MIRA INFORM REPORT

 

 

Report Date :

31.08.2007

 

IDENTIFICATION DETAILS

 

Name :

AIR LIQUIDE NORTH INDIA PRIVATE LIMITED

 

 

Formerly Known as :

TECH -GAS EQUIPMENTS PRIVATE LIMITED

 

 

Registered Office :

25 C-Block, Community Centre Janakpuri, New Delhi 110 058

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

02.12.1992

 

 

Com. Reg. No.:

051220

 

 

CIN No.:

[Company Identification No.]

U74899DL1992PTC051220

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELA12194A

 

 

PAN No.:

[Permanent Account No.]

AABCA0563G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Liquid Air Freshener

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 1100000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company having moderate track. Company’s profitability is under severe pressure.  It has huge accumulated losses.  Payments are reported as slow but correct.

 

The company can be considered for small to mediocre business dealings with slight caution initially.

 

 

LOCATIONS

 

Registered Office :

25 C-Block, Community Centre Janakpuri, New Delhi 110 058, India

Tel. No.:

91-11-25593457/ 58/25510481

Fax No.:

91-11-25593464

E-Mail :

srinivas.prasad@airliquide.com

 

Website :

www.airliquide.com

 

 

 

DIRECTORS

 

Name :

Mr. Satish Chandra Kochhar

Designation :

Director

Address :

31/28, 2nd floor, East Patel Nagar, New Delhi 110 008, Delhi, India

Date of Birth/Age :

17.09.1949

Date of Appointment :

01.04.1996

 

 

Name :

Rajeshwar Rao

Designation :

Director

Address :

M – 501, Ambience Island, New Delhi 110 008, Delhi, India

Date of Birth/Age :

10.12.1959

Date of Appointment :

24.07.2003

 

 

Name :

Mr. Imler

Designation :

Director

Address :

Waldecgstrasse, 38, CH-3097, Liebefelo, Bern, Switzerland

Date of Appointment :

30.09.1999

 

 

Name :

Colin Raymond Kennedy

Designation :

Director

Address :

Toranomon, Chome, Minato, Japan 105 8437

Experience :

24.05.2005

Date of Appointment :

30.09.1996

 

 

Name :

Pierre Jean Duprieu

Designation :

Director

Address :

Toranomon, Chome, Minato, Japan 105 8437

Date of Appointment :

24.05.2005

 

 

Name :

Chunwah

Designation :

Director

Address :

C/O, Air Liquid Asia Road No. 20-01/06, Central Plaza, Singapore 168 730.

Experience :

24.05.2005

Date of Appointment :

30.09.1996

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Gopal Chhabria

 

580000

Carba Limited

 

4612500

Air Liquid India Holding Private Limited

 

29422333

 

 

 

Equity Share Breakup

 

Percentage of Holding

Foreign holdings (Foreign institutional investor(s), Foreign Companie[s] Foreign financial institution[s], Non-resident Indian[s] or Overseas corporate bodies or others.

 

13.00

Bodies corporate

 

87.00

TOTAL

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Liquid Air Freshener

 

 

GENERAL INFORMATION

 

Bankers :

NA

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. N. Dhawan & Company

Chartered Accountants

Address :

c-37, Connaught Place, New Delhi 110 001, India

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

45000000

Equity Shares

Rs. 10/- each

Rs. 450.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

34614833

Equity Shares

Rs. 10/- each

Rs. 346.148 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

346.148

346.148

2] Share Application Money

104.635

3.954

3] Reserves & Surplus

7.454

7.454

4] Profit & Loss Account

[173.859]

[134.315]

NETWORTH

284.378

223.241

LOAN FUNDS

 

 

1] Secured Loans

0.273

0.383

2] Unsecured Loans

335.566

139.256

TOTAL BORROWING

335.839

139.639

DEFERRED TAX LIABILITIES

0.000

0.000

 

 

 

TOTAL

620.217

362.880

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

FIXED ASSETS [Net Block]

201.695

302.450

Capital work-in-progress

312.387

4.846

 

 

 

INVESTMENT

0.000

0.000

DEFERREX TAX ASSETS

61.556

35.560

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

Inventories
7.654

5.885

 

Sundry Debtors
67.568

51.667

 

Cash & Bank Balances
8.106

9.021

 

Other Current Assets
1.006

1.621

 

Loans & Advances
40.058

29.225

Total Current Assets
124.392

97.419

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

Current Liabilities
78.103

77.061

 

Provisions
1.803

0.502

Total Current Liabilities
79.906

77.563

Net Current Assets
44.486

19.856

 

 

 

MISCELLANEOUS EXPENSES

0.093

0.168

 

 

 

TOTAL

620.217

362.880

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.46

0.97

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.78

1.55

 

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, 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. 40.88

UK Pound

1

Rs. 82.58

Euro

1

Rs. 35.22

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

32

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions