MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KIRLOSKAR CHILLERS PRIVATE LIMITED |
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Formerly Known As : |
KIRLOSKAR MCQUAY PRIVATE LIMITED |
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Registered Office : |
Post Box No. 1239, Hadapsar Industrial Estate, Pune – 411 013,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1995 |
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Com. Reg. No.: |
11-95733 |
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CIN No.: [Company
Identification No.] |
U29191PN1995PTC095733 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01042G |
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PAN No.: [Permanent
Account No.] |
AABCK1730B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Chiller Products. |
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 680000 |
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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 part of Kirloskar Group, a well established group in West
India. Available information indicates satisfactory financial responsibility of
the company and its management. Trade relations are fair. Business is active.
General reputation is favourable. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Pritam |
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Designation : |
Purchase Assistant |
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Date : |
23.09.2008 |
LOCATIONS
|
Registered Office : |
Post Box No. 1239, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra,
India |
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Tel. No.: |
91-20-26821502 – 06 |
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Fax No.: |
91-20-26821509 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Rented |
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Factory : |
Saswad Works, Taluka Purandar, Pune – 412 301, Maharashtra, India |
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Area : |
20000 Sq. ft. (Building up Area) |
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Location : |
Owned |
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Branch Office : |
Located at ·
Mumbai ·
New Delhi ·
Chennai ·
Bangalore |
DIRECTORS
|
Name : |
Mr. Sudhakar Ganesh Chitnis |
|
Designation : |
Chairman cum Managing Director |
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Address : |
Parimal No. 22, Lane 3, Navketan Society, Kothrud, Pune – 411 029,
Maharashtra, India |
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Date of Birth/Age : |
23.01.1941 |
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Date of Appointment : |
29.06.2002 |
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Name : |
Mr. Ramchandra Hari Mustikar |
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Designation : |
Director |
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Address : |
Pratima Housing Society, Behind Benzer Design, Bibwewadi, Pune – 411
037, Maharashtra, India |
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Date of Birth/Age : |
27.08.1945 |
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Date of Appointment : |
29.06.2002 |
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Name : |
Mr. Ho Nyuk Choy |
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Designation : |
Director |
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Address : |
50, Jalan SS 18 4C, Subang Jaya, Malasia |
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Date of Birth/Age : |
16.05.1954 |
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Date of Appointment : |
27.05.2004 |
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Name : |
Mr. Claudio Capozio |
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Designation : |
Director |
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Address : |
Via Dei Cerri 32, 00040 Ariccia, Roma - 467651, Italy |
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Date of Birth/Age : |
05.07.1954 |
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Date of Appointment : |
31.03.1999 |
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Name : |
Mr. Aditya Kaushik |
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Designation : |
Director |
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Date of Birth/Age : |
17.05.1955 |
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Date of Appointment : |
29.09.2006 |
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Name : |
Mr. Premkumar Gangadharan Panicker |
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Designation : |
Alternate Director |
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Address : |
AAF Mcquay LLC, P O Box 28564, Dubai – 110226905, UA |
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Name : |
Mr. Eric Roberts |
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Designation : |
Director |
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Address : |
Mcquay International, 13600 Industrial Park, BLVD, Minneapolis –
55441, US |
KEY EXECUTIVES
|
Name : |
M/s S V Deulkar and Company |
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Designation : |
Company Secretary |
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Address : |
63, Ashoknagar, Pune 411007 |
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Tel No.: |
91-20-25675465 |
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Fax No.: |
91-20-25536547 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Kirloskar Pneumatic Company Limited |
750000 |
|
Better value Holding Private Limited |
750000 |
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Total |
1500000 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Chiller Products. |
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Imports : |
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Countries : |
·
USA ·
UK |
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Terms : |
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Selling : |
Credit (30 days / 60 days) |
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Purchasing : |
L/C and Credit (30 days / 60 days) |
GENERAL
INFORMATION
|
Customers : |
·
End Users ·
OEM’s Pharmaceutical
Sector ·
Orchid Chemicals and Pharmaceuticals Limited ·
Serum Institute of India Limited ·
Micro Labs Limited ·
Macleods Pharmaceuticals Limited ·
V. B. Medicare Malls, Multiplexes,
Retail Sector ·
Ansal Properties ·
Pantaloon ·
Hitec City ·
World Trade Centre ·
American Embassy School Industrial
Sector ·
Reliance Group ·
JBF Limited ·
SRF Limited ·
Garden Silk Mills Limited ·
Owens Corning India Limited Automobile
Sector ·
Mahindra and Mahindra Limited ·
Tata Motors Limited ·
Hyundai Motor India ·
Motor Industries Company Limited ·
Toyota Kirloskar Motor Private Limited IT Sector ·
Prestige Technology Park ·
South City ·
U B City ·
MIDC IT Park ·
Dell Computers Hospital Sector ·
Sri Ramachandra Hospital ·
Safdarjung Hospital ·
SRM Institute of Science & Technology ·
RML Hospital ·
Govt. Medical College Hotel Sector ·
Taj Group of Hotels ·
Marriott Hotels ·
Sahil Radisson Resort and SPA ·
Hotel Viceroy ·
Hotel Tunga Regale Government
Sector ·
Nuclear Power Corporation of India Limited ·
Dept. of Atomic Energy ·
Indian Space Research Organisation ·
Reserve Bank of India ·
Opto Electronics Factory |
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No. of Employees : |
200 |
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Bankers : |
Corporation Bank H-2406, East Street, Camp, Pune – 411 001, Maharashtra, India |
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Facilities : |
O/D, CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
S R Batliboi and Associates Chartered Accountants Address : Linnelle Walker,
C 401, Panchsheel Tech Park, Yerwada, Pune – 411 006, Maharashtra, India ·
S B Billimoria and Company Chartered Accountants Address
: 5, The Landmark, 42, Aundh Road, Range Hills, Khadki, Pune – 411 020,
Maharashtra, India |
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Associates/Subsidiaries : |
·
Kirloskar Pneumatic Limited ·
Kirloskar Oil Engines Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
15.000 |
15.000 |
15.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
120.826 |
78.283 |
47.097 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
135.826 |
93.283 |
62.097 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
4.378 |
0.000 |
11.637 |
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2] Unsecured Loans |
9.383 |
9.383 |
9.383 |
|
|
TOTAL BORROWING |
13.761 |
9.383 |
21.020 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
149.587 |
102.666 |
83.117 |
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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FIXED ASSETS [Net Block] |
8.783 |
7.595 |
7.762 |
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Capital work-in-progress |
0.270 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.765 |
4.528 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
100.989
|
48.206 |
33.078 |
|
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Sundry Debtors |
106.968
|
71.610 |
94.577 |
|
|
Cash & Bank Balances |
71.560
|
77.225 |
47.603 |
|
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Other Current Assets |
10.131
|
6.260 |
0.000 |
|
|
Loans & Advances |
26.647
|
15.970 |
59.024 |
|
Total
Current Assets |
316.295
|
219.271 |
234.282 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
149.087
|
98.678 |
76.610 |
|
|
Provisions |
29.439
|
30.050 |
82.332 |
|
Total
Current Liabilities |
178.526
|
128.728 |
158.942 |
|
|
Net Current Assets |
137.769
|
90.543 |
75.340 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
149.587 |
102.666 |
83.117 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
490.929 |
377.201 |
292.437 |
|
|
Other Income |
14.780 |
6.533 |
0.000 |
|
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Total Income |
505.709 |
383.734 |
292.437 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
88.619 |
68.520 |
50.022 |
|
|
Provision for Taxation |
28.527 |
20.230 |
19.719 |
|
|
Profit/(Loss) After Tax |
60.092 |
48.290 |
30.303 |
|
|
|
|
|
|
|
|
FOB Value |
8.205 |
6.443 |
0.000 |
|
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
71.817 |
30.469 |
0.000 |
|
|
Stores & Spares |
15.925 |
9.662 |
0.000 |
|
|
Capital Goods |
119.597 |
109.580 |
0.000 |
|
Total Imports |
207.339 |
149.711 |
0.000 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
5.046 |
2.600 |
0.000 |
|
|
Depreciation & Amortization |
1.399 |
1.894 |
1.582 |
|
|
Other Expenditure |
410.645 |
310.720 |
240.833 |
|
Total Expenditure |
417.090 |
315.214 |
242.415 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.88
|
12.58 |
10.36 |
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
18.05
|
18.16 |
17.11 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.26
|
30.20 |
20.67 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
0.73 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.42
|
1.48 |
2.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.70 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
M W Zendor (Consultant)
·
Taj Group of Hotels, Delhi
Form No. 8
|
Name of the company |
KIRLOSKAR MCQUAY PRIVATE LIMITED |
||||||||||||
|
Presented By |
J Ram Kumar |
||||||||||||
|
1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movables / Assets / Debts dated 1st June, 1998 |
||||||||||||
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.250 millions |
||||||||||||
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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 |
Plant and Machineries,
furniture and fixtures, raw materials, spares and accessories, WIP, finished
goods and book debts |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
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||||||||||||
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank CAMP Branch, Gen.
Thimmaya Road, CAMP, Pune – 411 001, Maharashtra, India |
||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Common Deed of
Hypothecation of movables / assets / debts rated 14th July, 2000 Original charge
created on 7th June, 1998 Modified on 8th
May, 1999 |
||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
1.
Cash Credit
increased from Rs.20.000 millions to Rs.25.000 millions 2.
Bank Guarantee
increased from Rs.5.000 millions to Rs.20.000 millions 3.
L/C Limit
decreased from Rs.10.000 millions to Rs.5.000 millions Overall modified
limits will be Rs.50.000 millions. |
Web Details
Flexible, futuristic HVAC and R solutions, knowledge-based expertise.
The only chiller
manufacturer in India having centrifugal, screw and reciprocating technology
under one roof.
Designed for a wide range of operating conditions including brine applications,
Subject offer superior operating efficiency, design flexibility, unmatched
reliability and easy serviceability.
More than 275,000 TR capacity
equipment – over 1200 chillers –
already running in the field.
Responsive after-sales support ensures reliable operation through the entire
lifetime of the equipment.
Take pride in introducing ozone safe,
eco-friendly technology to India.
Proud to be the only manufacturer
in India with the prestigious ARI
certification for its water-cooled screw and centrifugal
chillers.
Set up a new state-of-the-art manufacturing facility at Saswad near Pune,
inaugurated on 30th April 2008. The new factory will have the first ARI
certified test bed in India.
Kirloskar Centrifugal Chillers offer unparalleled return on investment throughout their life cycle.
Centrifugal Chillers
Positive
pressure design
with ozone friendly HFC134a refrigerant ensures that
all components operate above
atmospheric pressure. This avoids air and moisture seepage into the
refrigeration circuit and eliminates the need for a purge system, a drawback of
chillers using negative pressure refrigerants.
A microprocessor controller with user-friendly color touchscreen operating
interface panel monitors and controls chiller performance. These chillers are
also integrated seamlessly with user's BAS using BACnet, LONWORKS or
Modbus communication protocols.
Chillers have the smallest footprint in the industry to save valuable floor
space. Upgraded impeller designs result in substantial energy savings,
with superior part load efficiencies. Variable frequency drives are
available as an option. Chillers are offered in single and dual compressor
configurations.
Indigenous manufacturing with excellent spares and service support are a
highlight of Kirloskar Centrifugal Chillers. Every chiller is factory tested
before dispatch.
Certifications
Subject is the first and only chiller manufacturer in India to have its range
of water cooled centrifugal and screw water chillers certified by ARI under the
ARI 550/590-2003 standard. This authenticates subject’s claim of chillers
designed and manufactured to global standards.
Subject has a
continuous commitment to supply chillers that perform as specified. On-going
performance verification of chiller capacity and power input provides the owner
with specified performance in accordance with the ARI Standard 550/590-2003.
Join the company that
offers
Accelerated and Rewarding Careers...
They
are a Kirloskar Group company and manufacturers of Chiller products in India.
They are poised for rapid growth and looking for dynamic and result oriented
HVAC professionals to join them in various positoins.
Regional Head
- (Bangalore, New Delhi)
BE
(Mech/Elect/ACR) with 12-15 years experience including heading sales and
Service Business in a region.
Head - All India Service (Pune)
BE
(Mech/Elect/ACR) with 12-15 years experience of managing customer support
operations as well as Spares/Services business.
Manager - Engineering (Pune)
Post
Graduate in Engineering with 8-10 years experience in Product development and
Engineering activities.
Manager - Sales (Pune, Mumbai, Delhi, Bangalore, Chennai)
BE
(Mech/Elect/ AC and R) with 8-10 years experience of selling HVAC/other capital
equipment.
Manager - Service (Pune, Mumbai,Delhi, Bangalore, Chennai)
Graduate/Diploma
in Mech/Elect/AC and R with 8-10 years experience of servicing AC and R
equipment.
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|