MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TECH-SHARP ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
C – 39, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.09.1997 |
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Com. Reg. No.: |
18-038940 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.040 Millions |
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CIN No.: [Company Identification
No.] |
U74210TN1997PTC038940 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHET02434F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Construction Activity |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [48] |
|
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 500000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be correct and as per commitments. The company can be considered normal for 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
C – 39, |
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Tel. No.: |
91-44-26212760 / 26211452 / 26269173 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pulleimalayil Daniel Thomas |
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Designation : |
Wholetime Director |
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Address : |
No.5, Shalom Green Fields, J. J. Nagar, Chennai – 600037, |
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Date of Birth/Age : |
22.04.1937 |
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Date of Appointment : |
02.09.1997 |
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DIN : |
00083836 |
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Name : |
Mr. Karunkottuthadathil Puthiyaveetil Radhakrishnan |
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Designation : |
Managing Director |
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Address : |
A-3, Shanti, Heaven, St. Mary’s Road, Anna Nagar, Chennai – 600028, |
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Date of Birth/Age : |
26.05.1944 |
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Date of Appointment : |
02.09.1997 |
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DIN : |
00083841 |
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Name : |
Mr. Kollamparambil Skaria Varghese |
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Designation : |
Wholetime Director |
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Address : |
No.4, |
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Date of Birth/Age : |
15.12.1942 |
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Date of Appointment : |
02.09.1997 |
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DIN : |
00083844 |
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Name : |
Mr. Daniel Mathew |
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Designation : |
Managing Director |
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Address : |
T-38, Tas Enclave, 10th |
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Date of Birth/Age : |
12.03.1945 |
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Date of Appointment : |
02.09.1997 |
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DIN : |
00083847 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Karunkottuthadathil Puthiyaveetil Radhakrishnan |
|
100 |
|
Pulleimalayil Daniel Thomas |
|
100 |
|
Kollamparambil Skaria Varghese |
|
100 |
|
Daniel Mathew |
|
100 |
|
Daniel Mathew and Mariam Mathew |
|
16500 |
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Daniel Mathew and Mariam Mathew |
|
500 |
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Daniel Mathew and Dannie Mathew |
|
500 |
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Karunkottuthadathil Puthiyaveetil Radhakrishnan and U. Jayashree |
|
16500 |
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Karunkottuthadathil Puthiyaveetil Radhakrishnan and U. Sanjeev Kumar |
|
500 |
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Karunkottuthadathil Puthiyaveetil Radhakrishnan and U. Shreelekha |
|
500 |
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Pulleimalayil Daniel Thomas and Achanna Thomas |
|
16500 |
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Pulleimalayil Daniel Thomas and Sunu Thomas |
|
500 |
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Pulleimalayil Daniel Thomas and Nebu Thomas |
|
500 |
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Kollamparambil Skaria Varghese and Ammini Varghese |
|
16500 |
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Kollamparambil Skaria Varghese and Jaise Varghese |
|
500 |
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Kollamparambil Skaria Varghese ad Jaine Chacko |
|
500 |
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Total |
|
70400 |
As on 23.03.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
D. Mathew |
|
20000 |
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K.P. Radhakrishnan |
|
20000 |
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K.S. Varghese |
|
20000 |
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P.D. Thomas |
|
20000 |
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Total |
|
80000 |
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
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Bodies corporate |
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Directors or relatives of Directors |
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Other top fifty shareholders |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activity |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhandari and Keswani Chartered Accountant |
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Address : |
75, |
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Tel. No.: |
91-44-42902121 |
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Mobile No.: |
91-44-42902122 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
100,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
70,400 |
Equity Shares |
Rs.100/-each |
Rs.7.040 millions |
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As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
300,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
150,400 |
Equity Shares |
Rs.100/-each |
Rs.15.040 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
7.040 |
7.040 |
7.040 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
120.390 |
77.675 |
58.737 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
127.430 |
84.715 |
65.777 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
106.613 |
84.281 |
18.499 |
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2] Unsecured Loans |
5.400 |
4.000 |
4.000 |
|
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TOTAL BORROWING |
112.013 |
88.281 |
22.499 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
239.443 |
172.996 |
88.276 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.850 |
68.293 |
25.269 |
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Capital work-in-progress |
66.818 |
43.213 |
31.464 |
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INVESTMENT |
0.200 |
0.200 |
0.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
0.757
|
0.280 |
0.330 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
37.610
|
50.974 |
33.167 |
|
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Other Current Assets |
80.562
|
34.152 |
11.114 |
|
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Loans & Advances |
71.376
|
29.357 |
3.319 |
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Total
Current Assets |
190.305
|
114.763 |
47.930 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Sundry Creditors |
67.385
|
21.271 |
9.455 |
|
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Other Current Liabilities |
28.282
|
30.074 |
7.132 |
|
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Provisions |
0.063
|
2.128 |
0.000 |
|
Total
Current Liabilities |
95.730
|
53.473 |
16.587 |
|
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Net Current Assets |
94.575
|
61.290 |
31.343 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
239.443 |
172.996 |
88.276 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TOTAL RECEIPTS
|
792.621 |
419.498 |
163.841 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) |
77.293 |
41.864 |
18.710 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
12.488 |
10.274 |
3.873 |
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PROFIT BEFORE
TAX (E-F) |
64.805 |
31.590 |
14.837 |
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Less |
TAX |
22.090 |
12.652 |
4.781 |
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PROFIT AFTER TAX
(G-I) |
42.715 |
18.938 |
10.056 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.346 |
53.408 |
43.352 |
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BALANCE CARRIED
TO THE B/S |
115.061 |
72.346 |
53.408 |
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EARNINGS IN
FOREIGN CURRENCY |
100.416 |
127.575 |
43.884 |
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Earnings Per
Share (Rs.) |
606.75 |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.39
|
4.51 |
6.14 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.18
|
7.53 |
9.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.17
|
17.26 |
20.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.37 |
0.23 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
1.67 |
0.59 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.15 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
Business : The company
received contract receipts of Rs.792.621 million [previous year 419.498 million].
They have achieved this in spite of severe competition and also the confidence
they enjoy with their reputed clients
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74210TN1997PTC038940 |
|
Name of the company
|
TECH-SHARP
ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C 39, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10202793 |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumuthu
Nilayam, No.192, Anna Salai, Chennai – 600002, Tamilnadu, India |
|
Nature of
instrument creating charge |
Link Document |
|
Date of
instrument Creating the charge |
08.02.2011 |
|
Amount secured by
the charge |
Rs.320.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per the existing Terms and Conditions. Terms of Repayment
- As per the existing Terms and Conditions. Margin - As per
the existing Terms and Conditions. Extent and
Operation of the charge - As mentioned in the "Link Document" Others – Nature of
Facilities Rs.in.millions Cash Credit 90.000* Bank
Guarantee 210.000* Term Loan 20.000
----------- Total 320.000 * One way
interchangeability from BG to CC was increased to Rs.20.000 millions from
Rs.10.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The existing
charge on the Current Assets & Immovable properties shall continue to
remain same. |
|
Date of instrument
modifying the charge |
04.11.2010 |
|
Particulars of
the present modification |
By the
modification, the existing overall limit to an extent of Rs.320.000 millions
remain same and the Bank guarantee Limit is interchangeable to Cash Credit to
an extent of Rs.20.000 millions and secured by the existing charge on the
Current Assets and Immovable Properties belonging to the Company. |
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.