MIRA INFORM REPORT

 

 

Report Date :

20.02.2008

 

IDENTIFICATION DETAILS

 

Name :

CONTEC AIRFLOW (INDIA) PRIVATE LIMITED

 

 

Registered Office :

138 Building, No.6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400067, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

09.08.1996

 

 

Com. Reg. No.:

101785

 

 

CIN No.:

[Company Identification No.]

U29190MH1996PTC101785

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of Pharmaceutical Equipments and Machinery

 

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 14048

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a decade old company, but seems to be having limited activities. The company has not filed any financials after 31.03.2005 with the Government Registry. The management remained non-cooperative during current investigation. Payments are reported as slow but correct.

 

The company can be considered for small to mediocre business dealings with slight caution, initially, in view of non-availability of latest financials.

 

LOCATIONS

 

Registered Office/ Factory :

138 Building, No.6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400067, Maharashtra, India

Tel. No.:

91-22-28518231/39

Fax No.:

91-22-28518228

E-Mail :

mks_1contec@yahoo.co.in

Website :

www.contecair.com

Area :

2100 sq. ft.

Location :

Owned

 

 

Corporate Office :

402, Prabhadevi, Sector3, Charkop, Kandivili (West), Mumbai -  400 067, Maharashtra, India

Tel. No.:

91 – 22 – 8682078 / 8682087

Fax No.:

91 – 22 – 8682096

E-Mail :

contecairflow@bom7.vsnl.net.in

 

DIRECTORS

 

Name :

Mr. Mukesh Sehgal

Designation :

Director

Address :

1-24, Juhu Goldmist Gulmohar Road, Juhu Santacruz (W), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.11.1964

Qualification :

B.E. Mech, MBA

Experience :

09.08.1996

 

 

Name :

Mr. Chunrv Vlnro Ramakrishna

Designation :

Director

Address :

103 Regency, A  Wing, Sector No.3, Plot No.146, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

21.05.1953

Qualification :

B.E. Mech, M Tech – Air-conditioning and Refrigeration

Experience :

09.08.1996

 

 

Name :

Mr. Aasif Ahsan Khan

Designation :

Director

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Chunrv Vlnro Ramakrishna

 

24995

Mr. Mukesh Sehgal

 

24995

Mr. Aasif Ahsan Khan

 

10

 

 

 

Total

 

50000

 

 

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of Pharmaceutical Equipments and Machinery

 

 

Products :
  • Work Contracts for Air-conditioning Plants
  • Pharmaceutical Equipments
  • Machinery

 

GENERAL INFORMATION

 

Suppliers :
  • Airfill Systems,
  • Allied Electrical Industries,
  • ANJ Worldwide Express,
  • Benjers Plasticisers,
  • D and S Cad Centre,
  • D K Roadways,
  • D Rajkumar and Company,
  • Danish Enterprises,
  • Dipti Steel Traders,
  • Durga Refrigeration Company,
  • Gurmeet Packaging and Ins,
  • H D Gajra and Sons,
  • H J International,
  • Hetal Steel Traders,
  • J and N Construction,
  • Krupa Engineering,
  • Macks India,
  • Marco Tex Engineering and Consultants,
  • Marketing Council,
  • Mccopy Prob Eng and Contractor,
  • N N Control,
  • Navbharat Electro Mechanical,
  • Odyssey Aircon P L,
  • Poonam Packing and Insulations,
  • Prakash Trading Company,
  • Quest Entp,
  • R S Bhandari Jarawala,
  • Riddhi Petroleum,
  • S P Electricals,
  • Sahajanand Sales Corporation,
  • Sai Electric Control,
  • Shamaz Electricals,
  • Standard Air Control,
  • Trinity Electric Syndicate,
  • Universal Fabricators,
  • Velmac Engineers,
  • Vivek Paper Inds

 

 

Customers :
  • Goodluck Insulation
  • KGN Sheet Metal Works
  • Paintech
  • Polar References
  • Shenaz Electricals

 

 

No. of Employees :

25

 

 

Bankers :
  • State Bank of India

Marol, Andheri (E), Mumbai – 400 059, Maharashtra, India

 

  • Saraswat Cooperative Bank Limited

Charkop, Kandivli, Mumbai – 400 067, Maharashtra, India

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

B N Dudani and Company

Chartered Accountants

 

 

Associates/Subsidiaries :

Contec Airflow

Mumbai, Maharashtra, India

Activity: It also undertakes Turnkey Central Airconditioning Projects. It mainly caters Pharmaceutical Industry. It also intends to diversify into manufacture of Pharmaceutical Equipments and Machinery.

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Share

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Share

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.500

0.100

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

3.012

2.500

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

3.512

2.600

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.526

1.465

2] Unsecured Loans

 

0.359

29.997

TOTAL BORROWING

 

0.885

31.462

DEFERRED TAX LIABILITIES

 

45.030

0.840

 

 

 

 

TOTAL

 

49.427

34.902

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

2.074

2.292

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

48.455

32.958

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

0.000

0.000

 

Cash & Bank Balances
 

0.000

0.000

 

Other Current Assets
 

16.489

10.118

 

Loans & Advances
 

2.070

1.227

Total Current Assets
 

18.559

11.345

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

19.661

11.699

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

19.661

11.699

Net Current Assets
 

(1.102)

(0.354)

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.006

 

 

 

 

TOTAL

 

49.427

34.902

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

Sales Turnover

 

1.439

1.068

Other Income

 

0.000

0.000

Total Income

 

1.439

1.068

 

 

 

 

Profit/(Loss) Before Tax

 

0.374

0.498

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

0.374

0.498

 

 

 

 

Total Expenditure

 

1.064

0.570

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

25.99

46.63

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

25.99

46.63

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.81

3.65

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.11

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.85

16.60

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.94

0.97

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Form 8:

 

Name of the company

CONTEC AIRFLOW (INDIA) PRIVATE LIMITED

Presented By

State Bank of India

Marol Branch, Mumbai – 400059, Maharashtra, India

1) Date and description of instrument creating the change

General Agreement for the grant of small industrial advances and Hypothecation of movables, book debts and others assets (WCF) dated 01.12.2000

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.500 Millions

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

All present and future goods, book debtors, movable and other assets of the borrower including documents of title to goods and other assets such as outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagement, securities, investment and right and present and all future machinery and carrying the business of contracts of various types of air-conditioning.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest:

As would be determined by bank from time to time.

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Marol Branch, Mumbai – 400059, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

No instrument data financial to be made in the title deed registered enhanced facilities where mortgage by deposit of title deeds in being created.

 

Enhancement- Both the above agreement are dated 06.02.2004, and executed for the creation of a single modification.

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.

The original charge was created on 01.12.2000 for Rs.2.500 Millions

1stly modified on dated01.12.2000 by giving an additional collateral security.2ndly modified on 13.06.2002 for Rs.5.000 Millions3rdly modified on 13.06.2002 by giving an additional collateral security 4thly modified on 13.06.2002 by giving an additional collateral security over the company’s immovable properties by fixing the mortgage at Rs.5.000 Millions 5thly modified on 17.05.2003 for Rs.6.000 Millions 6thly modified on 17.05.2003 by giving an additional collateral security over limit the company’s immovable properties situated at Flat No.402, Charkop Prabhadevi co-op. Housing Society Limited and Plot No.121, Kandivali (W), Mumbai – 400067. 7thly modified on 17.05.2003 by giving an additional collateral security over limit the company’s immovable properties situated at Gala No.138, Udit Mittal Industries Premises co-op Society Limited, Building No.6, M V Road, Andheri (E), and Mumbai – 400059. 8thly modified on 23.09.2003 for Rs.6.700 Millions 9thly modified on 06.02.2004 for Rs.7.700 Millions now by the present modification dated 06.02.2004 the company offered an additional collateral security by way of equitable mortgage by deposit of title deed over its immovable properties created earlier on 13.06.2002 to secure its credit facilities of Rs.7.700 Millions together with all assets permanently fixed to the lands and building and plant and machinery appertaining or affixed thereto. The details of immovable property described under schedule I is as follows:

Gala No.138, Udit Mittal Industries Premises co-op Society Limited, Building No.6, M V Road, Andheri (E), and Mumbai – 400059.

 

Share Certificate –

Share Certificate No.69 for 5 share distinctive Nos 341/345 issued by Udit Mittal Industrial Premises Co-op, Housing Society Limited

 

 

 

Trade Reference:

 

 

Mr. Niraj Gandhi, Mumbai, Maharashtra, India

 

Mr. Naresh Gupta, Mumbai, Maharashtra, India

 

Mr. Advani, Mumbai, Maharashtra, India

 

 

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.39.87

UK Pound

1

Rs.77.79

Euro

1

Rs.58.59

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

33

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions