MIRA
INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
THERMAFLEX INSULATION ASIA COMPANY LIMITED |
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Registered
Office : |
Netherlands |
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Country : |
Netherlands |
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Year of
Establishment : |
1976 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Foreign Registered Company |
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Line of Business
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Manufacturer of Special Pipes and Insulation Products. |
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No. of Employees
: |
Information Declined by Management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Foreign Registered Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a foreign registered company. As claimed by Ms. Roushelle
from customer service support department, the subject company is registered in
Netherland. She further stated that the given address is representation
office of the company in India and denied to disclose other details of the
company. Payments are unknown. The company can be considered for business dealings with some caution.
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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
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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 |
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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 |
INFORMATION DECLINED BY
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Name : |
Ms. Roushelle |
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Designation : |
Customer Service Support Department |
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Date : |
10.10.2011 |
LOCATIONS
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Registered Office : |
Netherlands |
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Website : |
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Representative Office : |
202, Arenja Corner, Sector 17, Vashi, Mumbai – 400705, Maharashtra,
India |
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Tel. No.: |
91-22-27890598 |
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E-Mail : |
MANAGEMENT
Not Divulged
KEY EXECUTIVES
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Name : |
Ms. Roushelle |
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Designation : |
Customer Service Support Department |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Special Pipes and Insulation Products. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
Not Divulged |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
COMPANY
Subject was founded in The Netherlands in 1976 with new
ideas about thermoplastic foams for technical insulation and has developed into
an international group with global representation, providing highly qualified
products and services.
With a spirit of enterprise, vision, guts, creativity, principles and
professionalism, but also with consideration for the people within the
organization, a framework has been created in which everybody is able to give
and grow, to contribute to and be part of the Thermaflex success.
INTRODUCTION
Thermaflex is an established brand since 1976 in the field
of technical insulation for Plumbing, Heating, Cooling and Ventilation. Thermaflex
insulation products are made from environmentally friendly materials -fully
recyclable Polyolefines as the major part. Due to the advanced production
process the foam is even, fine grained with a closed cellular structure. This
process results in a product, which can be used in a temperature range from
-80°C up to +95°C for tube insulation as well as for sheets and other flexible
products.
Thermaflex products also have an excellent water vapour diffusion resistance,
they are non-toxic and meet all standards, requirements and restrictions of
building regulations in almost all countries.
In the production of Thermaflex no CFC´s or HCFC´s are used.
A complete assortment
They have been developing a full
range of products to meet every need in insulation-applications. They innovate
products and techniques to meet ever-increasing requirements, changing demands
and to simplify installation.
Subject products are universally applicable for chilling, refrigeration,
air-conditioning, sanitary, water-services as well as for central heating
systems.
DESCRIPTION:
Subject factories and branch offices are located all over
the world and the products are distributed by the sales partners in more than
40 countries.
Co-operation based on partnership with their customers creates durable
foundations for future development. Subject as a group of production and
distribution companies operates worldwide and thoroughly select its suppliers
for long term co-operation and co-development of markets and applications. Owing
to this, the enterprise is a reliable and credible business partner.
THERMAFLEX COUNTRIES
·
Thermaflex
Holding International Bv – The Netherlands
· Thermaflex Isolatie Bv (Production) – The Netherlands
· Thermaflex Nederland Bv - The Netherlands
· Thermaflex Isolierprodukte GmbH – Germany
· Thermaflex-Flexalen Rohr- und Isoliersysteme GmbH - Austria
· Thermaflex France SAS
· Thermaflex Izolacji – Poland
· Thermaflex Yalitim San.ve Tic. Limited Sti. – Turkey
· Thermaflex Insulation Asia Company Limited – Thailand
· Thermaflex Pipes and Insulation Private Limited - India
· Thermaflex Insulation Russia
· Thermaflex Aislantes Mexico
· Thermaflex Romania SRL
PARTNER
COMPANIES
· Energy Products Int. Limited - New Zealand
· Flexenergy Heating and Cooling Products Limited - United Kingdom
· Euroizol - Ukraine
· LIPIH and K. Kft - Hungary
· Thermapipe Aps - Denmark
· Vodoskok D.D. ZA Trgovinu I Usluge - Croatia
· Tecnoterm S.R.L. - Italia
· C-Flex GmbH - Switzerland
· Termoprodukt - Serbia
· ESM – Yzamer - Slovakia
· Pipelife SaniTop S.R.O. - Czech Republic
· Ecoinvest D.O.O. - Slovenia
· Mekom OOD – Bulgaria
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 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
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|
1 |
Rs.76.60 |
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Euro |
1 |
Rs.66.80 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.