MIRA
INFORM REPORT
|
Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TITAN AERATION COMPANY PRIVATE LIMITED |
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Registered
Office : |
SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.2005 |
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Com. Reg. No.: |
11-020503 |
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CIN No.: [Company Identification
No.] |
U75130PN2005PTC020503 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNET05634G |
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PAN No.: [Permanent Account No.] |
AACCT2261R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Air diffuser. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 91000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Anand |
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Designation : |
Manager – Business Head |
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Contact No.: |
91-9822424338 |
|
Date : |
05.01.2011 |
LOCATIONS
|
Registered Office : |
SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, |
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Tel. No.: |
91-20-66205721/ 2 |
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Mobile No.: |
91-9822424338 (Mr. Anand) |
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Fax No.: |
91-20-66202780 |
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E-Mail : |
abhijit.deshmukh@titanaeration.com mahesh.shastri@titanaeration.com gsc@bom3.vsnl.net.in |
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Website : |
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Area : |
777 Sq. ft. |
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Location : |
Owned |
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Warehouse 1 : |
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Warehouse 2 : |
Survey No. 81/3 Opposite Agrawal Godavari, Next to Deepa Engineering Works,
Warje, N D Road, Sivane, Pune – 411 023, Maharashtra, India |
|
Area : |
3500 Sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Abhijit S. Deshmukh |
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Designation : |
Director |
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Address : |
A 25, Radhakrishna Ngari, Anand Nagar, S.No. 14/5/2/1 Vadgaon BK, |
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Date of Birth/Age : |
17.05.1971 |
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Qualification : |
BE in Production |
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Date of Appointment : |
01.04.2005 |
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Name : |
Ms. Sharvari A. Deshmukh |
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Designation : |
Director |
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Address : |
A 25, Radhakrishna Ngari, Anand Nagar, S. No. 14/5/2/1 Vadgaon BK,
Sinhagad Road, Pune – 411 051, Maharashtra, India |
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Date of Birth/Age : |
10.06.1972 |
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Date of Appointment : |
01.04.2005 |
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Date of Ceasing : |
15.03.2007 |
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Name : |
Mr. Mahesh N. Shastri |
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Designation : |
Director |
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Address : |
903, Wing B, Vanaraji Apartments, Rambaug Colony, Mit College Road,
Off Paud Road, Kothrud, Pune – 411 038, Maharashtra, India |
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Date of Birth/Age : |
20.07.1975 |
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Qualification : |
BE Mechanical |
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Date of Appointment : |
09.08.2006 |
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Date of Ceasing : |
11.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Anand |
|
Designation : |
Manager – Business Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Abhijit S. Deshmukh |
|
24999 |
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Sharvari A. Deshmukh |
|
5000 |
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Mahesh N. Shastri |
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1 |
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Total
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|
30000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Air diffuser. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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2009-10 |
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Actual Production |
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8563 |
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GENERAL INFORMATION
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Customers : |
·
End Users ·
Government Bodies ·
Corporate ·
Manufacturer ·
Wholesalers ·
Retailers · Reliance Industries Limited · Indian Oil Corporation Limited · Mangalore Refinery and Petrochemicals Limited · Hindustan Petroleum Corporation Limited · Oil and Natural Gas Corporation Limited · Tamilnadu Petroproducts Limited · The Andhra Petrochemicals Limited · The Andhra Pradesh Paper Mills Limited · Emami Paper Mills Limited ·
Coastal Paper Mills Limited (APPM-unit CP) · Supreme Paper Mills Limited · Akula Boards Limited · Balakriskna Ind. Limited Pharmaceutical
/ Bulk Drug / Bio-Tech ·
Ranbaxy Laboratories Limited ·
Wockhardt Limited ·
Biocon India Limited ·
Lupin Laboratories Limited ·
Matrix Laboratories Limited ·
Emcure Pharmaceuticals Limited ·
Sandoz India Limited ·
Cipla Limited ·
Nicholas Piramal India Limited ·
Zydus Atlana Health Care Private Limited ·
Unichem
Laboratories Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Triveni Tapasvi and Associates Chartered Accountants |
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Address : |
Flat No.4, Apartment
No.301, Swojas House Apartment, 1159, Sadashiv Peth, Pune – 411 030, |
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Tel. No.: |
91-20-24487858 |
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E-Mail : |
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Associates/Subsidiaries : |
Anandita Toys
Company Private Limited Address: Pune, Activity:
Manufacturer of toys. |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300 million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300 million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
0.300 |
0.300 |
0.300 |
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2] Share Application Money |
0.050 |
0.050 |
0.050 |
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3] Reserves & Surplus |
22.339 |
19.840 |
17.841 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.689 |
20.190 |
18.191 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
5.910 |
1.356 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.750 |
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TOTAL BORROWING |
0.000 |
5.910 |
3.106 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.689 |
26.100 |
21.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.954 |
3.117 |
3.193 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.988 |
4.411 |
4.226 |
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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 |
5.074
|
8.388 |
2.706
|
|
|
Sundry Debtors |
11.381
|
5.945 |
12.976
|
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Cash & Bank Balances |
10.213
|
6.065 |
3.095
|
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Other Current Assets |
1.813
|
1.765 |
9.383
|
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Loans & Advances |
3.032
|
0.377 |
0.024
|
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Total
Current Assets |
31.513
|
22.540 |
28.184 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
10.612 |
1.880 |
3.418 |
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Other Current Liabilities |
2.068
|
1.097 |
1.810 |
|
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Provisions |
1.095
|
1.001 |
9.091 |
|
Total
Current Liabilities |
13.775
|
3.978 |
14.319
|
|
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Net Current Assets |
17.737
|
18.562 |
13.865
|
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MISCELLANEOUS EXPENSES |
0.009 |
0.010 |
0.013 |
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|
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TOTAL |
22.689 |
26.100 |
21.297 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
57.963 |
36.806 |
56.125 |
|
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Other Income |
1.554 |
0.688 |
0.185 |
|
|
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TOTAL (A) |
59.517 |
37.494 |
56.310 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Consumption |
42.813 |
24.100 |
38.893 |
|
|
|
Direct Expenses |
4.077 |
1.584 |
2.443 |
|
|
|
Administrative and Other Expenses |
8.007 |
7.995 |
4.411 |
|
|
|
TOTAL (B) |
54.897 |
33.679 |
45.747 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.620 |
3.815 |
10.563 |
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.552 |
0.275 |
0.371 |
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.068 |
3.540 |
10.192 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.502 |
0.520 |
0.529 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
3.566 |
3.020 |
9.663 |
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Less |
TAX (H) |
1.067 |
1.021 |
3.003 |
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|
PROFIT AFTER TAX
(G-H) (I) |
2.499 |
1.999 |
6.660 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.840 |
17.841 |
11.181 |
|
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|
|
BALANCE CARRIED
TO THE B/S |
22.339 |
19.840 |
17.841 |
|
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|
Earnings Per
Share (Rs.) |
49.97 |
66.64 |
190.28 |
|
Expected Sales (2010-2011): Rs.60.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.20
|
5.33 |
11.87
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.15
|
8.21 |
17.22
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.35
|
11.77 |
30.80
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.15 |
0.53
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
0.49 |
0.96
|
|
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
5.67 |
1.97
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
10.612 |
1.880 |
3.418 |
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Form 8
|
Corporate identity number of the company |
U75130PN2005PTC020503 |
|
Name of the company |
TITAN AERATION COMPANY (PRIVATE) LIMITED |
|
Address of the registered office or of the principal place of business in |
SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune
Road, Pune – 411003, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Immovable property ·
Book Debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Syndicate Bank Parmar Chambers, |
|
Nature of instrument creating charge |
·
Composite Hypothecation Agreement ·
Mortgage by deposit if title goods ·
Charge and Hypothecation of book dents Agreement All Constitute single charge |
|
Date of instrument Creating the charge |
17.09.2007 |
|
Amount secured by the charge |
Rs.7.500 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
·
Rate of interest 14% p.a. being 1% over above bank’s PLR ·
Terms of repayment Repayable on demand. Valifity upto 31.08.2008. ·
Margin For SOD 30% and for bank Guarantee 25% ·
Extent and operation of the charge First charge on stock and book debts of the company and also on
immovable property of Shop No. SC 1/13 and SC 1/14. Second Floor, Kohinoor
Estate, Mumbai – ·
Others Limits : Sod Rs.5.500 millions (Sub Limits datbd against L/C Rs.3.500
millions Bank Guarantee Rs.2.000 millions Total Limits Rs.7.500 millions |
|
Particulars of the property charged |
·
Stock and Book Debts situated At SC 1/14, Kohinoor
Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune Road, Pune - 411 003,
Maharashtra, India ·
Equitable Mortgage by deposit of title deeds all
that piece and parcel of Shop No. SC 1/13 and SC1/14, Second Floor, Kohinoor
Estate, Mumbai – |
Trade References:
·
Reliance Industries
Limited
·
Lupin Limited
Fixed Assets
·
Cutting Machine Shop Saw
·
EPABX System
·
Laptop Compaq Presario
·
Mobile Phones
·
Office Table
·
Paper Shreder
·
Office Premises
·
Furniture
·
Printer
·
Air Conditioner
·
Two Wheeler
·
Car
·
Computer and Printers
·
Telephones
·
Tools and Spares
·
Water Filter
·
Business Card Scanner
·
UPS and Batteries
Web Details:
Profile
The Activated Sludge Process has been
employed for waste water treatment for over one hundred years. Many variations
of the process have been employed to optimize it for the specific applications.
Regardless of the specific configuration of the process, the Activated Sludge
Process employs microorganisms to assimilate and digest organic carbon
compounds in the wastewater. The microorganisms can range from simple single
cell bacteria to more complex life forms such as protozoa.
Aeration Process:
Aeration is the process by which air is circulated through, mixed with or dissolved in a liquid or substance. Aeration is the process by which the area of contact between water and air is increased, either by natural methods or by mechanical devices. Aeration is one of the most elemental techniques frequently employed in the improvement of the physical and chemical characteristics of water. The role of aeration in the activated sludge process is to provide oxygen to the microorganisms as they assimilate the organic carbon compounds and digest a portion of them to carbon dioxide and water, Sulfate and Nitrate compounds. The remaining waste solids are changed to a form that can be settled and removed as sludge by sedimentation.
NEWS:
·
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completes 10 years of operations in
·
Titan Aeration introduces
High Efficiency silicone membranes in
·
More than 1000
installations working satisfactorily all over
·
Largest Installation in
·
First in
·
Largest installation in
·
Largest installation in
·
Largest installation in
·
Largest installation in
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.