MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CATHODIC CONTROL COMPANY PRIVATE LIMITED |
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Registered Office : |
Plot No. 87, III Phase, Peenya Industrial Area, Bangalore 560 058,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
08-038010 |
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CIN No.: [Company
Identification No.] |
U31909KA2005PTC038010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC05435D |
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PAN No.: [Permanent
Account No.] |
AABCC6277B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Cathodic Control and Protection System |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8936 |
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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 experience 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
|
Registered Office : |
Plot No. 87, III Phase, Peenya Industrial Area, Bangalore 560 058,
Karnataka, India |
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Tel. No.: |
91-80-28395327 / 28395328 / 28397110 |
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Fax No.: |
91-80-28395807 / 23411914 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. V Babu Sathian |
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Designation : |
Director |
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Address : |
No. 94, N G E F Layout, R M V, III Stage, Bangalore 560 024,
Karnataka, India |
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Name : |
Mrs. Radha Sathian |
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Designation : |
Director |
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Address : |
No. 94, N G E F Layout, R M V, III Stage, Bangalore 560 024,
Karnataka, India |
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|
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Name : |
Mr. S V Raghavan |
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Designation : |
Director |
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Name : |
Mr. P Narendran |
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Designation : |
Director |
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Name : |
Mr. B Sivaraman |
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Designation : |
Director |
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Name : |
Mr. T L Ravindra Kumar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Arjun Mahadevan |
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Designation : |
Company Secretary |
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Address : |
Deepajyothi, No.8, Old No.19,
2nd Street, Raghavan Reddy Colony, Ashok Nagar, Chennai –
600083, India |
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Tel No.: |
91-44-24890296 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Mr. V Babu Sathian |
|
3200 |
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Mrs. Radha Sathian |
|
1100 |
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MS. Vijaya Raghavan |
|
200 |
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Mr. Srivaraman |
|
200 |
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Mr. Narendra |
|
350 |
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Mr. S V Raghavan |
|
250 |
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Mr. R Shrivaraman |
|
100 |
|
Process Pumps India Private Limited |
|
4000 |
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Ms. Ramalakshmi |
|
250 |
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Mr. T L Ravindra Kumar |
|
200 |
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Mr. Krishnamurthy |
|
150 |
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Total |
|
10000 |
(As on 31.03.2006)
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (not mentioned above) |
40.00 |
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2 |
Directors ore relatives of directors |
57.50 |
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3 |
Other top fifty (50) shareholders (other
than listed above) |
2.50 |
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|
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Cathodic Control and Protection System |
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|
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Products : |
· Cathodic Control
· Protection
System |
GENERAL
INFORMATION
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Bankers : |
State Bank of India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. M Sivakumar Chartered Accountants |
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Address : |
4th Floor, Mission Road, Bangalore 560 027, Karnataka,
India |
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Name : |
K Venkatachalam Aiyer and Company Chartered Accountant |
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Address : |
4th Floor, Jelitta Towers, 21/1 Mission Road, Bangalore –
560027, Karnataka, India |
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Tel No.: |
91-80-212211476 |
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Fax No.: |
91-80-22271591 |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
1.000 |
1.000 |
|
|
2] Share Application Money |
|
0.306 |
0.210 |
|
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3] Reserves & Surplus |
|
0.928 |
0.968 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
2.234 |
2.178 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
1.995 |
1.662 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
|
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TOTAL BORROWING |
|
1.995 |
1.662 |
|
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DEFERRED TAX LIABILITIES |
|
0.444 |
0.493 |
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TOTAL |
|
4.673 |
4.333 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.504 |
1.627 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
1.342 |
1.797 |
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Sundry Debtors |
|
0.970 |
0.822 |
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Cash & Bank Balances |
|
0.064 |
0.000 |
|
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Other Current Assets |
|
0.952 |
0.447 |
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Loans & Advances |
|
0.534 |
0.635 |
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Total
Current Assets |
|
3.862 |
3.701 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
0.643 |
0.958 |
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Provisions |
|
0.050 |
0.037 |
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Total
Current Liabilities |
|
0.693 |
0.995 |
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Net Current Assets |
|
3.169 |
2.706 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
4.673 |
4.333 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
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Sales Turnover |
|
|
8.064 |
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Other Income |
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|
0.000 |
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Total Income |
|
|
8.064 |
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Profit/(Loss) Before Tax |
|
|
0.081 |
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Provision for Taxation |
|
|
0.121 |
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Profit/(Loss) After Tax |
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|
(0.040) |
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Expenditures : |
|
|
|
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Depreciation & Amortization |
|
|
0.123 |
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Other Expenditure |
|
|
7.860 |
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Total Expenditure |
|
|
7.983 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
(0.50) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.00 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.51 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.20 |
1.21 |
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Current Ratio (Current Asset/Current Liability) |
|
|
5.57 |
3.71 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The subject has shifted their Registered Office from the State of Tamil
Nadu to Karnataka with effect from December, 21 2005
As per web
details:
Subject is primarily incorporated to provide comprehensive
services in the field of Cathodic Protection of offshore and onshore structures
and related Corrosion control activities.
MANAGEMENT:
The company is headed by Mr.V.Babu Sathian , an internationally
renowned metallurgist, specialized in the field of corrosion control. He
is ably supported by highly qualified and professional engineers in the field
of :
Ø
Corrosion Control
Ø
Project Management
Ø
Quality Assurance
Ø
Customer Service
THEIR STRENGTH
Manned by highly qualified professionals having in depth knowledge in theory
and practice of corrosion protection.
As a result of continuous R &D programme they have developed the
technology for manufacture of
Ø
Fully automatic Transforer Rectifier units
Ø
Platinised Titanium Anodes
Ø
Mixed Metal Oxide Anodes
Ø
Different types of Reference Electrodes
Ø
Equipment for Specialized Survey for pipeline integrity management
They have close association with premier research institutions in this
field and thus derive the benefit of technical advice & their research
experience
They have offered innovative, reliable and cost effective solutions to
the different petroleum companies, Ship Building and Power Sector.
Further, they provide effective CP systems that meet the specialised
requirement of the ships and other sea going vessels used by the Indian Navy
They offer designs for the CP system, carry out surveys for assessing
the pipeline integrity, effective designs for CP system.
They are single point source for supply of
Ø
CP Materials
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Remote Data Acquisition using state of art technology
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Undertaking Design of CP system
Ø
Undertaking Pre & Post installation surveys
Ø
Undertaking consultancy in pipeline integrity management & trouble
shooting
They are privileged to be associated with
Ø
Indian Oil Corporation Limited
Ø
Oil & Natural Gas Corporation
Ø
Gas Authority of India Limited
Ø
Oman Gas Company SAOC, Oman
Ø
Petroleum Development Oman LLC, Oman
Ø
Indian Navy
Ø
Indian Coast Guard
All other shipyards in India
Ø
Goa Shipyard Limited,
Ø
Garden Reach Shipbuilders,
Ø
Mazagon Dock Limited
Ø
Hindustan Shipyard Limited
Ø
Cochin Shipyard Limited.
Ø
Underground Oil & Gas pipelines
Ø
Tank bottoms external.
Ø
Tank bottoms internal.
Ø
Well Casings.
Ø
Offshore Platform.
Ø
Submarine pipelines.
Ø
Jetties & Wharfs.
Ø
Off-shore Rigs.
Ø
Sea water intake system.
Ø
Ships’ External Hull.
Ø
Ships’ Ballast Tanks.
Ø
Pontoons.
Ø
Floating Barges.
Ø
Other Sea going vessels.
Ø
Heat Exchangers.
Ø
Condensers.
Ø
Separators.
The following services are:
Ø
Engineering design of CP system
Ø
Testing and commissioning of the CP system
Ø
Monitoring of existing CP system
Ø
Trouble shooting and remedial measures
Ø
Soil Resistivity Survey & Soil Analysis.
Ø
Current Drainage Survey.
Ø
Identification of Ground bed location.
Ø
Collection of site data for sizing up an optimum design.
ENGINEERING DESIGN
OF CP SYSTEMS :
Ø
Scheme an optimum solution.
Ø
Sizing up Design Methodology.
Ø
Drawing out Detailed Specification.
Ø
Preparation of Bill of Material.
Ø
Generation of Relevant Drawings.
Ø
Detailing the Quality Assurance Plan.
Ø
Installation and Commissioning procedures.
Ø
Transformer Rectifier Units.
Ø
High Silicon Iron Anodes.
Ø
Mixed Metal Oxide Anodes.
Ø
Different types of Reference Electrodes.
Ø
Varieties of Sacrificial Anodes.
Ø
CP Cables.
Ø
Polarisation Cells.
Ø
Zinc Grounding Cells.
Ø
Flange Insulation Kits.
Ø
Junction Boxes & Test Stations.
Ø
Other miscellaneous items.
Ø
Their Engineers are well trained to handle the installation of different
types of CP System comprising of-
Ø
T/R Units.
Ø
Various types of Anode Ground beds like-
Horizontal Anode Ground Bed.
Shallow Vertical Anode Ground Bed.
Deep Well Anode Ground Bed.
Ø
Associated civil works.
Ø
And other related activities.
TESTING AND
COMMISSIONONG OF THE CP SYSTEM :
Ø
After carrying out the necessary cold checks, the CP System is
energised.
Ø
Tests carried out to ensure the structure is adequately protected with
necessary fine tuning.
Ø
Interference effect on the system as well as the other structures is
studied and remedial measures implemented.
MONITORING OF
EXISTING CP SYSTEM :
Ø
Effective monitoring of the system is carried out as per the pre
determined procedure and on course correction is done to achieve the best
results.
Ø
Continuous Potential Logging to obtain close interval PSP readings.
Ø
DCVG Survey to assess the coating condition.
Ø
Pearson’s Survey to ascertain the coating condition.
Ø
CAT Survey.
TROUBLE SHOOTING AND
REMEDIAL MEASURES :
Ø
Identification of Stray current Source.
Ø
Ascertaining the Interference.
Ø
Locating the Current Drainage to secondary structures.
Ø
Recommendation and Implementation of suitable remedial measures.
TRANSFORMER
RECTIFIER UNITS
Ø
Suitable for either Single Phase or Three Phase input.
Ø
Natural / Forced Air cooled / Oil Cooled.
Ø
Options for Manual Fully Automatic System
Ø
Optional SCADA interfacing facility.
Ø
Available upto 250 Amp. DC Current.
Ø
Different enclosures to suit the requirement.
MONITORING
PANEL
Used for monitoring:-
Ø
Potential of structures at various locations.
Ø
Protection current through monitoring anodes.
HIGH
SILICON IRON ANODES
Ø
Used for onshore application.
Ø
Available in both bare and prepackaged
conditions.
Ø
Low cost.
MAGNESIUM ANODES- Bare &
Pre-Packaged
All these anodes are available in variety of sizes and shapes to suit
the applications like :-
Ø
Internal and external tank bottoms.
Ø
Hull and sea chest of ships.
Ø
Hanging anodes for fitting out period of ships.
Ø
Condenser water boxes.
Ø
Heat exchangers.
TEST STATIONS
Ø
Used for monitoring of Cathodic Protection system.
Ø
Structure to Soil Potential.
Ø
Anode Current.
Ø
Integrity of insulation flanges and joints.
Ø
Integrity of insulation between carrier and casing pipe
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.15 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.68.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|