MIRA
INFORM REPORT
|
Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DANKE ELECTRICALS LIMITED |
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Formerly Known As : |
DANKE ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
776/779 GIDC, Waghodia District, Baroda, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.01.1995 |
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Com. Reg. No.: |
04 – 24181 |
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CIN No.: [Company
Identification No.] |
U31100GJ1995PLC024181 |
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PAN No.: [Permanent
Account No.] |
AAACD6473B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Electrical Transformers |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 128748 |
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Status : |
Satisfactory |
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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 satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. J J Patil |
|
Designation : |
General Manager - Finance |
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Contact No.: |
91-9879113906 |
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Date : |
08.03.2008 |
LOCATIONS
|
Registered Office : |
776/779 GIDC, Waghodia District, Baroda, Gujarat, India |
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Tel. No.: |
91-2668-62705/ 265-263120/2357508 |
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Fax No.: |
91-265-2330696 |
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E-Mail : |
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Website : |
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Area : |
11372 sq. mtrs |
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Location : |
Owned |
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Marketing Office : |
6 Avishkar Complex, Old Padra Road, Vadodara – 390015, Gujarat, India |
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Tel No.: |
91-265-2357508/ 344373/ 314362/ 340490 |
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Fax No.: |
91-265-330696 |
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E-Mail : |
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Factory : |
244/8, GIDC Estate, Waghodia, District Vadodara – 391760, Gujarat,
India |
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Tel. No.: |
91-2668-62458/ 62978 |
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Fax No.: |
DIRECTORS
|
Name : |
Mr. Narendrakumar M. Patel |
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Designation : |
Chairman |
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Address : |
302 Harsh Complex, Old Padra Road, Baroda – 390015, Gujarat, India |
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Date of Birth/Age : |
02.05.1939 |
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Experience : |
35 years |
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Date of Appointment : |
12.01.1995 |
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Name : |
Mr. Bhupendra G Jariwala |
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Designation : |
Whole Time Director |
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Address : |
2 Namrata Society, Lalbaug Manjalpur, Baroda – 390015, Gujarat, India |
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Date of Birth/Age : |
20.02.1944 |
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Experience : |
30 years |
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Date of Appointment : |
01.07.1995 |
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|
Name : |
Mr. Rajendra A Lalchandani |
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Designation : |
Whole Time Director |
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Address : |
D/3 C Lucky Apartment, Makarpur Road, Baroda – 390015, Gujarat, India |
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Date of Birth/Age : |
23.09.1963 |
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Experience : |
15 years |
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Date of Appointment : |
18.04.2000 |
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Name : |
Mr. Amit N Patel |
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Designation : |
Director |
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Address : |
302 Harsh Complex, Old Padra Road, Baroda – 390015, Gujarat, India |
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Date of Birth/Age : |
28.12.1972 |
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Experience : |
10 years |
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Date of Appointment : |
09.09.2004 |
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|
Name : |
Mr. Manoj N Patel |
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Designation : |
Whole Time Director |
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Address : |
302 Harsh Complex, Old Padra Road, Baroda – 390015, Gujarat, India |
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Date of Birth/Age : |
06.12.1974 |
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Experience : |
8 years |
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Date of Appointment : |
13.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
|
|
|
Mr. Narendrakumar N. Patel |
|
236830 |
|
Mr. Manoj N Patel |
|
380900 |
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Mr. Amit N Patel |
|
585001 |
|
Mrs. Meeta A, Nandi |
|
9000 |
|
Mr. Jana Caroll |
|
20446 |
|
Mr. C. Winston Caroll |
|
197400 |
|
Mrs. Jaya N. Patel |
|
220100 |
|
Mr. Narendrakumar N. Patel (HUF) |
|
212572 |
|
Purvam Transformers (Gujarat) Private Limited |
|
10000 |
|
Prime Switchgears Private Limited |
|
20000 |
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Mr. Hardik N Patel |
|
2000 |
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Mr. Devila N Patel |
|
2000 |
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Mr. Navinchandra J Patel |
|
2000 |
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Mrs. Dharmistra H Patel |
|
2000 |
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Mrs. Manjulaben R Patel |
|
2000 |
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Mr. Harshad J Patel |
|
2000 |
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Mr. Ranji J Patel |
|
2000 |
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Mrs. Sheetal M Patel |
|
2000 |
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Mr. Hiral N Patel |
|
2000 |
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Mr. Samir R Patel |
|
2000 |
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Mr. Rajesh M Shah |
|
3000 |
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Mrs. Ramila R Shah |
|
3500 |
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Mrs. Jagruti S Kadakiya |
|
3500 |
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Mrs. Leena K Sutariya |
|
3500 |
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Mr. Shishir R Kadakiya |
|
3500 |
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Mrs. Kalpana N Sutariya |
|
3500 |
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Mr. Manharlal R Shah |
|
3000 |
|
Mrs. Ramila M Shah |
|
3000 |
|
Mr. Rajesh M Shah |
|
3500 |
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Mr. Jasumati Patel |
|
29220 |
|
Mr. Bhagu Patel |
|
29220 |
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|
|
|
|
Total |
|
2000689 |
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|
|
|
|
|
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|
Category |
|
Percentage |
|
|
|
|
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Bodies Corporate (not mentioned above) |
|
1.50 |
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Directors or relatives of directors |
|
70.74 |
|
Other top fifty (50) shareholders (other than listed above) |
|
27.76 |
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|
|
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Total |
|
100.00 |
BUSINESS DETAIS
|
Line of Business : |
Manufacturer and Exporter of Electrical Transformers |
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Exports : |
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Products : |
Transformers |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual
Production |
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|
|
|
|
Transformers |
KVA |
164365 |
GENERAL
INFORMATION
|
Customers : |
· Surat Electric Company · Ahmedabad Electricity Company · Asea Brown Broveri · Siemens · Voltas Limited · Tata Projects Limited · Jyoti Structurals Limited · Bharat Heavy Electicals Limited · Indian Plasma Research · Nuclear Power Corporation · British Gas · Reliance Industries Limited · Suzlon Energy Limited · Jyoti Limited |
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No. of Employees
: |
65 (10 – Office
and 55 – Factory) |
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Bankers : |
RC Dutt Road,
Alkapuri, Vadodara – 390007, Gujarat, India |
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Facilities : |
Cash Credit/ BG/
LC etc Total Rs.190.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R A Amin and Company Chartered Accountant |
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Address : |
5 Avishkar, Old Padra Road, Baroda – 390015, Gujarat, India |
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Name : |
M J M Patel and Company Chartered Accountant |
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Address : |
112, Spenthe Complex, Baroda |
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Tel No.: |
91-265-2313636 |
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Associates/Subsidiaries : |
244/8 GIDC GIDC Estate, Waghodia, District Vadodara, Baroda Manufacturer of Transformers
658/569 GIDC Waghodia, District Vadodara, Baroda Manufacturer of Switchgear Items |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2950000 |
Equity Share |
Rs.10/- each |
Rs.29.500 Millions |
|
50000 |
Preference Share |
Rs.10/- each |
Rs.0.500 Million |
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|
|
|
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|
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Total |
|
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000689 |
Equity Share |
Rs.10/- each |
Rs.20.007
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.007 |
20.007 |
22.216 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.180 |
4.174 |
2.842 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32.187 |
24.181 |
25.058 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.974 |
28.201 |
27.609 |
|
|
2] Unsecured Loans |
31.697 |
29.302 |
33.120 |
|
|
TOTAL BORROWING |
76.671 |
57.503 |
60.729 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
108.858 |
81.684 |
85.787 |
|
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
37.305 |
33.364 |
30.886 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
60.470
|
60.648 |
34.854 |
|
|
Sundry Debtors |
107.468
|
46.879 |
56.561 |
|
|
Cash & Bank Balances |
1.051
|
0.242 |
0.121 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
31.504
|
24.066 |
20.686 |
|
Total
Current Assets |
200.493
|
131.835 |
112.222 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
122.842
|
77.170 |
53.029 |
|
|
Provisions |
6.098
|
6.345 |
4.301 |
|
Total
Current Liabilities |
128.940
|
83.515 |
57.330 |
|
|
Net Current Assets |
71.553
|
48.320 |
54.892 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
108.858 |
81.684 |
85.787 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
329.777 |
111.249 |
150.059 |
|
|
Other Income |
24.670 |
12.072 |
13.063 |
|
|
Total Income |
354.447 |
123.321 |
163.122 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
11.006 |
1.332 |
1.241 |
|
|
Provision for Taxation |
3.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
8.006 |
1.332 |
1.241 |
|
|
|
|
|
|
|
|
Import Value |
243.593 |
NA |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
28.315 |
0.000 |
0.000 |
|
|
Interests |
9.212 |
0.000 |
0.000 |
|
|
Administrative and Selling Expenses |
57.502 |
0.000 |
0.000 |
|
|
Financial Charges |
0.000 |
5.947 |
5.241 |
|
|
Depreciation & Amortization |
4.419 |
3.922 |
3.620 |
|
|
Other Expenditure |
243.993 |
112.120 |
153.023 |
|
Total Expenditure |
343.441 |
121.989 |
161.884 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.26
|
1.08 |
0.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.34
|
1.20 |
0.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.63
|
0.81 |
0.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.39
|
5.83 |
4.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.58 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U31100GJ1995PLC024181 |
|
Name of the
Company |
DANKE ELECTRICALS LIMITED |
|
Address |
776/779 GIDC, Waghodia District, Baroda, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
Indian Overseas Bank RC Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Memorandum of
deposit of title deeds by way of equitable mortgage |
|
Date of the
instrument creating or modifying the charge |
23.02.2007 |
|
Amount secured by
the charge |
Rs.92.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: PLR + 1%
Presently 12.5% p.a. payable at monthly rests. Terms of
repayment: Repayable on
demand Margin: Stock – 25%, receivable
– 50%, Financial B.g’tee – 25% Extent and
operation of the charge: The charge is
created vide the above agreement to secure the enhanced facilities of
Rs.92.000 Millions |
|
Short particulars
of the property charged (including location of the property) |
Industrial
Plot/Shed No.774, 776 – 781 at GIDC Industrial Estate Waghodia more
particularly described in the schedule to the supplemental narration. |
|
Particular of the
present modification |
The original
charge created on 07.01.2004 was modified on 21.03.2005 and 26.05.2006 to
Rs.47.500 Millions, Rs.52.500 Millions respectively. Now the charge is
further modified by the above instrument to Rs.92.000 Millions |
|
Name of the company |
DANKE ELECTRICALS LIMITED |
|
Presented By |
Sundaram Finance
Limited No.21, Patullos
Road, Chennai - 600002 |
|
1) Date and description of instrument creating the change |
Loan Agreement
Dated 26.02.2005 Bearing Loan
Cont. No. WG-3532 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 Million |
|
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 |
On the security
of 1 No.2005 Model Swaraj Pickup bearing E No. SLCHU71910 in the 1st
schedule of the enclosed copy of the loan agreement. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan of
Rs.0.730 Million is repayable in 52 equal monthly installments of Rs.14052/-
each. The rate of interests 9.72% per annum the 1st loan
installment falls due on 26.02.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance
Limited No.21, Patullos
Road, Chennai - 600002 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
Trade Reference:
Mr. Shrinivasan, Chief Manager
Indian Overseas Bank
Alkapuri Branch, Baroda
Mr. R K Rakesh, Manager
State Bank of India
Special Commercial Branch
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.40.53 |
|
UK Pound |
1 |
Rs.81.54 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
TOTAL |
|
45 |
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 |
|