MIRA
INFORM REPORT
|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
COMBUSTION TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known
As : |
COMBUSTION CONTROL ENGINEERS |
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Registered
Office : |
Shriniwas Nirmiti, 40 B/1A, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.08.1995 |
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Com. Reg. No.: |
11-091357 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.000 million |
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CIN No.: [Company Identification
No.] |
U29309PN1995PTC091357 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC01089E |
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PAN No.: [Permanent Account No.] |
AAACC7584J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of a wide variety of combustion and thermal
equipments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 105000 |
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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. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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.
LOCATIONS
|
Registered Office : |
Shriniwas Nirmiti, 40 B/1A, Bhau Patil Road, Bopodi, Pune - 411020,
Maharashtra, India |
|
Tel. No.: |
91-20-27679500 / 46769412 / 25812620 / 25812537 / 25820215 |
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Fax No.: |
91-20-25812536 |
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E-Mail : |
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Website : |
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Factory 1 : |
W-31, ‘T’ Block, MIDC, Bhosari, Pune – 411 026, India |
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Fax No.: |
91-20-46769412 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Swapankumar Saradakanta Roy |
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Designation : |
Director |
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Address : |
Flat No. 5, Profile Garnet, 116 Anand Park, Aundh, Pune – 411 007,
Maharashtra, India |
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Date of Birth/Age : |
25.01.1959 |
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Date of Appointment : |
03.08.2006 |
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DIN No.: |
00343732 |
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Other Directorship:
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Name : |
Mr. Hemant Bhalchandra Kulkarni |
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Designation : |
Director |
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Address : |
C – 307, Namrata Apartments, Bhau – Patil Road, Pune – 411 020,
Maharashtra, India |
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Date of Birth/Age : |
18.09.1959 |
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Date of Appointment : |
03.08.2006 |
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DIN No.: |
00343610 |
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MAJOR SHAREHOLDERS
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Swapankumar Saradakanta Roy |
|
5000 |
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Hemant Bhalchandra Kulkarni |
|
5000 |
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TOTAL |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of a wide variety of combustion and thermal
equipments. |
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Products : |
·
Gas Flaring Systems ·
Burners ·
Flame / Spark Arrestors ·
Electrical Heat Treatment Equipment ·
Combustion Services |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of India, Spicer
College Branch, Spicer College Campus, Pune – 411007, Maharashtra, India · HDFC Bank Limited, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V M Maitri and Company Chartered Accountants |
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Address : |
Office No. 09-10, B – Wing, Kamla Cross Road, Pimpri, Pune – 411 018,
Maharashtra, India |
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Tel. No.: |
91-20-27423679 |
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PAN No.: |
AAUPM9583C |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000
million |
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|
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NOTE:
Of the above, 8950 Equity shares of Rs.100 each, have
been issued as fully paid bonus shares by capitalisation of General Reserve
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 |
|
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.402 |
19.731 |
15.696 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.402 |
20.731 |
16.696 |
|
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LOAN FUNDS |
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|
|
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1] Secured Loans |
29.802 |
22.446 |
13.018 |
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2] Unsecured Loans |
4.492 |
4.700 |
0.937 |
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TOTAL BORROWING |
34.294 |
27.146 |
13.955 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
60.696 |
47.877 |
30.651 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.706 |
27.862 |
17.912 |
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Capital work-in-progress |
0.000 |
9.625 |
5.577 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.729 |
0.547 |
0.351 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
9.755
|
9.447 |
5.068 |
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Sundry Debtors |
2.304
|
9.309 |
3.532 |
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Cash & Bank Balances |
24.661
|
13.508 |
19.539 |
|
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Other Current Assets |
0.136
|
0.096 |
0.001 |
|
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Loans & Advances |
4.265
|
4.303 |
2.856 |
|
Total
Current Assets |
41.121
|
36.663 |
30.996 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
4.971
|
2.285 |
2.386 |
|
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Other Current Liabilities |
20.607
|
21.857 |
19.413 |
|
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Provisions |
3.282
|
2.678 |
2.386 |
|
Total
Current Liabilities |
28.860
|
26.820 |
24.185 |
|
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Net Current Assets |
12.261
|
9.843 |
6.811 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
60.696 |
47.877 |
30.651 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Turnover |
137.400 |
116.300 |
64.100 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.198 |
10.109 |
6.104 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
3.581 |
2.604 |
2.446 |
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PROFIT BEFORE
TAX |
10.617 |
7.505 |
3.658 |
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Less |
TAX |
3.784 |
2.304 |
1.426 |
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PROFIT AFTER TAX
|
6.833 |
5.201 |
2.232 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.426 |
0.891 |
0.329 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.000 |
0.500 |
0.500 |
|
|
|
Provision for proposed dividend |
1.000 |
1.000 |
1.000 |
|
|
|
Provision for tax on Dividend |
0.162 |
0.166 |
0.170 |
|
|
BALANCE CARRIED
TO THE B/S |
2.097 |
4.426 |
0.891 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
683.3 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.95
|
11.63 |
7.47 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.36 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
2.60 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.37 |
1.28 |
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 |
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 |
No |
|
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 involved in |
---- |
|
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 |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29309PN1995PTC091357 |
|
Name of the
company |
COMBUSTION
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shriniwas
Nirmiti, 40 B/1A, Bhau Patil Road, Bopodi, Pune – 411020, Maharashtra, India e-mail: combustion@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10171281 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India, Spicer College Branch, Spicer
College Campus, Pune – 411007, Maharashtra, India e-mail: boispicer@vsnl.net.in |
|
Date of
instrument Creating the charge |
12.01.2012 |
|
Amount secured by
the charge |
Rs. 22.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.25 % below BPLR
minimum 12.25% p.a. Terms of Repayment on demand Margin nil Extent and Operation of the charge Equitable
mortgage of office no. 1 about 650 sq. ft., office no. 2 about 764 sq.ft.
Both situated at building called shriniwas nirmiti, bopodi, pune. Equitable
mortgage of plot no. W-31 in bhosari industrial estate admeasuring about 950
sq. mtrs. Equitable
mortgage of plot no. El-21/3, pimpri industrial area, bhosari, taluka haveli,
pune. Plant and
machinery lying at plot no. W-31 mentioned above. |
|
Short particulars
of the property charged |
Office no. 1
about 650 sq. Ft. On ground floor, mezzanine and open surrounding space,
office no. 2 about 764 sq.ft. On mezzanine floor both situated at building
called shriniwas nirmiti, bopodi, pune. Plot no. W-31 in
bhosari industrial estate admeasuring about 950 sq. mtrs. And industrial shed
constructed thereon admeasuring about 704.50 sq. mtrs. All plant and
machinery lying at plot no. W-31 mentioned above. Plot no. El-21/3,
pimpri industrial area, bhosari, taluka haveli, pune. |
|
Date of latest
modification prior to the present modification |
29.06.2010 |
|
Particulars of
the present modification |
Total term loan
Limit stands at Rs. 2250.000 millions title deeds of plot no. El-21/3 held by
bank of India under oral asset no. 465 dated 12-01-2012. |
OPERATIONS:
The company has achieved a turnover of Rs. 137.400
millions as against Rs. 116.300 in the previous year, resulting this into a
post tax profit of Rs. 6.833 millions as compared to Rs. 5.201 millions in the
previous year.
FIXED ASSETS
·
Leasehold Land
·
Residential Building
·
Factory Building
·
Office Building
·
Plant and machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicle
·
Softwares
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 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.53.58 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.