%20PRIVATE%20LIMITED%20-132520%2023-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
CIRCULAR AIRCON ( |
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Registered Office : |
404, Amity Co-op HSG Society, Mhada Oashiwara, Building 18, Andheri
(West), Mumbai – 400053, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
24.01.1995 |
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Com. Reg. No.: |
11-084919 |
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CIN No.: [Company
Identification No.] |
U29191MH1995PTC084919 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer of Carrier, Air Conditioning Project Industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 35000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered for normal 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
404, Amity Co-op HSG Society, Mhada Oashiwara, Building 18, Andheri
(West), Mumbai – 400053, |
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Email: |
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Corporate Office : |
Gala No.1, Mehta Industrial Estate, |
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Tel No.: |
91-22-65705015/5016 |
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Fax No.: |
91-22-26861514 |
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E-Mail : |
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Administrative Office: |
# 33, Surve Service Premises Co-Operative Society Limited, 1st
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Tel No.: |
91-22-40902888/26865732/33 |
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Fax No.: |
91-22-40902805 |
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E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mrs. Rakhi Amit Malik |
|
Designation : |
Director |
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Address : |
404, Building No. 18, Amity Co-Operative Hosing Society, Mhada
Oshiwara, Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
13.12.1971 |
|
Date of Appointment : |
01.08.2003 |
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Name : |
Mr. Amit Yashpal Malik |
|
Designation : |
Director |
|
Address : |
404, Building No. 18, Amity Co-Operative Hosing Society, Mhada
Oshiwara, Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
12.04.1968 |
|
Date of Appointment : |
01.08.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Amit Yashpal Malik |
|
64725 |
|
Rakhi Amit Malik |
|
35275 |
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|
|
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Total |
|
100000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Carrier, Air Conditioning Project Industry. |
GENERAL INFORMATION
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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 : |
TMG and Associates Chartered Accountant |
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Address : |
A-5, Sai Shakti CHSL, Hari Shanker Joshi Road, Dahisar (E),
Mumbai-400068, Maharashtra, India |
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Tel. No.: |
91-22-28280324 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
7.921 |
6.757 |
4.355 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.921 |
7.757 |
5.355 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
15.420 |
5.861 |
5.862 |
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2] Unsecured Loans |
8.194 |
9.829 |
6.737 |
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TOTAL BORROWING |
23.614 |
15.690 |
12.599 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
32.535 |
23.447 |
17.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.587 |
4.072 |
1.175 |
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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 |
0.033 |
0.049 |
0.028 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
31.283
|
30.280 |
23.300 |
|
|
Sundry Debtors |
19.580
|
27.048 |
17.577 |
|
|
Cash & Bank Balances |
4.247
|
0.156 |
1.045 |
|
|
Other Current Assets |
0.000
|
0.000 |
2.490 |
|
|
Loans & Advances |
5.377
|
5.189 |
4.863 |
|
Total
Current Assets |
60.487
|
62.673 |
49.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.369
|
21.022 |
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Other Current Liabilities |
14.130
|
19.417 |
30.762 |
|
|
Provisions |
3.073
|
2.908 |
1.762 |
|
Total
Current Liabilities |
32.572
|
43.347 |
32.524 |
|
|
Net Current Assets |
27.915
|
19.326 |
16.751 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.535 |
23.447 |
17.954 |
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%20PRIVATE%20LIMITED%20-132520%2023-Feb-2011_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
69.569 |
72.565 |
62.347 |
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Other Income |
0.000 |
0.682 |
0.209 |
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TOTAL |
69.569 |
73.247 |
62.556 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
65.460 |
69.613 |
60.042 |
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.109 |
3.634 |
2.514 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.215 |
0.380 |
0.339 |
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PROFIT BEFORE
TAX |
1.894 |
3.254 |
2.175 |
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Less |
TAX |
1.112 |
0.852 |
0.784 |
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PROFIT AFTER TAX
|
0.782 |
2.402 |
1.391 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.477 |
5.075 |
3.684 |
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BALANCE CARRIED
TO THE B/S |
8.259 |
7.477 |
5.075 |
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Earnings Per
Share (Rs.) |
7.82 |
24.02 |
NA |
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%20PRIVATE%20LIMITED%20-132520%2023-Feb-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.12
|
3.28 |
2.22 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
4.48 |
3.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.91
|
4.88 |
4.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.42 |
0.41 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.30
|
7.61 |
8.43 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.45 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
During the year the turnover of the company declined form Rs.72.565 millions
to Rs.69.569 millions. The net profit after taxes and including provision for
earlier years shortfall declined from Rs.2.402 millions to Rs.0.782 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90213791 |
|
Corporate
identity number of the company |
U29191MH1995PTC084919 |
|
Name of the
company |
CIRCULAR AIRCON ( |
|
Address of the registered
office or of the principal place of
business in |
404, Amity Co-op HSG Society, Mhada Oashiwara, Building 18, Andheri
(West), Mumbai – 400053, |
|
Type of charge |
Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
Bank of Maharashtra, Shri Swami Samarth Nagar, Lokhandwala Complex,
Andheri (West), Mumbai-400053, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
record of additional equitable mortgage |
|
Date of
instrument Creating the charge |
23.06.2010 |
|
Amount secured by
the charge |
Rs.35.419
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per RBPF
rating of the company being "AA" the ROI will be BPLR + 0.50% p.a.
with monthly rests @ present BPLR being 12.25% p.a. The ROI is subject to
change with change in BPLR. Terms of
Repayment The Borrower
shall on demand pay the whole amount due to the Bank with interest and cost. Margin Margin - 25% Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. Others Equitable
Mortgage of immovable property described in Col. 15 to secure aggregate
limits of Rs.13.750 Millions
sanctioned/disbursed by Bank of Maharashtra to the Company and Rs.21.669 Millions sanctioned/disbursed by Bank of Maharashtra
M/s. CMN Distributors Private Limited, total aggregating to Rs.35.419
Millions . |
|
Short particulars
of the property charged |
I)
Equitable
Mortgage of immovable property being, Gala No.33 admeasuring about 589 sq.fts. carpet area along with terrace
admeasuring about 3630 sq.fts. on the 1st Floor in building known as II)
"Surve
Services Premises Co-op. Society Ltd." constructed on land bearing
C.T.S. No. 376A & 87B, Village Pahadi Goregaon, Taluka Borivali, Mumbai. |
|
Date of latest
modification prior to the present modification |
28.08.2009 |
|
Particulars of
the present modification |
Charge enhanced
from Rs.23.280 millions to Rs.35.419 millions. |
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 records 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.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.