MIRA
INFORM REPORT
|
Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDUCTOTHERM ( |
|
|
|
|
Registered
Office : |
Shri Kishorebhai D. Vyas Building, Ambli - Bopal Road, Bopal,
Ahmedabad-380058, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.12.1982 |
|
|
|
|
Com. Reg. No.: |
04-005739 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120GJ1982PTC005739 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00050B / AHMI00562C / AHMI00522E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI3672B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Induction Melting Furnaces, Induction Heating Furnaces and Induction Welding Equipment. |
|
|
|
|
No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well-established company having fine track record. Financial position of the company seems to be strong. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vijay |
|
Designation : |
Export Department |
|
Contact No.: |
91-2717-231961 |
|
Date: |
21.07.2014 |
LOCATIONS
|
Registered/ Head Office/ Factory: |
Shri Kishorebhai D. Vyas Building, |
|
Tel. No.: |
91-2717-231961 (8 Lines)/ 306196/ 306021 |
|
Fax No.: |
91-2717-231268 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 19.06.2013
|
Name : |
Mr. Jagat Jayant Shah |
|
Designation : |
Managing Director |
|
Address : |
“Saumya”, C-62, Sterling City, Bopal, Ahmedabad - 380058, Gujarat,
India |
|
Date of Birth/Age : |
19.03.1942 |
|
Qualification : |
M.S. (Mechanical) |
|
Date of Appointment : |
21.06.1999 |
|
Voter ID No.: |
LPZ1555317 |
|
DIN No.: |
00198802 |
|
|
|
|
Name : |
Mr. Bharat Lallubhai Sheth |
|
Designation : |
Director |
|
Address : |
9/10, Bhanuchandra, Cooperative Society, Near Ranchodji Temple,
Jivrajpark, Ahmedabad, Gujarat, India |
|
Date of Birth/Age : |
30.11.1949 |
|
Date of Appointment : |
01.04.2001 |
|
DIN No.: |
00181139 |
|
|
|
|
Name : |
Mr. Henry M. Rowan |
|
Designation : |
Director |
|
Address : |
C/O, Inductotherm Corporation, 10 Indel Avenu, Rancocas, New Jersey,
USA-08073 |
|
Date of Birth/Age : |
04.12.1923 |
|
Date of Appointment : |
31.12.1988 |
|
DIN No.: |
00179462 |
|
|
|
|
Name : |
Mr. Michael Anthony Nallen |
|
Designation : |
Director |
|
Address : |
9, |
|
Date of Birth/Age : |
19.07.1960 |
|
Date of Appointment : |
21.06.2011 |
|
DIN No.: |
03364228 |
|
|
|
|
Name : |
Mr. Satyen Nagesh Prabhu |
|
Designation : |
Director |
|
Address : |
C/O, Inductotherm Corporation, 10 Indel Avenu, Rancocas, New Jersey,
USA-08073 |
|
Date of Birth/Age : |
17.10.1961 |
|
Date of Appointment : |
09.12.1999 |
|
DIN No.: |
00173080 |
|
|
|
|
Name : |
Mr. Gary Anthony Doyon |
|
Designation : |
Director |
|
Address : |
80, |
|
Date of Birth/Age : |
13.01.1959 |
|
Date of Appointment : |
19.06.2008 |
|
DIN No.: |
02129096 |
|
|
|
|
Name : |
Mr. Chirag Girishbhai Sitwala |
|
Designation : |
Whole-time director |
|
Address : |
D-23, Ishan-2, Opposite Karnavati Club, |
|
Date of Birth/Age : |
30.11.1968 |
|
Qualification : |
Diploma in Electronics |
|
Date of Appointment : |
17.07.2012 |
|
DIN No.: |
05322617 |
|
|
|
|
Name : |
Mr. Naishadh Nalinkant Parekh |
|
Designation : |
Whole-time director |
|
Address : |
501, |
|
Date of Birth/Age : |
22.02.1957 |
|
Date of Appointment : |
17.07.2012 |
|
DIN No.: |
05324759 |
|
|
|
|
Name : |
Mr. Prakash Dinkar Chaubal |
|
Designation : |
Whole-time director |
|
Address : |
5, Suyash PM Road, Vile Parle (East), Mumbai-400057, |
|
Date of Birth/Age : |
28.08.1951 |
|
Qualification : |
B.E. (Electronics) |
|
Date of Appointment : |
17.07.2012 |
|
DIN No.: |
05324762 |
|
|
|
|
Name : |
Mr. Vijay Vasudev Joshi |
|
Designation : |
Whole-time director |
|
Address : |
14, Meera Madhav Apartments, Gulbai Tekra, Ahmedabad-380006, |
|
Date of Birth/Age : |
27.09.1951 |
|
Qualification : |
B.E. (Electronics) |
|
Date of Appointment : |
17.07.2012 |
|
DIN No.: |
05322628 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Inductotherm Technologies Inc., |
|
99999 |
|
Bharat Lallubhai Sheth |
|
1 |
|
|
|
|
|
Total |
|
100000 |
AS ON 19.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holdng |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
|
|
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20277974_MIRA%2022-Jul-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Induction Melting Furnaces, Induction
Heating Furnaces and Induction Welding Equipment. |
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Products : |
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Exports : |
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Products : |
Induction Melting Furnaces, Induction Heating Furnaces and
Induction Welding Equipment |
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Countries : |
·
Gulf County ·
Middle East ·
Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
USA ·
UK |
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Terms : |
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Selling : |
Cash / Advance Payment |
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Purchasing : |
Cash / Advance Payment |
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GENERAL INFORMATION
|
Customers : |
Others |
|
|
|
|
No. of Employees : |
350 (Approximately) |
|
|
|
|
Bankers : |
· State Bank of India, SPL Commercial Branch, Gandhigram, Opposite Gandhigram Railway Station, Ahmedabad-380009, Gujarat, India · HDFC Bank Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Chandabhoy and Jassoobhoy Chartered Accountants |
|
Address : |
605-607, Silveroaks, Near Mahalakshmi Char Rasta, Paldi, Ahmedabad -
380007, |
|
Tel. No.: |
91-79-26586063/ 26586069
|
|
Fax No.: |
91-79-26586063 |
|
E-Mail : |
|
|
PAN No.: |
AABFC0696F |
|
|
|
|
Holding Company
: |
Inductotherm Technologies Inc., USA. |
|
|
|
|
Fellow
Subsidiaries : |
·
Inductotherm Europe Limited ·
Inductoheat Europe GMBH ·
Inductotherm Corporation, ·
Inductotherm Group Australia Pty. Limited ·
Thermatool Corporation, ·
Inductoheat Incorporation, ·
Inductotherm Heating and Welding Technologies ·
Inductotherm Industries ( ·
Inductotherm Korea Limited ·
Indel Inc. ·
Inductotherm Group Brasil ·
PT Inductotherm ·
Consarc Engineering Limited ·
Consarc Corporation ·
Inductotherm Group Taiwan Limited ·
Inductotherm Induksiyon Systemleri Sa. A ·
Servemelt Comm. Brasil ·
Alpha 1 Induction Service Centre ·
High Energy Corporation ·
Inductotherm Coating Equipment, ·
Magnetic Metals Corporation ·
Inductotherm Japan Limited ·
Radyne Corporation ·
Lepel Corporation ·
Electric Melting Services Company Limited, ·
Inductotherm Group Pune Private Limited CIN : U72200PN1998PTC012971 ·
HWG Inductoheat GMBH, ·
Bricmont ( CIN : U72200PN1998PTC012971 |
|
|
|
|
Subsidiary
Company : |
·
Newelco India Private Limited CIN
:
U31909DL1994PTC057720 PAN
No: AABCN9033E |
CAPITAL STRUCTURE
AS ON 19.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/-
each |
Rs.10.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
2064.424 |
1848.458 |
1091.960 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
2074.424 |
1858.458 |
1101.960 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
206.667 |
172.268 |
275.778 |
|
(c)
Other current liabilities |
822.209 |
837.479 |
709.040 |
|
(d) Short-term
provisions |
2664.987 |
2244.571 |
1861.783 |
|
Total Current
Liabilities (4) |
3693.863 |
3254.318 |
2846.601 |
|
|
|
|
|
|
TOTAL |
5768.287 |
5112.776 |
3948.561 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
508.936 |
231.877 |
252.635 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
16.445 |
4.721 |
0.508 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.599 |
0.824 |
0.825 |
|
(c) Deferred tax assets (net) |
72.334 |
74.358 |
70.496 |
|
(d) Long-term Loan and Advances |
5.425 |
281.014 |
5.657 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
603.739 |
592.794 |
330.121 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
923.321 |
940.013 |
885.476 |
|
(c)
Trade receivables |
499.878 |
382.914 |
265.396 |
|
(d) Cash
and cash equivalents |
1072.146 |
997.691 |
629.404 |
|
(e)
Short-term loans and advances |
2669.203 |
2199.364 |
1838.164 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5164.548 |
4519.982 |
3618.440 |
|
|
|
|
|
|
TOTAL |
5768.287 |
5112.776 |
3948.561 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
4003.600 |
3974.760 |
3424.100 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1327.841 |
1182.481 |
1071.729 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.589 |
39.837 |
37.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1287.252 |
1142.644 |
1034.221 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
432.062 |
386.146 |
337.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
855.190 |
756.498 |
696.832 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1298.458 |
541.960 |
741.389 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend paid |
550.000 |
0.000 |
700.000 |
|
|
|
Corporate Dividend Tax |
89.224 |
0.000 |
116.261 |
|
|
|
Transfer to General Reserve |
100.000 |
0.000 |
80.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1414.424 |
1298.458 |
541.960 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1258.260 |
1198.830 |
889.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
447.658 |
|
|
|
Capital Goods |
NA |
NA |
17.470 |
|
|
TOTAL IMPORTS |
NA |
NA |
465.128 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8551.90 |
7564.98 |
6968.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.67
|
22.70 |
26.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.61 |
0.94 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.39 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
1091.960 |
1848.458 |
2064.424 |
|
Net
worth |
1,101.960 |
1,858.458 |
2,074.424 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20277974_MIRA%2022-Jul-2014_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Turnover |
3424.100 |
3974.760 |
4003.600 |
|
|
|
16.082 |
0.726 |
%20PRIVATE%20LIMITED%20-%20277974_MIRA%2022-Jul-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Turnover |
3424.100 |
3974.760 |
4003.600 |
|
Profit |
696.832 |
756.498 |
855.190 |
|
|
20.35% |
19.03% |
21.36% |
%20PRIVATE%20LIMITED%20-%20277974_MIRA%2022-Jul-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
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) |
Yes |
|
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 |
------ |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
OPERATIONS
The company has achieved the highest ever turnover of Rs. 4003.600
Millions in the history of the company, in spite of volatile economic
environment in
EXPANSION PROJECT
The Architectural concept for New Plant at Sanand as proposed to the IGMAB
(Inductotherm Group Management Advisory Board) requires changes and a new
architectural concept was proposed, which was accepted and design work for the
new plant layout has been started. Originally, the idea was to construct the
buildings in phases and Phase-I design (Heating, Welding and other peripheral
building requirements) were designed and the plans were submitted to the
Government Authority for approval to start construction. Subsequent to that, it
was felt that it would be better to construct the whole plant for which the
design is being prepared and reviewed.
They have now received the approval from the Government Authorities for
the construction of Phase-I design that was submitted. In the meantime, earth
filling work was started and is nearing the completion. The tube well has been
completed and the boundary wall work is expected to start by end of April-2013
FOREIGN COLLABORATOR
The continuous efforts on product innovation by the group companies and access to the latest technology under Technical Collaboration Agreement have contributed significantly to the performance of the Company during the year. This would even remain the Key element in future for the Company to maintain the market leadership in increasingly competitive market. The company wishes to place on record its appreciation of valuable contributions made by Inductotherm group companies towards the growth of your company.
PROSPECTS
The competition in market increased day by day and there is
considerable slowdown in steel and automobile industry in India. In order to
combat competition and slowdown initiatives are taken such as to introduce new
technology in the market, to improve quality of the product and quality of
service to customers, which ultimately contributes to the growth of the Company
business. They endeavor to maintain the current performance of the Company and
will meet future challenges.
FIXED ASSETS
·
Land
·
Building
·
Electrical Installations
·
Computers
·
Office Equipments
·
Furniture and Fixture
·
Computers
·
Vehicles
·
Type Writers
·
Air conditioner
·
Electric Fans
·
Xerox Machine
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 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. 61.52 |
|
|
1 |
Rs. 102.22 |
|
Euro |
1 |
Rs. 85.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.