%20PRIVATE%20LIMITED%2005-Apr-2007_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
THERMAL SYSTEMS
(HYDERABAD) PRIVATE LIMITED |
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Registered Office : |
Plot No.1,
Apuroopa Towns JIP, IDA Jeedimelta, Hyderabad-500055, Andhra Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.11.1991 |
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Com. Reg. No.: |
01-13404 |
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CIN No.: [Company
Identification No.] |
U31909AP1991PTC013404 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDT01115C |
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PAN No.: [Permanent
Account No.] |
AAACT9825H |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of Boilers, Economisers,
Superheaters, etc. |
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 625000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track records. Profit margin is under severe
pressure. Trade relations are
reported as fair. Payments are
usually correct and as per commitments. It can be
considered normal any business dealing at usual trade terms and conditions |
LOCATIONS
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Registered Office : |
Plot No.1,
Apuroopa Towns JIP, IDA Jeedimelta, Hyderabad-500055, Andhra Pradesh, India |
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Tel. No.: |
91-40-23091801 |
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Fax No.: |
91-40-23097433 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
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Factories : |
Located at :- v Apuroop Township, I. D. A., Jeedimetla,
Hyderabad – 500 055, Andhra Pradesh, India. v Plot No. D27, Phase V IDA, Jeedimetla,
Hyderabad – 500055, Andhra Pradesh v Plot No. D30&31, Phase V IDA,
Jeedimetla, Hyderabad – 500055, Andhra Pradesh v Plot No. 158, IDA, Bollaram, Miyapur,
Hyredabad, Andhra Pradesh |
DIRECTORS
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Name : |
Mr. Polina Veer
Raju |
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Designation : |
Managing Director |
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Address : |
Plot No.303-B, Road No.25, Jubilee Hills, Hyderabad-500033, Andhra
Pradesh |
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Date of Birth/Age : |
01.06.1949 |
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Date of Appointment : |
04.11.1991 |
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Name : |
Mr. P. Varadaraj |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Polina
Satyanarayana |
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Designation : |
Whole time Director |
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Address : |
Flat No.201, Plot No.19, Lakshmi Apartments, Salivahana Nagar,
Hyderabad-500073, Andhra Pradesh |
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Date of Birth/Age : |
11.11.1959 |
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Date of Appointment : |
16.08.1993 |
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Name : |
Mr. K. Venu |
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Designation : |
Director |
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Name : |
Mr. Mullapudi
Ananda Rao |
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Designation : |
Director |
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Address : |
H.No.2-30/6, Nizampet Road, Hyder Nagar, Hyderabad, Andhra Pradesh |
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Date of Birth/Age : |
20.10.1960 |
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Date of Appointment : |
16.08.1993 |
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Name : |
Mr. P.
Sesharathnam |
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Designation : |
Director |
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Address : |
Plot no.303-B,
Road No.25, Jubilee Hills, Hyderabad-500033, Andhra Pradesh |
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Date of Birth
: |
03.02.1958 |
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Date of
Appointment : |
04.11.1991 |
KEY EXECUTIVES
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Name : |
Mr. Vedula
Gopinath |
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Designation : |
Company Secretary |
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Address : |
8-2-317/A, Flat
No.201, D Block, Amrutha Enclave, Road No.14, Banjara Hills,
Hyderabad-500034, Andhra Pradesh, India |
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Date of Birth/Age : |
01.07.1947 |
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Date of Appointment : |
25.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Polina
Veerraju |
3,175,000 |
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Mr. Polina
Satyanarayana |
1,000,000 |
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Mr. Mullapudi
Anand Rao |
500,000 |
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Mr. Polina Sesha
Ratnam |
325,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Boilers, Economisers,
Superheaters, etc. |
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Products : |
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Exports : |
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Countries : |
Nigeria, Syria,
Bangladesh, Indonesia, Iran, U.K. and Spain. |
GENERAL
INFORMATION
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Customers : |
Oswal Chemicals
and Fertilizers Limited, Paradeep,
Madhya Pradesh |
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No. of Employees : |
250 |
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Bankers : |
State Bank of
India, Saifabad (SIB) Branch, HACA Bhavan, Hyderabad – 500 004, Andhra
Pradesh |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G. Seshadri &
Company Chartered
Accountants |
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Address : |
Plot No.D11, road
No.9, Film Nagar, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India |
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Subsidiaries : |
Fortuna Boiler
Engineers GMBH |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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3] Reserves &
Surplus |
108.732 |
92.573 |
60.459 |
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NETWORTH
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158.732 |
142.573 |
110.459 |
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LOAN FUNDS |
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1] Secured Loans |
394.148 |
300.239 |
88.679 |
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2] Unsecured
Loans |
45.682 |
48.182 |
48.182 |
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TOTAL
BORROWING
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439.830 |
348.421 |
136.861 |
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DEFERRED TAX
LIABILITIES |
27.253 |
21.685 |
15.620 |
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TOTAL
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625.815 |
512.679 |
262.940 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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196.826 |
190.848 |
94.473 |
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Capital work-in-progress
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0.154 |
0.351 |
6.196 |
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INVESTMENT
|
1.115 |
1.115 |
0.068 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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264.371 |
315.307 |
161.416 |
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Sundry Debtors
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407.231 |
160.706 |
86.320 |
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Cash & Bank Balances
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86.025 |
99.438 |
52.139 |
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Other Current Assets
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42.749 |
39.728 |
0.000 |
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Loans & Advances
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0.000 |
0.000 |
24.762 |
Total Current Assets
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800.376 |
615.179 |
324.637 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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345.828 |
274.205 |
150.535 |
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Provisions
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26.828 |
20.609 |
11.899 |
Total Current Liabilities
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372.656
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294.814 |
162.434
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Net
Current Assets
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427.720 |
320.365 |
162.203 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
0.000 |
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TOTAL
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625.815 |
512.679 |
262.940 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1294.821 |
1069.393 |
595.415 |
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Total Income |
1294.821 |
1069.393 |
595.415 |
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Profit/(Loss) Before Tax |
43.651 |
57.611 |
36.234 |
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Provision for Taxation |
22.091 |
17.671 |
19.857 |
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Profit/(Loss) After Tax |
21.560 |
34.940 |
16.377 |
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Earnings in Foreign Currency : |
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Other Earnings |
NA |
NA |
895.456 |
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Total Earnings |
NA |
NA |
895.456 |
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Imports : |
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Others |
NA |
NA |
23.929 |
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Total Imports |
NA |
NA |
23.929 |
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Expenditures : |
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Other Expenditure |
1251.170 |
1011.782 |
559.175 |
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Total Expenditure |
1251.170 |
1011.782 |
559.175 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total
Income |
(%) |
1.66
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3.26 |
2.750
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Net Profit Margin (PBT/Sales) |
(%) |
3.37
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5.38 |
6.085
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.37
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7.14 |
8.518
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.40 |
0.000
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Debt Equity Ratio (Total Liability/Networth) |
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5.12 |
4.51 |
2.709
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Current Ratio (Current Asset/Current Liability) |
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2.15 |
2.09 |
1.998
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LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification
of charges
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Name of the
company |
THERMAL
SYSTEMS (HYDERABAD) PRIVATE LIMITED |
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Presented By |
Mr. C. Rajasekhar |
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1) Date and
description of instrument creating the change |
09.02.1994 General agreement
for the grant of small industrial advances and hypothecation of movables,
book debts and other assets. Hypothecation of
goods, book debts, movable and other assets Advances against
receivables and bills |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.13.000
millions Sub limit: CC - Rs.2.000
millions Bills – Rs.1.000
millions LC – Rs.5.600
millions BG – Rs.4.400
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
stocks, book debts and other chargeable current assets Collateral
Security : Mortgage of
factory shed at Plot No.D-30 and 31, Phase V, IDA, Jeedimetta, Hyderabad
admeasuring 1800 Sq. ft. of each shed and admeasuring 2443.16 Sq. yards. 2nd
charge on land and building and plant and machinery at Plot No.1, Apuroopa
Township, Jeedimetta, Hyderabad. 2nd charge on land and building
and plant and machinery at Plot No.1, Apuroopa Township, Jeedimetta,
Hyderabad EM of Industrial
Land at Sy. No.279, Jeedimetla Qutbullapur Municipalty in the name of the
company admeasuring 1856 Sq. yards 2nd
charge on land and building at Sy. No.158, IDA Boltaram, Miyapur, Hyderabad. EM of Industriual
land at Sy. No.158, IDA, Boltaram, Miyapur, Hyderabad. Extension of EM of
house on Plot No.303-B, H. No.8-2-293/82/A Road No.26, Jublee Hills,
Hyderabad -33 belongs to Mr. P.V. Raju, MD. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Stock – Margin 25% Bills – Margin 40% That the interest charged by the bank at rate of 0.25% below SBAR
advance rate with a minimum of 10% per annum. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India, Saifabad (SIB) Branch, Hyderabad |
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6) Date and brief description of instrument
modifying the charge |
27.12.2005 Agreement of loan
for overall limit Agreement of
hypothecation of goods and assets |
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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. |
Total charge now
extended to Rs.1175.000 millions (Rs. In millions)
Interest for CC Is 0.25% below
State Bank Advance rate equivalent to 10% per annum Interest for EPC Up to 180 days –
3.50% below SBAR i.e. 6.75% p.a. with monthly rests and beyond 180 days –
2.10% below SBAR i. e .8.15% p.a. Repayable on
demand. |
Sales Trend
The company had
reported sales of Rs. 636.101 millions during the year under report and the
total sales income is increased by 64% over the previous year. The company’s
domestic market is very much encouraging.
Hence company’s
thrust has been to secure more orders from domestic market. The value of orders
on hand is Rs. 1670.000 millions.
The company
executed two direct export orders to Alstom, Germany, one to L T A Process
Engineering, South Africa and to P. T. Utama Inti Hasil Kimia Industry,
Indonesia this year. The company is
also under business understanding with Alstom, Germany to expand its business
opportunities. Some more orders are
just under finalisation.
Subject is
specialized in design (thermal and mechanical), supply, testing and commission
of :
Ø Waste heat recovery steam generating systems
for S.A. plants, nitric acid, ammonia, hydrogen plants, zinc & lead smelters
and metallurgical plants.
Ø Fired boilers (coal, oil, gas, bio-mass and
combination fuels)
Ø H.R.S.G. : Behind gas turbines and gensets
Ø Fuel gas boiler for kilns, furnaces and
incinerators
Ø Regenerative systems / equipment : HP &
LP heaters, surface condenser & de-aerators in turbine island
Ø Heat exchangers and pressure vessels
Ø Fired heaters : in C.S., L.A.S. and S.S.
material (fabrication and supply only)
Ø EPC providers for bio-mass based power
plants and municipal waste to energy power plants
The company’s
manufacturing facilities located at Jeedimetla, Hyderabad is fully equipped
with modern machinery for manufacture, testing of critical pressure parts.
It has adequate
covered are and houses special purpose machines, CNC tube bending machine,
plate bending machine, submerged arc welding equipment, radial drilling
machine, tube to tube and tube to sheet auto welding machine, membrane wall
(panels) welding machine, membrane wall (panels) bending machine, strip
calibration, etc.
The company also
has comprehensive in-house testing facilities consisting of U.T., Radiography,
Mechanical testing, measuring and calibration, hydro pneumatic, etc.
The company
executes works under 3rd party inspection agencies like :
Ø Lloyds (LRIS)
Ø Bureau Veritas (BVQI)
Ø SGS India Limited (S.G.S.)
Ø D N V
Ø I B R
Ø Chief Controller of Explosives (CCE)
Ø Mecon
Ø M. N. Dastur & Company
Ø FACT
Ø Tata Projects Limited
Ø Bux Connsil
The company has
entered into strategic technical collaboration / understanding with leading and
reputed international companies such as :
Ø SHG Gmbh, Kassel, Germany
Ø Schlede Engineers, The Netherlands
Ø Stejasa, Spain
Ø Raschka, Germany
Profile
Subject
is proud supplier of 2 x 176.5 tph, 61.25 Kg/Sq. cm, 485oC, Waste
Heat Recovery System for S.A. Plant to Oswal Chemicals and Fertilizers Limited,
Paradeep, India.
The company is an ISO 9001 certified company. TSPL is certified by ASME and the
proud holder of ‘U’ & ‘S’ Stamps.
The
company’s products have been exported to Nigeria, Syria, Bangladesh, Indonesia,
Iran, UK and Spain.
Subject
with a core team of highly skilled professionals is specialized in offering
solutions in the field of Waste Heat Recovery / Heat Transfer System, involving
"Concept to Commissioning".
Manufacturing
The company’s
manufacturing facilities located at Jeedimetla, the industrial township of
Hyderabad is fully equipped with modern machinery for manufacture, testing of
critical pressure parts.
The company has adequate covered area and houses special purpose machines, CNC
tube bending machine, Plate bending machine, submerged arc welding equipment,
Radial drilling machine, tube to tube and tube to tube sheet auto welding
machine, membrane wall (panels) welding machine, membrane wall (panels) bending
machine, strip calibration etc.
The company also has comprehensive in-house testing facilities consisting of
U.T, Radiography, Mechanical testing, measuring & calibration, Hydro
Pneumatic etc.
These facilities, under one roof enables us to manufacture product of
International quality, apart from ensuring timely delivery.
The company employs a wide range of welding techniques like arc, inert gas
submerged arc processes and executed by experienced and certified welders as
per established welding procedures.
All shop activities are conducted strictly in accordance with Customer / Code
requirements. The work is supervised / examined / inspected by experienced
& trained Engineers & Inspectors. The field erection / commissioning
activities are supervised by, experienced field engineers to achieve desired
performance to ensure client’s satisfaction.
Subject has been
accredited with ISO 9001 Certification.
The company’s fixed
assets of important value include land & buildings, plant and machinery,
electrical installations, office equipment, vehicles, furniture and fittings,
computers, etc.
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
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 |
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<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 |
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