MIRA INFORM REPORT

 

 

Report Date :

31.03.2007

 

IDENTIFICATION DETAILS

 

Name :

THERMOTEC FURNACES INDIA

 

 

Registered Office :

Plot No.1, Sector 16-18, Dividing Road, Opposite Jain Mandir, Faridabad – 121003, Haryana

 

 

Country :

INDIA

 

 

Financials (as on) :

26.03.2006

 

 

Date of Incorporation :

2000

 

 

 

 

Legal Form :

Subject is a Sole Proprietory Concern

 

 

Line of Business :

Manufacturer of Heat Treatment Furnaces, Aluminum Furnaces, Bogie Hearth Indirect Heating Furnaces, Ovens, Hot Air Generators (Direct or Indirect) and Phospating and Degreasing Tanks.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 10000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-eastablished and reputed concern having satisfactory track. Proprietor is reported as experienced and respectable businessman. Trade relation are as fair. Business is active. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Plot No.1, Sector 16-18, Dividing Road, Opposite Jain Mandir, Faridabad – 121003, Haryana

Tel. No.:

91-129-2260896

Mobile No.:

91-9891066986 / 91-9871611059

Fax No.:

91-129-2260896

E-Mail :

Ms_rawat@rediffmail.com

Area :

3000 Sq. mtrs.

Location :

Owned

 

 

 

 

SOLE PROPRIETOR

 

Name :

Mr. Devinder Verma

Designation :

Proprietor

Address :

Faridabad

Date of Birth/Age :

50 Years

Qualification :

Graduate

Experience :

18 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Heat Treatment Furnaces, Aluminum Furnaces, Bogie Hearth Indirect Heating Furnaces, Ovens, Hot Air Generators (Direct or Indirect) and Phospating and Degreasing Tanks.

 

 

Products :

Heat Treatment Furnaces

  • Annealing Furnaces (Pit Type or Batch Type)
  • Tempring Furnaces
  • Salt Bath Furnaces
  • Shrink Fitting Furnaces
  • Normalizing Furnaces (Batch/Continuous Type)
  • Solution Treatment Furnaces
  • Aging Furnaces
  • Carburising Furnaces
  • Wire Annealing Furnaces (M.S and Copper)
  • Muffle Furnaces
  • Glass Annealing Furnaces

Bogie Hearth Indirect Heating Furnaces

  • Bogie Hearth Pipe Annealing Furnace
  • Bogie Hearth Furnace for Structure stress Relieving
  • Bogie Hearth Furnace for Tempering Process
  • Bogie Hearth Furnace for Sheet Annealing Application
  • Bogie Hearth Furnace for Al Sheet and Components

Aluminum Furnaces

  • Hydraulic Tilting Sklener Furnaces
  • Rotary Furnaces
  • Al Bale Out Melting/Holding Furnace for Pressure Die Casting
  • Al Electrically Heated Holding Furnaces
  • Crucible Tilting Furnaces

Ovens

  • Ovens for C.F.L Plants
  • Ovens for Roto Moulding
  • Industrial Baking Ovens

 

 

 

 

 

Exports :

 

Products :

Industrial Furnaces

Countries :

Indirectly Nepal & West Indies

 

 

Imports :

 

Products :

Machinery

Countries :

Negotiating europe

 

 

Terms :

 

Selling :

Cash Credit

 

 

Purchasing :

L/ C, Cash Credit

 

 

 

GENERAL INFORMATION

 

 

 

Customers :

Retailers

 

 

No. of Employees :

18

 

 

Bankers :

Punjab & Sind Bank

Sector 16, Faridabad

 

 

Facilities :

Credit Limit Rs.1.500 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

H.K. Kaushik

Chartered Accountant

Address :

Sector 12, Faridabad

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.2.500 Millions

Borrowed :

---

Total :

Rs.2.500 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

10.000

8.500

8.200

 

 

 

 

Profit for the year

1.000

0.700

0.500

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Company Profile :

 

Established in the year 1996, The Company, "Thermotec Furnaces (India)", started with an aim to cater to the varied requirements of the customers with cost-effective and impeccable quality products. In just ten years, The Company have grown tremendously to establish ourselves as the most competitive manufacturer of Heat Treatment Furnaces, Aluminum Furnaces, Bogie Hearth Indirect Heating Furnaces, Ovens, Hot Air Generators (Direct or Indirect) and Phospating and Degreasing Tanks. The Company provide personal services, competitive pricing and a broad selection of products to their customers. The Company design, manufacture and supply various types of industrial furnaces and installed them on a turn-key-basis to meet the specific requirements of various industries. The Company  have a vision to serve their clients with utmost sincerity and offer products that are of superior quality. The Company have earned the loyalty of the customers all across the globe and are exporting it’s products to each and every corner of the world.


The Company boast of a world-class infrastructure, which is a powerhouse of professionalism and technology. Their  in-house manufacturing unit is complacent with hi-tech machineries, which yield excellent results at low maintenance cost. It’s  state-of-the-art warehouse has the capability to store large amount of products in order to meet the bulk requirements of the market. It’s team of business oriented professionals, diligent workers and quality control control management has always played a pivotal role in our success. It’s modern and most efficient transport facilities ensure the customers of smooth and prompt delivery of the products.


It’s focus on premium quality products, with the commitment towards complete customer satisfaction has helped they to carve a valuable niche in the national as well as international market. The Company take special care in the procurement of the products and ensure that they are sourced from the reputed and well established suppliers and distributors. The Company have a technologically advanced research and development department, which is in constant search of innovative products.

 

 

 

Trade reference :

 

1] Honda Motors Limited

2] Honda Seal Power Products Limited

3] Sona Stearing Private Limited

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.59

UK Pound

1

Rs.85.53

Euro

1

Rs.58.14

 

 

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

YES

--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/normal.

 

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions