MIRA
INFORM REPORT
|
Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JOHNSON CONTROLS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
R. V. House B-37, Veera Desai Road, Offshore Link Road, Andheri [West],
Mumbai – 400053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
27.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-111247 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999DL1995PTC072810 / U33130MH1995PTC111247 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ04686D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of valves and switches and also contractors for building
management. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 325000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
R. V. House B-37, Veera Desai Road, Offshore Link Road, Andheri [West],
Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26736423 / 26361734 / 26901051 |
|
E-Mail : |
91-22-26736419 / 26320343 |
|
|
|
|
Corporate Office : |
501-502, Prime Corporate Park, Sahar Road, Andheri [East], Mumbai – 400099,
Maharashtra, India |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Sandeep Harish Sethi |
|
Designation : |
Managing Director |
|
Address : |
12TH Floor, Raheja Sun Kist, Mount Marry Hill, Bandra West,
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1970 |
|
Date of Appointment : |
06.10.2003 |
|
|
|
|
Name : |
Ms. Manjula Chawla |
|
Designation : |
Director |
|
Address : |
E-3, Anand Niketan, New Delhi – 110021 |
|
Date of Birth/Age : |
24.10.1964 |
|
Date of Appointment : |
20.12.1996 |
|
|
|
|
Name : |
Mr. Rohit Kochhar |
|
Designation : |
Director |
|
Address : |
B 4, Anand Lok, New Delhi – 110048, Delhi |
|
Date of Birth/Age : |
24.10.1963 |
|
Date of Appointment : |
20.12.1996 |
|
|
|
|
Name : |
Mr. Kamlesh Nivrutti Gujar |
|
Designation : |
Director |
|
Address : |
16/451, Pantnagar, Ghatkopar East, Mumbai – 400075, Maharashtra, India
|
|
Date of Birth/Age : |
22.03.1975 |
|
Date of Appointment : |
07.07.2003 |
|
Date of Ceasing : |
25.06.2005 |
|
Election Commission Identity Card No. : |
MT07050267845 |
|
|
|
|
Name : |
Mr. John P. Kennedy |
|
Designation : |
Director |
|
Address : |
11424 M Cante Rburgdr, Mequon, Wisconsin – 63092, USA |
|
Date of Birth/Age : |
02.10.1943 |
|
Date of Appointment : |
20.12.1996 |
|
Date of Ceasing : |
24.03.2005 |
|
|
|
|
Name : |
Mr. Jerome D. Okarma |
|
Designation : |
Director |
|
Address : |
1109, Elexing Blvd, Wisconsin – 53217, USA |
|
Date of Birth/Age : |
08.04.1952 |
|
Date of Appointment : |
20.12.1996 |
|
|
|
|
Name : |
Mr. John David Major |
|
Designation : |
Director |
|
Address : |
Amazonelaan 12, B – 1640, Rhode, Saint, Genese, Belgium |
|
Date of Birth/Age : |
26.03.1964 |
|
Date of Appointment : |
24.03.2005 |
|
|
|
|
Name : |
Mr. Biswa Brata Chatterjee |
|
Designation : |
Director |
|
Address : |
D-8/7, Siddhi Vinayak CHS Limited, Sector – 8, Sanpada, Navi Mumbai –
400706, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1972 |
|
Date of Appointment : |
12.07.1972 |
|
Election Commission Identity Card No. : |
WB21-145-102062 |
|
|
|
|
Name : |
Mr. Pramoda Karkal |
|
Designation : |
Director |
|
Address : |
D-106, B Wing, Manish park, R. J. Road, Andheri [East], Mumbai –
400069, Maharashtra, India |
|
Date of Birth/Age : |
27.06.1957 |
|
Date of Appointment : |
04.01.2006 |
|
Other Directorship : |
York India Limited U29191PN2000PLC015669 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Johson Controls [Mauritius] Private Limited |
|
8171308 |
|
Johnson Controls Holding Company Inc. USA |
|
20 |
|
TOTAL |
|
8171328 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of valves and switches and also contractors for building
management. |
|
|
|
GENERAL
INFORMATION
|
Bankers : |
Citi Bank, N. A. C-61, Bandra Kurla Complex, G – Block, Bandra [East], Mumbai – 400051,
Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
|
|
|
|
Holding Company
: |
Johnson Controls [Mauritius] Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17500000 |
Equity Shares |
Rs. 10/- each |
Rs. 175.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8171328 |
Equity Shares |
Rs. 10/- each |
Rs. 81.713
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
81.713 |
81.713 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
81.713 |
81.713 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
350.084 |
321.177 |
|
|
TOTAL BORROWING |
|
350.084 |
321.177 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
431.797 |
402.890 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
35.848 |
25.150 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
147.745 |
190.496 |
|
|
Sundry Debtors |
|
109.321 |
119.008 |
|
|
Cash & Bank Balances |
|
2.849 |
2.612 |
|
|
Other Current Assets |
|
0.102 |
0.000 |
|
|
Loans & Advances |
|
57.633 |
37.165 |
|
Total
Current Assets |
|
317.650 |
349.281 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
175.155 |
142.055 |
|
|
Provisions |
|
5.466 |
2.379 |
|
Total
Current Liabilities |
|
180.621 |
144.434 |
|
|
Net Current Assets |
|
137.029 |
204.847 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
258.920 |
172.893 |
|
|
|
|
|
|
|
|
TOTAL |
|
431.797 |
402.890 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.49 |
5.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.76 |
2.42 |
LOCAL AGENCY FURTHER
INFORMATION
Business
To carry on all or any of the business of manufacturing, assembling,
designing, developing, exporting, importing, selling, buying, distributing,
repairing, installing and / or servicing or otherwise dealing in :
Automatic temperature control products of all types and description
including but not limited to thermostats valves, VAV boxes HP/LP/OTI failure
contents.
Building automation systems and allied equipment of all types and
components and spares thereof.
High tech automotive seating systems, seating components and interior
trim systems for cars, light trucks and vans.
To undertake turkey contracting services to
provide, install and maintain automotive temperature control systems and
building automation systems and to undertake facility management services
contracts for operations and
maintenance of building automation systems in office, schools, hospital
and other non-residential buildings.
Bankers Charges
Report as per Registry
|
Name of the company |
JOHNSON CONTROLS
INDIA PRIVATE LIMITED |
|
Presented By |
JOHNSON CONTROLS
INDIA PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
02.02.1999 Goods security
agreement for loan and cash credit facilities. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 110.000
Million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Goods,
merchandise products and book debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Amount payable on
demand and interest at prime landing rate |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank, N. A. C-61, Bandra Kurla Complex, G – Block, Bandra [East], Mumbai – 400051,
Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.44.31 |
|
UK Pound |
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
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 |
|