MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THERMOPADS PRIVATE LIMITED |
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Registered
Office : |
28, Nagarjuna Hills Panjagutta, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.01.1992 |
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Com. Reg. No.: |
01-013781 |
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Capital
Investment / Paid-up Capital : |
Rs.8.325 Millions |
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CIN No.: [Company Identification
No.] |
U24110AP1992PTC013781 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Floor Heating Products like Heat Tracer, Radiant Floor Heating, Underfloor Heating, Snow Melting and Heating Cables. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
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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. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office : |
28, Nagarjuna Hills Panjagutta, Hyderabad – 500082, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-44429292 / 23350577 (4 Lines) |
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Fax No.: |
91-40-23350583 |
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E-Mail : |
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Website : |
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Overseas Office : |
Thermopads UK Limited 16, Ascot Court,Groove End Road, London, UK, NW8
9RY |
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Tel. No.: |
44-20-7286-9569 |
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|
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Factory 1: |
F-10B,1 4a and B, Phase 1, Ida, Jeedimetla, Hyderabad – 500076, Andhra Pradesh, India |
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Factory 2 : |
F-12/B, Phase V,
Ida, Jeedimetla, Hyderabad – 500076, Andhra Pradesh, India |
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Branch Offices : |
Located At · Mumbai · Delhi · Chennai · Kolkata · Bangalore · Pune · Vadodara ·
Nagpur |
DIRECTORS
As on 20.09.2011
|
Name : |
Mr. Nanda Kishore Ghurka |
|
Designation : |
Director |
|
Address : |
28, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India |
|
Date of Birth/Age : |
27.05.1948 |
|
Date of Appointment : |
29.01.1992 |
|
DIN No.: |
01082250 |
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|
Name : |
Mr. Uma Ghurka |
|
Designation : |
Director |
|
Address : |
28, Nagarjuna Hills, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.01.1954 |
|
Date of Appointment : |
29.01.1992 |
|
DIN No.: |
0035117 |
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Name : |
Mr. Prabhat Thoshniwal |
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Designation : |
Director |
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Address : |
267, Kilpauk Garden Road, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
04.07.1955 |
|
Date of Appointment : |
29.01.1992 |
|
DIN No.: |
00045793 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Urna Ghurka |
|
184150 |
|
N.K. Ghurka |
|
216250 |
|
Medha Ghurka |
|
69600 |
|
Nidhi Ghurka |
|
69600 |
|
Chetan Ghurka |
|
110200 |
|
N.K. Ghurka -HUF |
|
99180 |
|
Ganga Bai Ghurka |
|
42920 |
|
Ratandevi Toshniwal |
|
34800 |
|
Prabhat Toshniwal |
|
5800 |
|
Total |
|
832500 |
As on 20.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
88.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Floor Heating Products like Heat Tracer,
Radiant Floor Heating, Underfloor Heating, Snow Melting and Heating Cables. |
|
|
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Products : |
·
Tracers ·
Heating Cables ·
FHM ·
UTHC |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tracers/CTL PT/Heating Cables |
(Mtrs) |
12000000 |
8303503.02 |
|
Floor Heating Mat |
|
400000 (FHM 300000 Sq.m/ UTHC 3000 kms) |
234500.00 |
|
Heating Jackets |
(Sets) |
3600 |
3501.00 |
|
Heated Hose |
(Nos) |
200 |
106.00 |
GENERAL INFORMATION
|
Suppliers : |
· Colorant Chromatics · T and T Marketing INC · Zhejiang Fotech International Company Limited · Meteosky Technolgies Limited · Wisdom(Hong Kong) International Limited · Shenzhen JDD Flex Company Limited · Conwed Global Netting Solutions · Shenzhen Woer Heat - Shrinkage Material Company Limited · Dongjue silicon (Nanjing) Company Limited · Shenzhen Multicolor International Limited · Shenzhen Woer Heat - Shrinkabte Material Company Limited · JW Steet Limited · Tyco Electronics Middle East FZE · Adtech Polymer Engineering Limited · Raytech, Austria ·
Shanghai Okonoff Electrical Company Limited |
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Customers : |
· Warmup PLC. · Thermopads UK Limited · Ahlsell Oy · Thermon Europe B.V · Warmly Yours INC. · Elvarme Produkter AB Tyco · Thermal Controls · GE Infrastructure Se · Thermal Reflection Limited · GE Thermometries INC · GE Sensing and Inspect · Climating Distribuidora de Produtos Termicos · Conergy Solutions Corporation · Warmup Inc., USA · Etherma Elektrowaerm · Schneider Electric S · Amuheat PTY Limited · Heatcom Corporation · Alfred Degouveria · Climating do Brasil · Comfotech · Eltrace Limited U.K ·
Thermopads Ltd, Ukrain |
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India, Saifabad, Branch, Haca Bhavan, Hyderabad - 500004, Andhra Pradesh, India · CITI Bank ·
Indian Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B. Narsinga Rao and Company Chartered Accountants |
|
Address : |
Plot No.554, Opposite Apollo Nursing School, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh, India |
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PAN.: |
AABFN5153E |
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Related Parity : |
·
Thermo Cables Limited ·
Thermo Systems Private Limited |
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Subsidiaries : |
· Thermopads INC USA · Thermopads Private limited U K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
832500 |
Equity Shares |
Rs.10/- each |
Rs.8.325
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 |
|
|
|
|
|
1] Share Capital |
8.325 |
8.325 |
8.325 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
299.728 |
226.360 |
153.785 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
308.053 |
234.685 |
162.110 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
9.193 |
2.300 |
14.438 |
|
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2] Unsecured Loans |
0.913 |
0.823 |
1.854 |
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TOTAL BORROWING |
10.106 |
3.123 |
16.292 |
|
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DEFERRED TAX LIABILITIES |
2.999 |
3.242 |
1.738 |
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|
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TOTAL |
321.158 |
241.050 |
180.140 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.225 |
82.963 |
68.636 |
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Capital work-in-progress |
2.930 |
1.884 |
0.384 |
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INVESTMENT |
36.672 |
21.758 |
1.671 |
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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 |
82.287
|
55.960 |
59.040 |
|
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Sundry Debtors |
147.295
|
79.366 |
75.673 |
|
|
Cash & Bank Balances |
22.949
|
26.731 |
4.389 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
52.820
|
21.520 |
35.786 |
|
Total
Current Assets |
305.351
|
183.577 |
174.888 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
64.804
|
23.575 |
28.474 |
|
|
Other Current Liabilities |
15.271
|
8.377 |
10.523 |
|
|
Provisions |
24.945
|
17.180 |
26.442 |
|
Total
Current Liabilities |
105.020
|
49.132 |
65.439 |
|
|
Net Current Assets |
200.331
|
134.445 |
109.449 |
|
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|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
321.158 |
241.050 |
180.140 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
578.600 |
403.251 |
331.865 |
|
|
|
Other Income |
23.907 |
18.659 |
16.791 |
|
|
|
TOTAL |
602.507 |
421.910 |
348.656 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease) in stock finished Goods |
12.451 |
3.082 |
(7.310) |
|
|
|
Raw Material Consumption |
328.421 |
176.604 |
150.286 |
|
|
|
Manufacturer Expenses |
8.099 |
7.725 |
5.954 |
|
|
|
Employees Remuneration and Benefits |
47.910 |
36.487 |
24.678 |
|
|
|
Administrative, Selling and other expenses |
68.178 |
59.652 |
44.222 |
|
|
|
TOTAL |
465.059 |
283.550 |
217.830 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
137.448 |
138.360 |
130.826 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.405 |
0.602 |
0.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
137.043 |
137.758 |
130.149 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.742 |
11.133 |
7.223 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Adjustment for
Extraordinary Items: |
|
|
|
|
|
|
Dividend Earned on Mutual Funds |
0.227 |
0.086 |
0.000 |
|
|
|
Profit on Redemption of Mutual Funds |
0.045 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE PRIOR
PERIOED ADJUSTMENTS: |
125.573 |
126.711 |
122.926 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior period Income / Expenses |
(0.007) |
(0.334) |
(0.085) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
125.566 |
126.377 |
122.841 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
42.522 |
44.063 |
44.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
83.044 |
82.314 |
78.501 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
199.035 |
134.551 |
81.406 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.304 |
8.090 |
7.850 |
|
|
|
Dividend |
8.325 |
8.325 |
4.163 |
|
|
|
Tax on Dividend |
1.351 |
1.415 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
264.099 |
199.035 |
147.894 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
411.044 |
313.842 |
234.893 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
117.904 |
51.459 |
43.367 |
|
|
|
Capital Goods |
|
0.207 |
10.709 |
|
|
TOTAL IMPORTS |
117.904 |
51.666 |
54.076 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
99.75 |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.78
|
19.51 |
22.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.70
|
31.34 |
37.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.48
|
48.51 |
50.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.54 |
0.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.22 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.91
|
3.74 |
2.67 |
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
Yes |
|
18) Major customers |
Yes |
|
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 |
CONTINGENT LIABILITY:
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Guarantees given by banks for: |
|
|
|
Unexpired Bank Guarantees obtained from State Bank of India, Saifabad, Hyderabad |
22.803 |
15.302 |
|
Unexpired Letter of Credit for Imports |
7.177 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24110AP1992PTC013781 |
|
Name of the
company |
THERMOPADS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
28,Nagarjuna Hills Panjagutta, Hyderabad – 500082, Andhra Pradesh, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of
India, Saifabad, Branch, HACA Bhavan, Hyderabad – 500004, Andhra Pradesh,
India |
|
Nature of
instrument creating charge |
1) Deposited of Title Deeds Covering Enhanced Limits. 2) Supplemental Deed of Guarantee For Increase In Overall Limits In Form C.4-A. 3) Supplemental Agreement of Loan For Increase In Overall Limits In Form C.1-A. 4) Supplemental Agreement of Hypothecation of Goods and Assets For Increase In Overall Limits In Form C.2-A. |
|
Date of
instrument Creating the charge |
04.02.2012 |
|
Amount secured by
the charge |
Rs.776.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of Repayment Corporate
gurantee and shall be payable on demand Extent and Operation of the charge The charge
operates as a corporate gurantee for the repayment of credit facilty availed by
m/s thermo cables ltd., along with the payment of interest and any other
cost, charges and expenses payable to or incurred by the bank on their
behalf. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
·
Factory
Land And Building Situated At F-10B,1 4a and B, Phase 1, Ida, Jeedimetla,
Hyderabad. ·
Office
Flat Admeasuring To 590 Sq. Ft Situated At 206, Madhava, Bandra Kurla
Complex, Mumbai. ·
Factory
Land And Building Situated At F-12/B, Phase V, Ida, Jeedimetla, Hyderabad. |
Fixed Assets
· Land
· Office Building
· Factory Building / Shed
· Plant and Machinery
· Plant and Machinery Energy Saving
· Computer Software
· Office Equipments
· Furniture and Fixtures
· Motor Vehicles
· Computers
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.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.