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MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
CIRCULAR AIRCON (INDIA) PRIVATE LIMITED |
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Registered Office : |
404, Amity Co-op HSG Society, Mhada Oashiwara, Building 18, Andheri (West),
Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.01.1995 |
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Com. Reg. No.: |
084919 |
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CIN No.: [Company
Identification No.] |
U29191MH1995PTC084919 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer of Carrier, Air Conditioning Project Industry. |
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 21420 |
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Status : |
Satisfactory |
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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 are fair. Business is
active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Aakash Sahane |
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Designation : |
Mgr. Accountant and Commercial Finance |
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Contact No.: |
91-9920785211 |
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Date : |
20.02.2008 |
LOCATIONS
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Registered Office : |
404, Amity Co-op HSG Society, Mhada Oashiwara, Building 18, Andheri
(West), Mumbai – 400053, Maharashtra, India |
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Area : |
900 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Gala No.1, Mehta Industrial Estate, Jai Prakash Road, No.2, Goregaon
(East), Mumbai, Maharashtra, India |
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Mobile No.: |
91-9820343844/ 9920785211 |
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Tel No.: |
91-22-65705015/5016 |
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Fax No.: |
91-22-26861514 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Amit Yashpal Malik |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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Qualification : |
Post – Graduate |
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Name : |
Mrs. Rakhi Amit Malik |
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Designation : |
Director |
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Date of Birth/Age : |
37 years |
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Qualification : |
Post - Graduate |
BUSINESS DETAILS
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Line of Business : |
Dealer of Carrier, Air Conditioning Project Industry. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 28 |
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Bankers : |
Bank of Maharashtra, Lokhandwala Complex |
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Facilities : |
C/C approx Rs.5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T Mg and Associates Chartered Accountant |
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Address : |
Dahisar |
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Associates/Subsidiaries : |
Goregaon East,
India (Service
Industry)
Goregaon East, India
Distributor |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Share |
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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100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.355 |
3.300 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.355 |
4.300 |
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LOAN FUNDS |
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1] Secured Loans |
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5.862 |
3.857 |
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2] Unsecured Loans |
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6.737 |
4.919 |
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TOTAL BORROWING |
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12.599 |
8.776 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.954 |
13.076 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.175 |
1.182 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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Other Current Assets |
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49.304 |
38.214 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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49.304 |
38.214 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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32.525 |
26.320 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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32.525 |
26.320 |
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Net Current Assets |
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16.779 |
11.894 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.954 |
13.076 |
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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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62.346 |
53.889 |
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Other Income |
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0.209 |
4.332 |
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Total Income |
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62.555 |
58.221 |
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Profit/(Loss) Before Tax |
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2.175 |
1.931 |
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Provision for Taxation |
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0.785 |
0.695 |
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Profit/(Loss) After Tax |
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1.390 |
1.236 |
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Expenditures : |
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Cost of Goods Sold |
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49.904 |
44.826 |
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Personnel Expenses |
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4.151 |
3.338 |
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Administrative and Selling Expenses |
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4.792 |
7.121 |
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Depreciation |
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0.338 |
0.295 |
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Financial Charges |
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1.192 |
0.707 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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60.377 |
56.287 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.22 |
2.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.49 |
3.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.31 |
4.90 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.43 |
8.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Raheja Builders
- Lokhandwala Builders
- Benett Coleman and Company Limited
- Spanco Tele Systems
- Shri Vileparle Kelvani Muudle
- Oberoi Construction
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.15 |
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UK Pound |
1 |
Rs.78.26 |
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Euro |
1 |
Rs.59.06 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
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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