%20PRIVATE%20LIMITED%2020-Feb-2007_files/image002.jpg)
MIRA INFORM REPORT
|
Report
Date : |
20.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
THERMAL
SYSTEMS (HYDERABAD) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot
No.1, Apuroopa Towns JIP, IDA Jeedimelta, Hyderabad-500055, Andhra Pradesh,
India |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
04.11.1991 |
|
|
|
|
Com.
Reg. No.: |
01-13404 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U31909AP1991PTC013404 |
|
|
|
|
TAN
No.: [Tax Deduction
& Collection Account No.] |
HYDT01115C |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AAACT9825H |
|
|
|
|
Legal
Form : |
Private limited
liability company |
|
|
|
|
Line
of Business : |
Manufacturer of Boilers, Economisers, Superheaters, etc. |
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
625000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Usually
Correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
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
|
Registered
Office : |
Plot No.1,
Apuroopa Towns JIP, IDA Jeedimelta, Hyderabad-500055, Andhra Pradesh, India |
|
Tel.
No.: |
91-40-23091801 |
|
Fax
No.: |
91-40-23097433 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
Owned |
|
|
|
|
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
|
Name : |
Mr. Polina
Veer Raju |
|
Designation
: |
Managing Director |
|
Address
: |
Plot No.303-B, Road No.25, Jubilee Hills,
Hyderabad-500033, Andhra Pradesh |
|
Date
of Birth : |
01.06.1949 |
|
Date
of Appointment : |
04.11.1991 |
|
|
|
|
Name : |
Mr. P.
Varadaraj |
|
Designation
: |
Joint Managing Director |
|
|
|
|
Name : |
Mr.
Polina Satyanarayana |
|
Designation
: |
Whole time Director |
|
Address
: |
Flat No.201, Plot No.19, Lakshmi Apartments,
Salivahana Nagar, Hyderabad-500073, Andhra Pradesh |
|
Date
of Birth : |
11.11.1959 |
|
Date
of Appointment : |
16.08.1993 |
|
|
|
|
Name : |
Mr. K.
Venu |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr.
Mullapudi Ananda Rao |
|
Designation
: |
Director |
|
Address
: |
H.No.2-30/6, Nizampet Road, Hyder Nagar, Hyderabad,
Andhra Pradesh |
|
Date
of Birth : |
20.10.1960 |
|
Date
of Appointment : |
16.08.1993 |
|
|
|
|
Name : |
Mr. P.
Sesharathnam |
|
Designation
: |
Director |
|
Address
: |
Plot no.303-B, Road No.25, Jubilee Hills,
Hyderabad-500033, Andhra Pradesh |
|
Date
of Birth : |
03.02.1958 |
|
Date
of Appointment : |
04.11.1991 |
KEY EXECUTIVES
|
Name : |
Mr.
Vedula Gopinath |
|
Designation
: |
Company
Secretary |
|
Address
: |
8-2-317/A,
Flat No.201, D Block, Amrutha Enclave, Road No.14, Banjara Hills,
Hyderabad-500034, Andhra Pradesh, India |
|
Date
of Birth/Age : |
01.07.1947 |
|
Date
of Appointment : |
25.08.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Polina
Veerraju |
3,175,000 |
|
Mr.
Polina Satyanarayana |
1,000,000 |
|
Mr.
Mullapudi Anand Rao |
500,000 |
|
Mr.
Polina Sesha Ratnam |
325,000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer of Boilers, Economisers, Superheaters, etc. |
||||||||
|
|
|
||||||||
|
Products
: |
|
||||||||
|
|
|
||||||||
|
Exports
to : |
Nigeria, Syria, Bangladesh, Indonesia, Iran, U.K. and Spain. |
||||||||
|
|
|
GENERAL INFORMATION
|
Customers
: |
Oswal Chemicals and Fertilizers Limited, Paradeep, Madhya Pradesh |
|
|
|
|
No. of
Employees : |
250 |
|
|
|
|
Bankers
: |
State
Bank of India Saifabad (SIB) Branch, HACA Bhavan, Hyderabad – 500 004,
Andhra Pradesh |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors
: |
|
|
Name : |
G.
Seshadri & Company Chartered
Accountants |
|
Address : |
Plot No.D11,
road No.9, Film Nagar, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India |
|
|
|
|
Subsidiaries
: |
Fortuna
Boiler Engineers GMBH |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
7,000,000 |
Equity
shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
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 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
50.000 |
50.000 |
50.000 |
|
|
3]
Reserves & Surplus |
108.732 |
92.573 |
60.459 |
|
NETWORTH
|
158.732 |
142.573 |
110.459 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
394.148 |
300.239 |
88.679 |
|
|
2]
Unsecured Loans |
45.682 |
48.182 |
48.182 |
|
TOTAL
BORROWING
|
439.830 |
348.421 |
136.861 |
|
|
DEFERRED
TAX LIABILITIES |
27.253 |
21.685 |
15.620 |
|
|
|
|
|
|
|
TOTAL
|
625.815 |
512.679 |
262.940 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
196.826 |
190.848 |
94.473 |
|
Capital work-in-progress
|
0.154 |
0.351 |
6.196 |
|
|
|
|
|
|
|
INVESTMENT
|
1.115 |
1.115 |
0.068 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
264.371 |
315.307 |
161.416 |
|
|
Sundry Debtors
|
407.231 |
160.706 |
86.320 |
|
|
Cash & Bank Balances
|
86.025 |
99.438 |
52.139 |
|
|
Other Current Assets
|
42.749 |
39.728 |
0.000 |
|
|
Loans & Advances
|
0.000 |
0.000 |
24.762 |
Total Current Assets
|
800.376 |
615.179 |
324.637 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
345.828 |
274.205 |
150.535 |
|
|
Provisions
|
26.828 |
20.609 |
11.899 |
Total Current Liabilities
|
372.656
|
294.814 |
162.434
|
|
Net
Current Assets
|
427.720 |
320.365 |
162.203 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
625.815 |
512.679 |
262.940 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other income]
|
|
|
595.415 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
36.234 |
Provision for Taxation
|
|
|
19.857 |
Profit/(Loss) After Tax
|
|
|
16.377 |
|
|
|
|
|
Export Value
|
|
|
895.456 |
|
|
|
|
|
Import Value
|
|
|
23.929 |
|
|
|
|
|
Total Expenditure
|
|
|
559.175 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA |
NA |
2.750
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA |
NA |
6.085
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA |
NA |
8.518
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA |
NA |
0.000
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
5.12 |
4.51 |
2.709
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.15 |
2.09 |
1.998
|
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
THERMAL SYSTEMS (HYDERABAD) PRIVATE LIMITED |
|||||||||||||||||||||||||||
|
Presented By |
Mr. C. Rajasekhar |
|||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||
|
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. |
|||||||||||||||||||||||||||
|
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. |
|||||||||||||||||||||||||||
|
5) Name
and Address and description of the person entitled to the charge. |
State Bank of India, Saifabad
(SIB) Branch, Hyderabad |
|||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||
|
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] 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.44.28 |
|
UK Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & 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 |