MIRA
INFORM REPORT
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Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPECTRAL
DIAGNOSTICS PRIVATE LIMITED |
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Registered Office : |
501-502, and
505-506, Vikas Deep Building, 189 Laxmi
Nagar, District Centre, New Delhi – 110 092 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.06.1995 |
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Com. Reg. No.: |
55-69456 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC069456 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS10510D |
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PAN No.: [Permanent
Account No.] |
AABCS2425D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Importers, Distributors
and Suppliers of Medical Diagnostic Reagants, Laboratory Equipments and
Immuno Chromatographic Tests (ICT) Equipments. |
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 32016 |
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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. Trade relations are 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 condition. Subject does not have an in-house R and D / Design centre, as
confirmed by the management. |
LOCATIONS
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Registered/Head
Office : |
501-502, and
505-506, Vikas Deep Building, 189
Laxmi Nagar, District Centre, New Delhi – 110 092, India |
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Tel. No.: |
91-11-22375537/
22376768/ 22463562/ 22463658 / 22440730 / 22440731 |
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Fax No.: |
91-11-22464008 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Regional
Office : |
J.P.Greenland Apartments, C-1, 3rd Floor, 5th Street Nandan Extension
Chennai-600035, Tamilnadu, India 601,Exclusive Apartments, Opp. IIT Gate Powai, Mumbai – 400076,
Maharashtra, India No.TF-6, 137 Business Point, Brigade Road, Bangalore – 560025,
Karnataka, India Tel No. : 91-80-41127969 |
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Mailing
Address |
P.O.Box # 9241, Delhi – 110092, India |
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Distributors
& Sub-Reseller Network : |
NORTH INDIA - Jammu & Kashmir EAST INDIA - Jharkand– Steel Plant-Bokaro, Ranchi,
Dhanbad WEST INDIA - Gujrat– Surat, Kutch, Ahmedabad,
Baroda, Rajkot SOUTH INDIA - Karnataka- Bangalore, Mysore, Mangalore,
Gulbarga |
DIRECTORS
|
Name : |
Mr. Sulekha
Chawla |
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Designation : |
Director |
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Date of
Appointment : |
23.09.1995 |
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Name : |
Ms. Krishna
Chawla |
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Designation : |
Additional
Director |
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Date of
Appointment : |
25.11.2002 |
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Name : |
Mr. Shiv Dayal
Chawla |
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Designation : |
Additional
Director |
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Date of Appointment
: |
10.02.2003 |
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Name : |
Mr. Anil Chawla
S/O S D Chawla |
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Designation : |
Director |
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Address: |
189, Surya
Niketan, New Delhi – 110092 |
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Name : |
Mr. Rakesh Kumar
Sing Jaswal |
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Designation : |
Director |
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Address: |
D- 31, Shakarpur
Extn. Delhi |
KEY EXECUTIVES
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Name : |
M/s R S Associates |
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Designation : |
Company Secretary |
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Address : |
30, Thayagraj Nagar Market, Lodhi Road, New Ddelhi - 110001 |
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Tel No. : |
91-11-24611222 |
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Email : |
ravi_ksharma@yahoo.com |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Sulekha
Chawla |
58000 |
34.31 |
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Ms. Krishna
Dandona |
60000 |
35.49 |
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Mr. Anil Chawla |
10 |
0.01 |
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Mr. Laxmi Narain Dandona
|
1000 |
0.59 |
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Ms. Sujata Chadha
|
25020 |
14.80 |
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Ms. Neelam
Dandona |
25020 |
14.80 |
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Total |
169050 |
100.00 |
Equity Share Breakup
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or Rrelatives
of Directors |
100 % |
BUSINESS DETAILS
|
Line of Business : |
Importers,
Distributors and Suppliers of Medical Diagnostic Reagants, Laboratory
Equipments and Immuno Chromatographic Tests (ICT) Equipments. |
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Products : |
v
Anti –RNA Polymerase
III ELISA Kit v
ECP ELISA
Kit v
MESACUP – 2
anti – Tg Test v
MESACUP – 2
anti – TPO Test v
Antinuclear
Antibody (ANA) v
Anti – ENA
Antibodies v
Anti – SM
Antibody v
Anti – RNP
Antibody v
Anti – SS-
A/ Ro Antibody v
Anti – SS-
B/ La Antibody v
Anti – Scl-70
Antibody v
Anti – Jo –
1 Antibody v
Anti – CENP
– B Antibody v
Anti – ds
DNA Antibody v
Anti –
Ribosomal P Antibody v Laboratory Automation v Autoimmune v Cedia v HIV & Viral Load v Antibodies v Innovative Test v Hemostasis v Rapid Test v Infectious Disease v Other Elisa Kits |
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Imports : |
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Products : |
--- |
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Countries : |
USA and Europe |
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GENERAL
INFORMATION
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Bankers : |
v
State Bank
of India, Najafgarh Road, New Delhi v
Punjab
National Bank, Cerral Market, Kirti Nagar, New Delhi v
HDFC Bank v
ICICI Bank v
Standard
Chartered Bank v
Citi Bank v
ABN Amro
Bank |
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Facilities : |
The subject is
availing Cash Credit facilities with State Bank of India and it is secured
against hypothecation of stocks. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parmod Singhal
and Associates Chattered
Accountants |
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Address : |
396 KG-1, Vikas
Puri, New Delhi – 110 018, India |
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Tel. No.: |
91-11-25596567/
25534630 |
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Fax No.: |
91-11-25534630 |
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E-Mail : |
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Subsidiaries : |
Sentech Bio
Medicals Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/-Each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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169050 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.690 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.690 |
1.690 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
6.314 |
5.200 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
8.004 |
6.890 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.927 |
2.472 |
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2] Unsecured Loans |
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8.197 |
5.395 |
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TOTAL BORROWING |
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10.124 |
7.867 |
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DEFERRED TAX LIABILITIES |
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0.969 |
0.915 |
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TOTAL |
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19.097 |
15.672 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.038 |
7.498 |
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Capital work-in-progress |
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0.000 |
0.000 |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.815 |
12.837 |
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Sundry Debtors |
|
8.020 |
10.274 |
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Cash & Bank Balances |
|
1.264 |
0.805 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
4.214 |
3.959 |
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Total
Current Assets |
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24.313 |
27.875 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.522 |
19.301 |
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Provisions |
|
0.732 |
0.400 |
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Total
Current Liabilities |
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16.254 |
19.701 |
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Net Current Assets |
|
8.059 |
8.174 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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19.097 |
15.672 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
63.606 |
54.097 |
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Other Income |
|
0.719 |
0.575 |
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Total Income |
|
64.325 |
54.672 |
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Profit/(Loss) Before Tax |
|
1.892 |
1.547 |
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Provision for Taxation |
|
0.778 |
0.400 |
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Profit/(Loss) After Tax |
|
1.114 |
1.147 |
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Depreciation |
|
1.929 |
0.819 |
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Other Expenditure |
|
58.575 |
51.487 |
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Total Expenditure |
|
60.504 |
52.306 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.73 |
2.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.97 |
2.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.35 |
4.37 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.23 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.29 |
4.00 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.49 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the
company |
SPECTRAL
DIAGNOSTICS PRIVATE LIMITED |
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Presented By |
State Bank of India, Najagarh Road, Delhi |
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1) Date and
description of instrument creating the change |
Agreement of
Hypothecation of goods and assets dated 5.2.1997 Letter regarding
the grant of dated 5.2.1997 Pledge letter in respect of machines as security
dated 5.2.1997 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.000
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 on
stock of medical testing kits stored at C –32, Kirti Nagar, New Delhi or any
where ales including the goods in transit belong to company |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The overall limit
is collaterally secured rate 17.5% margin on finished goods 50% and letter of
credit 25% |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of
India, Najafgarh Road, New Delhi |
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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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Name of the
company |
SPECTRAL
DIAGNOSTICS PRIVATE LIMITED |
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Presented By |
State Bank of India |
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1) Date and
description of instrument creating the change |
Agreement of
Hypothecation dated 5.2.1997 Reg. on 27.2.1997 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.000
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 on
stock of medical testing kits stored at C –32, Kirti Nagar, New Delhi or any where
ales including the goods in transit belong to the company |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The overall limit
is collaterally secured by hypothecation of machine installed at C –32, Kirti
Nagar, New Delhi as per dated
5.2.1997 Rate 17.5% margin
on finished goods 50% and letter of credit 25% |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of
India, Najafgarh Road, New Delhi |
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6) Date and brief description of instrument
modifying the charge |
Supplemented
agreement of hypothecation of goods and assets in the overall limit dated
4.9.1997 |
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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. |
The amount
charged enhanced from Rs. 2.000 Millions to Rs. 4.800 Millions in overall
Limit Fund Based – Rs.
2.300 Millions Non Fund Based –
Rs. 2.500 Millions SBAR – Rs. 4.800
Millions Margin – 50% on
finshed goods 40% book debts |
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Name of the
company |
SPECTRAL
DIAGNOSTICS PRIVATE LIMITED |
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Presented By |
S K Goyal, Punjab National Bank |
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1) Date and
description of instrument creating the change |
Letter of
Hypothecation dated 9.1.1996 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.300
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 |
Cielo passenager
car Chasg No. 19 to
2A 005226 Engen No. G15MF
313889 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The amount secured
is to be paid in 36 equal monthly of Rs. 0.011 Millions 18.50% with quarterly
rests. 3% over rate |
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5) Name and
Address and description of the person entitled to the charge. |
Punjab National
Bank, Cerral Market, Kirti Nagar, New Delhi |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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 |
As per website
SPECTRAL is
the name synonymous with providing world class & globally competitive
diagnostic solutions to medical fratenity. They strive to provide quality
products & laboratory equipment used in all major diagnostic laboratories
throughout the geographical spread of India. Over the years SPECTRAL has been able to spread its
footprint right from Kashmir to kanyakumari and from Gandhinagar to Aizawl.
The guiding philosophy of SPECTRAL
is to produce globally and make available locally technologically advanced
products & automation equipments/products as would herald cutting edge
advancement in diagnosis & patient care system.
SPECTRAL is
today an acknowledged leader in providing end to end solutions in diagnostic
industry. The solutions consist of:
1. Laboratory Automation
2. CEDIA Immunosuppressive Drug Testing
3. TDM & DOA
4. Innovative Test for Detection of TB
5. Complete Range of testing Infectious Diseases
6. Advance Lipid Profile testing with LDL Subfractions
7. Flow Cytometer
8. Autostainer for Histochemistry
9. Coagulation Analyzer
The single minded pursuit of team SPECTRAL is "Affordable
Health for All". And to achieve this objective SPECTRAL strives to keep itself
abreast & technological innovations happening globally & to bring the
most up to date innovations to India.
Board
Of Directors
The
Company has a board comprising of
eminent individuals from diverse fields. The board acts with autonomy and
independence in exercising strategic supervision, discharging its fiduciary
responsibilities, and in ensuring that the management observes the highest
standards of ethics, transparency and disclosure.
Their Directors are experts in the diversified fields of medicine, human
resource development, business strategy, finance and economics. They review all
information relating to significant business decisions, including strategic and
regulatory matters
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.47 |
|
UK Pound |
1 |
Rs.77.98 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|