MIRA
INFORM REPORT
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Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECKNOWELD ALLOYS INDIA PRIVATE LIMITED |
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Registered Office : |
No. 114, Industrial Estate, Perunkudi, Chennai – 600 096, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.08.1996 |
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Com. Reg. No.: |
18-36808 |
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CIN No.: [Company
Identification No.] |
U52599TN1996PTC036808 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET02726D |
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PAN No.: [Permanent
Account No.] |
AAACT4200E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Alloys products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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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 and reputed company having fine
track. General financial position is
satisfactory. Trade relations are fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Shridharan |
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Designation : |
Company Secretary |
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Contact No.: |
91-9381342406 |
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Date : |
30.04.2008 |
LOCATIONS
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Registered Office : |
No. 114, Industrial Estate, Perunkudi, Chennai – 600 096, Tamil Nadu,
India |
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Tel. No.: |
91-44-42188332 / 333 / 24964036 / 52188332 |
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Fax No.: |
91-44-24962008 |
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E-Mail : |
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Website : |
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Branches 1 : |
No. 33, N.S.R. Road, Saibaba Colony, Coimbatore – 600 011 Tamil Nadu, India |
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Branches 2: |
67, Perumal West Car Street, Golden Plaza, Tirunelveli – 627 001, India |
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Other Branches: |
· Bangalore · Bellary · Chennai · Coimbatore · Hyderabad · Trichy · Tirunelveli · Shimoga · Vizag · Vijayawada |
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Overseas Office: |
· Thailand · Malaysia · Indonesia · Vietnam · South Africa · China |
DIRECTORS
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Name : |
Mr. V V Balaji |
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Designation : |
Director |
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Date of Birth/Age : |
21.07.1964 |
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Date of Appointment : |
13.08.1996 |
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Name : |
Mrs. Srividya Balaji |
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Designation : |
Director |
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Date of Birth/Age : |
18.05.1969 |
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Date of Appointment : |
13.08.1996 |
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Name : |
Mr. A Ponnammal |
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Designation : |
Director |
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Date of Birth/Age : |
24.01.1934 |
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Date of Appointment : |
28.07.2003 |
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Name : |
Mr. A Viswanathan |
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Designation : |
Director |
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Date of Birth/Age : |
30.09.1929 |
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Date of Appointment : |
28.07.2003 |
KEY EXECUTIVES
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Name : |
Mr T N Sridharan |
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Designation : |
Company Secretary |
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Address : |
4 Viswanathan Street, Vivekananda Nagar, Ambattur, Chennai – 600 053,
Tamil Nadu, India |
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Tel No.: |
91-44-26581508 |
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Mobile No.; |
91-9381342406 |
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E-Mail: |
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Name : |
Mr. K Shankar |
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Designation : |
Accounts |
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Mobile No.: |
91-9444083914 |
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E-Mail: |
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MANAGEMENT TEAM: |
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Name: |
Mr. N Anna Durai |
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Mobile No.: |
91-9444083910 |
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E-Mail: |
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Name: |
Mr. Iyyaannan |
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Mobile No.: |
91-9444083911 |
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E-Mail: |
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Name: |
Mr. G Anadaraj |
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Mobile No.: |
91-9444083912 |
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E-Mail: |
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Name: |
Mr. T Ravishankar |
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Mobile No.: |
91-9841753437 |
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E-Mail: |
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Name: |
Mr. S Johnson |
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Mobile No.: |
91-9444135340 |
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E-Mail: |
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Name: |
Mr. R Arumugam |
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Mobile No.: |
91-9444083916 |
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Name: |
Mr. N
Krishnaraju |
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Mobile No.: |
91-9444083917 |
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E-Mail: |
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Name: |
Mr. D Parandhaman |
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Mobile No.: |
91-9840070041 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2005) |
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No. of Shares |
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Mr. V Balaji |
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300 |
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Mrs. Srividya Balaji |
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100 |
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Mr. M R Rajendran |
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200 |
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Mr. R Chandrasekar |
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200 |
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Mr. A Ponnamal |
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100 |
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Mr. A Vishwanathan |
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100 |
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Total
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1000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Alloys products |
GENERAL
INFORMATION
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Bankers : |
Canara Bank, Kasturba Nagar Branch, Adyar , Chennai – 600 020, Tamil
Nadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Mr. Shrikant Chartered Accountants |
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Mobile No.: |
91-9940020372 |
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Name 2: |
GSV Associates Chartered Accountants |
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Address : |
No. 1, III Floor, IV Main Road, United India Colony, Chennai – 600
024, Tamil Nadu, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.000 |
2.000 |
0.100 |
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2] Share Application Money |
1.177 |
1.177 |
1.177 |
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3] Reserves & Surplus |
31.416 |
8.884 |
3.456 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.593 |
12.061 |
4.733 |
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LOAN FUNDS |
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1] Secured Loans |
73.882 |
28.113 |
14.532 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
73.882 |
28.113 |
14.532 |
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DEFERRED TAX LIABILITIES |
5.672 |
2.158 |
0.916 |
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TOTAL |
114.147 |
42.332 |
20.181 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
80.863 |
33.043 |
21.066 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.911
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8.622 |
3.302 |
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Sundry Debtors |
28.422
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9.342 |
1.442 |
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Cash & Bank Balances |
12.240
|
0.572 |
0.353 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
19.951
|
5.322 |
2.773 |
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Total
Current Assets |
66.524
|
23.858 |
7.870 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.240
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14.569 |
7.255 |
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Provisions |
0.000
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0.000 |
1.503 |
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Total
Current Liabilities |
33.240
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14.569 |
8.758 |
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Net Current Assets |
33.284
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9.289 |
[0.888] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
114.147 |
42.332 |
20.181 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
150.422 |
45.798 |
30.364 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
150.422 |
45.798 |
30.364 |
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Profit/(Loss) Before Tax |
35.416 |
11.662 |
4.291 |
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Provision for Taxation |
12.884 |
4.334 |
1.777 |
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Profit/(Loss) After Tax |
22.532 |
7.328 |
2.514 |
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Export Value |
2.980 |
0.027 |
0.040 |
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Import Value |
10.444 |
0.771 |
0.906 |
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Expenditures : |
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Depreciation & Amortization |
7.436 |
4.626 |
1.375 |
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Other Expenditure |
100.134 |
24.884 |
23.593 |
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Total Expenditure |
107.570 |
29.510 |
24.968 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
14.97
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16.00 |
8.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
23.54
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25.46 |
14.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.03
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20.49 |
14.82 |
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Return on Investment (ROI) (PBT/Networth) |
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1.02
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0.96 |
0.91 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.01
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3.54 |
4.92 |
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Current Ratio (Current Asset/Current Liability) |
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2.00
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1.64 |
0.89 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
TECKNOWELD ALLOYS INDIA PRIVATE LIMITED |
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Presented By |
TECKNOWELD
ALLOYS INDIA PRIVATE LIMITED and Canara Bank ,
Kasturba Nagar Branch, Chennai |
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1) Date and description
of instrument creating the change |
23.03.2005 Can Mobile
agreement |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Can mobile Loan –
Rs. 2.000 millions together with Interest, additional Interest, penal
Interest, other charges, costs and expenses debited to the account by the
bank from time to time |
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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 a
brand New SKODA – Model – Superb 2.80 V6 AT vehicle together with all
accessories and spare parts coasting Rs. 2.532 millions purchased from
Millennium Motors by way of 1st charge |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest -9.4% p.a every month
compounded (subject to change by bank from time to time) Repayment: in monthly (EMI) of RS. 0.050
million each commencing from 23.04.2005 and all other terms and conditions
are as per the agreement cited above. |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank , Kasturba Nagar Branch,
Chennai – 600 020, Tamil Nadu, India |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
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Corporation identity number or foreign company registrations number of
the company |
U52599TN1996PTC036808 |
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Name of the company |
TECKNOWELD ALLOYS INDIA PRIVATE LIMITED |
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Address |
No. 114, Industrial Estate, Perunkudi, Chennai – 96, Tamil
Nadu, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Others |
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Particular of the charge holder
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Canara Bank Address: Kasturba Nagar Branch, Adyar,
Chennai – 600 020, Tamil Nadu, India Email: chn0942@canbank.co.in |
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Nature or description of the instrument creating charge |
Can Mobile Agreement |
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Date of the instrument creating charge |
07.09.2007 |
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Amount Secure by the charge |
Rs. 0.838 million |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : As per the document enclosed (subject to
change by the bank from time to time) Terms of repayment: As per the document Margin: As per the document Extent and operation of the charge: Exclusive 1st Charge Others All other terms and conditions as per the
document enclosed |
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Short particulars of the Property charged |
Brand new Lanser Cedia Car together with
accessories acquired out loan made available by the bank |
WEBSITE DETAILS:
The company incorporated during the year 1996 to offer services to
improve productivity and to reduce cost in core sector industries. The company.
is run by Board of Directors having metallurgical background and experience in
core sector industries. The company manufactures the complete range of wear
resistance material such as Ultra Plates, Special Welding Electrodes, Tubular
Electrodes, Metalising powders, Metalising paste, Cold repair products and Flux
cored wires.
The company offers complete wear solution with its group of trained engineers,
technicians and distributors located in all industrial towns in India and
abroad. The company started its operation overseas such as Thailand, Malasia,
Vietnam, West Asia etc. to provide the complete range of consumables and
servicing.
INDUSTRIES
SERVE
· Thermal
· Sugar
· Cement
· Railways
· Glass
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.40.22 |
|
UK Pound |
1 |
Rs.79.94 |
|
Euro |
1 |
Rs.62.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|