MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
THE INDURE PRIVATE LIMITED |
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Registered Office : |
Indure House, Greater Kailash Part II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.1970 |
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Com. Reg. No.: |
5272 |
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CIN No.: [Company
Identification No.] |
U74899DL1970PTC005272 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Suppliers of Complete range of reliable Ash Handling Equipments and Developers. |
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 647932 |
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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 records. 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 / : |
Indure House, Greater Kailash Part II, |
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Tel. No.: |
91-011-29213762 |
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Fax No.: |
91-011-29219566 |
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E-Mail : |
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Factory 1 : |
45/1 New Industrial Area, Site No. 4, Sahibabad, Uttar Pradesh |
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Tel. No.: |
91-120-24711835 |
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Fax No.: |
91-120-24711840 |
DIRECTORS
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Name : |
Mr. Narendra Prakash Gupta |
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Designation : |
Chairman Cum Managing Director |
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Address : |
W – 20, Greater Kailash Ii, |
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Date of Birth/Age : |
12.11.1943 |
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Date of Appointment : |
22.04.1970 |
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Name : |
Mrs Indu Gupta |
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Designation : |
Managing Director |
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Address : |
W – 20, Greater Kailash Ii, |
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Date of Birth/Age : |
08.11.1945 |
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Date of Appointment : |
29.06.1985 |
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Name : |
Ms. Nidhi Gupta |
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Designation : |
Director |
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Address : |
W – 20, Greater Kailash Ii, |
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Date of Birth/Age : |
04.09.1973 |
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Date of Appointment : |
19.12.2001 |
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Name : |
Mr.Anant Gupta |
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Designation : |
Director |
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Address : |
W – 20, Greater Kailash Ii, |
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Date of Birth/Age : |
07.04.1970 |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mrs. Bhavana Gupta |
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Designation : |
Director |
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Address : |
W – 20, Greater Kailash Ii, |
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Date of Birth/Age : |
25.05.1969 |
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Date of Appointment : |
01.03.2003 |
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Name : |
Mrs. Varghese George |
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Designation : |
Director |
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Address : |
W – 20, Greater Kailash Ii, |
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Date of Birth/Age : |
30.02.1949 |
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Date of Appointment : |
08.09.1997 |
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Name : |
Mr. Atul Garg |
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Designation : |
Director |
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Address : |
C-21, Ground Floor, Ashoka Enclave Phase- II, Secor – 37, Haiyana
121.003 |
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Date of Birth/Age : |
21.12.1950 |
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Date of Appointment : |
16.03.2002 |
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Name : |
Mr. Mohan Gupta |
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Designation : |
Director |
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Name : |
Mr. O P Gupta |
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Designation : |
Director |
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Name : |
Mr.N. P. Gupta |
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Designation : |
Director |
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Name : |
Mr. T Aggarwala |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Chander Gupta |
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Designation : |
Secretary |
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Address : |
874, Pocket – B And C, Secotra, Vasant Kunj |
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Date of Birth/Age : |
12.01.1951 |
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Date of Appointment : |
31.12.1977 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names Of Shareholders |
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No. of
equity Shares |
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Mr. Narendra Prakash Gupta |
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148113 |
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Mrs. Indu Gupta |
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13490 |
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Mr. Anant Gupta |
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4540 |
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Ms. Nidhi Gupta |
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1520 |
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Mrs. Bhavana Gupta |
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5000 |
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Mr. Avichal Gupta |
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10000 |
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M/S Desein Private Limited |
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12900 |
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M/S Progect |
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1440 |
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Mr. N. P. Gupta (Huf) |
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1108 |
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Mr. R. C Aggarwal |
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693 |
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Mr. V. K. Gupta |
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266 |
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Mr. Vijay Laxmi Gupta |
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200 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (not mentioned above) |
22.64 |
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2 |
Directors or relatives of directors |
76.57 |
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3 |
Other top fifty(50) shareholders (other than
listed above) |
0.79 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Suppliers of Complete range of reliable
Ash Handling Equipments and Developers. |
GENERAL INFORMATION
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Customers : |
Indian Clients
International Clients
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No. of Employees : |
1200 for Group |
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Bankers : |
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Facilities : |
Subject has availed the following facilities with its bankers as on January 2, 2003 against hypothecation of raw materials, stores, work in progress and finished goods and book debts and further guarantee by directors of the company. (Figures Rupees in millions)
Subject availed Term Loan from ICICI and IDBI Bank. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Gupta and Gupta Chartered Accountants |
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Address : |
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Memberships : |
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Collaborators : |
·
Allen Sherman Hoff Co., ·
Alrick Equipment, ·
Warman International Inc., ·
Schmelzbasaltwerk, Kalenborn, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity shares |
Rs. 10/-
each |
Rs 24.000
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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24.000 |
24.000 |
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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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137.983 |
110.911 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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161.983 |
134.911 |
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LOAN FUNDS |
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1] Secured Loans |
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212.091 |
87.443 |
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2] Unsecured Loans |
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805.396 |
577.595 |
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TOTAL BORROWING |
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1017.487 |
665.038 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1179.470 |
799.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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105.890 |
87.606 |
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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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2.188 |
1.773 |
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DEFERREX TAX ASSETS |
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1.231 |
0.576 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2778.706 |
2069.173 |
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Sundry Debtors |
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704.171 |
202.592 |
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Cash & Bank Balances |
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363.044 |
230.869 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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284.100 |
177.485 |
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Total
Current Assets |
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4130.021 |
2680.119 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3000.828 |
1.933 |
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Provisions |
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59.032 |
36.603 |
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Total
Current Liabilities |
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3059.860 |
38.536 |
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Net Current Assets |
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1070.161 |
709.994 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1179.470 |
799.949 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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225.305 |
131.802 |
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Other Income |
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1404.483 |
126.401 |
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Total Income |
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1629.788 |
1393.203 |
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Profit/(Loss) Before Tax |
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50.921 |
46.558 |
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Provision for Taxation |
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19.745 |
26.891 |
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Profit/(Loss) After Tax |
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31.176 |
19.667 |
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Earnings in Foreign Currency : |
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Export Earnings |
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60.162 |
37.013 |
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Commission Earnings |
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Other Earnings |
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Total Earnings |
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Imports : |
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Raw Materials |
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Stores & Spares |
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14.715 |
44.055 |
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Capital Goods |
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Others |
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Total Imports |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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2214.225 |
1389.592 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Financial Charged |
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9.561 |
6.954 |
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Depreciation & Amortization |
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16.613 |
-- |
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Total Expenditure |
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2240.399 |
1396.546 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.91 |
1.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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22.60 |
35.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.20 |
1.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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25.17 |
5.21 |
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Current Ratio (Current Asset/Current Liability) |
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1.34 |
3.77 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 22nd April, 1970 at
BUSINESS
Subject is engaged in the business as Manufacturer and Suppliers of Complete range of reliable Ash Handling Equipments and Developers.
Subject has claimed that arrangements have been made with
the collaborators Diamond Power International Inc.,
Subject imports raw materials and machineries from European countries.
Subject and its group undertake various projects abroad and in domestic market. The subject and its group are executing the following projects :
- Assessment of 180 MW power plant
Supply of Ash disposal system for Yallourn TPS
Generation Optimisation Study
Review of basic design for Saudi Consolidated Electric Co.
Preparation of unified O and M manuals for SCE Co.
Distribution system study for Jubali Area
Feasibility study for shifting a
red brick factory to
- Operation and maintenance of complete power station (4*120MW) for 3 years
- Operation and maintenance of 4 desalination plants, each of 10,000 m3/day, for 3 years.
- Site services for installation of 120 tph boiler for Zia Fertilizers Corp
- Sub-transmission and distribution system study for phuntsholing town
Subject’s complete range of Ash Handling Equipments are under one roof which includes the following :
- Ash Slurry Pumps (Vertical and Horizontal)
- Special alloy CI pipes and fitting
- Storage type bottom ash hoppers
- Feed gate housings
- Clinker grinders
- Hydro ejectors (jet pumps)
- Hydrovactors (vacuum producers)
- E-type material handling valves (extraction valve)
- Air electric segregating slide valves
- Vacuum breakers
- Primary collectors
- Seal collectors tanks
- Hydrobins and Hydrobin gates
- PLC based ash handling control panels
- Wetting heads
- EZY sleeve coupling
- Feeder ejectors
- Air lock assemblies
- Special alloy CI pipes and fitting
Subject executed the following ash handling plants :
- 4*210 MW (4*120 tph ash) national Capital Thermal Power Plant at Dadri in 1992 as the world’s largest PLC based fully automated ash extraction and conveying system with vacuum-cum-pressure conveying of ash to silos at a distance of over 1 km.
- OBRA
Stage-II and III (5*200 MW) in 1980, as one of the largest ash system and
first 200 MW unit in
- National Thermal Power Corporation (NTPC) Ramagundam Stage-II (3*500 MW) in 1989, as one of the largest capacity, 500 TPH ash, PLC based, fully automated ash handling system.
- Andhra Pradesh State Electricity Board (APSEB), Vijayawada Stage-II and III (4*210 MW) in 1990 and 1994 respectively, as one of the most efficient (PLF 94%) fully automated, PLC based ash handling systems with 180 TPH ash per unit capacity.
Ash Handling offered by the subject
Bottom ash extraction system
- Storage type hoppers for intermittent deashing
- Scraper conveyors for continuous deashing
Fly ash extraction system
- Vacuum System
n Using steam jet exhausters
n Hydrovactors
n Vacuum Pumps (mechanical exhausters)
n Feeder ejector system
Ash Collection System
- Dry Ash Vacuum Systems
n Vacuum cum pressure system
n Pressure System
Ash Disposal System
- Pump disposal for wet ash
n Conditioned Dry ash using hydromix dust conditioner
n Completely Dry ash using rotary feeder
Joint Ventures
- Desein Beiz Technik Private Limited was formed in collaboration with a German Company, Beiz-Technik Fur Kraftwerke GmbH, for chemical cleaning of boilers, heat exchangers, pressure vessels, oil pipelines, etc. based on latest techniques.
- Elektrim India Limited was formed in 1990 for providing services for determination of residual life and rehabilitation of old power plant equipments including modernisation with a view to achieve the designed performance and efficiency.
Indure Workshop Capabilities
- Modern Foundary : Two Nos 2 TPH capacity Induction Furnaces 6 TPH capacity Cupola Furnace
- Computerised Vacuum Emission Spectrometer for speedy and accurate chemical analysis of melts
- Ultrasonic, Magnaflux, Rockwell hardness testing machines for physical and chemical testing and quality control
- Machine shop with latest CNC machines and machine tools to process difficult alloys like NI-hard
- Automatic computer controlled hard facing welding machine.
Services Offered
- Preparation of project reports for new and extension of Ash Handling Plants
- Turnkey contracting of ash handling plants from concept to commissioning
- Renovation and modernization of existing ash handling plants
- Complete operation and maintenance services for Ash Handling Plants
- Supply of genuine spare parts for all existing ash handling plants
Specialisation
Ash Handling system capacity upto 590 TPH
- Dry fly ash extraction by vacuum system
- Distant transportation of dry ash, continuously by vacuum-cum-pressure system
- Storage type water filled bottom ash hopper
- Fully automated PLC based user friendly ash handling system with minimum manual interference
- Distant transportation of ash slurry continuously by ash slurry pumps, distant transportation of bottom ash slurry by jet pumps
- Ash systems with optimum utilisation of water by re-circulating it
- Ash systems using sea water
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Corporation identity number or foreign company registrations number of the company |
U74899DL1970PTC005272 |
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Name of the company |
The Indure Limited |
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Address |
Indure House, Greater Kailash Part II, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property, floating chrge |
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Particular of the charge holder |
Canara
Bank, |
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Nature or description of the instrument creating charge |
Letter evidencing deposit of title deeds |
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Date of the instrument creating charge |
28.03.2007 |
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Amount Secure by the charge |
Rs. 6445.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: As per agreement b) Terms of Repayment: As per agreement c) Margin: As per agreement d) Extent and operation of the charge: Up to Rs 6445.000 millions to secure various credit facilities provided by the consortium bankers such as Canara Bank FB Rs. 453.200 millios, NFB Rs. 2864.700 millions, Syndicate Bank – FB Rs. 181.200 millions, NFB Rs. 1432.400 millions and Bank of Maharashtra – FB Rs. 81.200 millions, NFB Rs. 1432.300 millions |
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Description of the property charge whether it is a charge on |
All present and future stocks of raw materials, semi-finished goods and finished goods, store and spares stored / to be stored at company’s premises situated at Sahibabad and sikandrabad (UP) and / or whereverelse including those in transit and all book-debts, bills receivables of the company both present and future. The charge on current assets shall rank pari- passu bassis between the consortium member bank i.e. Canara Bank, Syndicate Bank and Bank of Maharashtra |
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Particulars of the present modification |
Enhanced limite of Rs. 6445.000 million is further collaterally secured by way of equitable mortgage of whole of the landed properties situated at plot no. 14, G. T. Road, Sikandrabad Industrial Area, Bulandshahar (UP), admeasuring 83590.42 SQ FT including all buildings thereon and machinery therein. The charge shall operate on pari-passu basis between the consortium member banks. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.41 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.55.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
|