MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CARRIER AIRCONDITIONING AND REFRIGERATION LIMITED |
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Formerly Known As : |
CARRIER REFRIGERATION PRIVATE LIMITED |
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Registered Office : |
Carrier Complex, Narsingpur Kherki Daulapost, Gurgaon122001, Haryana |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.071992 |
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Com. Reg. No.: |
036104 |
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CIN No.: [Company
Identification No.] |
U74999HR1992PLC036104 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKC02150B |
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PAN No.: [Permanent
Account No.] |
AAACC8414B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To manufacture, assemble, convert, alter, maintain, service, repair,
import, export, buy, sell, prepare for market and deal in all types of
air-conditioning and other temperature control equipments, instrumentation, compressor
and allied equipment, tools, implements, apparatus, accessories, spare parts
and components, required for air conditioning and refrigeration of all
modes of transport, including rail, road, marine and air and any other mode
of transport such as train, bus, truck, trailer, ship and the like. |
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 : |
USD1500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well- established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Carrier Complex, Narsingpur Kherki Daula Post, Gurgaon – 122001, |
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TEL No.: |
91-124-2372231-38 |
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FAX No.: |
91-124-2372230 |
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E-Mail: |
manish. gupta2@carrier.utc.com |
DIRECTORS
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Name : |
Mr. Sanjay Sudhakaran |
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Designation : |
Director |
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Address : |
Flat No.102/2A, First Floor, Siddhachal Phase I, Pokharan (W),Thane
400602, |
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Date of Appointment : |
28.09.2006 |
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Name : |
Kapil Sarin |
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Designation : |
Director |
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Address : |
No.04, A-54, Lavelle Regency, |
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Date of Birth/Age : |
13.09.1960 |
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Date of Appointment : |
14.05.1997 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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S. No. |
Catagory |
Percentage |
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Foreign holdings(Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To manufacture, assemble, convert, alter, maintain, service, repair,
import, export, buy, sell, prepare for market and deal in all types of
air-conditioning and other temperature control equipments, instrumentation, compressor
and allied equipment, tools, implements, apparatus, accessories, spare parts
and components, required for air conditioning and refrigeration of all
modes of transport, including rail, road, marine and air and any other mode
of transport such as train, bus, truck, trailer, ship and the like. |
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GENERAL INFORMATION
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Bankers: |
Not divulged |
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Auditors : |
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Name : |
Price Waterhouse Chartered
Accountants |
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Address : |
P-1, Aditya Vihar, Saidulajab, Opposite D-Block, Saket, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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85000000 |
Equity |
Rs.10/-each |
Rs.850.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity |
Rs.10/-each |
Rs.500.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
500.000 |
500.000 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(106.351) |
(373.178) |
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NETWORTH |
393.649 |
126.822 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
185.608 |
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2] Unsecured Loans |
0.000 |
90.000 |
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TOTAL BORROWING |
0.000 |
275.608 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
393.649 |
402.430 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.418 |
199.718 |
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Capital work-in-progress |
10.765 |
4.206 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
240.392
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225.699 |
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Sundry Debtors |
212.052
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201.253 |
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Cash & Bank Balances |
169.234
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0.163 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
113.869
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100.081 |
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Total
Current Assets |
735.547
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527.196 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
369.314
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316.818 |
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Provisions |
52.767
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11.872 |
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Total
Current Liabilities |
422.081
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328.69 |
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Net Current Assets |
313.466
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198.506 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
393.649 |
402.430 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1054.305 |
740.609 |
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Other Income |
35.756 |
16.189 |
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Total Income |
1090.061 |
756.798 |
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Profit/(Loss) Before Tax |
(89.473) |
(112.045) |
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Provision for Taxation |
30.000 |
0.000 |
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Profit/(Loss) After Tax |
119.473 |
(112.045) |
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Expenditures : |
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Cost of Goods Sold |
754.526 |
501.544 |
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Purchases made for re-sale |
103.035 |
41.971 |
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Consumption of stores and spares parts |
23.406 |
18.321 |
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Increase/(Decrease) in Finished Goods |
0.391 |
14.379 |
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Salaries, Wages, Bonus, etc. |
51.350 |
35.913 |
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Managerial Remuneration |
4.665 |
2.118 |
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Payment to Auditors |
0.722 |
0.713 |
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Interest |
21.128 |
21.028 |
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Insurance Expenses |
2.494 |
1.584 |
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Power & Fuel |
4.113 |
3.932 |
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Depreciation & Amortization |
12.185 |
15.324 |
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Other Expenditure |
201.519 |
212.016 |
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Total Expenditure |
1179.534 |
868.843 |
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RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(10.96)
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(14.80) |
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Net Profit Margin (PBT/Sales) |
(%) |
(8.48)
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(15.13) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(18.20)
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(21.20) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.22)
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(0.88) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.07
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4.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.74
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1.60 |
LOCAL AGENCY FURTHER INFORMATION
NIL
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.64 |
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1 |
Rs.80.44 |
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Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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42 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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