MIRA
INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CENTRO COMBUSTION FURNACES PRIVATE LIMITED |
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Registered
Office : |
G – 3, T. V. Industrial Estate, 284/A, S. K. Ahire Marg, Worli, Mumbai
– 400030, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.05.2008 |
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Com. Reg. No.: |
182249 |
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Paid-up Capital
: |
Rs. 24.000 Millions |
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CIN No.: [Company Identification
No.] |
U67190MH2008PTC182249 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC16094B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Furnaces |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. S. Nazar |
|
Designation : |
Accountant |
|
Contact No.: |
91-20-30475035 |
|
Date : |
06.09.2011 |
LOCATIONS
|
Registered Office : |
G – 3, T. V. Industrial Estate, 284/A, S. K. Ahire Marg, Worli, Mumbai
– 400030, Maharashtra, India |
|
Tel. No.: |
91-20-30475035 |
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Fax No.: |
91-20-30475091 |
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E-Mail : |
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Operating Office : |
101A, Alpha 2, Viman Nagar, Pune – 411014, Maharashtra, India |
DIRECTORS
As On 28.09.2010
|
Name : |
Ms. Rossella Francesca Belloli |
|
Designation : |
Director |
|
Address : |
Via G. Avogadro, 10 Milano 20143 |
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Date of Birth/Age : |
16.03.1954 |
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Date of Appointment : |
22.10.2008 |
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DIN No.: |
02226409 |
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|
|
|
Name : |
Mr. Roberto Bernardo Elemento |
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Designation : |
Director |
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Address : |
Via Romana Della Castagna, 13/8, Genova 16148 |
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Date of Birth/Age : |
21.10.1946 |
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Date of Appointment : |
22.10.2008 |
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DIN No.: |
02226388 |
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|
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|
Name : |
Mr. Stefano Benigno Deplano |
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Designation : |
Director |
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Address : |
Via Bottini, 40 Genova 16147 |
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Date of Birth/Age : |
26.02.1951 |
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Date of Appointment : |
22.10.2008 |
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DIN No.: |
02236506 |
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Name : |
Mr. Rajiv Kumar Ayodhya Chran Tiwari |
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Designation : |
Director |
|
Address : |
E-284 Sarita Vihar, New Delhi – 110044, Delhi, India |
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Date of Birth/Age : |
26.08.1967 |
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Date of Appointment : |
15.05.2008 |
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Date of Cessation : |
13.02.2009 |
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DIN No.: |
01449807 |
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|
|
|
Name : |
Mr. Pradeep Kumar Dayal Verma |
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Designation : |
Director |
|
Address : |
Block No.39/3D, Sector 2, Gole Market, New Delhi – 110001, Delhi,
India |
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Date of Birth/Age : |
28.12.1972 |
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Date of Appointment : |
15.05.2008 |
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Date of Cessation : |
13.02.2009 |
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DIN No.: |
01537109 |
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|
Name : |
Mr. Giovanni Battista Bruno Lovadina |
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Designation : |
Additional Director |
|
Address : |
Via Savorgnano 5/6, S Vito Al Tagliamento PN 33078 |
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Date of Birth/Age : |
29.07.1977 |
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Date of Appointment : |
17.12.2010 |
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DIN No.: |
02748285 |
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|
Name : |
Mr. Tommaso Serrano |
|
Designation : |
Director |
|
Address : |
39 Suite, 6th Floor, 191/55 Sukhumvit Soi 49, Klontain Nua,
Wattana, Bangkok |
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Date of Appointment : |
22.10.2008 |
|
Date of Cessation : |
21.05.2009 |
KEY EXECUTIVES
|
Name : |
Mr. S. Nazar |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Industrielle Beteiligung S.A – Luxembourg |
|
928804 |
|
Pradeep Verma |
|
1 |
|
Total |
|
928805 |
As On 30.03.2010
|
List of Allottees |
|
No. of Shares |
|
Industrielle Beteiligung S.A – Luxembourg |
|
1471195 |
As On 28.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Furnaces |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A R Asaikar and Company Chartered Accountant |
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Address : |
65/20, “Krutanjali”, 1st Floor, Shangrilla Restaurant Lane,
Law College Road, Erandawane, Pune - 411004, Maharashtra, India |
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Tel. No.: |
91-20-25420093/25437977 |
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E-Mail : |
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Website : |
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Pan No.: |
AAQFA7164B |
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Holding Company : |
·
Industrielle Betelliging |
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Associates/Subsidiaries : |
·
Danieli Centro Combustion S.P.A |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2400000 |
Equity Shares |
Rs. 10/- each |
Rs. 24.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2400000 |
Equity Shares |
Rs. 10/- each |
Rs. 24.000 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 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
|
24.000 |
9.288 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
3.655 |
(2.183) |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
27.655 |
7.105 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.020 |
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TOTAL BORROWING |
|
0.000 |
0.020 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
27.655 |
7.125 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2.635 |
0.015 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
|
1.384 |
0.959 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
|
0.000
|
0.000 |
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Sundry Debtors |
|
39.169
|
0.000 |
|
|
Cash & Bank Balances |
|
25.765
|
2.685 |
|
|
Other Current Assets |
|
18.313
|
4.620 |
|
|
Loans & Advances |
|
0.452
|
(0.049) |
|
Total
Current Assets |
|
83.699
|
7.256 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
26.285
|
0.020 |
|
|
Other Current Liabilities |
|
25.256
|
0.696 |
|
|
Provisions |
|
8.522
|
0.389 |
|
Total
Current Liabilities |
|
60.063
|
1.105 |
|
|
Net Current Assets |
|
23.636
|
6.151 |
|
|
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|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
27.655 |
7.125 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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|
SALES |
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|
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Income |
|
81.530 |
0.000 |
|
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Other Income |
|
4.090 |
0.000 |
|
|
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TOTAL |
|
85.620 |
0.000 |
|
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
77.870
(Including Financial Expenses and Depreciation) |
3.140
(Including Financial Expenses and Depreciation) |
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PROFIT/(LOSS)
BEFORE TAX |
|
7.750 |
(3.140) |
|
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Less |
TAX |
|
1.910 |
(0.960) |
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|
PROFIT/(LOSS)
AFTER TAX |
|
5.840 |
(2.180) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export of Goods |
|
66.071 |
0.000 |
|
|
|
Export of Services |
|
15.457 |
0.000 |
|
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TOTAL EARNINGS |
|
81.528 |
0.000 |
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|
|
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|
Earnings Per
Share (Rs.) |
|
2.43 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
6.82 |
0.00 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.51 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.98 |
(43.19|) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
(0.44) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.17 |
0.16 |
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.39 |
6.57 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
26.285
|
0.020 |
FINANCIAL RESULTS:
The Company has earned of profit after tax of Rs. 5.800 Million as against a loss after tax of Rs. 2.180 Million in the previous
Financial Year.
THE YEAR
The Company has earned of profit after tax of Rs. 5.800 Million during the Financial Year ended 31.03.2010 as
against a loss after tax of Rs. 2.180 Million in the previous Financial Year.
The Management of the Company continues to strive towards the growth and
profitability of the Company.
Fixed Assets:
·
Leasehold land
·
Free hold land
·
Buildings factory
·
Building office
·
Plant and machinery
·
Factory equipments
·
Electrical installations
·
Computer
·
Electrical fittings
·
Vehicles
·
Furniture and fixtures
·
Office equipments
·
Technical know how
·
ERP System
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
31 |
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.