MIRA
INFORM REPORT
|
Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN TURBOMACHINERY LIMITED |
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Registered Office : |
40-B, 2nd Phase, Peenya Industrial Area, Bangalore-560058,
Karnataka. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
18.06.2008 |
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Com. Reg. No.: |
046825 |
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CIN No.: [Company
Identification No.] |
U29110KA2008PLC046825 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH04005B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Exporter of Different Type of Generators and
Turbine. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
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 110000 |
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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 a company having satisfactory track. The company is
progressing well. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. The company can be considered for small to mediocre 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 |
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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 |
INFORMATION PARTED BY
|
Name : |
Ms. Meenakshi |
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Designation : |
Account Executive |
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Date : |
11.03.2011 |
LOCATIONS
|
Registered Office / Factory : |
40-B, 2nd Phase, Peenya Industrial Area, Bangalore-560058, |
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Tel. No.: |
91-80-42420101 |
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Fax No.: |
91-80-41179108 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mrs. Yadushaila Ranganathan |
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Designation : |
Director |
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Address : |
4307, I Cross, 14th Main, A Block, 2nd Stage,
Rajajinagar, Bangalore-560021, |
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Date of Birth/Age : |
08.09.1976 |
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Qualification : |
Engineer |
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Date of Appointment : |
18.06.2008 |
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DIN No : |
02049138 |
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Name : |
Mr. Srinivasdesikan Bakthavathsalan |
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Designation : |
Director |
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Address : |
No. 2386, 13th Main, Subramanya, Nagar, A Block, Rajaji
Nagar, 2nd Stage, Bangalore-560010, |
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Date of Birth/Age : |
13.05.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.06.2008 |
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DIN No : |
02183038 |
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Name : |
Mr. Parthasarathy Sampathkumar |
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Designation : |
Director |
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Address : |
56, Malola Bhavanam, 6th Cross, Nanjappa, Garden
Babusapalyya, Bangalore-560043, |
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Date of Birth/Age : |
01.05.1960 |
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Qualification : |
M.Com |
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Date of Appointment : |
18.06.2008 |
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DIN No : |
02182944 |
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Name : |
Ms. Devki Parthasarathy |
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Designation : |
Director |
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Address : |
562, Malola Bhavanam, 6th Cross, Nanjappa, Garden
Babusapalyya, Bangalore-560043, Karnataka, India |
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Date of Birth : |
24.10.1969 |
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Date of Appointment : |
12.01.2009 |
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DIN No : |
02315243 |
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Name : |
Mr. Gudmundur Thor Thormodsson |
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Designation : |
Nominee Director |
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Date of Appointment : |
22.05.2010 |
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DIN No : |
02123904 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Yadushaila Ranganathan |
|
120000 |
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Mr. Parthasarathy Sampathkumar |
|
4000 |
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Mr. Srinivasdesikan Bakthavathsalan |
|
38500 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
19.10 |
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Directors or relatives of directors |
|
80.90 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Different Type of Generators and
Turbine. |
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Products : |
·
Marine Generators ·
Marine Driving Type Turbines ·
Braiding Machines ·
LPG Hose Machines ·
Hose Coilers ·
Tieback Machines ·
Crimping Machines ·
Copper Mesh Machines ·
Laying Machines for Label ·
Wire and Cable Braiding Machines ·
Radiator Hose Machines or Brand Hose Machines ·
High Pressure Hose Braiding Machines ·
Gas Turbine Blades ·
Multi-Stage Steam Turbines ·
Geothermal Power Plant Pipelines ·
Knitting Machines ·
Wire Braiding Machines ·
Tassels Machines ·
Trimming Machines ·
Rope Making Machines ·
Hose Cutting Machines ·
Take up and Pay off Machines ·
High Speed cutter Pillars or Haul off units ·
Hose Wrapping and Unwrapping Machines ·
Shoes Lace Braiding and shoe Lace Tipping
Machines |
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Exports : |
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Products : |
Generators and Turbine |
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Countries : |
Kenya |
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Imports : |
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Products : |
Rarely As Per Requirements. |
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Countries : |
As per requirements of products. |
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Terms : |
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Selling : |
Cash, Credit (advance to on delivery) |
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Purchasing : |
Cash, Credit (advance to on delivery) |
GENERAL INFORMATION
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Customers : |
Dealer |
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No. of Employees : |
55 (Approximately) |
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Bankers : |
Deutche Bank, M. G. Road, Bangalore, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Ravindra Balaraj Chartered Accountant |
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Address : |
Flat G, Ground Floor, Charles Court Apartments, No.12, Rest House
Road, Bangalore-560001, Karnataka, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
249800 |
Equity Shares |
Rs. 10/- each |
Rs. 2.498
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.498 |
2.498 |
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2] Share Application Money |
|
3.056 |
0.262 |
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3] Reserves & Surplus |
|
21.952 |
18.180 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
27.506 |
20.940 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.450 |
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2] Unsecured Loans |
|
15.000 |
0.000 |
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TOTAL BORROWING |
|
15.000 |
0.450 |
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DEFERRED TAX LIABILITIES |
|
0.682 |
0.232 |
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TOTAL |
|
43.188 |
21.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
12.679 |
11.730 |
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Capital work-in-progress |
|
8.153 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
DEFFRRED REVENUE EXPENDITURE |
|
1.296 |
1.327 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
33.017 |
12.195 |
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Sundry Debtors |
|
0.902 |
0.353 |
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Cash & Bank Balances |
|
42.346 |
0.149 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
14.732 |
5.077 |
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Total
Current Assets |
|
90.997 |
17.774 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
0.329
|
1.081 |
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Other Current Liabilities |
|
68.739 |
8.318 |
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Provisions |
|
1.068 |
0.031 |
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Total
Current Liabilities |
|
70.136 |
9.430 |
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Net Current Assets |
|
20.861 |
8.344 |
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MISCELLANEOUS EXPENSES |
|
0.199 |
0.221 |
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TOTAL |
|
43.188 |
21.622 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
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Income |
|
12.008 |
1.157 |
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Other Income |
|
0.135 |
0.023 |
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TOTAL (A) |
|
12.143 |
1.180 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
|
8.776 |
9.610 |
|
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|
Production Expenses |
|
7.427 |
2.069 |
|
|
|
Marketing Expenses |
|
0.298 |
0.065 |
|
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Amortization |
|
0.155 |
0.000 |
|
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Administrative Expenses |
|
5.679 |
1.046 |
|
|
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TOTAL (B) |
|
22.335 |
12.790 |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(10.192) |
(11.610) |
|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.098 |
0.002 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(10.290) |
(11.612) |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.739 |
0.286 |
|
|
|
|
|
|
|
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|
Add |
Accretions
(Decretion) in Value of Stock |
|
14.860 |
12.195 |
|
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|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
3.831 |
0.297 |
|
|
|
|
|
|
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|
Less |
TAX (H) |
|
1.164 |
0.295 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
|
2.667 |
0.002 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.002 |
0.000 |
|
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|
|
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|
BALANCE CARRIED
TO THE B/S |
|
2.669 |
0.002 |
|
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|
Earnings Per
Share (Rs.) |
|
10.67 |
0.01 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
21.96 |
0.17 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
31.90 |
25.67 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.69 |
1.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.14 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
3.12 |
0.48 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.30 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from No.2386, 13th Main, subramanya
Nagar, A Block, Rajajinagar, 2nd Stage, Bangalore-560010, Karnataka,
India to the present address w.e.f.
27.02.2010
FIXED ASSETS
ü Furniture
ü Office Equipments
ü Plant and
Machinery
ü Vehicles
ü Landscapes
ü UPS Systems
ü Computer
ü Interior Decorations.
WEB SIDE DETAILS
PROFILE
Today's business environment is rife with competitive challenges,
customer requirements and financial pressures. This environment has resulted in
the need to find new methods for engineering more innovative products and manufacturing
processes aimed at minimizing costs and time to market without compromising on
the functional challenges.
They, Subject, are entirely committed to delivering tailor made technology
solutions that are more powerful, more efficient, more competitive, and easier
to maintain.
They are an eminent manufacturer, exporter and
supplier of Geothermal Power Plant Pipeline, Marine Driving Type Turbine,
Marine Generators, Multi-Stage Steam Turbine, etc. Their
company also deals in Centrifugal Compressors and Gearboxes
which are manufactured in accordance with the latest production methodology.
Their solutions push the highest limits of efficiency and reliability.
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.45.15 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
43 |
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.