MIRA
INFORM REPORT
|
Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDIA LAND AND PROPERTIES LIMITED |
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Formerly known as: |
INDIA INFOTEC DEVELOPERS LIMITED |
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Registered Office : |
Plot – 14, 3rd Main Road, Amabattu industrial Estate,
Chennai - 600058, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.01.2000 |
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Com. Reg. No.: |
043973 |
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CIN No.: [Company
Identification No.] |
U31200TN2000PTC043973 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI04030F |
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PAN No.: [Permanent
Account No.] |
AAACI9546A |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of House Service Meters, Poly
Phase Meters, Water Meters, Gas Meters and all kinds of Electrical
Instruments. |
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 3292148 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established Company in Indian Construction Industry
having good Capital base. General Financial Position is good. Fundamentals
are Strong and healthy. Payments are reported as Slow but Correct. The Company can be considered for business dealings at usual trade
terms and conditions. The Management of the Subject remained Non- Co-Operative and declined
to part with any details. |
LOCATIONS
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Registered Office : |
Plot – 14, 3rd Main Road, Amabattu industrial Estate,
Chennai - 600058, Tamilnadu, India. |
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Tel. No.: |
91-44-2625 4440 |
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Fax No.: |
91-44-2625 1044 |
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E-Mail : |
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Website : |
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Corporate Office : |
1005, Maker Chambers V, Nariman Point, Mumbai – 400 021, Maharashtra,
India. |
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Tel. No.: |
91-22-6620 0900 / 6632 4477 |
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Fax No.: |
91-22-2202 7573 |
DIRECTORS
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Name : |
Mr. Krishnan |
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Designation : |
Director |
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Address : |
1-A, Vidyodya, First Cross Street, Tea Nagar, Chennai – 600017,
Tamilnadu, India. |
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Date of Birth/Age : |
29.10.1936 |
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Date of Appointment : |
20.11.2002 |
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Name : |
Mr. K. Chandra |
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Designation : |
Director |
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Address : |
A – 32, Diplomatic Enclave, West End, New Delhi – 110057, India. |
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Date of Birth/Age : |
06.06.1952 |
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Date of Appointment : |
20.11.2002 |
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Date of Ceasing: |
15.02.2005 |
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Name : |
Mr. R. Gowri Shankar |
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Designation : |
Director |
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Address : |
4/24, M G R Salai, Palavakam, Chennai – 600042, Tamilnadu, India. |
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Date of Birth/Age : |
01.07.1956 |
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Date of Appointment : |
20.11.2002 |
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Date of Ceasing: |
11.03.2005 |
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Name : |
Mr. Ashok Agarwal |
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Designation : |
Director |
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Address : |
8/10, Vasant Vihar, New Delhi – 110057, India. |
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Date of Birth/Age : |
25.06.1952 |
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Date of Appointment : |
11.03.2005 |
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Name : |
Mr. R. Janaki Raman |
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Designation : |
Director |
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Address : |
No. 11/1, Postal Colony, West Mambalam, Chennai – 600033, Tamilnadu,
India |
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Date of Birth/Age : |
10.07.1951 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. A G Sehgal |
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Designation : |
Director |
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Address : |
C – 227, Defence Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
28.09.1928 |
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Date of Appointment : |
28.06.2005 |
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Date of Ceasing: |
17.08.2005 |
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Name : |
Mr. Deepak Mehta |
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Designation : |
Director |
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Address : |
1370, Sector 29, Noida – 201303, Uttar Pradesh, India. |
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Date of Birth/Age : |
13.02.1950 |
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Date of Appointment : |
28.06.2005 |
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Date of Ceasing: |
17.08.2005 |
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Name : |
Mr. Inder Vikram Singh Achreja |
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Designation : |
Director |
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Address : |
1901 - A, Lokhandwala Residency, Manjrekar Road, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
26.02.1966 |
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Name : |
Mr. Kamal Fabiani |
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Designation : |
Director |
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Address : |
Juan Belmonte, 30, Madrid, Spain |
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Date of Appointment : |
09.01.2006 |
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Name : |
Mr. Harish Fabiani |
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Designation : |
Director |
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Address : |
Juan Belmonte, 30, Madrid, Spain |
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Date of Appointment : |
09.01.2006 |
KEY EXECUTIVES
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Name : |
Mr. S. Salai Kumaran |
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Designation : |
Company Secretary |
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Address : |
No. A-6, SS Apartments, 52, Ammaiappan Street, Royapettah, Chennai –
14, Tamilnadu, India. |
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Date of Appointment : |
09.01.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 09.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. A Krishnan |
100 |
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Mr. D S Narayana Swamy |
100 |
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Mr. S Siva Kumar |
100 |
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Mr. S R Raja Gopal |
100 |
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Mr. R. Jankiraman |
100 |
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Mr. S. Prabakaran |
100 |
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Mr. K Muthuchamy |
100 |
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Synerfin Factors Private limited |
3050000 |
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Total |
3050700 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings (Foreign Institutional
Investments, Foreign Companies, Foreign financial Institutions, Non resident
Indians or Overseas corporate bodies or Others |
99.99 |
|
2. |
Directors or relatives of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of all kinds of House Service Meters, Poly
Phase Meters, Water Meters, Gas Meters and all kinds of Electrical
Instruments. |
GENERAL
INFORMATION
|
Bankers : |
v Indian Bank Adyar Branch, Chennai – 600020, Tamilnadu, India. v Axis Bank v 1st
Floor, 82, Dr. Radha Krishnan Salai, Chennai – 600004, Tamilnadu, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
v Mr. G S Sekhar, Chartered
Accountants Flat No. 201, Padmaja Enclave, Plot No. 36, Megha hill, Madhapur,
hyderabad – 500081, Andhra Pradesh, India. v Deloitte Haskins
and Sells, Chartered Accountants 2nd Floor, Temple Tower, 672, Anna Salai, Nandanam, Chennai
– 600035, Tamilnadu, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,500,000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 65.000 millions |
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 |
65.000 |
30.507 |
30.507 |
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2] Share Application Money |
113.106 |
380.267 |
2.100 |
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3] Reserves & Surplus |
715.651 |
37.294 |
0.000 |
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4] (Accumulated Losses) |
(70.720) |
(7.624) |
0.000 |
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NETWORTH |
823.037 |
440.444 |
32.607 |
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LOAN FUNDS |
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1] Secured Loans |
422.720 |
0.000 |
129.827 |
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2] Unsecured Loans |
68.700 |
0.000 |
4.100 |
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TOTAL BORROWING |
491.420 |
0.000 |
133.927 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1314.457 |
440.444 |
166.534 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
455.383 |
210.790 |
101.507 |
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Capital work-in-progress |
779.309 |
95.646 |
12.910 |
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INVESTMENT |
0.000 |
20.100 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
124.592
|
46.189 |
0.750 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
32.978
|
79.158 |
155.570 |
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Total
Current Assets |
157.570
|
125.347 |
156.320 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
76.763
|
11.528 |
109.647 |
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Provisions |
1.162
|
0.032 |
0.072 |
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Total
Current Liabilities |
77.925
|
11.560 |
109.719 |
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Net Current Assets |
79.645
|
113.787 |
46.601 |
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MISCELLANEOUS EXPENSES |
0.119 |
0.119 |
5.516 |
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TOTAL |
1314.457 |
440.444 |
166.534 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.09
|
0.03 |
3.36 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02
|
10.84 |
1.42 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U31200TN2000PLC043973 |
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Name of the company |
INDIA LAND AND PROPERTIES LIMITED |
|
Address |
Plot – 14, 3rd Main Road, Amabattu industrial Estate,
Chennai - 600058, Tamilnadu, India. |
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Type of Charges |
v Immovable
property v Movable Property
(not being pledge) v Floating charge |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name: Axis Bank Limited Address: 1st Floor, 82, Dr. Radha Krishnan Salai City: Chennai State: Tamilnadu ISO country code : IN Pin code: 600004 e-mail ID: aashni2@rediffmail.com |
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Nature or description of the instrument creating or modifying the charge |
1. Agreement for Hypothecation of Current Assets 2. Deed of Hypothecation of Machinery and Other Movable Fixed Assets 3. all dated 12.02.2007 |
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Date of the instrument creating charge |
12.02.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 500.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest BPLR – 2.5% i.e. 10.50% p.a. (Subject to change by the Bank from time to time) other terms and conditions as per the agreements enclosed. (b) Terms of Repayment The Repayment shall be made in 72 EMI beginning 15.04.2008. all other terms and conditions as per the agreements enclosed. (c) Margin 25% (d) Extent and operation of the charge Hypothecation charge on all current assets, Movable Fixed Assets and Equitable Mortgage of Land along with building (Present and Future) thereon Pari Passu First Charge Basis with other term lenders and all other terms and conditions are as per above agreements. (e) All other terms and conditions are as per the above agreements. |
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Short particulars of the Property charged |
As per Annexure |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Form 8
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Name of the company |
INDIA INFOTEC DEVELOPERS LIMITED |
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1) Date and description of instrument creating the change |
Memorandum of Deposit of Title Deed dated 09.12.2004. Title Deeds deposited on 07.12.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 132.500 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 |
Mortgage by deposit of title deeds of property at 14, Ambattur Industrial Estate, Chennai |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India F 14/15, Connaught Place New Delhi |
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 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 :
The 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.
The 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. 42.64 |
|
UK Pound |
1 |
Rs. 83.00 |
|
Euro |
1 |
Rs. 66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
46 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|