MIRA
INFORM REPORT
|
Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
THERMOCOOL ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Ramchandrapur P.O- Narendrapur, Garia, Kolkata- 700 103, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.06.2003 |
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Com. Reg. No.: |
21-096459 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.900 Million |
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CIN No.: [Company Identification
No.] |
U31102WB2003PTC096459 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALT04235A |
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PAN No.: [Permanent Account No.] |
AACCT0419M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pressed Steel Radiators for Power and
Distribution Transformer Cooling |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 8400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to be
slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
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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
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 : |
Mr. Samya Chakravarty |
|
Designation : |
Director |
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Contact No.: |
91-9831108224 |
|
Date : |
17.09.2012 |
LOCATIONS
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Registered Office / Factory : |
Ramchandrapur P.O- Narendrapur, Garia, Kolkata- 700 103, West |
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Tel. No.: |
91-33-65259178 |
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Mobile No.: |
91-9831108224 (Mr. Samya Chakravarty) |
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Fax No.: |
91-33-24287123 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Gautam Roy |
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Designation : |
Director |
|
Address : |
1E/5/1, Chittaranjan Colony, Kolkata-700 032, West |
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Date of Birth/Age : |
15.12.1954 |
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Date of Appointment : |
24.06.2003 |
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Name : |
Mr. Samya Chakravarty |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.09.1977 |
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Date of Appointment : |
24.06.2003 |
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DIN No.: |
00463735 |
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Name : |
Ms. Baijayanti Chakravarty |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.03.1977 |
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Date of Appointment : |
24.06.2003 |
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DIN No.: |
00463756 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Gautam Roy |
|
1900 |
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Samya Chakravarty |
|
67100 |
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Baijayanti Chakravarty |
|
1000 |
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Sourja Chakravarty |
|
4000 |
|
Upal Chakravarty |
|
3000 |
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Indrani Chakravarty |
|
4000 |
|
Sandip Chakravarty |
|
2000 |
|
Avik Banerjee |
|
2000 |
|
Ranjabati Sen |
|
3000 |
|
Avik Kar Gupta |
|
2000 |
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Total |
|
90000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
92.20 |
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Other top fifty shareholders |
7.80 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pressed Steel Radiators for Power and
Distribution Transformer Cooling |
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Products : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Actual
Production |
|
Pressed Steel Radiators |
Nos. |
9291 |
GENERAL INFORMATION
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Suppliers : |
Tata |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. P. Dinda and Associates Chartered Accountants |
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Address : |
P-119, |
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Tel. No.: |
91-33-26585421 / 3441 |
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Mobile No.: |
91-9903065422 |
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E-Mail : |
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PAN.: |
ADKPD9577A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.10/- Each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
90000 |
Equity Shares |
Rs.10/- Each |
Rs.0.900
Million |
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Note:
(Of the above 50000 equity shares of Rs.10/- each issued for
consideration other than cash)
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 |
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|
|
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1] Share Capital |
0.900 |
0.900 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.220 |
0.924 |
0.713 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.120 |
1.824 |
1.613 |
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LOAN FUNDS |
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1] Secured Loans |
6.524 |
5.103 |
4.611 |
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2] Unsecured Loans |
0.680 |
0.680 |
0.680 |
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TOTAL BORROWING |
7.204 |
5.783 |
5.291 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.324 |
7.607 |
6.904 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.626 |
5.738 |
5.481 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.524
|
0.639 |
0.206
|
|
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Sundry Debtors |
3.694
|
3.438 |
3.200
|
|
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Cash & Bank Balances |
0.354
|
0.539 |
0.631
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
1.202
|
1.177 |
0.664
|
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Total
Current Assets |
5.774
|
5.793 |
4.701 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
3.352
|
3.292 |
2.790
|
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Other Current Liabilities |
0.167
|
0.183 |
0.152
|
|
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Provisions |
0.557
|
0.449 |
0.336
|
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Total
Current Liabilities |
4.076
|
3.924 |
3.278 |
|
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Net Current Assets |
1.698
|
1.869 |
1.423
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000
|
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|
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TOTAL |
9.324 |
7.607 |
6.904 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
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|
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Income |
|
15.011 |
16.945 |
|
|
|
Other Income |
|
|
0.040 |
|
|
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TOTAL (A) |
17.000 |
15.011 |
16.985 |
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
|
|
11.117 |
|
|
|
Expenses |
|
|
4.401 |
|
|
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TOTAL (B) |
16.595 |
14.687 |
15.518 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1.466 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
Including
Financial and Depreciation Expenses |
Including
Financial and Depreciation Expenses |
0.528 |
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
0.938 |
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.636 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.405 |
0.324 |
0.302 |
|
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|
|
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|
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Less |
TAX (H) |
0.109 |
0.113 |
0.095 |
|
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|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
0.296 |
0.211 |
0.207 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.018 |
0.007 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.300 |
0.200 |
0.200 |
|
|
BALANCE CARRIED
TO THE B/S |
0.014 |
0.018 |
0.007 |
|
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|
|
|
Earnings Per
Share (Rs.) |
3.29 |
2.34 |
2.30 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
50.000 |
Expected Sales (2012-13) : Rs.60.000 Millions
The above information has been parted by Mr. Samya Chakravarty
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.74
|
1.41 |
1.22
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
1.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.02
|
2.81 |
2.97
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.18 |
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.32
|
5.32 |
5.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.48 |
1.43
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
Note:
Registered office of the company has been shifted from 3-C,
TURNOVER AND
EXPANSION OF BUSINESS
The Company's turnover for the year ended 31st March, 2011 amounted to Rs.17.000 Millions as against Rs.15.011 Millions for the previous year. Every effort is being taken to achieve growth in turnover to enable the Company to attain profitability.
TRADE REFERENCES
· Tata
· Bharat Heavy Electrical Limited
· Nuclear Power Corporation of India Limited
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U31102WB2003PTC096459 |
|
Name of the
company |
THERMOCOOL ENGINEERING
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ramchandrapur P.O- Narendrapur, Garia, Kolkata- 700 103, West Bengal,
India |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10080053 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of India, Baghajatin Branch, Baghajatin Super Market, 2nd
Floor, KMC Building, Kolkata-700 092, West Bengal, India |
|
Nature of
instrument creating charge |
i) No Instrument,
Supplemental Oral Assent. ii) Hypothecation
of Tangible Moveable Machinery and Plant. iii) Form No.
L.G. 12 and 15 for Bank Guarantee. |
|
Date of
instrument Creating the charge |
28.01.2010 |
|
Amount secured by
the charge |
Rs.9.000 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest will be
charged at BPLR minimum 12% p.a. Terms of Repayment Cash Credit
repayable on demand. TL- I (Existing)
is repayable in monthly installment of Rs.45141/- each commencing from
31.05.08 and ending on 30.04.15. TL- II
(Exinsting) is repayable in EMI of Rs.0.010 Millions each commencing from
29.02.2008. TL- III is
repayable in 84 equal monthly installments of Rs.0.053 Million, commencing
from April, 2010. Margin 25% Extent and Operation of the charge First and
exclusive charge on the whole of the hypothecated assets and Mortgaged
properties. |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
i)
All
tangile movable machinery and plant (both present and future) including
particulars in stock, roll forms of machine and press, transformers etc or
about the borrowers present and godowns at ii)
Ramchandrapur,
South 24 Parganas and 13, iii)
Equitable
mortgage over immovable properties situated at land 14 cottahs, 8 chittacks,
R.S. Dag No.1213 and 1218, J.L. No.58,
Touzi No.114, P. S. Sonarpur, District 24 Pgs (S), Ramchandrapur, West Bengal,
India iv)
All
tangible movable assets of the borrower including therein the stock thereof
for the time being whether raw or manufactured or in process of manufacture
and also all producers goods and any and every v)
Angible
movable property of the borrower including transformers, inverter etc or
about the borrowers present and godowns at Garia, Kolkata. |
|
Particulars of
the present modification |
By this
modification, overall limit has been increased/ realigned/ revised from
Rs.5.500 Millions to Rs.9.000 Millions. The details are as under:- Facilities Amount CC 2.500 Millions TL-I 2.500 Millions TL-II 0.500 Million TL-III 3.000 Millions BG 0.500 Million Overall Limit 9.000 Millions Other terms and
conditions remain unchanged. |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Computer
- Car
- Electric Installation
- Office Equipments
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 isor
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.53.26 |
|
|
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.