MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AIRTECH REFRIGERATIONS |
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Registered Office : |
379, Focal Point, Industrial Area, Amritsar -143001,
Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.11.1995 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Sale and Service of Air-conditioning Systems and Spare Parts. |
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 6000 |
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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 a well established concern having satisfactory track. Partners are qualified, Experienced and respectable businessmen. Their trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings at usual trade terms and conditions. Input for this report has been parted by Mr. Gautam Sharma, Partner of
the concern. |
INFORMATION PARTED
BY
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Name : |
Mr. Gautam Sharma |
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Designation : |
Partner |
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Contact No.: |
91-9814182322 |
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Date : |
06.02.2008 |
LOCATIONS
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Registered Office / Workshop : |
379, Focal Point, Industrial Area, Amritsar -143001,
Punjab, India |
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Tel. No.: |
91-183-2224074 / 2705843 |
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Mobile No.: |
91-9814182322/9417237070 |
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Fax No.: |
91-183-2565454 |
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E-Mail : |
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Area : |
2500 Sq.fts (approximately) |
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Location : |
Owned |
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Branches : |
5, 6 Simran Plaza, Queen’s Road, Amritsar -143001,
Punjab, India |
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Area : |
300 sq.fts |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. Gautam Sharma |
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Designation : |
Partner |
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Date of Birth/Age : |
36 years |
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Qualification : |
Engineer Graduate |
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Name : |
Mr. Lovekesh Ralli |
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Designation : |
Partner |
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Date of Birth/Age : |
40 years |
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Qualification : |
Engineer Graduate |
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Name : |
Mr. Baldev Raj Sharma |
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Designation : |
Partner |
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Date of Birth/Age : |
65 years |
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Qualification : |
Post Graduate |
BUSINESS DETAILS
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Line of Business : |
Sale and Service of Air-conditioning Systems and Spare Parts. |
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Agencies Held : |
Carrier Air conditioners. |
GENERAL
INFORMATION
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Customers : |
Retailers. |
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No. of Employees : |
15 |
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Bankers : |
Standard Chartered Bank, Amristar, Punjab, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A G PRS and Associates Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Partner’s Capital : |
Rs.
in Millions |
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Mr. Bindu Ralli |
0.684 |
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Mr. B R Sharma
HUF |
0.589 |
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Mr. Gautam
Sharma |
0.781 |
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Mr. Lovekesh
Ralli |
0.090 |
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Total |
2.144 |
FINANCIAL DATA
[all figures are in Rupees Millions]
Financials:
Subject is divided into two divisions- (first)
Air-conditioning and Refrigeration Division and (Second) Communication
Division. The subject has two different
trading and Profit and loss A/C’s and one Balance sheet attached to the report.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1Partners Capital |
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2.144 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.144 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.973 |
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TOTAL BORROWING |
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0.973 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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3.117 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.561 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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DEPOSITS |
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1.393 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.066 |
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Sundry Debtors |
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1.381 |
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Cash & Bank Balances |
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0.019 |
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Other Current Assets |
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0.124 |
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Loans & Advances |
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0.588 |
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Total
Current Assets |
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4.178 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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1.594 |
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Dividend Chit |
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0.006 |
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Bank Balances |
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1.137 |
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Expenses Payable |
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0.278 |
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Total
Current Liabilities |
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3.015 |
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Net Current Assets |
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1.163 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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3.117 |
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PROFIT & LOSS
ACCOUNT (REFRIGERATION’S DIVISION)
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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7.353 |
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Other Income |
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0.010 |
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Total Income |
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7.363 |
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Profit/(Loss) Before Tax |
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0.183 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.183 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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(0.918) |
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Interest |
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0.222 |
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Insurance Expenses |
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0.011 |
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Depreciation & Amortization |
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0.070 |
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Other Expenditure |
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1.665 |
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Total Expenditure |
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1.050 |
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PROFIT & LOSS
ACCOUNT (COMMUNICATION DIVISION)
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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62.892 |
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Other Income |
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0.000 |
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Total Income |
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62.892 |
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Profit/(Loss) Before Tax |
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0.132 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.132 |
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Expenditures : |
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Administrative Expenses |
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0.002 |
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Interest |
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0.059 |
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Insurance Expenses |
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0.011 |
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Depreciation & Amortization |
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0.046 |
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Other Expenditure |
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1.384 |
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Total Expenditure |
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1.502 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.38 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The concern was established on 1st November, 1995 at Amritsar in Punjab as a partnership concern.
OTHER INFORMATION:
Business
The concern is engaged in the business of sale and service of Air-conditioning Systems and Spare parts.
Some of the major
customers are:
v Aptech Computers, Ranjit Avenue, Amritsar, Punjab
v Aptech Computers, Tarn Taran, Amritsar, Punjab
v ICICI Bank, Amritsar, Punjab
v HDFC Bank, Amritsar, Punjab
v Berger Kings, Amritsar, Punjab
v Kapsons, Amritsar, Punjab
v Khanna Paper Mills Limited, Amritsar
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.48 |
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UK Pound |
1 |
Rs.77.44 |
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Euro |
1 |
Rs.57.75 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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
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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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