MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CARYAIRE EQUIPMENTS INDIA PRIVATE LIMITED |
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Registered Office : |
L/48/B, Malviya Nagar, New Delhi- 110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
11.10.1989 |
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Com. Reg. No.: |
55-37976 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC037976 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC06015C |
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PAN No.: [Permanent
Account No.] |
AAACC2454K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Air Conditioning Products for Large Commercial
Complex. |
RATING &
COMMENTS
|
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 810000 |
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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 company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in medium to long-
run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mangal |
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Designation : |
Group Head in Finance |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office : |
L/48/B, Malviya Nagar, New Delhi- 110017, India |
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Tel. No.: |
91-120-2580553 / 2580556 |
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Fax No.: |
91-120-2580557 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Ware House : |
Located at Pune |
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Corporate/ Head Office : |
A-10, Sector-59, Noida- 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2580553/ 54/55/56 |
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Fax No.: |
91-120-2580557 |
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E-Mail : |
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Area : |
25000 sq ft |
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Factory: |
Located at Pune |
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Factory : |
Located at Great Noida |
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Branch Office: |
Mujmbai-207, Blue Rose Industrial Estate, Off Western Express Highway,
Boriwali (East), Mumbai – 400066, India |
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Tel. No.: |
91-22-65702056/ 65702057 |
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Fax No.: |
91-22-28547314 |
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E-Mail : |
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Branch Office: |
Bangalore- No. 452, 11th Mani, 25th Cross,
Sector7, HSR Layout, Bangalore-560034 |
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Tel. No.: |
91-80-25727830/ 31 |
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Fax No.: |
91-80-25727833 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Anil Maheshwari |
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Designation : |
Managing Director |
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Address : |
Gayatri Anand, C-14, Sector-33, Noida- 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
26.03.1949 |
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Date of Appointment : |
11.10.1989 |
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Name : |
Mrs. Prabha Maheshwari |
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Designation : |
Whole Time Director |
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Address : |
Gayatri Anand, C-14, Sector-33, Noida- 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
01.04.1950 |
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Date of Appointment : |
11.10.1989 |
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Name : |
Mr. Rajiv Maheshwari |
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Designation : |
Director |
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Address : |
A-194, Prashant Vihar, Rohini, Delhi- 110085, India |
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Date of Birth/Age : |
25.11.1956 |
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Date of Appointment : |
11.10.1989 |
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Name : |
Mr. Hiru Mangharam Jhandiani |
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Designation : |
Director |
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Address : |
51, Montblanc, 67A, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
09.11.1928 |
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Date of Appointment : |
06.01.1990 |
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Name : |
Mr. Sachin Maheshwari |
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Designation : |
Director |
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Address : |
Gayatri Anand, C-14, Sector-33, Noida- 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
22.02.1978 |
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Date of Appointment : |
30.08.1997 |
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Name : |
Mr. Arvind Maheshwari |
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Designation : |
Director |
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Address : |
Thru Shri Anil Maheshwari, C-14, Sector-33, Noida- 201301, Uttar
Pradesh, India |
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Date of Birth/Age : |
29.07.1952 |
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Date of Appointment : |
04.10.1996 |
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Name : |
Mr. Andre Alfred Sady Merlin |
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Designation : |
Director |
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Address : |
7, Rue De France, Tournai-7500, Belgium |
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Date of Birth/Age : |
22.01.1950 |
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Date of Appointment : |
17.01.1997 |
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Name : |
Mrs. Shami Bhardwaj |
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Designation : |
Director |
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Address : |
1G-4, Parasvnath Housing Society, Sector-50, Noida-201301, Uttar
Pradesh, India |
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Date of Birth/Age : |
17.12.1972 |
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Date of Appointment : |
01.11.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Mangal |
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Designation : |
Group Head in Finance |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Maheshwari |
|
1980 |
|
Arvind Kumar Maheshwari |
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3340 |
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Anil Maheshwari |
|
17500 |
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Prabha Maheshwari |
|
11246 |
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Sachin Maheshwari |
|
3000 |
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Manesh Bharadwaj |
|
3000 |
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Andre Merlin |
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6789 |
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Shruti Maheshwari |
|
3000 |
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Others |
|
145 |
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Total |
|
50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of
directors |
|
99.71 |
|
Other top fifty (50) Shareholders (other than Listed above) |
|
0.29 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Air Conditioning Products for Large Commercial
Complex. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C, Credit |
GENERAL
INFORMATION
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Customers : |
End Users and Contractors |
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No. of Employees : |
250 |
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Bankers : |
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Facilities : |
CC, TL,LC, BG |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Anil Kumar Chartered Accountant |
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Address : |
BA-52/B, Janak Puri, New Delhi-110058, India |
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Tel. No.: |
91-11-25619183 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
5.000 |
5.000 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
157.659 |
135.489 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
162.659 |
140.489 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
172.050 |
100.418 |
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2] Unsecured Loans |
|
33.450 |
24.450 |
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TOTAL BORROWING |
|
205.500 |
124.868 |
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DEFERRED TAX LIABILITIES |
|
1.429 |
1.837 |
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|
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TOTAL |
|
369.588 |
267.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
92.097 |
81.660 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
12.300 |
12.200 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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130.820
|
96.552 |
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Sundry Debtors |
|
219.266
|
153.240 |
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Cash & Bank Balances |
|
13.648
|
21.480 |
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Other Current Assets |
|
0.194
|
0.523 |
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Loans & Advances |
|
98.554
|
68.601 |
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Total
Current Assets |
|
462.482
|
340.396 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
145.824
|
130.993 |
|
|
Provisions |
|
51.467
|
36.079 |
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Total
Current Liabilities |
|
197.291
|
167.072 |
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Net Current Assets |
|
265.191
|
173.324 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.010 |
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TOTAL |
|
369.588 |
267.194 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
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Sales Turnover |
|
934.500 |
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Other Income |
|
96.611 |
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Total Income |
|
1031.111 |
714.500 |
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Profit/(Loss) Before Tax |
|
42.489 |
46.588 |
|
|
Provision for Taxation |
|
15.932 |
12.295 |
|
|
Profit/(Loss) After Tax |
|
26.557 |
34.293 |
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Earnings in Foreign Currency : |
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FOB Value of Export |
|
60.309 |
1.364 |
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Commission Earnings |
|
2.426 |
29.243 |
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Total Earnings |
|
62.735 |
30.607 |
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Imports : |
|
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Raw Materials |
|
100.050 |
57.613 |
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Stores & Spares |
|
0.629 |
0.705 |
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Total Imports |
|
100.679 |
58.318 |
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Expenditures : |
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Financial Charges |
|
11.125 |
5.081 |
|
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Depreciation & Amortization |
|
13.962 |
12.256 |
|
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Other Expenditure |
|
963.534 |
650.575 |
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Total Expenditure |
|
988.621 |
667.912 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.58 |
4.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.55 |
6.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.67 |
11.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.26 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.48 |
2.07 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.34 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Voltas
Limited
- ABBL
- Infosys
- Wipro
- Sahara
- Cipla
Bankers Charges
Report as per Registry
|
Name of the company |
CARYAIRE
EQUIPMENTS INDIA PRIVATE LIMITED L-48/B, Malviya
Nagar, New Delhi-110017 |
|
Presented By |
Mr. Anil Maheshwari,
Managing Director |
|
1) Date and description of instrument creating the change |
|
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000 Millions
sanctioned under the interest free loan in licu of trade tax deferment Scheme
of Government of UP/PICUP |
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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 |
Second charge on
the movable and immovable properties including fixed assets (both present and
future) of the company situated at Plot No. 1-62, Surajpur Industrial Area,
Kasna, Greater Noida, G. B. Nagar |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The second charge
operates as security for due repayment of loan by company to PICUP under
trade tax deferment scheme, loans interest free but in case of default
interest is 24% p.a. and it is repayable as per agreement excuted. |
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5) Name and Address and description of the person entitled to the charge. |
N.A. |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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This
form is for |
Creation
of charge |
|
Corporate
identity number of the company |
U74899DL1989PTC037976 |
|
Name
of the company |
CARYAIRE
EQUIPMENTS INDIA PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
L/48/B, Malviya Nagar, New Delhi- 110017, India |
|
Type
of charge |
Immovable
Property |
|
Particular
of charge holder |
Axis
Bank Limited, B-2 and 3, Sector-16, Noida-201301, Uttar Pradesh, India |
|
Nature
of description of the instrument creating or modifying the charge |
Declaration
Cum Confirmation Deed and Record of Mortgage by Deposit of Title Deeds Dated
01.03.2008 |
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Date
of instrument Creating the charge |
01.03.2008 |
|
Amount
secured by the charge |
Rs.
6.300 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Term
Loan –PLR-2% i.e. Presently 12.75% p.a. Cash
Credit –PLR -2%Presently 12.75% p.a. Terms of Repayment Term
Loan-I-25 Monthly installments of Rs. 0.083 Millions from March 2007 and
thereafter 25 monthly installments of Rs. 0.117 Millions each Cash
Credit – On Demand Margin Term
Loan – 37.5% Cash
Credit Inventories
– 25% Book
Debts – 40% (Upto 90 Days) Extent and Operation of the charge Exclusive
Charge on the immovable property located at Apartment No-B-0505 at CANABA,
Windsor Park-5, Vaibhav Khand, Indirapuram (Uttar Pradesh) |
|
Short
particulars of the property charged |
Immovable
property located at Apartment No-B-0505 at CANABA, Windsor Park-5, Vaibhav
Khand, Indirapuram (Uttar Pradesh) |
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.42.86 |
|
UK Pound |
1 |
Rs.83.58 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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 |
|