MIRA
INFORM REPORT
|
Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CLIMATE SYSTEMS INDIA LIMITED |
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Registered Office : |
11TH Floor Jeevan Parkash , 25 Kasturba Gandhi Marg, New Delhi
– 110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.12.1991 |
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Com. Reg. No.: |
55-46656 |
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CIN No.: [Company
Identification No.] |
U34300DL1991PLC046656 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC07405G |
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PAN No.: [Permanent
Account No.] |
AAACC1074D |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Exchanger, Heat, U-tube , Radiator,
Automotive |
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 850000 |
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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 part of Visteon Group, worldwide. Available information
indicates high financial responsibility of the company. Financial position is
good. Trade relations are fair. Payments are correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms. It can be regarded as promising business partner in a medium to long –
run. |
LOCATIONS
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Registered Office : |
11TH Floor Jeevan Parkash , 25 Kasturba Gandhi Marg, New
Delhi – 110 001, India |
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Tel. No.: |
91-1493-220208 |
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Fax No.: |
91-1493-221591 |
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E-Mail : |
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Website : |
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Factory: |
SP 812 A Industrial Area Phase II, Bhiwadi-301 019, Rajasthan , India |
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Tel. No.: |
91-1493-220208/ 21015 |
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Fax No.: |
91-1493-221591 |
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Branches Office : |
Taco Visteon
Engineering Taco Visteon Automotive Private Limited ICC Trade tower, 403 A Sepapati , 2nd Floor Wing A 205 and 206 and B 205 and
206, Bapat Marg, Pune – 411 017, India Tate Visteon
Automotive Plant Tata Visteon Automotive Private Limited ICC Trade tower International Comvention Center 2nd Floor A 205 / A206, 403 A sepapat, Bapat Marg, Pune
-411 017, India Vasi Chennai
Plant Visteon Automotive System India Private Limited Keelakaranai Village, Malrosapuram Post Maraimalai Nagar, Chennai –
603 204, Tamil Nadu, India VASI Pune Plant Visteon Automotive Systems India Private Limited Unit III S R 283/2, plot III, Raisoni Industrial Park, Village Mann
taluka Mulshi, Pune -411 027, Maharashtra, India Visteon
Technical and Services Centre (VTSC and BPO) Plot No. 1 Sidco Industrial Estate, Floors 1-4, “Altius“ Olympia
Technology Park, Chennai – 600 032, Tamil Nadu, India |
DIRECTORS
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Name : |
Mr. Anand Thiagarajan |
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Designation : |
Director |
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Address : |
C-66, Vijay Rattan Vihar, Sector – 15, Part 2, Gurgaon – 122 001,
Haryana, India |
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Date of Birth/Age : |
06.12.1967 |
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Date of Appointment : |
11.04.2006 |
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E-mail: |
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Name : |
Mr. Jagdish Khater |
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Designation : |
Director |
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Date of Birth/Age : |
18.02.1942 |
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Date of Appointment : |
10.09.1995 |
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Date of Creasing: |
14.02.2005 |
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Name : |
Mr. Dawson |
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Designation : |
Director |
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Date of Birth/Age : |
16.10.1949 |
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Date of Appointment : |
18.12.2001 |
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Name : |
Mr. Nagao |
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Designation : |
Director |
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Date of Birth/Age : |
10.06.1953 |
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Date of Appointment : |
14.02.2005 |
SHAREHOLDING PATTERN
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Equity Share Break Up (as on 31.03.2007) |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
61.00 |
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Bodies Corporate |
39.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Exchanger, Heat, U-tube , Radiator,
Automotive |
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Products : |
· Radiators · Aluminium Heater Cores · Components Sales |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
HDFC Bank Limited, HDFC Bank Houses Seanapti Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Lovelocks and Lewes Chartered Accountants |
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Address : |
P -1, Aditya Vihar, Saidulajab, Opposite D Block , Saket, Mehrauli
Badarpur Road, New Delhi – 110 030, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 100/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1330000 |
Equity Shares |
Rs. 100/- each |
Rs.133.000 millions
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
133.000 |
133.000 |
133.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.427 |
69.284 |
62.049 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
207.427 |
202.284 |
195.049 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
10.115 |
14.567 |
15.188 |
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TOTAL |
217.542 |
216.851 |
210.237 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
160.021 |
158.429 |
172.963 |
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Capital work-in-progress |
1.320 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
14.342 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.781
|
48.617 |
50.029 |
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Sundry Debtors |
67.939
|
59.868 |
42.065 |
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Cash & Bank Balances |
13.796
|
17.859 |
14.417 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.682
|
18.452 |
15.536 |
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Total
Current Assets |
154.198
|
144.796 |
122.047 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
64.269
|
52.797 |
43.852 |
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Provisions |
33.728
|
47.919 |
40.921 |
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Total
Current Liabilities |
97.997
|
100.716 |
84.773 |
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Net Current Assets |
56.201
|
44.080 |
37.274 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
217.542 |
216.851 |
210.237 |
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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 |
560.228 |
554.275 |
448.369 |
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Other Income |
8.926 |
8.327 |
11.789 |
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Total Income |
569.154 |
562.602 |
460.158 |
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Profit/(Loss) Before Tax |
75.729 |
82.472 |
65.161 |
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Provision for Taxation |
24.301 |
28.879 |
24.095 |
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Profit/(Loss) After Tax |
51.428 |
53.593 |
41.066 |
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Expenditures : |
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Raw Material Consumed |
360.460 |
339.468 |
244.974 |
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Increase/(Decrease) in Finished Goods |
0.561 |
NA |
2.689 |
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Salaries, Wages, Bonus, etc. |
27.503 |
29.968 |
25.331 |
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Managerial Remuneration |
2.054 |
1.970 |
1.602 |
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Payment to Auditors |
0.620 |
0.600 |
0.480 |
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Interest |
0.369 |
0.731 |
1.097 |
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Insurance Expenses |
0.501 |
0.965 |
0.949 |
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Power & Fuel |
22.220 |
20.515 |
17.630 |
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Depreciation & Amortization |
29.143 |
30.616 |
45.799 |
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Other Expenditure |
49.994 |
55.932 |
54.446 |
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Total Expenditure |
493.425 |
480.130 |
394.997 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
9.04
|
9.53 |
8.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.52
|
14.89 |
14.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.99
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26.91 |
22.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.41 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.47
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0.49 |
0.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.57
|
1.44 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U34300DL1991PLC046656 |
|
Name of the company |
CLIMATE SYSTEMS INDIA LIMITED |
|
Address |
11TH Floor Jeevan Parkash , 25 Kasturba Gandhi Marg, New
Delhi – 110 001, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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HDFC Bank Limited Address: Mariam Center , III Floor, 751-B, Anna Salai , Chennai – 600
002, Tamil Nadu, India E-mail; Athena.fernadez@hdfcbank.com |
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Nature or description of the instrument creating charge |
Letter of Hypothecation of
stock and book debts , letter of
general lien and set off |
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Date of the instrument creating charge |
24.04.2006 |
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Amount Secure by the charge |
Rs. 50.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Cash Credit / WCDL facility on demand and Interest as advised by the
bank from time to time pay able with monthly rest LC / BG as per commission
as advised by bank from time to time (Tenor for LC is 180 days and for BG
tenor is 2 years including claim period ) The facility is secured by pari
passu first charge. |
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Description of the property charge whether it is a charge on |
· Stock in trade · Book Debts |
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Particulars of the Property charged
|
Pari passu first charge on all
existing current assets of the company (including stock and book debts) at
Bhiwadi Plant. |
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.42.72 |
|
UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.66.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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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 |
YES |
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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 |
|
63 |
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 |
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