MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
CRISTOPIA ENERGY SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
Village Umrikheda, 12th |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
29.06.1993 |
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Com. Reg. No.: |
10-007748 |
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CIN No.: [Company Identification
No.] |
U40106MP1993PTC007748 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLC01132F |
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PAN No.: [Permanent Account No.] |
AAACC6792J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Screw Chillers and Thermal Energy Storage Systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 348300 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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) |
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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 |
LOCATIONS
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Registered Office : |
Village Umrikheda, 12th |
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Tel. No.: |
91-731-4228321 / 4228333 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.06.2010
|
Name : |
Ms. Surekha Kemkar |
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Designation : |
Director |
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Address : |
C/O Cristopia Energy Systems, Village, Umri Kheda, Tejaji Nagar, 12
K.M. Indore Khandwa Road, Indore – 452020, Madhya Pradesh, India |
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Date of Birth/Age : |
15.09.1952 |
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Date of Appointment : |
18.03.2010 |
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Din : |
00969972 |
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Name : |
Mr. Deepak Kemkar |
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Designation : |
Director |
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Address : |
C/O Cristopia Energy Systems, Village, Umri Kheda, Tejaji Nagar, 12
K.M. Indore Khandwa Road, Indore – 452020, Madhya Pradesh, India |
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Date of Birth/Age : |
25.08.1949 |
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Date of Appointment : |
29.06.1993 |
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Din : |
00280498 |
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Name : |
Mr. Christian Lenotre |
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Designation : |
Director |
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Address : |
163, Chemin De La Santoline, Le Bar |
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Date of Birth/Age : |
01.10.1953 |
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Date of Appointment : |
31.08.1995 |
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Din : |
02884722 |
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Name : |
Mr. Dominique De Gells |
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Designation : |
Director |
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Address : |
16, Chemin Des Sayettes, |
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Date of Birth/Age : |
21.11.1954 |
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Date of Appointment : |
15.03.2006 |
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Din : |
02564003 |
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Name : |
Mr. Jean Falconnier |
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Designation : |
Director |
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Address : |
Rue Henri Dunani, Culoz (France) |
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Date of Birth/Age : |
26.06.1954 |
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Date of Appointment : |
15.03.2006 |
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Din : |
02884731 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
M/s Kehems Consultants Private Limited, Madhya Pradesh |
|
376000 |
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M/s Companie Industrial Le D (Ciat |
|
376000 |
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M/s Kehems Engineering Private Limited, Madhya Pradesh |
|
70000 |
|
Total |
|
822000 |
As on 30.06.2010
|
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 |
45.74 |
|
Bodies corporate |
54.26 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Screw Chillers and Thermal Energy Storage Systems. |
PRODUCTION STATUS AS ON (31.12.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Nodules |
cum |
1500 |
1500 |
676.00 |
|
Chillers |
Kw / nos. |
60000 |
60000 |
57 |
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 : |
Fadnis and Gupte Chartered Accountant |
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Address : |
B-14, Ratlam Kothi, |
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Tel. No.: |
91-731-2514448 / 2527716 |
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Fax No.: |
91-731-2528730 |
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E-Mail : |
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PAN No. : |
AAAFF3285G |
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Companies Under
The Control of Key Management Personnel : |
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CAPITAL STRUCTURE
As on 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
825,000 |
Equity Shares |
Rs.100/-each |
Rs.82.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
822,000 |
Equity Shares |
Rs.100/-each |
Rs.82.200 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
82.200 |
82.200 |
45.200 |
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2] Share Application Money |
0.000 |
0.000 |
17.500 |
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3] Reserves & Surplus |
4.898 |
3.227 |
7.563 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.098 |
85.427 |
70.263 |
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LOAN FUNDS |
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1] Secured Loans |
83.947 |
78.904 |
62.203 |
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2] Unsecured Loans |
0.887 |
1.000 |
0.000 |
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TOTAL BORROWING |
84.834 |
79.904 |
62.203 |
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DEFERRED TAX LIABILITIES |
1.089 |
1.320 |
0.708 |
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TOTAL |
173.021 |
166.651 |
133.174 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.047 |
61.358 |
63.874 |
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Capital work-in-progress |
0.000 |
0.765 |
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 |
90.769
|
94.370 |
65.364 |
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Sundry Debtors |
57.531
|
63.703 |
51.668 |
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Cash & Bank Balances |
9.182
|
3.398 |
6.055 |
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Other Current Assets |
0.376
|
0.283 |
0.434 |
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Loans & Advances |
54.534
|
25.746 |
27.558 |
|
Total
Current Assets |
212.392
|
187.500 |
151.079 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
62.382
|
68.388 |
80.792 |
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Other Current Liabilities |
36.724
|
14.602 |
0.000 |
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Provisions |
0.312
|
0.091 |
1.206 |
|
Total
Current Liabilities |
99.418
|
83.081 |
81.998 |
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Net Current Assets |
112.974
|
104.419 |
69.081 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.109 |
0.219 |
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TOTAL |
173.021 |
166.651 |
133.174 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
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Other Income |
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TOTAL |
144.580 |
194.468 |
143.652 |
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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 |
136.030 |
191.429 |
138.227 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8.550 |
3.039 |
5.425 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.751 |
7.310 |
4.044 |
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PROFIT BEFORE
TAX |
1799 |
(4.271) |
1.381 |
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Less |
TAX |
0.128 |
0.064 |
1.555 |
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PROFIT AFTER TAX |
1.671 |
(4.335) |
(0.174) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.228 |
7.563 |
7.737 |
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BALANCE CARRIED
TO THE B/S |
4.899 |
3.228 |
7.563 |
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EARNINGS IN
FOREIGN CURRENCY |
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Fob Value of Exports |
0.000 |
3.510 |
19.495 |
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TOTAL EARNINGS |
0.000 |
3.510 |
19.495 |
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IMPORTS |
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Raw Materials |
39.626 |
82.944 |
0.000 |
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TOTAL IMPORTS |
39.626 |
82.944 |
0.000 |
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Earnings Per Share
(Rs.) |
2.03 |
(7.18) |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
1.16
|
(2.23) |
(0.12) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.66
|
(1.72) |
0.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(0.05) |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
1.91 |
2.05 |
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Current Ratio (Current Asset/Current Liability) |
|
2.14
|
2.26 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office of the company has been
shifted from
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U40106MP1993PTC007748 |
|
Name of the
company |
Cristopia Energy
System India Pvt Ltd |
|
Address of the registered
office or of the principal place of
business in |
Village
Umarikheda, 12th K. M. Indore, |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Email -
siyaga@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Composite
Hypothecation Agreement. 2. Memorandum of
Entry. |
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Date of
instrument Creating the charge |
21.06.2008 |
|
Amount secured by
the charge |
Rs.99.800 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Cash Credit
(Hypothecation of Stock + Book Debts) : @ BPLR i.e. 12.75% p.a. with monthly
rests. Bank Guarantee :
Commission as per Bank Guidelines. Term Loan : 1.25%
above BPLR i.e. 14% p.a. with monthly rests.
Cash Credit
Limit : 12 months Bank
Guarantee : 12 months Term Loan :
12 quarterly installment of Rs. 0.400 million
Cash Credit Limit
: Stock : 25% Book Debts : 40%
(Book Debts up to period of 60 days) Bank
Guarantee : 15% Term Loan : Factory land & building : 30% Machineries : 25% Other Fixed
Assets : 30%
Cash Credit Limit
: Rs. 80.000 million Bank
Guarantee : Rs. 15.000 million Term Loan :
Rs. 4.800 million Total :
Rs. 99.800 million Collateral
Security : Corporate Guarantee of M/s
Kehems Consultants Private Limited and Personal Guarantee of Mr. Deepak
Kemkar and Mrs. S.D.Kemkar. |
|
Short particulars
of the property charged |
Hypothecation of
Stock, Book Debts, Plant and Machineries both present and future by Composite
Hypothecation Agreement. Equitable
Mortgage by deposit of title deeds of immovable properties together with all
buildings and structures situated at Khasra No. 123/1, 125, 126 and 127/3,
Village Umrikheda, |
FIXED ASSETS :
- Land
- Ste Development
- Building
- Plant and Machinery
- Equipments
- Electrical Installed
- Computers
- Vehicles
- Furniture and Fixtures
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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.