MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMICON INDIA LIMITED |
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Registered Office : |
154, Carriappa Marg, M. B. Road, New Delhi 110062 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.07.2004 |
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Com. Reg. No.: |
127679 |
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CIN No.: [Company
Identification No.] |
U29192DL2004PLC127679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE03478G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Providing service
for astonishing range of Air-conditioning & Refrigeration equipments
manufactured by EMICON A.C. SPA
of Italy. |
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 7000 |
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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 an established company having satisfactory track. Trade relations 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. |
LOCATIONS
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Registered Office : |
154, Carriappa Marg, M. B. Road, New Delhi 110062, India |
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Mobile No.: |
91-11-9810030987 |
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E-Mail : |
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Website : |
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Corporate Office : |
27, Community Centre Zamrudpur, New Delhi 110048, India |
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Tel. No.: |
91-11-46566290 |
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Fax No.: |
91-11-41630292 |
DIRECTORS
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Name : |
Mr. Gaurav Gupta |
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Designation : |
Director |
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Address : |
154, Carriappa Marg, M. B. Road, New Delhi 110062, India |
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Date of Birth/Age : |
10.06.1969 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Shivali Gupta |
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Designation : |
Director |
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Address : |
154, Carriappa Marg, M. B. Road, New Delhi 110062, India |
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Date of Birth/Age : |
12.09.1972 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Mr. Vijay Kumar Gupta |
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Designation : |
Director |
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Address : |
154, Carriappa Marg, M. B. Road, New Delhi 110062, India |
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Date of Birth/Age : |
07.07.1940 |
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Date of Appointment : |
19.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Gaurav Gupta |
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5000 |
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Shivali Gupta |
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25000 |
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Ankur Gupta |
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5000 |
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Vijay Kumar Gupta |
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6000 |
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Santosh Gupta |
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6000 |
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Mayank Gupta |
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2000 |
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Pooja Gupta |
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1000 |
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Total |
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50000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing service
for astonishing range of Air-conditioning & Refrigeration equipments
manufactured by EMICON A.C. SPA
of Italy. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
ICICI Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay Aggarwal and Associates Chartered Accountants |
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Address : |
E-67 [L.G.F.] Masjid Moth, Greater Kailash – III, New Delhi 110048,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.422 |
0.344 |
0.093 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.922 |
0.844 |
0.593 |
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LOAN FUNDS |
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1] Secured Loans |
0.859 |
0.169 |
0.267 |
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2] Unsecured Loans |
0.450 |
0.300 |
0.000 |
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TOTAL BORROWING |
1.309 |
0.469 |
0.267 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.003 |
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TOTAL |
3.231 |
1.313 |
0.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.403 |
0.417 |
0.394 |
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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 |
0.021 |
0.002 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.378
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0.193 |
0.000 |
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Sundry Debtors |
0.336
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0.293 |
0.245 |
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Cash & Bank Balances |
0.336
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0.144 |
0.066 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.474
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1.136 |
0.400 |
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Total
Current Assets |
3.524
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1.766 |
0.711 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.989
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0.707 |
0.278 |
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Provisions |
0.728
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0.193 |
0.000 |
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Total
Current Liabilities |
1.717
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0.900 |
0.278 |
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Net Current Assets |
1.807
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0.866 |
0.433 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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PRELIMINARY EXPENSES |
0.000 |
0.028 |
0.036 |
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TOTAL |
3.231 |
1.313 |
0.863 |
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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 |
13.105 |
4.908 |
2.791 |
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Other Income |
0.522 |
0.022 |
0.157 |
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Total Income |
13.627 |
4.930 |
2.948 |
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Profit/(Loss) Before Tax |
1.700 |
0.422 |
0.145 |
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Provision for Taxation |
0.622 |
0.171 |
-- |
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Profit/(Loss) After Tax |
1.078 |
0.251 |
0.145 |
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Expenditures : |
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Financial Expenses |
0.000 |
0.000 |
0.006 |
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Operating Expenses |
0.000 |
0.000 |
0.580 |
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Administrative Expenses |
0.000 |
0.000 |
0.336 |
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Purchases made for re-sale |
0.000 |
0.000 |
1.510 |
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Increase/(Decrease) in Finished Goods |
[0.185] |
[0.192] |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.393 |
0.479 |
0.318 |
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Managerial Remuneration |
0.480 |
0.180 |
0.000 |
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Payment to Auditors |
0.039 |
0.017 |
0.000 |
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Interest |
0.117 |
0.016 |
0.000 |
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Insurance Expenses |
0.051 |
0.026 |
0.000 |
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Depreciation & Amortization |
0.382 |
0.125 |
0.053 |
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Other Expenditure |
9.650 |
3.857 |
0.000 |
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Total Expenditure |
11.927 |
4.508 |
2.803 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.91
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5.09 |
4.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.97
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8.59 |
5.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
34.50
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19.33 |
13.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.88
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0.50 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.57
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1.62 |
0.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.05
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1.96 |
2.55 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ø
Vehicle
Ø
Computer
Ø
Furniture and Fixtures
Ø
Office Equipments
AS PER WEBSITE DETAILS:
PROFILE
Subject is engaged in marketing and providing after sales
service for astonishing range of Air-conditioning and Refrigeration equipments
manufactured by EMICON A.C. SPA of Italy in INDIA, Srilanka,
Bhutan, Nepal, Bangladesh and Thailand.
Subject achieved a worldwide satisfactory market position in
air conditioning applications. A well-equipped computerized testing room allows
to checks both on single components and on functionality and reliability of the
finished units. These features, together with a real design skill allowed
Emicon to obtain some prestigious orders. Thanks to the quality and reliability
of its products, EMICON is present in several European countries (Italy,
France, Germany, Russia, Greece, U.K., etc)
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.05 |
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UK Pound |
1 |
Rs. 78.75 |
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Euro |
1 |
Rs. 59.39 |
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 |
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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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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