MIRA
INFORM REPORT
|
Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TCE CONSULTING ENGINEERING LIMITED |
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Registered Office : |
Matulya Centre, 1st Floor, 249, S B Marg, Senapati Bapat Marg,
Lower Parel (West), Mumbai 400 013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.12.1999 |
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Com. Reg. No.: |
11-123010 |
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CIN No.: [Company
Identification No.] |
L74210MH1999PLC123010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT06732F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business
of providing engineering consultancy services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 |
|
Maximum Credit Limit : |
USD 2740000 |
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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. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Business
is active. Payments are usually correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Matulya Centre, 1st Floor, 249, S B Marg, Senapati Bapat
Marg, Lower Parel (West), Mumbai 400 013, Maharashtra, India |
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Tel. No.: |
91-22-66624743 |
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Fax No.: |
91-22-66624723/ 66624768 |
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E-Mail : |
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Website : |
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Branches : |
Located at:
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DIRECTORS
|
Name : |
Mr. Syamal Prafullakumar Gupta |
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Designation : |
Chairman and Managing Director
|
|
Address : |
19, Commonwealth, Madame Cama Road, Nariman Point, Mumbai 400 020,
Maharashtra, India |
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Date of Birth/Age : |
15.04.1934 |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Farokh Nariman Subedar |
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Designation : |
Director |
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Address : |
Wadia Building, 6, Babulnath Road, Mumbai 400 007, Maharashtra, India |
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Date of Birth/Age : |
24.09.1955 |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Raghavan Ramchandra Shastri |
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Designation : |
Director |
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Address : |
Flat A61/ 62, Meherzin 109A, Wodehouse Road, Mumbai 400 005,
Maharashtra, India |
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Date of Birth/Age : |
26.09.1952 |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Arun Prabhat Mull |
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Designation : |
Whole Time Director |
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Address : |
Gautam Niwasa, Padmavati Devi Road, Opp IIT Powai, Mumbai 400 076,
Maharashtra, India |
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Date of Birth/Age : |
01.10.1944 |
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Date of Appointment : |
16.04.2005 |
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|
Name : |
Mr. Arunkumar Laxmidas Vora |
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Designation : |
Director |
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Address : |
S2, Orchid Apartments, V Main, Defence Colony, Indira Nagar, Bangalore
560 038, Karnataka, India |
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Date of Birth/Age : |
14.08.1941 |
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Date of Appointment : |
13.05.2003 |
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Name : |
Mr. Ram Prit Singh |
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Designation : |
Director |
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Address : |
No. 34, Straight Mile Road, Northern Town, Jamshedpur 831 001,
Jharkhand, India |
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Date of Birth/Age : |
25.07.1944 |
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Date of Appointment : |
21.02.2004 |
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Name : |
Mr. Rajagopalan Srinivasan |
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Designation : |
Whole Time Director |
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Address : |
No. 2559, Shreyas, 22nd Main, Banashankari II Stage,
Bangalore 560 070, Karnataka, India |
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Date of Birth/Age : |
27.09.1946 |
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Date of Appointment : |
27.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Cyrus Kaikobad Ghasvala |
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Designation : |
Company Secretary |
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Address : |
102, Valentina, 5 Naoroji Gamadia Road, Mumbai 400 026, Maharashtra,
India |
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Date of Birth/Age : |
08.02.1952 |
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Date of Appointment : |
01.07.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.05.2006
|
Names of Shareholders |
|
No. of Shares |
|
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|
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Tata Sons Limited |
|
9999600 |
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Tata Sons Limited and Mr. F N Subedar |
|
100 |
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Tata Sons Limited and Mr. R R Shastri
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|
100 |
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Tata Sons Limited and Mr. K R Bhagat |
|
100 |
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Tata Sons Limited and Pd. Karkaria and Kv Manoj J |
|
100 |
As on 31.03.2007
|
Names of Shareholders |
|
Percentage of
Holding |
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|
Bodies Corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the
business of providing engineering consultancy services. |
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Products : |
Engineering Consultancy
Services. |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A F Fergusson Associates Chartered Accountants |
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Address : |
Maker Tower E, Cuffe Parade, Mumbai 400 005, Maharashtra, India |
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Holding Company : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
584.207 |
496.730 |
398.125 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
684.207 |
596.730 |
498.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.296 |
28.502 |
8.641 |
|
|
2] Unsecured Loans |
5.492 |
7.084 |
0.000 |
|
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TOTAL BORROWING |
46.788 |
35.586 |
8.641 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
730.995 |
632.316 |
506.766 |
|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
141.203 |
81.556 |
57.326 |
|
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Capital work-in-progress |
6.019 |
5.875 |
94.988 |
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|
|
|
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|
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INVESTMENT |
209.767 |
230.718 |
0.500 |
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DEFERREX TAX ASSETS |
26.850 |
33.295 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
325.012
|
249.815 |
241.208 |
|
|
Cash & Bank Balances |
9.266
|
39.765 |
41.126 |
|
|
Other Current Assets |
244.022
|
191.845 |
219.456 |
|
|
Loans & Advances |
130.423
|
104.505 |
99.646 |
|
Total
Current Assets |
708.723
|
585.930 |
601.436 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
223.716
|
176.906 |
155.401 |
|
|
Provisions |
137.851
|
128.152 |
102.270 |
|
Total
Current Liabilities |
361.567
|
305.058 |
257.671 |
|
|
Net Current Assets |
347.156
|
280.872 |
343.765 |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
10.187 |
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|
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|
|
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TOTAL |
730.995 |
632.316 |
506.766 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1284.810 |
927.199 |
765.793 |
|
|
Other Income |
15.937 |
107.035 |
52.962 |
|
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Total Income |
1300.747 |
1034.234 |
818.755 |
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|
|
|
|
|
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Profit/(Loss) Before Tax |
244.037 |
240.054 |
160.022 |
|
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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|
Profit/(Loss) After Tax |
244.037 |
240.054 |
160.022 |
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|
|
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Expenditures : |
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|
|
|
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Salaries, Wages, Bonus, etc. |
575.758 |
482.519 |
379.166 |
|
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Managerial Remuneration |
8.284 |
2.484 |
2.676 |
|
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Payment to Auditors |
1.040 |
0.611 |
1.116 |
|
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Interest |
9.373 |
2.121 |
1.112 |
|
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Insurance Expenses |
3.342 |
2.573 |
3.545 |
|
|
Depreciation & Amortization |
65.256 |
30.174 |
0.000 |
|
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Other Expenditure |
393.657 |
273.698 |
271.118 |
|
Total Expenditure |
1056.710 |
794.180 |
658.733 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
18.76
|
23.21 |
19.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
18.76
|
23.21 |
19.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.33
|
25.60 |
21.21 |
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|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.40 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.57 |
1.53 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
1.92 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
TCE CONSULTING ENGINEERING LIMITED |
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Presented By |
State Bank of India Commercial Branch (Advances), N G N Vaidya Marg, P O Box No. 10141, Mumbai 400 023, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of goods and assets Letter regarding the grant of individuals limits within the overall limit Both dated 20.06.2005, creating a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 130.000 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 |
Hypothecation by the way of first charge on all present and future goods, book debts and all other movable assets of the company including documents of title to the goods, outstanding monies, receivables, claims, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights belonging to or in the possession of under the control of the company wherever lying, stored and kept and whether in possession of the company or of the bank or of any third party whether in India or elsewhere, including all such goods, other movable assets as may be in course of shipment, transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The aforesaid assets are given as security to secure the following limits granted by the bank along with interest.
Margin: Raw materials, stock-in-process, finished goods – 25% book debts/ receivables (upto 120 days) – 30% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Commercial Branch, N G N Vaidya Marg, Mumbai 400 023, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
80031776 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
L74210MH1999PLC123010 |
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Name of the company |
TCE CONSULTING ENGINEERING LIMITED |
|
Address |
Matulya Centre, 1st Floor, 249, S B Marg, Senapati Bapat
Marg, Lower Parel (West), Mumbai 400 013, Maharashtra |
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Type of Charges |
Book Debts |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Bank of Baroda Opera House Branch, Modi Chambers, Pandit Paluskar Chowk, Mumbai 400 004, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
3rd supplemental composite instrument of hypothecation of book debts |
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Date of the instrument creating charge |
30.05.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 263.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 0.50% below PLR of the bank with minimum 12.75 % p.a. Terms of repayment: Cash credit and Bank guarantee Margin: 40% on Government Book Debts and 50% on other Book Dents Extent and operation of the charge: Bank of Baroda first charge holder |
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Short particulars of the Property charged |
Book debts |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Particulars of the present modification |
Charge increased from Rs. 243.000 millions to Rs. 263.000 millions |
AS PER WEB:
Profile
TCE Consulting Engineers Limited (TCE) is one of India's leading
engineering consulting organisations. Established as Tata-Ebasco Consulting
Engineering Services in 1962, the company is now a wholly owned subsidiary of
Tata Sons Limited. TCE is ISO 9001 - 2000 certified by Lloyd's Register Quality
Assurance.
TCE offers a wide range of multi-disciplinary services in project
engineering across several sectors. The firm has completed more than 4500
assignments, including the engineering of several power plants with total
installed capacity of over 41,000MW, several large urban water supply and waste
water projects, as well as those for smaller towns, facilities inside battery
limits and offsite facilities for several chemical and industrial plants.
TCE has always endeavoured to provide state-of-the-art technology and
cost effective solutions to its clients. This in turn has helped TCE to earn an
international reputation and awards for engineering excellence.
TCE has successfully carried out several assignments overseas — in South
East Asia, the Middle East, Africa, Europe, Asia Pacific, Australia and the
Americas. TCE has done projects funded by:
- World Bank
- Asian Development Bank
- United Nations Development Programme
- Japan Bank for International Cooperation
- United Nations Industrial Development Organisation
- World Health Organisation
- United States Agency for International Development
TCE
has highly qualified and experienced professionals on its rolls. Design offices
are located in several cities in India - Mumbai, Bangalore, New Delhi, Chennai,
Kolkata, Pune and Jamshedpur, and a branch office in the USA and South Africa.
Awards
2008
|
Architects, Engineers and Surveyors Association |
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Jury's recommendation award for best managed project for Ascent Building
|
|
Government of Maharashtra |
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Service Exporter Award for Export Achievement |
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Consultancy Development Centre |
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National Award for Excellence in Consultancy Services for Mumbai
Sewage Disposal Project (2nd prize) |
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Government of Maharashtra |
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Service Exporter Award for Export Achievement |
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Engineering Export Promotion Council |
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Star Performer (Medium Enterprise) Award in the product group Engineering
Services in recognition for outstanding contribution to Engineering Exports |
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Consultancy Development Centre |
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Certificate of Merit for the 500 MWe Prototype Fast Breeder Reactor at
Kalpakkam |
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Engineering Exports Promotion Council |
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All India Award for Highest Exporters for outstanding export
performance |
|
Association of Consulting Civil Engineers |
|
Simplex Award for Innovative Design of Structures for Dynamic Analysis
of Turbo Generator Foundation |
|
Indian Nuclear Society |
|
INS Industrial Excellence Award for making significant contributions
to the design of the fuelling machine for the 300MWe Advanced Heavy Water
Reactor of vertical construction |
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Consultancy Development Centre |
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National Award for Excellence in Consultancy Services for III-Mumbai
Water Supply Project |
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Government of Maharashtra |
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Merit Certificate for Excellence in Export of Engineering Services |
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Consultancy Development Centre |
|
National Award for Excellence in Consultancy Services for 800kV
Transmission Line between Anpara and Unnao in Uttar Pradesh |
|
Engineering Export Promotion Council |
|
All India Certificate of Export Excellence |
|
Trophy for Highest Exports - Western Region |
|
Government of Maharashtra |
|
Silver Plaque and Merit Certificate for Excellence in Export of
Engineering Services |
|
Government of Maharashtra |
|
Certificate for Export Recognition in Appreciation of Export
Achievement |
|
Engineering Export Promotion Council |
|
Certificate of Export Excellence |
|
Consultancy Development Centre |
|
National Award for Excellence in Consultancy Services for 45m Diameter
Dish Antenna for Giant Meter Wave Radio Telescope |
|
Maharashtra India Chapter of American Concrete Institute for 'Most
Outstanding Concrete Structures of India 1997' |
|
Category I |
|
Category II |
|
Engineering Export Promotion Council |
|
Award for Export Excellence for Achieving Highest Export Performance |
|
Regional Special Shield for Outstanding Contribution to Engineering
Exports |
|
Engineering Export Promotion Council |
|
Certificate of Export Excellence for Highest Export Performance |
|
Association of Consulting Civil Engineers |
|
Gourav Award for Significant Contributions to Civil Engineering
Consultancy |
|
Certificate of Merit for excellence in Consultancy Services for Detailed
Project Report for Marine Chemical Terminal at Jawaharlal Nehru Port |
|
Government of Maharashtra |
|
Certificate for Export Recognition in Appreciation of Export
Achievement |
|
Engineering Export Promotion Council |
|
Award for Export Excellence for Achieving Highest Export Performance |
|
Engineering Export Promotion Council |
|
All India Special Shield for Outstanding Contribution to Engineering
Exports |
|
Engineering Export Promotion Council |
|
Regional Top Exporters' Shield for Outstanding Contribution to
Engineering Exports |
|
Consultancy Development Centre |
|
Certificate of Merit for Meritorious Consultancy in the field of Leak
Detection in Water Supply Distribution System |
|
Engineering Export Promotion Council |
|
Special Shield for Outstanding Contribution to Engineering Exports |
|
Ministry of Commerce, Civil Supplies & Co-operation, Dept. of
Commerce, Govt. of India |
|
Certificate of Merit for Outstanding Performance in providing Consultancy
Services |
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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
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 |
|