MIRA
INFORM REPORT
|
Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZECO AIRCON INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
B – 51 Inderpuri, New Delhi – 110012 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.07.1995 |
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Com. Reg. No.: |
55-70597 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC070597 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELZ00302B |
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PAN No.: [Permanent
Account No.] |
AAACZ1195N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Air Management 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 360000 |
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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 records. Trade relations are fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B – 51 Inderpuri, New Delhi – 110012, India |
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Tel No.: |
91-1276-244651-53 |
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Fax No.: |
91-1276-244568 |
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E-Mail : |
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Website : |
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Branches : |
DELHI OFFICE: B- 10/7314 Vasant Kunj, New Delhi –
110070, India Ph.: 011 - 46017650, 39597245 – 46 Fax : 41417712 E-mail: zeco@vsnl.com MUMBAI OFFICE: 135, Blue Rose Industrial Estate, Off W.E. Highway,
Borivali (East), Mumbai -400066, India Telefax: 022 - 28546986/ 7394/ 7451, 32544733 E-mail: salesmumbai@zecoaircon.com BANGALORE OFFICE: E-501, Mittal Towers, M.G.Road, Bangalore – 560001 Ph.: 080 - 25320603/ 04, 30943335 Fax: 25065111 E-mail: salesblr@vsnl.net
P.O. Box 2034, Dubai - U.A.E. Ph.: 971-4-2274910 Fax: 2281227 E-mail: rpdcool@emirates.net.ae |
DIRECTORS
|
Name : |
Mr. Amit Goel |
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Designation : |
Whole Time Director |
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Address : |
UP – 14, Maurya Enclave, Pitam Pura, Delhi – 110034, India |
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Date of Appointment : |
17.07.1995 |
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Date of Ceasing : |
21.01.2005 |
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Name : |
Mrs. Uma Singhal |
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Designation : |
Whole Time Director |
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Address : |
B – 51 Inderpuri, New Delhi – 110012, India |
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Date of Birth/Age : |
11.02.1955 |
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Date of Appointment : |
03.10.1998 |
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Name : |
Mr. Ravinder Singhal |
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Designation : |
Managing Director |
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Address : |
B – 51 Inderpuri, New Delhi – 110012, India |
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Date of Birth/Age : |
26.09.1956 |
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Date of Appointment : |
01.09.2001 |
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Name : |
Mr. Shikha Singhal |
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Designation : |
Whole Time Director |
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Address : |
B – 51 Inderpuri, New Delhi – 110012, India |
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Date of Birth/Age : |
15.08.1983 |
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Date of Appointment : |
21.01.2005 |
KEY EXECUTIVES
|
Name : |
Mrs. Poonam Ram Verma |
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Designation : |
Company Secretary |
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Address : |
51, Vikas Nagar, Sonepat Road, Rohtak – 124001, Haryana, India |
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Date of Birth/Age : |
17.10.1980 |
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Date of Appointment : |
17.08.2007 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
After 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ravinder Singhal |
|
1764135 |
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Uma Singhal |
|
455010 |
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Prachala Gupta |
|
40000 |
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Chandrika Prasad |
|
45000 |
|
Ramesh Chander |
|
100 |
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Ravinder Singhal HUF |
|
100 |
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Usha Rani Gupta |
|
100 |
|
Suresh Kumar Gupta |
|
125 |
|
Susan International Private Limited |
|
139000 |
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Zeco Wizmart Technology Private Limited |
|
25000 |
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Syndicate Motors and Electronics |
|
30000 |
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Total |
|
2498570 |
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As on 31.03.2007 |
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Category |
|
Percentage |
|
Bodies Corporate (not mentioned above) |
|
6.56 |
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Directors or relatives of directors |
|
90.42 |
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Other top fifty shareholders (other than listed above) |
|
3.02 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Air Management Systems. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
Punjab National Bank Railway Road, Bahadurgarh, Jhajjar – 124507, Haryana, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parnami and G Associates Chartered Accountant |
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Address : |
8A/38, WEA, Karol Bagh, New Delhi – 110005, India |
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Mobile No.: |
91-9810167436 |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Share |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1998570 |
Equity Share |
Rs.10/- each |
Rs.19.985
Millions |
AFTER 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2498570 |
Equity Share |
Rs.10/- each |
Rs.24.986
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
19.985 |
14.984 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
69.908 |
41.129 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
89.893 |
56.113 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
163.774 |
121.619 |
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2] Unsecured Loans |
|
53.050 |
40.269 |
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TOTAL BORROWING |
|
216.824 |
161.888 |
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DEFERRED TAX LIABILITIES |
|
5.316 |
0.000 |
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TOTAL |
|
312.034 |
218.001 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
120.273 |
107.901 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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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 |
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91.854 |
51.940 |
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Sundry Debtors |
|
192.549 |
122.550 |
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Cash & Bank Balances |
|
5.895 |
3.621 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
30.780 |
16.896 |
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Total
Current Assets |
|
321.078 |
195.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
113.650 |
76.660 |
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Provisions |
|
15.667 |
8.247 |
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Total
Current Liabilities |
|
129.317 |
84.907 |
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Net Current Assets |
|
191.761 |
110.100 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
312.034 |
218.001 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
669.351 |
372.425 |
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Other Income |
|
0.713 |
7.039 |
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Total Income |
|
670.064 |
379.464 |
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Profit/(Loss) Before Tax |
|
29.384 |
22.870 |
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Provision for Taxation |
|
12.736 |
4.337 |
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Profit/(Loss) After Tax |
|
16.648 |
18.533 |
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Expenditures : |
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Cost of Goods Sold |
|
445.239 |
238.625 |
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Excise Duty Paid |
|
77.035 |
46.443 |
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Manufacturing Expenses |
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19.910 |
12.233 |
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Personnel Expenses |
|
46.724 |
23.930 |
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Selling Expenses |
|
7.408 |
8.093 |
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Financial Charges |
|
19.620 |
9.993 |
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Depreciation |
|
6.493 |
3.185 |
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Other Expenditure |
|
18.251 |
14.090 |
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Preliminary Expenses Written Off |
|
0.000 |
0.002 |
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Total Expenditure |
|
640.680 |
356.594 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.48 |
4.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.39 |
6.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.66 |
7.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.33 |
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.85 |
4.40 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.48 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
ZECO AIRCON
INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mr. Shikha Singhal |
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1) Date and description of instrument creating the change |
14.01.2006 Term
Loan Agreement 14.01.2006
Hypothecation of assets to secure term loan |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.54.000 Millions |
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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 |
Mortgage of
factory, land and building at O-1 and O-5, Old Industrial area, Bahadurgarh,
District Jhajjar Hypothecation of
plant and machinery and related tools brought, stored, or to be in or about
the premises/ godown at O-1 and O-5, Old Industrial area, Bahadurgarh,
District Jhajjar |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan
repayable in 78 monthly instalments excluding moratorium period of 6 months
w.e.f. july 2006. Rate of Interests
is 9.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank, Railway Road, Bahadurgarh |
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6) Date and brief description of instrument modifying the charge |
NA |
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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 |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1995PTC070597 |
|
Name of the
Company |
ZECO AIRCON INDUSTRIES PRIVATE LIMITED |
|
Address |
New Delhi –
110012, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Book Debts Movable Property
(not being pledge) Equipment
mortgage of immovable property |
|
Particulars of the
charge holder |
Punjab National
Bank Railway Road,
Bahadurgh, Jhajjar – 124507, Haryana, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed
Hypothecation of goods and book debts to secure cash and credit facility
dated 23.02.2007, Master agreement for inland documentary dated 23.02.2007
and agreement of general counter indemnity dated 23.02.2007 |
|
Date of the
instrument creating or modifying the charge |
23.02.2007 |
|
Amount secured by
the charge |
Rs.130.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: BPLR – 0.50% i.e.
11.75% subject to charge as per RBI/HO guidelines plus applicable interests
tax per annum with monthly rests. Charges on Non
Fund Facilities as per Bank Schedule of charges. Terms of
Repayment: On Demand Margin: 25% Extent and
operation of the charge: At the
desecration of Bank |
|
Short particulars
of the property charged (including location of the property) |
Stock, Book
Debts, Other Current assets and Equitable mortgage of factory land and
building situated at O-1 and O-5, Old Industrial area, Bahadurgarh, District
Jhajjar, Haryana – 124507, Punjab |
|
Particular of the
present modification |
The original
charge of Rs.0.950 Million was registered on 20.01.2006 in favour of PNB
Bahadurgarh and later on modified on 24.04.2006 by creating equitable mortgage
on company’s immovable property at O-1 and O-5, Old Industrial area,
Bahadurgarh, District Jhajjar, Haryana. Now the overall credit limit has been
increased to Rs.130.000 Millions with sub limit of fund based facilities
Rs.100.000 Millions and non fund based facilities Rs.30.000 Millions |
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.39.93 |
|
UK Pound |
1 |
Rs.79.34 |
|
Euro |
1 |
Rs.62.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|