MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SAMITAN ELECTROPOWERS PRIVATE LIMITED |
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Registered Office : |
No. 52/3, Doresanipalya, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.01.1978 |
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Com. Reg. No.: |
023063 |
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CIN No.: [Company
Identification No.] |
U40101KA1978PTC023063 |
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IEC No.: |
0703020731 |
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PAN No.: [Permanent
Account No.] |
AADCS6232Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Exporter and Supplier of Insulated Aluminium Copper
Wires and Strips. |
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 50000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Anurag Saboo |
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Designation : |
Vice President |
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Contact No.: |
91-9341227247 |
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Date : |
22.10.2008 |
LOCATIONS
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Registered Office : |
No. 52/3, Doresanipalya, Bannerghatta Road, Bangalore – 560076, Karnataka,
India. |
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Tel. No.: |
91-80-26580669 |
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Mobile No.: |
91-9341227247 (Mr.Anurag) |
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Fax No.: |
91-80-26584864 |
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E-Mail : |
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Website : |
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Area : |
25000 sq.ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Anand Saboo Kumar |
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Designation : |
Managing Director |
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Address : |
No. 52/3, Doresanipalya, Bannerghatta Road, Bangalore – 560076,
Karnataka, India. |
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Date of Birth : |
13.07.1948 |
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Qualification : |
B.Tech |
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Date of Appointment : |
24.01.1979 |
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Name : |
Mrs. Anuradha Saboo |
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Designation : |
Director |
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Address : |
No. 52/3, Doresanipalya, Bannerghatta Road, Bangalore – 560076,
Karnataka, India. |
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Date of Birth : |
07.04.1950 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.01.1979 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As per Registry Records
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Names of Shareholders |
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No. of Shares |
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Mr.Saboo Kumar Anand |
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24400 |
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Mr.Saboo Anuradha |
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21000 |
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Mr.Saboo Kumar Anand, HUF |
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600 |
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Mr.Saboo Anurag |
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2000 |
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Mr.Saboo Amitaabh |
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2000 |
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Total |
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50000 |
List of Allottee As On 10.03.2008
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Name of Allottee |
No. of Shares Allotted |
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Mr.Bigan Prasad |
27000 |
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Total |
27000 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Insulated Aluminium Copper
Wires and Strips. |
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Exports : |
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Products : |
v
Winding Wires |
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Countries : |
v
Brazil v
UK v
Singapore v
Malaysia |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
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Customers : |
v
OEM’s |
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No. of Employees : |
20 (in office) |
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Bankers : |
State Bank of India Specializes
Commercial Branch, Krishi Bhavan, 1st Floor, Hudson Circle,
Bangalore – 560001, Karnataka, India |
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Facilities : |
As on 31.03.2007 Secured Loans
Unsecured Loans
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P.K.Rungta and Company Chartered Accountant |
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Address : |
D-1, Jyothi Complex, 134/1 Infantry Road, Bangalore – 560001, India. |
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Tel No.: |
91-80-22863074 / 22864890 |
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Fax No.: |
91-80-22866929 |
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Name : |
Anil Bhandari and Associates Chartered Accountant Bangalore |
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Sister Concerns : |
Seltron Insulation Insulate Conducted |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- Each |
Rs.2.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.500 Million |
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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.379 |
5.775 |
4.143 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.879 |
6.275 |
4.643 |
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LOAN FUNDS |
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1] Secured Loans |
0.543 |
4.580 |
2.353 |
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2] Unsecured Loans |
9.460 |
10.610 |
8.110 |
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TOTAL BORROWING |
10.003 |
15.190 |
10.463 |
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DEFERRED TAX LIABILITIES |
0.327 |
0.396 |
0.482 |
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TOTAL |
22.209 |
21.861 |
15.588 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.014 |
4.197 |
3.931 |
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Capital work-in-progress |
1.042 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.001 |
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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 |
2.486
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2.704 |
4.118 |
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Sundry Debtors |
15.165
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17.190 |
1.087 |
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Cash & Bank Balances |
1.217
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0.997 |
9.262 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.791
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1.215 |
0.705 |
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Total
Current Assets |
22.659
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22.106 |
15.172 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.647
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4.291 |
3.315 |
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Provisions |
1.859
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0.151 |
0.201 |
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Total
Current Liabilities |
5.506
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4.442 |
3.516 |
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Net Current Assets |
17.153
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17.664 |
11.656 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.209 |
21.861 |
15.588 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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150.352 |
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Other Income |
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0.000 |
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Total Income |
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150.352 |
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Profit/(Loss) Before Tax |
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8.518 |
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Provision for Taxation |
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2.915 |
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Profit/(Loss) After Tax |
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5.603 |
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FOB Value of Exports |
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12.266 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.72
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- |
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Net Profit Margin (PBT/Sales) |
(%) |
5.66
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- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.93
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- |
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Return on Investment (ROI) (PBT/Networth) |
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0.71
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- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.30
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3.12 |
3.01 |
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Current Ratio (Current Asset/Current Liability) |
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4.11
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4.97 |
4.31 |
LOCAL AGENCY FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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VAT / TIN : 29560145689 (Claimed by the management but can’t be
verified online) |
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IEC Code : 0703020731 |
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PAN / TAN : AADCS6232Q |
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Bank Name : State
Bank of India |
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Bank Address : J.P.Nagar
Branch, Bangalore |
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Bank A/c. No.: 10242759897 |
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Account Since : 30
years |
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Bankers Charges
Report as per Registry
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Name of the company |
SAMITAN ELECTROPOWERS PRIVATE LIMITED |
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Presented
By |
State Bank of
India Specializes
Commercial Branch, Krishi Bhavan, 1st Floor, Hudson Circle,
Bangalore – 560001, Karnataka, India. |
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1) Date and description of instrument creating the change |
Date :-
10.01.2002 Extension of
equitable mortgage by deposit of the title deeds. Leeters confirming deposit
of title deeds – form B. Nos.enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.178
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 of
company’s immovable properties comprising of land and building situated at
(a) Site No.43, Doraisanipalya, Belakahalli Village, Begur Hobli,
Bannerghatta Road, Bangalore South.,(b). Site No.25 and 26 at Doraisanipalya,
Belakashalli Village, Begur Hobli, bannerghatta Road, Bangalore South and
(c)., Site No. 09 and 10 at Doraisanipalya, Belakahalli Village, Begur Hobli,
Bannerghatta Road, Bangalore-560076 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
and other terms and conditions as applicable from time to time for the
respective facilities. Securities mentioned
in col.No. 03 is given as collateral security for the loan sanctioned to M/s.
SHELTRON INSULATIONS PRIVATE LIMITED. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Specializes
Commercial Branch, Krishi Bhavan, 1st Floor, Hudson Circle,
Bangalore – 560001, Karnataka, India (A Banking Company) |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U40101KA1997PTC023063 |
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Name of the
company |
SAMITAN ELECTROPOWERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 52/3, Doresani palya, Bannerghatta Road, Bangalore – 560076, Karnataka,
India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
State Bank of
India Specializes
Commercial Branch, Krishi Bhavan, 1st Floor, Hudson Circle,
Bangalore – 560001, Karnataka, India. |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
confirmation for Extension of mortgage by deposit of title deeds (SME 8) |
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Date of
instrument Creating the charge |
28.06.2007 |
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Amount secured by
the charge |
Rs.12.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As applicable to
CRA Terms of Repayment Repayable on
demand Margin As applicable Extent and operation of the charge Charge extends on
all the aforesaid assets throughout the period of sanctioned limits by way of
first charge. |
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Short particulars
of the property charged |
EM on co’s
immovable properties situated at No. 9 and 8, Doresanipalya, Bilekahalli
Village, Begur Hobil, Bangalore towards various credit facilities sanctioned
to Sheltron Insulating Private Limited. |
TRADE
REFERENCES:
v ARYA TRANSFORMERS, GUJARAT
v KAVIKA LIMITED, BANGALORE
FIXED ASSETS As on
31.03.2007
Ø
Land
Ø
Building
Ø
Furniture
Ø
Machinery
Ø
Car
Ø
Computer
Ø
Office Equipment
Ø
Electrical Equipment
Ø
Vehicle
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.29 |
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UK Pound |
1 |
Rs.80.40 |
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Euro |
1 |
Rs.63.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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 |
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