MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
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 : |
Manufacturer and Assembling of Cooling Towers |
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 640000 |
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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 : |
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
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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
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Line of Business : |
Manufacturer and
Assembling of Cooling Towers |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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No of Employee: |
About 15 |
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Banker: |
Citi Bank |
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Facilities : |
-- |
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Auditors : |
M/s. 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 |
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Phone No: |
91-11-23657777 |
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Fax No: |
91-11-23655835 (R
) 27212669 |
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E-mail: |
Singhal assoc@rediffmail.com |
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 |
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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 |
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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14.359 |
11.630 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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14.359 |
11.630 |
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Profit/(Loss) Before Tax |
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0.085 |
0.024 |
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Provision for Taxation |
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0.054 |
0.000 |
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Profit/(Loss) After Tax |
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0.031 |
0.024 |
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Expenditures : |
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Depreciation & Amortization |
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0.107 |
0.169 |
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Other Expenditure |
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11.330 |
13.998 |
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Total Expenditure |
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11.437 |
14.167 |
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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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0.21 |
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.59 |
0.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.60 |
2.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.52 |
0.18 |
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.43.47 |
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UK Pound |
1 |
Rs.85.36 |
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Euro |
1 |
Rs.57.89 |
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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