|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
TURBO ENGINEERS AND CONSULTANTS |
|
|
|
|
Registered
Office : |
#3-6-237, Flat No.502D, Amruta Estate, Himayatnagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.06.2010 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.322 Millions |
|
|
|
|
TIN No.: |
2810850270 |
|
|
|
|
IEC No.: |
0910011737 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGFT2743R |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business
: |
Providing Maintenance, Repairs, Testing and Commissioning services to Power
Generation, Petro-chemical, Fertilizer and Process Industries. |
|
|
|
|
No. of Employees
: |
20 (Approximately) [In Office] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory
track records. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The concern 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. G. Ramya |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-9949050485 |
|
Date : |
29.10.2012 |
LOCATIONS
|
Registered Office : |
#3-6-237, Flat No.502D, Amruta Estate, Himayatnagar, Hyderabad –
500029, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23266158/23266157 |
|
Mobile No.: |
91-9652777485 (Mr. Ashok Kumar, CEO) 91-9949050485 (Ms. G. Ramya) |
|
Fax No.: |
91-40-23266157 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
644 Sq. ft. |
|
Location : |
Leased |
PARTNERS
|
Name : |
Mr. G. Surya Prakash |
|
Designation : |
Partner |
|
Address : |
2-2-12/4, Flat No. 102, ARCA Vivek Residency, DD Colony, Baghamberpet,
Hyderabad – 500076, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.05.1970 |
|
Qualification : |
DME |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. G. Ashok Kumar |
|
Designation : |
Partner |
|
Address : |
8-2-350/A/1, Flat No.7, Meghna Edifice, Road No. 3, Banjara Hills,
Hyderabad – 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.06.1961 |
|
Qualification : |
M.Tech |
|
Experience : |
29 Years |
|
|
|
|
Name : |
Mr. G. Padmaja |
|
Designation : |
Partner |
|
Date of Birth/Age : |
10.01.1969 |
|
Qualification : |
B.com |
|
Experience : |
43 Years |
KEY EXECUTIVES
|
Name : |
Ms. G. Ramya |
|
Designation : |
Finance Executive |
BUSINESS DETAILS
|
Line of Business : |
Providing Maintenance, Repairs, Testing and Commissioning services to
Power Generation, Petro-chemical, Fertilizer and Process Industries. |
GENERAL INFORMATION
|
Suppliers : |
·
Liburdi Turbine Services, USA ·
Genex Turbine Technologies, USA |
|
|
|
|
No. of Employees : |
20 (Approximately) [In Office] |
|
|
|
|
Bankers : |
State Bank of India, Narayanguda, Hyderabad, Andhra Pradesh, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Alacrity Consultants Chartered Accountants |
|
Address : |
Himayatnagar, Hyderabad, Andhra Pradesh, India |
|
Tel. No.: |
91-040-6631666 |
|
|
|
|
Sister Concern : |
Name: Associated Engineering Services Address: Narayanguda, Hyderabad,
Andhra Pradesh, India Line of Business : NDT Specialists |
CAPITAL STRUCTURE
As on: 31.03.2012
|
Capital Investment : |
|
|
Owned : |
Rs. 2.322 Millions (Approximately) |
|
Borrowed : |
- |
|
Total : |
Rs. 2.322 Millions (Approximately) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.322 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2.322 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.838 |
|
|
2] Unsecured Loans |
|
|
0.241 |
|
|
TOTAL BORROWING |
|
|
1.079 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3.401 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.864 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
2.059
|
|
|
Cash & Bank Balances |
|
|
2.077
|
|
|
Other Current Assets |
|
|
2.050
|
|
|
Loans & Advances |
|
|
0.609
|
|
Total
Current Assets |
|
|
6.795 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2.627
|
|
|
Other Current Liabilities |
|
|
0.328
|
|
|
Provisions |
|
|
2.303
|
|
Total
Current Liabilities |
|
|
5.258 |
|
|
Net Current Assets |
|
|
1.537 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3.401 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
76.885 |
|
|
|
Other Income |
|
|
0.192 |
|
|
|
TOTAL |
|
|
77.077 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Opening WIP |
|
|
1.465 |
|
|
|
Machinery Spares |
|
|
34.944 |
|
|
|
Salaries and Wages |
|
|
15.281 |
|
|
|
Job Works |
|
|
2.544 |
|
|
|
Insurances Charges |
|
|
0.119 |
|
|
|
Union Fund |
|
|
0.195 |
|
|
|
Other Expenses |
|
|
20.692 |
|
|
|
TOTAL |
|
|
75.240 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
1.837 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
1.351 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
1.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
2.471 |
|
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
3.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
3.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
28.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
1.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 one years |
Yes |
|
12] |
Profitability for last one 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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
Yes |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OBSERVATION POINTS
|
Name of The
Company: |
Turbo Engineering and Consultants |
|
Address: |
#3-6-237, Flat No.502D, Amrutha Estate, Himayat Nagar |
|
Chief Executive
Officer : |
Mr. G. Ashok Kumar |
|
Cell No: |
91-96527 77485 |
|
Email: |
|
|
Web Site: |
|
|
Tell No.: |
91-40-23266157 |
|
Fax No.: |
91-40-23266158 |
|
Name of Board: |
Signed |
|
Visibility of Name
Board: |
High |
|
Location: |
Easy |
|
Landmark (if
any): |
Ear Minerva Hotel |
|
Area: |
Up market |
|
Visibility Terms
: |
Telephone, Fax, Computers, Ac |
|
Furniture Items
Signed : |
Yes |
|
Office
Appearance : |
Good |
|
Sister Concern : |
Nil |
|
Visiting Card
Provided as proof of visit : |
Yes |
TRADE REFERNCES
·
Spectrum Power Generation Limited
·
Nagarjuna Construction Company
\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. 54.08 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 69.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.