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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
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Name : |
QUICK SORT ( |
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Registered Office : |
SP 94, Sidco Industrial Estate, Ambattur, Chennai - 600 058, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
13.06.2000 |
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Com. Reg. No.: |
18-45174 |
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CIN No.: [Company
Identification No.] |
U72200TN2000PTC045174 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEQ03039B |
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PAN No.: [Permanent
Account No.] |
AAACQ0958N |
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Legal Form : |
Private Limited Liability company. |
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Line of Business : |
Subject is developing an online authoring tool “Qute” for copy editing and data
structuring, which facilitates speedy copyediting and structuring of complex
and voluminous manuscripts with amazing accuracy. |
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/ Factory : |
SP 94, Sidco Industrial Estate, Ambattur, Chennai - 600 058, Tamilnadu,
India |
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Tel. No.: |
91-44-42060297 |
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Fax No.: |
91-44-42060298 |
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E-Mail : |
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Website : |
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Talbot House, |
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Factory : |
No.9, |
DIRECTORS
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Name : |
Mr. D. Venkatesh Kumar |
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Designation : |
Directors |
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Address : |
Plot No. 462, 3rd Street, c Sectro, Anna Nagar, Chennai-
600 101, Tamil Nadu, India |
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Date of Birth/Age : |
11.07.1969 |
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Date of Appointment : |
13.06.2000 |
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Name : |
Mr. M.V. Thilagavanthy |
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Designation : |
Directors |
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Address : |
No. 9, |
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Date of Birth/Age : |
27.10.1973 |
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Date of Appointment : |
13.06.2000 |
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Name : |
Mr. V. Devipriyaa |
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Designation : |
Directors |
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Address : |
Plot No. 462, 3rd Street, c Sectro, Anna Nagar, Chennai-
600 101, Tamil Nadu, India |
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Date of Birth/Age : |
09.09.1973 |
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Date of Appointment : |
13.06.2000 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. D. Venkatesh Kumar |
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4000 |
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Mr. M.V. Thilagavanthy |
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3000 |
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Mr. V. Devipriyaa |
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3000 |
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Total |
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10000 |
As on 28.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is developing an online authoring tool “Qute” for copy editing and data structuring,
which facilitates speedy copyediting and structuring of complex and
voluminous manuscripts with amazing accuracy. |
GENERAL INFORMATION
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Bankers : |
v The Repatriates Co-Operative Finance and
Development Bank Limited (Repco Bank) v
Cooperative
Branch, v
State
Bank of Maharashtra |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. Kannan and Associates Chartered Accountants |
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Address : |
Skyline castle, New No. 27, First Floor, Abdul Razzak Street, Saidapat,
Chennai- 600 015, Tamil Nadu, India |
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Tel. No.: |
91-44-24363813/32912100 |
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Fax No.: |
91-44-24360531 |
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E-Mail : |
CAPITAL STRUCTURE
As on 28.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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Application money received |
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Rs.0.300 million |
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Total |
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Rs.0.400 million
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(27.881) |
(19.927) |
(3.226) |
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NETWORTH |
(27.481) |
(19.527) |
(2.826) |
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LOAN FUNDS |
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1] Secured Loans |
9.153 |
8.354 |
8.660 |
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2] Unsecured Loans |
36.881 |
31.708 |
9.638 |
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TOTAL BORROWING |
46.034 |
40.062 |
18.298 |
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DEFERRED TAX LIABILITIES |
0.576 |
0.480 |
0.433 |
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TOTAL |
19.129 |
21.015 |
15.505 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.914 |
4.781 |
3.457 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.014 |
0.014 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
2.981
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2.675 |
2.132 |
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Cash & Bank Balances |
0.436
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0.956 |
1.027 |
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Other Current Assets |
11.399
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11.491 |
9.183 |
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Loans & Advances |
3.174
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2.700 |
0.994 |
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Deposits |
0.010
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0.000 |
0.000 |
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Total
Current Assets |
18.000
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17.822 |
13.336 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.788
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0.191 |
0.000 |
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Provisions |
0.000
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1.411 |
0.902 |
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Total
Current Liabilities |
2.788
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1.602 |
0.902 |
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Net Current Assets |
15.212
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16.220 |
12.434 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
19.129 |
21.015 |
15.905 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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Profit/(Loss) Before Tax |
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(7.829) |
(16.612) |
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Provision for Taxation |
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0.124 |
0.09 |
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Profit/(Loss) After Tax |
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(7.953) |
(16.702) |
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Earnings Per Share (Rs.) |
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(795.30) |
0.00 |
KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(35.73)
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(73.49) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.85 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.78
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2.13 |
(6.79) |
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Current Ratio (Current Asset/Current Liability) |
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6.46
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11.12 |
14.78 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The directors wish to report that the company’s operating result shows a
loss of Rs.7.829 millions. the company mainly concentrates on overseas jobs and
the director had visited many times to established the business. The recession
in the global market affected the operation of the company to a great extent.
The company is trying to find new customers to improve the operation and
working result of the company. The directors are expecting that the company
will have a better growth and are confident of turnaround the company during
the next year.
Bankers Charges
Report as per Registry
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Name of the company |
QUICK SORT INDIA
PRIVATE LIMITED |
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Presented By |
The Repatriates
Co-Operative Finance and Development Bank Limited, (“Repco Bank”),
Corporative Branch, “ |
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1) Date and description of instrument creating the change |
25.01.2006 1. Demand
Promissory Note in RCB - 166. 2. Bond inRCB-67. 3. Hypothecation
of Goods / Stock-In-Trade and Machinery 4. Loan Agreement
in RCB - 186. All were made on
25.01.2006 and relate to one and the same |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions Together with
interest, costs, charges and all other expenses which may be debited to the
said account from time to time. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of First Charge in favour of The Repatriates Co-Operative Finance and
Development Bank Limited (Repco Limited)
on all the Company’s Goods, stock in
trade, machinery, furniture and fittings, pooled at SP - 94, SIDCO Industrial
Estate, Ambattur, Chennai — 600 058 and also such other goods and properties
that may be brought into by the borrowers and stored in the aforesaid premises
as security for the due repayment of the present sanctioned Loan Amount of
Rs.10.000 millions together with interest, costs, charges and all other
expenses which may be debited to the account from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: Interest at the
rate of 13 % p.a. or such other rates as may be fixed by the bank from time
to time. Repayment: The loan is
repayable in 60 equated monthly installments
@ Rs.0.227 millions only |
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5) Name and Address and description of the person entitled to the charge. |
The Repatriates
Co-Operative Finance and Development Bank Limited (Repco Bank) Cooperative
Branch, |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
WEBSITE DETAILS:
Subject is an ISO 9001:2000 and ISO 27001:2005 (Information Security)
certified organization dedicated to deliver superior value to its customers.
They are focused towards maximizing the revenue streams of their clients
through innovative, cost-effective solutions which can transform any static
data to a digital format of intellectual value. They deliver results through
their belief in their people, technology and quality. Quick Sort is in a unique
position to be a strategic partner to most of your pre-press, publishing and
digitization requirements.
Editorial Services
Quick Sort has a dedicated
team of copyeditors who have vast experience in handling STM books and
journals. Their team has expertise in
v Copy editing
v
Technical and structural editing
v
Content and style editing
v
High-level language editing
Quick Sort has developed an online authoring tool “Qute” for copy editing and data
structuring, which facilitates speedy copyediting and structuring of complex
and voluminous manuscripts with amazing accuracy
Fixed Assets:
v Electrical Fitting
v Air Condition
v
v Camera
v Software
v Office Equipments
v Computer
v UPS
v Furniture and Fitting
v Plant and Machinery
v Motor Vehicle
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 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.45.08 |
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1 |
Rs.67.40 |
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Euro |
1 |
Rs.60.61 |
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 |
|
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 |
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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 |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.