MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VOLTECH CONTROLS AND AUTOMATION PRIVATE LIMITED |
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Formerly Known As : |
DEPROCON ENGINEERING PRIVATE LIMITED |
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Registered Office : |
B – 56, KSSIDC Industrial Estate, Kumbalgodu, Bangalore – 560074,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.08.1994 |
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Com. Reg. No.: |
08-016065 |
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CIN No.: [Company
Identification No.] |
U29190KA1994PTC016065 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD00782F |
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PAN No.: [Permanent
Account No.] |
AACCV5149C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Control Relay
Panels for System Voltages |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Its profitability is under severe pressure having huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office/ Factory : |
B – 56, KSSIDC Industrial Estate, Kumbalgodu, Bangalore – 560074,
Karnataka, India |
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Tel. No.: |
91-80-28437585 |
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Mobile No.: |
91-9448992995 |
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Fax No.: |
91-80-28437491 |
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E-Mail : |
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Website : |
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Corporate Office : |
Flat No.2/1, Cavenoish Court, 13/1, Hayes Road, Bangalore – 560025,
Karnataka, India |
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Tel. No.: |
91-80-28437490 |
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Fax No.: |
91-80-28437491 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Suresh Srenivasan |
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Designation : |
Director |
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Address : |
502, Vijayanagar, 2nd Main Road, RPC Layout, 2nd
Stage, Bangalore – 560040, India |
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Date of Birth/Age : |
17.10.1953 |
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Date of Appointment : |
12.08.1994 |
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Name : |
Mr. Ganesh S. |
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Designation : |
Director |
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Address : |
152, 5th Main, KEB Layout, BTM 1st Stage,
Bangalore – 560076, India |
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Date of Birth/Age : |
05.06.1960 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. V. Raghupathi |
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Designation : |
Director |
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Address : |
2/1, Cavenoish Court, 13/1, Hayes Road, Bangalore – 560025, Karnataka,
India |
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Date of Birth/Age : |
23.11.1936 |
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Date of Appointment : |
23.10.2000 |
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Name : |
Mr. Murugesan Umapathi |
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Designation : |
Managing Director |
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Address : |
8 , Kurinji Nagar, Nedunchezhiyan Street, Chrompet, Chennai – 600044,
Tamilnadu, India |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Uday Kumar |
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Designation : |
Director |
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Address : |
37, 3rd Cross, Shantivana, Sahakari Nagar Post,
Kodigekalli, Bangalore – 560092, India |
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Date of Birth/Age : |
08.11.1947 |
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Date of Appointment : |
23.10.2000 |
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Name : |
Ms. Devi Umapathi |
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Designation : |
Director |
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Address : |
8 , Kurinji Nagar, Nedunchezhiyan Street, Chrompet, Chennai – 600044,
Tamilnadu, India |
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Date of Birth/Age : |
31.05.1987 |
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Date of Appointment : |
29.09.2007 |
KEY EXECUTIVES
|
Name : |
Mr. H N Krishna Murthy |
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Designation : |
Company Secretary |
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Address : |
Sri Hari Krupa, 23, 5th A, Main Road, Obalappa Gardens, K R
Road, Bangalore – 560082, India |
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Tel No.: |
91-26764166/ 26766337 |
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Mobile No.: |
91-9448513473 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 18.08.2005)
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Names of Shareholders |
|
No. of Shares |
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Mr. Suresh Srenivasan |
|
10270 |
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Mr. Ganesh S. |
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10270 |
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Mr. Uday Kumar |
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6100 |
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Mr. V. Raghupathi |
|
15630 |
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Mr. K V Ranganath |
|
1000 |
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Mr. M A Narasimhan |
|
250 |
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Mr. C R Badarinath |
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1000 |
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Mr. Kumidini Parthasarathy |
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1000 |
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Total |
|
45520 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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39.00 |
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Other top fifty shareholders (other than listed above) |
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61.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Control Relay
Panels for System Voltages |
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Products : |
Control Relay Panels for System
Voltages |
GENERAL
INFORMATION
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Bankers : |
· Bank of India No.71, Presitige Karla Building, Richmond Road, Richmond Town Branch,
Richmond Town, Bangalore – 560025, Karnataka, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Iqbal Yezdi and Narain Chartered Accountant |
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Address : |
30, 1-2, Church Street, Bangalore – 560001, Karnataka, India |
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Name : |
P R Dinesh Chartered Accountant |
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Address : |
34, 2nd Main Road, Gavipuram, Bangalore – 560019,
Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
45520 |
Equity Shares |
Rs.100/- each |
Rs.4.552
Millions |
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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 |
4.552 |
4.552 |
4.552 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.218 |
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4] (Accumulated Losses) |
(5.557) |
(2.757) |
0.000 |
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NETWORTH |
(1.005) |
1.795 |
4.770 |
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LOAN FUNDS |
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1] Secured Loans |
4.726 |
4.028 |
5.107 |
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2] Unsecured Loans |
4.036 |
0.000 |
0.200 |
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TOTAL BORROWING |
8.762 |
4.028 |
5.307 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.757 |
5.823 |
10.077 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.112 |
4.612 |
4.724 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
3.182
|
5.575 |
3.439 |
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Sundry Debtors |
2.606
|
4.745 |
5.960 |
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Cash & Bank Balances |
0.310
|
0.354 |
0.269 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.655
|
0.641 |
0.985 |
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Total
Current Assets |
6.753
|
11.315 |
10.653 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.109
|
10.073 |
5.269 |
|
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Provisions |
0.000
|
0.032 |
0.032 |
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Total
Current Liabilities |
3.109
|
10.105 |
5.301 |
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Net Current Assets |
3.644
|
1.210 |
5.352 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.757 |
5.823 |
10.077 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
|
Sales Turnover |
|
18.432 |
13.953 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
18.432 |
13.953 |
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Profit/(Loss) Before Tax |
|
(2.800) |
(2.975) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
(2.800) |
(2.975) |
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Total Expenditure |
|
21.232 |
16.928 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(15.19)
|
(21.32) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(15.19)
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(21.32) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(25.77)
|
(18.68) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
2.79
|
(1.66) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
(11.81)
|
7.87 |
2.22 |
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Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.12 |
1.99 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The SC was originally incorporated on “Deprocon Engineering Private
Limited” dated 12.08.1994 and subsequently changed into its present name
“Voltech Controls and Automation Private Limited”
Form 8:
|
Name of the company |
DEPROCON ENGINEERING PRIVATE LIMITED |
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Presented By |
DEPROCON ENGINEERING PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
29.05.2001 Hypothecation of
Tangible Movable Property Charge and
Hypothecation of Book Debts (Doc. No.38/11.07.2001) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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
electrical panel boards, special purpose machineries transformers generators
bus ban couplers, bus ban relays, cubicles, wiring materials, numerical
linter connecting relays and all accessories in company office godown in
transit and else where Hypothecation and
charge of all book debts, out standing, monies, receivable, claims and bills
which are now due or owing or which may hereafter become and owing or which
may hereafter become and owing to the borrower by any person, government
local or public body and payable on demand at Bangalore. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests @4%
above Bank of India PLR rate with a minimum of 16% Payable on daily debit
balance. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Richmond Toen
Bramch, 71 Richmond Road, Bangalore – 560025, India |
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6) Date and brief description of instrument modifying the charge |
22.01.2005 Supplemental Deed
of Hypothecation |
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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. |
Limit increased from
Rs.4.000 Millions to Rs.5.000 Millions (CC Rs.4.000 Millions, BG – Rs.1.000
Millions) All other terms and Conditions and Securities Countries. |
|
Corporate
identity number (CIN) Foreign company registration number |
U29190KA1994PTC016065 |
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Name of the
Company |
DEPROCON ENGINEERING PRIVATE LIMITED |
|
Address |
Flat No.2/1, Cavenoish Court, 13/1, Hayes Road, Bangalore – 560025,
Karnataka, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Equitable Mortgage
or Mortgage of Property by depositing the title deeds. |
|
Particulars of
the charge holder |
Bank of India No.71, Presitige Karla Building, Richmond Road, Richmond Town Branch,
Richmond Town, Bangalore – 560025, Karnataka, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Equitable
Mortgage by deposit of title deeds – No Instrument Banks Recital Recording
The oral assent enclosed. |
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Date of the
instrument creating or modifying the charge |
15.06.2006 |
|
Amount secured by
the charge |
Rs.5.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Break up for
Rs.5.000 Millions CC- Rs.4.000 Millions, BG Rs.1.000 Million Rate of
Interests, Margin and Repayment as per form 8 already registered on
03.02.2005 D. No.71 Original Charge
Dated 29.05.2001 |
|
Short particulars
of the property charged (including location of the property) |
Additional
security by way of equitable mortgage of company immovable property
consisting of factory land and building at shed No.B-56, Industrial Estate,
Kumbalagodu with Building admeasuring 261.52 sq. mts by way of first charge |
|
Particular of the
present modification |
Additional
Security of immovable property at kumbal Godu provided to cover the credit
limit of Rs.5.000 Millions (All other terms and Conditions remain unchanged) |
Profile:
Subject is engaged in design and manufacture
of Control Relay Panels for System Voltages up to 400KV, using the state of the
art numeric relays. Company has an excellent team of Engineers who can install
and commission equipments like numerical relays and other devices. Company also
provides System Automation solutions to Utilities and Industries.
To expand the activities so as to offer to their Customers Total Project
Management solutions including detailed engineering, Voltech Group have
acquired Deprocon Engineering Pvt.Ltd., a Bangalore based Company that had made
a name for itself in the field of electrical power system control and
protection since 1994.
Expertise
includes:
· Design of Control and Relay Panel for Generators,
Transformers, Busbars, Transmission Lines, Feeders and Capacitors.
· Preparation of SLD, Schematic drawing and Cable Schedule
· Application Engineering for Relay Selection.
· System Study pertaining Short Circuit calculation for
selection of Relay setting and CT parameter.
· Testing and Commissioning of Control and Relay Panel.
· Design and Implementation of DCS System.
· Design and Engineering of Automation System.
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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 |
|