MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
STAR COOLERS AND CONDENSERS PRIVATE LIMITED |
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Registered
Office : |
H-18,MIDC Area, Jalgoan-425003, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.05.1998 |
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Com. Reg. No.: |
11 - 114757 |
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Capital Investment
/ Paid-up Capital : |
Rs 7.500 Millions |
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CIN No.: [Company Identification
No.] |
U29150MH1998PTC114757 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSK03514G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Coolers and Condensers. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 146000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct as per commitments. The company can be considered normal for 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
H-18,MIDC Area, Jalgoan-425003, |
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Tel. No.: |
91-257-2272779 |
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Fax No.: |
91-257-2272778 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Sushil Kumar Asopa |
|
Designation : |
Director |
|
Address : |
c/o Balaji Stores, NSB Shopping Compelx Nausena Baugh, P.O. Gandhi
Gram, Vishakapatnam - 530005, Andra Pradesh, India |
|
Date of Birth/Age : |
19.09.1963 |
|
Date of Appointment : |
04.05.1998 |
|
DIN No.: |
01741114 |
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|
|
|
Name : |
Mr. Pramod Gajanan Churi |
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Designation : |
Director |
|
Address : |
B-5 vinayak CHS, Gandhinagar Kherwadi, Bandra (East), Mumbai – 400057,
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|
Date of Birth/Age : |
22.09.1941 |
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Date of Appointment : |
15.11.2007 |
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DIN No.: |
00621586 |
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Name : |
Mr. Barry Edward Clements |
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Designation : |
Director |
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Address : |
8 Dormy Way, Gosport- -81151, |
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Date of Birth/Age : |
18.11.1945 |
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Date of Appointment : |
15.11.2007 |
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DIN No.: |
01740962 |
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Name : |
Mr. Gouri Shankar Asopa |
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Designation : |
Director |
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Address : |
23, Wildgreens Height Southampton – 50183PS, |
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Date of Birth/Age : |
15.12.2007 |
|
Date of Appointment : |
15.11.2007 |
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DIN No.: |
08106410 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sharma Suraj Shewshanker |
|
75000 |
|
Aspoa Omprakash Sushil |
|
75000 |
|
C&C Holding Ltd |
|
600000 |
|
Total |
|
750000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Coolers
and Condensers. |
|
|
|
|
Products : |
Finned Tube Heat Exchanger. |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Actual
Production |
|
UNIT I |
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Finished Goods |
Nos |
04 |
|
Searle Units |
Nos |
0 |
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UNIT II |
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Finished Goods |
Nos |
94 |
GENERAL INFORMATION
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Bankers : |
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Rs in Millions |
|||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J B Agarwal and Company. Chartered Accountant |
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Address : |
134, Bhagirath, Jalgaon – 425001, |
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PAN.: |
AACFJ1571F |
CAPITAL STRUCTURE
As on 31.3.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs 7.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
7.500 |
|
|
2] Share Application Money |
0.000 |
0.00 |
0.000 |
|
|
3] Reserves & Surplus |
29.013 |
26.480 |
22.943 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
36.513 |
33.980 |
30.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.719 |
25.492 |
31.340 |
|
|
2] Unsecured Loans |
8.239 |
8.239 |
8.239 |
|
|
TOTAL BORROWING |
17.958 |
33.731 |
39.579 |
|
|
DEFERRED TAX LIABILITIES |
2.960 |
2.868 |
2.304 |
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|
|
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TOTAL |
57.431 |
70.579 |
72.326 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.914 |
18.314 |
20.173 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
1.555 |
1.555 |
1.555 |
|
|
DEFERREX TAX ASSETS |
0.000 |
5.150 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.403
|
12.868 |
9.895 |
|
|
Sundry Debtors |
48.317
|
44.588 |
30.129 |
|
|
Cash & Bank Balances |
25.770
|
22.600 |
21.119 |
|
|
Other Current Assets |
3.987
|
4.697 |
3.707 |
|
|
Loans & Advances |
21.442
|
23.095 |
30.405 |
|
Total
Current Assets |
111.919
|
107.848 |
95.255 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
69.709
|
39.629 |
39.629 |
|
|
Other Current Liabilities |
6.247
|
22.659 |
4.975 |
|
|
Provisions |
0.000
|
0.000 |
0.053 |
|
Total
Current Liabilities |
75.956
|
62.288 |
44.657 |
|
|
Net Current Assets |
35.962
|
45.560 |
50.598 |
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57.431 |
70.579 |
72.326 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
164.769 |
|
|
|
Other Income |
|
|
2.425 |
|
|
|
TOTAL (A) |
|
141.496 |
167.194 |
|
|
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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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TOTAL (B) |
|
133.640 |
NA |
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
7.856 |
NA |
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
|
2.729 |
2.634 |
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|
PROFIT BEFORE
TAX (C-D) (E) |
|
5.127 |
NA |
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|
|
|
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|
Less |
TAX (F) |
|
0.133 |
NA |
|
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|
PROFIT AFTER TAX
(E-F) (G) |
|
4.994 |
6.208 |
|
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|
TOTAL IMPORTS |
|
0.000 |
9.030 |
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
|
0.66 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.53
|
3.71 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
-- |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
-- |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.57
|
2.82 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.73 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Performance:
The sale turnover of the company have decreased in 2009- 2010 to Rs
143.096 millions as compared to Rs 164.769 millions in 2008 – 2009. The company
is making to have efforts to have having efforts to have sufficient order and
sales during 2010 – 2011 and it is expected to achieve the targets. The company
had also undergone expansion programme and have installed additional machinery
that have increased the production capacity to have the benefits of cost
effectiveness. The company have applied for benefits under Package Scheme of
incentives 2001 form District industrial Center, Jalgoan for its expansion
programme and is expected to get the benefits sanctioned in due course of time.
The directors expected to increase sales
and earns higher profits in coming years.
Note:
Registered office of the company has been shifted from 8 Amber Vihar, Kanti Nagar, Andheri (East),
Mumbai – 400059,
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U29150MH1998PTC114757 |
|
Name of the
company |
STAR COOLERS AND CONDENSERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
8 Amber Vihar, Kanti
Nagar, Andheri (East), Mumbai – 400059, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Loan
– Cum – Hypothecation. |
|
Date of
instrument Creating the charge |
26.04.2007 |
|
Amount secured by
the charge |
Rs. 400.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital
1.5% Above SBAR at present 14.25% P.A., Term loan 2%
above SBAR at present 14.25% P.A. Terms of
Repayment DCC – Repayable
on Demand Term loan in 610
Monthly Installments of Rs 0. 375 Millions plus
interest each, with the first installment commencing on last day of November
2007 and the last installment falling due on October 2012. Margin DCC – Paid stock
30%, book Debts -40% and letter of credit -25%. Extent and
Operation of the charge Hypothecation
Plant and Machinery and Stock and Book debts. |
|
Short particulars
of the property charged |
Hypothecation
Plant and Machinery and Stock and Book debts. |
FIXED ASSET:
·
Land
·
Building
·
Machinery
·
Office Equipment
·
Furniture
·
Cycle
·
Indigo Car
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.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.