|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TENOVA HYPERTHERM PRIVATE LIMITED (w.e.f 14.07.2008) |
|
|
|
|
Formerly Known
As : |
TECHINT HYPERTHERM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2093, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
01.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-159394 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.45.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28900MH2006PTC159394 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMT13004F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT3824E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Reheating Furnaces. |
|
|
|
|
No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1191000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Deepak |
|
Designation : |
Key Executive |
|
Contact No.: |
91-9322725125 |
|
|
|
|
Name : |
Mr. Abhijeet |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-9324186705 |
|
Date : |
28.04.2012 |
LOCATIONS
|
Registered Office : |
2093, |
|
Tel. No.: |
91-22-66810200/ 28477702 |
|
Mobile No.: |
91-9324186705 (Mr. Abhijeet) 91-9322725125 (Mr. Deepak) |
|
Fax No.: |
91-22-28477703 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Shed No.1, Nilima Enterprises, Opposite Saili Petrol Pump, Vasai
(East), Mumbai, |
|
Tel. No.: |
91-250-6454782 |
|
Location : |
Rented |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Gope Hassanand Sajnani |
|
Designation : |
Chairman |
|
Address : |
18, 2nd Nav Nirman, |
|
Date of Birth/Age : |
21.10.1941 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
01.02.2006 |
|
DIN No.: |
01828735 |
|
|
|
|
Name : |
Mr. Vijay Raghunath Joshi |
|
Designation : |
Managing Director |
|
Address : |
Bhagyashree, 2nd Floor, Anandnagar, Nityanand Marg, Andheri
(East), Mumbai – 400069, |
|
Date of Birth/Age : |
12.02.1954 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
00208455 |
|
|
|
|
Name : |
Mr. Suresh Kishinchand Sajnani |
|
Designation : |
Director (Commercial) |
|
Address : |
602, Acme Harmony Building No.1, Behind Poonam Nagar, Off Mahakali
Caves Road, Andheri, (East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1964 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
00480942 |
|
|
|
|
Name : |
Mr. Nicola Bettion Cavero |
|
Designation : |
Director |
|
Address : |
VIA Umberto 1, 32, |
|
Date of Birth/Age : |
23.09.1958 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
01225162 |
|
|
|
|
Name : |
Mr. Maurizio Emilo Parodi |
|
Designation : |
Director |
|
Address : |
VIA Piaggio, 24, |
|
Date of Birth/Age : |
21.08.1959 |
|
Date of Appointment : |
31.07.2006 |
|
DIN No.: |
01225212 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Abhijeet |
|
Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sajnani Thermal Technologies Private Limited ( |
|
1170000 |
|
HEPL Engineers Private Limited ( |
|
1035000 |
|
|
|
2295000 |
|
TOTAL |
|
4500000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Reheating Furnaces. |
GENERAL INFORMATION
|
No. of Employees : |
120 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai
– 400021, |
|
Tel. No.: |
91-22-86391101-4/ 2287 1099 |
|
Fax No.: |
91-22-22856237 |
|
E-Mail : |
|
|
Website : |
|
|
PAN.: |
AAAFH2010F |
|
|
|
|
Related Parties : |
Sajnani Thermal Technologies Private
Limited CIN
No.: U74999MH1998PTC114893 HEPL Engineers Private Limited CIN
N.: U29305MH2001PTC133744 HEPL Technicon Private Limited CIN
N.: U29299MH2002PTC136812 |
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000
Millions |
|
|
|
|
|
|
|
|
|
|
Note: 4,500,000 (Previous Year 2,000,000 Nos.) Equity Shares of Rs.10/- each fully paid-up( of the above 2,500,000 shares are issued as Bonus Shares by capitalizing balance in Securities Premium account and partly from general reserve.)(Of the above 2,295,000 shares are held by Tenova SpA, the holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
20.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
252.676 |
188.523 |
119.532 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
297.676 |
208.523 |
129.532 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
297.676 |
208.523 |
129.532 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.570 |
23.681 |
34.675 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.849 |
4.084 |
0.565 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.656
|
3.368
|
1.178 |
|
|
Sundry Debtors |
481.938
|
221.917
|
156.016 |
|
|
Cash & Bank Balances |
80.300
|
218.027
|
92.459 |
|
|
Other Current Assets |
404.433
|
352.776
|
721.362 |
|
|
Loans & Advances |
288.713
|
173.074
|
0.000 |
|
Total
Current Assets |
1259.040
|
969.162
|
971.015 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
314.941
|
206.946
|
264.504 |
|
|
Other Current Liabilities |
455.917
|
429.887
|
535.070 |
|
|
Provisions |
215.925
|
151.571
|
77.149 |
|
Total
Current Liabilities |
986.783
|
788.404
|
876.723 |
|
|
Net Current Assets |
272.257
|
180.758
|
94.292 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
297.676 |
208.523 |
129.532 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Operating Income |
NA |
1014.060 |
NA |
|
|
|
Other Income |
NA |
31.980 |
NA |
|
|
|
TOTAL |
NA |
1046.040 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, DEPRECIATION AND TAX |
NA |
178.890 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
115.287 |
104.640 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.61 |
38.39 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
10.00
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.31
|
4.19
|
6.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.21
|
1.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2011
|
31.03.2010
|
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.000
|
0.000
|
0.000 |
|
Creditors due others |
314.941
|
206.946
|
264.504 |
|
Total |
314.941
|
206.946
|
264.504 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
The contingent liabilities of the company as on 31st March, 2011 consist of the following: Bank guarantees given to customers Rs.203.103 Millions
FORM 8
|
Corporate
identity number of the company |
U28900MH2006PTC159394 |
|
Name of the
company |
TENOVA HYPERTHERM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2093, |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10308206 |
|
Type of charge |
|
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India Email: shareholders@yesbank.in |
|
Nature of
instrument creating charge |
Deed of
Hypothecation Dated 25-01-2012 |
|
Date of
instrument Creating the charge |
25.01.2012 |
|
Amount secured by
the charge |
Rs.234.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Margin 5% Extent and
Operation of the charge Pari Passu charge on Stock and Book Debts to cover following
facilities given to M/s Tenova Hypertherm Private Limited Cash Credit (CC)
: Rs.234.000 Millions Working Capital
Demand Loan (WCDL) (Sub limit of CC): Rs.234.000 Millions Pre / Post
Shipment Credit (PCFC/PSFC) (In INR/FCY) (sub limit of CC) : Rs.100.000
millions Buyers Credit
(BC) (Sub limit of CC): Rs.100.000 millions Letter of Credit
(LC) (Sub Limit of CC): Rs.90.000 millions Bank Guarantee
(BG) (Sub Limit of CC): Rs.190.000 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Pari Passu charge on Stock and Book Debts to cover
following facilities given to Tenova Hypertherm Private Limited Cash Credit (CC)
: Rs.234.000 Millions Working Capital
Demand Loan (WCDL) (Sub limit of CC): Rs.234.000 Millions Pre / Post
Shipment Credit (PCFC/PSFC) (In INR/FCY) (sub limit of CC) : Rs.100.000
millions Buyers Credit
(BC) (Sub limit of CC): Rs.100.000 millions Letter of Credit
(LC) (Sub Limit of CC): Rs.90.000 millions Bank Guarantee
(BG) (Sub Limit of CC): Rs.190.000 millions |
|
Particulars of
the present modification |
Pari Passu charge on Stock and Book Debts to cover
following facilities given to Tenova Hypertherm Private Limited Cash Credit (CC)
: Rs.234.000 Millions Working Capital
Demand Loan (WCDL) (Sub limit of CC): Rs.234.000 Millions Pre / Post
Shipment Credit (PCFC/PSFC) (In INR/FCY) (sub limit of CC) : Rs.100.000
millions Buyers Credit
(BC) (Sub limit of CC): Rs.100.000 millions Letter of Credit
(LC) (Sub Limit of CC): Rs.90.000 millions Bank Guarantee
(BG) (Sub Limit of CC): Rs.190.000 millions |
FIXED ASSETS
PRESS RELEASE
TENOVA SUPPLIES MCC BERIS JIANGSU HEAVY
INDUSTRY CORPORATION WITH THE BIGGEST
MELTING UNIT EVER
BUILT IN
The benefits offered by the technology provided, which
combines Tenova Electric Arc Furnace and Consteel®
with other forefront technologies in
The plant is located in
It is equipped with a Consteel®
system and a 250 t/h EAF feeding a continuous casting unit for slab
production. With a nominal tapping capacity of 220t and maximum liquid steel
capacity of 360t, this project is the No. 1 in
The production capacity is 1.8 Mt with the capability of
producing the thickest slab ever made in
Started from 1997 Tenova has installed 11 Consteel® systems in
Tenova is a worldwide supplier of
advanced technologies, products and engineering services for the iron and steel
and mining industries providing innovative, integrated solutions for complete
process areas. With about 3,200 people, Tenova operates through more than 30
companies located in 26 countries on 5 continents.
GRAND BLANC
PROCESSING CONTRACTS TENOVA CORE FOR STC® FURNACE
Pittsburgh, PA, April 20, 2012 —Tenova Core has recently been contracted to provide the turnkey supply of a STC® (Short Time Cycle) furnace at Grand Blanc’s wire processing facility located in Holly, Michigan. This installation will mark the second STC® furnace installation for the facility and start-up is expected to take place by the end of 2012.
The 26 metric ton batch STC® furnace will be used to spherodize anneal and stress relieve Grand Blanc’s high quality wire products. Tenova Core will also design and supply the complete control and automation package that will feature a Level 1 and Level 2 control system. The energy efficient STC® furnace provides low product variability and superior temperature uniformity.
About Tenova Core
Tenova Core part of the Tenova Iron & Steel Division and is a leader for the design and supply of reheating, heat treating, specialty and carbon processing furnaces as well as melt shop equipment, technical services and automation systems.
About Tenova
Tenova designs and supplies advanced technologies, products and services for the metals and mining industries. Tenova operates close to its customers through a network of 33 companies based on the 5 continents.
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.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
MYI |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.