MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SCIENTECH TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
91-101, Electronic Complex, Pardeshipura, Indore-452010, Madhya
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.04.2001 |
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Com. Reg. No.: |
10-14613 |
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CIN No.: [Company
Identification No.] |
U30007MP2001PTC014613 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Electronic Test, Training and
Measuring Instruments. |
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 470000 |
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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 and reputed company having satisfactory track.
Financial position is satisfactory. Trade relations are fair. 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
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Name : |
Mr. K. M. Balsubramaniam |
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Designation : |
Operation Manager |
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Contact No.: |
91-9826305591 |
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Date : |
09.07.2008 |
LOCATIONS
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Registered Office/ Head Office: |
94-101, Electronic Complex, Pardeshipura, Indore-452010, Madhya Pradesh,
India |
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Tel. No.: |
91-731-4032286/ 2556638/ 2570301/ 4211100 |
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Fax No.: |
91-731-2555643 |
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Area : |
24000 sq ft ( Leased) |
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Factory : |
Located At:-
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Branch Offices: |
Located At:-
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DIRECTORS
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Name : |
Mr. Ambarish Kela |
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Designation : |
Managing Director |
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Date of Birth/Age : |
25.08.1966 |
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Date of Appointment : |
03.04.2001 |
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Name : |
Mrs. Sheeladevi Kela |
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Designation : |
Director |
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Date of Birth/Age : |
25.08.1966 |
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Date of Appointment : |
03.04.2001 |
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Name : |
Mrs. Preeti Kela |
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Designation : |
Director |
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Address : |
5-6, Gulmohar Colony Extension, Indore-452001, Madhya Pradesh, India |
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Date of Birth/Age : |
24.07.1966 |
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Date of Appointment : |
01.11.2006 |
KEY EXECUTIVES
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Name : |
Mr. K. M. Balsubramaniam |
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Designation : |
Operation Manager |
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Mobile No.: |
91-9826305591 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Abarish Kela |
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147500 |
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Sheeladevi Kela |
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100000 |
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Preeti Kela |
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2500 |
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Total |
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250000 |
Equity Share Breakup (Percentage of total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Electronic Test, Training and
Measuring Instruments. |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Electronic Instruments |
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Countries : |
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Terms :4 |
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Selling : |
L/C, Advance |
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Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
225 |
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Bankers : |
State Bank of India, SME City Credit Centre, 2nd Floor,
Regional Business Office Premises, Indore-452001, Madhya Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. N. Jhavar and Company Chartered Accountant |
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Address : |
203, Dspphire House, 9, Sneh Nagar, Main Road, Indore-452001, Madhya
Pradesh, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
93.326 |
70.017 |
48.841 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
95.826 |
72.517 |
51.341 |
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LOAN FUNDS |
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1] Secured Loans |
31.981 |
26.254 |
17.111 |
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2] Unsecured Loans |
10.201 |
13.408 |
12.862 |
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TOTAL BORROWING |
42.182 |
39.662 |
29.973 |
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DEFERRED TAX LIABILITIES |
2.746 |
2.687 |
1.932 |
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TOTAL |
140.754 |
114.866 |
83.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.706 |
29.923 |
16.058 |
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Capital work-in-progress |
0.000 |
0.000 |
2.776 |
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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 |
43.357
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28.116 |
22.418 |
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Sundry Debtors |
70.855
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70.094 |
54.984 |
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Cash & Bank Balances |
3.762
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1.386 |
0.910 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.902
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16.557 |
14.004 |
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Total
Current Assets |
134.876
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116.153 |
92.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.828
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31.211 |
27.917 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
29.828
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31.211 |
27.917 |
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Net Current Assets |
105.048
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84.943 |
64.399 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.013 |
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TOTAL |
140.754 |
114.866 |
83.246 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
213.050 |
188.681 |
172.750 |
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Other Income |
0.540 |
0.493 |
0.478 |
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Total Income |
213.590 |
189.174 |
173.228 |
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Profit/(Loss) Before Tax |
34.681 |
33.005 |
31.601 |
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Provision for Taxation |
11.372 |
18.171 |
11.682 |
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Profit/(Loss) After Tax |
23.309 |
21.176 |
19.919 |
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Earnings in Foreign Currency : |
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FOB Value |
26.707 |
17.181 |
6.361 |
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Imports : |
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CIF Value |
11.352 |
9.962 |
12.832 |
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Expenditures : |
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Financial Charges |
3.734 |
3.142 |
3.030 |
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Depreciation |
2.022 |
1.168 |
1.043 |
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Other Expenses |
183.718 |
156.134 |
141.568 |
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Increase/(Decrease) in Finished Goods |
[10.565] |
[4.275] |
[4.014] |
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Total Expenditure |
178.909 |
156.169 |
141.627 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
10.91
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11.19 |
11.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.28
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17.49 |
18.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.33
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22.59 |
29.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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0.45 |
0.62 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.83
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0.97 |
1.13 |
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Current Ratio (Current Asset/Current Liability) |
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4.52
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3.72 |
3.31 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- All IITs in
India
- All Regional
Engineering Collages in India
- National
Institutions of Technology
- BARC Baba Automic
Reasearch Centre, Mumbai
Bankers Charges
Report as per Registry
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Name of the company |
SCIENTECH TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
M. M. Kela,
Managing Director |
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1) Date and description of instrument creating the change |
19.12.2000 General Agreement
for the grant of the small industrial advances and hypothecation of movables,
Book Debts and other assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.300
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 |
Hypothecation of
stocks of Raw Materials, Goods-in-process, Finished Goods, Book Debts, Bills
Receivables extended to equitable mortgage of factory land and building
situated at 94-101, Pardeshipura Electronic Complex, Indore. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Payable on demand
with interest |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, SSI Branch, Indore, Madhya Pradesh |
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6) Date and brief description of instrument modifying the charge |
14.02.2005 Supplimental General
Agreement/ Aciliary for the grant of small industrial advances and
hypothecation of goods, book debts and other assets and extension on
equitable mortgage of factory land and building being situated at 94-101,
Pardshipura Electronic Complex, Indore by Deposit No. 1/90 extended from Rs.
18.700 Millions to Rs. 31.400 Millions |
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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. |
Existing working
capital limits enhanced from Rs. 18.700 Millions to Rs. 31.400 Millions |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90208768 |
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Corporate
identity number of the company |
U30007MP2001PTC014613 |
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Name of the
company |
SCIENTECH TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
91-101, Electronic Complex, Pardeshipura, Indore-452010, Madhya Pradesh,
India |
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Type of charge |
Book Debts Immovable
Property Floating Charge Others |
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Particular of
charge holder |
State Bank of India, SME City Credit Centre, 2nd Floor,
Regional Business Office Premises, Indore-452001, Madhya Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
24.04.2007 |
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Amount secured by
the charge |
Rs. 66.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest (SBAR= 12.75%
w.e.f 09.04.2007) With a Minimum of 13.00% P.N. Present Effective
Rate = 13.00% p.a. Tem Loan Interest (SBAR = 12.75%
w.e.f 09.04.2007) With a minimum of 13.50% p.n. Present Effective
Rate = 13.50% p.a. Terms of
Repayment The term Loan is
to be repaid in 36 installments which is start from 1st October,
2007 to 1st September 2010 Margin
Extent and
Operation of the charge All present and
future stocks, goods, raw materials, book debts etc. |
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Short particulars
of the property charged |
Plot No. 94 to
101, Measuring 2400 sq. Mts. At 94-101 Electronic Complex, Pardeshipura, Indore
of Scientech Technologies Private Limited And present and future stocks,
goods, raw materials, Book debts etc. |
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Particulars of
the present modification |
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AS PER WEBSITE
Profile:
Founded in 1983, subject, an ISO 9001:2000 certified company, is a
leading name in the field of Test and Measuring Instruments and Technical
Training Equipment. They have staff strength of more than 300 people at the
Head office and in Their Branch offices at Mumbai, Pune, New Delhi, Chennai,
Hyderabad, Kolkatta, Jaipur, Lucknow, Chandigarh and Bangalore.
Subject has grown over the years into a major provider of TMI and Training
and Educational Solutions. Today, they
serve a variety of academic disciplines and offer a vast selection of Test
Instruments, State-of-the-Art Educational and
Training Equipment and Software?s. Their products engage the students
hands and minds and help translate their ideas into reality. They have
excellent student-centered learning concepts from middle school to
college/university levels.
Subject has won the prestigious EFY readers choice award in the Educational
Trainers/kits category in 2004, 2005, 2006 and again in 2008. Scientech is an
active member of Worlddidac, Switzerland which is a world body consisting of
manufacturers in the field of Didactic products. Most Scientech products carry
CE mark
Subject offers Instruments with latest Technology such as Analog and Digital Storage Oscilloscopes, Spectrum
Analyzers, Logic Analyzers, Signal Generators, Programmable Power Supplies,
etc. Scientech has many innovative and unique products in its range.
Subject has a great understanding of various technologies taught in
Universities and Technical Institutes such as Fiber Optics, Antennas,
Transmission lines, Microwave, Satellite Communication, Digital And Analog
Communication, Telephony, LAN, Bluetooth, GPS, Mobile Communication, Process
control, Instrumentation, etc. In fact they also hold Training programs on
these Technologies from time to time.
At subject, the belief is LEARNING should be FUN. They try to provide simple
training solutions by using the power of imagination and involving the best
technologies and practices. Their vision is to create / provide excellent
training solutions keeping the FUTURE in mind. For us, the Student is the
Future and the Teacher moulds his Future using Their training products. Their
Mission is to exceed Their customers expectations in providing World Class
Training products in the education and
training sector which is profitable both to the Learner and the Learned.
Subject is a member of World
Didac, Switzerland. Subject has
also been exporting education training equipment to various countries like Korea, Malaysia, Singapore, Thailand, Middle
East, Egypt, Mexico, Europe etc. Many products are CE marked.
Represents
AUSTRIA
OMICRON
OMICRON Lab is a division of OMICRON electronics - an international company
providing innovative solutions for primary and secondary testing. The mission
of OMICRON Lab is to provide "smart measurement solutions" to
professionals such as scientists, engineers and teachers engaged in the field
of electronics. The latest product is Bode 100, which is a portable, flexible
and versatile Vector Network Analyzer. http://www.omicron.at
HUNGARY
DesignSoft
DesignSoft was founded in 1992. Designsoft develops high-tech engineering and
educational software including electronics, physics, architectural design,
multimedia and 3D-graphics. Today DesignSoft's products are well known in more
than 40 countries and translated into many languages including English, German,
French, Portuguese, Spanish, Italian, Simplified and Traditional Chinese,
Korean, Greek, Finnish, Dutch, Flemish and Hungarian. The company is located in
Budapest, Hungary. Worldwide, the company is represented by Distributors in 30
countries. http://www.tina.com
ITALY
MicroSHADOW
MicroSHADOW Research was founded in 1993 by a team of people with a great
experience in electronics design (more than ten years during company startup).
MicroSHADOW Research reserves most of its resources
developing electronics systems and software for the embedded market.
MicroSHADOW primary products are PLC (Programmable Logic Controller) normally
based on 8051 cores and, in general, products related with automation area.
JAPAN
Micronix
The Micronix Corporation of Japan is a leading designer and manufacturer of RF
test and measurement equipment with an enviable reputation for high-frequency
analogue and ultra high-speed digital technology. A recent winner of the
coveted Japanese "Good Design Award" for the new MSA338 compact
Spectrum Analyzer, Micronix are expanding their global sales. http://www.micronix-jp.com
SINGAPORE
Addest
Technovation
Addest Technovation, is a technology start-up funded by several individual
technopreneurs and entrepreneurs. The company begins its operations in
early 2000, and in a short span of two years, 120 schools in Singapore (about
70% of the schools in Singapore), and another schools in other countries have
purchased the Addestation.
TAIWAN
Yu
Ching Technology Limited
Yu Ching Technology Co., Limited , Taiwan was incorporated in 1995 and started
design and production of laser pointer. Later it expanded operation and
transformed for the production of fiber optic opto-electronics tester (fiber
optical light source, fiber optical power meter, laser power meter¡K) and
pertaining active and passive elements (fiber optical patchcord, Variable
Attenuator, laser module) in 1998.
Everprecision
Tech LIMITED
Everprecision Tech Co.,LIMITED was established on October 3,1997. This company
is involved in the development and manufacturing of the electronic-related
equipment. Their strict quality control, service,
competitiveness and technology have elevated EVERPRECISION to the Global
marketplace. EVERPRECISION have the following successful
products: PCB layout machine, Drilling machine, IC auto-feeder, dispenser
machine, and so on.
UK
Bytronic
International Limited
Bytronic International Limited, manufacture a broad range of technical training
products and associated course material that is centred around the subject of
automated control. Areas covered include : Process Control, Conveyor Systems,
Batch Processing and Fuzzy Logic plus various Microprocessor Trainers,
Interface Cards, Control Applications and Computer Based Learning programs. All
have been designed to interface with virtually any type of controller including
PCs, Programmable Logic Controllers (PLCs) or any Microprocessor Trainer that
includes input and output ports.
Mega
Electronics
Mega Electronics, the leading European manufacturing company of production
equipment for prototype or low volume production quantities of printed circuit
boards, front panels, labels and signs.Mega has been manufacturing PCB
production equipment, such as Bubble Etch Tanks and UV Exposure units, since
1977.
Packet
Data Systems Limited (PDS)
Packet Data Systems Limited (PDS) were formed in 1991 by engineers with over 30
years test and measurement experience. As a manufacturer and distributor of
high quality test solutions PDS provide a comprehensive range of test equipment
ranging from the sophisticated protocol analysers to portable and hand held
testers for a range of technologies such as VoIP, SS#7, Q-SIG, ISDN and V5. http://www.pds-test.co.uk
USA
Industrial
Fiber Optics
Industrial Fiber Optics is a supplier of opto-electronics with three areas of focus:
Laser and Fiber optic training modules, kits, equipment and supplies for Grade
3 through University; Plastic fiber optic components including LEDs,
photodetectors, cable, patch cords, connectors, tools; Custom electro-optic
components and sensors.
http://www.i-fiberoptics.com
SchmartBOARD
The SchmartBoard system is the fastest and easiest electronic circuit
prototyping system ever conceived. The system supports through hole and surface
mount components. Whether you are a seasoned engineer, a professor looking for
a better tool to teach with, a student who needs to get that senior project
completed or a hobbyist who needs to solder a surface mount component,
SchmartBoard is the best solution.
Summit
Technology
Summit Technology is the manufacturer of the PowerSight family of electric
power analyzers, the "tools of first resort" for Energy Analysis.
PowerSight analyzers provide extensive capabilities as demand analyzers,
harmonic analyzers, power quality analyzers, power meters, and data loggers.
They are the smallest, most cost effective instruments for the measurement and
analysis of three phase electric power. Monitor, log, and analyze voltage,
current, and power. Use them for three-phase, two-phase, single-phase, 4 wire
delta, open delta, 2CT/2PT, DC, 50Hz, 60Hz, and 400Hz systems anywhere in the
world. http://www.summittechnology.com
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.42.94 |
|
UK Pound |
1 |
Rs.85.78 |
|
Euro |
1 |
Rs.68.01 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|