MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
RPN ENGINEERS CHENNAI PRIVATE LIMITED |
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Registered Office : |
M – 60, 9th Street, Anna Nagar Street (East), Chennai – 600102,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.05.1999 |
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Com. Reg. No.: |
18-42409 |
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CIN No.: [Company
Identification No.] |
U45203TN1999PTC042409 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER05002E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction and Civil Work for Building, Railway Project |
RATING &
COMMENTS
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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 25000 |
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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 a well established and reputed company meeting its normal
commitment timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Selvalurugan |
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Designation : |
Accounts Assistant |
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Date : |
19.05.2008 |
LOCATIONS
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Registered Office : |
M – 60, 9th Street, Anna Nagar Street (East), Chennai –
600102, Tamilnadu, India |
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Tel. No.: |
91-44-26190176/ 26190177 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. P. K. Rukmman Basha |
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Designation : |
Managing Director |
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Address : |
AP – 882, 13th Main Road, Anna Nagar, Chennai 600040,
Tamilnadu, India |
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Date of Birth/Age : |
31.03.1963 |
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Qualification: |
Graduate |
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Date of Appointment : |
05.05.1999 |
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Name : |
Mr. A. Peer Mohamed |
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Designation : |
Director |
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Address : |
AP – 882, 13th Main Road, Anna Nagar, Chennai 600040,
Tamilnadu, India |
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Date of Birth/Age : |
16.09.1968 |
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Qualification: |
Graduate |
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Date of Appointment : |
05.05.1999 |
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Name : |
Mr. Y. Sharmila Basha |
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Designation : |
Director |
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Address : |
AP – 882, 13th Main Road, Anna Nagar, Chennai 600040,
Tamilnadu, India |
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Date of Birth/Age : |
16.06.1973 |
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Date of Appointment : |
04.08.2006 |
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Qualification: |
Graduate |
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Date of Ceasing: |
31.07.2004 |
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Name : |
Mr. P. K. Nayas Ahmed |
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Designation : |
Director |
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Address : |
F – 163, Anna Nagar [East], Chennai 600102, Tamilnadu, India |
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Date of Birth/Age : |
09.08.1974 |
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Date of Appointment : |
05.05.1999 |
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Date of Ceasing: |
31.07.2004 |
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Name : |
Mr. N. Peer Mohamed |
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Designation : |
Director |
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Address : |
AP – 882, 13th Main Road, Anna Nagar, Chennai 600040,
Tamilnadu, India |
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Date of Birth/Age : |
30.04.1963 |
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Date of Appointment : |
01.07.2000 |
KEY EXECUTIVES
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Name : |
Mr. K R Gurumurthy |
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Designation : |
Company Secretary |
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Address : |
New No.8, Flat A, Visalakshi Flats, 10th Street, S R P
Colony, Chennai – 600082, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
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Names of Shareholders |
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No of Share |
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P. K. Rukmman Basha |
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77240 |
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Y. Sharmila Basha |
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2740 |
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A. Peer Mohammed |
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2510 |
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N. Peer Mohammed |
|
500 |
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P. K. S. Raja |
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2500 |
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P. K. Kamil Basha |
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2500 |
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P. K. Nayas Ahmed |
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2510 |
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Liaquit Ali |
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2000 |
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Anifunnisa |
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1500 |
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Dilrupa |
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1750 |
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Fathahunnisha |
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1500 |
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Vahitha |
|
1250 |
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Vasilath |
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1500 |
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Total |
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100000 |
[As on 31.03.2007]
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Category |
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Percentage |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction and Civil Work for Building, Railway Project |
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Terms : |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
No. 21, Patullos Road, Chennai 600002
Nandabakkam Branch,
5/12, Mount Poonamallee Road, Chennai 600089, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. M. Sundaram Associates Chartered Accountants |
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Address : |
C – 28, Anna Sagar, Chennai 600102, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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162667 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.626
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
1.626 |
1.626 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
1.880 |
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3] Reserves & Surplus |
4.745 |
4.413 |
1.807 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.371 |
6.039 |
4.687 |
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LOAN FUNDS |
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1] Secured Loans |
9.517 |
12.033 |
11.491 |
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2] Unsecured Loans |
5.136 |
3.943 |
3.477 |
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TOTAL BORROWING |
14.653 |
15.976 |
14.968 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.024 |
22.015 |
19.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.318 |
6.899 |
6.796 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.908
|
4.002 |
4.405 |
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Sundry Debtors |
10.422
|
10.426 |
8.803 |
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Cash & Bank Balances |
0.051
|
0.165 |
0.040 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.484
|
5.964 |
3.698 |
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Total
Current Assets |
20.865
|
20.557 |
16.946 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.911
|
3.246 |
3.941 |
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Provisions |
3.250
|
2.200 |
0.151 |
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Total
Current Liabilities |
6.161
|
5.446 |
4.092 |
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Net Current Assets |
14.704
|
15.111 |
12.854 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.005 |
0.005 |
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TOTAL |
21.024 |
22.015 |
19.655 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
26.563 |
43.545 |
12.785 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
26.563 |
43.545 |
12.785 |
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Profit/(Loss) Before Tax |
0.763 |
2.099 |
0.216 |
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Provision for Taxation |
0.432 |
0.746 |
0.017 |
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Profit/(Loss) After Tax |
0.331 |
1.353 |
0.199 |
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Expenditures : |
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Financial Charges |
2.002 |
1.558 |
1.086 |
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Depreciation |
1.166 |
1.239 |
0.599 |
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Other Expenditure |
22.632 |
38.649 |
10.884 |
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Total Expenditure |
25.800 |
41.446 |
12.569 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.25
|
3.11 |
1.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.87
|
4.82 |
1.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.81
|
7.64 |
0.91 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.35 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.26
|
3.54 |
4.06 |
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Current Ratio (Current Asset/Current Liability) |
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3.38
|
3.77 |
4.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Southern Railway
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90285325 |
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Corporate
identity number of the company |
U45203TN1999PTC042409 |
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Name of the
company |
RPN ENGINEERS CHENNAI PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
M – 60, 9th Street, Anna Nagar, Chennai [East], 600102,
Tamilnadu, India |
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Type of charge |
|
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Particular of
charge holder |
Central Bank of
India Nandabakkam
Branch, 5/12, Mount Poonamallee Road, Chennai 600089, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
18.12.2007 |
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Amount secured by
the charge |
Rs. 22.038
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest CC : BPLR + 2%
with monthly rests OD: BPLR + 3%
with monthly rests [b] Terms of
repayment As per the
sanction letter and as mentioned by the Banker from time to time. [c] Margin CC : 25% OD : 40% LG : 25% ILC : 25% [d] Extent and
operation of the charge As per the instruments
executed on 18.12.2007 [e] others Nature of
Facility CC OD [BD] LG ILC [90 days DA] TL – I TL – II All other terms
and conditions as per the sanction letter and the instruments executed on
18.12.2007. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge in favour of the bank -all present and
future tangible movable property such as products, stock in trade and goods
such as Building, materials, steel angles, etc, and other movable assets including
machineries and tools belonging to the company. --all present and
future book debts, outstanding moneys, receivables, claims, bills, contracts,
securities, investments and rights of the Company. |
|
Date of latest
modification |
15.03.2006 |
|
Particulars of
the present modification |
By this
modification --the amount
secured by the charge has been modified from Rs. 14.538 Millions to Rs.
22.038 Millions --all other terms
and conditions of the original charge and the subsequent modification remain unchanged.
|
|
Name of the company |
RPN ENGINEERS CHENNAI PRIVATE LIMITED |
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Presented By |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002 |
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1) Date and description of instrument creating the change |
Loan Agreement dated
30.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance Amount
Rs. 0.650 Million Interest Rs. 0.187 Million Total repayable
amount Rs. 0.837 Million |
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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 |
On the security
of 1. No. 2005 Model Honda City E.No.L15A30062382 CH NO. MAKGD852J5N234005 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 0.837 Million
is repayable in 60 monthly installments as under Installments
Amount 1-60
Rs. 0.013 Millions each Rate of
interest 10.81% 1st
installment falls due on
30.09.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002 |
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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 |
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. 42.84 |
|
UK Pound |
1 |
Rs. 84.78 |
|
Euro |
1 |
Rs. 67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|