MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AIRCORN ENGINEERS PRIVATE LIMITED |
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Registered Office : |
C-50, South Extension-II, New Delhi-110049 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.12.1989 |
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Com. Reg. No.: |
55-383564 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC038564 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA07463B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer for carrier Air Conditions |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 100000 |
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Status : |
Good |
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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 fine track.
Trade relations are fair. Business is active General financial position is
good. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. R. K. Jha |
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Designation : |
Office Executive |
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Contact No.: |
91-987278555 |
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Date : |
26.08.2008 |
LOCATIONS
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Registered Office : |
C-50, South Extension-II, New Delhi-110049, India |
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Tel. No.: |
91-11-26692792 |
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Mobile No.: |
91-9810007391 |
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Fax No.: |
91-11-26692711 |
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E-Mail : |
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Area : |
3000 sq.ft ( Owned) |
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Factory : |
1st Cross, Ground Floor, Lord Enclave, Behind K.M.F Dairy,
Marphaliext, Rancore-27, India |
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Area : |
1500 sq. ft (Rented) |
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Factory : |
B.D.A Market, Navjivan New Delhi-17, India |
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Area : |
700 sq. ft ( Owned) |
DIRECTORS
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Name : |
Mr. Kanwar Deep Singh |
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Designation : |
Managing Director |
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Address : |
C-50, South Extension- II, New Delhi-110049, India |
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Date of Birth/Age : |
25.01.1960 |
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Qualification : |
MBA |
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Date of Appointment : |
16.12.1989 |
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Name : |
Mr. Arvind Singh |
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Designation : |
Director |
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Address : |
C-50, South Extension- II, New Delhi-110049, India |
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Date of Birth/Age : |
26.09.1964 |
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Qualification : |
B.S.C |
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Date of Appointment : |
16.12.1989 |
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Name : |
Mr. Man Mohan Singh |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
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Qualification : |
B.E |
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Date of Appointment : |
01.09.1999 |
KEY EXECUTIVES
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Name : |
Mr. R. K. Jha |
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Designation : |
Office Executive |
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Mobile No.: |
91-987278555 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Kawar Deep Singh |
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505 |
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Arvind Singh |
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505 |
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Total |
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1010 |
Equity Share Breakup (Percentage of Total Equity)
As on30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer for carrier Air Conditions |
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Terms : |
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Purchasing : |
Credit ( 30 Days) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users, Others and Corporate
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No. of Employees : |
41 ( Office 25, Factory 6, Branches 10) |
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Bankers : |
Canara Bank, Bhogal, New Delhi-110014, India |
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Facilities : |
OD Rs. 30.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Kapur and Company Chartered Accounted |
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Address : |
R-289C, Greater Kailash- I, New Delhi-110048, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1010 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.101
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.101 |
0.101 |
0.101 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.351 |
13.057 |
9.142 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.452 |
13.158 |
9.243 |
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LOAN FUNDS |
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1] Secured Loans |
47.862 |
28.937 |
7.991 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
47.862 |
28.937 |
7.991 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.314 |
42.095 |
17.234 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.979 |
3.682 |
3.235 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.625
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1.311 |
1.070 |
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Sundry Debtors |
23.885
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14.882 |
7.627 |
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Cash & Bank Balances |
62.989
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35.648 |
13.555 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
20.453
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15.864 |
8.991 |
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Total
Current Assets |
109.952
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67.705 |
31.243 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.121
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24.932 |
15.291 |
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Provisions |
4.496
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4.360 |
1.953 |
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Total
Current Liabilities |
45.617
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29.292 |
17.244 |
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Net Current Assets |
64.335
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38.413 |
13.999 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.314 |
42.095 |
17.234 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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245.589 |
159.745 |
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Other Income |
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3.929 |
3.057 |
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Total Income |
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249.518 |
162.802 |
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Profit/(Loss) Before Tax |
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10.484 |
8.049 |
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Provision for Taxation |
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3.190 |
4.135 |
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Profit/(Loss) After Tax |
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7.294 |
3.914 |
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Expenditures : |
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Depreciation & Amortization |
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0.902 |
0.873 |
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Other Expenditure |
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238.132 |
153.880 |
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Total Expenditure |
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239.034 |
154.753 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.92
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2.40 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.27
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5.04 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.20
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11.28 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.51
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0.61 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.57
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3.23 |
2.73 |
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Current Ratio (Current Asset/Current Liability) |
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2.41
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2.31 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- NDTV, New
Delhi
- Sagara India Pariwar,
Noida
Bankers Charges
Report as per Registry
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Name of the company |
AIRCORN ENGINEERING PRIVATE LIMITED |
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Presented By |
Canara Bank, Bhogal, New Delhi-110014, India |
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1) Date and description of instrument creating the change |
1) Deed of
hypothecation of machinery dated 1st October 1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
0.025 Million |
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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 |
Hypothecation of
the following existing proposed machineries of the company stored/ installed
at companies premises at 404 Padma Palace, 86, Nehru Place, New Delhi i) PC/|AT 2.86
Computer system with : Rs. 0.029 VGA Mono Monitor 120 MB Hard Disk and Flopy
Drive. ii) MSP 145 Dot
Matrix Printer Rs. 0.015 Millions iii) CVT 5 KVA
Rs. 0.005 Millions iv) Fax Modern
Card Rs. 0.011 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure DPN limit granted to the company. Interest to be charged @ ˝ % p.a.
over RBI rate subject to a minimum of 12 ˝% p.a. or at such other rate(s) as
may be specified by the bank from time to time. Payable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Bhogal, New Delhi-110014, India |
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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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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U74899DL1989PTC038564 |
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Name of the
company |
AIRCORN ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-50, South Extension-II, New Delhi-110049, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Canara Bank, Bhogal, New Delhi-110014, India |
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Nature of description
of the instrument creating or modifying the charge |
Hypothecation
Agreement of goods and book-debts dated 24.03.2007 and Counter Indemnity
dated 24.03.2007 |
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Date of
instrument Creating the charge |
24.03.2007 |
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Amount secured by
the charge |
Rs. 25.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At such rate(s)
as would prevail at the time of arising of any liability under BG limit. Terms of
Repayment Payable on demand Margin 35% Extent and
Operation of the charge 100% Others The above is to
secure all amounts payable under bank guarantee limit of Rs. 25.000 Millions
granted to/enjoyed by the Company together with all interest, costs, charges,
expenses, commission etc. |
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Short particulars
of the property charged |
Hypothecation of
all the goods and commodities purchased, acquired, received under BG limit
now lying or hereafter stored at Company’s godowns, yards and premises at
a21, LGF, Navjeevan Vihar, New Delhi or at any other place(s) including those
in transit and all the book-debts, outstanding, monies receivables, claims
and bills arising out of the sale, disposal of the goods received under the
said credit facilities. – both present and future. |
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.43.73 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
57 |
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 |
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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 |
|
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 |
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