MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CETHAR LIMITED |
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Formerly Known
As : |
CETHAR VESELLS LIMITED (w.e.f. date 15.12.2007) CETHAR VESELLS PRIVATE LIMITED |
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Registered
Office : |
No.4, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.11.1981 |
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Com. Reg. No.: |
18-009067 |
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Capital Investment
/ Paid-up Capital : |
Rs.468.780 Millions |
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CIN No.: [Company Identification
No.] |
U28991TN1981PLC009067 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC05058E |
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PAN No.: [Permanent Account No.] |
AAACC2721M |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of FBC Boilers and Steam Generating Accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 13000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a established company having fine track records. Financial position
of the company appears to be sound. Trade relations are, reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
No.4, |
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Tel. No.: |
91-431-2484000 / 2461038 |
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Fax No.: |
91-431-2481079 / 2464301 |
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E-Mail : |
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Website : |
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Factory 1 : |
SF 9/1 |
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Factory 2 : |
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Marketing Office: |
Located at:
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kandasamy Subburaj |
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Designation : |
Director |
|
Address : |
15, |
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Date of Birth/Age : |
02.12.1949 |
|
Date of Appointment : |
16.09.1989 |
|
DIN: |
00292869 |
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Name : |
Mr. Nagalapuram Kandasamy Pothiraaj |
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Designation : |
Managing Director |
|
Address : |
19/20, |
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Date of Birth/Age : |
07.04.1957 |
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Date of Appointment : |
12.04.2005 |
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DIN: |
00276720 |
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Name : |
Mr. Variankattil Krishnan Nair Gopinath |
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Designation : |
Director |
|
Address : |
23/6, Neel Kamal Apts. Gandhi Nagar, Adyar, Chennai- 600 020, |
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Date of Birth/Age : |
15.07.1942 |
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Date of Appointment : |
25.08.2005 |
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DIN: |
11668147 |
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Name : |
Mr. Kulandaiah Thambithurai |
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Designation : |
Whole-time Director |
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Address : |
Mark Residency, 12/31, |
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Date of Birth/Age : |
15.06.1948 |
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Date of Appointment : |
31.10.2006 |
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DIN: |
00897554 |
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Name : |
Mr. Nagasivamani Chandrasekaran |
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Designation : |
Director |
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Address : |
2A, Milestone Aprtments, 14, |
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Date of Birth/Age : |
23.04.1944 |
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Date of Appointment : |
04.05.2007 |
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DIN: |
00064869 |
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Name : |
Mr. Ponnusami Karuppa Gounder |
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Designation : |
Director |
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Address : |
1591, Toursdale, Drive |
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Date of Birth/Age : |
27.01.1949 |
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Date of Appointment : |
03.10.2005 |
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DIN: |
01271644 |
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Name : |
Mr. Arunachalam Krishnamoorthy |
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Designation : |
Director |
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Address : |
44, |
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Date of Birth/Age : |
17.10.1944 |
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Date of Appointment : |
25.08.2005 |
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DIN: |
00386122 |
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Name : |
Mr. Masillamoney Paul Premraj |
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Designation : |
Director |
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Address : |
26, Begonia Walk |
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Date of Birth/Age : |
10.05.1942 |
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Date of Appointment : |
25.08.2005 |
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DIN: |
01035215 |
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Date of Cessation: |
24.02.2010 |
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Name : |
Mr. Venkatraman Kannan |
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Designation : |
Director |
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Address : |
95, |
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Date of Birth/Age : |
15.12.1946 |
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Date of Appointment : |
24.10.2008 |
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DIN: |
02414393 |
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Date of Cessation: |
01.04.2010 |
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Name : |
Mr. Rahul Bhasin |
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Designation : |
Director |
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Address : |
A1/16, Safdarjung Enclave, New Delhi-110029, |
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Date of Birth/Age : |
09.03.1965 |
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Date of Appointment : |
27.12.2010 |
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DIN: |
00236867 |
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Name : |
Mr. Ajeet Singh Karan |
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Designation : |
Director |
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Address : |
House No.36, Sector-37, Arunvihar, Noida-201303, |
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Date of Birth/Age : |
09.12.1965 |
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Date of Appointment : |
27.12.2010 |
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DIN: |
00183622 |
KEY EXECUTIVES
|
Name : |
Mr. V Balasubramanian |
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Designation : |
Secretary |
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Address : |
B-2/S-1, |
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Date of Birth/Age : |
02.08.1957 |
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Date of Appointment : |
23.12.2009 |
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Pan No.: |
ACZPB5201B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
K.Subburaj |
|
2,245,430 |
|
S. Vimala |
|
1,449,855 |
|
S. Kanagaraj |
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4,36,326 |
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N.K. Pothiraaj |
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2,69,170 |
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N. Sridar |
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1,81,082 |
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S. Elango |
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18,601 |
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B. Vijaya |
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12,199 |
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V. Bharathi |
|
9,317 |
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S. Kandasamy |
|
9,163 |
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M. Gunasekaran |
|
4,730 |
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R. Venkatesh |
|
4,730 |
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J.M. Ghosh |
|
4,730 |
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P.K. Sinha |
|
4,730 |
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P.V. Kannan |
|
4,730 |
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M. Jayaprakash |
|
4,730 |
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A.S. Raman |
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4,730 |
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Kirit N. Parikh |
|
4,730 |
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N. Rajaraman |
|
4,730 |
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R. Sekar |
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4,719 |
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P.V. Krishna Kumar |
|
4,136 |
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K.K. Parthiban |
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4,136 |
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A.N.C. Shanmugham |
|
1,100 |
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TOTAL |
|
4,687,804 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Directors
or relatives of directors |
|
94.80 |
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Other
|
|
5.20 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of FBC Boilers and Steam Generating Accessories. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
FBC Bollers and Steam Generating accessories |
MT |
NA |
NA |
NA |
Note:
Installed
capacity has been certified by the Management and accepted by the Auditors
without verification as this being a technical matter.
GENERAL INFORMATION
|
Bankers : |
Indian Bank, Cantonment Branch, 5, |
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Facilities : |
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Banking
Relations :- |
-- |
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Auditors:- |
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Name: |
Suri and Company Chartered Accountant |
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Address:- |
2nd Floor, |
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Pan No.: |
AABFS5023Q |
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Subsidiaries
Companies: |
Domestic:
(U74140TN2005PTC058247)
(U40109TN2006PLC059441)
(U40100TN2008PLC067673)
(U4503TN2008PTC067668) Overseas :
|
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,500,000 |
Equity Shares |
Rs.100/-each |
Rs.850.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,687,804 |
Equity Shares |
Rs.100/-
each |
Rs.468.780
Millions |
Note:
Of the above
45,60,064 Equity Shares of Rs.100/- each have been issued as fully paid-up
Bonus Shares by capitalization of surplus in Profit and Loss Account)
After
As on 20.08.2010
Authorised Capital : Rs.1350.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.1028.610
Millions
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 |
468.780 |
468.780 |
468.780 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3023.231 |
2890.347 |
2854.293 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3492.011 |
3359.127 |
3323.073 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
4499.726 |
5814.418 |
3911.862 |
|
|
2] Unsecured Loans |
19.346 |
97.795 |
970.577 |
|
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TOTAL BORROWING |
4519.072 |
5912.213 |
4882.439 |
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DEFERRED TAX LIABILITIES |
515.889 |
186.002 |
4.604 |
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TOTAL |
8526.972 |
9457.342 |
8210.116 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
3901.102 |
1569.395 |
1661.261 |
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Capital work-in-progress |
703.785 |
3231.582 |
1661.565 |
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|
|
|
|
|
|
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INVESTMENT |
185.685 |
185.685 |
181.839 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.00 |
0.000 |
|
|
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3713.146
|
3038.413 |
2298.047 |
|
|
Sundry Debtors |
4461.721
|
4419.008 |
6261.314 |
|
|
Cash & Bank Balances |
1199.079
|
292.300 |
271.522 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3010.728
|
1424.635 |
1486.487 |
|
Total
Current Assets |
12384.674
|
9174.356 |
10317.370 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2455.631
|
2290.189 |
4393.743 |
|
|
Other Current Liabilities |
6033.131
|
2073.754 |
615.764 |
|
|
Provisions |
159.512
|
339.733 |
602.412 |
|
Total
Current Liabilities |
8648.274
|
4703.676 |
5611.919 |
|
|
Net Current Assets |
3736.400
|
4470.680 |
4705.451 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8526.972 |
9457.342 |
8210.116 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9765.358 |
6728.659 |
12253.513 |
|
|
|
Other Income |
107.514 |
143.938 |
126.463 |
|
|
|
TOTAL (A) |
9872.872 |
6872.597 |
12379.976 |
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|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
6905.689 |
4993.951 |
8091.381 |
|
|
|
Staff Cost |
881.297 |
702.517 |
716.243 |
|
|
|
Other Expenses |
761.657 |
454.559 |
612.900 |
|
|
|
TOTAL
(B) |
8548.643 |
6151.027 |
9420.524 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1324.229 |
721.570 |
2959.452 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
643.607 |
388.082 |
219.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
680.622 |
333.488 |
2740.237 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
436.041 |
307.540 |
220.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
244.581 |
25.948 |
2520.173 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.236 |
(10.106) |
906.111 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
161.345 |
36.054 |
1614.062 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2538.088 |
2502.034 |
1387.548 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR
PARIOD ITEM |
(28.461) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
AVAILABLE FOR APPROPRIATION |
2670.972 |
2538.088 |
3001.610 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Interim Dividend Paid |
0.000 |
0.000 |
127.849 |
|
|
|
Dividend Distribution Tax |
0.000 |
0.000 |
21.728 |
|
|
|
Transfer to General
Reserve |
0.000 |
0.000 |
350.000 |
|
|
|
TOTAL APPROPRIATIONS |
0.000 |
0.000 |
499.577 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2670.972 |
2538.088 |
2502.033 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
9.404 |
42.410 |
245.489 |
|
|
TOTAL EARNINGS |
9.404 |
42.410 |
245.489 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Imports: |
|
|
|
|
|
|
Raw Materials |
302.326 |
482.154 |
656.243 |
|
|
|
Capital Goods |
12.090 |
69.163 |
532.379 |
|
|
TOTAL IMPORTS |
314.416
|
551.317 |
1188.622 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.42 |
7.69 |
344.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.65
|
0.53 |
20.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
0.37 |
20.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.50
|
0.24 |
21.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.00 |
0.75 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.77
|
3.16 |
3.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.95 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
HIGHLIGHTS:
The Company has commissioned 79
Boilers during the year. Eleven Power Plants with an aggregate capacity of 261 MW
were commissioned during the year. The Company’s ERP has been invaluable both
in the implementation and monitoring of projects.
The Company has booked orders tolling 2090MW In Utility Power Projects -
a significant milestone achieved during the year. The technical expertise ant
Infrastructure of your Company has gained immense recognition in the market
paving the way for future growth.
Two new types of Boilers were
designed manufactured and commissioned viz.
1) Waste Heat Recovery for Cement Plant Pre
Heater Exhaust and Air Quenching Chamber, and
2) Oil and Hydrogen Fired Process Steam
Boiler.
The Company has initiated steps to be
awarded the British Sword of Honor which is an international award given by the
British Safety Council in
The Company has signed:
1) a Collaboration Agreement with Riey Power
Inc. USA to design, Manufacture and supply super critical / ultra super
critical sliding pressure (Benson) Boilers.
2) an Agreement with Siemens
3) A Memorandum of understanding (MOU) with
OJSC Power Machines, Russia, to establish a joint venture in India for
manufacture of turbine and generator equipment for thermal power plants.
Consequently a joint venture. Agreement was signed with power machines
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U28991TN1981PLC009067 |
|
Name of the
company |
CETHAR VESSELS LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.4, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
|
|
Particular of
charge holder |
Name: Indian Bank Address: Cantonment
Branch, 5, |
|
Nature of
instrument creating charge |
1.
Joint
Deed of Hypothecation dated- 30.03.2011. 2.
Working
Capital Consortium Agreement dated- 30.03.2011. 3.
Memorandum
of Pari Passu Arrangement dated- 30.03.2011. 4.
Memorandum
of Pari Passu Arrangement dated- 30.03.2011 |
|
Date of
instrument Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs. 20372.400
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest:
As stipulated in the Joint Deed Hypothecation dated 30.03.2011. Terms of
Repayment: As Stipulated in the Joint Deed Hypothecation dated 30.03.2011. Margin: As stipulated
in the Joint Deed Hypothecation dated 30.03.2011. Extent and
Operation of the charge: 1St Charge on all the Current Assets of
the Company (viz. Stock of Raw Materials, Stocks in Process, Semi Finished and
Finished Goods, Consumable Stores and Spares, Bills Receivable, Book Debts
and all other movables both present and future, whether now lying loose or in
cases or which are now lying or stored in or about or shall hereinafter from
time to time be stored in the Company’s Factories, Premises and Godowns at
Unit 1-7. Paripassu 1st charge on fixed assets as on 31.03.2010) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1.
1st
charge on all the Current Assets of the Company (namely Stocks of Raw
Materials, Stocks in Process, Semi Finished and Finished Goods.) 2.
Consumable
Stores and Spares, Bills Receivable, Book Debts and all other movables both
present and future, whether now lying or stored in or about or 3.
shall
hereinafter from time to time be stored in the Company’s Factories, Premises
and Godowns at Unit 1-7 4.
Paripassu
1st Charge on fixed assets as on 31.03.2010 |
FIXED ASSETS:
- Freehold Bkuilding
- Plant and Machinery
- EDP Equipment
- Furniture and Fixtures
- Vehicles
- Intangible UPP and Super Critical
As Per Website Details:
History of Growth:
Subject, founded in 1981 and commencing manufacturing in 1984,
is the flagship company of the Cethar group of companies and operates with its
head office in Tiruchirapalli, India. Growing from its modest origin as a small
industry formed by a group of young, budding and energetic engineers, now it
has established itself as a leading boiler manufacturer and EPC Contractor in
Cethar's current line of manufacture includes Pulverised Coal Fired Boilers
(Sub Critical and Super Critical / Ultra Super Critical), Circulating Fluidized
Bed Combustion (CFBC) Boilers (Sub Critical and Super Critical), Bubbling
Fluidized Bed Combustion (BFBC) Boilers, Heat Recovery Steam Generators (HRSG)
behind Gas Turbines, Traveling Grate Boilers, Waste Heat Recovery Boilers, Oil
& Gas fired boilers, Electro Static Precipitator (ESP), Industrial Fans for
boiler application, Power Plant Piping systems, Water Treatment Plants, Cooling
Towers for Thermal Power Plants, etc.
It has world class manufacturing facilities in Trichy, Tamil Nadu with an
annual capacity of 8000 MW. This can produce 1,00,000 Tonnes of Pressure Parts
annually. Further, company is now in the process of enhancing its capacity to
12,000 MW by December 2012. It has some of the critical machines such as Four
Roll Plate Bending Machine capable of bending 220mm thick Drum plate, 20 torch
Furnace panel welding machine, serpentine coil bending machines, Incremental
pipe bending machines, Spiral fin welding machine, Stress relieving furnaces,
etc. It is to be noted that Cethar Limited does not need to sub-contract any
pressure part component.
Since its entry into Utility segment in 2006, Cethar Limited has so far
contracted 14 Utility units (on EPC/ BTG/ Boiler), cumulating to 3460 MW. The
unit sizes ranges from 60 MW up to 350 MW.
Cethar Limited is a Licensee of Riley Power Inc.,
Cethar Limited has also signed a Licensing Agreement with Riley Power Inc.,
Cethar Limited has entered into a Cooperation Agreement on November 14, 2008
with M/s. NeM B.V. The
Further, Cethar has signed a Licensing Agreement with M/s.
Cethar is having long term Sourcing Agreement with M/s. Harbin Turbine Co.,
China (HTC) effective from September 18, 2007 for the supply of Steam Turbines
and Generators with related auxiliary equipment. HTC is one of the most reputed
turbine companies in
Currently Cethar has a robust order book of Rs.77785.800 Millions. Present net
worth of the company is Rs.9105.800 Millions.
Achievements:
First
biomass (Ricehusk) fired AFBC boiler
First
multi-fuel fired AFBC boiler
Most
new AFBC boilers in operation
Most
AFBC fired AFBC boiler
First
lignite fired AFBC boiler
Smallest
capacity (500kg/hr) AFB boiler
Largest
capacity (175TPH) AFBC boiler in operation
First
AFBC boiler to fire gaseousfu (Biogas)
Larges
tcapacit (140TPH)Traveling Grate boiler in operation
First
100% bagasse fired Traveling Grate boiler with highest pressure and
temperature: 108 Kg/cm2 (a) and
540şC
Indigenously
developed CFBC technology stabilized in shortest possible time in operation
CFBC
boilers designed to fire unique fuels like 100% Char, Distillery Effluent, 100%
pet coke, Fly Ash from
BFBC boiler for the firs time
PC
firedutility projects of unit capacities upto 350 MW under execution
Board
of Directors :
K. Subburaj:
Chairman of the Cethar Group, is a first generation
entrepreneur, known for his radical and reformist approach. After graduating
from Thiagaraja College of Engineering,
The entrepreneurial skills soon made him to start his initial venture Pipelines
India Limited in Tiruchirappalli, as a sub-contractor to BHEL.
His vision, coupled with his leadership and the business acumen had brought the
Cethar group to its present position as one of the leaders of the power plant equipment
manufacturers in the country with a world class infrastructure with a second to
none globally competing human capital.
N.K. Pothiraaj:
Managing Director, started his career in Pipelines India Limited in 1981. A strategist with an enviable organizational skills and contacts, he was instrumental in stabilizing and reviving Cethar group's companies by forming the required alliances in many incidences. He was responsible for all infrastructural expansions of the group and manages the business.
Ponnusami Gounder:
Director Technical, has over thirty years of experience in
the boiler field, both in Pulverized Coal firing and Fluidized Bed Combustion.
Although a hard-core technologist, he is more known for his simple and
pragmatic approach from the fundamentals. He had started his career in Bharat
Heavy Electricals Limited (BHEL),
A pioneer in the development of utility scale CFB projects, he is holding more than 8 patents for his technical innovations in the CFB boilers and was nominated for Ahlstrom Corporation's International Prize for Excellence in Engineering in 1990.
V.K. Gopinath :
A former Executive Director of BHEL, Tiruchirapalli, he took the organization to heights that once seemed unattainable. This electrical engineer with years of experience in the power industry is a fossil boilers specialist. His contributions to the welding industry brought him the prestigious Keit Heartly Award from Indian Institute of Welding.
N. Chandrasekaran :
His impressive skill set encompasses boiler, piping engineering, project management and exports. With his excellent business management skills, he has been the promoter director of companies such as Enmas Engineering, Enmas Process technologies and Fichtner Consulting Engineers.
A. Krishnamoorthy :
He Contributes to Cethar with his expertise acquired during his tenures at premier institutions such as the Reserve Bank of India, Andhra Bank and Lakshmi Vilas Bank. As a director, he plays a critical role in translating the organizational objectives into tangible benefits in diverse domains covering labor welfare, profit maximization and corporate governance.
V.Kannan:
He is a well-known personality in energy industry across the
world. An alumnus of
K.Thambithurai:
A Mechanical Engineer from
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] 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.44.723 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.