`MIRA INFORM REPORT

 

 

Report Date :

07.03.2012

 

IDENTIFICATION DETAILS

 

Name :

TD POWER SYSTEMS LIMITED

 

 

Registered Office :

Plot No. 27, 28 and 29, KIADB Industrial Area, Dabaspet, Nelamangala Taluk, Bangalore – 562 111, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

16.04.1999

 

 

Com. Reg. No.:

08-25071

 

 

Capital Investment / Paid-up Capital :

Rs.243.704 Millions

 

 

CIN No.:

[Company Identification No.]

L31103KA1999PTC025071

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer of A.C. Generators.

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (57)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 7100000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 

 

The company can be considered good for normal 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCATIONS

 

Registered Office / Head Office and Plant : :

Plot No. 27, 28 and 29, KIADB Industrial Area, Dobaspet, Nelamangala Taluk, Bangalore – 562 111, Karnataka, India

Tel. No.:

91-80-22995700 / 66337700 / 27734432

Fax No.:

91-80-22995718 

E-Mail :

tdps@tdps.co.in

srivatsa.n@tdps.co.in

prabhakar@tdps.co.in

Website :

www.tdps.co.in

 

 

Japan Branch Office :

Shinagawa – Tohwa Building, 4th Floor, 3-3, Kitashinagawa – 3 Chome, Shinagawa – ku, Tokyo – 1400001, Japan

Tel. No.:

81-3-5783-5380

Fax No.:

81-3-5783-5381

 

 

Project Office :

Mandoth RMJ Towers, No. 37, 1st Floor, 7th Cross, Vasanth Nagar, Bangalore – 560052, Karnataka, India

Tel. No.:

91-80-22017800

 

 

DIRECTORS

 

As on 25.06.2011

 

Name :

Mr. Nikhil Kumar

Designation :

Joint Managing Director

Address :

21, 17th Cross Malleswaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

17.08.1967

Date of Appointment :

24.04.1999

 

 

Name :

Mr. Tadao Kuwa Shima

Designation :

Director

Address :

G 12/1, Platinum City CMT1 HMT Main Road, Yeswanthpur Peenya Bangalore – 560058, Karnataka, India 

Date of Birth/Age :

21.05.1947

Date of Appointment :

28.08.2006

 

 

Name :

Mr. Mohib N Khericha

Designation :

Non-Executive Chairman

Address :

711 – Mahakant, Opp. Hospital Ashram Road, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

04.08.1952

Date of Appointment :

22.02.2000

 

 

Name :

Mr. Hithoshi Matsuo

Designation :

Managing Director

Address :

5-1-20-306, Miniamidai, Sagamihara City, Kanagawa – Ken, Japan

Date of Birth/Age :

04.02.2004

Date of Appointment :

31.01.2001

 

 

Name :

Mr. Salil Baldev Taneja

Designation :

Independent Director

 

 

Name :

Dr. Arjun Kalyanpur

Designation :

Independent Director

 

 

Name :

Mrs. Nandita Lakshmanan

Designation :

Independent Director

 

 

Name :

Mr. Nitin Bagamane

Designation :

Independent Director

 

 

KEY EXECUTIVES

 

Name :

Mr. K.G. Prabhakarn

Designation :

Company Secretary

Address :

158/18, 32nd Cross XI Main Road, IV Block Jayanagar, Bangalore – 560011, Karnataka, India

Date of Birth/Age :

28.06.1956

Date of Appointment :

05.03.2004

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2011

 

Category of Shareholder

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

6,,985,524

21.02

Bodies Corporate

6,026,433

18.13

Any Other (Specify)

4,553,175

13.70

Nay Other

4,553,175

13.70

Sub Total

17,565,132

52.85

(2) Foreign

 

 

Individuals (Non- Residents Individuals / Foreign Individuals)

4,235,254

12.74

Sub Total

4,235,254

12.74

Total shareholding of Promoter and Promoter Group (A)

21,800,386

65.59

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

1,412,281

4.25

Financial Institutions / Banks

56,050

` 0.17

Foreign Institutional Investors

4,992,476

15.02

Sub Total

6,460,807

19.44

(2) Non-Institutions

 

 

Bodies Corporate

1,772,055

5.33

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

311,918

0.94

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1,305,393

3.93

Any Others (Specify)

1,587,029

4.77

           Clearing Member

35,214

0.11

Non Resident Indians

675,545

2.03

Foreign Corporate Bodies

876,270

2.64

Sub Total

4,976,395

14.97

Total Public shareholding (B)

11,437,202

34.41

Total (A)+(B)

33,237,588

100.000

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

(1) Promoter and Promoter Group

--

--

(2) Public

--

--

Sub Total

--

--

Total (A)+(B)+(C)

33,237,588

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of A.C. Generators.

 

 

Products :
  • Steam Turbine
  • Horizontal Hydro
  • Vertical Hydro
  • Diesel Engine
  • Wind Turbine
  • Gas Engine
  • Gas Turbine
  • High Tension Motors

 

ITC Code No.

Product Description

3601

A C Generators

 

PRODUCTION STATUS (As on 31.03.2011)

 

Particulars

Unit

Installed Capacity

Actual Production

Generators

Nos

360

341

Motors

Nos

60

1

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Bank of Baroda, Corporate Banking Branch, No. 26, Richmond Road, Bangalore – 560025, Karnataka, India
  • ICICI Bank
  • ABN Amro Bank

 

 

Facilities :

(Rs. In  Millions)

Secured Loan

As on

31.03.2011

As on

31.03.2010

Rupee term loans banks secured

(A)314.255

390.109

Working capital loans banks secured

(B)283.784

284.045

Hire purchase installment payable secured

(C)7.635

8.039

Total

605.674

682.193

 

(A) Balance of Term Loan from M/s Bank of Baroda as on 31st March. Secured by the First charge on Land, Building, Specific Plant and Machinery, Furniture and Office Equipment, First Charge on all Current Assets of the company and Personal Guarantee of two Directors - Mr. Nikhil Kumar and Mr. Hitoshi Matsuo

 

(B) Balance of Working Capital Loan from M/s Bank of Baroda as on 31st March - Secured by Hypothecation of Raw Materials, Goods-in-process, Finished Goods and Book Debts and a charge on Fixed assets of the company and secured by Personal Guarantee of two Directors - Mr. Nikhil Kumar and Mr. Hitoshi Matsuo

 

(C) From ICICI Bank - Secured by specific charge on Motor Vehicles

 

Unsecured Loan

As on

31.03.2011

As on

31.03.2010

Rupee term loans banks unsecured

250.000

0.000

Total

25.000

0.000

Note:

The company has borrowed an unsecured short term working capital demand loan for a period of six months from M/s Bank of Baroda, Bangalore, India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.K. Ramadhyani and Company

Chartered Accountants

Address :

4 – B, Chitrapura Bhavan, No. 68, 8th Main, 15th Cross, Malleswaran, Bangalore – 560 055, Karnataka, India

 

 

Subsidiaries :

DF Power Systems Private Limited

 

 

CAPITAL STRUCTURE

 

As on 25.06.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

35000000

Equity Shares

Rs.10/- each

Rs.350.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

33237600

Equity Shares

Rs.10/- each

Rs.332.376 Millions

 

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

35000000

Equity Shares

Rs.10/- each

Rs.350.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

24370401

Equity Shares

Rs.10/- each

Rs.243.704 Millions

 

 

 

 

 

Note:

1) Equity Share Capital includes 2,000,000 Shares of Rs. 10/- each allotted as fully paid up by way of bonus shares (i) On Capitalisation of Reserve to an extent of 1,000,000 Equity Shares on 05th July 2001 (ii) On Capitalisation out of Surplus in Profit and Loss Account to an extent of 1,000,000 Equity Shares on 16th December 2004 (iii) On Capitalisation out of Reserves to an extent of 16,246,934 Equity Shares on 11th January 2011.

2) 4,25,000 fully paid up equity shares were issued to the shareholder of subsidiary company in exchange of 17,00,000 fully paid up equity shares on 19th  October 2010

 

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

243.704

             63.436

             63.436

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1531.436

1177.513

884.392

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1775.140

1240.949

947.828

LOAN FUNDS

 

 

 

1] Secured Loans

605.674

682.193

287.163

2] Unsecured Loans

250.000

0.000

0.000

TOTAL BORROWING

855.674

682.193

287.163

DEFERRED TAX LIABILITIES

0.000

0.000

38.696

 

 

 

 

TOTAL

2630.814

1923.142

1273.687

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1119.749

1097.043

518.673

Capital work-in-progress

20.437

0.000

8.576

 

 

 

 

INVESTMENT

204.125

33.050

3.550

DEFERREX TAX ASSETS

(72.912)

(70.190)

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
777.166
373.312

325.375

 

Sundry Debtors
1194.725
1131.868

894.655

 

Cash & Bank Balances
909.508
677.632

678.191

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
376.222
369.080

380.307

Total Current Assets
3257.621

2551.892

2278.528

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
896.520
815.652

659.385

 

Other Current Liabilities
891.972
799.808

803.649

 

Provisions
109.714
73.193

72.606

Total Current Liabilities
1898.206

1688.653

1535.640

Net Current Assets
1359.415
863.239

742.888

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2630.814

1923.142

1273.687

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

4878.802

4335.888

4787.125

 

 

Other Income

69.431

52.111

71.400

 

 

TOTAL                                     (A)

4948.233

4387.999

4858.525

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption materials changes inventories

3420.808

3190.479

 

 

Manufacturing service costs

166.009

121.269

 

 

 

Employee related expenses

285.618

189.290

 

 

 

Administrative selling other expenses

303.250

267.074

 

 

 

TOTAL                                     (B)

4175.685

3768.112

4203.630

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

772.548

619.887

 

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

66.866

42.255

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

705.682

577.632

583.495

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

78.911

55.814

32.667

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

626.771

521.818

550.828

 

 

 

 

 

Less

TAX                                                                  (H)

210.368

190.588

180.995

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

416.403

330.230

369.833

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1042.975

786.026

491.566

 

 

 

 

 

Less

Capitalisation of Reserves During the year

162.469

0.000

0.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

31.434

36.172

38.262

 

 

Dividend

56.836

37.108

37.108

 

 

Tax on Dividend

 

 

 

 

BALANCE CARRIED TO THE B/S

1208.639

1042.976

786.026

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

NA

310.726

445.168

 

 

Other Earnings

NA

0.530

0.892

 

TOTAL EARNINGS

NA

311.256

446.06

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

376.590

248.278

120.294

 

 

Capital Goods

10.559

325.700

0.073

 

TOTAL IMPORTS

387.149

573.978

120.367

 

 

 

 

 

 

Earnings Per Share (Rs.)

37.55

52.06

46.42

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
8.42
7.53

7.61

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
12.85
12.03

11.51

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
14.32
14.30

19.69

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.35
0.42

0.58

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.55
1.25

2.29

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.72
1.51

1.48

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DISCLOSURE OF CONTINGENT LIABILITIES AND PROVISIONS

Rs. In Millions

Particular

31.03.2011

31.03.2010

Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances)

78.917

0.000

Guarantees, Counter Guarantees given on Imports and Sale Contract etc. (net of margins held by bank)

1055.047

829.048

Corporate Guarantee issued to the bankers of the subsidiary company

3790.000

3790.000

Corporate Guarantee issued on behalf of subsidiary company

450.040

450.041

Outstanding Bills discounted under Letter of Credit

81.577

0.000

 

 

OPERATIONS

 

The Company has achieved a turnover of Rs.4878.802 Millions for the year ended March 31, 2011. During the year 341Generators of various ranges up to 52 MW were manufactured by the Company

 

The Gross Profit for the year under report is Rs.706.046 Millions as against Rs. 577.896 Millions in the previous year and the net profit is Rs.416.403 Millions as compared Rs.330.230 Millions for the previous year

 

The following are the highlights of the Company's achievements for the year:

 

- Siemens, Erfurt design of52MW AC Generator has been successfully tested and dispatched on 14.09.10.

- 11.764MW,13.8kV, 60Hz, 0.85pf, 600rpm AC Generator order received for VOITH-TDPS designa/c Cubujuqui in Costa Rica.

- Prestigiousorder from OMPL (ONGE Mangalore Petrochemicals Limited, - Aromatic Complex) for28MW Steam Turbine Generator set.

- Neworder received from ITC Specialty Paper Division for 29.62MW Steam Turbine Generator set.

- Neworder received from Jamkhandi Sugars for 27.37MW Steam Turbine Generator set.

- Repeatorder received from Vasavadatta Cements, Sedam Plant for 18.2MW Steam Turbine Generating set.

- Neworder received from Voith Norway for 7.7MW, 6.3kV, 50Hz, 0.8pf, 750rpm AC Generator suitable for Static excitation

 

- Breakthrough order received from Mecamidi France for 2 Nos. 3.55MW, 6.3kV, 12P Generators for Hydro application a/c Kasba Zidania Morocco, Africa project.

 

- Breakthrough order from Dresser-Rand UK for 30MW, 11kV AC Generator a/c Sulphuric Acid Plant, Jordan project.

 

- Breakthrough order from KOHLER Singapore for 2000kVA, 11kV AC Generator for their prestigious project in CISCO, Bangalore.

 

- Participated in ELASIA-Exhibition organized by Electrical consultant of India Limited, (ELCA) From07/01/11 to 10/01/11 and bagged 3rd Best Stall award

 

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U31103KA1999PTC025071

Name of the company

TD POWER SYSTEMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot # 27 28 and 29, KIADB Industrial Area, Dobuspet, Nelamangala Taluk, Bangalore – 562 111, Karnataka, India

shivatsa.n@tdps.co.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90192621

Type of charge

  • Immovable Property
  • Book Debts
  • Movable Property
  • Floating Charge

Particular of charge holder

Bank of Baroda, Corporate Banking Branch, No. 26, Richmond Road, Bangalore – 560025, Karnataka, India

corban@bankofbaroda.com

Nature of instrument creating charge

a) Supplemental Composite Agreement of Hypothecation of Goods, Book debts, Movable machinery and Vehicles.

b) Supplemental Memorandum of Entry

c) Letter dated 31/10/2011 from Bank of Baroda confirming Repayment of TL III ( Rs.51.600 Millions), TL IV (Rs.99.600 Millions),TL V (Rs.300 Millions) and BG ( Rs.15 Million) limit on 31/10/2011 .

Date of instrument Creating the charge

31.10.2011

Amount secured by the charge

Rs.1730.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Cash Credit : 2% below BPLR i.e @ 10.00% p.a at present with monthly rests

Bank Guarantee : 1% below BPLR i.e @ 11.00% p.a at present with monthly rests

 

Terms of repayment

 BG/LC period - 12 months

CC - Running accounts repayable on demand

 

Margin

CC/BD - 25%

BG - 5% (For disputed claim guarantees -100%)

ILC - 5% for raw materials 25% for capital goods

 

Extent and operation of the charge

The Charge shall operate to the extent of the entire loan amount plus interest, commission, expenses, costs and other charges thereon.

 

Others

The said amount of Rs.17.300 Millions- comprises CC cum BD of Rs.300.00 Millions (Sub limits of CC (Stock/ book debts) of Rs.300.000 Millions, CBD of Rs.50.000 Millions); Inland/ Foreign BG (Pref/Financial) of Rs.1080.000 Millions; Inland/Import LC (DP/DA 90 days) of Rs.350.000 Millions.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypo. by way of first charge on  present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery and other assets of the company. Additional Security of imm properties

1). Indl plot bearing No. 27, 28 & 29, situate at Dobaspet Indl Area, Yedehally, Nelamangala Tq, Bangalore Rural Dist, Under S.No parts of 106, 107, 108 in Dobaspet measuring 18,207 Sq. mtrs 

(2). Indl land bearing plot no. 30A, Part-I in Sy nos. 105 & 106 in Dobaspet Indl Area, Yedehally, Nelamangala Tq, Bangalore Rural Dist measuring 7097 Sq.mtrs.

(3) Immovable properties situate in Sy.No.55, Sy.No. 56/2, Sy.No.58, Sy.No.59/2 all situate in Yedehalli village, Somapura Hobli Nelamangala Taluk. measuring 15.13 acres

Date of instrument modifying the charge

10.09.2009

Particulars of the present modification

Repayment of TL III (Rs.51.600 Millions), TL IV (Rs.99.600 Millions), TL V (Rs.300.000 Millions) and BG (Rs.15.000 Millions) limit on 31.10.2011 reducing the Credit facilities   availed to Rs.1730.000 Millions, which shall be covered by the Charge on the movables comprising Stocks, Plant, Machineries, Book debts and other movables and the immovable properties situate at Yedehalli village, Nelamangala Tq.

 

(All terms and conditions relating to the limit of Rs.1730.000 Millions remain unchanged)

 

Fixed Assets:

 

  • Freehold Land
  • Leasehold Land
  • Buildings
  • Plant and Machinery
  • Office Equipments
  • Furniture and Fixtures
  • Computers
  • Communication Equipments
  • Motor Vehicles

 

 

AS PER WEBSITE DETAILS

 

COMPANY PROFILE

 

They are one of the leading manufacturers of AC Generators with outputs Capacity in the range of 1 MW to 52 MW for prime movers, such as steam turbine generators, horizontal hydro generators, vertical hydro generators, diesel engine generators, wind turbine generators, gas engine generators, gas turbine generators, special applications generators, high voltage motors and generators for Geo Thermal and Solar thermal applications. They focus on manufacturing custom-designed generators for the customers who are based across the world. In August 2001, they forayed into manufacturing of AC generators up to 30 MW under a license from Toyo Denki, a leading manufacturer of power and electric equipments located in Japan. The Company currently owns the technology, which was licensed from Toyo Denki, and has further developed in-house capability to manufacture and supply generators up to 40 MW to cater to industry demands and has successfully manufactured and installed several generators in India and abroad. Further, in 2007, The Company has entered into a license agreement with Siemens to manufacture steam generators from 20 MW to 52 MW, which covers a wider range of products with different rotor designs.

 

e major verticals of the power generation industry. They cater to both conventional and renewable fuel based power plants. They believe that a majority of future power plants will be based on conventional fuels and the Company has the entire range of generators to cater to this sector. With The technological collaborations with the leading power equipment manufacturers they also have the ability to design and manufacture a complete range of generators required to cater to the renewable fuel based segment of the power generation market. Since inception till December 31 2011, they have manufactured 1,676 generators, including 251 generators exported to 34 countries, with aggregate output capacity of 13,873 MW as of December 31 2011.

 

In addition to manufacturing AC Generators the Company also executes Turbine Generator ("TG") island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with The generator. The scope of work of the TG island projects consists of design services, procurement and supply of equipment, assembly, installation & commissioning. 

 

The Subsidiary Company is in the business of Engineering, Procurement and Construction (EPC) of the boiler-turbine generator (BTG) island and the balance of plant (BOP) portion of steam turbine power plants with outputs from 52 MW up to 150 MW. The scope of work of The EPC Business comprises of design services, procurement and supply of equipments, assembly and installation and commissioning. 

 

The Company is ISO 14001: 2004 issued by TUV SUD Management Services GmbH, Munich and Certificate of Compliance issued by CSA International to The Company in relation to component open type synchronous generators being eligible to bear the CSA mark with indicator

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.50.02

UK Pound

1

Rs.79.31

Euro

1

Rs.66.02

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

57

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.