MIRA
INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
COOLWAYS CONDITIONING PRIVATE LIMITED |
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Registered Office : |
H. No. 219, Sector 33 A, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
53-014060 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.328 Million |
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CIN No.: [Company
Identification No.] |
U29308CH1993PTC014060 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLC10359G |
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PAN No.: [Permanent
Account No.] |
AABCC5770F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Manufacturer of Air Conditioner and Spares. |
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No. of Employees: |
Approximately 24 ( In Office – 12, In Factory – 10, In Branches – 2 ) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activated are
limited. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Inderjeet Singh |
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Designation : |
Director |
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Contact No.: |
91-9915282409 |
LOCATIONS
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Registered Office : |
H. No. 219, Sector 33 A, |
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Tel. No.: |
91-172-5079264 / 5079265 |
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E-Mail : |
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Area : |
2000 Sq. Fts |
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Location : |
Rented |
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Factory 1 : |
SCO – 258, Sector – 44 – C, |
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Location : |
Owned |
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Factory 2 : |
24/4, Industrial Area, Phase II, |
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Location : |
Owned |
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Branches : |
1353/11, Phase XI, SAS Nagar, Mohali, |
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Area : |
500 Sq. Fts |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mrs. Mohinder Kaur |
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Designation : |
Director |
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Address : |
House No. 219, Sector 33 A, |
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Date of Birth/Age : |
17.04.1950 |
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Qualification : |
Graduate |
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Date of Appointment : |
28.12.1993 |
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DIN No.: |
00885334 |
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Name : |
Mr. Jasmeet Singh |
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Designation : |
Director |
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Address : |
House No. 219, Sector 33 A, |
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Date of Birth/Age : |
06.02.1977 |
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Qualification : |
Graduate |
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Date of Appointment : |
28.12.1993 |
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DIN No.: |
00885282 |
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Name : |
Mr. Inderjeet Singh |
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Designation : |
Director |
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Address : |
House No. 219, Sector 33 A, |
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Date of Birth/Age : |
11.01.1949 |
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Date of Appointment : |
04.09.1995 |
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DIN No.: |
00853751 |
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Name : |
Mr. Harmeet Singh |
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Designation : |
Director |
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Address : |
House No. 219, Sector 33 A, |
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Date of Birth/Age : |
02.09.1980 |
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Qualification : |
B. Com, MBA |
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Date of Appointment : |
20.05.2004 |
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DIN No.: |
00885311 |
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Name : |
Mr. Mohinder Kaur |
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Designation : |
Director |
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Date of Appointment: |
28.12.1993 |
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DIN No.: |
00885334 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mohinder Kaur |
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1220 |
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Jasmeet Singh |
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650 |
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Inderjit Singh |
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1410 |
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Total |
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3280 |
Equity Share
Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Manufacturer of Air Conditioner and Spares. |
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Products : |
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Agencies Held : |
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GENERAL INFORMATION
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No. of Employees : |
Approximately 24 ( In Office – 12, In Factory – 10, In Branches – 2 ) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agarwal Raman and Associates Chartered Accountant |
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Address : |
SCO-35, Second Floor, Madhya Marg, Sector – 26, |
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Tel. No.: |
91-172-2790366/ 2790075 |
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Fax No.: |
91-172-2790260 |
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Email: |
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Associates/Subsidiaries : |
As on 31.03.2007
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- Each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3280 |
Equity Shares |
Rs.100/- Each |
Rs.0.328 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.328 |
0.328 |
0.328 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.622 |
2.254 |
1.904 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.950 |
2.582 |
2.232 |
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LOAN FUNDS |
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1] Secured Loans |
0.519 |
0.220 |
0.438 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.519 |
0.220 |
0.438 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.469 |
2.802 |
2.670 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.678 |
1.107 |
1.258 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
2.992
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1.025 |
1.825 |
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Sundry Debtors |
5.274
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4.750 |
3.896 |
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Cash & Bank Balances |
0.926
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0.396 |
0.047 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.791
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1.625 |
0.774 |
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Total
Current Assets |
10.983
|
7.796 |
6.542 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.636
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1.691 |
1.731 |
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Other Current Liabilities |
5.957
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4.047 |
3.399 |
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Provisions |
0.599
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0.363 |
0.000 |
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Total
Current Liabilities |
9.192
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6.101 |
5.130 |
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Net Current Assets |
1.791
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1.695 |
1.412 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.469 |
2.802 |
2.670 |
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PROFIT &
LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
30.149 |
21.924 |
21.920 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
29.545 |
21.212 |
20.685 |
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Depreciation |
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Financial Charges |
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TOTAL |
29.545 |
21.212 |
20.685
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PROFIT BEFORE
TAX |
0.604 |
0.712 |
1.235 |
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Less |
TAX |
0.236 |
0.363 |
0.000 |
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PROFIT AFTER TAX
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0.368 |
0.349 |
1.235 |
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Earnings Per
Share (Rs.) |
112.20 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
PAT / Total Income
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(%)
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1.22
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1.59 |
5.63 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
4.77
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7.99 |
15.83 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.20
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0.28 |
0.55 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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3.29
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2.45 |
2.49 |
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Current Ratio
(Current
Asset/Current Liability) |
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1.19
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1.28 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
Business
Manufacturer, Trader and Dealer of Air-Conditioning Refrigerator
Manufacture Carrier Air Con Limited, Carrier Refrigeration Private Limited,
Subros Limited, Arctic India Limited (Energy Recovery Ventilator)
Performance:
The company has
earned a profit of Rs. 0.604 Million before making a provision for Income Tax
for Rs. 0.237 Million during the financial year.
Bankers Charges
Report as per Registry
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Name of the company |
COOLWAYS
CONDITIONING PRIVATE LIMITED |
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Presented By |
Mr. Inderjit Singh,
Executive Director |
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1) Date and description of instrument creating the change |
21.01.1999
Agreement for Cash Credit Limit Hypothecation of Stock |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Million |
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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 |
Hypothecation of
Stock of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term and
conditions as per hypothecation agreement PNB 148 Rate of Interest 16 % + Tax
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Sector 33A, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Fixed Assets:
- Furniture and
Fixture
- Electrical
Installations
- Tools and
Equipments
- Scooter
- Cycle
- Electronic
Type
- EPABX
- Car
- Computer
- Telephone
- Sony Camera
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.44.38 |
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|
1 |
Rs.72.21 |
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Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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 |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.