|
Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
QUALITY ENGINEERING AND SOFTWARE TECHNOLOGIES PRIVATE LIMITED (w.e.f.
11.03.1998) |
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Formerly Known
As : |
QUALITY ENGINEERING AND SOFTWARE TECHNOLOGIES ( |
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Registered
Office : |
No. 55, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.03.1998 |
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Com. Reg. No.: |
08-023481 |
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Capital
Investment/ Paid-up Capital: |
Rs.18.227 Millions |
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CIN No.: [Company Identification
No.] |
U72200KA1998PTC023481 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRQ00035A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing
Engineering Consulting services for advanced Technology Products. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
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 5041000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having satisfactory track. The
company is doing well. Financial position of the company appears to be good.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
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 |
LOCATIONS
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Registered Office : |
No. 55, |
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Tel. No.: |
91-80-41190900 |
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Fax No.: |
91 80-41190901 |
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E-Mail : |
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Website : |
DIRECTORS
As on 13.09.2011
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Name : |
Mr. Aravind Shivaputrappa Melligeri |
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Designation : |
Director |
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Address : |
3, Rambling Springs way, The Woodlands, |
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Date of Birth/Age : |
24.05.1968 |
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Qualification : |
B.E., M.E. |
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Date of Appointment : |
11.03.1998 |
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Din Number: |
00787735 |
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Other Directorship:
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Name : |
Mr. Ajit Aravind Prabhu |
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Designation : |
Director |
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Address : |
5, |
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Date of Birth/Age : |
20.07.1970 |
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Qualification : |
B.E., M.E |
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Date of Appointment : |
11.03.1998 |
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Din Number: |
00219221 |
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Other Directorship:
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Name : |
Mr. Ajay Aravind Prabhu |
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Designation : |
Director |
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Address : |
No. 67, Purva Park Ridge, Krishnarajpura GC, Palya, Off Outer Ring
Road, Bangalore – 560048, Karnataka, India |
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Date of Birth/Age : |
19.07.1968 |
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Qualification : |
Doctorate |
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Experience : |
4.5 Years |
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Date of Appointment : |
31.07.2003 |
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Din Number: |
00477195 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Suresh Venugopal |
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Designation : |
Secretary |
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Address : |
102, 4th Main Bhcs Layout, Btm II Stage, |
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Date of Birth/Age : |
15.07.1963 |
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Date of Appointment : |
12.09.2005 |
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Pan No.: |
ABTPS0125G |
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Name : |
Bejpy Joseph George |
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Designation : |
Vice president sales |
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Date of Birth/Age : |
43 Years |
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Qualification : |
M.B.A, M.S.C |
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Experience : |
13.04 Years |
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Date of Appointment : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2011
|
Names of Shareholders |
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No. of Shares |
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Aravind Shivaputrappa Melligeri |
|
200 |
|
Ajit Aravind Prabhu |
|
200 |
|
Quality Engineering And Software Technologies LLC, |
|
1822260 |
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Total |
|
1822660 |
As on 13.09.2011
Equity Shares Break -up
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.98 |
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Directors or relatives of directors |
|
0.02 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing
Engineering Consulting services for advanced Technology Products. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
Rs. in Millions
Footnotes ·
Term loan Secured by hypothecation of fixed assets
and book debts, corporate guarantee and personal guarantees of the directors
of the Company. ·
Cash / Export credit facilities |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R Batliboi and Associates Chartered Accountant |
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Address : |
12th and 13th Floor, "UB City" Bengaluru-560001, |
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Pan No.: |
ABFS3421N |
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Ultimate Holding Company : |
QuEST Holding Company Inc, |
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Holding Company : |
·
QuEST Global Services Pte Ltd, ·
QuEST Global Services Pte Ltd, |
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Subsidiaries : |
·
QuEST Global Engineering S.R.L ·
QuEST Global Services ·
Quality Engineering and Software Technologies, ( |
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Associates |
·
QuEST Global Inc, ·
QuEST Machining Private Limited, ·
QuEST SEZ Development Private Limited, ·
QuEST Machining and Manufacturing, LLC, ·
QuEST Global Engineering Private Limited, CIN No.: U72200KA2008PTC047200 ·
QuEST Global Engineering Private Limited,
Sucursal En ·
QuEST Global Manufacturing Private Limited, |
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Parent Company: |
Quality Engineering and Software Technologies, LLC, |
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Fellow Subsidiary |
Quality Engineering and Software Technologies, ( |
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Joint Venture: |
·
CTQ Engineering LLC, ·
Aerospace Processing India Private Limited, |
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Trust: |
Prabhu Melligeri Private Trust |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1822660 |
Equity Share |
Rs.10/- each |
Rs.18.227
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
18.227 |
18.227 |
18.227 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
1241.954 |
787.277 |
739.293 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1260.181 |
805.504 |
757.520 |
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LOAN FUNDS |
|
|
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|
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1] Secured Loans |
90.499 |
214.129 |
145.859 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
90.499 |
214.129 |
145.859 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
8.140 |
13.243 |
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|
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|
|
|
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TOTAL |
1350.680 |
1027.773 |
916.622 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
139.430 |
164.526 |
206.992 |
|
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Capital work-in-progress |
13.478 |
10.346 |
0.349 |
|
|
|
|
|
|
|
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INVESTMENT |
279.027 |
207.354 |
201.807 |
|
|
DEFERREX TAX ASSETS |
17.458 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
405.137
|
747.659 |
619.429 |
|
|
Cash & Bank Balances |
156.396
|
25.230 |
27.923 |
|
|
Other Current Assets |
363.276
|
134.766 |
144.247 |
|
|
Loans & Advances |
565.666
|
473.775 |
258.910 |
|
Total
Current Assets |
1490.475
|
1381.430 |
1050.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
112.575
|
107.089 |
157.717 |
|
|
Other Current Liabilities |
271.992
|
461.132 |
314.797 |
|
|
Provisions |
204.621
|
167.662 |
70.521 |
|
Total
Current Liabilities |
589.188
|
735.883 |
543.035 |
|
|
Net Current Assets |
901.287
|
645.547 |
507.474 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1350.680 |
1027.773 |
916.622 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
TOTAL REVENUE |
1998.720 |
2167.424 |
2004.546 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
1370.275 |
1703.056 |
1743.700 |
|
|
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
628.445 |
464.368 |
260.846 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
173.768 |
324.690 |
121.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
454.677 |
139.678 |
139.484 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
773.942 |
737.137 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
78.374 |
NA |
|
|
|
Dividend |
NA |
13.120 |
NA |
|
|
|
Tax on Dividend |
NA |
11.179 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1228.619 |
773.942 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1468.585 |
1776.532 |
1594.652 |
|
|
TOTAL EARNINGS |
1468.585 |
3245.117 |
3371.184 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
41.417 |
14.765 |
NA |
|
|
TOTAL IMPORTS |
41.417 |
14.765 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.90 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
22.75
|
6.44 |
6.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.56
|
30.04 |
20.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.58 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
1.18 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
1.88 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Nature of Operations
Quality Engineering and Software Technologies Private
Limited ('the Company' or 'QuEST
The principal activities of the Company include rendering engineering consulting services in design, modeling, and simulation in the areas of gasturbine, steam turbine, power generation, aircraft engines and automotive technologies.
The Company has been registered as a 100 per cent export oriented unit, and is a member of the Software Technology Parks of India ('STPI') scheme at Bangalore, with effect from June 25, 1998 and obtained approvals for customs bonding with effect from September 10, 1999
Operating Results:
During the period, the company achieved Revenues of
Rs.1998.720 Millions out of which the exports contributed Rs.1840.713 Millions
and Domestic turnover was Rs.40.527 Millions and other income accounted for
Rs.117.480 Millions
Subsidiary:
Quest Global
Services GmbH , a wholly owned subsidiary of the Company incorporated in the Federal
Republic of Germany during January 2005 is being brought into play for
marketing purposes and for software Services. There were no other operations
during the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72200KA1998PTC023481 |
|
Name of the
company |
QUALITY ENGINEERING AND SOFTWARE TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 55, |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
90195569 |
|
Type of charge |
·
Book
Debts ·
Immovable
property ·
Movable
Property (not Being pledge) ·
Floating
Charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
State Bank Of |
|
Date of
instrument Creating the charge |
04.05.2011 |
|
Amount secured by
the charge |
Rs.310.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: As Already
Reported In Earlier Form 8 Dated 27.05.2009 Terms of Repayment: As Already
Reported In Earlier Form 8 Dated 27.05.2009 Margin: As Already
Reported In Earlier Form 8 Dated 27.05.2009 Extent and operation of the charge : Exclusive first
charge on the assets of the company and to the full extent. Others: Cash credit
Rs.300.000 Millions BG Rs10.000 Millions
Total Rs310.000 Millions ( Term loan
Rs.33.400 Millions stands closed ) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypo. of company's
present and future movable fixed assets and current assets like stocks, raw
materials, semi finished and
finished goods, book debts, receivables, outstanding monies, bills, rights stores,
components, furniture and fittings; other movables, equipments and machinery
and assets to be purchased out of bank
finance. Equitable
Mortgage of Imm Property Known As " (Previously Khata
No.511-A & 511-B Comprising Of Basement, Ground, 1st, 2nd & 3rd Floor) With Total Built
Up Area Of 40,070.46 Sq. ft. Built In The Year 1999-2000 With RCC Roof &
Mosaic Flooring On Site Old No.1 & 2, Khata No.511 ( Revised Municipal
Khata No.No.511-A & 511-B) Total Measuring
12884 Sq. |
|
Date of last modification
prior to the present modification |
27.05.2009 |
|
Particulars of
the present modification |
The amount
secured by the charge stands reduced to Rs.310.000 Millions The securities
described and detailed in col no 15 herein above continue for the reduced
limit. All other terms and conditions remain unchanged. |
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 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.54.29 |
|
|
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
|
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
|
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.