MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
WEATHER
COMFORT ENGINEERS PRIVATE LIMITED |
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Registered Office : |
K –
30, Lajpat Nagar – II, New Delhi – 110024 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22.04.1998 |
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Com. Reg. No.: |
55-93363 |
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CIN No.: [Company
Identification No.] |
U29191DL1998PTC093363 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKW00103F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Distributors
and Suppliers of Carrier Air Conditioners. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
5000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
K –
30, Lajpat Nagar – II, New Delhi – 110024, India |
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Tel. No.: |
91-11-29835538
/ 29848133 |
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Fax No.: |
91-11-29848133 |
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Area : |
500
sq. ft. |
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Location : |
Owned |
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Head
Office / Works : |
Booth No. 3, Opposite Government College, Sector – 16A, Faridabad, Haryana, India |
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Tel.
No.: |
91-129-2267926
/ 2291519 / 2267926 / 4002261 |
DIRECTORS
|
Name : |
Mr.
Sandeep Kapoor |
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Designation : |
Director
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Address : |
House
No. K – 30, Lajpat Nagar – II, New Delhi – 110024, India |
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Date of Birth/Age : |
18.01.1968 |
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Date of Appointment : |
26.02.1998 |
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Name : |
Mr.
Sanjay Choudhary |
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Designation : |
Director |
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Address : |
House
No. 1402, Sector 15, Faridabad – 121005, Haryana, India |
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Date of Birth/Age : |
11.02.1967 |
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Date of Appointment : |
26.02.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr.
Sandeep Kapoor |
25000 |
50.00 |
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Mr.
Sanjay Choudhary |
25000 |
50.00 |
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TOTAL |
50000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors
and Suppliers of Carrier Air Conditioners. |
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Products : |
Window
Air Conditioner Split
Air Conditioners Chillers Screw
Chillers Scroll
Chillers |
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Brand Names : |
Carrier |
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Agencies Held : |
Carrier Aircon Limited |
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Terms : |
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Selling : |
CAD
and Credit [7 days] |
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Purchasing : |
CAD
and Credit [15 days] |
GENERAL
INFORMATION
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Customers : |
Individuals Corporate |
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No. of Employees : |
20 |
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Bankers : |
HDFC
Bank Limited Vijaya
Bank Andhra
Bank Canara
Ban, Ghaziabad Urban
Co-operative Bank Limited Punjab
National Bank, Faridabad Punjab
National Bank, Delhi |
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Banking Relations : |
Satisfactory |
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Auditors : |
M s
Ladha & Company Chartered
Accountants, Plot
No. 8, Block – I, Sector – 10, DLF, Opposite Civil Court, Faridabad – 121006,
Haryana, India |
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Tel. No.: |
91-129-4035064
/ 4035069 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.989 |
0.701 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.489 |
1.201 |
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LOAN FUNDS |
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1] Secured Loans |
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0.029 |
0.100 |
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2] Unsecured Loans |
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0.125 |
0.125 |
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TOTAL BORROWING |
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0.154 |
0.225 |
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DEFERRED TAX LIABILITIES |
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0.032 |
0.013 |
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TOTAL |
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1.675 |
1.439 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.916 |
2.150 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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6.084 |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
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6.338 |
6.084 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.585 |
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Provisions |
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Total Current Liabilities |
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7.585 |
6.802 |
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Net Current Assets |
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[1.247] |
[0.718] |
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MISCELLANEOUS EXPENSES |
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0.006 |
0.007 |
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TOTAL |
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1.675 |
1.439 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
33.773 |
21.497 |
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Profit/(Loss)
Before Tax |
|
0.452 |
0.314 |
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Provision
for Taxation |
|
0.164 |
0.114 |
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Profit/(Loss)
After Tax |
|
0.288 |
0.200 |
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Total
Expenditure |
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33.048 |
20.976 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.85 |
0.93 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.34 |
1.46 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.11 |
2.43 |
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Return
on Investment (ROI) (PBT/Networth) |
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19.34 |
16.65 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.10 |
0.19 |
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Current
Ratio (Current
Asset/Current Liability) |
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0.84 |
0.89 |
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Quick
Ratio |
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0.84 |
0.89 |
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Current
Liabilities / Net worth |
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5.09 |
5.66 |
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Fixed
Asset / Net worth |
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1.96 |
1.79 |
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Asset
Turnover |
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11.58 |
10.00 |
LOCAL AGENCY
FURTHER INFORMATION
It is in trade terms with:
· Escorts Limited
· Escorts JCB Limited
· Goodyear India Limited
INDUSTRY
OVERVIEW :
Air Conditioning and Refrigeration (ACR) products have now become a “very essential item” today. Economic liberalization in India, to a great extent, has helped this transformation. Today, with a change in the government’s outlook and an expanding public need for air conditioning and refrigeration products, the industry is producing the latest products for local sales. Both Indian firms and international giants compete in the local market.
The Indian ACR industry is
growing rapidly to meet local demand. Total estimated market size in 2003-2004
is $1203 million (mn) and $1486 mn in 2005-2006. The Indian refrigeration market is expected to
grow at 15 percent each year for the next 3-4 years. Increases in disposable
income, reduction in excise duties, and greater availability of consumer
finance will contribute to the increased demand for refrigerators. Further, due
to the increasing urbanization of the Indian population, refrigerators have become an essential household machine for convenience and storage.
Market penetration levels for refrigerators in the rural areas continues to be
lower than in the urban areas.
The Indian air-conditioning (AC) market has been expanding because of
increased investment in high-end industries and introduction of more
sophisticated industrial processes (e.g., the rapid expansion of the computer
and electronics industry). As with the refrigerator market, an increased
disposable income, and a rationalized excise duty will continue to generate
demand from the domestic users. Existing and new commercial users such as
hotels, restaurants, travel agencies, and retail outlets have also contributed to the growth of
Indian AC market.
Indian market entry by multinationals like Whirlpool, Electrolux, LG, Samsung,
Daewoo and a significant expansion of production capacity of existing domestic
players, has significantly
increased the supply of ACs to meet the growing demand.
The importation of air-conditioners
and refrigerators continues in small quantities, and mostly for private use
rather than for resale or distribution. Until recently, the importation of
refrigerators was restricted. Foreign firms are however now allowed to establish joint ventures, 100% owned operations to
manufacture ACR products. The Indian industry also
continues to seek out technology collaborations with other countries including
the U.S.
End-users for ACR include
residences, manufacturers, and service industries. Industrial end-users include
the mining, packaging, building, food processing, fishing, pharmaceutical,
refrigerated transport, telecommunications, computers and cold storage sectors.
Commercial end-users include the banking / financial, hotel / restaurant, and
health care service providers.
The Government of India (GoI) has lowered import duties on all
capital goods, raw materials, and supplies as a part of its economic and trade liberalization program.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject 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.44.86 |
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UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.56.99 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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 |
|
NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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