MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIEMENS BUILDING TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
IMETREX TECHNOLOGIES LIMITED |
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Registered Office : |
22, Eldams Road, Teynampet, Chennai – 600 018, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
17.11.1992 |
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Com. Reg. No.: |
18-23830 |
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CIN No.: [Company
Identification No.] |
U30007TN1992PTC023830 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED00542D |
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PAN No.: [Permanent
Account No.] |
AAACD1235B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Building of Automation and Security Systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Siemens Limited, a well – reputed company
and a part of Siemens Group, worldwide. Trade relations are fair. General financial
position is good. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered good for any normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mrs. Tejasvita |
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Designation : |
Accountants |
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Name : |
Mr. Subhash |
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Designation : |
Accountants |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office : |
22, Eldams Road, Teynampet, Chennai – 600 018, Tamil Nadu , India |
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Tel. No.: |
91-44-24314313 |
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Fax No.: |
91-44-24314323 |
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E-Mail : |
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Factory : |
130, Pandurang Marg, Worli, Mumbai – 400 018, Maharashtra, India |
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Tel. No.: |
91-22-24987529 |
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E-Mail : |
91-22-24987174 |
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Branches : |
43, South R A Kidwai Road, Sigmahouse, Wadala (West), Mumbai,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Peter Johannes Milde |
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Designation : |
Director |
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Address : |
Rainweidstrasse 13A 6330, Cham , DE |
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Date of Birth/Age : |
11.11.1952 |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mrs. Sangeeta Ray |
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Designation : |
Director |
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Address : |
7, Giri Kunj, Sameer IIT Powai, Mumbai – 400 076, Maharashtra, India |
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Date of Birth/Age : |
28.03.1963 |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Anand Mecheri |
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Designation : |
Director |
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Address : |
25/28, Prithvi Ave 2nd Street, 1st Floor,
Abhiramapuram, Chennai – 600 018, Tamil Nadu, India |
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Date of Birth/Age : |
27.09.1967 |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. Rajeev Mecheri |
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Designation : |
Director |
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Address : |
25/28, Prithvi Ave 2nd Street, 1st Floor,
Abhiramapuram, Chennai – 600 018, Tamil Nadu, India |
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Date of Birth/Age : |
12.11.1970 |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. Avnish Gupta |
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Designation : |
Director |
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Address : |
4 E, Talor road, 52 Talor Road, Kilpauk, Chennai – 600 010, Tamil
Nadu, India |
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Date of Birth/Age : |
27.01.1970 |
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Date of Appointment : |
18.03.1998 |
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Name : |
Mr. J Schubert |
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Designation : |
Chairman |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. Patrick De Royer |
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Designation : |
Director |
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Address : |
France |
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Date of Appointment : |
25.05.2007 |
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Name : |
Dr. Milde |
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Address : |
Germany |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. Bernd Haetzel |
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Designation : |
Director (Alternate director to Dr. J Milde) |
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Address : |
Germany |
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Date of Appointment : |
25.05.2007 |
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Name : |
Mr. R Sairaman |
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Designation : |
Vice President – Finance and Secretary |
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Address : |
21, I Cross, R k nagar, Chennai – 600 028, Tamil Nadu, India |
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Date of Appointment : |
03.09.2001 |
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Name : |
Mr. S Ganesh |
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Designation : |
Director |
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Address : |
27 VIIth West Cross Street, Shenoy Nagar , Chennai – 600 030, Tamil
Nadu, India |
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Date of Appointment : |
24.02.2003 |
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Name : |
Mr. B Srinivas |
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Designation : |
Director |
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Address : |
32 Five Oaks Apartments, 5 Infantry Road Cross, Bangalore – 560 001,
Karnataka, India |
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Date of Appointment : |
24.02.2003 |
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Date of Ceasing: |
16.11.2004 |
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Name : |
Mr. Shahzaad Dalal |
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Designation : |
Director |
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Address : |
902, Cresent Heights, V N Naik road, Mumbai – 400 036, Maharashtra,
India |
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Date of Appointment : |
17.11.2004 |
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Name : |
Ms Deepa Sankaran |
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Designation : |
Director |
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Address : |
25-A, Bank Stand Building, Kamne Road, Bandra (West), Mumbai – 400
050, Maharashtra, India |
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Date of Appointment : |
17.11.2004 |
KEY EXECUTIVES
|
Name : |
Mr. A K Chaturvedi |
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Designation : |
Executive Vice President |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 30.09.2007) :- |
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No. of Shares |
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Mr. Anand Mecheri |
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367278 |
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Mr. Rajeev Mecheri |
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367277 |
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Mr. Avnish Gupta |
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37497 |
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Siemens Limited |
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2581140 |
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Total
|
3353192 |
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Category (As on 30.09.2007) :- |
Percentage |
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Bodies Corporate |
76.98 |
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Directors or relative of directors |
23.02 |
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Total |
100.00 |
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List of Allottee
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No. of Shares |
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Mr. Michael Brosnan |
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1 |
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Mr. Adrian Kelehan |
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1 |
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Mr. James Walsh |
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1 |
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Mr. Philip Carroll |
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1 |
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Mr. Mark Russen |
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1 |
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Mr. Sean Carroll |
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1 |
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Siemens Limited |
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380887 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Building of Automation and Security Systems. |
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Products : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
·
Deutsche
Bank (Fomerly it was State Bank of India) · State Bank of India Address: Industrial Finance Branch, 155 Anna Salai, Chennai – 600 002,
Tamil Nadu, India ·
State Bank
of Mysore, 68, CP Ramaswamy Road, Abhiramapuram, Chennai – 600 018, Tamil
Nadu, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name1 : |
Price Waterehouse Chartered Accountants |
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Address : |
34, Khadhar Navazkhan Road, Chennai – 600 006, Tamil Nadu, India |
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Name 2 : |
BSR and Company Chartered Accountants |
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Address : |
10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034, India |
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Holding Company : |
· Siemens Limited, India · Siemens AG Germany |
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Associates/Subsidiaries : |
·
Imetrex
Technologies Pte Limited , Ireland ·
Vista Security
Technics Private Limited {CIN: U72300TN1995PTC032442} ·
Avenues Hong
Kong Limited, Hong Kong ·
Imetrex
Technologies Limited ·
Europlex
Technologies (Ireland) Limited, Ireland ·
Europlex
Manufacturing Limited, Ireland ·
Europlex
Research Limited, Ireland ·
Imetrex
Technologies Pte Limited, Singapore |
CAPITAL STRUCTURE
(As on 30.09.2007)
:--
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3750000 |
Equity Shares |
Rs. 10/- each |
Rs. 37.500 millions |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
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Total
|
Rs.40.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3353200 |
Equity Shares |
Rs. 10/- each |
Rs.33.532
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2007 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
33.532 |
33.532 |
33.532 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
278.100 |
674.772 |
554.167 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
311.632 |
708.304 |
587.699 |
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LOAN FUNDS |
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1] Secured Loans |
274.684 |
348.423 |
209.920 |
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2] Unsecured Loans |
513.787 |
0.000 |
24.932 |
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TOTAL BORROWING |
788.471 |
348.423 |
234.852 |
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DEFERRED TAX LIABILITIES |
0.000 |
5.673 |
5.481 |
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TOTAL |
1100.103 |
1062.400 |
828.032 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.825 |
71.400 |
58.471 |
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Capital work-in-progress |
2.481 |
8.930 |
4.280 |
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INVESTMENT |
434.957 |
434.957 |
380.087 |
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DEFERREX TAX ASSETS |
18.085 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
262.340
|
254.535
|
143.284 |
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Sundry Debtors |
427.461
|
459.886
|
330.235 |
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Cash & Bank Balances |
16.785
|
25.282
|
23.533 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
68.762
|
48.139
|
29.909 |
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Total
Current Assets |
775.348
|
787.842
|
526.961 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
193.675
|
238.417
|
133.280 |
|
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Provisions |
3.918
|
2.312
|
8.487 |
|
Total
Current Liabilities |
197.593
|
240.729
|
141.767 |
|
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Net Current Assets |
577.755
|
547.113
|
385.194 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1100.103 |
1062.400 |
828.032 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2007 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
504.030 |
993.310 |
659.900 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
504.030 |
993.310 |
659.900 |
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Profit/(Loss) Before Tax |
[67.460] |
146.670 |
107.150 |
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Provision for Taxation |
[21.770] |
32.000 |
10.900 |
|
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Profit/(Loss) After Tax |
[45.690] |
114.670 |
96.250 |
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Export Value |
29.092 |
73.759 |
NA |
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Import Value |
129.042 |
289.168 |
NA |
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Expenditures : |
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Financial Charges |
30.760 |
32.010 |
15.060 |
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Depreciation & Amortization |
36.120 |
12.830 |
11.840 |
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Other Expenditure |
504.610 |
801.80 |
525.850 |
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Total Expenditure |
571.490 |
846.640 |
552.750 |
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KEY RATIOS
|
PARTICULARS |
|
30.09.2007 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
[9.06]
|
11.54 |
14.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
[13.36]
|
14.76 |
16.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[5.19]
|
11.25 |
11.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.22]
|
0.21 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.16
|
0.83 |
0.64 |
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Current Ratio (Current Asset/Current Liability) |
|
3.92
|
3.27 |
3.71 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporate
identity number of the company |
U30007TN1992PLC023830 |
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Name of the
company |
IMETREX
TECHNOLOGIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
22, Eldams Road, Teynampet, Chennai – 600 018, Tamil Nadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
State Bank of
India Address:
Industrial Finance Branch, 155 Anna Salai, Chennai – 600 002, Tamil Nadu,
India E-Mail: k.sampathkumar@sbi.co.in |
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Nature of
instrument creating charge |
Continuation
entry of equitable mortgage created dated 10.01.2007 |
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Date of
instrument Creating the charge |
10.01.2007 |
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Amount secured by
the charge |
Rs. 645.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Not applicable –
only Continuation entry of equitable mortgage created Extent and Operation of the charge : Till the entire
loan is repaid Others : As per the Continuation
entry of equitable mortgage created dated 10.01.2007 |
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Short Particulars
of the property charged |
As per the
Continuation entry of equitable mortgage created dated 10.01.2007 |
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Particulars of
the present modification |
As per the Continuation
entry of equitable mortgage created dated 10.01.2007 |
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Name of the company |
IMETREX
TECHNOLOGIES LIMITED |
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Presented By |
Req. of Mr. R Sairaman |
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1) Date and description of instrument creating the change |
10.03.1995 · Agreement for cash credit hypothecation of stocks · Agreement for cash credit hypothecation of debts and assets · Agreements for purchase of cheques · Agreement fro letter of credit and bank guarantee |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 machines and Van purchased out of bank loan · Hypothecation of stocks, book debts and fixed assets · Title deed of landed property of DATS at Mumbai |
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4) Gist of the terms and conditions and extent and operation of the charge. |
8.5% p.a of
monthly rests |
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5) Name and Address and description of the person entitled to the charge. |
· State Bank of Mysore Address : Abhiramapuram Branch, Chennai – 600 018, Tamil Nadu, India · State Bank of India Address : Industrial Finance Branch, Chennai – 600 002, Tamil Nadu,
India |
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6) Date and brief description of instrument modifying the charge |
· Articles of agreement · Letter of undertaking by company not to create any further charge over their property and assets including uncalled capital · Pledge letter in respect of machine accepted as collateral |
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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. |
By the above
modification the total limits have been raised from Rs. 176.000 millions to
Rs. 183.500 millions as detailed below
|
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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.43.30 |
|
UK Pound |
1 |
Rs.86.13 |
|
Euro |
1 |
Rs.68.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|