MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDCON BOILERS LIMITED |
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Registered Office : |
D-170, Okhla Industrial Area, Phase-I, New Delhi, Delhi-110020 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.07.1990 |
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Com. Reg. No.: |
55-40737 |
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CIN No.: [Company
Identification No.] |
U74999DL1990PLC040737 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04930C |
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PAN No.: [Permanent
Account No.] |
AAACI0050P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Industrial Boilers |
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 51000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessmen. Trade relations are 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Kapil Sharma |
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Designation : |
Accountant |
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Contact No.: |
91-9818675429 |
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Date : |
30.7.2008 |
LOCATIONS
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Registered / Head Office : |
D-170, Okhla Industrial Area, Phase-I, New Delhi, Delhi-110020, India |
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Tel. No.: |
91-11-26815336/ 26816251/ 65280333/ 65280444 |
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Mobile No.: |
91-9811144667 |
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Fax No.: |
91-11-26815337/ 2273642 |
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E-Mail : |
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Website : |
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Head Office : |
F-9/ 6, Pkhla Industrial Area, Phase I, New Delhi-110020, India |
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Tel. No.: |
91-11-26815336/ 26816251/ 65280333/ 65280444 |
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Fax No.: |
91-11-26815337/ 2273642 |
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E-Mail : |
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Area : |
Rented |
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Works : |
71, New DLF Industrial
Area, Faridabad 121 003, Haryana, India |
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Tel. No.: |
91-129-2273642 / 2279295 / 2254466 / 2254477 |
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Branches : |
Hyderabad Branch Person Concerned: Mr. Srinivas Vege (Regional Manager) Telefax: 91-040-3397792 (Office) Mumbai
Branch Person
Concerned: Mr. Shailesh Verma (Regional Manager) Telephone:
91-22-28371802 (Office), (022) 28222160 (Residence) Gujrat Branch Person Concerned: Mr. S.k. Sinsinwal (Regional Manager) Telefax: 91-265-391070 Chennai Branch Person Concerned: Mr. C.K. Karunakaran Telephone: 91-44-4355267 / 435520 Fax: 91-40-4347272 |
DIRECTORS
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Name : |
Mr. Prabhas Narain Misra |
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Designation : |
Director |
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Address : |
E-438, Greater Kailash Part – II, New Delhi, India |
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Date of Birth/Age : |
18.09.1954 |
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Date of Appointment : |
06.07.1990 |
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Name : |
Mrs. Usha Rani Misra |
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Designation : |
Director |
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Address : |
E-438, Greater Kailash Part – II, New India, India |
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Date of Birth/Age : |
03.07.1956 |
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Date of Appointment : |
06.07.1990 |
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Name : |
Mr. Prahlad Narain Misra |
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Designation : |
Director |
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Address : |
249, Aravali Apartment II, Alaknanda, Kalkaji, New Delhi, India |
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Date of Birth/Age : |
14.05.1946 |
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Date of Appointment : |
20.12.2000 |
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Name : |
Ms. Divya Misra |
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Designation : |
Director |
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Address : |
E-438, Greater Kailash Part – II, New India, India |
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Date of Birth/Age : |
23.11.1987 |
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Date of Appointment : |
01.09.2003 |
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Name : |
Ms. Mina Misra |
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Designation : |
Director |
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Address : |
187-8, Siddharth Extension, New Delhi, India |
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Date of Birth/Age : |
10.03.1979 |
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Date of Appointment : |
01.09.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Kapil Sharma |
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Designation : |
Accountant |
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Mobile No.: |
91-9818675429 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Prakash Narain Misra |
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19360 |
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Mr. Prabhas Narain Misra |
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3315 |
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Ms. Mamta Misra |
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4010 |
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Ms. Usha Rani Misra |
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10 |
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Mr. Prahlad Narain Misra |
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4560 |
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Ms. Sita Rani Dixit |
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10 |
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Ms. Usha Misra |
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10 |
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Mr. Anuj Misra |
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2000 |
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Kinergy India Limited |
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8250 |
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Indcon Loeasing Private Limited |
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2510 |
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Manglam Portfolio (Private) Limited |
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10000 |
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Ms. Divya Misra |
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10 |
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Ms. Hina Misra |
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10 |
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Dhiraj Consultants (Private) Limited |
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2500 |
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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46.00 |
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Directors or Relatives of Directors |
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54.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Boilers |
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Products : |
© Boiler © Gas Generators © Blowers, © Air and Gas
Purification Units © Fabrication of
Tanks and Components © Spears and
Accessories |
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Exports : |
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Countries : |
European Countries and Gulf Countries |
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Imports : |
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Countries : |
Italy |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Credit (90 Days) Advance |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
About 125 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raj Har Gopal and Company Chartered Accountants |
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Address : |
412, Ansal Bhawan, 16, K G Marg, New Delhi – 110 001, India |
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Subsidiaries : |
© Indcon Tanks and
Vessels Private Limited © Indcon Projects
and Equipments Limited © Indcon Loeasing
Private Limited © PSA Nitrogen
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
61555 |
Equity Shares |
Rs. 100/-
each |
Rs. 6.155
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.155 |
6.155 |
4.903 |
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2] Share Application Money |
1.000 |
1.000 |
1.425 |
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3] Reserves & Surplus |
3.199 |
1.912 |
1.860 |
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4] (Accumulated Losses] |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.354 |
9.067 |
8.188 |
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LOAN FUNDS |
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1] Secured Loans |
0.961 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.273 |
2.053 |
6.806 |
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TOTAL BORROWING |
2.234 |
2.053 |
6.806 |
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TOTAL |
12.588 |
11.120 |
14.994 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.082 |
2.911 |
3.196 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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Investment |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.279 |
0.229 |
0.302 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.697
|
6.175
|
6.955 |
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Sundry Debtors |
8.350
|
6.163
|
8.836 |
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Cash & Bank Balances |
0.560
|
0.871
|
1.933 |
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Loans & Advances |
11.355
|
1.857
|
1.668 |
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Total
Current Assets |
21.962
|
15.066
|
19.392 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.442
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6.233
|
7.083 |
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Provisions |
1.293
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0.853
|
0.813 |
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Total
Current Liabilities |
13.735
|
7.086
|
7.896 |
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Net Current Assets |
8.227
|
7.980
|
11.496 |
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MISCELLENIOUS EXPENSES |
0.000
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0.000
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0.000 |
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TOTAL |
12.588 |
11.120 |
14.994 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
21.685 |
18.780 |
25.434 |
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Other Income |
4.291 |
0.246 |
0.113 |
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Total Income |
25.976 |
19.026 |
25.547 |
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Profit/(Loss) Before Tax |
2.057 |
0.258 |
0.077 |
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Provision for Taxation |
0.770 |
0.206 |
0.058 |
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Profit/(Loss) After Tax |
1.287 |
0.052 |
0.019 |
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Expenditures : |
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Manufacturing Expenses |
4.290 |
3.778 |
0.000 |
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Administrative Expenses |
3.101 |
1.595 |
0.000 |
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Raw Material Consumed |
13.244 |
10.350 |
8.234 |
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Employees Expenses or Benefits |
2.784 |
2.502 |
0.000 |
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Purchases made for re-sale |
0.000 |
0.000 |
2.754 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
0.047 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
6.020 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
4.719 |
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Payment to Auditors |
0.000 |
0.000 |
0.080 |
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Interest |
0.000 |
0.000 |
0.410 |
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Insurance Expenses |
0.000 |
0.000 |
0.005 |
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Power & Fuel |
0.000 |
0.000 |
0.660 |
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Depreciation & Amortization |
0.344 |
0.285 |
0.336 |
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Other Expenditure |
0.156 |
0.258 |
2.205 |
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Total Expenditure |
23.919 |
18.768 |
25.470 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.95
|
0.27
|
0.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.49
|
1.35
|
0.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.50
|
1.41
|
0.33 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.02
|
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
2.00
|
2.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
2.12
|
2.45 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Newcon
Engineering, Okhla
- Indcon
Projects and Equipments Limited
The Company’s Fixed Assets of important value include:
©
Plant and Machinery
©
Car
©
Computers
©
Industrial Plot
©
Building
©
Scooter and Motor Cycle
©
Office Equipments
©
Generator
As Per Web:
Profile
The Company was
incorporated in the year 1990. It deals with Design, Engineering, Manufacture,
Site installation and Commissioning of following equipments :
- Steam Boilers
- Hot Water Boilers
- Thermic Fluid Heaters
- Pressure Vessels
During last 11 years,
more than 1000 numbers steam boilers have been supplied in capacity range of
500 to 10,000Kgs/Hr. Boilers have been designed for feed syocks like oil, gas,
coal, wood, rice husk and sugarcane bagasse etc.
Strength of the Company :
Company is headed by Mr.Prabhas Misra who is a qualified engineer (having
passed out from IIT - Kanpur in the year 1975) having working experience of
more than 25 years. He is assisted by a team of more than 30 qualified
engineers.
Products
©
Rice Husk Fired Fluidised Bed Combustion Boilers
©
Oil / Gas Fired Packaged Boilers
©
Solid Fuel Fired Packaged Boilers
©
Oil / Gas Fired Non-LBR Boilers
©
Thermic Fluid Heaters
Subject also manufacture :
1. Hot Water Boilers
2. Waste Heat Boilers
3. Economizers
4. Dust Collectors
5. Chimneys
6. Stell Fabrication Work
7. Nitrogen Plants
8. Oxygen Plants
9. LPG Bottling Plants
10. ULO/CA Cold Storages
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 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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|