MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SFO TECHNOLOGIES
PRIVATE LIMITED |
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Formerly Known As : |
SUN FIBRE OPTICS
PRIVATE LIMITED |
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Registered Office : |
Stone House
Market Road, Aluva, Ernakulam – 683101, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.02.1990 |
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Com. Reg. No.: |
09-5620 |
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CIN No.: [Company
Identification No.] |
U72900KL1990PTC005620 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNS02626B |
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PAN No.: [Permanent
Account No.] |
AADCS3318K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of
Electronics Devices, SMT Assembly and Chip on Board Assembly |
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 3381972 |
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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 company having satisfactory track records. Financial position is good. Payments are usually correct and as per
commitments. The company is doing
well. It can be
considered good for normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
Stone House
Market Road, Aluva, Ernakulam – 683101, Kerala |
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Tel. No.: |
91-484-2413223 /
2413246 |
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Fax No.: |
91-484-2413053 |
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E-Mail : |
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Websites: |
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Corporate Office: |
The Nest Group, Plot No. 99, Kiadb Industrial Area, Bommasandra 4th
Phase , Hosur, India |
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Tel. No.: |
91-80-27835120 |
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Fax No.: |
91-80-27833543 |
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E-Mail : |
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Website: |
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Factory : |
Plot No. 2, Cochin Special Economic Zone, Kakkanad, Cochin – 682 037,
India |
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Tel. No.: |
91-484-2413223 |
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Mobile No.: |
91-9447303046 |
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Fax No.: |
91-484-2413058 |
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E-Mail : |
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Website : |
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Area : |
35000 x 6 Sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Jehangir
Rawther Nagoor |
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Designation : |
Managing Director
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Address : |
Mackar Manzil
Fboa Road, Aluva, Ernakulam – 683101, Kerala, India |
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Date of Birth/Age : |
01.12.1955 |
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Date of Appointment : |
08.02.1990 |
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Directorship in other companies: |
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CIN of the Company |
U32109KL1992PTC006409] |
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Name of the Company |
Crysind Electronics Private Limited |
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Designation: |
Director |
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CIN of the Company |
U28999KL1994PTC007865 |
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Name of the Company |
Sun Precision Works Private Limited |
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Designation: |
Director |
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CIN of the Company |
U31300KL1994PTC007867 |
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Name of the Company |
Sun Generic Cables Private Limited |
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Designation: |
Director |
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CIN of the Company |
U72200KL1995PTC008912 |
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Name of the Company |
Network Systems & Technologies Private Limited |
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Designation: |
Director |
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CIN of the Company |
U33201KL1996PTC010702 |
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Name of the Company |
J2 Optronics Private Limited |
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Designation: |
Director |
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CIN of the Company |
U72200KL1997PTC011153 |
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Name of the Company |
Nest Systems Private Limited |
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Designation: |
Director |
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CIN of the Company |
U31200KL2000PTC013605 |
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Name of the Company |
Nest Power Electronics Private Limited |
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Designation: |
Director |
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CIN of the Company |
U31904KL2000PTC014280 |
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Name of the Company |
Nest Magnetics Private Limited |
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Designation: |
Director |
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CIN of the Company |
Saba Powerdex Private Limited |
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Name of the Company |
U30009KL1999PTC013131 |
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Designation: |
Director |
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CIN of the Company |
U72200KL1998PTC012602 |
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Name of the Company |
Nest Information
Technologies Private limited |
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Designation: |
Director |
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CIN of the Company |
U33201KL2000PTC014279 |
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Name of the Company |
Swiftlink Fibre
Optics Private Limited |
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Designation: |
Director |
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CIN of the Company |
U32109KL2002PTC015790 |
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Name of the Company |
Nest Photonics
Private limited |
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Designation: |
Director |
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CIN of the Company |
U72900KL2002PTC015791 |
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Name of the Company |
Nest Technology
Enabled Services Private Limited |
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Designation: |
Director |
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CIN of the Company |
U35301KL2002PTC015731 |
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Name of the Company |
Nest Avionics
Private limited |
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Designation: |
Director |
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Name : |
Mr. Iqbal Mohammed
Ali |
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Designation : |
Director |
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Address : |
Thynothil,
Pulinchodu, Aluva, Ernakulam – 683101, Kerala, India |
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Date of Birth/Age : |
28.05.1951 |
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Date of Appointment : |
08.02.1990 |
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Name : |
Mr. Javad K.
Hassan |
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Designation : |
Director |
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Address : |
100, Commerce
Bovie Ward, Quaker Town, Pensilvannia, U.S.A. – 18951 |
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Date of Birth/Age : |
07.10.1940 |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Sunil
Theckath Vasudevan |
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Designation : |
Director |
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Address : |
96, 2nd
Cross Road, Block 5, Banashankari, 3rd
Stage, 3rd phase, Bangalore – 560 085, Karnataka, India |
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Date of Birth/Age : |
03.03.1966 |
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Date of Appointment : |
28.05.2007 |
KEY EXECUTIVES
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Name : |
Mr. Padamabhan Kumaravel |
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Designation : |
Secretary |
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Address : |
310/C, Vallayil House, cochin Palace P O Thrippunithura, Ernakulam –
682301, Kerala, India |
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Date of Birth/Age : |
01.06.1967 |
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Date of Appointment : |
01.09.2006 |
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Tel No.: |
91-484-3098210/ 3950711 |
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Mobile No.: |
91-9447498476 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Iqbal Mohammed Gul |
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2500 |
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Mr. Nishi A |
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9990 |
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Mr. Hassan Javad |
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37500 |
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Mr. Iqbal Mohamed Ali |
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10 |
(As on 31.03.2007):-
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Category |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
79.84 |
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Directors or relative of directors |
19.98 |
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Other top fifty (50) shareholders |
0.18 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Electronics Devices, SMT Assembly and Chip on Board Assembly |
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Products : |
PC Boards |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Electronics Devices |
Nos. |
4650000 |
4650000 |
280302 |
GENERAL
INFORMATION
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Customers: |
· Areva · Alstom · Ericsson · Hitachi · Lambda · ISO · DP World · ABB · Novar · Siemens · Adva · Danaher · Texas Instruments · Tata · Tokyo Electron · Tyco · Toshiba · NEC · Avanex · Gould · Solectron · Pegasus Transtech · Am / Comm Systems · Philips · Intel |
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No. of Employees : |
2000 |
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Bankers : |
· Indian Bank Address:
Shanmugham Road, Ernakulam, Kochi –
682 031, Kerala, India · The Hong Kong and Shanghai Banking Corporation Limited Address: No. 7,
Mahatma Gandhi Road, Bangalore – 560 001, Karnataka, India · State Bank of Travancore · Federal Bank · HSBC Bank · Citi Bank |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors 1 : |
Iyer Thomas and
Sunney Chartered
Accountants, Layam Road,
Ernakulam, Cochin - 682011 |
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Auditors 2: |
Deloitte Haskins
and Sells Chartered
Accountants 100/2, Richmond
Road, Bangalore – 560 025, Karnataka, India |
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Associates : |
· Swiftlink Private Limited · Crysind Electronics Private Limited [CIN U32109KL1992PTC006409] · Nortpak Fibre Optics Private Limited [CIN U33201KL1992PTC006860] · Sun Generic Cables Private Limited [CIN U31300KL1994PTC007867] · Nest Inforamtiona Technologies Private Limited · Saba Powerdex Private Limited · Nest Power Electronics Private Limited [U31200KL2000PTC013605] · Network Systems and Technologies Private Limited · Nest Systems Private Limited [CIN : U72200KL1997PTC011153] · Swiftlink Fibre Optics Private Limited · Sun Precision Works Private Limited [CIN U28999KL1994PTC007865] · Nest Magnetics Private Limited [CIN : U31904KL2000PTC014280] · Nest Condiments Private Limited · Photon Data Links Private Limited · J2 Optronics Private Limited [CIN U33201KL1996PTC010702] |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 100/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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700100 |
Equity Shares |
Rs. 100/- each |
Rs.70.010
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 |
70.010 |
5.000 |
5.000 |
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2] Share Application Money |
250.003 |
0.000 |
0.000 |
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3] Reserves & Surplus |
525.480 |
498.786 |
410.602 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
845.493 |
503.786 |
415.602 |
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LOAN FUNDS |
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1] Secured Loans |
488.620 |
215.472 |
142.646 |
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2] Unsecured Loans |
539.376 |
113.027 |
52.697 |
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TOTAL BORROWING |
1027.996 |
328.499 |
195.343 |
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DEFERRED TAX LIABILITIES |
35.233 |
33.832 |
0.000 |
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TOTAL |
1908.722 |
866.117 |
610.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
308.119 |
241.902 |
237.368 |
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Capital work-in-progress |
157.930 |
17.333 |
0.000 |
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INVESTMENT |
163.595 |
90.151 |
40.350 |
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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 |
398.312
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410.802 |
252.951 |
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Sundry Debtors |
319.492
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325.539 |
193.882 |
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Cash & Bank Balances |
467.388
|
318.189 |
205.928 |
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Other Current Assets |
0.000
|
0.000 |
2.703 |
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Loans & Advances |
608.623
|
141.009 |
15.017 |
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Total
Current Assets |
1793.815
|
1195.539 |
670.481 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
475.360
|
605.277 |
308.337 |
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Provisions |
39.377
|
73.531 |
28.917 |
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Total
Current Liabilities |
514.737
|
678.808 |
337.254 |
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Net Current Assets |
1279.078
|
516.731 |
333.227 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1908.722 |
866.117 |
610.945 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
264.110 |
2217.581 |
1672.130 |
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Other Income |
51.937 |
16.507 |
8.047 |
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Total Income |
2316.047 |
2234.088 |
1680.177 |
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Profit/(Loss) Before Tax |
69.277 |
186.781 |
91.289 |
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Provision for Taxation |
43.419 |
66.399 |
29.362 |
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Profit/(Loss) After Tax |
25.858 |
120.382 |
61.927 |
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Expenditures : |
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Financial Charge |
57.885 |
41.886 |
31.039 |
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Depreciation |
29.346 |
17.687 |
24.052 |
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Other Expenditure |
2159.539 |
1987.734 |
1533.797 |
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Total Expenditure |
2246.770 |
2047.307 |
1588.888 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.12
|
5.39 |
3.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.06
|
8.42 |
5.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.29
|
12.99 |
10.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.37 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.82
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1.99 |
1.28 |
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Current Ratio (Current Asset/Current Liability) |
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3.48
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1.76 |
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 P
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Corporation identity number or foreign company registrations number of
the company |
U72900KL1990PTCC005620 |
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Name of the company |
SFO TECHNOLOGIES PRIVATE LIMITED |
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Address |
Stone House Market Road, Aluva, Ernakulam – 683101, Kerala, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
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Indian Bank Shanmugham Road, Ernakulam, Kochi – 682
031, Kerala, India Email: ibernaku@satyammail.com |
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Nature or description of the instrument creating charge |
· Agreement of irrevocable letter of credit · Agreement of hypothecation of goods received under import letter of credit of Rs. 69.083 millions · letter from borrower fro debiting of LC amount to OD –OCC – Current account |
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Date of the instrument creating charge |
06.03.2007 |
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Amount Secure by the charge |
Rs. 69.083 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Interest @ 6% over the banks Benchmark Prime lending rate with a
minimum of 18.5% per annum with monthly rest. Terms of repayment: All bills drawn under the LC shall be paid immediately on presentation
if they sight bills on due dates if they are Usance bills. Margin: Margin: 28.95% Extent and operation of the charge: Machinery imported under the Import letter of credit and stored / to
be stored at Plot No. 2, Cochin Special economic Zone, Kakkanad, Cochin – 682
037 |
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Short particulars of the Property charged |
Machinery imported under the import letter of credit and stored / to
be stored at plot No. 2, Cochin Special Economic Zone, Kakkanad, Cochin – 682
037 |
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Name of the company |
SUN FIBRE OPTICS PRIVATE LIMITED |
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Presented By |
DIRECTOR |
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1) Date and description of instrument creating the change |
19.07.2004 [a] Medium Term Loan Agreement [b] Agreement of Hypothecation of movables |
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2) Amount secured by the charge/amount owing on the securities of charge |
MTL for Rs. 9.000 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 |
First charge on the machineries with all accessories like :- [i] Topaz XII automatic SMT machines [ii] DEK Model ELA “V” Series High Precision Automatic Screen Printer [iii] Noise figure analyzer Model No. 8973A iv] High stability frequency reference NFA series machine. [v] Agilent Calibration Plus vi] 9KHZ – 26.5 GHZ Spectrum Analyzer total costing approx Indian Rs. 13.495 million to be purchased with the loan amount [described in Schedule III of the Agreement of Hypothecation] All the companies existing plant & machinery, furniture, fixtures, equipments etc at its Cochin Division situated at CEPZ, Kakkanad, Cochin with WDV Rs. 10.823 millions [as on 31.03.2004], is also now hypothecated / charged as additional security to the present loan now granted |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The MTL is repayable in 20 quarterly instalments of Rs. 0.450 million each besides interest which will be repayable immediately on the debit to the account. First instalment of the loan repayment to commence from September, 2004. Interest will be charged to the MTL account @ 1.5% per annum over the bank’s Bench mark Prime Lending Rate with a minimum of 12.5% p.a. on the daily balances with daily rests and such interest being added to the balance outstanding on the last working day of every calendar month. Bank is entitled to charge a higher rate of interest than stated above as per Banks rules |
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5) Name and Address and description of the person entitled to the charge. |
INDIAN BANK Shanmugham Road, Ernakulam |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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 |
|