MIRA
INFORM REPORT
|
Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SALZGITTER HYDRAULICS PRIVATE LIMITED |
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Registered Office : |
59-B, CIE (Expn.), Gandhi Nagar, Balanagar, Hyderabad – 500 037,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.12.1994 |
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Com. Reg. No.: |
01-18879 |
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CIN No.: [Company
Identification No.] |
U29119AP1994PTC018879 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS05008D |
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PAN No.: [Permanent
Account No.] |
AADCS8228A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Hydraulic Cylinders and Hydraulic Props. |
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 190000 |
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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 company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are 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. Govinda |
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Designation : |
General Manager |
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Contact No.: |
91-9440800221 |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office / Factory : |
59-B, CIE (Expn.), Gandhi Nagar, Balanagar, Hyderabad – 500 037,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23088578 |
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Mobile No.: |
91-9440800221 |
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Fax No.: |
91-40-23086532 / 23741297 |
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E-Mail : |
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Area : |
9000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. D N Gauri |
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Designation : |
Chairman cum Managing Director |
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Address : |
132, Jyothi Colony, 108, Bazar Road, Secunderabad, Hyderabad – 500 015,
Andhra Pradesh, India |
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Date of Birth/Age : |
25.03.1940 |
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Date of Appointment : |
06.12.1994 |
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Name : |
Mr. Narender Gauri |
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Designation : |
Director |
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Address : |
Flat No. 302 and 402, Tirumala Gardens, Ranga Raju Lane, Road 1, Banjara
Mills, Hyderabad – 500 034, Andhra Pradesh, India |
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Date of Birth/Age : |
01.02.1970 |
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Date of Appointment : |
25.03.1995 |
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Name : |
Mrs. Meera Gauri |
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Designation : |
Director |
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Address : |
132, Jyothi Colony, 108, Bazar Road, Secunderabad, Hyderabad – 500
015, Andhra Pradesh, India |
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Date of Birth/Age : |
15.03.1945 |
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Date of Appointment : |
22.06.1995 |
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Name : |
Mr. Sunder Sham Ahuja |
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Designation : |
Director |
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Address : |
Plot No. 58, P and T Colony, Trimulgherry, Secunderabad, Hyderabad – 500 015, Andhra Pradesh, India |
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Date of Birth/Age : |
02.04.1935 |
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Date of Appointment : |
09.06.1997 |
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Name : |
Mr. Rajeev Kunati |
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Designation : |
Managing Director |
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Address : |
77 Ambience, Fort, Attapur, Hyderabad – 500 064, Andhra Pradesh, India |
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Date of Birth/Age : |
21.10.1962 |
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Qualification : |
MD |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mr. M N Reddy |
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Designation : |
Director |
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Address : |
8-3-833 257, Kamalapuri Colony, Hyderabad – 500 073, Andhra Pradesh,
India |
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Date of Birth/Age : |
07.07.1942 |
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Qualification : |
B. Tec |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mrs. Bindu Madhavi Kunati |
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Designation : |
Director |
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Address : |
77 Ambience, Fort, Attapur, Hyderabad – 500 064, Andhra Pradesh, India |
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Date of Birth/Age : |
12.02.1970 |
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Qualification : |
B. Tec |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. K V Rameshwar Reddy |
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Designation : |
Director |
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Address : |
8-2-293/8/5/K Road, No. 12, Banjara Hills, Hyderabad – 500 034, Andhra
Pradesh, India |
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Date of Birth/Age : |
02.08.1954 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Mattuck Ursula |
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Designation : |
Director |
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Address : |
68775, Ketsch Rhien, Hardtwaldstrasse, 43, Post Fach - 1120, Germany |
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Date of Birth/Age : |
13.04.1942 |
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Date of Appointment : |
14.12.1999 |
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Name : |
Mr. K Voss Richard |
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Designation : |
Director |
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Address : |
Gustav Heinmann, STR – 41, 58239, Schwerte, Germany |
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Date of Appointment : |
14.09.1995 |
KEY EXECUTIVES
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Name : |
Mr. M Joji Reddy |
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Designation : |
Company Secretary |
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Address : |
SRT 351, Sanath Nager, Hyderabad – 500 018, Andhra Pradesh, India |
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Name : |
Mr. Guda Trivikram |
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Designation : |
Secretary |
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Address : |
H No. -1-83, Vivek Nagar, Jillelguda, Hyderabad, Ranga Reddy – 500
079, Andhra Pradesh, India |
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Date of Birth/Age : |
15.05.1951 |
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Date of Appointment : |
01.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 15.09.2005)
|
Names of Shareholders |
No. of Shares |
|
D N Gauri |
2783 |
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Narender Gauri |
2000 |
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H S Rathi |
4600 |
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Gerard Carr |
1500 |
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S S Ahuja |
650 |
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Salzgitter Hydraulick Stempel GMBH |
9260 |
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Vishwa Mitter |
9298 |
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Meera Gauri |
1000 |
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Susheel Rathi |
5500 |
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Pushpa Rathi |
5000 |
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H S Rathi (HUF) |
5200 |
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Rajeev Kunati |
66300 |
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M N Reddy |
16500 |
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M Anasuya |
14500 |
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Bindu Madhavi Kunati |
52700 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
75.00 |
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Other top fifty (50) shareholders |
25.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Hydraulic Cylinders and Hydraulic Props. |
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Products : |
General Engineering
Products ·
Hydraulic Cylinder ·
Pnuematic Cylinders ·
Rotary/Pivot joints ·
Hydraulic Systems/Power Units/Test Rigs ·
Hydraulic Components & Accessories Mining Products ·
Legs for Power Roof Suppor ·
OC Props ·
Rams for
Powered Roof Support ·
Valves for Powered Roof Support ·
Hydraulic Hose Assemblies ·
Hydraulic Power Units |
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Terms : |
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Selling : |
Credit – 30 days |
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Purchasing : |
Credit – 30 days |
GENERAL
INFORMATION
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Customers : |
Wholesalers ·
Tata ·
Ferromatik Milacron India ·
BHEL ·
SAIL ·
Vizag Steel ·
BEML ·
Parker ·
Hyderabad Industries Limited ·
Larsen and Toubro Limited |
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No. of Employees : |
75 |
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Bankers : |
Syndicate Bank M. G. Road Branch, 1st Floor, varalakshmi Complex,
Ranigunj, Secunderabad – 500 003, Andhra Pradesh, India HDFC Bank State Bank of Hyderabad Bank of India SIDBI Tower, 15-Ashok Marg, Lucknow – 226 001 |
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Gammadi and Pinnamaneni Chartered Accountants Address : Flat No. # 502A,
Prasanthi Ram Towers, Door No.8-3-319/8/3-2, Near Saradhi Studios,
Yousufguda, Hyderabad – 500 045, Andhra Pradesh, India ·
Sekhar and Suresh Chartered Accountants Address : 133/4, Rashtrapathi Road, Secunderabad – 500 003, Andhra Pradesh,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 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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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.653 |
17.236 |
14.694 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.653 |
37.236 |
34.694 |
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LOAN FUNDS |
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1] Secured Loans |
10.766 |
9.945 |
1.425 |
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2] Unsecured Loans |
22.774 |
18.509 |
13.259 |
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TOTAL BORROWING |
33.540 |
28.454 |
14.684 |
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DEFERRED TAX LIABILITIES |
2.005 |
2.010 |
2.197 |
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TOTAL |
74.198 |
67.700 |
51.575 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.796 |
15.941 |
14.821 |
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Capital work-in-progress |
0.831 |
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 |
26.865
|
20.176 |
13.979 |
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Sundry Debtors |
23.514
|
25.809 |
18.247 |
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Cash & Bank Balances |
3.262
|
6.378 |
0.256 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.325
|
4.387 |
8.947 |
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Total
Current Assets |
64.966
|
56.750 |
41.429 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.744
|
3.412 |
3.477 |
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Provisions |
2.651
|
1.579 |
1.198 |
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Total
Current Liabilities |
9.395
|
4.991 |
4.675 |
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Net Current Assets |
55.571
|
51.759 |
36.754 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
74.198 |
67.700 |
51.575 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
80.334 |
52.296 |
60.117 |
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Other Income |
1.530 |
2.681 |
0.915 |
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Total Income |
81.864 |
54.977 |
61.032 |
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Profit/(Loss) Before Tax |
2.034 |
4.032 |
4.361 |
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Provision for Taxation |
1.316 |
1.490 |
3.395 |
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Profit/(Loss) After Tax |
0.718 |
2.542 |
0.966 |
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Expenditures : |
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Financial Charges |
1.521 |
0.369 |
0.790 |
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Increase/(Decrease) in Finished Goods |
(8.506) |
1.945 |
0.000 |
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Depreciation & Amortization |
2.413 |
1.893 |
1.924 |
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Other Expenditure |
84.402 |
46.738 |
53.957 |
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Total Expenditure |
79.830 |
50.945 |
56.671 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.88
|
4.62 |
1.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.53
|
7.71 |
7.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.46
|
5.55 |
7.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.11 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.11
|
0.90 |
0.56 |
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Current Ratio (Current Asset/Current Liability) |
|
6.91
|
11.37 |
8.86 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
Larsen and Toubro Limited
Form
No. 8
|
Corporate
identity number of the company |
U29119AP1994PTC018879 |
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Name of the
company |
SALZGITTER HYDRAULICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
59-B, CIE (Expn.), Gandhi Nagar, Balanagar, Hyderabad – 500 037,
Andhra Pradesh, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Syndicate Bank M. G. Road Branch, 1st Floor, varalakshmi Complex,
Ranigunj, Secunderabad – 500 003, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
1.
Composite
Hypothecation Agreement 2.
Copy of
Sanction Letter |
|
Date of
instrument Creating the charge |
03.07.2007 |
|
Amount secured by
the charge |
Rs.0.760 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Rate of Interest at PLR i.e. Presently @ 13% ·
Terms of
repayment The Vehicle Loan of Rs.0.760 million is repayable in 36 equated
monthly installments of Rs.0.026 million from 30.09.2007 to 31.08.2010. ·
Margin Margin at 10% ·
Extent and
operation of the charge The charge operates as a first charge on the Vehicle purchased |
|
Particulars of
the property charged |
Hypothecation of
Honda City ZX GXI MT Car Valued at Rs.0.844 million |
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.43.27 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|