and reforms are still the driving force
behind the growth of the company. The implementation of Central Electricity Act
2003, which envisaged unbundling of SEBs by 2004, did not take place on a
national level, except of a few SEBs. However, the Electricity Act helped in
enhancing investment in Power Sector not only by the Government but private
sector as well. Government is now planning a “National Grid” on a phased
manner, whereby the Government envisages integrating all the regional grids
into one national grid. In the 10th 11th Five Years Plans
[2002-12] the Government plans an
additional investment of Rs. 710000 millions in transmission sector, including
private investment. The Ministry of Power is in the process of finalizing the
policy guidelines for private investment in transmission and tariff based
competitive bidding guidelines for transmission services.
Under the Accelerated Power Development and Reform Programme, the
Government could achieve great success in reducing transmission and commercial
losses and unbundling of the SEBs into independent, self sustaining companies.
To give impetus to the Central Electricity Act 2003, Government introduced an
Electricity Bill in 2005, which is hoped to accelerate the implementation of
the Central Electricity Act 2003. The Rajiv Gandhi Grameen, Vidyutkaran Yojana
under the NCMP of the present Government is also showing impressive progress in
rural electrification.
The company’s efforts in new product development will coincide well with
these national level initiatives of the central and state Government and the
private sector in generation, transmission and distribution of power will help
the growth of the company in the current year and coming years as well.
A proposal is under consideration for amalgamation of Datagen Power
Systems Private Limited and Nansjay Investments Private Limited with the
company, which will be implemented subject to approval by the respective
hon’ble High Court[S].
It is
in trade terms with :-
v APW President Systems Limited
v Ashwani Industries
v Allied Electronic Corporation
v AT & S India
v BC Components India Private Limited
v BLG Electronics
v Cancer Plastomech
v Deltron Cables
v Drive Control
v East West Automation Technologies (Private)
Limited
v Electrotech Circuit
v Elegant Coatings
v Filtronics Components Private Limited
v Fine Line Circuit Limited
v Hamilton Electronics (Private) Limited
v Hirel Circuits
v Hitech Innovations
v Indo-Jap Fasteners
v Intraction & Company
v Jaico Electro Works
v Jatin Electronics
v Kundan Electrical Components (Private)
Limited
v Kumar Arch Tech Private Limited
v Laxmi Fasteners
v LPS Bossard (Private) Limited
v LTE Industries
v Megha Plast
v Modesto Fabrics
v Monarch Plastics
v Malaysia Plastic and Engineering (Private)
Limited
v Meerut PTFE Products Private Limited
v Nekon Industries
v Nirban Industrial Components Private Limited
v Nisha Enterprises
v Patel Packing Industries
v Pradako Mechanical & Engineering Fabrics
v Precitech Engineering Industries
v Pyrotech Electronics
v Rajasthan Information (Private) Limited
v Riddhi Packages
v Ritu Plastics
v Saharan Equipment Techniques
v RSV Enterprises
v Shivam Industries
v Shree Industrial Corporation
v Shrink Packaging
v Shubham Industries
v Solace Marketers
v S. S. Electronics
v Talwar Electrical Corporation
v TDD Metal Labels
v Styrodyne Packaging
v Thermopack Industries
v Twinklw Techplast
v Venuss Industries
v Vinay Auto (Private) Limited
v Vidya Wires
v Winner Magnetic
v Wizard Electronics
v Hi-Tech Innovation
Form 8 Particular for creation or
modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1987PLC106218 |
|
Name of the company |
SECURE METERS
LIMITED |
|
Address |
D-53, 2nd
Floor, Saket, New Delhi-110017 |
|
This Form is for |
Creation of
charge |
|
Type of Charges |
Hypothecation Equitable mortgage or property by depositing the title deeds |
|
Particular of the charge holder
|
State Bank of
India, Commercial Branch, Madhuban, Udaipur – 313001, Rajasthan |
|
Nature or description of the instrument creating charge |
FORM c-1- Agreement of loan, from C-2- Agreement of Hypothecation of
goods and assets, Form C-3, Agreement of pledge of goods and assets, Form C-5
Letter of individual limits, memorandum for creation |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Interest and repayment – as per terms and conditions of theagreement
dated 22.032006 Mortgage of lease deed of immovable property at Bhamashah Industrial
Area, Kaladwas, Udaipur- As security |
|
Particulars of the Property charged
|
Industrial plots (31 Nos) bearing No.G-421, 432 |
|
Name of the
company |
SECURE METERS LIMITED |
|
1) Date and
description of instrument creating the change |
On 02.01.2006 the
following documents were executed in favour of Industrial Development Bank of
India Limited, Jaipur Agreement of
hypothecation of goods and assets for availing adhoc working capital limits
of Rs.100 millions Facilities
agreement for availing adhoc working capital limits or Rs.100.000 millions |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.100.000
millions in favour of IDBI, Jaipur |
|
3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
Hypothecation of
whole of the stocks of raw materials, stock in process , semi finished and
finished goods stores and spares and other movable assets whether lying in
the factory premises of the company or in transit and or elsewhere both
present and future on pari passu basis. Hypothecation of
book debts on pari passu basis |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest : as per prevailing terms and conditions Ths agreement shall operate as continuing security Goods will be fully insured Repayable on demand |
|
5) Name and
Address and description of the person entitled to the charge. |
Industrial Development Bank of India Limited, D-24, Durlabh Niwas,
Prithviraj Road, C-Scheme, Jaipur-302001 |
|
6) Date and brief description of instrument
modifying the charge |
N.A. |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
N.A. |
Profile
In a short span of
twelve years, the company has come a long way. An idea based on a new dimension
in metering in the late 80s, developed by a small team, and has now blossomed
to a mission shared by over 400 employees. The company that made a modest
beginning with the introduction of electronic meters for the first time in
India is ahead of its time. The company surveyed technologies worldwide and
zeroed in on innnovative development in the metering field in UK. The company
was founded in 1988 and it is licensed the product named “Credit and Load
Management Unit CALMU” from Polymeters Response International Limited, U.K.
Fixed assets
v Land,
v Buildings
v R & D building
v Plant & machinery
v R & D equipment
v Office equipment
v
Furniture
& fixtures
v
Vehicles
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.39.41 |
|
UK Pound |
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.58.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|