MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
METCO ROOF PRIVATE LIMITED |
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Registered Office : |
No. 123/3, Thiruvandar Koil Village, Pondicherry – 605 102, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
59-1487 |
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CIN No.: [Company
Identification No.] |
U25209PY1999PTC001487 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM03056E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject offers the colour coated steel roofing system. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 370000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
position of the company is good. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 123/3, Thiruvandar Koil Village, Pondicherry – 605 102, Tamilnadu,
India |
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Tel. No.: |
91-413-2640016 / 2640253 |
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Fax No.: |
91-413-2640257 |
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E-Mail : |
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Corporate Office : |
R.S No.65, (Old No.27), Thirumalai Pillai Road, T. Nagar,
Chennai-600047, India |
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Tel. No.: |
91-44-52024747/ 5202 4848 / 5202 4949 |
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Fax No.: |
91-44-52024747/ 52024499 |
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Factory : |
R.S.No. 123 / 3, 4, 5, 7 & 9, Thiruvandar Koil
Village, Pondicherry 605 102, India |
DIRECTORS
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Name : |
Mrs. T. Sumanthi |
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Designation : |
Managing Director |
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Address : |
42, III Cross, Anandaranga Pillai Nagar, Kamaraj Street,
Pondicherry-605608 |
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Date of Birth/Age : |
29.12.1971 |
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Date of Appointment : |
20.05.2002 |
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Name : |
Mrs. S. Malliga |
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Designation : |
Director |
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Address : |
42, III Cross, Anandaranga Pillai Nagar, Kamaraj Street,
Pondicherry-605608 |
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Date of Birth/Age : |
17.07.1965 |
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Date of Appointment : |
20.05.2002 |
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Name : |
Mrs. M. Jayalakshmi |
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Designation : |
Director |
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Address : |
42, III Cross, Anandaranga Pillai Nagar, Kamaraj Street,
Pondicherry-605608 |
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Date of Birth/Age : |
10.06.1954 |
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Date of Appointment : |
20.05.2002 |
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Name : |
Mrs. B Kamala |
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Designation : |
Director |
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Address : |
B4, Sudha Flats, Vishwanathapuram, Nanganallur, Chennai
600044, India |
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Date of Appointment : |
29.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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S. Malliga |
225600 |
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T. Sumathy |
255600 |
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M. Jayalakshmi |
18800 |
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B Kamala |
30000 |
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Total |
530000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject offers the colour coated steel roofing system. |
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Products : |
METCO steel Roofing Sheets, Claddind Sheets, Accessories are available in the following finishes : 1. Regular modified polyester coating over hot dipped
galvanized steel (CCGI) |
GENERAL
INFORMATION
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Bankers : |
315, Maraimalai
Adigal Salai Nellithope, Nellithope, Pondicherry – 605 005, Tamilnadu, India ·
Indian Overseas Bank Arumbakkam Branch, Arumbakkam, Chennai –
600 106, Tamil Nadu, India ·
HDFC Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V V Ramanathan Chartered Accountants |
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Address : |
C9, Balaji Apartments, New No. 20, Old No. 29, Neelakanda Mehta
Street, T Nagar, Chennai – 600 017, Tamil Nadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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530000 |
Equity Shares |
Rs.10/- each |
Rs.5.300
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.300 |
5.300 |
5.300 |
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2] Share Application Money |
0.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
68.501 |
34.421 |
11.114 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
74.301 |
39.721 |
16.414 |
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LOAN FUNDS |
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1] Secured Loans |
30.717 |
4.534 |
10.642 |
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2] Unsecured Loans |
4.944 |
14.338 |
4.075 |
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TOTAL BORROWING |
35.661 |
18.872 |
14.717 |
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DEFERRED TAX LIABILITIES |
0.310 |
1.264 |
1.585 |
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TOTAL |
110.272 |
59.857 |
32.716 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.058 |
20.481 |
14.018 |
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Capital work-in-progress |
0.000 |
0.500 |
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 |
42.104
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37.611 |
31.433 |
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Sundry Debtors |
48.906
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34.355 |
14.528 |
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Cash & Bank Balances |
52.763
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26.005 |
17.222 |
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Other Current Assets |
0.326
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0.258 |
0.003 |
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Loans & Advances |
18.493
|
5.411 |
3.817 |
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Total
Current Assets |
162.592
|
103.640 |
67.003 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
68.686
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62.557 |
47.500 |
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Provisions |
11.707
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2.238 |
0.851 |
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Total
Current Liabilities |
80.393
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64.795 |
48.351 |
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Net Current Assets |
82.199
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38.845 |
18.652 |
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MISCELLANEOUS EXPENSES |
0.015 |
0.031 |
0.046 |
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TOTAL |
110.272 |
59.857 |
32.716 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
531.850 |
364.541 |
164.818 |
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Other Income |
4.315 |
2.691 |
1.204 |
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Total Income |
536.165 |
367.232 |
166.022 |
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Profit/(Loss) Before Tax |
44.980 |
23.167 |
10.347 |
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Provision for Taxation |
5.557 |
2.002 |
0.916 |
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Profit/(Loss) After Tax |
39.423 |
21.165 |
9.431 |
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Expenditures : |
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Raw Material Consumed |
349.937 |
252.289 |
138.983 |
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Consumption of stores and spares parts |
7.663 |
7.453 |
0.000 |
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Salaries, Wages, Bonus, etc. |
12.489 |
8.625 |
3.682 |
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Payment to Auditors |
0.100 |
0.050 |
0.015 |
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Interest |
1.458 |
0.890 |
2.650 |
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Insurance Expenses |
0.452 |
0.077 |
0.336 |
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Power & Fuel |
0.541 |
0.675 |
0.222 |
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Depreciation & Amortization |
6.151 |
2.914 |
2.248 |
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Other Expenditure |
112.394 |
71.092 |
7.539 |
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Total Expenditure |
491.185 |
344.065 |
155.675 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.35
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5.76 |
5.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.46
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6.36 |
6.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.59
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18.66 |
12.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.61
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0.58 |
0.63 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.56
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2.11 |
3.84 |
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Current Ratio (Current Asset/Current Liability) |
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2.02
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1.60 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Form
No. 8
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Name of the company |
METCO ROOF PRIVATE LIMITED |
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Presented By |
S. Mallika |
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1) Date and description of instrument creating the change |
Date: 09.10.2002 Instruments
creating charge: ·
Term loan
agreement dated 09.10.2002 for Rs.7.000 millions. ·
Agreement of
cash credit dated 09.10.2002 for Rs.6.000 millions. ·
Letter of
credit agreement dated 09.10.2002 for Rs.2.000 millions (Sub – limit of cash
credit) ·
Demand
Promissory Note dated 09.10.2002 for Rs.7.000 millions ·
Demand
Promissory Note dated 09.10.2002 for Rs.6.000 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.13.000
millions |
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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 |
·
Land of 2.04
acre at Thiruvandar Koil, Pondecherry. ·
Charge on
raw materials, work-in-process, stock and book debts. ·
Charge over
the Machinery and equipment. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan of
Rs.7.000 millions, is repayable in 60 monthly installments, 1st
installment commencing from 9th April 2003 interest at the rate of
15.25% on cash credit and term loan and 19% for letter of credit. |
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5) Name and Address and description of the person entitled to the charge. |
Federal Bank Limited 315, Maraimalai Adigal Salai Nellithope, Nellithope, Pondicherry – 605
005, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
·
Security Delivery
Letter for Rs.10.988 dated 30.07.2003. ·
Demand
Promissory Note dated 30.07.2003 for Rs.10.988. ·
Cash Credit
Agreement dated 30.07.2003 for Rs.10.988 ·
Letter of
Credit Agreement for Rs.10.988 dated 30.07.2003. |
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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. |
The existing Cash
Credit id increased from Rs.6.000 millions, to Rs.10.988 millions, thus
revising the total facilities as follows:
Security The existing
securities continue to cover the total facilities. Interest and
Repayment The interest for
the Cash Credit Loan Rs.4.988 millions would be at Rs.14.25% p.a. at
quarterly rests, Payable on demand. |
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Corporate
identity number of the company |
U25209PY1999PTC001487 |
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Name of the
company |
METCO ROOF PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 123/3, Thiruvandar Koil Village, Pondicherry – 605 102, Tamilnadu,
India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Indian Overseas Bank Arumbakkam Branch, Arumbakkam, Chennai – 600 106, Tamil Nadu, India |
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Nature of
instrument creating charge |
Letter of
confirmation evidencing deposit of title deeds on 22.05.207 with an intent to
secure the repayment of the loan and confirmation letter evidencing creation
of supplemental mortgage. |
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Date of
instrument Creating the charge |
23.05.2007 |
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Amount secured by
the charge |
Rs.234.894
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest As per Agreement ·
Terms of
repayment As per Agreement ·
Margin As per Agreement ·
Extent and operation
of the charge As per Agreement |
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Particulars of
the property charged |
Lease hold rights
over land situated in Thiruvandar Koil comprising of R. S. No. 135/1/2,
135/1/1, 135/1, 135/2 and 116/2 part and RS No. 123/3, 124/4, 123/5 123/7 and
123/9 together with buildings and superstructures thereon. |
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Particulars of
the present modification |
Creation of
additional security |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
57 |
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 |
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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 |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|