MIRA
INFORM REPORT
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Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SP SANGHI AIRCONDITIONING PRIVATE LIMITED |
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Formerly Known As : |
OXYCHLORIDE INDUSTRIES AND AGENCIES PRIVATE LIMITED |
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Registered Office : |
Ama House, 1st Floor, Off Arthvr Bunder Road, Behind Strand
Cinema Bhaskarrao Kargutkar Marg, Colaba, Mumbai, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.05.1937 |
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Com. Reg. No.: |
11-2650 |
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CIN No.: [Company
Identification No.] |
U26900MH1937PTC002650 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Authorised Dealer for Air Conditioning |
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 43000 |
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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 having fine
track. Trade relations are fair. Business is active. General financial
position is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Ama House, 1st Floor, Off Arthvr Bunder Road, Behind Strand
Cinema Bhaskarrao Kargutkar Marg, Colaba, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-22871081 / 82 / 83 / 22832013 |
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Mobile No.: |
91-9821073057 |
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Fax No.: |
91-22-22832013 / 22046362 |
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E-Mail : |
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Service Station : |
77 A. B.P.T. Plot No. 11 A, Jakaria Bunder Road, Sewree, Mumbai –
400033 |
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Tel. No.: |
91-22-24716692 / 0818 |
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Fax No.: |
91-22-24710747 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramchandra Mitty Balajirao |
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Designation : |
Director |
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Address : |
F – 93, Shnnagar C. H. S. Limited, Pestom Sagar, Chembur, Mumbai –
400089, Maharashtra, India |
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Date of Birth/Age : |
05.01.1938 |
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Date of Appointment : |
09.08.1984 |
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Name : |
Mr. Sanghi Arun Akhil |
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Designation : |
Director |
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Address : |
24, Hemprabha, 68, Marine Drive, Mumbai – 400020 |
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Date of Birth/Age : |
10.03.1973 |
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Date of Appointment : |
19.11.1996 |
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Name : |
Mr. Sanghi Suraj Prakash Arun |
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Designation : |
Director |
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Address : |
24, Hemprabha, 68, Marine Drive, Mumbai – 400020 |
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Date of Birth/Age : |
13.02.1943 |
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Date of Appointment : |
09.08.1984 |
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Name : |
Mr. Engineer Bejonji Dadi |
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Designation : |
Director |
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Address : |
Sea Shell, 1st Floor, 13, Darabsha Road, Opposite Nepeansea
Road, Mumbai – 400026 |
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Date of Birth/Age : |
02.05.1933 |
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Date of Appointment : |
17.10.1978 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Lady Soonoo Jamsetjee Jeejeebhoy |
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100 |
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Sanghi Suraj Prakash Arun Sanghi Arun Arti |
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1959 |
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Sanghi Arun Arti Sanghi Suraj Prakash Arun |
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1982 |
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Sanghi Arun Akhil Sanghi Suraj Prakash Arun |
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900 |
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Sanghi Arun Aradhana Sanghi Suraj Prakash Arun |
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1000 |
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Sanghi Arun Akanksha Sanghi Arun Arti |
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1276 |
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Sanghi Arun Akhil Sanghi Suraj Prakash Arun |
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50 |
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Sanghi Arun Akhil Sanghi Akhil Madhavi |
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1100 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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96.00 |
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Other top fifty shareholders |
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4.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Dealer for Air Conditioning |
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Products : |
Air Conditioners |
GENERAL
INFORMATION
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Bankers : |
HDFC Bank Limited
HDFC Bank House,
Senapati Bapat Marg, Lower Parel [West], Mumbai – 400012 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jagdish D Shet and Company Chartered Accountants |
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Address : |
Navjivan Society, Building No. 3, Premises No. 22, Lamington Road,
Mumbai – 400008, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.400 Millions |
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1,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.100 Million |
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Total |
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Rs. 2.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8616 |
Equity Shares |
Rs. 100/- each |
Rs. 0.862
Million |
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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0.862 |
0.862 |
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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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9.828 |
8.781 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.690 |
9.643 |
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LOAN FUNDS |
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1] Secured Loans |
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1.662 |
1.699 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.662 |
1.699 |
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DEFERRED TAX LIABILITIES |
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0.049 |
0.042 |
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TOTAL |
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12.401 |
11.384 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.730 |
2.724 |
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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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8.068 |
5.302 |
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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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2.806 |
3.830 |
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Sundry Debtors |
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4.388 |
3.006 |
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Cash & Bank Balances |
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0.268 |
0.206 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.925 |
4.619 |
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Total
Current Assets |
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12.387 |
11.661 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.684 |
6.078 |
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Provisions |
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3.100 |
2.225 |
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Total
Current Liabilities |
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10.784 |
8.303 |
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Net Current Assets |
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1.603 |
3.358 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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12.401 |
11.384 |
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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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36.974 |
34.792 |
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Profit/(Loss) Before Tax |
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3.402 |
4.971 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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3.402 |
4.971 |
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Expenditures : |
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Interest |
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0.034 |
0.045 |
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Depreciation & Amortization |
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0.698 |
0.521 |
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Other Expenditure |
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32.839 |
29.255 |
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Total Expenditure |
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33.571 |
29.821 |
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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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9.20 |
14.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.20 |
14.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.50 |
34.56 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.16 |
1.04 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SP SANGHI
AIRCONDITIONING PRIVATE LIMITED |
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Presented By |
HDFC Bank
Limited |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation dated 24.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
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 |
All the stock
both present and future consisting of raw materials, finished goods, goods in
process of manufacturing, current assets, all the bad debts, O/S Money
receivables, claims and bills which are now dye owing or which may at any
time hereafter shall continue to submit till such time all the borrower sue
have been repaid unfull. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The facility
provided to the borrower is in the nature
of cash credit. The Bank is
entitled to charge interest at such rate as may be determined by the bank. The charge and hyp.
shall continue to subsist till such time all the borrowers due have been
repaid unfull. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited
HDFC Bank House Senapati Bapat
Marg Lower Parel
[West] Mumbai – 400012 |
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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 |
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.39.98 |
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UK Pound |
1 |
Rs.78.57 |
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Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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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 |
8 |
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--LEVERAGE |
1~10 |
8 |
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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 |
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62 |
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 |
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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 |
|
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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