MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMBA AIRCON PRIVATE LIMITED |
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Registered
Office : |
WZ – 139 B, IInd Floor, Naraina Ring Road, New Delhi – 110028, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation / Year of Establishment
: |
02.07.1993 |
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Com. Reg. No.: |
55-54277 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1993PTC054277 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA13308B |
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PAN No.: [Permanent Account No.] |
AAACA1462D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealers, Distributors and Marketing of Air Conditioners. |
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No. of Employees
: |
23 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B [28] |
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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 15700 |
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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. 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
cautions. |
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) |
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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
|
Registered Office : |
WZ – 139 B, IInd Floor, Naraina Ring Road, New Delhi – 110028, Delhi,
India |
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Tel. No. : |
91-11-26858542 / 26960420 |
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E-Mail : |
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Corporate Office : |
136, Ground Floor, Humayunpur Back Side Ne, Safadarjung Enclave, New
Delhi, India |
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Tel. No.: |
91-11-26175752 |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Sharad Saxena |
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Designation : |
Director |
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Address : |
B-7, Extension 95, Safdurjang Enclave, |
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Date of Birth/Age : |
23.03.1969 |
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Qualification : |
MBA |
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Date of Appointment : |
02.07.1995 |
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DIN : |
00379793 |
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Name : |
Mrs. Sujata Saxena |
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Designation : |
Director |
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Address : |
B-7, Extension 95, Safdurjang Enclave, |
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Date of Birth/Age : |
11.09.1938 |
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Qualification : |
Graduate |
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Date of Appointment : |
02.07.1995 |
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DIN : |
00379824 |
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Name : |
Mrs. Shalini Saxena |
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Designation : |
Director |
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Address : |
B-7, Extension 95, Safdurjang Enclave, |
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Date of Birth/Age : |
13.09.1969 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
10.05.2000 |
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DIN : |
00379728 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
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Names of Shareholders |
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No. of Shares |
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Sharad Saxena |
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113000 |
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Shalini Saxena |
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30000 |
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Sujata Saxena |
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7000 |
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Ravi Finance Investment Limited |
|
50000 |
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Total |
|
200000 |
As on 23.09.2010
|
Category |
Percentage |
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Bodies corporate |
25.00 |
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Directors or relatives of Directors |
75.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers, Distributors and Marketing of Air Conditioners. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
23 [Approximately] |
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Bankers : |
·
Axis Bank North Zonal Office, 4th Floor,
Ashoka Estate 24, ·
Bank of Punjab Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SCM Associates Chartered Accountant |
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Address : |
WZ-139B, IInd Floor, Naraina, |
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Tel. No.: |
91-11-25775308 |
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Fax No.: |
91-11-25771453 |
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E-Mail : |
CAPITAL STRUCTURE
As on 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs.10/-each |
Rs.2.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200,000 |
Equity Shares |
Rs.10/-each |
Rs.2.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.947 |
1.753 |
0.457 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.947 |
3.753 |
0.857 |
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LOAN FUNDS |
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1] Secured Loans |
3.906 |
5.710 |
1.361 |
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2] Unsecured Loans |
0.521 |
0.219 |
0.164 |
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TOTAL BORROWING |
4.427 |
5.929 |
1.525 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.009 |
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TOTAL |
8.374 |
9.682 |
2.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.543 |
1.298 |
0.675 |
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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 |
0.099 |
0.089 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.189
|
3.747 |
4.198 |
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Sundry Debtors |
0.348
|
2.353 |
5.571 |
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Cash & Bank Balances |
0.884
|
0.393 |
0.291 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.973
|
8.274 |
3.592 |
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Total
Current Assets |
14.394
|
14.767 |
13.652 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.117
|
2.993 |
4.459 |
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Other Current Liabilities |
3.091
|
3.116 |
6.999 |
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Provisions |
0.454
|
0.363 |
0.478 |
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Total
Current Liabilities |
7.662
|
6.472 |
11.936 |
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Net Current Assets |
6.732
|
8.295 |
1.716 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.374 |
9.682 |
2.391 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
21.578 |
32.812 |
27.885 |
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Other Income |
0.570 |
0.189 |
0.037 |
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TOTAL (A) |
22.148 |
33.001 |
27.922 |
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Less |
EXPENSES |
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Cost of goods sold |
13.600 |
21.404 |
19.961 |
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Project Expenses |
2.891 |
5.339 |
3.864 |
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Administrative and selling Expenses |
1.356 |
2.181 |
1.680 |
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Personnel Expenses |
2.679 |
2.618 |
1.762 |
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Provision for doubtful debts |
0.000 |
0.108 |
0.000 |
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TOTAL (B) |
20.526 |
31.650 |
27.267 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.622 |
1.351 |
0.655 |
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Less |
FINANCIAL
EXPENSES (D) |
0.776 |
0.462 |
0.097 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.846 |
0.889 |
0.558 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.524 |
0.337 |
0.124 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.322 |
0.552 |
0.434 |
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Less |
TAX (I) |
0.128 |
0.256 |
0.214 |
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PROFIT AFTER TAX
(G-I) (J) |
0.194 |
0.296 |
0.220 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.019 |
0.000 |
0.022 |
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BALANCE CARRIED
TO THE B/S |
0.175 |
0.296 |
0.198 |
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Earnings Per
Share (Rs.) |
0.97 |
1.48 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.87
|
0.90 |
0.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.49
|
1.68 |
1.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.02
|
3.44 |
3.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.15 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.06
|
3.30 |
15.71 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.28 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office address
of the company has been shifted from E-18, Green Park Main,
Financial Results
:
The turnover of the company recorded a minor increase in comparison to
the last year. However, the profit before tax has declined because of higher
interest cost and cut throat competition in the market.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge identification (ID) number of the charge to be modified |
10088420 |
|
Corporate identity
number of the company |
U74899DL1993PTC054277 |
|
Name of the
company |
AMBA AIRCON PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
WZ – 139 B, IInd Floor, Naraina Ring Road, New Delhi – 110028, Delhi |
|
Type of charge |
Others |
|
Particular of
charge holder |
Axis Bank, North Zonal Office, 4th Floor, Ashoka Estate 24,
Barakhamba Road, New Delhi – 110 001, Delhi, India |
|
Nature of instrument
creating charge |
1. Loan Agreement 2. Sanction Letter |
|
Date of
instrument Creating the charge |
27.01.2009 |
|
Amount secured by
the charge |
Rs.7.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of Interest Rate Of Interest
@ 2.00% below AXIS Bank's PLR (Present PLR being 15.75% p.a.) i.e. presently
at 13.75% p.a.payable monthly. ·
Terms
of repayment On Demand ·
Margin As per Agreement ·
Extent
and operation of the charge Rs.7.000 millions ·
Others Overdraft under business mpower od scheme. The facility is
additionally secured by personal guarantee of Mr. Sharad saxena, Mr. Lalita
pershad saxena, Mrs. Shalini saxena and Mrs. Sujata saxena and pdc two pdcs
for the entire overdraft limt each, dated 3 months and 9 months form the
dated of first disbursement/date of renewal. |
|
Short Particulars
of the property charged |
Extension of
Equitable Mortgage of property situated at L 11/19, DLF Qutab Enclave
Complex, Phase II, Village Sarhaul, Gurgaon owned by Mr. Lalta Pershad Saxena
and Sharad Saxena in favour of AXIS Bank. |
|
Particulars of the present modification |
Present
modification is for enhancement of
limit from Rs. 5.000 millions to Rs.
7.000 millions. |
FIXED ASSETS :
·
Furniture, fixture and Fittings
·
Vehicles
·
Computer and software
·
Office Equipments
·
Computer
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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.