MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VESTAS WIND TECHNOLOGY INDIA PRIVATE LIMITED |
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Formerly Known As : |
ASIAN WIND TURBINES PRIVATE LIMITED |
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Registered Office : |
298, Old Mahabalipuram Road, Sholinganallur, Chennai –
600096, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.11.1996 |
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Com. Reg. No.: |
18-36871 |
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CIN No.: [Company
Identification No.] |
U40101TN1996PTC036871 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA03088B |
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Legal Form : |
Private Limited Liability Company. Subject is a subsidiary of NEG Micon A/S, Denmark. |
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Line of Business : |
Distributors, Importers and Manufacturers of Wind Turbine
Generators |
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 15000000 |
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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 and reputed company having fine track
records. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. Fundamentals are strong and healthy. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
298, Old Mahabalipuram Road, Sholinganallur, Chennai –
600096, Tamilnadu, India |
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Tel. No.: |
91-44-24505100 |
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Fax No.: |
91-44-24505101 |
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E-Mail : |
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Website : |
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Branches : |
Located at :- > Room No. 241/1 & 241/5,
Kalitheertha Kuppam Village, Mannadipet, Pondicherry – 605 107, India Tel. No. 91-5413-2640172 > 100 –
Al Block, Anna Nagar West, Chennai – 600040, Tamil Nadu, India Tel. No.
91-44-26217750/52 Fax No.
91-44-24505101 E-mail : rky@india.neg-micon.com |
DIRECTORS
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Name : |
Mr. Steen Anderson |
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Designation : |
Director |
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Address : |
Syrenhaveh 16, DK- 3450,
Allerod, Denmark |
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Date of Birth/Age : |
23.01.1944 |
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Date of Appointment : |
02.12.1996 |
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Name : |
Mr. Ramesh Kymal |
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Designation : |
Managing Director |
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Address : |
AG-93, Anna Nagar, Chennai –
600040, Tamil Nadu, India |
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Date of Birth/Age : |
16.07.1956 |
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Qualification : |
B.E. – Mechanical |
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Date of Appointment : |
30.04.1997 |
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Name : |
Mr. Bent Linder |
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Designation : |
Director |
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Address : |
Holts Hoejen 2, 8660,
Skanderborg, Denmark |
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Date of Birth/Age : |
31.12.1943 |
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Date of Appointment : |
11.06.1999 |
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Name : |
Mr. Thorbjorn Rasmussen |
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Designation : |
Director |
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Address : |
9, Nathan Road, # 23-04, Singapore – 248730 |
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Date of Birth/Age : |
06.03.1966 |
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Date of Appointment : |
20.08.2006 |
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Name : |
Mr. P. Rangarajan |
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Designation : |
Director (Finance) |
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Name : |
Mr. Saibaba Vutukuri |
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Designation : |
Director (Marketing) |
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Qualification
: |
M.B.A. |
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Date
of Appointment : |
10.07.1998 |
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Last
Employment : |
Amrut Industries Limited – Non
Executive Director |
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Name : |
Mr. Soren Husted, Foreigner |
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Designation : |
Director |
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Date of Birth/Age : |
23.04.1961 |
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Date of Appointment : |
20.09.2006 |
KEY EXECUTIVES
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Name : |
Mr. S. S. K. Swarup |
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Designation : |
Company Secretary |
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Address : |
FS-1, F Block, 2nd Floor, Paramount Pearls, dr. Sitharam
nagar, Velachery, Chennai – 600042, Tamilnadu, India |
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Date of Birth/Age : |
26.06.1964 |
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Date of Appointment : |
01.12.2006 |
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Name : |
Mr. S. Rengarajan |
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Designation : |
General Manager – Finance |
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Name : |
Mr. Joseph Chaly |
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Designation : |
General Manager – Manufacturing |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Name of
Shareholders |
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No
of Shares |
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NEG Micron A/S |
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999999 |
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Asian Wind Tubines Limited (Mauritius) |
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1 |
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Total |
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1000000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors, Importers and Manufacturers of Wind Turbine
Generators |
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Exports : |
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Products : |
Wind Turbines Generators |
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Imports : |
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Products : |
· Wind
turbines · Components
· Spares |
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Terms : |
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Selling : |
Credit [30/60 days] |
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Purchasing : |
Credit [60 days] |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
86 |
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Bankers : |
· IDBI
Bank Greams Road, Chennai – 600 006, Tamilnadu, India · ICICI
BAnk |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhaskaran and Ramesh Chartered Accountants |
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Address : |
GC Cenatoph Court, 28, Cenatoph Road, Chennai – 600018, Tamilnadu,
India |
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Tel. No.: |
91-44-24338138/24326218 |
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Fax No.: |
91-44-24320897 |
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E-Mail : |
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Holding Company : |
NEG Micon A/S Alsvej 21, DK 8900 Randers, Denmark Tel. No. +45 8710 5000 Fax No. +45 8710 5001 |
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Joint
Venture : |
Munoth NEG Windfarm Private Limited |
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Associates : |
· NEG Micon Control Systems A/S · Windia
APS · NEG
Micon Rotors Limited · NEG
Micon KK |
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Fellow Subsidiary : |
· Vestas Asia
Pascfic · Vestas Nacelles
Spain · Vestas Control
Systems A/S, Denmark · Vestas Australia
Wind Technology · Vestas Services
Corporation · Vestas Blades,
Denmark · Vestas Tecnology
UK Limited |
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Subsidiaries : |
Negm Infrastructure Development Private Limited CIN No.: U40108TN2000PTC046200 Malgatti Windpower Private Limited CIN No.: U40105KA2002PTC030989 B. B. Hills Windfarm Development Private Limited CIN No.: U40108TN2001PTC047758 Chitradurga Wind Power Private Limited CIN No.: U40105KA2002PTC030500 Bellary Windpower Private Limited CIN No.: U40105KA2002PTC031011 |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 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 |
100.000 |
100.000 |
100.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3638.782 |
2069.930 |
351.601 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3738.782 |
2169.930 |
451.601 |
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LOAN FUNDS |
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1] Secured Loans |
32.657 |
55.454 |
67.655 |
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2] Unsecured Loans |
810.300 |
810.300 |
76.741 |
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TOTAL BORROWING |
842.957 |
865.754 |
144.396 |
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DEFERRED TAX LIABILITIES |
170.517 |
117.401 |
810.300 |
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TOTAL |
4752.256 |
3153.085 |
1406.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1120.976 |
1154.079 |
564.430 |
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Capital work-in-progress |
0.521 |
0.247 |
2.718 |
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INVESTMENT |
2.212 |
2.212 |
2.212 |
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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 |
3440.492
|
3092.271 |
2905.767 |
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Sundry Debtors |
489.048
|
1110.522 |
874.583 |
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Cash & Bank Balances |
2593.497
|
1256.388 |
647.847 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1235.113
|
736.376 |
800.634 |
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Total
Current Assets |
7758.150
|
6195.557 |
5228.831 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4114.567
|
4199.010 |
4391.973 |
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Provisions |
15.036
|
0.000 |
0.000 |
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Total
Current Liabilities |
4129.603
|
4199.010 |
4391.973 |
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Net Current Assets |
3628.547
|
1996.547 |
836.858 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.079 |
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TOTAL |
4752.256 |
3153.085 |
1406.297 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
11315.591 |
15275.290 |
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Other Income |
|
59.266 |
118.190 |
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Total Income |
|
11374.857 |
15393.480 |
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Profit/(Loss) Before Tax |
|
2396.510 |
2599.665 |
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Provision for Taxation |
|
827.657 |
881.336 |
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Profit/(Loss) After Tax |
|
1568.853 |
1718.329 |
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Export Value |
|
3.014 |
17.472 |
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Import Value |
|
3705.761 |
4463.324 |
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Expenditures : |
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Financial Charges |
|
108.078 |
108.078 |
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Depreciation & Amortization |
|
147.875 |
151.508 |
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Other Expenditure |
|
8722.394 |
12534.229 |
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Total Expenditure |
|
8978.347 |
12793.815 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.79
|
11.16 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
21.18
|
17.02 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.99
|
35.37 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
1.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
2.33 |
10.05 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.48 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
It is
in trade terms with:-
> NEG Micon A/S, Denmark
> Larsen & Toubro Limited
ECC
Division, ECC Workshops, Kanchipuram Taluk – 631552, Tamilnadu, India
Tel.
91-4112-2631552
Contact
Person : Mr. K. Ashok Kumar [Deputy General Manager – Fab. Shop]
Tel. No. 91-4112-248382
> LM Glassfiber [India] Limited
Plot
No. 61 & 62, KASABA Industrial Area, Hosakote – 562114, Karnataka, India
Tel.
91-8111-22562114
Contact Person : Mr. Nirmal K. Gupta
(Chief Executive Officer)
Tel. No. 91-80-7971701
> Dalmia Cements [Bharat] Limited
Dalmiapuram, Trichy District,
Tamilnadu, India
Tel. 91-431-2621651
Contact Person : mr. J. Tirumeni
(General Manager – Operations)
Tel. No. 91-4329-235225
Fixed Assets
- Leasehold
Improvements
- Plant and
Machinery
- Furniture and
Fixtures
- Electrical
Fittings
- Office
Equipment
- Computers
- Patterns
- Vehicles
- Building
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.42.63 |
|
UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--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 |
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 |
|