MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TTP TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known as: |
Thermal Transfer Products Private Limited |
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Registered Office : |
#486 ‘D’, 4th Phase, 13th Crosspeenya Industrial
Area, Near |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.09.1982 |
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Com. Reg. No.: |
004963 |
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CIN No.: [Company
Identification No.] |
U31909KA1982PTC004963 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT02462F |
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PAN No.: [Permanent
Account No.] |
AAACT7188B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Transformer Radiators Heat Exchangers and other Heat
Exchanger Systems of various designs. |
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 : |
USD240000 |
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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 : |
#486 ‘D’, 4th Phase, 13th Crosspeenya Industrial
Area, Near |
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Tel No.: |
91-80-28361488 |
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E-Mail : |
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Overseas Office: |
For UK & Continental Cell: 0044 7956 385 761 M.L Gopal Tel\Fax: 254 742
1979 Jim VanArsdale |
DIRECTORS
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Name : |
Mr. Balaram Menon |
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Designation : |
Additional Director |
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Address : |
No. D 402, Brigade Apartments, 8th |
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Date of Birth/Age : |
05.07.1950 |
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Date of Appointment : |
09.02.2007 |
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Name : |
Mr. Hannah Mohandas Shetty |
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Designation : |
Director |
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Address : |
No.41, Kuteera |
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Date of Birth/Age : |
12.04.1948 |
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Date of Appointment : |
22.09.1982 |
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Name : |
Mr. Malleshaiah Devarajaiah |
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Designation : |
Director |
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Address : |
No. 228, 15th C Cross, 2nd Phase, Mahalakshmi
Layout, Bangalore-560086, |
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Date of Birth/Age : |
24.05.1954 |
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Date of Appointment : |
31.03.1998 |
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Name : |
Mr. Mohandas Dejoo Shetty |
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Designation : |
Managing Director |
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Address : |
No. 41, Kuteera |
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Date of Birth/Age : |
24.11.1943 |
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Date of Appointment : |
22.09.1982 |
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Tel No.: |
91-80-28366962 |
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9845016100 |
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Fax: |
91-80-41172303 |
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E-Mail: |
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Name : |
Mr. Renee Mohandas Shetty |
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Designation : |
Directors |
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Address : |
No.41, Kuteera |
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Date of Birth/Age : |
17.02.1976 |
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Date of Appointment : |
22.09.1982 |
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Name : |
Mr. Alva Ratnakar |
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Designation : |
Director |
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Name : |
Mr. Muthayya Shetty |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. B.S. Hemanth |
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Designation : |
Chief Executive Officer (Marketing) |
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Tel No.: |
91-80-41272831 |
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Mobil No.: |
9880857331 |
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Fax: |
91-80-41172303 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Sharer Breakup
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S. No. |
Category |
Percentage of Holding |
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1. |
Bodies corporate
(not mentioned above) |
0.02 |
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2. |
Directors or
relatives of directors |
95.38 |
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3. |
Others top fifty
(50) shareholders (other than listed above) |
4.60 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Transformer Radiators Heat Exchangers and other Heat
Exchanger Systems of various designs |
GENERAL INFORMATION
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Bankers : |
State Bank Of India, Peenya Industrial Estate Branch, B-96, II Cross,
I Stage, Peenya Industrial Estate, Bangalore-560058, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H.R. Alva and Associates Chartered Accountant |
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Address : |
#483, 1st Cross, K.H.B. Colony, 5th Block,
Kormangala, Bangalore-560095, |
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Associates: |
MPP TECHNOLOGIES MPP TECHNOLOGIES PRIVATE LIMITED |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 100/-each |
Rs. 15.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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103698 |
Equity Shares |
Rs. 100/-each |
Rs. 10.370 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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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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10.370 |
10.370 |
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2] Share Application Money |
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0.120 |
0.120 |
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3] Reserves & Surplus |
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51.564 |
40.276 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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62.054 |
50.766 |
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LOAN FUNDS |
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1] Secured Loans |
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82.430 |
92.900 |
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2] Unsecured Loans |
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6.450 |
3.533 |
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TOTAL BORROWING |
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88.880 |
96.433 |
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DEFERRED TAX LIABILITIES |
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0.693 |
1.685 |
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TOTAL |
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151.627 |
148.884 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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63.364 |
66.825 |
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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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0.415 |
0.415 |
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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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17.459 |
44.961 |
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Sundry Debtors |
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92.712 |
70.091 |
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Cash & Bank Balances |
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2.550 |
0.310 |
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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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33.717 |
34.611 |
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Total
Current Assets |
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146.438 |
149.973 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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52.101 |
59.402 |
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Provisions |
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6.800 |
9.423 |
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Total
Current Liabilities |
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58.901 |
68.825 |
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Net Current Assets |
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87.537 |
81.148 |
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MISCELLANEOUS EXPENSES |
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0.311 |
0.496 |
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TOTAL |
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151.627 |
148.884 |
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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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61.680 |
46.260 |
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Other Income |
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0.900 |
1.280 |
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Total Income |
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62.580 |
47.540 |
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Profit/(Loss) Before Tax |
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1.710 |
2.040 |
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Provision for Taxation |
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0.580 |
0.500 |
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Profit/(Loss) After Tax |
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1.130 |
1.540 |
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Expenditures : |
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Depreciation & Amortization |
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0.890 |
0.590 |
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Other Expenditure |
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59.090 |
44.320 |
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Total Expenditure |
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59.980 |
44.910 |
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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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1.81 |
4.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.77 |
4.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.81 |
0.94 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.38 |
3.26 |
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Current Ratio (Current Asset/Current Liability) |
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2.49 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
TTP TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
26.05.1995 (Reqd
doc.79/15.06.1995) General
Agreement For the grant of Small Industrial Advances and Hypothycation of
movables, Book Debts and other Assets. Letter
Evidence Deposits of Title Deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 19.700 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothycation of the whole of the present and future stocks, book
debts, movables, and other assets belonging to the company. Equitable
mortgage created by deposit of title deeds on
CD’s land and buildings and Coll. Security on plant and machineries
belonging to the company. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80017903 |
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Corporate
identity number of the company |
U31909KA1982PTC004963 |
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Name of the
company |
TTP TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
#486 ‘D’, 4th Phase, 13th Crosspeenya Industrial
Area, Near |
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Type of charge |
Immovable
property Book debts Others |
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Particular of
charge holder |
State Bank of Peenya Industrial
Estate Branch, B-96, II Cross, I Stage, Peenya Industrial Estate,
Bangalore-560058, Karnataka,India |
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Nature of description
of the instrument creating or modifying the charge |
·
Supplemental
Agreement of Loan For Increasing in the Overall Limit (C.1-A) ·
Supplemental
Agreement of Hypothecation of Goods and Assets for Increasing in the Overall
Limit (C.4-A) ·
Supplemental
Deed of Guarantee for Increasing in the Overall Limit (C.4-A) ·
Letter
Regarding the grant of Individual Limits Within the Overall Limit (C.5) ·
Memorandum
of deposits for creation of charge for Term Loan/Overall Limit (C.9) ·
Form
B – 2 NOS |
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Date of instrument
Creating the charge |
08.02.2007 |
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Amount secured by
the charge |
Rs. 363.500
Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
(a).* Rate of
Interest CC: Interest @ SBAR , present effective
rate 11.50% p.a. with monthly rests TL: Interest @ SBAR , present effective
rate 11.50% p.a. with monthly rests (b). *Terms of
Repayment CC: Repayable on demand. TL:
Repayable in 35 monthly instalments of Rs.0.670 Million and the last
instalment Of Rs. 0.600 Million *Margin CC: 25% TL: 31.03% *Extent and operation of the charge Charge extends on all the aforesaid
assets throughout the period of sanctioned
limits by way of first charge. *Others NA
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
22.11.2006 |
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Particulars of
the present modification |
Total limits
enhanced from Rs. 302.500 million to Rs. 363.500 million. (TTPPL : Rs.
245.500 million MPPTPL : Rs.
118.000 million) All other terms,
condition and existing securities to continue. |
As
Per Web Site
Production
Subject is manufacture of
Transformer Radiators to meet German, European, American and Japanese
standards.
The company has supplied radiators for thousands of power/distribution
transformers all over the world.
It is located in
Subject has excellent facilities extending over a built up area of 6000
M² for exclusive fabrication of Transformer Radiators to meet international
standards with unique designs resulting in optimum heat dissipation and
corrosion protection to meet harsh, tropical and coastal environments.
Subject is accredited with ISO 9001-2000 certification for Pressed Steel
Radiators (Transformer Radiators) and have also acquired ISO 14001-2004. TTP
has gained approved supplier status with all the large transformers groups around the world.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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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 |
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 |
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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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48 |
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 |
|
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 |
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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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