MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
TRANS TECH TURNKEY PRIVATE LIMITED |
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Registered Office : |
101, Mayfair Tower II, Wakdewadi, Shivaji Nagar, Pune – 411
005, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.06.2002 |
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Com. Reg. No.: |
11-17079 |
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CIN No.: [Company
Identification No.] |
U29299PN2002PTC017079 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of total turnkey including design, engineering, supply, installation and commissioning, testing of chemical plants, material handling plants, processing plants, gas or liquid process plants and projects on turnkey basis and to run pilot plant for the same. |
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 260000 |
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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 company having satisfactory track. Trade relations are fair. Payments are correct and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Amol Khandekar |
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Designation : |
Finance Manager |
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Contact No.: |
91-9922964778 |
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Date : |
20.10.2008 |
LOCATIONS
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Registered Office : |
101, Mayfair Tower II, Wakdewadi, Shivaji Nagar, Mumbai – |
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Tel. No.: |
91-20-24017884 / 66214444 |
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Fax No.: |
91-20-24017884 / 66012788 / 66214440 |
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Mobile No.: |
91-982274945 / 9922964778 |
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E-mail : |
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Website : |
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Area : |
1800 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Suranjan K Chatterjee |
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Designation : |
Director |
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Address : |
10-Prasanna 912 Shivaji Nagar, Pune – 411004, |
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Date of Birth/Age : |
27.10.1953 |
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Qualification : |
IIT |
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Date of Appointment : |
25.06.2002 |
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Name : |
Mr. Ulhas V Pradhan |
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Designation : |
Director |
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Address : |
5-6 Anant CTS No. 120 6/A, |
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Date of Birth/Age : |
10.08.1951 |
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Qualification : |
IIT |
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Date of Appointment : |
25.06.2002 |
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Name : |
Mr. Sugato H Mujumdar |
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Designation : |
Director |
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Address : |
A-902, Lapi 2, Lasuli, Kolate Patil South, Main Road, Koregaon Park, Pune – 411 001, Maharashtra, India |
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Date of Birth/Age : |
29.08.1956 |
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Qualification : |
IIT |
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Date of Appointment : |
25.06.2002 |
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Name : |
Mr. Alokendranath S. Ghosh |
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Designation : |
Director |
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Address : |
9-Marvel Residency, |
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Date of Birth/Age : |
01.01.1962 |
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Qualification : |
Diploma in Electrical Engineering |
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Date of Appointment : |
25.06.2002 |
KEY EXECUTIVES
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Name : |
Milind Kulkarni and Associates |
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Designation : |
Company Secretary |
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Address : |
522, Narayan Peth, 7-8, B – Wing, 3rd floor, Subhadra, CHS,
Near Modi Ganapati, Pune 411030, Maharashtra, India |
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Tel. No. : |
91-20-24459247 |
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91-9422031601 |
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E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Suranjan K Chatterjee |
5250 |
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Ulhas V Pradhan |
5250 |
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Sugato H Mujumdar |
5250 |
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Total |
15750 |
List of Allotment (As on 25.07.2007)
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Names of Allottees |
No. of Shares |
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Suranjan K Chatterjee |
44750 |
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Ulhas V Pradhan |
44750 |
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Sugato H Mujumdar |
44750 |
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Alokendranath S. Ghosh |
44750 |
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Total |
179000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non –
resident Indian(s) or Overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of total turnkey
including design, engineering, supply, installation and commissioning,
testing of chemical plants, material handling plants, processing plants, gas
or liquid process plants and projects on turnkey basis and to run pilot plant
for the same. |
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Products : |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
150 |
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Bankers : |
· ICICI Bank · Development Credit Bank Limited 154, ·
State Bank of · The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
A A Mehendale and Company Chartered Accountants |
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Address: |
776/B, Sadashiv Peth, Near Vishram Baug Wada, Pune- 411
030, |
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Group Companies
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·
Trans Tech Chemicals
Private Limited ·
Blue Bell Private
Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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21000 |
Equity Shares |
Rs.100/- each |
Rs.2.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.100 |
2.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
49.791 |
36.017 |
24.929 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.891 |
38.117 |
25.029 |
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LOAN FUNDS |
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1] Secured Loans |
25.466 |
27.313 |
1.663 |
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2] Unsecured Loans |
0.538 |
2.000 |
1.584 |
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TOTAL BORROWING |
26.004 |
29.313 |
3.247 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
77.895 |
67.430 |
28.276 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.967 |
16.551 |
11.855 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.750 |
2.550 |
1.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000
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2.173 |
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Sundry Debtors |
0.000
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0.000
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40.303 |
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Cash & Bank Balances |
0.000
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0.000
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1.541 |
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Other Current Assets |
165.224
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157.117
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9.633 |
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Loans & Advances |
81.006
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44.591
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12.186 |
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Total
Current Assets |
246.230
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201.708
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65.836 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
189.677
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131.383
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38.424 |
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Provisions |
10.375
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22.000
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12.000 |
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Total
Current Liabilities |
200.052
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153.383
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50.424 |
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Net Current Assets |
46.178
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48.325
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15.412 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.009 |
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TOTAL |
77.895 |
67.430 |
28.276 |
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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 |
501.401 |
343.539 |
206.700 |
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Other Income |
1.720 |
0.779 |
0.000 |
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Total Income |
503.121 |
344.318 |
206.700 |
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Profit/(Loss) Before Tax |
24.951 |
25.801 |
30.800 |
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Provision for Taxation |
10.140 |
10.606 |
11.700 |
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Profit/(Loss) After Tax |
14.811 |
15.195 |
19.100 |
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Total Expenditure |
478.170 |
318.517 |
175.900 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.94
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4.41 |
9.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.98
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7.49 |
14.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.07
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11.82 |
39.64 |
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Return on Investment (ROI) (PBT/Networth) |
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0.48
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0.68 |
1.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.36
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4.79 |
2.14 |
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Current Ratio (Current Asset/Current Liability) |
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1.23
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1.32 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Kholer India Private Limited –
·
Omya
Form 8:
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Name of the company |
TRANS TECH TURNKEY
PRIVATE LIMITED |
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Presented By |
Mr. Ulhas Vasant Pradhan |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Rs. 20.000
Millions |
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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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Development
Credit Bank Limited J M Road Branch,
Ground Floor, Near |
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This form is for |
Creation of charge
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Corporate
identity number of the company |
U29299PN2002PTC017079 |
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Name of the
company |
TRANS TECH TURNKEY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
101, Mayfair Tower II, Wakdewadi, Shivaji Nagar, Mumbai – |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Equitable
Mortgage by deposit of title Deeda. |
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Date of
instrument Creating the charge |
28.02.2008 |
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Amount secured by
the charge |
Rs.610.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of Interest 1. For Cash Credit: BPLR Minus 25 BPS with spread
reset after 2 years (BPLR at present is 13% and present effective rate 12.75%
p.a.) 2. For Corporate Loan BPLR plus 50 BPS with
spread reset after 2 years (BPLR at present is 13% and present effective rate
is 13.50%) ·
Terms of repayment Corporate Loan will be repaid in 12 equal quarterly installments after
a moratorium period of four quarters. The first installment is due on 30th
June 2008 and the last installment is due on 31st March 2011.
Other terms for repayment as per the agreement. ·
Margin For Cash Credit: Margin of 25% of Raw materials, Margin of 25% in
stock in process and 50% margin for receivables/ book debts For inland/ Import Letter of credit: 20% Cash Margin For Bank guarantee: 20% Cash margin, 100% Cash Margin as Guarantee ·
Extent operation of the charge As per the agreement, the charge will remain open till full repayment
of principal and interest and other charges due to the Bank. |
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Short particulars
of the property charged |
1.
Office
No. 101 on the Second Floor admin 1539 Sq. ft built up in buildings named as
Mayfair Tower II Shivaji Nagar, Pune 2.
Office
No. 601 and 602 on the 6th Floor, Together with one open car par
in building named as ‘Mayfair Tower II’. |
Review of Operations
The Gross Turnover of the Company for the year is Rs.545.400 millions as against the previous year’s turnover of Rs.372.300 millions, recording an increase of 31% over the last year.
During the previous year, like the earlier year, Company
bagged a major turnkey project order from M/s Kohler
Capital and Finance
During the financial year the Company successfully completed the Omya Project and also the specific project limits i.e. Bank Guarantee Limit of Rs.28.500 millions and the Cash Credit Limit of Rs.25.000 millions taken from the Development Credit Bank Limited were closed in the month of January 2007.
Considering the financial requirement for the Rs.1000.000
millions Order Book, the Company approached State Bank of Patiala for the
approval of Working Capital Limits of Rs.110.000 millions which includes
Working Capital Term Loan of Rs.40.000 millions as well as non-fund based
limits of Rs.500.000 millions. The Bank approved the limits in the month of
June 2007 with the condition to take over the all the existing as well as
revised limits of the Development Credit Bank Limited. Accordingly the company
shifted all the existing credit limits and its banking operation to State bank
of
During the year the Company has also availed Term Loan facilities of around Rs.3.750 millions for purchase of Construction Equipments as well as new vehicles from HDFC Bank Limited as well as from ICICI Bank Limited.
Fixed Assets
· Office Premises
· Vehicle
· Engineering Equipments
· Office Equipments
· Guest House Equipments
· Computer
· Furniture
Website Details Attached:
History
Subject was formerly incorporated on 25th June, 2002 by the four Promoters. Keeping the Vision in mind, they decided to operate in two separate business segments, one for specialized Clean Room required by the pharmaceutical manufacturing facilities and the other module was targeted to cater to the needs of process industry and intelligent building on a lump sum turnkey mode, covering all disciplines of engineering. In next 5 years they have achieved reasonable success in both the above segments with many repeat clients. The team to begin with had four promoter Directors along with a secretary, CAD draftsmen and one Accountant, i.e., the total strength was 7. Today Subject colleagues directly on the pay-roll number 130, structured separately in the two business segments with its independent financial control team and separate corporate finance and HR. department.
Turnkey Projects
Designed and Installed
- Diary
- Fruit Juice Plant
- Ice Cream Plant
- Brewery
- Combine Cycle Power Stations
- Thermal Power Stations
- Boilers
- Water Treatment Plant
- Furnace Oil Handling Plant
- Refinery Shut
HVAC Applications Designed
and Installed
- Animal House
- Super Thermal Power Station
- Control Rooms and
- Laminate Manufacturing
- HVDC Control Rooms and
- Consulate Buildings
- Combine Cycle Power Plant Control Room
- Automobile And Auto Ancillary Manufacturing Areas
- Textiles- Carding, Combing, Spinning and Weaving
- Cigarette Manufacturing
- Tube Railway Stations and Tunnels
- Pharma Industries-API, Solid Dosage and Injectables
- Clean Rooms for Pharma, Semiconductors & Hospitals
- Nutritional Food Plant
- Cable Tunnels and Material Handling Tunnels for Coal
- Semiconductor Manufacturing Facility
- Cold Storage
- Captive Power Plant and Turbo Charger Ventilator
- Offshore Accommodation Modules
- Ships
Electrical and Automation
Projects Designed and Installed
- Coal Handling Plant Conveyors for Power Plant
- Ship Loading / Unloading Cranes
- Dozing and Gantry Cranes
- Coke Oven Gas Controlling System for Reversing Process
- Stacker-Reclaimerfor Cement and Coal Handling Plant
- Off Shore HVAC and Fire Gas Control Systems
- HVAC BMS for Pharmaceuticals, Power Plant, Textiles and Semiconductors Manufacturing
- Gas Analysers for Coke Oven in Steel Plants
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.48.83 |
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|
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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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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49 |
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. |
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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