MIRA
INFORM REPORT
|
Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AIR SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
26 R. N. Mukherjee Road, Kolkata 700001, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.07.1980 |
|
|
|
|
Com. Reg. No.: |
032837 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31909WB1980PTC032837 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Supplier of replacement parts of all types of
Electrostatic Precipitators |
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 9808 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a small Company having moderate financial position. Its payments are reported as slow and
delayed. Scale of operation is limited. It can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nitin Agarwal |
|
Designation : |
Director |
|
Date : |
17.04.2008 |
LOCATIONS
|
Registered Office : |
26 R. N. Mukherjee Road, Kolkata 700001, West Bengal, India |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
139-A, Velachery Road, Chennai 600015, India |
|
Tel. No.: |
91-44-24660888 / 22300849 |
|
Mobile No.: |
91-9884050000 |
|
Fax No.: |
91-44-24985988 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Manju Agarwal |
|
Designation : |
Director |
|
Address : |
182, Block New Alipre, Kolkata 700053, West Bengal, India |
|
Date of Birth/Age : |
06.09.1956 |
|
Date of Appointment : |
26.03.1990 |
|
|
|
|
Name : |
Mr. Nitin Agarwal |
|
Designation : |
Director |
|
Address : |
182, Block New Alipre, Kolkata 700053, West Bengal, India |
|
Date of Birth/Age : |
04.05.1976 |
|
Date of Appointment : |
27.09.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 28.09.2005]
|
Names of Shareholders |
|
No. of Shares |
|
Liladhar Agarwal |
|
75 |
|
Naresh Kumar Agarwal |
|
75 |
|
Dinesh Kumar Agarwal |
|
1075 |
|
Meera Agarwal |
|
225 |
|
Manju Agarwal |
|
225 |
|
Sunita Agarwal |
|
225 |
|
Kedar Agarwal |
|
100 |
|
Jugal Agarwal |
|
2000 |
|
Jugal Agarwal HUF |
|
800 |
|
Mahesh Agarwal |
|
2000 |
|
Nikunj Agarwal |
|
1000 |
|
Nitin Agarwal |
|
1000 |
|
Manju Agarwal |
|
1000 |
|
|
|
|
|
Equity Share
Break-up [ As on 31.03.2007] |
|
Percentage of
Holding |
|
Bodies Corporate |
|
50.51 |
|
Directors or relatives of the Directors |
|
49.49 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of replacement parts of all types of
Electrostatic Precipitators |
|
|
|
|
Products : |
·
Electrostatic
Precipitators (ESPs) ·
Flakt / ABB / Alstom / SF Type ·
Heating Elements & Thermostats ·
Microprocessor based Electrostatic
Precipitator Controller ·
Others |
|
|
|
|
Exports : |
|
|
Products : |
Electrostatic Precipitators |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
GENERAL
INFORMATION
|
No. of Employees : |
20 [In Office 5 + In Factory 15] |
|
|
|
|
Bankers : |
Punjab National Bank, Abhirampuram Branch, Chennai |
|
|
|
|
Facilities : |
The Company does not enjoy facility from its banker |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Sinha and Company Chartered Accountants |
|
Address : |
8/2, Kiran Sankar Roy Road, Kolkata 700001, West Bengal, India |
|
|
|
|
Associates/Subsidiaries : |
Imeco Limited, Chennai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19800 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.980
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.980 |
1.980 |
0.980 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.472 |
0.324 |
0.122 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.452 |
2.304 |
1.102 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2.555 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.555 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5.007 |
2.304 |
1.102 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.197 |
0.068 |
0.022 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.002 |
0.002 |
0.002 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.781
|
2.914 |
9.450 |
|
|
Sundry Debtors |
5.293
|
5.338 |
1.237 |
|
|
Cash & Bank Balances |
2.163
|
2.791 |
2.319 |
|
|
Other Current Assets |
7.392
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.361
|
2.971 |
1.733 |
|
Total
Current Assets |
21.990
|
14.014 |
14.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
18.959
|
11.578 |
13.604 |
|
|
Provisions |
0.223
|
0.202 |
0.057 |
|
Total
Current Liabilities |
19.182
|
11.780 |
13.661 |
|
|
Net Current Assets |
2.808
|
2.234 |
1.078 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5.007 |
2.304 |
1.102 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover [Estimated] |
|
|
20.000 |
Expected Sales [2008-09]: Rs. 20.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.87
|
5.11 |
12.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.19 |
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS
PROFILE
Subject is one of the
Prime manufacturers and suppliers of replacement parts of all types of Electrostatic
Precipitators of international repute including a wide range of mechanical
spares for precipitators, whether they are OEM parts or customized products.
They are committed to
quality, value and professional service meeting their customer’s immediate and
long-term needs. Technological expertise coupled with high ethical business
standards contribute to deliver the best quality product at very economical
price.
They provide
competitive pricing position but they do not sacrifice quality or service for
the sake of price. Their measure of success is to provide their customers with
the highest quality at the lowest possible price. They extend expert
technological service, prompt delivery from their large inventory to minimize
unnecessary downtime. They are a global price leaders in replacement spares for
Electrostatic Precipitators of Lurgi, Alstom–Flakt, Lodge Cottrell,
Rothermuhle, EEC, BHA, MHI, FLS and KHIC styles.
They work in
partnership with their customers, with open and honest interaction. They have a
long term commitment to quality, backed by their guarantee of proper fit,
performance and customer satisfaction. They utilize their decades of experience
to engineer efficient, cost competitive equipment and after market services to
completely satisfy their customers needs.
They serve a wide
spectrum of Industries
§
Coal
fired stations
§
Power
§
Cement
§
Pulp
and Papers
§
Steel
§
Waste
to energy
§
Copper
smelting Industries
§
Zinc
smelters
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 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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|