MIRA
INFORM REPORT
|
Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Magadi Road, Sunkadakatte, Viswaneedam Post, Bangalore – 560 091,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.2002 |
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Com. Reg. No.: |
08-30228 |
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CIN No.: [Company
Identification No.] |
U31909KA2002PTC030228 |
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IEC No.: |
0703016211 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN02033D |
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PAN No.: [Permanent
Account No.] |
AABCN6398L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of solar water heating systems for domestic and
industrial applications |
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 38000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Anand |
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Designation : |
Finance Manager |
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Date : |
21.08.2008 |
LOCATIONS
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Registered Office / Factory : |
Post Box No. 9167, B M Shankarappa Industrial Estate, Sunkadakatte, Viswaneedam
Post, Bangalore – 560 091, Karnataka, India |
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Tel. No.: |
91-80-2348 3766 / 6598 1441/47 / 23356789 |
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Fax No.: |
91-80-2328 1730 /23115802 |
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E-Mail : |
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Website : |
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Area : |
10500 Sq. ft. |
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Location : |
Rented |
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Head Office : |
391/32, 2nd Floor, 12th Main, 6th Block, Dr. Rajkumar Road, Rajajinagar, Bangalore – 560010, Karnataka, India |
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Tel. No.: |
91-80-2311580291-80-23356789/23351163 |
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Mobile : |
91-9845141327 |
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Fax No.: |
91-80-23115802 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. fts |
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Location : |
Leased (shared with group/ sister company) |
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Corporate Office / Factory 2: |
Magadi Road, Sunkada Katte, Viswaneedum Post , Bangalore 560091 ,
Karnataka |
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Tel. No.: |
91-80-23356789 |
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Fax No.: |
91-80-23118502 |
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E-Mail : |
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Factory 2 : |
At Peenya Industrial Estate, Bangalore |
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Area : |
3200 Sq. fts. |
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Location : |
Owned |
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Branches : |
Mysore, Hassan, Chikkamagalur, Hubli, Raichur and Shimoga |
DIRECTORS
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Name : |
Mr. K. R. Surendra Kumar |
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Designation : |
Whole Time Director |
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Address : |
Jyesta No.132, 3rd B, Main Nagarabhavi, 7th Block, 2nd Stage, Bangalore-560079, Karnataka |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
12.03.2002 |
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Name : |
Mr. B. Prakash |
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Designation : |
Whole Time Director |
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Address : |
No.643, 2nd A Main, 11th Block, Nagarabhavi, 2nd Stage, Bangalore-560079, Karnataka |
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Date of Birth/Age : |
01.07.1961 |
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Date of Appointment : |
12.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. K. R. Surendra Kumar |
|
4500 |
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Mr. B. Prakash |
|
4500 |
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Total |
|
9000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of solar water heating systems for domestic and
industrial applications. |
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Exports : |
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Products : |
Solar heater planning to start |
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Imports : |
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Countries: |
China |
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Terms : |
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Selling : |
Cash and Credit
(30 days) |
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Purchasing : |
Credit (30 to 40 days) |
GENERAL
INFORMATION
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Suppliers : |
· Agriculture and Industrial Suppliers, Bangalore · Salem Steel Suppliers, Bangalore · Shujan Metal, Bangalore · Prime Insulations, Bangalore · Shyam Metals, Bangalore |
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Customers : |
· Wholesalers · Indian Space Research Organization, Bangalore · Karnataka State Government, Bangalore · Indian Railways, India Domestic Clients ·
Mr. Ramakrishna Hegde, Ex. Chief Minister of Karnataka ·
Mr. Bipin Gopal Krishna, IPS Officer ·
Mr. Devraj, Kannada Film Artist ·
Mr. C. Narayana Swamy, Member of Parliament ·
Mr. Sudhanva, Ex Mayor · Mr. A. M. Samiulla, Film Producer Industrial
Clients ·
Army base, Punjab ·
Indian Space Research Organization (ISRO), Sri Harikota, Andhra
Pradesh] ·
Enolar Systems Marketing Private Limited ·
J. C. College of Engineering, Mysore ·
Vijaya Hospital, Chennai, Tamil Nadu ·
Bharat Electronics Limited, Jalahalli, Bangalore ·
Sai International, Karwar ·
Hindustan Petroleum Corporation Limited, Bangalore · Navodhaya Vidyalaya, Mahe, Pondicherry (U.T.) |
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No. of Employees : |
98 (In Office 24 and In Factory 74) |
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Bankers : |
· Canara Bank No.628/629, Rajajinagar 3rd Block, Bangalore – 560010, Karnataka, India · Corporation Bank · The Karnataka Bank · Bank Of Maharashtra · Veerashiv Co-op Bank Limited · Citi Bank · ICICI Bank · American Express Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name: |
Dhananjay G Hegde Chartered Accountant, |
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Address: |
47/1, Ground Floor, 4th Cross, Malleshwaram, Bangalore-560003, Karnataka, |
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Tel. No.: |
91-80-23444985 , 24360790 |
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Mobile No.: |
91-9845013724 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
2.500 |
0.900 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.070 |
2.484 |
0.620 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.570 |
3.384 |
1.520 |
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LOAN FUNDS |
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1] Secured Loans |
8.177 |
2.126 |
2.538 |
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2] Unsecured Loans |
1.460 |
2.279 |
3.121 |
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TOTAL BORROWING |
9.637 |
4.405 |
5.659 |
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DEFERRED TAX LIABILITIES |
0.057 |
0.066 |
0.067 |
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TOTAL |
17.264 |
7.855 |
7.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.504 |
2.625 |
2.615 |
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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 |
8.880
|
5.681 |
0.954 |
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Sundry Debtors |
21.917
|
12.403 |
8.962 |
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Cash & Bank Balances |
1.602
|
0.837 |
1.191 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.603
|
2.433 |
3.244 |
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Total
Current Assets |
37.002
|
21.354 |
14.351 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.819
|
16.197 |
9.819 |
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Provisions |
1.470
|
0.000 |
0.000 |
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Total
Current Liabilities |
23.289
|
16.197 |
9.819 |
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Net Current Assets |
13.713
|
5.157 |
4.532 |
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MISCELLANEOUS EXPENSES |
0.047 |
0.073 |
0.099 |
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TOTAL |
17.264 |
7.855 |
7.246 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
103.480 |
67.337 |
61.805 |
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Other Income |
0.628 |
0.298 |
0.061 |
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Total Income |
104.108 |
67.635 |
61.866 |
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Profit/(Loss) Before Tax |
4.049 |
2.914 |
1.042 |
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Provision for Taxation |
1.462 |
1.051 |
0.346 |
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Profit/(Loss) After Tax |
2.587 |
1.863 |
0.696 |
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Total Expenditure |
100.059 |
64.721 |
61.824 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.48
|
2.75 |
1.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.91
|
4.32 |
1.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.99
|
12.15 |
6.14 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.86 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.34
|
6.08 |
10.18 |
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Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.31 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AABCN6398L |
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VAT/ TIN Registration |
29240287000 |
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Import Export Code |
0703016211 |
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Name of Bank |
Canara Bank |
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Current Account Number |
10691 |
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Account Since |
6 Years |
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Standards & Certifications ISO |
177789 16 July, 2002 15 July, 2009 |
Trade References
· Agricultural and Industrial Supplier – Bangalore
· Bakodia Steel - Bangalore
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U31909KA2002PTC030228 |
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Name of the company |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
|
Address |
Magadi Road, Sunkadakatte, Viswaneedam Post, Bangalore-560091, Karnataka |
|
This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
|
Canara Bank No.628/629, Rajajinagar 3rd Block, Bangalore – 560010, Karnataka E-Mail : tr_jairam@vsnl.net |
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Nature or description of the instrument creating charge |
Letter evidencing deposit of title deeds |
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Date of the instrument creating charge |
08.11.2006 |
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Amount Secure by the charge |
Rs.7.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest : 11.25% p.a. Terms of repayment : Running account repayable on demand, subject to annual review. Margin : 40% on book debts; 25% on paid stocks Extent and operation of the
charge : The charge on the properties being charged herein shall operate to the
extent of Rs.7.000 millions plus interest, commission, costs, expenses and
other charges thereon. |
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Particulars of the Property charged
|
First charge by way of equitable mortgage of company’s immovable property
together with all buildings, structures, fixtures etc. standing/installed
thereon and to be erected/installed and put up in future bearing No.C-450, I
Cross, I Stage, Peenya Industrial Area (PIA), Yeshwanthpur, Bangalore
measuring 172.14 Sq. mtrs. bounded on the north by shed No.C-449, South by I
Cross Road; East by Police Station; West by Road. |
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Corporation identity number or foreign company registrations number of
the company |
U31909KA2002PTC030228 |
|
Name of the company |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
|
Address |
Magadi Road, Sunkadakatte, Viswaneedam Post, Bangalore-560091, Karnataka |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property |
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Particular of the charge holder
|
Canara Bank No.628/629, Rajajinagar 3rd Block, Bangalore – 560010, Karnataka E-Mail : tr_jairam@vsnl.net |
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Nature or description of the instrument creating charge |
Letter evidencing deposit of title deeds |
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Date of the instrument creating charge |
12.11.2006 |
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Amount Secure by the charge |
Rs. 7.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interests: 11.25% p.a Terms of repayment : Running account repayable on demand, subject to annual review. Margin : 40% on book debts; 25% on paid stocks Extent and operation of the
charge The charge on the properties being charged herein shall operate to the
extent of Rs.7.000 millions plus interest, commission, costs, expenses and
other charges thereon |
|
Shorts particulars of the
Property charged |
Hypothecation by way of first charge on stocks comprising solar panels,
fittings and other electronic component stored at godown / premises at I Main
, I Stage, peenya Industrial Area, Yeshwanthpur, BANGALORE Or at any other
place and all book debts,
outstanding, money receivables, claims and bills. |
|
Particulars of the present modification |
By the above the credit limit of Rs. 7.000 millions is additionally
secured company movables comprising stocks book debts and other assets. (all other terms remain unchanged) |
WEBSITE
DETAILS:
Subject was incorporated on 12.03.2002 and took over the
partnership fir, of “NUETECH SYSTEMS” established in 1992 by same
ownership/management (Take-over effected from 1st April 2003)
Subject a reputed manufacturer of solar water heating systems for domestic
and industrial applications since 1992, consists of highly spirited team of
engineers and employees. Subject is one of the leading brands of solar water
heaters in India. Subject is known for its efficiency, quality, reliability and
strong customer support.
Vision
To provide the best quality production and after sales service to their
customers. Their main motto is quality and customer satisfaction. Subject came
in to existence with the main intention of joining their hands in world common
interest for conservation of energy and use of renewable solar energy in their
day-to-day life. The company strongly stands for quality, reliability, honesty
and punctuality.
Manufacturing
Plant
The manufacturing plant is situated in Bangalore, the Silicon Valley of
India. The factory is located at Sunkadakatte Industrial area with well
equipped manufacturing plant based on modern technology. Company has 150
committed employees in manufacturing quality control, design, marketing sales
and services. The company provides an ideal working environment for the
employees with team spirit.
After Sales
Support
Sales and service centers located in all major districts in South India
and dealer network spread across the country. Company offers prompt, economical
and reliable service from their authorized service centers under the
"service within 24 hours" policy.
Exports
International quality products are currently being exported to south
Asian countries. The award of ISO 9001-2000 will provide future boost to
exports.
Range of Products
The company’s innovative designs have developed solar water heater
products which are the best solutions for hot water needs. The company’s
products with advanced technical features are very efficient and environmental
friendly.
· Deluxe PC Model
· Deluxe SS Model
· Hardbelt Model
· Vacuum Tube Collectors
· Golden Sun Model
· Evacuated Tube Collectors
CMT REPORT
(Corruption, Money Laundering and 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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|