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MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
STULZ- CHSPL ( |
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Registered Office : |
6/ Jagruti Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.04.1996 |
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Com. Reg. No.: |
11-98823 |
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CIN No.: [Company
Identification No.] |
U29192MH1996PTC098823 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC07443C |
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PAN No.: [Permanent
Account No.] |
AABCC5320P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of servicing of heating systems
ventilation Systems in Air Condition |
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 1500000 |
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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 company having satisfactory track. Trade relations are fair.
Financial Position is satisfactory. Payments are usually correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Vankatesh |
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Designation : |
Finance Manager |
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Date : |
21.11.2008 |
LOCATIONS
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Registered Office : |
6/ Jagruti Industrial Estate, |
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Tel. No.: |
91-22-24379611/ 32446954 |
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Fax No.: |
91-22-66669/ 448 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft (Owned) |
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Corporate Office : |
15, Meera Cooperative
Housing Society, |
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Tel. No.: |
91 - 22 - 4376615 / 4379173 |
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Fax No.: |
91 - 22 - 4377764 |
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E-Mail : |
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Area : |
200 sq. ft. (Rented) |
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Factory : |
A-173, ITC Industrial Area, Navi Mumbai, |
DIRECTORS
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Name : |
Mr. Juergen Stulz |
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Designation : |
Director |
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Address : |
Erlenweg, 4, |
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Date of Birth/Age : |
29.01.1947 |
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Date of Appointment : |
08.06.2006 |
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Name : |
Mr. Kurt Juergen Ploetner |
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Designation : |
Nominee Director |
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Address : |
Rudolf- Kinau-Strasse 5, Buchholz-21244, |
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Date of Birth/Age : |
01.03.1945 |
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Date of Appointment : |
08.06.2006 |
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Name : |
Mr. Ulrioch Werenicz |
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Designation : |
Nominee Director |
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Address : |
IM Ginsterbusch 9, Hamburg-22457, |
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Date of Birth/Age : |
14.01.1956 |
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Date of Appointment : |
08.06.2006 |
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Name : |
Mr. Suresh Balkrishnan |
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Designation : |
Managing Director |
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Address : |
3rd Floor, Mira Co-operative Society, |
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Date of Birth/Age : |
08.04.1974 |
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Date of Appointment : |
11.04.1996 |
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Name : |
Mr. Balakrishnan
Thyagarajan |
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Designation : |
Whole-time Director |
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Address : |
B-4, Prakash
Nagar Co-Operative Society, |
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Date of Birth/Age : |
30.10.1943 |
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Date of Appointment : |
01.06.2006 |
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Tel. No.: |
91-22-56669447 |
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Fax No.: |
91-22-56669448 |
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Name : |
Mr. Balkrishnan
Rajesh T |
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Designation : |
Managing Director |
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Address : |
3rd Floor, Meera Cooperative Housing Society, |
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Date of Birth/Age : |
02.10.1971 |
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Qualification : |
BSc |
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Experience : |
14 Years |
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Date of Appointment : |
11.14.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Vankatesh |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.06.2008
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Balkrishan |
|
1225000 |
|
Suresh Balkrishan |
|
1225000 |
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Stulz GMBH |
|
2550000 |
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Total |
|
5000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or others |
|
51.00 |
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Directors or relatives of directors |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Distributor and Exporter of servicing of heating systems
ventilation Systems in Air Condition |
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Products : |
v Air Conditioners v Air/Air Exchangers v Air/Water Exchangers v Filter Fans v Liquid chillers v Air conditioners TLC v
Installation
of Air-conditioning System v
Maintenance
of Air-conditioning System |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit ( 60 Days) and D/P |
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Purchasing : |
Credit ( 30 Days) |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
ICICI Bank, Mahim Branch |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Pandit and Company Chartered Accountnat |
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Address : |
A-302,
Chttrakoot, Kashinath, |
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Tel. No.: |
91-22-24309178 |
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Fax No.: |
91-22-24328226 |
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Associates/Subsidiaries : |
STULZ, |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 50.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
258.934 |
160.042 |
90.907 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
308.934 |
210.042 |
91.007 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.690 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.832 |
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TOTAL BORROWING |
0.000 |
0.000 |
2.522 |
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DEFERRED TAX LIABILITIES |
1.628 |
0.035 |
0.545 |
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TOTAL |
310.562 |
210.077 |
94.074 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
107.802 |
23.934 |
15.464 |
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Capital work-in-progress |
0.000 |
74.766 |
0.000 |
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INVESTMENT |
0.030 |
0.030 |
0.030 |
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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 |
75.244
|
32.083 |
20.973 |
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Sundry Debtors |
162.860
|
43.546 |
33.877 |
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Cash & Bank Balances |
108.675
|
80.485 |
44.094 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.304
|
16.404 |
8.336 |
|
Total
Current Assets |
358.083
|
172.518 |
107.280 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
149.556
|
60.901 |
27.470 |
|
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Provisions |
5.797
|
0.270 |
1.230 |
|
Total
Current Liabilities |
155.353
|
61.171 |
28.700 |
|
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Net Current Assets |
202.730
|
111.347 |
78.580 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
310.562 |
210.077 |
94.074 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
183.083 |
153.899 |
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Other Income |
|
36.886 |
20.677 |
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Total Income |
|
219.969 |
174.576 |
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Profit/(Loss) Before Tax |
|
66.794 |
73.814 |
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Provision for Taxation |
|
21.174 |
23.884 |
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Profit/(Loss) After Tax |
|
45.620 |
49.930 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
16.270 |
17.510 |
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Imports : |
|
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Import Value |
|
32.010 |
34.730 |
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Expenditures : |
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Manufacturing Expenses |
|
43.702 |
31.006 |
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Raw Material Consumed |
|
88.394 |
60.741 |
|
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Depreciation & Amortization |
|
1.135 |
0.868 |
|
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Other Expenditure |
|
19.946 |
8.147 |
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Total Expenditure |
|
153.175 |
100.762 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
NA
|
20.74 |
28.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
36.48 |
47.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
34.00 |
60.14 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.32 |
0.81 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.29 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
|
2.30
|
2.82 |
3.74 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Reliance
·
INTEL
Fixed Assets:
v
v
Machinery
v
Building
v
Computer
v
Car
v
Electrical Fittings
v
Office Equipments
v
Office Tools
v
Furniture
AS PER WEBSITE:
COMFORT HVAC SYSTEMS PRIVATE LIMITED is a Mumbai based
company established in 1996 having office in Mumbai / Bangalore/Delhi and
factory at Daman.The promoters of the company have over 30 years of HVAC
experience.
The company has an annual turnover of
approx. 3 million USD and prime business is undertaking of turnkey projects for
precision and comfort air conditioning, the company has also ventured into VRV
Systems to enlarge the application rage of their contracting business.
CHSPL has executed several landmark
projects for Precision air conditioning including largest server rooms / data
centres in
The strength of the company lies in its
infrastructure to provide in-house installation and maintenance support with
its technically trained engineers and technicians.
COMFORT HVAC SYSTEMS PRIVATE LIMITED has
installed over 15.000 tons of state-of-the-art Precision A/C units made in
In the year 2004 - 05 COMFORT HVAC SYSTEMS
PRIVATE also started to produce a range of STULZ Broadband Precision A/C
Products under a licence agreement with STULZ GmbH, Hamburg/Germany.
Profile:
WAREHOUSE:
One of Cosmotec greatest strenghts is the
availability of standard articles in stock. Their customers will be fully
satisfied of their ready delivery, in a few days from the placement of the
order they will receive the goods in their premises.
PRODUCTION DEPARTMENT:
More than 100 highly trained workers are
manufacturing their products in 7 production lines and in 3 pruction islands.
At the end of the production all items are undergone to different tests:
electrical, functional and vacuum. The results are written in a test
certificate which accompanies the unit and is the warranty of the quality of
their products.
R&D:
The big innovation of 2003 are the two new
climatic rooms; they can now test units simulating environment condition from -10°C
to +70°C, relative humidity from 10% to 100%, 50/60 HZ and whatever voltage.
They have also invested in acoustics pression analysis buying a Bruel and Kjaer
phonometer (precision sonorous modular analyser 2260) which represents the
state of art available nowadays.
TECHNICAL DEPARTMENT:
Their highly qualified draughtsmen and
engineer work constantly to improve the quality of their units, to apply the
most modern innovation and to project new products. They can boast experts of
mecanic, design, electronics, engineering and quality assurance. They use the
most modern design instruments to develop their studies (Solid Edge, Autocad,
Eplan).
AFTER SALES:
Part of their staff is at the disposal for
any kind of after sales matters such as instructions on technical installation.
CHSPL established in 1996 are Partners for STULZ Gmbh (
The corporate clients of the company include,
INTEL / IBM / HEWLETT PACKARD / MICROSOFT / HSBC / AMERICAN EXPRESS / ORACLE /
ABN AMRO / GE / TIMKEN /
Products comply to EU standards / ISO 9001
standards and German safety standards.
Product range
includes:
·
Precision airconditioners.
·
High Sensible cooling airconditioners.
·
Package airconditioners.
·
Ductable split airconditioners.
·
Air handling units.
Compact Line DX
The Stulz Compact Line DX Precision Air
Conditioners can be used to ideally meet the requirements of removing large heat
loads cost effectively in the smallest possible space maintaining tolerance of
temperature with ±1°C & Humidity ±5%.
The Compact Line DX range is available in Upflow
and Downflow versions and caters to cooling loads from 5-27 Tons.
The Compact Line DX is equipped with 'Stulz
Microprocessor Controller' that provides, adjustment of set points, regulations
parameters and alarm parameters and can be integrated with Stulz monitoring
systems and Building Management Systems (BMS). Optional Possibility is to add
VFD for Power saving.
Units comply with European
Standards, ISO9001 Manufacturing standards and German Standards for Safety.
Units designed to work on 24Hrs. x 365 days operation.
Compact Line Chilled Water
Systems
The Stulz Compact Line CW are Precision Air Handling Units designed for maximum reliability of system working on Chilled Water to cater to room condition requirement.
The unit is equipped with Automatic Valves,
Reheat, Humidifier plus a range of options and additional accessories like VFD
to enhance power saving.
Units comply with European Standards, ISO 9001 Manufacturing
standards and German Standards for Safety and designed to work on 24Hrs. x 365
operations.
Modular
Line
STULZ Dual Fluid Precision Air conditioners are designed to operate as Stand Alone Dx Units or Air Handling Units depending on availability of Chilled Water, to ensure power saving i.e. when building central chiller is in operation the compressor is in OFF Mode and unit operates on Chilled Water Model (Air Handling Unit Operation).
On weekends/ Holidays/ Night operation, when
chilled water is not available, the unit automatically switches over to compressor
mode i.e. Dx operations. The unit are available in capacity from 5-13 Ton. The
unit can be equipped with heater, humidifier, VFD etc. as required.
Units comply to European
Standards, ISO9001 Manufacturing standards and German Standards for Safety.
Units designed to work on 24Hrs. x 365 days operation.
Mini Space
The Mini-Space Units are available in Dx & Chilled Water
versions. The units are available in capacity of 1.5 TR to 7 TR. The units are
suited for Small Computer Rooms/ Telecom Room Application and are available in
Upflow/ Downflow versions. Units can be equipped with Reheat, Humidifier, VFD
etc. as required.
Units comply to European Standards, ISO9001
Manufacturing standards and German Standards for Safety. Units designed to work
on 24Hrs. x 365 days operation
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.50.03 |
|
|
1 |
Rs.74.42 |
|
Euro |
1 |
Rs.67.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
|