MIRA
INFORM REPORT
|
Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CRESCENT COMBUSTION SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
111/112, Orion Business Park, First Floor, Next to Cinewonder Mall
Ghodbunder Road, Thane (West), Thane – 400607, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.04.2003 |
|
|
|
|
Com. Reg. No.: |
11-140143 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.800
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909MH2003PTC140143 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Engineering and Commissioning of Combustion Systems like Furnaces for
ESA – Pyronic Burners. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 80000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There
appears to be some dip in the turnover and profitability of the company. 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 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
111/112, Orion Business Park, First Floor, Next to Cinewonder Mall
Ghodbunder Road, Thane (West), Thane – 400607, Maharashtra, India |
|
Tel. No.: |
91-22-25894623 |
|
Fax No.: |
91-22-25894629 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Pune Office : |
2, Nishigandh, Anand Baug Society, Navi Peth, Pune – 411030,
Maharashtra, India. |
|
Tel. No.: |
91-20-65007677 / 64006589 |
|
Fax No.: |
91-20-24535262 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Girish Virendra Shukla |
|
Designation : |
Director |
|
Address : |
C-8/10, Phase – 3, Vedan Housing Complex, |
|
Date of Birth/Age : |
15.12.1970 |
|
Date of Appointment : |
24.04.2003 |
|
|
|
|
Name : |
Mr. Deepak Laxman Darunkar |
|
Designation : |
Director |
|
Address : |
Flat No.13, Building S-6, Siddheshwar Nagar, Vishrantwadi, Pune – 411
015, |
|
Date of Birth/Age : |
26.11.1967 |
|
Date of Appointment : |
24.04.2003 |
|
|
|
|
Name : |
Mr. Sameer Madhav Kelkar |
|
Designation : |
Director |
|
Address : |
Flat No.14, Building No.4, Maitreya Baug No.3, Hsg Society, Survey
No.79, Paud Road, Pune – 411 029, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1967 |
|
Date of Appointment : |
24.04.2003 |
|
|
|
|
Name : |
Mr. Shaunkak Ravindra Gupte |
|
Designation : |
Director |
|
Address : |
K-06/11-B, Nirmal HTS, Municipal Colony, |
|
Date of Birth/Age : |
14.03.1973 |
|
Date of Appointment : |
04.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Girish Virendra Shukla |
|
20000 |
|
Deepak Laxman Darunkar |
|
20000 |
|
Sameer Madhav Kelkar |
|
20000 |
|
Shaunkak Ravindra Gupte |
|
20000 |
|
|
|
|
|
Total |
|
80000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engineering and Commissioning of Combustion Systems like Furnaces for
ESA – Pyronic Burners. |
GENERAL INFORMATION
|
Customers : |
End
Users · Bharat Heavy Electricals Limited · Sterlite Industries · Uttam Galva Steels Limited · Bhushan Steel Limited · JSW Steel Limited · Essar Steel Limited · Tata Motors · LG Hotline OEM's · CMI-FPE Limited (Formerly Flat Products) · Tenova Hypertherm · Seco-Warwick Allied · Bharat Gears Limited · Fluidtherm · Unitherm |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Bank of Baroda, Thane West Branch, Naupada Road, Thane West, Mumbai – 400 602,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Gogate and Associates Chartered Accountant |
|
Address : |
102, Mayurpankh, Agiary Lane, Kambhali Naka, Thane – 400601,
Maharashtra, India |
|
Pan No : |
AAVPG0792N |
|
E-Mail : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- Each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000 |
Equity Shares |
Rs.10/- Each |
Rs.0.800
Million |
|
|
|
|
|
NOTE:
Out of the total equity shares, 8000 shares of
Rs.10 each were issued a premium of Rs.10/- each
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.800 |
0.800 |
0.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.086 |
18.789 |
11.302 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.886 |
19.589 |
12.102 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.834 |
11.596 |
8.011 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
20.834 |
11.596 |
8.011 |
|
|
DEFERRED TAX LIABILITIES |
0.557 |
0.436 |
0.363 |
|
|
|
|
|
|
|
|
TOTAL |
41.277 |
31.621 |
20.476 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.041 |
7.127 |
7.474 |
|
|
Capital work-in-progress |
6.267 |
0.980 |
0.933 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.785 |
2.065 |
1.446 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.655
|
7.547 |
4.471
|
|
|
Sundry Debtors |
11.146
|
32.211 |
3.813
|
|
|
Cash & Bank Balances |
33.979
|
14.109 |
12.018
|
|
|
Other Current Assets |
0.010
|
0.000 |
0.109
|
|
|
Loans & Advances |
4.439
|
3.363 |
4.145
|
|
Total
Current Assets |
64.229
|
57.230 |
24.556 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
15.106
|
29.961 |
8.913
|
|
|
Other Current Liabilities |
22.939
|
3.348 |
2.263
|
|
|
Provisions |
0.000
|
2.472 |
2.757 |
|
Total
Current Liabilities |
38.045
|
35.781 |
13.933
|
|
|
Net Current Assets |
26.184
|
21.449 |
10.623
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
41.277 |
31.621 |
20.476 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
49.691 |
|
|
|
Other Income |
|
|
1.740 |
|
|
|
TOTAL |
54.094 |
85.377 |
51.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
52.615 |
73.469 |
42.318 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.479 |
11.908 |
9.113 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.983 |
0.911 |
0.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.496 |
10.997 |
8.305 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.199 |
3.510 |
2.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.297 |
7.487 |
5.499 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
12.976 |
14.200 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.72 |
93.58 |
68.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.55
|
12.88 |
10.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
16.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.70
|
17.09 |
25.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.56 |
0.69 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.96
|
2.42 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.60 |
1.76 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Subject is an engineering and manufacturing company dealing in
Industrial Thermal Frocess and Heating Products, Equipment and Turkey projects
for combustion system.
It is a name in the thermal process and heating equipment business in
India, catering to some of the most important and growing process industrial in
India and the global emerging markets like Africa, S.E. Asia and Middle East.
It offers energy efficient, safe and environmental friendly products and
solution to industrial customer primarily in the highly energy intensive
ferrous and non-ferrous metals, automobile, food and ceramic industry.
NOTE:
The company changed its registered office from “10 Diwaswapna CHS, 3rd
Floor, Near Paradkar Hospital Bhaskar Colony, Kopri Road, Thane (West) – 400
602, Maharashtra, India.” to present address w.e.f 01.02.2007.
The Registered office has again shifted from 114/115/159, S2, First
Floor, Vedant Commercial Complex, Vartak Nagar, Off. Pokhran Road, No.1, Thane
(West) – 400 606, Maharashtra, India, to the present address w.e.f. 29.01.2011
FORM: 8
|
Corporate
identity number of the company |
U31909MH2003PTC140143 |
|
Name of the
company |
CRESCENT COMBUSTION SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
114/115/159, S2, First Floor, Vedant Commercial Complex, Vartak Nagar,
Off. |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable Property |
|
Particular of charge
holder |
Bank of Thane West
Branch, Naupada Road, Thane West, Thane – 400 602, Maharashtra, India E-Mail: shirishshetye@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title Deeds in Respect of Advance Secured by Equitable Mortgage of
Immovable Property. |
|
Date of
instrument Creating the charge |
22.06.2010 |
|
Amount secured by
the charge |
Rs.58.137
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged as per sanction/review of the account from time to time. Extent and
Operation of the charge The charge is created
to secure the due repayment of Term Loan, Cash Credit and Bank Guarantee
facilities aggregating to Rs.58.137 Millions along with all interests, costs
payable to the Bank. |
|
Short particulars
of the property charged |
1) Office
Premises bearing No.111/112, admeasuring 1362 sq. ft. carpet area on 1st
floor, in the Building constructed on land bearing Gut No.33 forming part of
Old Survey No.38, Hissa No.3(p), situate lying, being at Village Chitalsar, Manpada, Thane (W), Tal. and Dist.
Thane, Registration District and Sub-District Thane and within the limits of
Thane Municipal Corporation. 2) All that piece
and parcel of land bearing Plot No.46, adm. 1,000 sq. mtrs. out of the layout
of land bearing Survey No.94 + 100 along with superstructure adm. about 229.19 sq. mtrs. (i.e. 2467.00 sq. ft.)
with shed and watchman cabin, situated at Village Kesanand, Taluka Haveli,
District Pune, in the Registration Sub-District Haveli, Registration District
Pune. |
FIXED ASSETS:
v
Computers
v
Plant and Machinery
v
Furniture and fixtures
v
Motor Car
WEBSITE DETAILS:
PROFILE:
Subject was
born to four inspired technocrats from a common vision and objective of
providing best in class combustion
technology products and solutions to meet the demands of industrial
heating and thermal process needs of the global market.
With the wealth of knowledge of the founders acquired over the years from the
hands-on experience in the area of Sales, Design Engineering, Execution, Installation
and Commissioning of wide array of combustion and control products for all
types of industrial heating and thermal process equipments. Crescent began its journey towards its
vision in the year 2000 and now reckon as one of the leading suppliers of
Combustion products and turnkey solution provider to all the major players in
thermal process industry.
Subject USP is application based
systems approach backed with prompt and efficient after sales services. Its
long list of repeat customer base not only from India but also globally is the
testimony of its quality products and valued added cost effective solutions. Subject operates its business into two
major divisions namely Products and Systems.
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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
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 |
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 |
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.