MIRA
INFORM REPORT
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Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEHO HCP AIR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
108, Raja Basanta Roy Road, Kolkata – 700029, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.01.2002 |
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Com. Reg. No.: |
21-94154 |
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CIN No.: [Company
Identification No.] |
U29191WB2002PTC094154 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Air 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 7376 |
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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 carrier dealers. Trade relations are fair. General financial position is good. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office/ Factory : |
108, Raja Basanta Roy Road, Kolkata – 700029, West Bengal, India |
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Tel. No.: |
91-33-24648960 |
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Fax No.: |
91-33-24649962 |
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E-Mail : |
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Area : |
2000 Sq. ft |
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Location : |
Rented Residential |
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Sales Office : |
55, Biplabi Rash Behari Basu Road, Block G, 1ST Floor, Kolkata – 700 001 |
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Tel. No.: |
91-33-22352319 |
DIRECTORS
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Name : |
Mr. Arvind Kumar Mehrotra |
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Designation : |
Director |
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Address : |
2-E, Panchsheel, 41/1 – B, Jhowthala Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
02.02.1960 |
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Date of Appointment : |
25.01.2002 |
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Name : |
Mr. Vishal Kapur |
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Designation : |
Director |
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Address : |
DB – 46, Salt Lake, Sector – I, Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
26.02.1970 |
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Date of Appointment : |
25.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Arvind Kumar Mehrotra |
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6600 |
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Mr. Vishal Kapur |
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3400 |
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Total |
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10000 |
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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 : |
Manufacturer of Air Systems. |
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Products : |
Air Systems |
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Brand Names : |
‘CARRIER’ |
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Agencies Held : |
Carrier Aircon Limited |
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Terms : |
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Selling : |
Cash and Credit or Contract |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Suppliers : |
Carrier Aircon Limited |
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Customers : |
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No. of Employees : |
35 |
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Bankers : |
Rash Behari Avenue Branch, 61, Rash Behari Avenue, Kolkata – 700026, India
Brabowre Road,
Branch 16 Brabowre, Kolkata – 700001, West Bengal, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B M Chatrath and Company Chartered Accountant |
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Address : |
21, Old Court House Street, Kolkata – 700001 |
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Tel. No.: |
91-33-22484547/4667 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- Each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- Each |
Rs.0.200 Million |
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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 |
0.200 |
0.200 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.644 |
1.304 |
0.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.792 |
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NETWORTH |
1.844 |
1.504 |
1.122 |
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LOAN FUNDS |
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1] Secured Loans |
4.380 |
1.959 |
3.653 |
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2] Unsecured Loans |
3.283 |
2.457 |
1.039 |
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TOTAL BORROWING |
7.663 |
4.416 |
4.692 |
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DEFERRED TAX LIABILITIES |
0.003 |
0.088 |
0.074 |
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TOTAL |
9.510 |
6.008 |
5.888 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.555 |
1.944 |
2.248 |
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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 |
39.447
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12.228
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3.069
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Sundry Debtors |
17.660
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9.119
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8.901
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Cash & Bank Balances |
0.155
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0.136
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0.092
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Other Current Assets |
0.894
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0.395
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0.112
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Loans & Advances |
9.730
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7.836
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7.716
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Total
Current Assets |
67.886
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29.714 |
19.890
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
59.407
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24.142
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15.387
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Provisions |
1.543
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1.532
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0.891
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Total
Current Liabilities |
60.950
|
25.674 |
16.278
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Net Current Assets |
6.936
|
4.040 |
3.612
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MISCELLANEOUS EXPENSES |
0.019 |
0.024 |
0.028 |
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TOTAL |
9.510 |
6.008 |
5.888 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
45.694 |
33.518 |
67.694 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
45.694 |
33.518 |
67.694 |
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Profit/(Loss) Before Tax |
0.741 |
0.734 |
0.908 |
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Provision for Taxation |
0.000 |
0.000 |
0.346 |
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Profit/(Loss) After Tax |
0.741 |
0.734 |
0.562 |
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Expenditure |
N.A. |
N.A. |
N.A. |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.62
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2.19 |
0.83
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Net Profit Margin (PBT/Sales) |
(%) |
1.62
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2.19 |
1.34
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.05
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2.32 |
4.10
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Return on Investment (ROI) (PBT/Networth) |
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0.40
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0.49 |
0.80
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Debt Equity Ratio (Total Liability/Networth) |
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37.21
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20.01 |
18.68
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Current Ratio (Current Asset/Current Liability) |
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1.11
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1.16 |
1.22
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LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
MEHO HCP AIR
SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. Arvind Kumar Mehrotra, Director |
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1) Date and description of instrument creating the change |
Date : 18th
August, 2002 Description :Agreement
of goods, stocks and Book Debts executed by Meho Hcp Air Systems Private
Limited in Corporate under the companies Act.1956 and having its registered
office 10 B Raja Basant Roy Road, Kolkata – 700029, hereinafter referred to
as borrower in favour of DENA BANK (hereinafter referred to as Bank). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
The Borrower Hypothecates in favour of the Bank, the stock in trade, i.e. various types of carrier made. Air Condition/ Machines and Book debts of against 90 days in respect of supply made to customers and original title deed of the prosperity being a residential propriety No.637, Sector 17, Urban Estate, Faridabad measuring 500 sq. yards. Owned by Mr. Vishal Kapoor Valuing Rs.3.422 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% on stocks and 50% on book debts (90 days) with rate of interest 15.50% per annum subject to change from time to time as per Bank guidelines/ as also to or charged on monthly rest. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Brabowre Road,
Branch 16 Brabowre, Kolkata – 700001, West Bengal, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
As Per
Website Details:
- Profile:
Subject as a reputed Authorised Sales and Service
Distributors / Dealers for the complete range of CARRIER AIRCON LIMITED,
CARRIER REFRIGERATION, EUROBATEX RANGE OF INSULATION, AND MANUFACTURER OF
QUALITY ALUMINIUM AIR GRILLES.
Subject has been in this business since 1988, and providing
quality service and products to all customers. The company is managed by:
Arvind Mehrotra : Professional with working experience
in a leading FMCG MNC and handling the service function at subject.
Vishal
Kapur : Engineer, MBA with several years of experience in
marketing of various products and handling the marketing function at subject.
The company is professionally managed and lays ultimate
stress on customer satisfaction to the fullest. All the personnel be it in
Sales, Construction, After Sales Service, Service Sales or Back office have
been trained extensively in customer management skills apart from the requisite
technical skills.
Sales are handled by a team of Engineers and Executives all
with several years of experience and training behind them. They are well
equipped to offer any kind of consultancy and offer the best solutions for the
needs. The Sales offices are situated in Salt Lake and Lake Terrace.
The pioneers in Air-conditioning and Refrigeration, CARRIER
first introduced its products to the Indian consumer in 1988. Set up as Carrier
Aircon Limited, its competitive advantage lay in the fact that for the first
time, the Indian consumer was provided access to advanced technology and
air-conditioning/ refrigeration products from the worldwide product portfolio
of Carrier.
Carrier launched its first product - a state-of-the-art
hermetic compressor, which was soon followed by its scientifically designed
Window, Split, Ductable Split type air-conditioners, Chillers, refrigeration
and Transport systems. In a short span, Carrier established leadership in
Window air-conditioners, Split airconditioners, Chillers, refrigeration and
Transport systems.
Carrier - India Operations
Corporate office and Manufacturing facility at Gurgaon Most
sophisticated unit in the country and recognized by Carrier Corporation as
one of its finest in the World at Navi Daman.
All critical components are manufactured in house with
stringent controls monitored by Carrier Corporation Audit Teams.
Coupled with all this shall get the expertise of subject in
designing, Installaling and Maintaining any kind of air-conditioning system.
Their commitment to CUSTOMER SATISFACTION, in fact, starts with the Product and
to ensure this they have a team of qualified and experienced Sales Engineers to
take care.
- Showroom:
A unique concept, where in all models are displayed to help
view the aesthetic beauty of the machines.
These are one stop shops which help to admire and choose from our range of
products. Their sales teams present at these showrooms will provide with all
kind of consultancy and guidance to get the best solution for all cool needs.
Attractive schemes such as Zero interest finance, Buy Back Exchange offers,
Special Sunday offers are always floating.
- Accessories:
AIR GRILLES
They have a very well designed manufacturing facility for
all kinds of Aluminium Powder coated Grilles of all sizes. Zero °, 15°, 2 way,
various colours etc.
These Grilles can be manufactured in various sizes and
customised as per your requirement.
Contact: harrygill@wecoolcal.com
- EUROBATEX INSULATION
Manufactured by union foam, Italy. This product is being
imported by subject directly from Union Foam, Italy. Eurobatex is available as
pipe insulation, sheet and rolls, which are HCFC free and ODP zero. These
products are ideal for the thermal insulation of refrigeration, air
conditioning and heating systems, as well as plumbing and sanitary
installations and special applications requiring the use of dust and fibre free
products.
The pipe insulation is available in various sizes and can be
used for applications such as Splits starting from 0.75 tr and for Chilled
water pipe line of various sizes. The sheets can be used for Duct thermal
insulation and other allied works.
The elastomeric foam molecular structure of Eurobatex is
characterised by a large number of fine closed cells, which ensure a stable low
value of thermal conductivity. This type of structure is an excellent choice
for the insulation of all systems in its temperature range, even those
presenting difficult thermal insulating problems.
This industry is defined by the standards of service one can
offer. With computerised service and staff trained in customer management
The only Company in Kolkata to offer 4 Service centers
spread all over Calcutta to handle any kind of service issues for any brand of
- AIRCONDITIONERS
- CHILLERS
- FREEZERS and BOTTLE COOLERS
- COLD ROOMS
- TRANSPORT AC and REFRIGERATION
- VENTILATION etc.
Their team of service technicians has been trained at various factories thus enabled to handle the most sophisticated of equipment and the most complicated problem. These technicians are fully uniformed, equipped with Mobiles and Pagers thus reachable immediately to give the comfort of instant service.
SOUTH CALCUTTA - PARK CIRCUS - SALT LAKE - DALHOUSIE 2 more opening very soon. A unique concept of a Mobile Service Van to resolve several problems at site.
REPAIR - RETROFIT - REINSTALLATION - SERVICE CONTRAC TS - OPERATION CONTRACTS
- LIST OF CLIENTS:
BANKS
- Allahabad Bank
- Amex
- Bank Of India
- Corporation Bank
- Exim Bank
- Indian Overseas Bank
- Lakshmi Vilas Bank
- Oriental Bank Of Commerce
- Punjab National Bank
- Reserve Bank Of India
- State Bank Of India
- Uti Bank
- Vysya Bank
BANQUETS
/ HALLS
- Ahimsa Prachar Samity
- Cmda
- Haryana Bhawan
- Jayanto Exhibitors
- Kamani Jain Bhawan
- Marwah
- S V Socials
- Sree Calcutta Gujurati Samaj
- Sunrise Gardens
FACTORIES
- Alsthom
- Boc
- Brittannia
- Electro Steel Castings
- Esab India LimitedFlender Limited
- Ibp Limited
HOTELS
/ RESTAURANTS / CLUBS
- Barristas
- Dominos
- Gangaur
- Haldiram
- Honey Da Dhaba
- Kenilworth
- Lytton
- Nicco Bowling
- Oberoi Grand
- Rctc
- Red Hot Chilli Pepper
- Swabhumi
- Tolly Club
- Udayan
SHOWROOMS
/ SHOPS
- Big Bizz
- Bothra Ford
- Calcutta Carpets
- Elite Stores
- Eminence
- Gaj Kumar Bros
- Khadims
- M P Jewellers
- Raymonds Style
- Senco Jewellers
- Skipper
- Stellar
- Tanishq
- The Seller
- Titan
- Topsel Toyta
- Winds0r Honda
OFFICES
- 123india.Com
- Abb Ltd
- Bengal Ambuja Group
- Amway
- Bose Institute
- British Airways
- Castrol
- Ca-Tcg Software
- G.R.S.E.
- Hindustan Lever Limited
- Hindustan Times
- Iit Kharagpur
- Income Tax
- Itc Ltd
- Jet Airways
- Link Pens
- Macmet
- Magma Leasing
- Mitsubishi
- Nis
- Oriflame
- S E Railways
- Thai Airways
- United India Insurance
- Uniworth
- W B Pollution Control Board
- Waterways Secretariat
HOSPITALS
- Amri
- Belle Vue
- Cmri
- Daffodil Nursing Home
- Irm
- Park Nursing Home
- Rotary Hosipitals
- Wockhardt
REFRIGERATION
CUSTOMERS
- Amul
- Big Ones Ice Cream
- Haldiram
- Heritage School
- Hindustan Lever Limited
- Iclc
- Kalyani Yeast
- Pepsi
- Rollick
- Sugar and Spice
- Thackers
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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|