MIRA
INFORM REPORT
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Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TURBOTECH PRECISION ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Survey No. 8-2, Kasaba Hobli, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.09.1989 |
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Com. Reg. No.: |
08-15803 |
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CIN No.: [Company
Identification No.] |
U85110KA1989PTC015803 / U29309TN1989PTC018078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT00461G |
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PAN No.: [Permanent
Account No.] |
AAAOT6674J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Steam Turbine & Gas Turbine |
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 170000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Survey No. 8-2, Kasaba Hobli, |
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Tel. No.: |
91-80-27770902 / 27738318 |
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Fax No.: |
91-80-27738319 |
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E-Mail : |
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Factory 1 : |
28/29, 2nd |
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Tel. No.: |
91-80-23404341 / 23200789 / 23307227 |
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Fax No.: |
91-80-23346592 / 23307227 |
DIRECTORS
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Name : |
Mr. B R Krishna Kumar |
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Designation : |
Director |
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Address : |
# 23-3 |
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Date of Birth/Age : |
25.08.1956 |
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Date of Appointment : |
18.09.1989 |
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Name : |
Ms. Savitha Krishna Kumar |
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Designation : |
Director |
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Address : |
# 23-3 |
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Date of Birth/Age : |
21.08.1982 |
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Date of Appointment : |
07.02.1990 |
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Name : |
Mr. Arun Prasad |
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Designation : |
Director |
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Address : |
6/44, |
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Date of Birth/Age : |
18.12.1929 |
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Date of Appointment : |
15.05.1990 |
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Name : |
Mr. P Sudarshan |
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Designation : |
Director |
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Address : |
E – 42 manish Complex, No |
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Date of Birth/Age : |
02.02.1946 |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. M Manicham |
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Designation : |
Director |
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Address : |
# |
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Date of Birth/Age : |
24.03.1956 |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. Ashok Parthasarathi |
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Designation : |
Director |
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Address : |
1st Floor, |
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Date of Birth/Age : |
11.07.1940 |
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Date of Appointment : |
20.03.2000 |
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Name : |
Mr. B Ranga Vasanth |
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Designation : |
Director |
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Address : |
No 38 A, New |
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Date of Birth/Age : |
16.02.1952 |
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Date of Appointment : |
31.05.2002 |
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Date of Ceasing : |
21.02.2005 |
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Name : |
Mr. M Kumar |
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Designation : |
Director |
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Address : |
House No 29, |
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Date of Birth/Age : |
12.06.1944 |
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Date of Appointment : |
11.06.2003 |
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Date of Ceasing : |
28.09.2004 |
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Name : |
Ms. Vidya Shankar |
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Designation : |
Director |
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Address : |
1094, 66th Cross, 18th B main 5th
Block, Rajajinagar, |
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Date of Appointment : |
28.09.2004 |
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Name : |
Mr. Tameem Ahmed |
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Designation : |
Additional Director |
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Address : |
No. 38, 60 Feet Road, RMV II Stage, Bhoopasandra, Sanjaynagar,
Bangalore – 560084, Karnataka, India |
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Date of Birth/Age : |
02.12.1959 |
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Date of Appointment : |
28.06.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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B R |
|
78386 |
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B |
|
1501 |
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B R Shamala |
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1501 |
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Savitha Krishna Kumar |
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9953 |
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Sanjay Baidya |
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910 |
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Sapna Baidya |
|
590 |
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V |
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15 |
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Srinivas S Kulkarni |
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15 |
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Murli Chandrashekar |
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64 |
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R Sundari |
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603 |
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B Diwakar |
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50 |
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D C Sudhakar |
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50 |
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T Saraswathi |
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5000 |
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B |
|
750 |
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Turbocam India Private Limited |
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16500 |
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Poornima Adishesh |
|
750 |
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Gayathri R |
|
100 |
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B Umesh Kumar |
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100 |
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G Prashanth |
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50 |
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Vikram P Sudarshan |
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500 |
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P Ratna Sudarshan |
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500 |
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Industrial Development Bank of |
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39400 |
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Shyam Prasad |
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2000 |
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Dr. Nagaraj Karakkre |
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10015 |
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M Pechiammal |
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772 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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7.60 |
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Bodies corporate |
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32.87 |
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Other top fifty shareholders |
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59.53 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Steam Turbine & Gas Turbine |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of Commercial
Branch, Rajajinagar Industrial Estate, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
RSM and Company Chartered Accountants |
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Address : |
AMBIT RSM House, 449, Senapati Bapat Marg, Lower Parel, Mumbai –
400023, |
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Associates/Subsidiaries : |
TT Mechanical and Aerospace and D Private Limited U73100KA2003PTC031573 |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
245,000 |
Equity Shares |
Rs. 100/- each |
Rs. 24.500
Millions |
|
55,000 |
Preference Shares |
Rs. 509.46/- each |
Rs. 28.020
Millions |
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Total |
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Rs.
52.520 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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218,790 |
Equity Shares |
Rs. 100/- each |
Rs. 21.879 Millions |
|
54,573 |
Preference Shares |
Rs. 509.46/- each |
Rs. 27.803 Millions |
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Total |
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Rs. 49.682 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.135 |
17.008 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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24.154 |
28.885 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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43.289 |
45.893 |
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LOAN FUNDS |
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1] Secured Loans |
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25.682 |
28.518 |
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2] Unsecured Loans |
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9.722 |
1.697 |
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TOTAL BORROWING |
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35.404 |
30.215 |
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DEFERRED TAX LIABILITIES |
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13.630 |
13.650 |
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TOTAL |
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92.323 |
89.758 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.200 |
69.180 |
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Capital work-in-progress |
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0.500 |
1.511 |
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INVESTMENT |
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2.128 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.229 |
7.290 |
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Sundry Debtors |
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39.304 |
28.797 |
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Cash & Bank Balances |
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9.395 |
8.337 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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6.400 |
3.064 |
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Total
Current Assets |
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68.328 |
47.488 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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37.874 |
26.780 |
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Provisions |
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1.959 |
1.641 |
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Total
Current Liabilities |
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39.833 |
28.421 |
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Net Current Assets |
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28.495 |
19.067 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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92.323 |
89.758 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74 |
1.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.72 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
TURBOTECH
PRECISION ENGINEERING PRIVATE LIMITED |
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Presented By |
Mr. B R Krishna Kumar, Director |
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1) Date and description of instrument creating the change |
27th March 2000 General agreement for grant of small Industrial Advance and
Hypothecation and book debts and other assets. Ancillary agreement for
working capital. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 19.000
Millions [Cash credit :
Rs. 9.000 Millions Term Loan : Rs.
10.000 Millions] |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the present and future stocks, book debts, receivables, outstanding and
other movable properties of the company for guarantee limit sanctioned |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 %
destruction Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial Branch Rajajinagar
Industrial Estate |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number of the company |
U85110KA1989PTC015803 |
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Name of the
company |
TURBOTECH PRECISION ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Survey No. 8-2, Kasaba Hobli, |
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This form is for |
Modification of Charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
State Bank of Commercial
branch, Industrial Estate, Rajajinagar, |
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Amount secured by
the charge |
Rs. 92.600
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Original Charge
dated 08.12.2004 Registered On :
26.05.2005 DOC No. : 131 Rs. 91.178
Millions Rate of Interest
at 2.5 % above SBAR Min : 13.25 % p.a.
with periodical rests, Export credit as per terms of sanction. Penal interest
: at 2 % over normal rate margin : 25 % for LC / BG 20 % repayment : WCL – on
demand. TL – as per terms of sanction in periodical instilments. |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Hypothecation of all
present and future goods stocks raw materials semi finished and finished
goods, spares, tools, book debts, receivables, claims, bills, outstanding,
rights, all movable assets, equipments, vehicles, plant, machinery etc
whether situated or kept or stored or in transit mortgage of imm property at
No. 114/8 Hongasandra Village and Flat No. 003, 1st Floor, 23/3, 5th
Main, Malleswaram Bangalore by first charge.
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Charge
identification number of the charge to be modified |
80008005 |
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Brief description
of the instrument modifying the charge under section 135 |
Sup. Agreement of
Hypothecation of goods and assets form C 2A, and memorandum for recording
creation of mortgage by deposit of title deeds |
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Date of
instrument modifying the charge |
23.06.2006 |
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Particulars of
the present modification |
Amount secured by
charge increased from Rs. 91.178 Millions to Rs. 92.600 Millions. |
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.40.63 |
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|
1 |
Rs.82.42 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|