MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SE COMPOSITES LIMITED |
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Formerly Known As : |
SUZLON TOWERS INTERNATIONAL LIMITED |
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Registered Office : |
806, 8th Floor, Prestige Towers No. 100, Field Marshal K.
M. Kariappa Road, (Residency Road) Bangalore-560025, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
12.12.2006 |
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Com. Reg. No.: |
41188 |
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CIN No.: [Company
Identification No.] |
U28999KA2006PLC041188 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS24690B |
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PAN No.: [Permanent
Account No.] |
AAKCS4712L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Rotor Blades |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 500000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a new company promoted by Suzan Group. The company has
commenced commercial operations only recently and expects a turnover of Rs. 5000
Millions in the very first year as claimed by Mr. Ravi Kumar (Accounts
Manger) In view of strong promoters the company can be considered good fro
normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Ravi Kumar |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9739042008 |
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Date : |
10.09.2008 |
LOCATIONS
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Registered Office : |
806, 8th Floor, Prestige Towers No. 100, Field Marshal K.
M. Kariappa Road, (Residency Road) Bangalore-560025, Karnataka, India |
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Tel. No.: |
91-80-22249270/ 30520655 |
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Mobile No.: |
91-9739042008 |
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Fax No.: |
91-80-22249117 |
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E-Mail : |
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Head Office : |
Plat No. 3, Suzlon Infrasturcture, Near National High Way, 17 Towards
Manglore, Sez, Padubidri, District Udupi |
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Tel. No.: |
91-820-204211 |
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Factory: |
3rd Floor, Weikfield IT City, Infopar, Vadgaon Sheri, Nagar
Road, Pune-411014, Maharashtra, India |
DIRECTORS
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Name : |
Mrs. Tulsi Ranchhodbhai Tanti |
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Designation : |
Director |
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Address : |
C-501, Satellite Towers, Orion, Mundhwa, Pune-411036, Maharashtra,
India |
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Date of Birth/Age : |
02.02.1958 |
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Date of Appointment : |
12.12.2006 |
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Other Directorship: |
Suzlon Energy Limited L40100GJ1995PLC025447 Senergy Global Private Limited U74130MH2004PTC145532 Suzlon Generators Private Limited U31101PN2004PTC019205 Suzlon Gujarat Wind Park Limited U40108GJ2004PLC044409 Suzlon Structures Private Limited U27109GJ32004PTC044170 Suruchi Holdings Private Limited U65993PN2005PTC020371 Sugati Holdings Private Limited U65993PN2005PTC020371 SE Forge Limited U27310GJ2006PLC048563 |
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Name : |
Mr. Vinod Ranchhodbhai Tanti |
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Designation : |
Director |
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Address : |
C-501, Satellite Towers, Orion, Mundhwa, Pune-411036, Maharashtra,
India |
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Date of Birth/Age : |
29.06.1962 |
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Date of Appointment : |
12.12.2006 |
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Other Directorship: |
Tanti Holdings Limited U65910GJ1994PLC022641 Suzlon Towers and Structures Limited U40100GJ2000PLC037245 Suzlon Windfarm Services Limited U40108PN1998PLC016515 |
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Name : |
Mr. Jitendra Ranchhodbhai Tanti |
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Designation : |
Director |
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Address : |
C-601, Satellite Towers, Orion, Mundhwa, Pune-0411036, Maharashtra,
India |
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Date of Birth/Age : |
13.04.1964 |
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Date of Appointment : |
12.12.2006 |
KEY EXECUTIVES
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Name : |
Mr. Ravi Kumar |
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Designation : |
Accounts Manager |
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Mobile No. : |
91-9739042008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 05.03.2007
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List of Allottees |
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No. of Shares Allotted |
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Suzlon Energy Limited |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rotor Blades |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
European Countries |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
1000 |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountant |
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Address : |
C-401, Fourth Floor, Panchshil Techpark, Yerwada, Pune-411006,
Maharashtra, India |
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Holding Company : |
Suzlon Energy Limited L40100GJ1995PLC025447 |
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Associates/Subsidiaries : |
Suzlon Energy Limited L40100GJ1995PLC025447 Senergy Global Private Limited U74130MH2004PTC145532 Suzlon Generators Private Limited U31101PN2004PTC019205 Suzlon Gujarat Wind Park Limited U40108GJ2004PLC044409 Suzlon Structures Private Limited U27109GJ32004PTC044170 Suruchi Holdings Private Limited U65993PN2005PTC020371 Sugati Holdings Private Limited U65993PN2005PTC020371 SE Forge Limited U27310GJ2006PLC048563 Tanti Holdings Limited U65910GJ1994PLC022641 Suzlon Group Companies |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
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11300000 |
Preference Shares |
Rs. 100/- each |
Rs. 1130.000 Millions |
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Total |
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Rs. 1280.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10400000 |
Equity Shares |
Rs. 10/-
each |
Rs. 104.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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104.000 |
1.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[3.027] |
[0.846] |
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NETWORTH |
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100.973 |
0.654 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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100.973 |
0.654 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.982 |
0.000 |
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Capital work-in-progress |
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121.536 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.426 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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50.182 |
0.767 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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41.603 |
0.012 |
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Total
Current Assets |
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125.211 |
0.779 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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146.692 |
0.125 |
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Provisions |
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1.064 |
0.000 |
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Total
Current Liabilities |
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147.756 |
0.125 |
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Net Current Assets |
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[22.545] |
0.654 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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100.973 |
0.654 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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0.000 |
0.000 |
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Other Income |
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4.987 |
0.000 |
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Total Income |
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4.987 |
0.000 |
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Profit/(Loss) Before Tax |
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[0.318] |
[0.846] |
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Provision for Taxation |
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1.864 |
0.000 |
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Profit/(Loss) After Tax |
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[2.182] |
[0.846] |
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Total Imports |
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Expenditures : |
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Payment to Auditors |
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0.500 |
0.112 |
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Power & Fuel |
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0.066 |
0.000 |
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Other Expenditure |
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4.739 |
0.684 |
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Salaries, wages and bonus |
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0.000 |
0.050 |
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Total Expenditure |
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5.305 |
0.846 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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[43.75] |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.25] |
[108.60] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.00] |
[1.29] |
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Debt Equity Ratio (Total Liability/Networth) |
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1.46 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
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0.85 |
6.23 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Kush
Synthetic Limited, Gujarat
- JSW Steel,
Balari, Jindal Steel
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28999KA2006PLC041188 |
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Name of the
company |
SE COMPOSITES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
806, 8th Floor, Prestige Towers No. 100, Field Marshal K.
M. Kariappa Road, (Residency Road) Bangalore-560025, Karnataka |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of India, Specialised Commercial Branch, 1st
Floor, Neptune Tower Annexe, Gandhigram, Ahamedabad-380009, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation dated 8th August 2008 |
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Date of
instrument Creating the charge |
08.08.2008 |
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Amount secured by
the charge |
Rs. 1610.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1)
State Bank of
India : WC- SBAR minus 1.25% i.e. minimum 11% p.a. with monthly rewst, EPC/
FBP/ PCFC/ EBR- As per Bank’s / RBI guidelines 2)
State Bank
of Patiala (SBP) CC/EPC/ EBR- BPLR minus 1% presently minimum effectively
being 12.50% p.al floating payable monthly LC/FLC – As per bank’s guidelines 3)
Yes Bank
Limited : LC/ BG – As per Bank’s guidelines CC/WCDL-PLR prevalent form time
to time minus 3% p.a. i.e. presently 13.50% p.a. Terms of
Repayment Repayable on
Demand Margin Raw Material
SBI-25% , SBO-25% Stock in Process
SBI – 30% SBP-30% Finished Goods-
SBI-30% SBP-30% Book Debts (Cover
period 30 Days) SBI-30% SBP-30% Letter of Credit
SBI – 5% SBP -10% YBKL- 5% Extent and
Operation of the charge The whole of the current
assets of the company, both present and future and the movable fixed assets
of the company situate at Suzlon Infrastructure Limited (Special Economic
Zone) at Plot No. #3, Village Nadsal, Taluka and District Udupi, in the State
of Karnataka Shall be the sercurity on first on first and second pari passu
charge basis, respectful for the total working capital facility of Rs.
1610.000 Millions |
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Short particulars
of the property charged |
First pari passu
charge on whole of the current assets of the company, namely, stocks of raw
materials, stock in process, semi-finished and finished goods, stores and
spares not relating to plant and machinery (consumable stores and spares)
bills receivables,book debts, both present and future and Secon pari passu
charge over the whole of the whole of the movable fixed assets of the
company. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
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.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
RATING
EXPLANATIONS
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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