MIRA INFORM REPORT

 

 

Report Date :

06.08.2007

 

IDENTIFICATION DETAILS

 

Name :

TLT ENGINEERING INDIA PRIVATE LIMITED

 

 

Registered Office :

Survey No. 788 Opposite, Torrent Laboratries, Kalol Mehsana, Highway, Indrad, Ta. Kadi, District Mehsana 383341, Gujarat, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

15.04.1987

 

 

Com. Reg. No.:

04-9563

 

 

CIN No.:

[Company Identification No.]

 U29309GJ198PTC009563

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT09732C

 

 

PAN No.:

[Permanent Account No.]

AAACT2092G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Designers of Industrial Fans

 

 

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 203808

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well – established and reputed company having satisfactory track. Their trade relations are fair. Payment are usually correct and as per commitments.

The company can be considered good for any normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Survey No. 788 Opposite, Torrent Laboratries, Kalol Mehsana, Highway, Indrad, Ta. Kadi, District Mehsana 383341,Ahmedabad, Gujarat, India

Tel. No.:

91-2764-233497

Fax No.:

91-2764-233503

E-Mail :

www.tltindia.com

Website :

ida@hs.co.in

 

 

Head Office :

204, Sumer Kendra, Pandurang Budhkar Marg, Worli Mumbai- 4000 18, India

Tel. No.:

91-22-24965031-36 ( 6 lines )

Fax No.:

91-22-24961073

E-Mail :

corphq@hs.co.in

 

 

Branch Office:

44, South Boag Road, T. Nagar, Chennai – 600 017, India

Tel. No.:

91-44-434 55 29 / 434 79 23 / 434 21 46 /

Fax No.:

91-44-434 43 20

E-Mail :

hsmadras@vsnl.com

 

 

Branch Office:

204, Sumer Kendra, Pandurang Budhkar Marg, Worli Mumbai- 4000 18, India

Tel. No.:

91-22-24965031-36 ( 6 lines )

Fax No.:

91-22-24961073

E-Mail :

corphq@hs.co.in

 

 

Branch:

5, Shreehari Apartments, 13 Anand Society, Vadodara – 390005, Baroda

Tel. No.:

91-265-2340834

Fax No.:

91-265-2338319

E-Mail :

hsvod@wilnetonline.net

 

 

Branches :

Bina Pani Bhavan, 54/1/1, Hazra Road, Calcutta – 700 019, India

Tel. No.:

91-33-24761099 / 91-33-24760992 / 93

Fax No.:

 91-33-47609 91

E-Mail :

hscal@vsnl.com

 

 

Branch:

3-6-14/3/1, Ratan Mahal, Viccajee’s Estate, Himayat Nagar, Hyderabad-500 029

Tel No:

91-40-23220189

Fax No:

91-40-23224539

E-Mail:

hsgroup@hd2.vsnl.net.in

 

 

Branch:

14, 7th Main, Binnamangala Indira Nagar, 2nd Stage, Bangalore-560 038

Tel No.

91-80-2528 0063

 

 

Branch:

B-4/222 Safdarjung Enclave New Delhi – 110 029

Tel No.

91-112-6161217 / 26197824 /2 6105473

Fax No.

91-11-26193156

E-mail :

hsms@del3.vsnl.net.in

 

 

DIRECTORS

 

Name :

Mr.Sheth. C. Hasmukh

Designation :

Director

Address :

301 / 401  Om Vikas Tower, Behind Parsi Agi Yari, Walkeshwar, Mumbai - 400006, Maharashtra

Date of Birth/Age :

04.02.1939

Date of Appointment :

27.01.1993

 

 

Name :

Mr.Andrade Joseph Peter

Designation :

Director

Address :

C-7, Sangam Bhavan, Opposite Strand Cinema, colaba, Mumbai – 400 005, Maharashtra

Date of Birth/Age :

03.01.1947

Date of Appointment :

27.01.1993

 

 

Name :

Mr.Sheth Hasmukh Gautam

Designation :

Whole Time Director

Address :

301 / 401  Om Vikas Tower, Behind Parsi Agi Yari, Walkeshwar, Mumbai - 400006, Maharashtra

Date of Birth/Age :

15.06.1968

Date of Appointment :

01.09.1995

 

 

Name :

Mr.Chheda .C. Damji

Designation :

Director

Address :

05.03.0998D6 – 501 / 502, Malinath Apartment, Sarvodaya Nagar, Jain Mandir Marg, Mulund ( West ), Mumbai – 400080, Maharashtra

Date of Birth/Age :

02.03.1945

Date of Appointment :

05.03.1998

 

 

Name:

Mr. Parimi Chakrapant

Designation:

Director

 

 

Name:

Mr. Dieter Hill

Designation:

Director

 

 

Name:

Mr. Kurt Omlor

Designation:

Director

 

 

Name:

Mr. Siegmar Rzonsa

Designation:

Director

 

 

KEY EXECUTIVES

 

Name :

M/S, Parikh Parekh and Associates

Designation :

Company Secretary

Address :

A-60/1220, Azad Nagar, Veera Desai Road, Andheri ( west), Mumbai-400053

Phone:

91-22-26734304

Fax:

91-22-26734305

E-mail

parikhhassociates@yahoo.co.uk

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Sheth . C. Hasmukh

 

339577

Andrade Joseph Peter

 

237500

Sheth H Gautam

 

272920

Sheth H Ushaben

 

100000

Sheth .C. Hasmukh, Andrade Joseph Peter and Sheth .H. Gautam

 

1

Sheth .C. Hasmukh, Sanghavi .M. Sheetal and Kruti .P. Shah

 

1

Sheth .C. Hasmukh, Shah .K. Naresh

 

1

 

 

Equity Share Break – up ( percentage of total equity)

 

S.No.

Category

Percentage

1.

Directors or relatives of directors

100%

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Designers of Industrial Fans

 

 

Products :
  • Industrial Fans
  • Fan Accessories
  • Sound Protection
  • Product Application
  • Cement Industries
  • Fertilizer and Chemicals Industries
  • Petrochemicals and Refinery
  • Steel and Matallurgical Industries
  • Steam Generation and Power Plant
  • Glass Industries

 

 

 

GENERAL INFORMATION

 

Customers :
  • Cement Sector : L and T, Loesche, Cimmco, Fuller ( FKCP), Krupp as OEMs Major Cement Plants in India
  • Fertilizer and Chemical Sector: GSFC, IFFCO, MFL,EID Parry, KMML, SPIC FINE, TATA
  • Petrochemical Sector: Finolex, IPCL
  • Refinery Sector: IOCL, HPCL, BPCL, Essar
  • Steel Sector:TISCO, SAIL, SISCOL, Essar, PT Ispat, ISSAL, VSPL
  • Boiler Sector: Krupp, TBW, WIL, BHEL, CVL, IBIL, DBBD, Sitson as OEMs

 

 

Bankers :

Dena Bank

Nepean Sea Road Branch

Mumbai

 

Banking Relations :

Satisfactory

Auditors :

 

Name :

S.P. Jain and Associates

Chartered Accountant

Address :

F 13 Dadar Manish Market,

Senapati Bapat Marg, Dadar ( West )

Mumbai – 400028, Maharashtra

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1250000

Equity

Rs.10/- each

Rs.12.500 millions

 

 

Issued share Capital :

No. of Shares

Type

Value

Amount

950000

Equity

Rs.10/- each

Rs.9.500 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

9.500

9.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

41.452

20.732

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

50.952

30.232

LOAN FUNDS

 

 

 

1] Secured Loans

 

18.193

11.989

2] Unsecured Loans

 

5.619

14.780

TOTAL BORROWING

 

23.812

26.769

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

 

74.764

57.001

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

23.334

19.905

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.117

0.117

DEFERREX TAX ASSETS

 

3.500

0.759

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

22.757

33.911

 

Sundry Debtors
 

57.792

46.445

 

Cash & Bank Balances
 

27.031

14.087

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

29.627

12.411

Total Current Assets
 

137.207

106.854

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

60.470

53.263

 

Provisions
 

28.924

17.371

Total Current Liabilities
 

89.394

70.634

Net Current Assets
 

47.813

36.220

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

74.764

57.001

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

217.216

190.311

Other Income

 

0.000

0.000

Total Income

 

217.216

190.311

 

 

 

 

Profit/(Loss) Before Tax

 

32.840

30.944

Provision for Taxation

 

9.174

11.155

Profit/(Loss) After Tax

 

23.666

19.789

 

 

 

 

FOB:

 

0.894

--

 

 

 

 

Imports :

 

 

 

Raw Materials

 

 

 

 

Stores & Spares

 

3.087

10.453

 

Capital Goods

 

 

 

 

Others

 

 

 

Total Imports

 

 

 

 

 

 

 

Expenditures :

 

 

 

Cost of Goods Sold

 

 

 

 

Manufacturing Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

Raw Material Consumed

 

 

 

 

Purchases made for re-sale

 

 

 

 

Consumption of stores and spares parts

 

180.829

157.028

 

Increase/(Decrease) in Finished Goods

 

 

 

 

Salaries, Wages, Bonus, etc.

 

 

 

 

Managerial Remuneration

 

 

 

 

Payment to Auditors

 

 

 

 

Interest

 

 

 

 

Insurance Expenses

 

 

 

 

Power & Fuel

 

 

 

 

Depreciation & Amortization

 

3.547

2.339

Total Expenditure

 

184.376

159.367

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Name of the company

TLT ENGINEERING INDIA PRIVATE LIMITED

Presented By

Jointly by the company and charge holder

1) Date and description of instrument creating the change

Unattested hypothecation of goods, book debts and Other movable assets dated : 24.12.1992

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.000  millions ( Rs. Twenty millions only )

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

All the raw materials such as Finished and semi- finished Goods, etc. All the Present and future book debts. Additional security of all the tangible, movable properties. And movable assets including Plant and Machinery, Furniture articles Office equipments, computers and things belonging to the borrower and lying and being. At their premises / factories at Gujarat or elsewhere. Immovable properties belonging to the borrower.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest 22.25 % subject to RBI / HO guidelines.

5) Name and Address and description of the person entitled to the charge.

Dena bank,

Nepean Sea Road Branch,

Mumbai

6) Date  and brief description of instrument modifying the charge

Memorandum of sixth modification of agreement of Hypothecation ( goods, book debts other movable Assets dated 06.04.2005)

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.

First modification dated 54.10.1994 wherein the amount secured was increased from Rs. 2.000 millions to 3.000 millions. To secure the bank by the way of first charge on the all the present and the future stock in trade consisting of all the present and the future stock in trade and book debts and other movable assets.

Second modification dated 06.04.1998 where in the amount Secured was increased from 3.000 millions to 6.000 millions. To secure the bank by the way of first charge on the all the present and the future stock in trade consisting of all the present and the future stock in trade.

Third Modification dated: 16.06.1998

Further by mortgage of property at Serial No. 7888 Plot No.1, Opposite Torrent Laborities, Village Indrad, Kalol, Mehsana Highway Taluka Kadi, District Mehsana Gujarat by way of 2nd charge

Fourth Modification dated : 03.07.1998, where in the following

Further limits were secured

BP/B/ Inland ( including adhoc 6.500 millions ) – 7.500 millions

FBP(DP) under L/C                                   -        - 2.200 millions

L/C(inland/foreign) DP/DA                               --- 2.000 millions

Guarantees (performances/financial)          ---    25.000 millions

Total                                                                -- 37.000 millions

Thus ,making total limits secured to Rs. 43.000 millions

Fifth Modification dated 22.12.2000, by which the LC limits has been increased from Rs. 2.000 millions to 3.000 millions.

Limits against stock as well as against book debts and BPD P/supply  bills limits interchangeable  with stock /

Book debts with supply bills on book debts upto Rs. 10.000 millions To secure the bank by the way of first charge on the all the present and the future stock in trade consisting of all the present and the future stock in trade besides.

Equitable mortgage by deposite  of title  deedsof property

At. Serial No. 7888, Plot No. 1 Opposite Torrent Laborities, Village Indrad, Kalol, Mehsana Highway Taluka Kadi, District Mehsana Gujarat by way of 2nd charge.

By Present Modification

Sixth Modification dated 06.04.2005 the limits were

Increased in the following manner

Cash / Credit                                Rs.10.000 millions

Guarantee Performance              Rs. 60.000 millions

L/C                                                 Rs. 15.000 millions

Total                                              Rs. 85.000 millions

Limits against stock as well as against book debts and BPDP/ supply bills limits interchangeable with stock/ Book debts with supply bills on book debt upto Rs. 10.000 millions to secure the bank by way of first charge on all the present and future stock  Book debts in trade consisting Of all the present and future stock in trade and

Further by counter  guarantee besides.

Equoitable mortgage by deposit of the title deeds  of property At. Serial No. 7888, Plot No. 1 Opposite Torrent Laborities, Village Indrad, Kalol, Mehsana Highway Taluka Kadi, District Mehsana Gujarat by way of 1st charge.

 

 

 

 

 

 

 

Corporation identity number or foreign company registrations number of the company 

U29309GJ1987PTC009563

Name of the company

TLT ENGINEERING PRIVATE LIMITED

Address

Survey No. 788 Opposite Torrent Laboratories Limited, Karol – Highway, Indrad – District Mehsana, Gujarat-383341, India

This Form is for

Modification Of Charge

Type of Charges

  • Hypothecation
  • Equitable mortgage or mortgage of property by depositing the title deeds.

Particular of the charge holder 

Dena Bank

Swapnalok Apartment, Nepeansea Road Branch

Amount Secure by the charge

Rs.100.000 millions

Description of the property charge whether it is a charge on

  • Immovable Properties
  • Plant and Machinery
  • Stock in Trade
  • Book Debts

Modification charge

Charge identification number of the charge to be modified

90097663

Date of instrument modifying the charge

23.03.2006

 

 

 

 

 

 

 

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.40.58

UK Pound

1

Rs.81.85

Euro

1

Rs.55.76

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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