MIRA
INFORM REPORT
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Report Date : |
06.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
OCEANIC
COOLING TOWER PRIVATE LIMITED |
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Registered Office : |
D-71, Amar Colony, Lajpat Nagar-4,New
Delhi-110 024, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.04.1995 |
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Com. Reg. No.: |
55-67897 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC067897 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELO02316G |
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PAN No.: [Permanent
Account No.] |
AAACO1454D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
subject is a Manufacturer and Exporter of Cooling Towers, Water Treatment
Plant and it’s Spares. |
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
5000 |
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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 a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are usually correct and as
per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
D-71, Amar Colony, Lajpat Nagar-4,New Delhi-110 024, India. |
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Tel. No.: |
91-11-26221580 |
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Mobile No.: |
91--9810060276 |
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Fax No.: |
91-11 26228804 |
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E-Mail : |
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Website : |
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Marketing
Office : |
A1-127, First Floor, Lajpat Nagar-1, New
Delhi-110024 |
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Tel.
No.: |
91-11-41602359, 41727359, 41727759 |
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Fax
No.: |
91-11-26228804, 51727759 |
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E-Mail
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Website : |
DIRECTORS
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Name : |
Mrs
Nisha Mandal |
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Designation : |
Director |
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Address : |
D-71,
Amar Colony, Lajpat Nagar, IV, New Delhi - 110024 |
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Date of Appointment : |
27.01.1995 |
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Name : |
Mr
Sandeep Pal Mandal |
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Designation : |
Director |
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Address : |
D-71,
Amar Colony, Lajpat Nagar, IV, New Delhi – 110024 |
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Date of Appointment : |
11.08.2004 |
KEY EXECUTIVES
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Name
: |
Mr Sandeep
Pal Mandal |
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Designation
: |
Chief
Executive Officer |
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Address
: |
D-71,
Amar Colony, Lajpat Nagar, IV, New Delhi – 110024 |
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Date
of Birth/Age : |
11.08.2004 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr
Shandeep Pal Mandal |
170 |
17.00 |
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Mrs
Nisha Mandal |
830 |
83.00 |
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Total |
1000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
subject is a Manufacturer and Exporter of Cooling Towers, Water Treatment Plant
and it’s Spares. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Auditors : |
S K Singhal and Associates Chartered
Accountants |
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Address: |
203,
Garg Plaza, L S C, Near Shakti Nagar, Railway Under Bridge, Delhi - 110052 |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1000 |
Equity
Shares |
Rs 100/- each |
Rs 0.100 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1000 |
Equity
Shares |
Rs 100/- each |
Rs 0.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.061 |
0.030 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.161 |
0.130 |
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LOAN FUNDS |
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1] Secured Loans |
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0.224 |
0.300 |
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2] Unsecured Loans |
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0.603 |
0.400 |
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TOTAL BORROWING |
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0.827 |
0.700 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.988 |
0.830 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.451 |
0.722 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.389 |
0.765 |
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Sundry Debtors |
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3.340 |
3.072 |
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Cash & Bank Balances |
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0.427 |
0.044 |
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Other Current Assets |
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0.069 |
0.070 |
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Loans & Advances |
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0.092 |
0.084 |
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Total Current Assets |
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4.317 |
4.035 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.713 |
3.872 |
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Provisions |
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0.067 |
0.055 |
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Total Current Liabilities |
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3.780 |
3.927 |
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Net Current Assets |
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0.537 |
0.108 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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0.988 |
0.830 |
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt
Equity Ratio(Total Liability/Networth) |
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28.61 |
35.59 |
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Current
Ratio(Current Asset/Current Liability) |
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1.14 |
1.02 |
LOCAL AGENCY
FURTHER INFORMATION
The organization is a conglomeration of highly skilled technocrats and managed at the helm of affairs. The promoters have been working in the cooling tower industry for the past several years with an in depth knowledge in Thermal Engineering and its applications. They are assembled under one roof with the prime objective of providing customer satisfaction in a superior product with excellent workmanship and competitive prices.
About product
Oceanic cooling towers are unique by being the only
Forced Draught has the distinct advantage of higher thermodynamic efficiency ,
easier installation and maintenance , low power consumption , easy
accessibility to internal components while in operation , and lesser ground
area for installation with minimum clearance required around the towers.
Coupled with this, Oceanic has an unpressurised gravity flow distribution
system requiring minimum of maintenance , eliminating the possibilities of
breakdowns due to clogging of nozzles or sprinkler hole/breaking of sprinkler
head, as experienced in circular cooling towers. Hence , it can be called
" A zero defect Cooling Tower".
Mechanical components
At Oceanic , the Axial Flow Fans are statically balanced and manufactured in
strict conformation to renowned American Designs . All motors are of standard
make TEFC, with IP 55 protection and co-guaranteed by the original
manufacturers as ABB, CROMPTON , HINDUSTAN, OSWAL, MEGHA and others . All the
fans are direct driven eliminating any gear box problems as experienced in
other cooling towers. The fan motor assembly is in the lowest portions of the
cooling tower, making it easily accessible for inspection and periodic
maintenance. Also as the fan and motor assemblies do not come in contact with
humid air, the problem of corrosion , moisture condensation and motor burnout
are eliminated.
PVC components
All PVC fills are double folded with an automatic drainage system, producing a
favorable pressure drop and a good protection against erosion. They are glued
by automatic process and manufactured with German design ensuring a maximum
drift loss of 0.001% under standard design conditions . The sub-distribution
pipes are made of rigid PVC with a testing pressure of 6 Kg/cm2 .
FRP Components
The cooling tower panels and main troughs are of corrosion resistant fiberglass with a longer service life and available in various colour choices. Company uses superior quality Isothelic resin and FRP matting , making the components stronger for withstanding wind pressures.
Skilled Field Personnel
At Oceanic , besides qualified sales staff and planning/design engineers, there
is a permanent work force of site supervisors , erectors , and fitters with
long standing experience in the installation of various kinds of cooling
towers, all over the country.
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 |
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US
Dollar |
1 |
Rs.44.12 |
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UK
Pound |
1 |
Rs.87.01 |
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Euro |
1 |
Rs.57.45 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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