MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRANSPARENT ENERGY SYSTEMS PRIVATE LIMITED (w.e.f.18.12.1995) |
|
|
|
|
Formerly Known
As : |
VAPOR ENERGY MACHINES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Pushpa Heights, 1st Floor, Bibwewadi Corner, Pune-Satara
Road, Pune – 411 037, Maharashtra |
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|
Country : |
India |
|
|
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of Incorporation
: |
16.04.1986 |
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|
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Com. Reg. No.: |
11-039582 |
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Capital
Investment / Paid-up Capital : |
Rs. 190.132 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29198PN1986PTC039582 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNET04298A |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACT6841P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Waste Heat Recovery System (WHRS), Ammonia-Absorption Refrigerant
Plant and Cogeneration Systems. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 964000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Transparent Group”. It is an established company
having moderate track record. The latest financials as on 2012 are not made available to us. As per previous, the company has achieved better growth in its sales
turnover and has earned decent profit during 2011. Reserves of the firm
appear to be low. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB- |
|
Rating Explanation |
Moderate degree of safety. |
|
Date |
May 28, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
May 28, 2013 |
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 DECLINED BY
|
Name : |
Mr. Sachin Jadhav |
|
Designation : |
Finance Department |
|
Contact No.: |
91-20-27125078/ 72 |
|
Date : |
12.06.2013 |
LOCATIONS
|
Registered Office/ Corporate Office/ T2 Division – Head Office : |
Pushpa Heights, 1st Floor, Bibwewadi Corner, Pune-Satara
Road, Pune – 411 037, Maharashtra, India |
|
Tel. No.: |
91-20-24211347/ 24215665/ 24212390 |
|
Fax No.: |
91-20-24212533 |
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E-Mail : |
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|
Website : |
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T1 Division & T3 Division – Head Office : |
Plot No.T-145/146/147, MIDC Bhosari, Pune – 411 026, Maharashtra,
India |
|
Tel. No.: |
91-20-27125072/ 27125078 |
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Fax No.: |
91-20-27119476 |
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E-Mail : |
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Office/ Factory : |
Located at: ·
Boisar ·
Pune |
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|
|
|
Branch Office : |
2, Jaigandha Annexe, Ground Floor, Ram Maruti Road, Opposite Dr.
Paranjape Hospital, Thane – 400 602, Maharashtra, India |
|
Tel. No.: |
91-22-25362881 |
|
Fax No.: |
91-22-25336164 |
|
E-Mail : |
Division - T1
Ř
Waste Hear Recovery
Boilers and Systems
Ř
Turnkey Waste Heat driven
Power Plants
Ř
Combustion Turbine Inlet
Air Cooling System
Ř
Steam Rankine Cycle Power
Plants
Division - T2
Ř
Waste Hear Recovery
Systems on Engine Generators
Ř
Process Boilers and
Heaters
Ř
Super Efficient
Congeneration Systems Power Boilers
Ř
Ammonia Absorption
Refrigeration Plants
Division - T3
Ř
Manufacturing Services
Ř
Biomethanation Plants
Ř
Waste to Energy Plants
Ř
Air Cooled Steam / Vapour
Condensers and Coolers
Ř
Zero Liquid Discharge
Systems
DIRECTORS
As on 30.08.2012
|
Name : |
Mr. Bhalchandra Gajanan Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
S. No.681, 1B/2/3/1, B-15, Soba Savera Apartments, Bibwewadi, Pune –
411 037, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1970 |
|
Date of Appointment : |
30.04.2005 |
|
DIN No : |
00209692 |
|
|
|
|
Name : |
Mr. Arun Govind Palkar |
|
Designation : |
Director |
|
Address : |
5/125, Navnit Ram Maruti Road, Dadar, Mumbai – 400 028, Maharashtra,
India |
|
Date of Birth/Age : |
29.03.1954 |
|
Date of Appointment : |
18.09.2008 |
|
DIN No : |
00016003 |
|
|
|
|
Name : |
Mr. Yogesh Vishwanath Abhyankar |
|
Designation : |
Director |
|
Address : |
Ameya Apartment, Flat No.2, Rambag Colony, Navi Peth, Pune – 411 030,
Maharashtra, India |
|
Date of Birth/Age : |
05.01.1956 |
|
Date of Appointment : |
22.02.2000 |
|
DIN No : |
00044402 |
|
|
|
|
Name : |
Mr. Ashok Dattatray Atre |
|
Designation : |
Director |
|
Address : |
Flat No.3-4, Amey Apartments, Apte Road, Shivaji Nagar, Pune – 411
004, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1957 |
|
Date of Appointment : |
16.04.1986 |
|
DIN No : |
00209577 |
|
|
|
|
Name : |
Ms. Meghana Ashok Atre |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.3-4, Amey Apartments, Apte Road, Shivaji Nagar, Pune – 411
004, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1960 |
|
Date of Appointment : |
03.09.1999 |
|
DIN No : |
00209635 |
|
|
|
|
Name : |
Mr. Ajit Ulhas Apte |
|
Designation : |
Director |
|
Address : |
A-46, Mohite Township, Anand Nagar, Sinhagad Road, Hingane Khurd, Pune
– 411 051, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1968 |
|
Date of Appointment : |
12.12.2006 |
|
DIN No : |
00919071 |
|
|
|
|
Name : |
Mr. Chintamani Shridhar Vaidya |
|
Designation : |
Director |
|
Address : |
590, New Shaniwar Peth, Pune – 411 030, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1969 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No : |
01567409 |
|
|
|
|
Name : |
Mr. Shamkant Babaji Bhor |
|
Designation : |
Director |
|
Address : |
A-7, Ramnagar Housing complex, Gavhane Wasti, S No.68/2, Bhosari, Pune
– 411 018, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1972 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No : |
01661682 |
|
|
|
|
Name : |
Mr. Haridas Narayan Wadghule |
|
Designation : |
Whole Time Director |
|
Address : |
FL-704, Building A-1, Shivsagar City, Phase-1, SN-17, Wadgaon BK, Pune
– 411 041, Maharashtra, India |
|
|
12.12.1963 |
|
Date of Appointment : |
04.08.2010 |
|
DIN No : |
03187700 |
|
|
|
|
Name : |
Dr. Ralf Dieter Schnell |
|
Designation : |
Alternate Director |
|
Address : |
Planegg Hofmarkstrabe 9b, Planegg, Germany 82152 |
|
Date of Birth/Age : |
21.12.1956 |
|
Date of Appointment : |
21.10.2010 |
|
DIN No : |
03320642 |
|
|
|
|
Name : |
Dr. Detlef Harald Pohl |
|
Designation : |
Nominee director |
|
Address : |
Grafing B Munchen, Schlesierstr 9 A, Munchen, Munchen, Germany D85567 |
|
Date of Birth/Age : |
17.02.1961 |
|
Date of Appointment : |
21.10.2010 |
|
DIN No : |
03320774 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Jadhav |
|
Designation : |
Finance Department |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2012
Note:
Shareholding details file attached.
As on 30.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
88.44 |
|
Other
top fifty shareholders |
|
11.56 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Waste Heat Recovery System (WHRS), Ammonia-Absorption
Refrigerant Plant and Cogeneration Systems. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
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|||||||||
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Bankers : |
·
State Bank of India, Commercial Branch, 1548-A, Sadashiv
Peth, Pune – 411 030, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B.L. Phatak and Company Chartered Accountants |
|
Address : |
1, Jay Apartments, Sunderrao Rege Marg, 64/3, Erandawne, 14th
Lane, Prabhat Road, Pune – 411 004, Maharashtra, India |
|
|
|
|
Subsidiary Company : |
Ecosustain
Energy Systems Private Limited CIN No.: U29305PN2006PTC129024 |
CAPITAL STRUCTURE
As on 30.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5400000 |
Equity Shares |
Rs.10/- each |
Rs.54.000 Millions |
|
1236900 |
5% Fully Convertible Cumulative Preference Shares |
Rs.113/- each |
Rs.139.770 Millions |
|
623030 |
Unclassified Shares |
Rs.10/- each |
Rs.6.230 Millions |
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5191400 |
Equity Shares |
Rs.10/- each |
Rs.51.914
Millions |
|
1236900 |
5% Fully Convertible Cumulative Preference Shares |
Rs.113/- each |
Rs.139.770 Millions |
|
|
Total |
|
Rs.191.684
millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5400000 |
Equity Shares |
Rs.10/- each |
Rs.54.000 Millions |
|
1236900 |
5% Fully Convertible Cumulative Preference Shares |
Rs.113/- each |
Rs.139.770 Millions |
|
623030 |
Unclassified Shares |
Rs.10/- each |
Rs.6.230 Millions |
|
|
Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5036200 |
Equity Shares |
Rs.10/- each |
Rs.50.362
Millions |
|
1236900 |
5% Fully Convertible Cumulative Preference Shares |
Rs.113/- each |
Rs.139.770 Millions |
|
|
Total |
|
Rs.190.132
millions |
Notes:
1) Of 5036200 Equity
Shares, 4028880 Equity shares of Rs.10 Each fully paid are issues Bonus Equity
shares.
2) The 1236900, 5%
Fully Convertible Cumulative Preference shares of Rs.113/- fully paid are
issued and allotted to Siemens Venture Capital GmbH, Germany on 01st
June 2009.
3) In Accordance
with the Subscription agreement entered into with Siemens Venture Capital GmbH,
Germany; each of aforesaid Preference Share is compulsorily convertible into
one Fully Paid Equity Share of Rs.10/- each at a price of Rs.113/- at a premium
of Rs.103/- per share fully paid up at the end of 6 years from the date of
allotment i.e. 31.05.2015 or at the time of initial Public Offer whichever is
earlier.
4) Authorised
share capital includes 623030 unclassified shares of Rs.10/- each
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 |
190.132 |
190.132 |
50.361 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
50.750 |
11.848 |
44.163 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
240.882 |
201.980 |
94.524 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
144.841 |
97.656 |
45.101 |
|
|
2] Unsecured Loans |
0.000 |
3.864 |
11.340 |
|
|
TOTAL BORROWING |
144.841 |
101.520 |
56.441 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
385.723 |
303.500 |
150.965 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
105.631 |
113.395 |
74.136 |
|
|
Capital work-in-progress |
21.810 |
11.101 |
5.470 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.100 |
4.100 |
4.100 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
103.633
|
146.491
|
143.043 |
|
|
Sundry Debtors |
499.660
|
84.928
|
60.077 |
|
|
Cash & Bank Balances |
40.637
|
32.135
|
46.972 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
84.846
|
69.324
|
59.276 |
|
Total
Current Assets |
728.776
|
332.878
|
309.368 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
237.330 |
101.642 |
136.058 |
|
|
Other Current Liabilities |
113.771
|
21.152
|
63.289 |
|
|
Provisions |
122.493
|
39.677
|
43.162 |
|
Total
Current Liabilities |
473.594
|
162.471
|
242.509 |
|
|
Net Current Assets |
255.182
|
170.407
|
66.859 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
4.497 |
0.400 |
|
|
|
|
|
|
|
|
TOTAL |
385.723 |
303.500 |
150.965 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
963.175 |
397.814 |
423.944 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
111.049 |
(14.321) |
46.499 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
26.013 |
7.348 |
12.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
85.036 |
(21.669) |
34.242 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.163 |
10.472 |
7.879 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX & EXTRAORDINARY ITEMS |
72.873 |
(32.141) |
26.363 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
9.600 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Add |
Extraordinary
Items (Net) |
3.443 |
0.184 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
66.716 |
(32.325) |
17.624 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.784 |
35.109 |
17.785 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.350 |
0.000 |
0.300 |
|
|
|
Proposed Dividend on Shares & Dividend Tax |
20.700 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
42.450 |
2.784 |
35.109 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
44.664 |
53.071 |
106.853 |
|
|
TOTAL EARNINGS |
44.664 |
53.071 |
106.853 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10.374 |
28.429 |
23.620 |
|
|
TOTAL IMPORTS |
10.374 |
28.429 |
23.620 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
10.64 |
(6.42) |
3.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
7.57 |
(8.08)
|
6.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.73 |
(7.20)
|
6.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
(0.16)
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60 |
0.50
|
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
2.05
|
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
Sundry Creditors
|
|
|
|
|
- Creditors due small micro enterprises |
163.431 |
85.352 |
113.213 |
|
- Creditors due others |
73.899 |
16.290 |
22.845 |
|
Total |
237.330 |
101.642 |
136.058 |
|
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 |
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
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 |
No |
|
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 |
Yes |
|
Unsecured Loans |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
Other debt unsecured |
0.000 |
3.864 |
|
Total
|
0.000 |
3.864 |
REVIEW OF OPERATIONS AND OUTLOOK
The Company has
achieved a sales turnover of Rs.963.175 millions for the year ended 31st
March 2011 and has earned a profit before tax of Rs.72.873 millions after
considering Interest of Rs.26.013 millions and Depreciation of Rs.12.163
millions.
As mentioned in
the Directors report last year, the global business environment stabilized
during the year and there was a distinct vibrancy in the business environment.
The capital goods
industry especially demonstrated robust growth with the large investments
planned in the infrastructure sector.
In view thereof,
domestic demand for cement and steel was strong. However with new capacities
coming up in the cement sector, the operational performance of the sector was
somewhat muted. Similarly the growth in China slowing down to some extent had a
dampening effect on steel prices.
On the other hand,
regulatory measures for energy efficiency have gained momentum, requiring
companies in eight identified sectors including cement and steel to take
measures to cut their energy cost through reduction in power consumption.
Secondly,
inflation has reared its head especially in the food and agriculture sector.
This has had an adverse impact with increase in prices of fuel, transport and
other costs. The focus of the corporate world is increasingly turning towards
cost efficiencies.
This augurs well
for the Company’s business as the Waste Heat Recovery Business of the Company
addresses both the issues namely energy efficiency and cost efficiency.
This is reflected in
the satisfactory operating performance of the Company during the year. The
Company has at the end of the year a healthy order book exceeding Rs.1750.000
millions and expects the current years performance to be robust.
Having regard to
the growth potential of the company’s business. The company has decided to
invest in new manufacturing facility at MIDC Lonand where it is proposed to
build state of the art facilities at an aggregate cost of Rs.550.000 millions
in a planned manner. The first phase involves a capital expenditure of
approximately. Rs.140.000 millions for which the company has tied up finance
from its Bankers. Further the Board is aware of the need for capital infusion
to manage the growth in business, and various options in this regard are being
explored.
BUSINESS ANALYSIS AT A GLANCE
Export Market
The Company has
been consciously focusing on enhancing its export business There has been
encouraging enquiries from countries in Latin America, Europe, Middle East,
Africa and South East Asia. The company has achieved following milestones in
export market
(a) The company
has successfully executed the contract for an end user in Latin America in
co-operation with its German associate, Mattes Engineering GmbH for a large
Ammonia Absorption Refrigeration Plant for freeze drying application.
(b) Another
contract for an end user in Latin America was executed for Waste Heat Recovery
Boiler in a Sulfuric Acid Plant.
(c) The Company
has supplied a unique design of Waste Heat Recovery Boiler, to Helio Focus,
Israel. This Boiler operates on high temperature air generated from Solar
Concentrator and generates high pressure steam.
Foreign buyers are
showing keen interest in products of TRANSPARENT and the company expects good
growth in its global business during the current year.
New Emerging
Market and Energy Trends in India
The company has
made systematic in-roads into new segments. Amongst the prominent industries
identified in this regard are
a) Cement Plants
b) Gas / Liquid
fuel based power plants.
c) Steel Plants
(Scrap melting Steel Electric Arc Furnaces and other possible heat recovery
areas)
d) Rural
electrification
e) Multistage
evaporator
f) Waste water
recycling
The company has developed products and systems specific to the needs of these
industries after elaborate study of their processes.
New Projects Completed
The Company is
proud to announce that the following new and innovative projects have been
successfully completed. The products / systems introduced into the market
through these projects are not only energy efficient but also have many other
distinct advantages:-
1) Waste Heat Recovery and Power for Cement Plant Heat Recovery:
After successful
implementation of three projects in earlier years, the company bagged repeat
order from one of reputed cement plant in north India. The heat recovery based
power plant of 16.2 MW capacity would be largest in India till today for such
application. The repeat order also is a proof of customer satisfaction as well
as successful implementation of patented technology.
2) Low BTU Gas
Fired Boilers:
One more order was
added to the number of repeat orders in this area. The product has bright
future and more business is expected in the coming years for this product.
3) Engine based
Combined Cycle Power Plant:
Engine based power
plants have potential to improve their efficiency by 6 9% by installing Exhaust
Heat Recovery based Power Plant. The company has successfully completed first
such project on a Gas Engine based Power Plant in South India.
4) Air Cooled
Steam Condensers:
All the water
cooled power plants consume large amount of water, which is becoming scarce day
by day. A large demand is anticipated for Air Cooled Condensers for such power
plants. The company has developed state of art Air Cooled Condensers for such
applications and first commercial project has been successfully completed.
5) Gas Turbine
Heat Recovery Boilers:
Piped natural gas
is coming to India in a big way. Like all developed nations, the pollution
control norms would make it essential to use cleaner fuels in Captive Power
Generation Plants. The Gas Turbine market is growing in their country day by
day. The Company has developed Heat Recovery Boiler, Thermic Fluid Heaters and
other systems for Gas Turbine applications. The company has successfully
completed one project in India and another project in Middle East. Company
expects more orders of this type in future.
6) Ammonia
Absorption Refrigeration Plant for very low temperatures (minus 54oC and
below):
As you are aware
the company has been manufacturing AARP with technical collaboration with
Mattes Engineering GmbH, Germany. The AARP supplied so far were upto normal
subzero temperatures i.e. minus 30oC. Temperatures below this level are
considered to be very critical. The company has successfully installed and
commissioned the first AARP in India for temperature of minus 54oC for Freeze
Drying Application. The company expects to get more such contracts in India as
well as overseas.
7) Heat Recovery in Glass Industry:
After success of
the first BOO project in western India, the company has completed another
project in a glass manufacturing plant in south India for power generation from
waste heat of glass furnace.
8) Software
developments in the Company.
The company is
engaged in developing the software programs for designing the products and
systems for reliable, accurate and fast product engineering. Apart from
development of own softwares, the company is procuring many softwares from
outside which are standardized softwares useful for design and engineering of
their types of products.
9) Collaborations
/ Tie Ups.
a) Mattes
Engineering GmbH, Germany Since 1994
Technical
collaboration and know-how transfer agreement for Ammonia Absorption
Refrigeration Plants (AARP).
b) LaMont-Kessel GmbH and CO., Germany Since 2007
Technology licensing and know-how transfer agreement for boiler
capacities up to 300 TPH.
c) Bioenergie
Beratung Bornim GmbH, Germany Since 2007
Technology
licensing and know-how transfer agreement for wet and dry fermentation of
solid, semi solid and liquid biomasses, bio-diesel and ethanol production
technologies.
d) The Cool
Solutions Company, USA
Co-operation understanding for wide range of engineering services.
The company is discussing with reputed European companies for technology
tie-ups in the field of waste management.
TECHNICAL
ADVANCEMENTS
The Company, a renowned name in the field of Resource Conservation has
proud to proclaim themselves as an organization with ASME U and S
certifications.
Both their
manufacturing facilities at Shirwal and Bhosari are U certification compliant
for design and manufacturing of Unfired Pressure Vessels and S certification
compliant for design, manufacturing and assembly of Power Boilers respectively.
Along with this, National Board of Boiler and Pressure Vessel Inspectors, USA
has also awarded R stamp for Repair and Alteration of Boilers and Pressure
Vessels to TESPL.
As always TESPL
pledges the customer satisfaction and utmost quality control in all their products;
no doubt this new facet is a flattering complement to Company’s intrinsic
abilities and qualities.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Research and Developments
Assets
·
Electrical Installation
·
Factory Equipments
·
Pattern and Fixtures
·
Industrial Gas Cylinders
·
Vehicles
·
Furniture and Fittings
·
Technical Books and
Software
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.58.27 |
|
|
1 |
Rs.91.15 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.