MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
CARRIER AIRCONDITIONING AND REFRIGERATION LIMITED |
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|
|
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Formerly Known As : |
CARRIER REFRIGERATION PRIVATE LIMITED |
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Registered Office : |
Narsingpur Kherki Daula Post, Gurgaon - 122001, Haryana |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Year of Establishment: |
06.07.1992 |
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Com. Reg. No.: |
05 – 36104 |
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CIN No.: [Company
Identification No.] |
U74999HR1992PLC036104 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKC02150B |
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|
|
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PAN No.: [Permanent
Account No.] |
AAACC8414B |
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|
|
Legal Form : |
A Closely held Public Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer of Air Conditioning Equipments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7123000 |
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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 and 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 – 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 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office / Corporate Headquarters : |
Narsingpur Kherki Daula Post, Gurgaon – 122001, |
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Tel. No.: |
91-124-4825500 |
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Fax No.: |
91-124-2373241 |
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E-Mail : |
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Website : |
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REGIONAL OFFICES: |
NORTH |
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Regional office: |
Vipul Agora, 312-316, IIIrd Floor, Near Sahara Mall, Mehrauli - Gurgaon Road, Gurgaon 122 002 (Haryana) |
|
Tel. No.: |
91-124 - 4707333 |
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Fax No.: |
91-124 - 2565050 |
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|
|
|
Regional office: |
Carrier Complex, Vill. Narsinghpur, Kherki Daula Post, Gurgaon – 122 001 |
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Tel. No.: |
91-124 - 482 5500 |
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Fax No.: |
91-124 - 237 2230 |
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|
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Regional office: |
C-74, IInd Floor, RDC, Raj Nagar, |
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Tel. No.: |
91-120 - 2700120, 2702296 |
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Fax No.: |
91-120 - 2700120 |
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|
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Regional office: |
Unit No.402 B & 403, 4th floor, Shalimar Square, 126/3 B B.N.Road,Lalbagh, Lucknow - 226001 |
|
Tel. No.: |
91-522 - 2202346, 2230598 |
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Fax No.: |
91-522 - 2230050 |
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|
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Regional office: |
SCO 301/302, 1st Floor , Sector – 38 D, |
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Tel. No.: |
91-172 - 500 7548/ 50 |
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Fax No.: |
91-172 - 5007160 |
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Regional office: |
1st Floor, S.S.Tower, New Colony, Behind Jyanti Market, Jaipur - 302 001 |
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Tel. No.: |
91-141 - 511 3444, 511 3999 |
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WEST |
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Regional office: |
C/o Bhairav
Distributors, Shop No:- 5 & 6, Victor Bldg, Cujira - St Cruz, Panaji -
Margao Highway, Panjim, Goa - 403 005 |
|
Tel. No.: |
91-832 - 244 7028 |
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Fax No.: |
91-832 - 244 7027 |
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Regional office: |
605 A, Lokmat Building, Lokmat Square Vardha Road, Ramdas Peth, Nagpur |
|
Tel. No.: |
91-712 - 663
0214, 645 3790 |
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Fax No.: |
91-712 - 645 3790 |
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Regional office: |
C/o Suman
Enterprises, Behind ITI, Sham Nagar, |
|
Tel. No.: |
91-771 - 401 3245 |
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Regional office: |
1st Floor, Milestone,
Drive In Road Thaltej, Ahmedabad – 380 052 |
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Tel. No.: |
91-79 - 2749
0444, 2743 9550 |
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Fax No.: |
91-79 - 2749 0298 |
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Regional office: |
Shree Prasad, Office No.4, 4th Floor, Plot No.74, Sheela Vihar Colony, Opp. Planet Ford, Paud Road, Pune - 411 038 |
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Tel. No.: |
91-20 - 2546 8301/ 2543 7741 |
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Fax No.: |
91-20-25437742 |
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Regional office: |
Vinay Bhavya
Complex 159, |
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Tel. No.: |
91-22 - 2652
8989, 2654 1755 |
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Fax No.: |
91-22 - 2654 1757 |
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|
|
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Regional office: |
10/1-A, |
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Tel. No.: |
91-731 - 252
6365, 507 0378 |
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Fax No.: |
91-731 - 252 6365 |
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EAST |
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Regional office: |
C/o |
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Tel. No.: |
91-651 –645 2488 |
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Fax No.: |
91-651 – 246
1818 |
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|
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Regional office: |
C/o, Candida Enterprises, R.G. Baruha Raod, Sunderpur, Guwahati - 781
005 |
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Tel. No.: |
91-361 - 259 5003 |
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Fax No.: |
91-361 - 220 3508
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|
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Regional office: |
204, Adarshila
Complex South Gandhi Maidan,
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|
Tel. No.: |
91-612 - 232 3517 |
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Fax No.: |
91-612 - 266 8591 |
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|
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Regional office: |
P-339/1, |
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Tel. No.: |
91-33 - 4020 1300 |
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Fax No.: |
91-33 - 2364 9766 |
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Regional office: |
Flat No:- 201, Shanti Niwas Housing, Plot No:- 33/1747, Rasulgar
Bhuvaneshwar – 751010 |
|
Tel. No.: |
91-674 - 258
7178/ 258 5893 |
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Fax No.: |
91-674 - 258 7178 |
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SOUTH |
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Regional office: |
6-2-976, Raj |
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Tel. No.: |
91-40 - 4011
8106, 4011 8147/ 48 |
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Fax No.: |
91-40 - 40118146 |
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Regional office: |
V.P. Chambers, No.589, 1st |
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Tel. No.: |
91-80- 4111 4747 |
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Fax No.: |
91-80 - 4174 4085 |
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Regional office: |
Shivas Complex,
263/5, |
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Tel. No.: |
91-422 - 438
4151, 438 5403 |
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Fax No.: |
91-422 - 2436485 |
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Regional office: |
39/6641,
Perumanoor, |
|
Tel. No.: |
91-484 - 402
9001/ 0 |
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Fax No.: |
91-484 - 235 9214
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|
|
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Regional office: |
GRR Zone 271/2,
Maraimalai Adigal Salai, |
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Tel. No.: |
91-413 - 222
5853, 2226 676 |
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Fax No.: |
91-413 - 234 4695 |
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Regional office: |
57-B, |
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Tel. No.: |
91-44 - 4222 2888 |
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Fax No.: |
91-44 - 2834
1998, 99 |
DIRECTORS
As on 14.09.2010
|
Name : |
Mr. Zubin Jamshed Irani |
|
Designation : |
Managing Director |
|
Address : |
11, Jorbagh, |
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Date of Birth/Age : |
11.08.1972 |
|
Date of Appointment : |
19.10.2006 |
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Name : |
Mr. Sanjay Sudhakaran |
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Designation : |
Director |
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Address : |
Flat No. 1806, A and B, Brighton Tower CHS Limited, 2nd |
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Date of Birth/Age : |
19.10.1971 |
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Date of Appointment : |
24.03.2010 |
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|
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Name : |
Mr. Gaurang Pandya |
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Designation : |
Director |
|
Address : |
123, Sector 14, Gurgaon, |
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Date of Birth/Age : |
02.01.1977 |
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Date of Appointment : |
24.03.2010 |
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|
Name : |
Mr. Vineet Kapur |
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Designation : |
Director |
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Address : |
GH-3-7B, |
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Date of Birth/Age : |
04.10.1974 |
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Date of Appointment : |
02.06.2010 |
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|
|
|
Name : |
Mr. Ashok Mirchandani |
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Designation : |
Director |
|
Address : |
311, The Embassy, 15, |
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Date of Birth/Age : |
30.07.1951 |
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Date of Appointment : |
24.03.2010 |
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|
|
|
Name : |
Mr. Laurent Jean Robert Bruyere Pirot |
|
Designation : |
Director |
|
Address : |
Flat No. 5 (1302 and 1402). 13th and 14th Floor,
Lepapeyon, |
|
Date of Birth/Age : |
13.08.1960 |
|
Date of Appointment : |
23.07.2010 |
|
|
|
|
Name : |
Ms. Monica Pandey |
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Designation : |
Director |
|
Address : |
House No. 85, Sreshtha Vihar, |
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Date of Birth/Age : |
10.05.1976 |
|
Date of Appointment : |
02.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Gupta |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.301, Block – 37, |
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Date of Birth/Age : |
06.01.1974 |
|
Date of Appointment : |
19.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Carrier Corporation ( |
|
47784225 |
|
Carrier International Mauritius Limited ( |
|
36193088 |
|
Umesh Nath Kapur |
|
50000 |
|
Shakuntala Dungershi Wadhwa |
|
42008 |
|
Awantika Sharma |
|
36000 |
|
Ramindra Jit Singh Walia |
|
29000 |
|
Davinder Singh |
|
20000 |
|
Devarson Industries Private Limited ( |
|
15200 |
|
Sankar S. B. |
|
14000 |
|
Prabhakar S. B. |
|
14000 |
|
Inderjit Singh Rao |
|
13600 |
|
Vijaydev Ratanjee Mistry |
|
12000 |
|
Sharmila Barbosa Colaco |
|
10000 |
|
Unit Trust of |
|
9600 |
|
Valiyaparambil Joseph John |
|
9332 |
|
Anil Agarwal |
|
9200 |
|
Mahendra Kumar Jalen |
|
8800 |
|
Raj Baveja |
|
8264 |
|
Ashit Mahesh Shah |
|
8000 |
|
Kusum Mehta |
|
8000 |
|
Bipinchandra Ranchhoddas Shah |
|
8000 |
|
Umesh Nath Kapur |
|
8000 |
As on 14.09.2010
|
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 |
96.46 |
|
Bodies corporate |
0.12 |
|
Other top fifty shareholders |
0.38 |
|
Others |
3.02 |
|
Mutual Funds |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Air Conditioning Equipments |
|
|
|
|
|
|
Products : |
ITC CODE |
Product Description |
|
8415 |
Air-conditioners
and Air-conditioning equipments for transport application |
|
|
8418 |
Chillers
(Refrigerating Machinery)and Visi Coolers / Refrigerating equipment for
transport application |
|
|
|
84152010 |
Bus
Air-conditioning system |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Price Waterhouse, 7th and 8th Floor, Tower B,
Building No. 8, DLF Cyber City, Gurgaon – 122002, Haryana, India |
|
|
|
|
Holding company: |
Carrier Corporation, |
|
|
|
|
Ultimate holding company: |
United Technologies Corporation, |
|
|
|
|
Associates: |
Carrier Aircon Employees Cooperative Thift And Credit Society Limited
(An Associate Of Carrier Airconditioning And Refrigerator Limited) |
|
|
|
|
Subsidiaries: |
|
CAPITAL STRUCTURE
As on: 14.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity shares |
Rs.10 /- each |
Rs.1100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106376745 |
Equity shares fully paid up |
Rs.10 /-each |
Rs.1063.767
Millions |
|
|
|
|
|
NOTE:
*of the above 60,466,413 Equity Shares are
held by the Holding Company, Carrier Corporation{previous year 60466412} and 42,152,276
Equity Shares are held by Carrier International Maurituis Limited {previous
year 42152276} Carrier International Mauritius is a subsidiary of Carrier
Corporation; which in turn is a subsidiary of United Technologies Corporation,
the ultimate Holding Company.
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 |
1063.768 |
1063.768 |
1063.768 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
716.992 |
848.363 |
1126.396 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1780.760 |
1912.131 |
2190.164 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1780.760 |
1912.131 |
2190.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
461.121 |
498.485 |
308.515 |
|
|
Capital work-in-progress |
11.572 |
18.636 |
159.350 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.110 |
0.110 |
0.110 |
|
|
DEFERREX TAX ASSETS |
73.689 |
30.320 |
30.652 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1182.091
|
1115.400
|
1307.872
|
|
|
Sundry Debtors |
1447.222
|
1599.786
|
1410.137
|
|
|
Cash & Bank Balances |
949.583
|
539.857
|
483.074
|
|
|
Other Current Assets |
3.076
|
1.996
|
7.423
|
|
|
Loans & Advances |
1662.895
|
1218.384
|
1158.004
|
|
Total
Current Assets |
5244.867
|
4475.423
|
4366.510
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2041.342 |
2016.739 |
2057.751
|
|
|
Provisions |
1969.257 |
1094.104 |
617.222
|
|
Total
Current Liabilities |
4010.599
|
3110.843
|
2674.973
|
|
|
Net Current Assets |
1234.268
|
1364.580
|
1691.537
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1780.760 |
1912.131 |
2190.164 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8543.106 |
7529.787 |
7222.858 |
|
|
|
Other Income |
345.626 |
521.507 |
505.910 |
|
|
|
TOTAL (A) |
8888.732 |
8051.294 |
7728.768 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
7989.297 |
7311.415 |
7223.373 |
|
|
|
Excise Duty |
0.000 |
0.000 |
26.195 |
|
|
|
Increase/(Decrease) in Finished Goods |
(7.692) |
122.584 |
(188.218) |
|
|
|
TOTAL (B) |
7981.605 |
7433.999 |
7061.350 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
907.127 |
617.295 |
667.418 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.827 |
7.860 |
9.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
901.300 |
609.435 |
657.476 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
65.518 |
65.699 |
74.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
835.782 |
543.736 |
582.722 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
284.908 |
199.491 |
210.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
550.874 |
344.245 |
372.591 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
748.156 |
1060.613 |
688.022 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.087 |
34.424 |
0.000 |
|
|
|
Dividend |
585.072 |
531.884 |
0.000 |
|
|
|
Tax on Dividend |
97.173 |
90.394 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
561.698 |
748.156 |
1060.613 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
46.639 |
4.430 |
127.626 |
|
|
|
Commission |
208.379 |
413.420 |
351.066 |
|
|
|
Reimbursement of Advertisement Expenses |
0.000 |
0.000 |
19.176 |
|
|
|
Reimbursement of expenditure from |
0.000 |
0.000 |
44.329 |
|
|
TOTAL EARNINGS |
255.018 |
417.850 |
542.197 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
2152.184 |
1901.872 |
1554.021 |
|
|
|
Finished Goods |
584.171 |
456.835 |
585.108 |
|
|
|
Capital Goods |
6.375 |
88.800 |
79.376 |
|
|
TOTAL IMPORTS |
2742.730 |
2447.507 |
2218.505 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.18 |
3.24 |
3.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.20 |
4.27 |
4.82
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.78 |
7.22 |
8.07
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.65 |
10.82 |
12.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.28 |
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.25 |
1.62 |
1.22
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.43 |
1.63
|
LOCAL AGENCY FURTHER INFORMATION
Operating Results:
Sales And Profit Growth
During the period, the sales
of the Company have increased by 13.45% from
Rs. 7529.700 Millions in the previous year to Rs 8543.100 Millions in current year. The profits for the year
have increased 60% from Rs. 344.200 Millions in the previous year to Rs.
550.800 Millions in current year.
The Company experienced an extremely challenging year,
striving through the economic challenges
due to global economic downturn of year 2008. The commercial business (Building System and Services) got heavily impacted by
the downturn, which resulted in lower revenue and profit associated with the
Building System and Services segment. Although the first half of the year was quite difficult, the second half of
the financial year showed some signs of improvements.
Despite such challenges, the Company has successfully maintained its market
presence.
Update on performance of the Company's main business segments namely
Airconditioning, Refrigeration and Transport segments are mentioned below :
Airconditioning
:- The airconditioning segment consisting of Residential and Light
Commercial, Building System and Services, Toshiba, Totaline and RLC Service experienced mixed growth during the year.
The Residential and Light Commercial ('RLC') business unit
grew by 15.64%. The Company launched new products in this segment which
included energy efficient "Durakool Star" range of hi-wall split
air-conditioners and "X Power
Digital Flex?' range of ducted
air-conditioners.
The RLC Service business
unit grew by 7%. Initiatives were taken during the year to strengthen the
service quality. This included opening of 10 new Service Franchisees across
The Building System and Services business unit was impacted
by the sIowdown in the
real estate industry. During the year, ALC Control systems were introduced. The
Company also launched 30XW and 19XRD chillers in
The Toshiba business unit witnessed 19.58% growth rate during the
period. The Company won some prestigious orders for premium residential
condominium segment hospitality and commercial establishments. Under Toshiba
brand the new “SMMSi” range with variant refrigerant flow technology was unveiled.
"Toshiba Training at Doorstep" (T2D) program, which was launched last
year, conducted several training sessions.
Totaline business unit achieved a growth of 19.94% during the period. The
Spare part centre added during November, 2010 worked with full strength
and now all spare parts are packed
with Carrier exclusive packing with hologram. During the period, some new products were launched like
Service Valve, some precision measuring instruments etc. The business unit
achieved major wins during the period including a prestigious order of
compressors and spares required for off shore cooling business.
Commercial Refrigeration :- The business registered a
growth of 8% during the financial year. The business unit launched new products
like the Air cooled Condensing unit (Low Temperature):7.5 HP-20 HP with Carlyle compressors for Food
Processing/Distribution Centers, Water Cooled Condensing unit (Medium
Temperature): 3-25 KW with Bitzer compressors, Water Coo led Condensing unit
(Low Temperature): 1- 17 KW with Bitzer compressors and 29 KWl38 KW with Carlyle two stage
compressors for Food Processing/Hospitality. During the year, Advanza display cases and Lunch cases
were also launched.
Transport :- The Transport
business registered good growth in both bus
air-conditioning and truck refrigeration businesses. The city bus
business under the Government JNNURM
scheme provided opportunity for bus AC sales. Several new buses were launched
with Carrier ACs at the Auto
Expo exhibition in
FIXED ASSETS:
- Software
- Technical
Know-how
- Free hold
Land
- Buildings
- Leasehold
Improvements
- Plant and Machinery
- Furniture and
Fixtures
- Computers and
Office Equipments
- Vehicles
- Capital work
in progress
- Capital
Advances
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.