MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDOTHERM FURNACES PRIVATE LIMITED |
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Registered
Office : |
51P, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.10.1995 |
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Com. Reg. No.: |
21-074855 |
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Capital Investment
/ Paid-up Capital : |
Rs.4.824
millions |
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CIN No.: [Company Identification
No.] |
U40109WB1995PTC074855 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALI01679G CALI01115C |
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PAN No.: [Permanent Account No.] |
AAACI5360G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Induction
Furnace. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 71000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. Profit and loss
account of the company is not available. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
51P, |
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Tel. No.: |
91-33-24618212/ 24618213 |
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Fax No.: |
91-33-24617068 |
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E-Mail : |
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Website : |
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Factory : |
58, |
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Tel. No.: |
91-33-26456077/
26456055 |
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Branch Office and Representatives : |
Located at: v Kolkata (Head-Office) v
v
v
v Guwahati v
Overseas v
v
v
v Inodonesia v
v
v
v
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DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Aniruddha Shyamal Datta |
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Designation : |
Whole Time Director |
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Address : |
P-34B, |
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Date of Birth/Age : |
03.07.1958 |
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Date of Appointment : |
13.10.1995 |
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DIN No.: |
00577323 |
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Other Directorship :
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Name : |
Mr. Bharat Laxmichand Sharma |
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Designation : |
Whole Time Director |
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Address : |
55, Pancharatan Apartment, 7/128, Swaroop Nagar, |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
24.09.2005 |
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DIN No.: |
00661202 |
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Other Directorship :
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Name : |
Mr. Siddhartha Kumar Talukdar |
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Designation : |
Whole Time Director |
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Address : |
51/1/5, |
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Date of Birth/Age : |
29.09.1954 |
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Date of Appointment : |
14.02.2008 |
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DIN No.: |
02030139 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
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No. of Shares |
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Aniruddha Shyamal Datta |
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111000 |
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Bharat Laxmichand Sharma |
|
72480 |
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Siddhartha Kumar Talukdar |
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34702 |
|
Scrapmould International Corporation Limited, |
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264248 |
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Total |
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482430 |
As on 23.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
55.00 |
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Directors
or relatives of directors |
|
45.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Induction
Furnace. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v State Bank of v ICICI Bank v HDFC Bank v CITI Bank N.A. v Indian Bank, Gariahat Branch v
United
Bank of v
Punjab
National Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajesh Khanna and Company Chartered Accountants |
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Address : |
8/2, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
482430 |
Equity Shares |
Rs.10/- each |
Rs.4.824
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
4.824 |
4.824 |
4.824 |
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2] Share Application Money |
0.000 |
0.000 |
0.248 |
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3] Reserves & Surplus |
12.817 |
11.919 |
10.520 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.641 |
16.743 |
15.592 |
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LOAN FUNDS |
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1] Secured Loans |
15.412 |
13.636 |
6.819 |
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2] Unsecured Loans |
1.740 |
0.552 |
1.207 |
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TOTAL BORROWING |
17.152 |
14.188 |
8.026 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.793 |
30.931 |
23.618 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.316 |
5.129 |
3.626 |
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Capital work-in-progress |
1.186 |
0.950 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.688
|
23.230 |
18.282 |
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Sundry Debtors |
8.341
|
8.140 |
22.783 |
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Cash & Bank Balances |
5.442
|
5.735 |
2.537 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.810
|
15.497 |
14.544 |
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Total
Current Assets |
47.281
|
52.602 |
58.146 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors & Other Current Liabilities |
16.725
|
26.219 |
36.509 |
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Provisions |
1.265
|
1.531 |
1.645 |
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Total
Current Liabilities |
17.990
|
27.750 |
38.154 |
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Net Current Assets |
29.291
|
24.852 |
19.992 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.793 |
30.931 |
23.618 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.99
|
2.50 |
2.96 |
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Current Ratio (Current Asset/Current Liability) |
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2.63
|
1.90 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 6B,
FORM 8:
|
Corporate identity
number of the company |
U40109WB1995PTC074855 |
|
Name of the
company |
INDOTHERM FURNACES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
6B, E-Mail: indotherm@vsnl.net |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of E-Mail: sbi.04140@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum for
Recording Creation of Mortgage by Deposit of Title Deeds. |
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Date of
instrument Creating the charge |
16.11.2010 |
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Amount secured by
the charge |
Rs.14.700
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For Cash Credit:
Base Rate + 6.50% monthly rests. For EPC: As
Directed by Bank / RBI. Terms of
Repayment: The borrowings
are repayable on demand. There is no Term Loan
in the Credit Facility and as such no terms of repayment are stated. The loan
is for Working Capital only which is repayable on demand according to Banking
norms. Margin: 25% of Raw
Materials : (Imported / Indigenous), 25% of
Semi-Finished Goods, 25% of Finished
Goods, 25% of Components
/ Consumables / Spares, 25% of Domestic
Receivables, 25% of Export
Packing Credit, 40% of Letters of
Credit, and 25% of Bank
Guarantees. Extent and
Operation of the charge: First Charge on
the whole of the mortgaged properties as a continuing security. |
|
Short particulars
of the property charged |
All that lease
hold property measuring more or less 11 Cottah, 11 Chitacks, 12 Sq. Ft. lying
in Mouza Liluah, P.S. - Liluah, Parganas Khalore, Sub Registry Office Howrah in
the District Howrah and being part of Municipal Holding No.58, Netaji Subhas
Road, Liluah vide Lease Deed No.I-4172. Together with
land, buildings and plant and machinery fixed thereto. |
FIXED ASSETS:
v
Plant and Machinery
v
Tools and Implements
v
Furniture and Fixture
v
Air Conditioner
v
Fax
v
Motor Car
v
Computer and Utilities
v
EPABX
v
Factory Shed
v
Electric Installation
WEBSITE DETAILS:
PROFILE:
Incorporated in the year 1995, Subject is wholly owned and operated by a
group of qualified engineers specialized in the field of Induction Furnace
Technology and Setting up Composite Steel Plant as a Technical Consultant.
Subject is one of the manufacturers of Induction Furnace in
Subject is based in Kolkata, the business epicenter of
Subject has supplied its furnaces to almost all parts of
In addition to being manufacturer of Induction Furnace, they also
undertake turn-key project of complete steel plant comprising of Induction
Furnace, Billet Caster, Ladle Refining Furnace, Rolling Mills, EOT Crane,
Electric Substation, Water Complex, Foundry Equipments, Air Pollution Control
System and other Ancillary Machinery.
The engineering and technological advancement and up-gradation, as well
as quality consciousness, are a few important signatures of Subject.
Apart from its central base at Kolkata, Subject has its branch offices
and representatives at Durgapur, Rourkela, Raigarh, Delhi, Kanpur – within
India, and at Dhaka – in Bangladesh, Riyadh – in Saudi Arabia, Der es Salam –
in Tanzania, Surabaya – in Indonesia, Tehran – in Iran, Port Said - in Egypt,
Manama- in Bahrain, Dubai – in UAE . Many more important cities are being
covered by Subject branches.
Factory
Subject has its own manufacturing unit at
First the mechanical section - which covers the manufacturing and assembly of Induction
Furnace Crucibles. Starting from the coiling of high conductivity copper tubes
into induction furnaces coils, assembling of yokes, top casting, bottom casting
upto the final assembly of the crucible - all operation are completed in this
section. The Induction Furnace Crucibles are dispatched in fully assembled,
ready-to-use conditions.
Secondly, there is the electrical
section which carries out the manufacture and assembly of Solid State Power
Panels, LT panels, Capacitor Racks, Various kind of control panels like PCC,
MCC etc. and Remote Control Desks. Vastly experienced and qualified experts are
involved in fitting and wiring of the solid state panels, control panels and
capacitor racks. Special attention is devoted by engineers to the critical areas
of panel wiring as well as stack assembling of thyristors and diodes.
Thirdly, there is the electronic section which is involved in the
assembling and testing of electronic sub-assemblies and PCBs. This section is
manned only by qualified engineers. This is the most vital and sophisticated of
the three sections and is fully geared up with latest instruments, jigs and
tools.
SERVICES:
Subject
has a very unique reputation of minimal failure and breakdown in its Furnaces.
As a result, Subject can solemnly stand by its commitment of free replacement
of any component, part or equipment failed during the guarantee period, without
any hidden clause or condition.
In spite of making highly reliable
and trouble-free equipments, Subject Furnaces are backed up by a large team of
qualified, competent and energetic service engineers. The team is fully
equipped with adequate testing equipments, spares and components.
The quality of Subject
after-sales-service can be compared only with the services subject provides to
its customers during the erection, installation and commissioning of its
Furnaces.
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.45 |
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.