MIRA
INFORM REPORT
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Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
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Name : |
TATA CONSULTING ENGINEERS LIMITED |
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Formerly known as : |
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, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.12.1999 |
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Com. Reg. No.: |
11-123010 |
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Capital
Investment / Paid-up Capital : |
Euro 1600000 |
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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
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MIRA’s Rating : |
A (62) |
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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 : |
Euro 4651912 |
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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.
General financial position is good. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Matulya Centre, 1st Floor, 249, S B Marg, Senapati Bapat Marg,
Lower Parel (West), Mumbai 400 013, |
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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
As on : 09.06.2010
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Name : |
Mr. Syamal Prafullakumar Gupta |
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Designation : |
Chairman and Managing Director |
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Address : |
19, Commonwealth, |
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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 : |
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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, |
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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, |
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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, |
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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, |
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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, |
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Date of Birth/Age : |
27.09.1946 |
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Date of Appointment : |
27.09.2006 |
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Name : |
Mr. Jayarama Iyerpanatharthi |
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Designation : |
Whole Time Director |
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Address : |
21, Radha Building, Seema Sojety, Ghatla Road, Chembur, Mumbai –
400071, Maharashtra, India |
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Date of Birth/Age : |
27.09.1950 |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Krsihnan Gopalakrishnan |
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Designation : |
Secretary |
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Address : |
A13/1, Shree Ram Nagar, S V Road, Andheri (West) Mumbai – 400058,
Maharashtra, India |
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Date of Birth/Age : |
23.05.1954 |
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Date of Appointment : |
05.01.2007 |
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Name : |
Mrs. Durga Prasanna Mishra |
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Designation : |
Director |
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Address : |
C1104Z, 11th Floor Classic, Andheri Link Road, Mumbai –
400053, Maharashtra, India |
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Date of Birth/Age : |
03.07.1944 |
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Date of Appointment : |
01.10.2008 |
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Date of Ceasing : |
12.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 09.06.2010
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Names of Shareholders |
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No. of Shares |
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Tata Sons Limited, India |
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9999600 |
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Tata Sons Limited and Mr. F N Subedar, India |
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100 |
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Tata Sons Limited and Mr. K R Bhagat |
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100 |
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Tata Sons Limited and KR Bha Gat and Manoj Kumar CV |
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30 |
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Tata Sons Limited and Nikil Kumar |
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40 |
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Tata Sons Limited and EN Kapadia |
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30 |
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Tata Sons Limited and AP Charna |
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100 |
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Total |
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10000000 |
As on : 09.06.2010
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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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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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr, Annie Besent Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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Holding Company : |
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Subsidiary Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
0.16 Euro Each |
1600000 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
10,000,000 |
Equity Shares |
0.16 Euro Each |
1600000 |
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FINANCIAL DATA
[all figures are
in Euro].
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1600000 |
1600000 |
1600000 |
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2] Share Application Money |
000 |
000 |
000 |
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3] Reserves & Surplus |
21659564 |
16634595 |
12282587 |
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4] (Accumulated Losses) |
000 |
000 |
000 |
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NETWORTH |
23259564 |
18234595 |
13882587 |
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LOAN FUNDS |
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1] Secured Loans |
4790046 |
4468859 |
749249 |
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2] Unsecured Loans |
2366468 |
42312 |
65072 |
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TOTAL BORROWING |
7156514 |
4511171 |
814321 |
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DEFERRED TAX LIABILITIES |
000 |
000 |
000 |
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TOTAL |
30416078 |
22745766 |
14696908 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6064116 |
7126821 |
2933094 |
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Capital work-in-progress |
6249026 |
1725498 |
148760 |
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INVESTMENT |
1819600 |
3177412 |
4147684 |
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DEFERREX TAX ASSETS |
229675 |
558067 |
840107 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
000
|
000 |
000 |
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Sundry Debtors |
12895221
|
9086721 |
6333667 |
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Cash & Bank Balances |
176296
|
113637 |
631756 |
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Other Current Assets |
10938461
|
8011792 |
5961592 |
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Loans & Advances |
7685604
|
5503074 |
3175295 |
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Total
Current Assets |
31695582
|
22715224 |
16102310 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Other Current Liabilities |
10307445
|
7958084 |
6038215 |
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Provisions |
5371980
|
4636663 |
3474334 |
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Total
Current Liabilities |
15679425
|
12594747 |
9512549 |
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Net Current Assets |
16016157
|
10120477 |
6589761 |
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MISCELLANEOUS EXPENSES |
000 |
000 |
000 |
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Others |
37504 |
37491 |
37502 |
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TOTAL |
30416078 |
22745766 |
14696908 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TOTAL INCOME |
56211031 |
46011046 |
30840671 |
|
|
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|
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Less |
TOTAL EXPENSES |
45077531 |
36265812 |
23782578 |
|
|
|
|
|
|
|
|
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PROFIT BEFORE
TAX |
1133500 |
9745234 |
7058093 |
|
|
|
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|
|
|
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Less |
TAX |
(6077859) |
3565156 |
2311875 |
|
|
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PROFIT AFTER TAX
|
7211359 |
6180078 |
4746218 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13188515 |
15641562 |
6561296 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
937500 |
625000 |
475000 |
|
|
|
Dividend |
1875000 |
1562500 |
1171875 |
|
|
|
Tax on Dividend |
311421 |
265546 |
199156 |
|
|
BALANCE CARRIED TO
THE B/S |
17275953 |
13188515 |
9461484 |
|
|
|
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|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
3501000 |
3318546 |
2258796 |
|
|
TOTAL EARNINGS |
3501000 |
3318546 |
2258796 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
524312 |
1303406 |
127843 |
|
|
TOTAL IMPORTS |
524312 |
1303406 |
127843 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Euro) |
0.72 |
0.61 |
0.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.82
|
13.43 |
15.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.00
|
11.94 |
37.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.19 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
0.93 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.80 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL HIGHLIGHTS
The income from
services rendered during the period amounted to Euro 55368390 (previous year
Euro 45264468) inclusive of Euro 3501000 (previous year Euro 3318546) in
foreign exchange. There was an increase of 22% in the income from services over
the previous year.
The profit before
tax was Euro 11133500 (previous year Euro 974453) constituting 20% of the
income from services (previous year- 21%). Correspondingly the profit after tax
also increased to Euro 7211359 from Euro 6180078 in the previous year
FUTURE OUTLOOK
With the
Government of India and the State governments promoting investments in
infrastructure, power, oil and gas and petrochemicals sectors, the future
outlook is encouraging. With renewed focus on addressing the international
markets, especially the Gulf region, the Company set up its wholly owned
subsidiary, TCE QSTP-LLC at Qatar in the prestigious QSTP Free Zone established
by Qatar Foundation.
SUBSIDIARY
TCE QSTP-LLC, the
wholly owned subsidiary of the Company has been appointed as the Marketing
& Research Consultant for sourcing business in Gulf Countries for the
Company. In accordance with the provisions of section 212 of the Companies Act,
1956.
FORM 8
|
Corporate identity number of the company |
U74210MH1999PLC123010 |
|
Name of the company |
TATA CONSULTING ENGINEERS LIMITED |
|
Address of the registered office or of the
principal place of business in |
Matulya Centre 1st Floora-249 S B Marg,
Senapat Bapat Marg Lower Parel West, Mumbai – 400013, Maharashtra, INDIA |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts |
|
Particular of charge holder |
ICICI BANK LIMITED, Landmarkrace Cource
Circle, Alkapuri, Baroda – 390015, Gujarat, India |
|
Nature of instrument creating charge |
Letter of Amendment dated 18th November,
2010 issued by ICICI Bank Limited wherein the Overall Limits specified in
Credit Arrangement Letter No. CBG / 2009 - 2010 / CMOG No.90/W23MUM/23676 as euro 20312 (euro
2031250) stands modified to euro 15625 (euro 1562500) |
|
Date of instrument Creating the charge |
18/11/2010 |
|
Amount secured by the charge |
Rs. 100.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 0.5% Terms
of repayment 18 Months, repayable on demand. Margin 25% Extent
and operation of the charge Amount of facility and charge reduced from
euro 2031250 to euro 1562500 Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
All present and future book debts of the
Company (inland and foreign) on pari passu basis with Bank of Baroda, Opera
House Branch. |
|
Particulars of the present modification |
Charge reduced / decreased from euro
2031250 to euro 1562500 |
FIXED ASSETS :
·
Land
·
Furniture
·
Office and Other
Equipments
·
Central air-conditioning
·
Survey and Drawing
Instruments
·
Vehicles
·
Computer System
·
Improvement in leased
premises
AS PER WEB:
Profile
TCE Consulting Engineers Limited (TCE) is one of
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,
- 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
Awards
2008
·
Architects, Engineers and Surveyors Association
·
Jury's recommendation award for best managed project
for Ascent Building
·
Government of Maharashtra
·
Service Exporter Award for Export Achievement
·
Consultancy Development Centre
·
National Award for Excellence in Consultancy
Services for Mumbai Sewage Disposal Project (2nd prize)
·
Government of Maharashtra
·
Service Exporter Award for Export Achievement
·
Engineering Export Promotion Council
·
Star Performer (Medium Enterprise) Award in the
product group Engineering Services in recognition for outstanding contribution
to Engineering Exports
·
Consultancy Development Centre
·
Certificate of Merit for the 500 MWe Prototype Fast
Breeder Reactor at Kalpakkam
·
Engineering Exports Promotion Council
·
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
·
Consultancy Development Centre
·
National Award for Excellence in Consultancy
Services for III-Mumbai Water Supply Project
·
Government of Maharashtra
·
Merit Certificate for Excellence in Export of
Engineering Services
·
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 Highly specialized marine structures
like dams, flyovers, highway projects - 2nd Prize - Worli and Bandra Marine
Outfalls project. TCE was sub consultants to B&P who received the prize.
·
Category II Residential Housing Complexes, Public
Building, Innovating and Low Cost Planning - 1st Prize - Life Building Project
at Rajkot. TCE was the supervising authority. TCE's scope for this project included
detailed system design, preparation of drawings and VDR for utilities, review
of structural designs, evaluation of bids for civil works and construction
supervision.
·
Engineering Export Promotion Council
·
Award for Export Excellence for Achieving Highest
Export Performance
·
Regional Special Shield for Outstanding
Contribution to Engineering Exports
·
Certificate of Merit for excellence in Consultancy
Services for Detailed Project Report for Marine Chemical Terminal at Jawaharlal
Nehru Port
·
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
·
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,
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. 44.41 |
|
|
1 |
Rs. 72.49 |
|
Euro |
1 |
Rs. 63.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.