MIRA INFORM REPORT

 

 

Report Date :

04.06.2011

 

IDENTIFICATION DETAILS

 

Name :

THERMODYNE TECHNOLOGIES PRIVATE LIMITED

 

 

Registered Office :

18, Ayodhya Colony, Velachery, Chennai – 600042, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

27.09.1991

 

 

Com. Reg. No.:

18-021460

 

 

Capital Investment / Paid-up Capital :

Rs.4.548 millions

 

 

CIN No.:

[Company Identification No.]

U28920TN1991PTC021460

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHET01135B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Boilers and Boiler Components

 

 

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 347000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

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)

India

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 :

18, Ayodhya Colony, Velachery, Chennai – 600042, Tamilnadu, India.

Tel. No.:

91-44-22437201/22437202

Fax No.:

91-44-22437200

E-Mail :

thermodyne@thermodyne.in

Website :

http://www.thermodyne.in

 

 

DIRECTORS

 

AS ON 06.09.2010

 

Name :

Mr. R. Sri Dharan

Designation :

Whole Time Director

Address :

57/3, Kamaraj Avenue, First Street Adyar, Chennai – 600020, Tamilnadu, India.

Date of Birth/Age :

04.04.1947

Date of Appointment :

27.09.1991

 

 

Name :

Mr. R. Rangarajan

Designation :

Whole Time director

Address :

7/8, New No.13/8, Sadasiva Apartments Thiruvengadam Street, Chennai – 600028, Tamilnadu, India.

Date of Birth/Age :

09.11.1948

Date of Appointment :

27.09.1991

 

 

Name :

Mr. S. Damodaran

Designation :

Whole Time Director

Address :

Old No.54/7, New No.78/17, 7th Avenue Ashok Nagar, Chennai – 600083, Tamilnadu, India.

Date of Birth/Age :

21.02.1946

Date of Appointment :

19.01.1996

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 06.09.2010

 

Names of Shareholders

No. of Shares

R Sridharan

93600

R Rangarajan

93600

S Damodaran

10800

R Sundararaman

3780

T Gopal

3780

D Lalitha Saraswathi

194400

J Kumar

3780

Chitra Swaminathan

3780

D Shankar

18000

R Thiagarajan

7560

Pattamal Srinivasan

3780

D Srikrishnan

18000

TOTAL

454860

 

AS ON 06.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Boilers and Boiler Components

 

 

Products :
  • Industrial Products
  • Small Co- Gen Systems
  • Heat Recovery Equipment
  • Thermic Fluid Heaters
  • Hot Air / Gas Generators
  • Steam Oil Air Heaters
  • Pulverised Fuel Firing Systems
  • Feed Water System
  • Tubular Heat Exchangers

 

 

GENERAL INFORMATION

 

Bankers :

ICICI Bank

State Bank of India, Specialised Small Scale Industires Branch, Ekkaduthangal, Chennai 600032, Tamil Nadu, India

 

 

Facilities :

SECURED LOAN

AS ON 31.03.2010

(Rs. In millions)

AS ON 31.03.2009

(Rs. In millions)

Cash Credit

40.012

25.078

TOTAL

40.012

25.078

 

NOTE :

  • Secured by way of hypothecation of stock of raw materials, WIP, finished goods, consumable stores and spares and other moveables including  book debts, outstanding monies, receivables both present and future, in the form of working capital requirements totalling to Rs.40.000 millions (Previous year Rs.25.000 millions)
  • Secured by way of hypothecation on all movable fixed assets of the company, excluding Factory, land and Buildings
  • Extension of equitable mortgage on the company’s Factory Land and Building situated at Plot No. 14, Bhel Ancilary Estate, Ranipet
  • Extension of equitable mortgage on the company’s Factory Land and Building  situated at No.4/3, Musiri Road, Thenpadappanthangal Village, Wallajabad

 

UNSECURE LOAN

AS ON 31.03.2010

(Rs. In millions)

AS ON 31.03.2009

(Rs. In millions)

Directors and Shareholders

7.050

3.000

Trade Advances

36.326

29.263

TOTAL

43.376

32.263

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Murali Associates

Chartered Accountant

Address :

New No. 39, 1st Main Road, R. A. Puram, Chennai – 600028, Tamilnadu, India.

Tel. No.:

91-44-24312201/02/03

Mobile No.:

 

Fax No.:

91-44-24334613

E-Mail :

ma@macaindia.com

Website :

www.macaindia.com

 

 

Associates/Subsidiaries :
  • Thermodyne Industrials Products
  • Thermodyne Marketing and Services Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs. 10 each

Rs.5.000 millions

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

454860

Equity Shares

Rs. 10 each

Rs.4.548 millions

 

Of the Above

a)      72000 (Previous year 72000) Nos Equity Shares were allotted for consideration other than cash at a premium Rs. 6.30 each

b)      B) 326032 shares were allotted as fully paid Bonus shares by Capitalization of reserves including amount standing to the credit of shares premium account

 

 

 

 

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

4.548

4.548

4.548

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

82.202

69.876

58.265

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

86.750

74.424

62.813

LOAN FUNDS

 

 

 

1] Secured Loans

40.012

25.078

10.923

2] Unsecured Loans

43.376

32.263

47.530

TOTAL BORROWING

83.388

57.341

58.453

DEFERRED TAX LIABILITIES

5.392

5.656

5.753

 

 

 

 

TOTAL

175.530

137.423

127.019

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

29.301

32.435

29.531

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

32.724

11.465

30.843

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
98.715
131.567

158.398

 

Sundry Debtors
160.325
124.922

52.602

 

Cash & Bank Balances
26.954
28.632

16.885

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
17.672
30.230

33.674

Total Current Assets
303.666
315.351

261.559

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
151.332
172.034

112.091

 

Other Current Liabilities
14.822
27.272

64.946

 

Provisions
24.007
22.522

17.877

Total Current Liabilities
190.161
221.828

194.914

Net Current Assets
113.505
93.523

66.645

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

175.530

137.423

127.019

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

703.271

812.882

450.217

 

 

Other Income

2.463

6.463

2.896

 

 

TOTAL                                     (A)

705.734

819.345

453.113

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Direct Expenses

550.548

653.504

393.404

 

 

Employee cost

54.391

47.832

37.339

 

 

Administrative Expenses

23.212

28.560

20.391

 

 

Selling Expenses

16.737

36.093

16.208

 

 

Increase/Decrease in stock

32.672

28.596

(39.727)

 

 

TOTAL                                     (B)

677.560

794.585

           427.615

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

28.174

24.760

25.498

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

3.970

2.681

2.611

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

24.204

22.079

22.887

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

4.965

4.949

3.966

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

19.239

17.130

18.921

 

 

 

 

 

Less

TAX                                                                  (H)

6.116

4.720

7.460

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

13.123

12.410

11.461

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

62.884

52.513

42.996

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

1.312

1.241

1.146

 

 

Dividend

0.682

0.682

0.682

 

 

Tax on Dividend

0.115

0.115

0.115

 

BALANCE CARRIED TO THE B/S

73.898

62.885

52.514

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

16.410

125.892

82.201

 

 

 

 

 

 

Earnings Per Share (Rs.)

28.85

27.28

25.20

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.85
1.51

2.52

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
2.73
2.10

4.20

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.77
4.92

6.50

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22
0.23

0.30

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.21
3.75

4.03

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.59
1.42

1.34

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE:

Registered office of the company has been shifted from 25/11,12TH Cross ST, Shastri Nagar, Adyar, Chennai – 20, Tamilnadu, India to the present address w.e.f. 16.04.2008

 

 

OPERATIONS:

The Company has registered turnover of about Rs.670.000 millions, with a marginal dip of 15% over that of the previous year. There has been continued slow down faced by the industries during the course of the year. Despite marginally lower turnover, The Company has improved its profitability. The Company has begun the year 2010-11 with an order book of about Rs.540.000 millions and fresh orders to the tune of Rs.520.000 millions have been secured during the first four months. Demand for Industrial Boilers has shown some signs of recovery, but the pace of project execution continues to be sluggish. With this backdrop, The Company envisages around 15% improvement in Turnover on year on year basis.

 

 

FIXED ASSETS:

 

  • Land
  • Building
  • Plant and Machinery
  • Furniture and Fixtures
  • Designs
  • Vehicles
  • Office Equipment
  • Computer
  • Computer Software
  • Temporary Structure

 

 

FORM 8

 

Corporate identity number of the company

U28920TN1991PTC021460

Name of the company

THERMODYNE TECHNOLOGIES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

18, Ayodhya Colony, Velachery, Chennai – 600042, Tamilnadu, India

This form is for

Modification of charge

Type of charge

Immovable property

Particular of charge holder

State Bank of India, Specialised Small Scale Industires Branch, Ekkaduthangal, Chennai 600032, Tamil Nadu, India

Email: sbi.04033@sbi.co.in

Nature of instrument creating charge

Memorandum of Entry Mortgage By Deposit of Title Deeds with ICICI Bank (MOE)

Date of instrument Creating the charge

19.04.2011

Amount secured by the charge

Rs. 115.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Charges over Company's Immovable Properties as detailed to Memorandum of Entry to additionally secure the credit facilities of Rs.115.000 millions on a pari-passu basis and ROI as applicable by the Bank

 

Terms of repayment

Charges over Company's Immovable Properties as detailed to Memorandum of Entry to additionally secure the credit facilities of Rs.115.000 millions on a pari-passu basis availed by the Company for its due repayment in favour of the Bank and the loan repayment shall be governed by the Bank's sanction

 

Margin

Charges over Company's Immovable Properties as detailed to Memorandum of Entry to additionally secure the credit facilities of Rs.115.000 millions on a pari-passu basis availed by the Company for its due repayment in favour of the Bank and the margin shall be governed by the Bank's sanction

 

Extent and operation of the charge

Existing Credit facilities of Rs.115.000 millions is additionally secured by way of offering Company's immovable properties situated at No. 90, Thenkadappanthangal Village, Wallajah Taluk, Vellore District in the State of TamilNadu more particularly described in second schedule of MOE on a pari-passi basis by way of constructive delivery with ICICI Bank Limited acting for itself and as an agent of State Bank of India (SBI)  and 3i-lnfotech Trusteeship Services Limited (ITSL) for its due repayment.

Short particulars of the property charged (Including location of the property)

Company's immovable properties situate at No. 90, Thenkadappanthangal Village, Wallajah Taluk, Vellore District in the State of TamilNadu

Particulars of the present modification

Existing Credit facilities of Rs.1150 Lakhs is additionally secured by way of offering Company's immovable properties situated at No. 90, Thenkadappanthangal Village, Wallajah Taluk, Vellore District in the State of TamilNadu more particularly described in Second schedule of MOE on a pari-passi basis by way of constructive delivery with ICICI Bank Limited tacting for itself and as agent of State Bank of India (SBI) and 3i-lnfotech Trusteeship Services Limited (ITSL) for its due repayment.

 

 

 

 

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.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

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

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.