MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Name : |
ENPAL AIRCON PRIVATE LIMITED w.e.f. 14.07.2007 |
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Formerly Known As : |
ENPAL AIRCON TECHNOLOGIES [ |
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Registered Office : |
Office No. 26, Ambika Tower, Ground Floor, Rajmata Jijabai Road,
Opposite Aghadi Nagar, Andheri [East], Mumbai 400093, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.02.2004 |
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Com. Reg. No.: |
144365 |
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CIN No.: [Company
Identification No.] |
U29190MH2004PTC144365 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Dealer of Carrier Airconditioners |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 224 |
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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. There appears
some accumulated losses recorded by the company. 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
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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 |
LOCATIONS
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Registered Office : |
Office No. 26, Ambika Tower, Ground Floor, Rajmata Jijabai Road,
Opposite Aghadi Nagar, Andheri [East], Mumbai 400093, Maharashtra, India |
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Tel. No.: |
91-22-28204875/28204854 |
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Fax No.: |
91-22-28389741 |
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E-Mail : |
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Website : |
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Branches : |
Pune Branch Kapre Commercial
Complex, S.No. 150, Telephone:
91-20-65260231 / 64100284 Benguluru Branch No.73, 27th Main BTM,
1st Stage, 2nd cross, Benguluru – 560068. 2-3/531/A/2,1st Floor,
D.V Colony, |
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Purchase Office/Godown : |
98, Lohar Chawl, Harharwala Building No. 2, 2nd floor,
Office No. 16, Mumbai 400002, Maharashtra, India |
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Tel. No.: |
91-22-22010407 |
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Fax No.: |
91-22-22017711 |
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Area : |
200 Sq. fts. |
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Location : |
Owned |
DIRECTORS
AS ON 04.09.2010
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Name : |
Mr. Laxminarsinha Prajad V. Chilakmarri |
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Designation : |
Director |
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Address : |
D/111, Sai Jyot, |
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Date of Birth/Age : |
02.01.1960 |
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Date of Appointment : |
04.02.2004 |
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Name : |
Mr. Rajesh M. Shah |
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Designation : |
Director |
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Address : |
501, Everest Terrace, |
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Date of Appointment : |
04.02.2004 |
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Name : |
Mr. Sanjay Shah |
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Designation : |
Director |
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Address : |
C Labhsrushti 203, |
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Date of Birth/Age : |
10.08.1968 |
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Date of Appointment : |
04.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Rajesh Shah |
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2500 |
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Mr. C. L. Prasad |
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15000 |
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Mr. Sanjay Shah |
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15000 |
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Mr. Rajesh Shah HUF |
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12500 |
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Mrs. Ila R. Shah |
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834 |
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Mrs. Sujata Prasad |
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833 |
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Mrs. Darshana Shah |
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833 |
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Total |
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47500 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Dealer of Carrier Airconditioners |
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Agencies Held : |
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GENERAL INFORMATION
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No. of Employees : |
Around 15 |
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Bankers : |
Ř
Citi Bank, Trent House, 2nd Floor, G
Block, Plot No. C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Shah and Ashar Chartered Accountant |
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Address : |
410, Dattani Trade Centre, |
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Associates/Subsidiaries : |
Ř
Litura Electrical Technologies Private Limited Address : Office No.
29/30, Line of Business: Electrical
Contracts. Ř
LAMFA Projects Private Limited Address : Office No. 29/30, Line of Business : Interiors, Electrical |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,40,000 |
Equity Shares |
Rs.10/- each |
Rs. 2.400 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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47,500 |
Equity Shares |
Rs.10/- each |
Rs. 0.475 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 |
0.475 |
0.475 |
0.475 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.419) |
(1.611) |
(2.326) |
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NETWORTH |
0.056 |
(1.136) |
(1.851) |
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LOAN FUNDS |
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1] Secured Loans |
16.511 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.552 |
4.458 |
3.090 |
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TOTAL BORROWING |
18.063 |
4.458 |
3.090 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.119 |
3.322 |
1.239 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.198 |
0.111 |
0.129 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
3.290 |
0.006 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
13.860
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0.000 |
0.000 |
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Cash & Bank Balances |
9.457
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0.000 |
0.000 |
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Other Current Assets |
2.602
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14.391 |
12.342 |
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Loans & Advances |
4.785
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0.160 |
2.597 |
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Total
Current Assets |
30.704
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14.551 |
14.939 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
12.233
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14.505 |
13.790 |
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Provisions |
0.555
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0.125 |
0.060 |
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Total
Current Liabilities |
12.788
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14.630 |
13.850 |
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Net Current Assets |
17.916
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(0.079) |
1.089 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.015 |
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TOTAL |
18.119 |
3.322 |
1.239 |
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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 |
48.336 |
27.750 |
32.962 |
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Other Income |
0.223 |
1.462 |
0.001 |
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TOTAL (A) |
48.559 |
29.212 |
32.963 |
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Less |
EXPENSES |
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Raw Materials Consumed |
31.552 |
19.587 |
17.100 |
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Direct Expenses |
4.592 |
4.533 |
8.046 |
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Sales, Administrative & Other Expenses |
6.534 |
6.113 |
4.862 |
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Increase/(Decrease) in Stock |
1.816 |
(3.907) |
1.250 |
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Directors Remuneration |
1.080 |
1.080 |
0.360 |
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Preliminary Expenses W/off |
0.000 |
0.015 |
0.015 |
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Prior Period Expenses |
0.202 |
0.296 |
0.000 |
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TOTAL (B) |
45.776 |
27.717 |
31.633 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.783 |
1.495 |
1.330 |
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Less |
FINANCIAL
EXPENSES (D) |
1.040 |
0.616 |
0.412 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.743 |
0.879 |
0.918 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.043 |
0.040 |
0.048 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.700 |
0.839 |
0.870 |
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Less |
TAX (I) |
0.555 |
0.125 |
0.060 |
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PROFIT AFTER TAX
(G-I) (J) |
1.145 |
0.714 |
0.810 |
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Earnings Per
Share (Rs.) |
24.04 |
14.97 |
16.99 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.35
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2.44 |
2.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.51
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3.02 |
2.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.50
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5.72 |
5.77 |
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Return on Investment (ROI) (PBT/Networth) |
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30.35
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(0.73) |
(0.47) |
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Debt Equity Ratio (Total Liability/Networth) |
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550.91
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(16.80) |
(9.15) |
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Current Ratio (Current Asset/Current Liability) |
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2.40
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0.99 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Company incorporated in the name of Enpal Aircon Technologies [
Note:
The Registered Office of the company has been changed from
Form 8
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Corporate
identity number of the company |
U29190MH2004PTC144365 |
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Name of the
company |
ENPAL AIRCON
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Office No. 26, |
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This form is for |
Creation of
charge |
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Type of charge |
Book debts Movable property Floating charge |
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Particular of
charge holder |
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Nature of instrument
creating charge |
Deed of
Modification |
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Date of
instrument Creating the charge |
28.09.2010 |
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Amount secured by
the charge |
Rs. 117.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment On Demand Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge The Assets to the
Bank more particularly described in item No.15 below hypothecated by way of
first exclusive charge, as security for the repayment of the loan of
Rs.117.500 millions by Litura Electrical Technologies P Ltd, Lamfa Projects P
Ltd & Enpal Aircon P Ltd of Rs.6 Crores, Rs.50.000 millions and Rs.7.500
millions respectively ("the borrowers"), together with all
interest, liquidated damages, premia on prepayment or on redemption, costs,
charges & other expenses payable by Company to the Bank. Others Nil |
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Particulars of
the property charged |
The whole of the
Borrower's present and future stocks of raw materials, goods in process of
manufacture, semi-finished goods and all finished All of the Borrower's
present and future book debts, outstanding Monies, receivables, claims,
bills, investments, rights to or on moveable properties |
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 |
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|
1 |
Rs.73.54 |
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Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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.