MIRA
INFORM REPORT
|
Report Date : |
29.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRO FLUX EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 31A/22, SIDCO Industrial Estate, Ambattur, Chennai-600098,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.12.2007 |
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Com. Reg. No.: |
18-065799 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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CIN No.: [Company Identification
No.] |
U29150TN2007PTC065799 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE04824B |
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PAN No.: [Permanent Account No.] |
AACCE0003E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Magnetic Equipment and Vibrating
Equipments. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are limited.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh Moharana |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9444391123 |
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Date : |
24.11.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 31A/22, SIDCO Industrial Estate, Ambattur, Chennai-600098,
Tamilnadu, India |
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Tel. No.: |
91-44-42189128/42189129 |
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Mobile No.: |
91-9444391123 [Mr. Ramesh Moharana] |
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Fax No.: |
91-44-42189128/42189129 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office: |
Apeejay Business Centre, Apeejay House, 3, Dinshaw Vachha Road,
Churchgate, Mumbai-400020, Maharashtra, India |
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Tel No.: |
91-22-22029966 |
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Fax No.: |
91-22-22029967 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Arunagiri Senthil Kumar |
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Designation : |
Director |
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Address : |
6/A, 3rd Street End, Lakshmipuram, Villivakkam,
Chennai-600049, Tamilnadu, India |
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Date of Birth/Age : |
13.11.1974 |
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Date of Appointment : |
20.12.2007 |
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Din No.: |
01870317 |
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Other Directorship:
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Name : |
Lakshmi Nadarajan |
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Designation : |
Director |
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Address : |
6/A, 3rd Street End, Lakshmipuram, Villivakkam,
Chennai-600049, Tamilnadu, India |
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Date of Birth/Age : |
12.05.1978 |
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Date of Appointment : |
20.12.2007 |
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Din No.: |
01870330 |
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KEY EXECUTIVES
|
Name : |
Mr. Ramesh Moharana |
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Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Arunagiri Senthil Kumar |
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9000 |
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Lakshmi Nadarajan |
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1000 |
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Total |
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10000 |
As on 30.09.2010
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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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Magnetic Equipment and Vibrating
Equipments. |
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Exports : |
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Products : |
Magnetic Equipment |
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Countries : |
·
African Countries ·
European Countries |
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Terms : |
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Selling : |
L/C / Cash and Credit |
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Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
State Bank of India, SME CCC, 16, Whannels Road, Egmore,
Chennai-600008, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V.N. Padmanabhan Chartered Accountant |
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Address : |
Plot No. C-142, Door No. 2/8, Third Circular Road, Second Cross
Street, Jawahar Nagar, Chennai-600082, Tamilnadu, India |
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Tel. No.: |
91-44-65612986 |
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Pan No.: |
AACPP2760N |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
After 30.09.2010
Authorised Capital : Rs.1.000 Million
Issued, Subscribed & Paid-up Capital : Rs.0.605
Million
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.505 |
0.105 |
0.000 |
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3] Reserves & Surplus |
0.606 |
0.145 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.211 |
0.350 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.928 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.928 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.139 |
0.350 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.146 |
0.134 |
0.032 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.371
|
0.000 |
0.000 |
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Sundry Debtors |
1.630
|
1.108 |
0.000 |
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Cash & Bank Balances |
0.022
|
0.239 |
0.021 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.117
|
0.060 |
0.019 |
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Total
Current Assets |
3.140
|
1.407 |
0.040 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.099
|
1.093 |
0.000 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.048
|
0.098 |
0.000 |
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Total
Current Liabilities |
2.147
|
1.191 |
0.000 |
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Net Current Assets |
0.993
|
0.216 |
0.040 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.028 |
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TOTAL |
2.139 |
0.350 |
0.100 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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TOTAL REVENUES |
|
14.153 |
6.979 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.796 |
0.301 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.156 |
0.031 |
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PROFIT BEFORE
TAX |
|
0.640 |
0.270 |
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Less |
TAX |
|
0.180 |
0.098 |
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PROFIT AFTER TAX
|
|
0.460 |
0.172 |
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Earnings Per
Share (Rs.) |
|
46.00 |
17.20 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.93
|
17.52 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.77 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.54
|
3.40 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.18 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
No |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
Note: The
registered office of the company has been shifted from 6/A, 3rd Street
End, Lakshmipuram, Villivakkam, Chennai-600049, Tamilnadu, India to the present
address w.e.f. 01.10.2009.
OPERATIONS:
The company has made sale of its output namely Magnetic and vibrating Equipments
and its has been well received and repeat orders are coming from the reputed
customers. Quality improvements are being undertaken before enhancing the
production capacity so that post sales rejections and rework are minimized and
totally eliminated. The company has made significant improvements in sales
volume during the year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10142547 |
|
Corporate identity number of the company |
U29150TN2007PTC065799 |
|
Name of the company |
ELECTRO FLUX EQUIPMENTS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No. 31A/22, SIDCO Industrial Estate, Ambattur, Chennai-600098,
Tamilnadu, India |
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Type of charge |
Book Debts Others
|
|
Particular of charge holder |
State Bank of India, SME CCC, 16, Whannels Road, Egmore,
Chennai-600008, Tamilnadu, India |
|
Email |
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|
Nature of description of the instrument
creating or modifying the charge |
1. Letter of arrangement Dated:
28.07.2010. 2. Supplemental agreement loan cum hypothecation
Dated:28.07.2010 |
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Date of instrument Creating the charge |
28.07.2010 |
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Amount secured by the charge |
Rs.2.375 Millions |
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Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest Interest at 5% above/ below state bank
base rate 7.5% with effect from 01/07/2010 with a minimum of 12.50% per
annum. Terms of Repayment Payable on demand Margin 25% Extent and Operation of the charge As per agreement |
|
Short particulars of the property charged |
Stocks and receivable |
|
Particulars of the present
modification |
fund based: CC Limit :Rs. 1.500 millions Term Loan
: Rs. 0.375 million Non- Fund Based: LC Limit : Rs.0.300 million Bank Guarantee: Rs. 0.200 million Total limits: Rs. 2.375 millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.98 |
|
|
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.