MIRA
INFORM REPORT
|
Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ECONIX HI TECH COMPONENTS PRIVATE LIMITED |
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Registered Office : |
12, GIDC Estate, Makarpura Road, Vadodara – 390010, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.07.1992 |
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Com. Reg. No.: |
04-018091 |
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CIN No.: [Company
Identification No.] |
U31100GJ1992PTC018091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDE00122D |
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PAN No.: [Permanent
Account No.] |
AAACE4966E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, exporters, importers, distributors, dealers and agents
of tools, moulds and machineries, related to the activities of the company. |
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 311684 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track records. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
12, GIDC Estate, Makarpura Road, Vadodara – 390010, Gujarat, India |
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Tel. No.: |
91-265-2642021/ 2830818/ 2831453/ 2642023/ 2638646 |
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Fax No.: |
91-265-2638646 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Jayantilal Dhanjibhai Ray |
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Designation : |
Director |
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Address : |
3, Shantivan Society, Makarpura Road, Vadodara – 390010, India |
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Date of Birth/Age : |
30.06.1934 |
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Date of Appointment : |
30.04.2005 |
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Name : |
Mr. Kalpesh N. Shah |
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Designation : |
Director |
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Address : |
4, Madhav Park Society, Lalbaug Road, Manjalpur, Vadodara, India |
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Date of Birth/Age : |
30.12.1963 |
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Date of Appointment : |
14.04.2004 |
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Name : |
Mr. S. J. Joshi |
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Designation : |
Director |
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Address : |
E – 203, Kunj-resi-cum Plaza, Palace Road, Vadodara – 390010, India |
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Date of Birth/Age : |
20.12.1959 |
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Date of Appointment : |
06.06.2000 |
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Name : |
Mr. Vipul J. Ray |
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Designation : |
Director |
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Address : |
3, Shantivan Society, Makarpura Road, Vadodara – 390010, India |
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Date of Birth/Age : |
30.12.1974 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Paresh N. Shah |
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Designation : |
Managing Director |
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Address : |
4, Madhav Park Society, Lalbaug Road, Manjalpur, Vadodara, India |
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Date of Birth/Age : |
20.10.1960 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mrs. Jignesha V. Ray |
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Designation : |
Director |
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Address : |
3, Shantivan Society, Makarpura Road, Vadodara – 390010, India |
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Date of Birth/Age : |
27.08.1977 |
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Date of Appointment : |
14.04.2004 |
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Name : |
Mr. Amarnath Laxminath Shastri |
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Designation : |
Director |
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Address : |
4, Madhav Park Society, Lalbaug Road, Manjalpur, Vadodara, India |
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Date of Birth/Age : |
20.08.1934 |
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Date of Appointment : |
28.12.2004 |
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Name : |
Mr. Dilip Chimanlal Trivedi |
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Designation : |
Director |
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Address : |
904, Bhagyodaya Tower – II, Pashabhai Park, Race Course Circle,
Vadodara, India |
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Date of Birth/Age : |
18.09.1958 |
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Date of Appointment : |
28.12.2004 |
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Name : |
Mr. Chandubhai Somabhai Patel |
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Designation : |
Director |
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Address : |
25, Narmrata Society, Lal Baug Road, Manjalpur, Vadodara, India |
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Date of Appointment : |
30.09.2005 |
KEY EXECUTIVES
|
Name : |
D. Pathak and Associates |
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Designation : |
Company Secretary |
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Address : |
204/5, Garden View, Near Kamatibaug Circle, Sayajigunj, Vadodara –
390005, India |
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Date of Birth/Age : |
91-265-2362718 |
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Qualification : |
91-265-2362962/ 2562158 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
|
|
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Mr. Jayantilal D. Ray |
16040 |
|
Mr. Natvarlal A. Shah |
20 |
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Mr. Paresh N. Shah |
10010 |
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Mrs. Manjulaben J. Ray |
145000 |
|
Ms. Jyoti J. Ray |
47500 |
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Ms. Trupti J. Ray |
47500 |
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Mr. Matvarlal A Shah |
13970 |
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Mr. Kalpesh N. Shah |
23000 |
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Mrs Kapilaben N. Shah |
39500 |
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Mr. Kirit N. Shah |
26500 |
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Mr. Bhatrat N. Shah |
55000 |
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Mrs Kanak Kirit Shah |
4000 |
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Mrs. Alka Bhatrat Shah |
2000 |
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Mrs. Bina K. Shah |
25500 |
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Mrs. Jagruti P. Shah |
26500 |
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Mr. Paresh N. Shah |
99000 |
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Mr. Jayantilal D. Ray |
31460 |
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Ms. Swati J. Ray |
78600 |
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Mr. Vipul J. Ray |
66000 |
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Mr. Jayantilal D. Ray |
66000 |
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Mr. Kirit N. Shah |
4000 |
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Mrs. Kanak Kirit Shah |
8000 |
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Mrs. Alka Bhatrat Shah |
7000 |
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Mrs Bina K. Shah |
16000 |
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Mrs. Jagruti P. Shah |
11000 |
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Mr. Kalpesh N. Shah |
1000 |
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Mr. Paresh N. Shah |
6000 |
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Ms. Swati J. Ray |
17400 |
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Mrs Alka Bhatrat Shah |
2000 |
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Mrs. Manjuben D. Ray |
54500 |
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Total |
950000 |
(As on 31.03.2007)
|
Category |
Percentage |
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Directors or relatives of director
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, exporters, importers, distributors, dealers and agents
of tools, moulds and machineries, related to the activities of the company. |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
· State Bank of
India, Makarpura Branch,
Baroda – 390010, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Talati and Talati Chartered Accountants |
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Address : |
210, B. N. Chambers, R. C. Dutt Road, Vadodara – 390007, Gujarat,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
950000 |
Equity shares |
Rs.10/- each |
Rs.9.500
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
9.500 |
9.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
68.421 |
46.472 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
77.921 |
55.972 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.898 |
0.000 |
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2] Unsecured Loans |
|
20.596 |
21.960 |
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TOTAL BORROWING |
|
23.494 |
21.960 |
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DEFERRED TAX LIABILITIES |
|
1.538 |
1.453 |
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TOTAL |
|
102.953 |
79.385 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
24.645 |
24.099 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.100 |
0.101 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
44.608 |
32.542 |
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Sundry Debtors |
|
43.662 |
33.471 |
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Cash & Bank Balances |
|
2.114 |
4.706 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.363 |
4.088 |
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Total
Current Assets |
|
92.747 |
74.807 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
14.539 |
19.622 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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14.539 |
19.622 |
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Net Current Assets |
|
78.208 |
55.185 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
102.953 |
79.385 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
177.233 |
120.642 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
177.233 |
120.642 |
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Profit/(Loss) Before Tax |
|
21.949 |
13.280 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
21.949 |
13.280 |
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Total Expenditure |
|
155.284 |
107.362 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
12.38 |
11.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
12.38 |
11.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
18.70 |
13.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.49 |
0.75 |
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Current Ratio (Current Asset/Current Liability) |
|
|
6.38 |
3.82 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U31100GJ1992PTC018091 |
|
Name of the
Company |
ECONIX HI TECH COMPONENTS PRIVATE LIMITED |
|
Address |
Baroda - 390010, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable Property |
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Particulars of
the charge holder |
State Bank of India Makarpura I.E. Branch, Baroda – 390010, Gujarat, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum for
recording extension of mortgage by deposit of title deeds. |
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Date of the
instrument creating or modifying the charge |
12.04.2007 |
|
Amount secured by
the charge |
Rs. 33.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Indegenous
– 25% Semi
Finished Goods – 40% Finished
Goods – 40% Letters of
credit – 25% Bank
Guarantees – 25% Receivables
– 50% (Cover
Period 90days)
|
|
Short particulars
of the property charged (including location of the property) |
All that piece
and parcel of land admeasuring 3847 sq. mts. of Plot No.134/135: Revenue
survey No. 1063 part, 1064 part, 1065 part, 1066 part, situated at por
ramangamdi, Taluka and district Baroda, Gujarat to gether with industrial
sheds. |
|
Particular of the
present modification |
In Order to
secure additional finance of Rs.26.300 Millions, The Security shall stand
enhenced from Rs. 7.000 Millions, to Rs.33.300 Millions. |
|
Name of the company |
ECONIX HI TECH
COMPONENTS PRIVATE LIMITED |
|
Presented By |
Shri Vipul J. Ray, Managing
Director
|
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1) Date and description of instrument creating the change |
Memorandum of entry dated 12th January 2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 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 |
Joint Equitable
Mortgage by way of deposit of title deeds on company’s immovable land
admeasuring 3848 sq. mts. known as Plot No.134/135, Revenue survey No. 1063
part, 1064 part, 1065 part, 1066 part, situated at por ramangamdi Industrial
Estate at por, Taq. Baroda, District – Baroda, as described under sespend
schedual to this memorandum of entry. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Credit facilities
of Rs.7.000 Millions granted together with interest as thereon plus interest
tax as applicable, commitment charges commission, repayment premia, costs,
charges, expenses and other money payable by the borrower to SBI |
|
5) Name and Address and description of the person entitled to the charge. |
Sate Bank of
India Makarpura Branch,
Baroda - 390010 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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 |
|