MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DIFFUSION ENGINEERS LIMITED |
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Registered Office : |
T 5 & 6, MIDC, Hingna Industrial Area, Nagpur - 440 066, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.02.2000 |
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Com. Reg. No.: |
11-124154 |
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CIN No.: [Company
Identification No.] |
U99999MH2000PTC124154 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPD02549B |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturing, Importing and Exporting of Welding Electrodes, Alloys, SOP, Corodur Flex, Wires for Reconditioning, all Other Engineering and Allied Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1005160 |
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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 satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office / Factory 1: |
T 5 & 6, MIDC, Hingna Industrial Area, Nagpur - 440 066, Maharashtra, India |
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Tel. No.: |
91-7104-36046 / 232084 / 234727 / 232084 / 234727 |
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Fax No.: |
91-7104-32085 / 232085 |
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E-Mail : |
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Website : |
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Factory 2 : |
N - 78 and 79, MIDC, Hingna Industrial Area, Nagpur – 440 016,
Maharashtra, India |
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Tel. No.: |
91-7104-236036 |
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E-Mail : |
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Branch 1: |
Chennai: 12, 3rd Floor, D-Block, Doshi Gardens, 174, Arcot Road,
Vadapalani, Chennai – 600 026, Tamilnadu, India |
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Tel. No.: |
91-44-2365437 |
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E-Mail : |
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Branch 2: |
Faridabad: No. 765, Sector 16, Faridabad – 121 006, Haryana, India |
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Tel. No.: |
91-129-224682 |
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E-Mail : |
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Branch 3: |
Jamshedpur: Flat No. 205, Pushpanjali Apartment, Contractors Area, Bistupur,
Jamshedpur – 111111, Jharkhand, India |
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Tel. No.: |
91-657-2238593 |
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E-Mail : |
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Branch 4: |
Pune: 320, The Pantagone, Sahahu College Road, Off. Satara Road, Pune – 411
009, Maharashtra, India |
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Tel. No.: |
91-20-5602037 |
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E-Mail : |
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Branch 5: |
Raipur: No. 16, 2nd Floor, Millennium Plaza, G E Road, Raipur – 411
009, Chattisgarh, India |
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Tel. No.: |
91-771-5035830 |
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E-Mail : |
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Branch 6: |
Secunderabad: No. 501, Chenoy Trade Centre, 116 Park Lane, Secunderabad – 500 003,
Andhra Pradesh, India |
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Tel. No.: |
91-40-5532653 |
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E-Mail : |
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Branch 7: |
Vadodara: 203, Sakar, Opposite ABS Tower, Haribhakti Extention, Opposite Padra
Road, Vadodara – 111111, Gujarat, India |
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Tel. No.: |
91-265-23333541 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. N. S Gopalakrishnan |
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Designation : |
Chairman & Managing Director |
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Address : |
286 C, 10th Main, V Block, Jayanagar, Bangalore – 560 041, Karnataka |
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Name : |
Mr. N K Garg |
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Designation : |
Joint Managing Director |
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Address : |
803, Jai Kalpana, Ramdass Peth, Nagpur, Maharashtra |
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Name : |
Mr. A. T. Harinath |
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Designation : |
Director |
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Address : |
Deena Villa, 12-5-149/20, Vijayapuri, South Lalguda, Secunderabad, Andhra Pradesh |
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Name : |
Mr. S Venkataraman |
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Designation : |
Director |
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Name : |
Mr. Mydur Anand |
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Designation : |
Director |
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Name : |
Mr. P D Gupta |
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Designation : |
Director |
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Address : |
No. 9 Adan Bagh Colony, Dayal Bagh, Agra – 282 005, Uttar Pradesh,
India |
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Date of Appointment : |
06.08.1995 |
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Name : |
Mr. A V Rama Rao |
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Designation : |
Technical Director |
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Address : |
Dinkar Rao 1125, 10/2/B, Sarjapur Road, Varathur Hobli, Bangalore – 560 037, Karnataka, India |
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Date of Birth/Age : |
29.01.1939 |
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Date of Appointment : |
08.07.1997 |
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Name : |
Mr. H R Katti |
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Designation : |
Nominee Director – IIBI Limited |
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Name : |
Mr. Mantred Kluge |
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Designation : |
Nominee Director – Corodur |
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Address : |
Ulmen Str 11, 47877, Willich, Germany |
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Date of Appointment : |
08.07.1997 |
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Name : |
Mr. Subba Rao T |
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Designation : |
Nominee Director – Nandi Investments Limited |
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Name : |
Mr. Prashant Garg |
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Designation : |
Director |
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Address : |
3 Pawan Bhoomi Layout, Somalwada Wardha Road, Nagpur – 440 025, Maharashtra, India |
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Date of Birth/Age : |
08.05.1983 |
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Date of Appointment : |
09.11.2003 |
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Name : |
Mr. Narendra garg |
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Designation : |
Director |
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Address : |
Chaitriya 3 Paswan Bhoomi, Wardha Road, Nagpur – 440 025, Maharashtra, India |
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Date of Birth/Age : |
10.02.1950 |
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Date of Appointment : |
12.08.1983 |
KEY EXECUTIVES
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Name : |
Mr. Jayanta Bose |
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Designation : |
Vice President - Marketing |
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Name : |
Mr. A S Bumrah |
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Designation : |
Vice President - Works |
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Name : |
Mr. Sushil Punyani |
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Designation : |
Assistant Marketing Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 25.08.2006) |
|
No. of Shares |
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Mr. N K Garg |
|
816269 |
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Mr. N K Garg (HUF) |
|
165913 |
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Dr. Nitin Garg joint with Dr. Renuka Garg |
|
46450 |
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Dr. Nitin Garg |
|
31875 |
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Mrs. Chitra Garg |
|
519082 |
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Mr. Prashant Garg |
|
11004 |
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Mr. Manfred Kluge |
|
625144 |
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Mr. P D Gupta |
|
1384 |
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Dr. A V Rama Rao |
|
625 |
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Mr. S P Deshpande |
|
3509 |
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Mr. Ajay Malvi |
|
400 |
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Mrs.
D R Choudhary |
|
1650 |
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Mr. Vivek V Chowule |
|
138 |
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Mr.
M V Joglekar |
|
277 |
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Mr. Ravindra G Gharote |
|
138 |
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Mr. Sudip Datta |
|
625 |
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Mrs. Chitra Chandrasekhar |
|
2585 |
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Mr. M R Das |
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1250 |
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Mr. M Chandrashekara |
|
353 |
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Mr. Alok Gautam Desai |
|
9271 |
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Mr. N D R Pawar |
|
1375 |
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Mr. Rakesh K Malvi |
|
277 |
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Mr. S Chandrasekaran |
|
414 |
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Mrs. V C Randhir |
|
1650 |
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Mrs. Rajani Nathani |
|
2750 |
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Mr. R Nathani |
|
687 |
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Mr. Jayanta Bose |
|
13750 |
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Mr. S P Roy |
|
1375 |
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Ms. Stefane Kummerow |
|
30000 |
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Mr. Amit Prashar |
|
6875 |
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Mr. Devender K Prashar |
|
6875 |
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Mr. V K Bahl |
|
27813 |
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Mr. Neeraj Sabharwal |
|
7057 |
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Mrs. Vidya Nathan |
|
19688 |
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Mr. Deepak Sabharwal |
|
6375 |
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Mr. Rajesh Shah |
|
20625 |
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Mr. Sushil Punyani |
|
6250 |
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Mr. Nikunj Shah |
|
5500 |
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Others |
|
91886 |
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Total |
2489164 |
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Names of Allottees (Right
Shares) (As on 22.12.2007) |
|
No. of Shares |
|
Mr. Nitranjan D Pawar |
|
379 |
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Mr. Prem Dayal Gupta |
|
270 |
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Mrs. D R Choudhary |
|
258 |
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Mr. S Chandrasekaran |
|
371 |
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Mr. Vijaya C Randhir |
|
35 |
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Mr. Satya Priya Roy |
|
437 |
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Mr. Rajesh Shah |
|
215 |
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Mr. Bishwa Nath Kedia |
|
6500 |
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Mr. C K Prashanth |
|
400 |
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Mrs. Manisha Kalpesh Belani |
|
300 |
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Mr. Nikunj G Shah |
|
8044 |
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Mr. Ashok Mundhada |
|
759 |
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Mrs. Savita Mindhada |
|
379 |
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Mr. Vivek V Chawfule |
|
77 |
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Mr. M V Joglekar |
|
54 |
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Mr. Ravindra G Gharote |
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27 |
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Mr. Pramod Jadhav |
|
195 |
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Mr. Anant Singhal |
|
300 |
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Mrs. Kalpana P Bhuta |
|
300 |
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Mr. Pranav P Bhuta |
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37 |
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Mrs. Uma Sunil Bhawkar |
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37 |
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Mr. Neeraj Sabharwal |
|
1110 |
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Mr. Baban Wandhare |
|
190 |
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Mr. R Mohan |
|
107 |
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Mr. Vijay M Mundhada |
|
190 |
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Mr. Sanjay P Rathi |
|
190 |
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Mr. V K Bahl |
|
7000 |
|
Mr. Jayawant K Gohokar |
|
379 |
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Mrs. R J Gohokar |
|
455 |
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Mr. Fattechand Avadhiya |
|
195 |
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Mr. Amit Prashar |
|
1074 |
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Mr. Devender Prashar |
|
1074 |
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Mrs. Rita S Gutpa |
|
215 |
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Mr. Rajesh Sanikop |
|
5216 |
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Mrs. Shamistha Gupta |
|
322 |
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Mr. P N Gupta |
|
240 |
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Mr. Rajnikant Amin |
|
237 |
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Mr. Nimeshkumar A Amin |
|
237 |
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Mr. Pankay jain |
|
645 |
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Mr. Sanjeev Kumar Bgupta |
|
215 |
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Mr. Vedprakash Madan |
|
195 |
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Mr. V V A Balajee |
|
649 |
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Mr. Ajay Patki |
|
152 |
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Mr. Pramod Kumar Gupta |
|
391 |
|
Mr .C P Garg |
|
344 |
|
Mr. Manas Ranjan Das |
|
195 |
|
Mr. Harish P Ledwani |
|
38 |
|
Mr. Mr. Alok Gautam Desai |
|
1649 |
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Mrs. Amita Sabharwal |
|
1147 |
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Names of Allottees (Bonus
Shares) |
|
No. of Shares |
|
Mr. N K Garg |
|
162818 |
|
Mr. N K Garg (HUF) |
|
34729 |
|
Dr. Nitin Garg |
|
8613 |
|
Dr. Nitin Garg |
|
7969 |
|
Mrs. Chitra Garg |
|
107910 |
|
Mr. Prashant Garg |
|
2751 |
|
Mr. Manfred Kluge |
|
156286 |
|
Mr. M Chandrasekaran |
|
69 |
|
Mr. S P Deshpande |
|
688 |
|
Mr. Nitranjan D Pawar |
|
344 |
|
Mr. Prem Dayal Gupta |
|
346 |
|
Mr. Rakesh K Malvi |
|
69 |
|
Mr. Ajay Malvi |
|
100 |
|
Mrs. D R Choudhary |
|
413 |
|
Mrs. Chitra Chandrasekharan |
|
554 |
|
Mr. S Chandrasekharan |
|
104 |
|
Mr. Vijaya C Randhir |
|
413 |
|
Mrs. Rajani Nathani |
|
688 |
|
Mr. R Nathani |
|
172 |
|
Mr. Jayant Bose |
|
3438 |
|
Mr. Satya Priya Roy |
|
344 |
|
Mr. Rajesh Shah |
|
5156 |
|
Mr. Bishwa Nath Kedia |
|
625 |
|
Mr. Channagiri Keshva Murthy |
|
346 |
|
Mr. Sushil Punyani |
|
1562 |
|
Mrs. Manisha Kalpesh Belani |
|
343 |
|
Mrs. Gomti Ashish |
|
312 |
|
Dr. A V Rama Rao |
|
156 |
|
Mr. Nikunj G Shah |
|
1375 |
|
Mr. Ashok Mundhada |
|
688 |
|
Mrs. Savita Mundhada |
|
344 |
|
Mr. Vivek V Chawfule |
|
35 |
|
Mr. M V Joglekar |
|
69 |
|
Mr. Ravindra G Gharote |
|
35 |
|
Mr. Pramod Jadhav |
|
313 |
|
Mrs. Vidya Nathan |
|
4922 |
|
Mr. S K Das |
|
346 |
|
Mr. Anant Singhal |
|
312 |
|
Mr. T R Uttam Kumar |
|
312 |
|
Mr. Sudip Datta |
|
156 |
|
Mrs. Kalpana P Bhuta |
|
343 |
|
Mr. Pranav P Bhuta |
|
343 |
|
Mrs. Uma Sunil Bhawkar |
|
34 |
|
Mr. Deepak Sabharwal |
|
1594 |
|
Mr. Neeraj Sabharwal |
|
1764 |
|
Mr. Baban Wandhare |
|
172 |
|
Mr. R Mohan |
|
172 |
|
Mr. Vijay M Mundhada |
|
172 |
|
Mr. Sanjay P Rathi |
|
172 |
|
Mr. V K Bahl |
|
6953 |
|
Mr. Jayawany K Gohokar |
|
343 |
|
Mrs. B K Gohokar |
|
343 |
|
Mrs. R J Gokhokar |
|
412 |
|
Mr. Fattechand Avadhiya |
|
312 |
|
Mr. Lalit Surendra Khullar |
|
312 |
|
Mr. Amit Prashar |
|
1718 |
|
Mr. Devender Prashar |
|
1718 |
|
Mrs. Rita Gutpa |
|
343 |
|
Mr. M S Jauhal |
|
281 |
|
Mr. Rajesh Sanikop |
|
346 |
|
Mrs. Shamistha Gupta |
|
515 |
|
Mr. P N Gupta |
|
343 |
|
Mr. Rajnikant A Amin |
|
313 |
|
Mr. Nimeshkumar A Amin |
|
313 |
|
Mr. K Bhardwaj |
|
62 |
|
Mr. P Sathesh |
|
31 |
|
Mr. K P Suresh |
|
63 |
|
Mr. G Taquiddin |
|
312 |
|
Mr. Pankaj Jain |
|
1032 |
|
Mr. Sanjeev Gupta |
|
344 |
|
Mr. Vedpraksash Madan |
|
313 |
|
Mrs. Vimlawanti Madan |
|
313 |
|
Mr. V V A Balajee |
|
1038 |
|
Mr. Ajay Patki |
|
139 |
|
Mr. Pramod Kumar Gupta |
|
625 |
|
Mr. Abhaya Garg |
|
313 |
|
Mr. C P Garg |
|
313 |
|
Mr. Manas Ranjan Das |
|
313 |
|
Mr. Harish Ledwani |
|
35 |
|
Mr. H V Shantharam |
|
208 |
|
Mr. Alok Gautam Desai |
|
2318 |
|
Ms. Marion Busch |
|
8129 |
|
Ms. Stefanie Kummerrow |
|
7500 |
|
Mrs. Amita Sabharwal |
|
171 |
|
|
Total |
549128 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 31.03.2008) |
Percentage |
|
Directors or relative of directors |
90.16 |
|
Other top fifty (50) shareholders |
9.84 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importing and Exporting of Welding Electrodes, Alloys, SOP, Corodur Flex, Wires for Reconditioning, all Other Engineering and Allied Products. |
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Products : |
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Agencies Held : |
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Exports : |
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Products : |
Welding Electrodes, SOP & Corodur Wires |
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Imports : |
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Products : |
Raw Materials, Finished Goods and Capital Goods. |
GENERAL
INFORMATION
|
No. of Employees : |
250 (Factory: 200; Office: 50) |
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Bankers : |
Ř Syndicate Bank, III Block, Jayanagar, Bangalore - 560 011, Karnataka Ř Syndicate Bank, Ramdaspeth Branch, Nagpur – 440 010, Maharashtra, India Ř IDBI Bank Limited, 58 Mission Road, Bangalore - 560 027, Karnataka Ř Bank of India, Hill Road (Bandra) Branch, Mumbai – 400 050 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1: |
Nataraj Associates Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
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Name 2: |
P R Bhuta and Company Chartered Accountants |
|
Address : |
Fort, Mumbai – 400 001, Maharashtra, India |
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Associates/Subsidiaries : |
Ř Diffusion Super Conditioning Services Private Limited |
CAPITAL STRUCTURE
(As on 31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/-
each |
Rs.50.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3088847 |
Equity Shares |
Rs. 10/-
each |
Rs.30.888
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.888 |
27.456 |
21.965 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
170.144 |
121.873 |
100.346 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
201.032 |
149.329 |
122.311 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
137.300 |
95.266 |
88.184 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
137.300 |
95.266 |
88.184 |
|
|
DEFERRED TAX LIABILITIES |
2.459 |
3.429 |
4.473 |
|
|
|
|
|
|
|
|
TOTAL |
340.791 |
248.024 |
214.968 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
102.662 |
87.723 |
91.616 |
|
|
Capital work-in-progress |
35.603 |
0.000 |
2.695 |
|
|
|
|
|
|
|
|
INVESTMENT |
32.433 |
28.224 |
17.193 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
96.060
|
70.072 |
54.119 |
|
|
Sundry Debtors |
93.285
|
70.434 |
53.313 |
|
|
Cash & Bank Balances |
29.776
|
29.717 |
31.678 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
72.054
|
56.265 |
31.908 |
|
Total
Current Assets |
291.175
|
226.488 |
171.018 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
56.155
|
49.780 |
39.783 |
|
|
Provisions |
64.927
|
44.631 |
27.771 |
|
Total
Current Liabilities |
121.082
|
94.411 |
67.554 |
|
|
Net Current Assets |
170.093
|
132.077 |
103.464 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
340.791 |
248.024 |
214.968 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
611.739 |
502.477 |
418.689 |
|
|
Other Income |
4.524 |
6.345 |
0.445 |
|
|
Total Income |
616.264 |
508.822 |
419.134 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
90.623 |
66.710 |
51.232 |
|
|
Provision for Taxation |
31.459 |
22.390 |
17.775 |
|
|
Profit/(Loss) After Tax |
59.164 |
44.320 |
33.457 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
231.078 |
185.601 |
133.539 |
|
|
Purchases made for re-sale |
41.869 |
28.544 |
33.252 |
|
|
Consumption of stores and spares parts |
13.470 |
10.466 |
6.530 |
|
|
Increase/(Decrease) in Finished Goods |
[15.722] |
[8.222] |
[4.803] |
|
|
Salaries, Wages, Bonus, etc. |
48.760 |
43.382 |
45.324 |
|
|
Managerial Remuneration |
3.186 |
3.006 |
3.282 |
|
|
Payment to Auditors |
0.357 |
0.336 |
0.168 |
|
|
Interest |
9.325 |
7.707 |
4.858 |
|
|
Insurance Expenses |
0.557 |
0.963 |
0.692 |
|
|
Power & Fuel |
8.713 |
6.339 |
4.763 |
|
|
Depreciation & Amortization |
15.658 |
15.510 |
13.653 |
|
|
Other Expenditure |
168.390 |
148.480 |
126.644 |
|
Total Expenditure |
525.641 |
442.112 |
367.902 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
9.60
|
8.71 |
7.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.81
|
13.28 |
12.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.62
|
19.48 |
18.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.45 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
1.27 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.40 |
2.53 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was incorporated as a Private Limited company in the State of Maharashtra, bearing Company No. 28644 dated 05-11-82. The registered office of the company has been shifted from the state of Maharashtra to the State of Karnataka under the CLB, Western Bench order dated 20th November 1987. Accordingly the office has been shifted to Bangalore w.e.f. 03-03-88 and the company was assigned Company Registration No. 8957. It was converted as a Public Limited Company under section 31 of the companies Act 1956, w.e.f. 17th May 1995.
Again the registered office of the company has been shifted to the State of Maharashtra and the ROC file has been transferred on 1st December, 1999. The office of the company has been shifted to its Nagpur factory.
Industry:
The year 1997-98 was a year of great difficulty for the electrodes industry. Industrial growth was lower during 1997-98, compared to that of the previous year. An analysis of this industrial growth shows that several sectors, especially the core sectors, witnessed a very low growth – some of which were even negative. Steel consumption registered a decline – consequently for the welding industry it was another year of stagnation. The policies of the government and the subsequent credit policy of the Reserve Bank die not seem to have any positive impact of the industrial front.
FORM 8:-
|
Corporate
identity number of the company |
U99999MH2000PTC124154 |
|
Name of the
company |
DIFFUSION
ENGINEERS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
T 5 and 6, MIDC, Hingna Industrial Area, Nagpur - 440 066, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
· Immovable Property · Floating Charge |
|
Particular of
charge holder |
Syndicate Bank, 90
Canal Road, Ramdaspeth, Nagpur – 440 010, Maharashtra, India E-Mail: sujaramu1@rediffmail.com |
|
Nature of
instrument creating charge |
· Supplemental hypothecation / pledge agreement · Composite Hypothecation agreement · Confirmation of equitable mortgage (All the above constitute single charge) |
|
Date of
instrument Creating the charge |
29.01.2008 |
|
Amount secured by
the charge |
Rs. 120.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Term Loan of Rs.
30.000 millions sanctioned Now PLR – 1.50% which is 11.50% p.a with monthly
rests. Interest on other limits remain unchanged Terms of Repayment : The new term loan
of Rs. 30.000 millions is repayable in 60 monthly installments of Rs. 0.500
million each commencing from 29.08.2008 to 29.07.2013. The repayment o
Schedule of other limits loans remain unchanged. Margin : Term loan of Rs. 30.000
millions sanctioned now : 31.35% Margin on other
limits remain unchanged Extent and Operation of the charge : Security to cover
principal amount together with interest, costs, charges, and expenses. |
|
Short Particulars
of the property charged |
First charge on
all current assets of the company (both present and future) wherever else
situated, First charge on all fixed assets of the company at Nagpur in
respect of their plot No. T-5, T – 6 and N -78 at MIDC, Hingna, Nagpur. Extension of
mortgage of immovable property being plot No. 78, adm. 5520 Sq.Mtrs and Plot
N79, adm. 7548 Sq.Mtrs along with RCC constructing bldg in MIDC, Nagpur
situated at Mouza Nildoh, Tashil Hingna, District Nagpur |
|
Particulars of
the present modification |
The total limits
has been enhanced from Rs. 90.000 millions to Rs. 120.000 millions by
sanction of additional term loan of Rs. 30.000 millions. Now the total limits
secured stands at Rs. 120.000 millions |
Website details:
Incorporated in the year 1982, subject attained the status of a public limited company in 1995.
This ISO 9001-2000 certified young organization is effervescent with the zest of a young and has introduced the revolutionary concept of super conditioning through a series of maintenance products that provide a new lease of life to engineering components and minimize scrap heaps of metal parts."
Superconditioning:
SUPER-CONDITIONING is not mere reclamation and
reconditioning. Superconditioning is an environment friendly concept
which enhances part life, reduces life cycle costs and the demand for spares,
ensures longer and continued availability of production equipment and conserves
non-renewable natural resources.
The concept of ‘SUPER-CONDITIONING’ was introduced by the
company to the Indian Core Sector industries to ensure longer availability of
production equipment used in continuous process operations.
With the new generation materials and newer techniques employed, it has now become possible to obtain greater service life from parts and equipment at highly economical costs.
Having pioneered the introduction of the “New Generation” range of “Lo-Temp and Antiwear” welding alloys, DIFFUSION is waging a relentless war against unnecessary replacement of spare parts in Indian Industry by using specialised products and equipment.
Diffusion offers to industries a spectacular range of
maintenance products for Superconditioning. The product range includes
LoTemp-Antiwear Welding Electrodes, gas welding alloy, silver brazing alloys,
solders and fluxes, Colmonoy Powders and coated electrodes, cobalt and tungsten
carbide alloys, Super Spray System for thermal spraying, SOP – containing the
unique Ultrahard Chromium Borides: Flux Cored Wires and Tubular Products; No-heat
products for cold repair, TIG, MIG filler wires. Our weld overlay Wear Plates
are manufactured under stringent conditions in our plant, using flux cored wire
welding process
Some of the most important and successful components superconditioned by Diffusion are:
· Roller Press Rollers of Cement Industries
· Pump Sleeves and Plungers
· Rotary and Discharge Chutes
· Mill Pinions
· ID Fans
· Jaw Crushers
· FK Pump Screws
· Guide Vanes
· Liners VRM
Quality Control
Spectrometer
for instant chemical analysis of elements
·
Metallurgical
Microscope with monitor camera for magnification upto 2000X from Olympus
of Japan
·
Impact Testing
Machine
·
Dynamic Impact
Testing
·
Rockwell Hardness
Tester
·
Universal Testing
Machine
·
Wear Analysis by a)
Two body b) Three body Abrasion
·
Corrosion Testing
·
Slurry Erosion
Testing
·
Smoke Level
Indicator
·
Portable Dynamic
Hardness Tester
·
Image Analyser
·
Vicker’s Hardness
Testing
·
Sand Abrasion
Testing
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. 44.89 |
|
UK Pound |
1 |
Rs. 78.86 |
|
Euro |
1 |
Rs. 63.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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/normal. |
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 |
|