MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SN AIR CORPORATION |
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Registered Office : |
9, First Floor, Shajanand complex, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Humidification Air Cooling, Air Conditioning,
and Refrigeration Systems. |
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 4900 |
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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 an established concern having satisfactory track. Trade relations
are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
9, First Floor, Shajanand complex, |
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Tel. No.: |
91-79-2589327 |
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Mobile No.: |
91-9426063152 |
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Fax No.: |
91-79-2589327/ 25892776 |
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E-Mail : |
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Website : |
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Area : |
300 sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. N K Sinha |
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Designation : |
Proprietor |
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Date of Birth/Age : |
53 years |
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Qualification : |
Graduate |
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Experience : |
Around 30 years |
KEY EXECUTIVES
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Name : |
Mr. Bipin Patel |
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Designation : |
Executive Officer |
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Mobile No.: |
91-9426177915 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Humidification Air Cooling, Air
Conditioning, and Refrigeration Systems. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
v
Raw Materials v
Equipments v
Evaporative
Cellulose Cooling Pads |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
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Customers : |
v
Wholesalers v
Retailers v
End Users |
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No. of Employees : |
52 |
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Bankers : |
v
Punjab National Bank Maninagar Branch, Ahmedabad, v
Axis Bank Maninagar Branch, Ahmedabad, |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. G D Gosmani Chartered Accountant |
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Associates/Subsidiaries : |
v
LG Extrusion Address: Ahmedabad, Line of Business:
Manufacturers and Exporters of Humidification Air Cooling, Air Conditioning,
and Refrigeration Systems. v
B Address: Ahmedabad, Line of
Business: Manufacturers and Exporters of Humidification Air Cooling, Air Conditioning,
and Refrigeration Systems. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.229 millions |
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Borrowed : |
- |
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Total : |
Rs. 1.229 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.229 |
1.002 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.229 |
1.002 |
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LOAN FUNDS |
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1] Secured Loans |
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0.007 |
0.154 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.007 |
0.154 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.236 |
1.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.554 |
0.991 |
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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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1.686 |
4.263 |
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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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1.686 |
4.263 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.004 |
4.098 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.004 |
4.098 |
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Net Current Assets |
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0.682 |
0.165 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.236 |
1.156 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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9.883 |
9.302 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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9.883 |
9.302 |
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Profit/(Loss) Before Tax |
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0.439 |
0.261 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.439 |
0.261 |
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Expenditures : |
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Purchases |
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6.912 |
6.765 |
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Direct Expenses |
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0.813 |
0.512 |
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Indirect Expenses |
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1.705 |
1.764 |
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Other Expenditure |
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0.014 |
0.000 |
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Total Expenditure |
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9.444 |
9.041 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.44 |
2.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.44 |
2.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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19.60 |
4.97 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.82 |
4.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.68 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
Patel Airtemps
India Limited
Clarke Energies
India Private Limited
Kirloskar Brothers
Limited
Reliance Energy
Limited
Website details attached:
Cooling Systems are entrusted with the task of creating
fresh and healthy environment at the workplace and any other place. Since, the
human capacity for work and his general health may be seriously affected by
defective air supplier devices or improper design of system; everyone looks for
high quality cooling systems for their workplace and home. Incepted in the year
1987, they introduce theirselves as a noted manufacturer, exporter and supplier of
highly efficient and durable Humidification, Ventilation, Air Cooling, Air
Conditioning and Refrigeration Systems.
They are also a reputed importer of Evaporative Cellulose Cooling Pads from various overseas markets. The
company also undertakes turnkey projects right from the initial stage of
designing to the commissioning of the entire project.
They follow hardcore professionalism at every stage of their operations that
prompts towards the output of smooth and hassle free production. Committed
towards total client satisfaction, they dispatch their products only after
proper inspection and trial. Their sincere approach towards product innovation
and improvisation provides them an additional edge over other players operating
in the similar arena.
Quality Assurance
They strictly adhere to strict quality control procedures right from the stage
of selecting raw materials to the shipment of finished goods. The production is
carried out under the supervision of their experienced professionals having
in-depth expertise of the related discipline. They are committed to deliver the
best, thus leaving no space for quality degradation. Their products are easy to
install/operate and consume less energy. They are known for their client
oriented approaches and follow of healthy trade practices in the entire
business community.
Client Satisfaction
Their sole business motto is to serve the huge business community with an
unmatched and superior range of products at amazingly affordable prices. They
always welcome any query and suggestion regarding their products from reputed
clients.
Infrastructure
They are well supported by an outstanding in-house manufacturing facility that
enables them to manufacture world class products for their quality savvy
clients. Their unit is a perfect blend of innovative human brains and latest
technologies that provide them an exact equation of manufacturing superior
products that are high on every parameter of quality, reliability and design.
The company upgrades its technological strength on a regular basis that enables
it to engineer the most advance range of products at competitive prices.
Advantages
- Backed by a qualified team of acumen
and pro-active employees as well as advanced machineries
- Keeping track of all the latest innovations
in their sphere and incorporating the same in their manufacturing
procedure
- Competitive prices--the best price
offered in the market
- Enhancement of products both in quality
and innovation
- Regular investment to promote knowledge
in the area of technical development, research and production.
Primary Competitive
Advantages
World
Class Quality
Reasonable
Prices
Timely
Delivery
Healthy
Trade Practices
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 39.34 |
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1 |
Rs. 80.17 |
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Euro |
1 |
Rs. 55.51 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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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
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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. |
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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