MIRA
INFORM REPORT
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Report Date : |
09.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUMMITS HYGRONICS PRIVATE LIMITED |
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Registered Office : |
No.97 G V Residency Sowripalayam, Coimbatore – 641028, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.07.2001 |
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Com. Reg. No.: |
18-9809 |
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CIN No.: [Company
Identification No.] |
U29120TZ2001PTC009809 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS04452A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Air Dryers and Accessories |
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 22000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
No.97 G V Residency Sowripalayam, Coimbatore – 641028, Tamilnadu,
India |
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Email : |
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Website : |
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Corporate Office : |
33 Dhanalakshmi Nagar, Upplipalayam, Coimbatore – 641015, Tamilnadu,
India |
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Tel. No.: |
91-422-2628534 |
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E-Mail : |
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Website : |
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Factory : |
S f 192, Eari Thottam, Kannam Palayam, Coimbatore – 641402, Tamilnadu,
India |
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Tel. No.: |
91-422-2689020 |
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Fax No.: |
91-422-2682024 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kalimuthu P Rajan |
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Designation : |
Managing Director |
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Address : |
No.12, G V Residency Sowripalayam, Coimbatore – 641028, Tamilnadu,
India |
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Date of Birth/Age : |
25.02.1971 |
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Date of Appointment : |
02.07.2001 |
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Name : |
Mr. Shivsankar |
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Designation : |
Director |
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Address : |
10 Thagoor Nagar, Extension, Onipudur, Coimbatore – 641016, Tamilnadu,
India |
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Date of Birth/Age : |
27.07.1975 |
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Date of Appointment : |
02.07.2001 |
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Name : |
Mr. R Padmavathy |
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Designation : |
Director |
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Address : |
13, Kutchu Naidu Layout, Lakshmi Puram, Peelamedu, Coimbatore –
641.004, Tamilnadu, India |
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Date of Birth/Age : |
23.11.1970 |
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Date of Appointment : |
02.07.2001 |
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Name : |
Mr. R Rajmohan Sathyadev |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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K P Rajan |
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1000 |
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Shivsankar |
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1000 |
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R Padmavathy |
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1000 |
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R Raj Mohan Sathya |
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1500 |
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D Sudha |
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1000 |
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K Durai |
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500 |
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Rajammal |
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500 |
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Dharani |
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200 |
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K Sevakumaran |
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500 |
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Premalatha |
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500 |
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Pattabiraman |
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300 |
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Kothavari |
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1000 |
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Total |
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9000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Air Dryers and Accessories |
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Products : |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
Sri Murugan
Towers, 1524/1287, Trichy Road, Coimbatore – 641018, Tamilnadu, India
Kavundampalayam Branch, Coimbatore, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G Shankar Chartered Accountant |
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Address : |
38-1, Raghupathy Layout, Saibaba Colony, Coimbatore – 641011,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000 |
Equity Shares |
Rs.100/- each |
Rs.0.900 Million |
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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 |
0.900 |
0.900 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.500 |
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3] Reserves & Surplus |
3.475 |
0.941 |
0.374 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.375 |
1.841 |
1.274 |
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LOAN FUNDS |
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1] Secured Loans |
7.542 |
3.819 |
2.329 |
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2] Unsecured Loans |
1.605 |
0.080 |
1.728 |
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TOTAL BORROWING |
9.147 |
3.899 |
4.057 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.522 |
5.740 |
5.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.520 |
2.561 |
1.445 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.050 |
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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 |
4.690
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3.938 |
1.916 |
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Sundry Debtors |
19.204
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8.852 |
6.917 |
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Cash & Bank Balances |
2.071
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0.619 |
0.917 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
22.641
|
4.089 |
0.423 |
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Total
Current Assets |
48.606
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17.498 |
10.173 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
39.194
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14.007 |
6.337 |
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Provisions |
1.410
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0.312 |
0.000 |
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Total
Current Liabilities |
40.604
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14.319 |
6.337 |
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Net Current Assets |
8.002
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3.179 |
3.836 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.522 |
5.740 |
5.331 |
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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 |
66.723 |
37.933 |
25.772 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
66.723 |
37.933 |
25.772 |
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Profit/(Loss) Before Tax |
3.632 |
0.879 |
0.178 |
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Provision for Taxation |
1.095 |
0.312 |
0.000 |
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Profit/(Loss) After Tax |
2.537 |
0.567 |
0.178 |
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Expenditures : |
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Financial Charges |
0.839 |
0.651 |
0.575 |
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Depreciation & Amortization |
0.730 |
0.419 |
0.267 |
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Other Expenditure |
61.522 |
35.984 |
24.752 |
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Total Expenditure |
63.091 |
37.054 |
25.594 |
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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 |
(%) |
3.80
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1.49 |
0.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.44
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2.32 |
0.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.71
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4.38 |
1.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.83
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0.48 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.37
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9.89 |
8.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.20
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1.22 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 33
Dhanalakshmi Nagar, Upplipalayam, Coimbatore – 641015, Tamilnadu, India, to the
present address w.e.f 01.04.2008
Form 8: Bankers
Charges Report as per Registry
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Name of the company |
SUMMITS HYGRONICS PRIVATE LIMITED |
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Presented By |
Mr. K P Rajan, Managing Director |
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1) Date and description of instrument creating the change |
General Agreement
for working capital finance dated 28.02.2005 (Agreement of Cash Credit) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 Million |
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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
Stock in Progress. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Minimum rate of
interests at 14.75% p.a. with quarterly rests for both bank guarantee and
working capital finance. |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank Limited Kavundampalayam Branch, Coimbatore, Tamilnadu, 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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Corporate
identity number of the company |
U29120TZ2001PTC009809 |
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Name of the
company |
SUMMITS HYGRONICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
33 Dhanalakshmi Nagar, Upplipalayam, Coimbatore – 641015, Tamilnadu,
India |
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This form is for |
Modification of
Charge |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
UCO Bank Sri Murugan
Towers, 1524/1287, Trichy Road, Coimbatore – 641018, Tamilnadu, India |
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Nature of
instrument creating charge |
Hypothecation of
Book debts to secure demand cash credit dated 26.03.2007 Hypothecation of
goods to secure a demand cash credit dated 26.03.2007 to secure a total limit
of Rs.7.500 Millions Deed of
hypothecation fro Bnak Guarantee Rs.1.000 Million |
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Date of
instrument Creating the charge |
26.03.2007 |
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Amount secured by
the charge |
Rs.8.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests @ 1.5%
p.a. above UCO Bank BPLR rate subject a minimum of 14.25% p.a. with monthly rests. Term of
Repayment: XX Margin: 25% of Stock and
40% of Book Debts Extent and
operation of the charge: First charge on
the current assets Others: Hypothecation of
all stock of raw materials WIP finished good such as air dryers, oil removing
filters etc. |
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Particulars of
the property charged |
Hypothecation of
all stock of raw materials WIP finished good such as air dryers, oil removing
filters etc.situated at SF No.739 Avinashi Roaf, Goldwins. Coimbatore –
641014 |
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Particulars of
the present modification |
Modification to
includes Cash Credit limit of Rs.7.500 Millions and Bank Guarantee limit of
Rs.1.000 Millions Total Loan of rs.13.500 Millions from Rs.5.000 Millions |
Website Details:
Profile:
Subject is a professionally manged ISO certified, competent
company offering products services and complete systems for the treatment of
compressed air.
Company is a well-balanced amalgamation of post modern
infrastructure and skillful associates. When it comes to our shop floor, they
draw on the most latest of machines and technology to endow their products with
the commitment of quality. Their human resource is a pool of expertise from
diverse fields of engineering and management. This unique blend of man-machine
is where competitive advantage lies.
Their passion stems from their nerve centre the R & D
department. Their quest for constantly re-engineering and inventing newer and
enhanced compressed air purification systems has no boundaries.
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 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.42.20 |
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UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
|