MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	484041
Report Date :	04.01.2018

IDENTIFICATION DETAILS

Name :	MINAR HEAT TRANSFER PRIVATE LIMITED

Registered Office :	No-F-3/B, Phase - I, I.D.A., Jeedimetla, Hyderabad - 500055, Telangana
Tel. No.:	91-40-23095546

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	07.08.2007

Com. Reg. No.:	36-055052

Capital Investment / Paid-up Capital :	INR 2.100 Million

CIN No.: [Company Identification No.]	U74999TG2007PTC055052

IEC No.:	Not Divulged

GSTIN :	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAFCM1760M

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporters of Pressed Steel Radiators for Electrical Transformers (Power & Distribution). Providing engineering services for other projects nec. [Registered Activity]

No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Minar Heat Transfer Private Limited was incorporated in the year 2007. For the financial year 2017, the company has achieved 13.49% growth in its revenue as compared to previous year revenue and has maintained average profitability margin of 1.45% during the year under review. The rating takes into consideration the satisfactory financial profile of the company is marked by sufficient networth base along with average debt coverage indicators. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered 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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 04.01.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-40-23095546)

LOCATIONS

Registered Office / Factory:	No-F-3/B, Phase - I, I.D.A., Jeedimetla, Hyderabad - 500055, Telangana, India
Tel. No.:	91-40-23095546 / 23095615
Fax No.:	91-40-23096334
E-Mail :	mht@petarang.com minarheattransfer@yahoo.co.in sudhindrakumar2020@gmail.com
Website :	http://www.petarang.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Rajeev Madhav Deo

Designation :

Director

Address :

Flat No. 602, Alpine Heights, Raj Bhavan Road, Somajiguda, Hyderabad-500082, Telangana India

Date of Birth/Age :

22.08.1949

Date of Appointment :

07.08.2007

DIN No.:

00312333

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74210TG1981PTC003247	P E ENGINEERS PVT LTD	01/04/1987	-
U52520TG1995PTC021071	TARANG ENGINEERING PRIVATE LIMITED	18/07/1995	-

Name :

Ms. Vidya Rajeev Deo

Designation :

Director

Address :

Flat No. 602, Alpine Heights, Raj Bhavan Road, Somajiguda, Hyderabad-500082, Telangana India

Date of Birth/Age :

15.09.1953

Date of Appointment :

07.08.2007

DIN No.:

00731148

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74210TG1981PTC003247	P E ENGINEERS PVT LTD	08/12/2016	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
R M Deo		35000
Jitendra Palnitkar		30000
Vidya Deo		55000
Ruhi Dixit		30000
Adwait Dixit		30000
Sharvari Deo		30000
Total		210000

AS ON 29.09.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Pressed Steel Radiators for Electrical Transformers (Power & Distribution).

Providing engineering services for other projects nec.

[Registered Activity]

Products / Services :

Item Code No. (ITC Code)	Product Description
99833290	Engineering services for other projects nec

NIC Code No.	Product Description
99833290	Transformers radiators

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	GK Engineers
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Bharani Enterprises
Deepak Stores
Hindustan Trade Centre
Indu Engineering Works
DSP Enterprises
Industrial Equipments and Fasteners

Customers :

Reference :	Bombay Iron Traders
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Rakesh Transformers
S E Electricals
SPS Transformers
Sudhir Power Limited
Kirloskar Electric Company
Optima Tools
Sai Murari Traders
Sairam Enterprises

No. of Employees :

Information denied by the management

Bankers :

Bank Name	Canara Bank
Branch	Canara Bank, SME Branch, Mythri Towers, Prashanthi Nagar, Kukatpally, Hyderabad-500072, Telangana, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Loans from schedule banks
Working capital limit from Canara Bank, Kukatpally, Hyderabad (Secured against hypothecation of current assets of the company and personal guarantees of the directors and second charge of assets of DD associates, Hyderabad) ODBD Account 2427256005209	13.639	10.633
Total	13.639	10.633

Auditors :
Name :	Satyanarayana and Company Chartered Accountants
Address :	5-5-88/8, Amar Mansion, Ranigunj, Secunderabad – 500003, Telangana, India
Tel. No.:	91-40-27715028/ 27718992
Fax No.:	91-40-27714814
E-Mail :	satco.ca@gmail.com
PAN No.:	ACGPG2149C

Memberships :	Not Available

Collaborators :	Not Available

Enterprises over which the shareholders of the company, KMP/relatives of KMP exercise control or significant influence:	Tarang Engineering Private Limited, India P.E. Engineers Private Limited, India D.D. Associates, India

CAPITAL STRUCTURE

AS ON 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	INR 10/- each	INR 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

210000	Equity Shares	INR 10/- each	INR 2.100 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.100	2.100	2.100
(b) Reserves & Surplus	3.833	2.248	1.770
(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)	5.933	4.348	3.870

(3) Non-Current Liabilities
(a) long-term borrowings	14.419	11.413	15.955
(b) Deferred tax liabilities (Net)	0.000	0.021	0.021
(c) Other long term liabilities	4.029	4.029	4.079
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.448	15.463	20.055

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	11.170	21.601	21.349
(c) Other current liabilities	2.794	3.378	2.626
(d) Short-term provisions	1.359	1.035	0.628
Total Current Liabilities (4)	15.323	26.014	24.603

TOTAL	39.704	45.825	48.528

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.753	2.492	3.092
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.795	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.548	2.492	3.092

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.954	14.270	17.774
(c) Trade receivables	28.989	26.829	25.463
(d) Cash and cash equivalents	0.700	0.082	0.114
(e) Short-term loans and advances	2.513	2.152	2.085
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	37.156	43.333	45.436

TOTAL	39.704	45.825	48.528

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	109.130	96.162	79.870
	Other Income	0.282	0.702	0.068
	TOTAL	109.412	96.864	79.938

Less	EXPENSES
	Purchases of Stock-in-Trade	65.080	54.688	47.687
	Employees benefits expense	17.268	16.940	13.565
	Direct expenses	22.492	20.718	16.587
	TOTAL	104.840	92.346	77.839

	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.572	4.518	2.099

Less	FINANCIAL EXPENSES	2.801	2.421	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.771	2.097	2.099

Less	DEPRECIATION/ AMORTISATION	0.827	1.218	1.966

	PROFIT/ (LOSS) BEFORE TAX	0.944	0.879	0.133

Less	TAX	(0.641)	0.400	1.942

	PROFIT/ (LOSS) AFTER TAX	1.585	0.479	(1.809)

	Earnings / (Loss) Per Share (INR)	7.55	4.18	(8.61)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365)*	96.96	101.83	116.36

Account Receivables Turnover (Income / Sunday Debtors)	3.76	3.58	3.14

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	62.65	144.17	163.41

Inventory Turnover (Operating Income / Inventories)	0.92	0.32	0.12

Asset Turnover (Operating Income / Net Fixed Assets)	2.61	1.81	0.68

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.75	0.82	0.84

Debt Equity Ratio (Total Liability / Networth)	2.43	2.62	4.12

Current Liabilities to Networth (Current Liabilities / Net Worth)	2.58	5.98	6.36

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.30	0.57	0.80

Interest Coverage Ratio (PBIT / Financial Charges)	1.63	1.87	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) 100]*	%	1.45	0.50	(2.26)

Return on Total Assets ((PAT / Total Assets) 100)*	%	3.99	1.05	(3.73)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	26.71	11.02	(46.74)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.42	1.67	1.85

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.10	1.12	1.12

G-Score Ratio Financial (Networth / Total Assets)	0.15	0.09	0.08

G-Score Ratio Debt (Debts / Equity Capital)	6.87	5.43	7.60

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.42	1.67	1.85

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	2.100	2.100	2.100
Reserves & Surplus	1.770	2.248	3.833
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3.870	4.348	5.933

long-term borrowings	15.955	11.413	14.419
Short term borrowings	0.000	0.000	0.000
Total borrowings	15.955	11.413	14.419
Debt/Equity ratio	4.123	2.625	2.430

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	79.870	96.162	109.130
		20.398	13.486

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	79.870	96.162	109.130
Profit / (Loss)	(1.809)	0.479	1.585
	(2.26%)	0.50%	1.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
From related parties
From directors	0.780	0.780
Total	0.780	0.780

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G52920758	10470935	CANARA BANK	31/12/2013	15/02/2017	-	15000000.0	Canara Bank, SME Branch, Mythri Towers, Prashanthi Nagar, Kukatpally, Hyderabad-500072, Telangana, India
2	C81335291	10133092	CANBANK FACTORS LIMITED	25/11/2008	-	10/03/2016	15000000.0	Flat No. 201 And 202, 2nd Floor, Sanatana Eternal, Road No. 19, Himayatnagar, Hyderabad-500029, Telangana, India

FIXED ASSETS:

Building
Plant and Machinery
Electrical instruments
Furniture and Fixture
Office equipments
Computer
Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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	INR
US Dollar	1	INR 63.48
UK Pound	1	INR 86.41
Euro	1	INR 76.54

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	VAR

Report Prepared by :	BHG

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.