MIRA INFORM REPORT
|
Report Date : |
18th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
FEDDERS
INERNATIONAL AIR CONDITIONING PRIVATE LIMITED |
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Registered Office : |
Chintel House A-30, Kailash
Colony, New Delhi-110048, India |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
31st
July 2000 |
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CIN No.: |
U20192DL2000PTC107056 |
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Com. Reg. No.: |
55-107056 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
DELF02031B |
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PAN No.: (Permanent Account No.) |
AAACF5920B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
and marketer of air treatment products, including air conditioners, air
cleaners, dehumidifiers, and humidifiers. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a part of Fedders International Inc. USA. It is in the initial stage of
activity in India. Trade relations are fair. Payments are correct and as per
commitments. The company can be considered normal for business dealings at
usual trade terms and conditions with some caution in view of heavy losses. |
LOCATIONS
|
Registered Office : |
Chintel House A-30, Kailash
Colony, New Delhi-110048, India |
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Tel. No.: |
91-11-41730730 |
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Fax No.: |
91-11-41730743 |
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Website : |
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Fedders Corporation |
Headquarters Location Fedders
Corporation
Fedders Appliances Fedders Indoor Air Quality Cleanroom Air System, Biomedical, Hospital and Laboratory
Products Industrial & Commercial Air Cleaners and Humidifiers Fedders Unitary Products: Wallmount Air Conditioners
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Fedders International Inc. |
Fedders International
Headquarters Fedders
International, Inc. Tel: 86-21-6922-2323 China Fedders Trading
(Shanghai) Co., Ltd. Email: InfoChina@fedders.com Research and
Design Center Email: InfoChina@fedders.com Tel: 86-21-6922-2323 Philippines Fedders Koppel,
Inc. Email:
infoFK@fedders.com Tel: 63-2-823-2366 Asia Pacific Fedders International,
Inc. Email:
elim@fedders.com Tel: 6 04 6422 833 India Fedders
International Air Conditioning Private Ltd. Email: InfoIndia@fedders.com Tel: 91-11-5173-0730 Middle East and Africa Fedders
International Inc. Email: InfoMEA@fedders.com Tel: 971-4-887-3348 Latin America Fedders
International, Inc. Email: info@fedders.com Tel:
305-593-2277 Europe Fedders GmbH
& Co KG Email: InfoEurope@fedders.com Tel:
49-40-521-400 Canada Fedders Inc. Tel: 905-671-1613 |
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DIRECTORS
|
Name : |
Arvind
Mayar |
|
Designation : |
Director
|
|
Address : |
S-404,
Greater kailash, Part I New Delhi, India-110048 |
|
Date of Casing : |
28.06.2004 |
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Date of Appointment : |
31.07.2000 |
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|
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Name : |
Robert
Edward |
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Designation : |
Director
|
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Address : |
Westgate
Corpotation, Centre 505, Martinsv, Ille Road, P. O. Box 813, Corner NJ-07938,
Unite States Of America |
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Date of Appointment : |
27.03.2001 |
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Name : |
Ravinder
Singhania |
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Designation : |
Director
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Address : |
B-92,
Ninth Floor, Himalaya House, KG, Marg, New Delhi-110001 |
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Date of Birth/Age : |
24.009.1968 |
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Date of Appointment : |
27.03.2001 |
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Name : |
Manjeet
Dutt |
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Designation : |
Director
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Address : |
E-125
Sector 21 Jal Vayu Vihar, Nodia, UP – 201301 |
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Date of Appointment : |
28.06.2004 |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Manjeet
Dutt |
|
10 |
|
Ravinder
Singhania |
|
10 |
|
Feedders International Inc.
USA |
|
526663 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and marketer of air treatment products, including air conditioners, air
cleaners, dehumidifiers, and humidifiers. |
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Products : |
Air
treatment products, including air conditioners, air cleaners, dehumidifiers,
and humidifiers |
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GENERAL INFORMATION
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Bankers : |
Not
Available |
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Facilities : |
Unsecured Loan From
Directors: Rs. 0.014 millions |
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Banking Relations : |
-- |
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Auditors : |
Lodha
and Company Chartered
Accountants 12,
Bhagat Singh Marg, New Delhi-110001, India |
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Tel. No.: |
91-11-23364671/2414/1738 |
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Mobile No.: |
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Fax No.: |
91-11-23345168/23314309 |
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E-Mail : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8600000 |
Equity
Shares |
Rs. 10/- each |
Rs. 86.000 millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
429713 |
Equity
Shares |
Rs. 10/- each |
Rs. 4.297 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
4.297 |
3.177 |
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2] Share Application Money |
|
9.887 |
37.396 |
|
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3] Reserves & Surplus |
|
161.616 |
106.639 |
|
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4] (Accumulated Losses) |
|
(47.604) |
(26.247) |
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NETWORTH
|
|
128.196 |
120.965 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.014 |
0.014 |
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TOTAL
BORROWING
|
|
0.014 |
0.014 |
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DEFERRED TAX LIABILITIES |
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TOTAL
|
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128.210 |
120.979 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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8.497 |
9.470 |
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Capital work-in-progress
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INVESTMENT
|
|
103.211 |
103.210 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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17.007 |
9.619 |
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Sundry Debtors
|
|
8.917 |
3.226 |
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Cash & Bank Balances
|
|
13.598 |
6.015 |
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Other Current Assets
|
|
0.000 |
0.000 |
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Loans & Advances
|
|
2.888 |
2.810 |
Total Current Assets
|
|
42.410 |
21.670 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
|
25.460 |
13.211 |
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Provisions
|
|
0.710 |
0.484 |
Total Current Liabilities
|
|
26.170 |
13.695 |
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Net Current
Assets
|
|
16.240 |
7.975 |
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MISCELLANEOUS EXPENSES
|
|
0.262 |
0.324 |
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TOTAL
|
|
128.210 |
120.979 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
|
36.106 |
53.997 |
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Profit/(Loss) Before Tax
|
|
(21.256) |
(23.777) |
Provision for Taxation
|
|
-- |
-- |
Profit/(Loss) After Tax
|
|
(21.256) |
(23.777) |
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Export Value
|
|
55.996 |
-- |
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Import Value
|
|
5.103 |
1.591 |
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Total Expenditure
|
|
57.362 |
77.774 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
|
(58.87) |
(44.03) |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
(10.45) |
(9.57) |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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(41.75) |
(76.36) |
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Return on Investment (ROI)
(PBT/Networth) |
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(0.17) |
(0.20) |
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Debt Equity Ratio
(Total Liability/Networth) |
|
|
0.20 |
0.11 |
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Current Ratio
(Current Asset/Current
Liability) |
|
|
1.62 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets :
Ø
Office Equipments
Ø
Vehicles
Ø
Data Processing
Equipments
Ø
Furniture and Fixture
Business
Operations :
The
company is still in its initial years of establishment and has had to incur
heavy expenses on Trading, Advertising and selling and other related expenses.
During the Financial year ended March 31, 2004 the Income of the company was
Rs. 36.106 millions and the expenses (including depreciation) were Rs. 57.363
millions. The net loss during the year, before tax was Rs. 21.256 millions.
AS
PER WEBSITE
Service
- Service
Contact Numbers
- Order Parts
Online
- Find
a Certified Service Representative
- Order
Appliances
- Warranty
Claims for Authorized Servicers
- Industrial & Commercial Air Cleaners and
Humidifiers Service
- Cleanroom Air System, Biomedical, Hospital and
Laboratory Products
- International Service
Ecommerce
- Fedders
Outlet Store- Air Conditioners, Dehumidifiers, Air Cleaners
- Trion
Factory Parts Store- Parts for M750, M1100, M2500, M3000,
CAC 500, CAE 128, FM1000M Commercial & Industrial Air Cleaners - Fedders
Company Store Branded Apparel
Manuals
Products
- Residential
Appliance Products
- Residential
Central System Products
- Commercial
Air Treatment Products
- Fedders,
Eubank and Sun-Wallmount Air Conditioners, Heat Pumps and
Accessories
- Addison Products-Rooftop Packaged Heating and
Cooling Units, Condensing Units, Heat Pumps, Air Handlers, Vertical
Package Units, Water Source Heat Pumps, and a full line of 100% Outside
Air Units.
- Islandaire Products-Fedders Islandaire Company
offers replacement Package Terminal (PTAC) air conditioners and heat
pumps that are interchangeable with units no longer available from the
original manufacturer such as American Air Filter, American Standard,
Carrier, Friederich, Lennox, McQuay, Nesbitt, Remington, Singer,
Zoneaire,and others.
- Commercial/Industrial
Indoor Air Quality Products
- International
Air Treatment Products
Companies
- Fedders
Addison Company
- Fedders
Islandaire Co.
- Fedders
Eubank Company, Inc.
- Indoor Air
Quality
- Fedders
Appliances
- Fedders
International
Investors
- Annual
Reports
- Quarterly
Reports
- Corporate
News
- Earnings
Releases
- Current
Stock Quote
- Corporate
Profile
Parts and Service Quick Menu
Quick Menu For Servicers, Retailers and Distributors
Residential
Appliances
|
Customer
Service: |
Fedders:
217-347-6459 |
|
|
Maytag:
866-Maytag1 |
|
Email:
|
Authorized CANADIAN SERVICERS
please contact the distributor below for parts orders:
A.P. Wagner Inc.
1035 The Queensway E #7
Mississauga, Ontario L4Y 4C1
www.apwagner.com
Tel: 800-268-7513
Fax: 888-291-5464
Residential
and Commercial Ducted Central Air Products
Customer Service: 866-829-2440
Email: customerservice@fedders.unitary.com
Commercial
and Industrial Indoor Air Quality Products
Industrial & Commercial Air Cleaners and Humidifiers
Customer Service: 800-884-0002
Email: customerservice@trioninc.com
Order Parts Online: www.trionpartsonline.com
Cleanroom Air
System, Biomedical, Hospital and Laboratory
Products
Customer Service: 800-545-6598
Email: customerservice@envirco.com
International
Products
International Service
Customer Service Offices
and Spare Parts Service:
China/Hong Kong
Customer Service: 86-21-6340-3232
Fax: 86-21-6340-3867
Email: serviceChina@fedders.com
Asia Pacific
Customer Service: 65-6286-0995
Fax: 65-6286-0859
Email: serviceAP@fedders.com
Philippines/Micronesia
Customer Service: 63-2-823-2366
Fax: 63-2-823-7308
Email: servicePhilippines@fedders.koppel.com.ph
European Region/Russia
Customer Service: 49-40-521-400
Fax: 49-40-525-4194
Email: serviceEurope@fedders.com
South Africa/Middle East/South Asia
Customer Service: 971-4-887-3348
Fax: 971-4-887-3349
Email: serviceIMEA@fedders.com
South America/Caribbean
Customer Service: 305-593-2277
Fax: 305-593-2219
Email: serviceLA@fedders.com
International Spare Parts Customer Service
Customer Service: 86-21-63403232
Fax: 86-21-63403867
Email: serviceparts@fedders.com
NYSE
Stock Symbol: FJC
Total Shares Outstanding: 27.9 million
Fedders Corporation,
headquartered in Liberty Corner, New Jersey, is a leading global manufacturer
and marketer of air treatment products, including air conditioners, air
cleaners, dehumidifiers, and humidifiers. The company has production facilities
in the United States in Illinois, North Carolina, New Mexico, and Texas and
international production facilities in China, India and the Philippines. All
products are manufactured to Fedders' one worldwide standard of quality.
Customer
Service customerservice@fedders.com
Fedders: 217-347-6459
Maytag:
866-Maytag1
Appliance Parts:
800-782-2732
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 45.46 |
|
UK
Pound |
1 |
Rs. 85.94 |
|
Euro |
1 |
Rs. 58.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |