MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CLIVET TF AIR SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 222 to 224 and 229 to 232, KIADB Industrial Area, 3rd Phase,
Malur Kolar, Malur – 563130, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
21.04.2005 |
|
|
|
|
Com. Reg. No.: |
08-36130 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29192KA2005PTC036130 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC05991G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCC6263C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and seller of Air Conditioner, refrigerators, ice-Plants,
cooling appliances, Chillers, AHUs etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an Indo-Italian joint venture and has incurred some initial
losses. Trade relations are fair. General financial position is satisfactory.
Payments are reported as usually correct and as per commitments. In view of strong promoters the company can be considered good for
normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ragvendar Prabhu |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-9886021959 |
|
Date : |
21.05.2008 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 222 to 224 and 229 to 232, KIADB Industrial Area, 3rd Phase,
Malur Kolar, Malur – 563130, Karnataka, India |
|
Tel. No.: |
91-8151-232684-85 / 91-80-25213418/9 |
|
Fax No.: |
91-8151-232683 / 91-80-25272423 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5 Acres [Owned] |
|
|
|
|
Branches : |
No. 855, 3rd Cross, 11th Main HAL, 2nd
Stage, Indra Nagar, Bangalore |
DIRECTORS
|
Name : |
Mr. Anil Dev |
|
Designation : |
Chairman |
|
Address : |
38, First Stage,
First Main, Domlur Layout, Bangalore – 560071, Karnataka, India |
|
Date of Birth/Age : |
02.09.1960 |
|
Date of Appointment : |
21.04.2005 |
|
|
|
|
Name : |
Ms. Alka Dev |
|
Designation : |
Director |
|
Address : |
38, First Stage,
First Main, Domlur Layout, Bangalore – 560071, Karnataka, India |
|
Date of Birth/Age : |
18.10.1964 |
|
Qualification : |
M. CHIL |
|
Date of Appointment : |
21.04.2005 |
|
|
|
|
Name : |
Mr. Bruno Bello, Foreigner |
|
Designation : |
Director |
|
Address : |
Via Camp Lonc, 25-32030, Vilapaiera di Feltre [BL] Italy |
|
Date of Appointment : |
21.04.2005 |
|
|
|
|
Name : |
Mr. Stefano Bello, Foreigner |
|
Designation : |
Director |
|
Address : |
Via Camp Lonc, 25-32030, Vilapaiera di Feltre [BL] Italy |
|
Date of Appointment : |
21.04.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay C |
|
Designation : |
Design Engineer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Alka Dev |
|
1 |
|
Trac Fijico Air Systems Limited |
|
5499999 |
|
Clivet SpA, Italy |
|
5500000 |
|
Total |
|
11000000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
49.99 |
|
Directors or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and saller of Air Conditioner, refrigerators, ice-Plants,
cooling appliances, Chillers, AHUs etc |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
European Countries |
|
|
|
|
Imports : |
|
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
AHU’s |
Nos |
|
1200 |
900 |
GENERAL
INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
No. of Employees : |
150 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Facilities : |
CC, L/C and Hypothecation
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
K S Aiyar and Company Chartered Accountants [Ramamohan Hegde, Partner, Membership No. 23206] |
|
Address : |
19/1, First Floor, 2nd Cross, Lower Palace Orchards,
Bangalore – 560003 |
|
Tel. No.: |
91-80-23347171 / 23367171 |
|
Fax No.: |
91-80-23311221 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 110.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 110.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
110.000 |
43.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[9.851] |
[4.121] |
|
|
NETWORTH |
|
100.149 |
38.879 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
45.014 |
3.340 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
45.014 |
3.340 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
145.163 |
42.219 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
92.343 |
39.033 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
4.355 |
2.864 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
44.147 |
13.888 |
|
|
Sundry Debtors |
|
52.177 |
3.506 |
|
|
Cash & Bank Balances |
|
4.568 |
0.080 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
19.513 |
4.136 |
|
Total
Current Assets |
|
120.405 |
21.610 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
72.286 |
21.685 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
72.286 |
21.685 |
|
|
Net Current Assets |
|
48.119 |
[0.075] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.346 |
0.397 |
|
|
|
|
|
|
|
|
TOTAL |
|
145.163 |
42.219 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
78.028 |
18.694 |
|
|
Other Income |
|
15.142 |
5.864 |
|
|
Total Income |
|
93.170 |
24.558 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[6.649] |
[6.774] |
|
|
Provision for Taxation |
|
[0.919] |
[2.653] |
|
|
Profit/(Loss) After Tax |
|
[5.730] |
[4.121] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Commission on chiller sales |
|
14.886 |
5.747 |
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Chillers, Chillers spares and casattee type |
|
10.298 |
3.346 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
48.720 |
19.608 |
|
|
Personnel Expenses |
|
15.443 |
7.348 |
|
|
Administration and Selling Expenses |
|
33.082 |
14.457 |
|
|
Financial Charges |
|
2.160 |
0.029 |
|
|
Depreciation |
|
1.529 |
0.217 |
|
|
Increase/(Decrease) in Finished Goods |
|
[1.115] |
[10.327] |
|
Total Expenditure |
|
99.819 |
31.332 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[6.15] |
[16.78] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[8.52] |
[36.24] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[3.13] |
[11.17] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.07] |
[0.17] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.17 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.67 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
Notes :
Registered office of the company has been shifted from 38, First Stage, First Main, Domlur Layout, Bangalore
– 560071, Karnataka, India to the present address w.e.f. 29.09.2007
Trade Reference
- Havlet
- Sterling and Wilson
·
Taj
ITPL
Change
in accounting policies
Company has changed Accounting Policy towards erection, installation
and commission from revenue recognition to percentage completion method,
subsequent to which profit before tax are higher by Rs. 4.807 Millions
Depreciation
The Company depreciates its fixed assets on Straight Line
method. The rates of depreciation adopted are given below :
|
Assets
|
Rate |
|
Buildings |
3.34
% |
|
Plant and machinery |
4.75
% |
|
Office equipment |
4.75
% |
|
Furniture and
Fittings |
6.33
% |
|
Computers |
16.21
% |
|
Motor vehicles |
9.5
% |
Fixed
Assets
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Vehicles
- Computer
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29192KA2005PTC036130 |
|
Name of the
company |
CLIVET TF AIR SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
38, First Stage,
First Main, Domlur Layout, Bangalore – 560071, Karnataka, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Canara Bank, 19/7, Maruthi Mansion, Cunningham Road, Bangalore –
560052, Karnataka, India |
|
Nature of description
of the instrument creating or modifying the charge |
Canmobile
agreement |
|
Date of
instrument Creating the charge |
24.04.2007 |
|
Amount secured by
the charge |
Rs. 8.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.75 % p.a. Terms of
Repayment Repayable in
equated monthly instalments of Rs. 0.019 Million starting from may 2007 Margin 10 % Extent and
Operation of the charge The charge shall
operate to the extent of Rs 0.840 Million plus interest, commission, costs,
expenses and other charges thereon. |
|
Short particulars
of the property charged |
Hypothecation of Brand
New Scorpio vehicle engine No. BS and 4L33433 Chassis No. MAITB2BSL72L73107;
Regn. No. KA04 MG 9269 |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|