MIRA
INFORM REPORT
|
Report Date : |
25.03.2011 |
Note:
Correct name of the company is “INDIAN
REFRIGERATOR COMPANY LIMITED”.
IDENTIFICATION DETAILS
|
Name : |
INDIAN REFRIGERATOR COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Auto Cars Compound, |
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Country : |
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Financials (as
on) : |
30.09.2009 |
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Date of
Incorporation : |
18.04.1994 |
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|
Com. Reg. No.: |
11-131185 |
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|
CIN No.: [Company Identification
No.] |
U29191MH1994PLC131185 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05074G/ MUMI02312C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV1297A |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of Electrical and Electronic Appliances. |
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 1425000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Auto Cars Compound, |
|
E-Mail : |
|
|
|
|
|
Factory : |
SIPCOT Industrial
Complex, Hosur (Phase I), Krishnagiri Revenue District, |
DIRECTORS
As on 30.03.2010
|
Name : |
Mr. Madhav Suresh Hegde |
|
Designation : |
Director |
|
Address : |
51, Dream Queen, Plot No. C-1, C-2, |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
23.09.1995 |
|
DIN No.: |
01321882 |
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|
|
|
Name : |
Mr. Chetan Ratansinh Mankermi |
|
Designation : |
Director |
|
Address : |
B2-72, Technocrat Co-Operative Housing, Veer Savarkar Marg, Prabhadevi,
Mumbai – 400 025, |
|
Date of Birth/Age : |
03.05.1951 |
|
Date of Appointment : |
23.09.1995 |
|
DIN No.: |
02162866 |
|
|
|
|
Name : |
Mr. Subhash Shamsunder Dayama |
|
Designation : |
Director |
|
Address : |
Sukhkarta Society, |
|
Date of Birth/Age : |
05.05.1961 |
|
Date of Appointment : |
16.02.2009 |
|
DIN No.: |
00217692 |
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|
|
|
Name : |
Mr. Vivek Dattatray Dharm |
|
Designation : |
Director |
|
Address : |
D-31, Shree Ramkrishna Colony, Behind Markendaya Society, Savedi, Ahmednagar
– 414 001, |
|
Date of Birth/Age : |
22.11.1964 |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
00214361 |
|
|
|
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Name : |
Mr. Vasant Sheshrao Kakade |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 5, Anandvan Apartments, Near Sindhu Mangal Karalaya,
Bhutwarwadi, Ahmednagar – 414 003, |
|
Date of Birth/Age : |
01.06.1968 |
|
Date of Appointment : |
20.08.2009 |
|
DIN No.: |
00458179 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Venugopal N. Dhoot |
|
10 |
|
Rajkumar N. Dhoot |
|
10 |
|
Pradipkumar N. Dhoot |
|
10 |
|
Anirudha V. Dhoot |
|
10 |
|
Chetan Ratansinh Mankermi |
|
10 |
|
Subhash S. Dayama |
|
10 |
|
Suresh M. Hegde |
|
10 |
|
Videocon Industries Limited, |
|
1990000 |
|
Value Industries Limited, |
|
849930 |
|
KAIL Limited, |
|
1300000 |
|
Waluj Components Private Limited, |
|
1000000 |
|
Dome-bell Electronics India Private Limited,
|
|
1900000 |
|
Videocon Exports Private Limited, |
|
1210000 |
|
Shree Dhoot Trading and Agencies Limited, |
|
1750000 |
|
Total |
|
10000000 |
As on 30.03.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Electrical and Electronic Appliances. |
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GENERAL INFORMATION
|
Bankers : |
Amex Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
IDBI Trusteeship
Services Limited, |
|
|
|
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Auditors : |
|
|
Name : |
Shashank Suvarnpathaki and Company Chartered Accountants |
|
Address : |
3801, Barde lane, Navi Peth, Ahmednagar – 414 001, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.000 |
100.000 |
100.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
256.336 |
261.967 |
255.226 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
356.336 |
361.967 |
355.226 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2000.000 |
327.764 |
308.108 |
|
|
TOTAL BORROWING |
2000.000 |
327.764 |
308.108 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2356.336 |
689.731 |
663.334 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
303.591 |
334.173 |
364.873 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
182.888 |
182.888 |
184.276 |
|
|
DEFERREX TAX ASSETS |
24.190 |
31.069 |
26.576 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
748.747
|
314.707 |
314.923 |
|
|
Sundry Debtors |
1084.285
|
79.196 |
101.239 |
|
|
Cash & Bank Balances |
1.611
|
1.968 |
3.659 |
|
|
Other Current Assets |
0.513
|
0.437 |
0.272 |
|
|
Loans & Advances |
61.217
|
798.786 |
8.425 |
|
Total
Current Assets |
1896.373
|
1195.094 |
428.518 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.116
|
1051.164 |
338.346 |
|
|
Other Current Liabilities |
0.538
|
2.269 |
1.650 |
|
|
Provisions |
0.052
|
0.060 |
0.913 |
|
Total
Current Liabilities |
50.706
|
1053.493 |
340.909 |
|
|
Net Current Assets |
1845.667
|
141.601 |
87.609 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2356.336 |
689.731 |
663.334 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales / Income from Operations |
1442.097 |
861.437 |
1342.040 |
|
|
|
Other Income |
0.597 |
1.229 |
17.776 |
|
|
|
TOTAL (A) |
1442.694 |
862.666 |
1359.816 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Consumed/ Sold |
1407.871 |
794.583 |
1323.229 |
|
|
|
Salaries, Wages & Employees' Benefits |
0.242 |
1.148 |
7.567 |
|
|
|
Manufacturing & Other Expenses |
1.671 |
24.603 |
7.239 |
|
|
|
TOTAL (B) |
1409.784 |
820.334 |
1338.035 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.910 |
42.332 |
21.781 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
& FINANCE EXPENSES (D) |
0.823 |
9.180 |
9.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.087 |
33.152 |
12.071 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.582 |
30.605 |
30.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.505 |
2.547 |
(18.540) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.136 |
(4.194) |
(13.118) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(5.631) |
6.741 |
(5.422) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
133.196 |
126.455 |
131.877 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
127.565 |
133.196 |
126.455 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.56) |
0.67 |
(0.54) |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
(0.39)
|
0.78 |
(0.40) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.10
|
0.30 |
(1.38) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
0.17 |
(2.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.75
|
3.82 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
37.40
|
1.13 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
During the
financial year, the Company has recorded total income of Rs.1442.694 millions
as against a total income of Rs.862.666 millions for the financial year ended
30th September, 2008. The total expenditure of the Company for the
year ended 30th September, 2009 amounted to Rs.1441.189 millions as
against total expenditure of Rs.860.118 millions for the previous financial
year ended 30th September, 2008. The Net Loss after tax amounted to
Rs.5.631 millions as against a net profit of Rs.6.741 millions for the previous
financial year ended 30th September, 2008.
The Directors are
exploring various opportunities to improve the performance of the Company.
FORM 8:
|
Corporate
identity number of the company |
U29191MH1994PLC131185 |
|
Name of the
company |
INDIAN REFRIGERATOR COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
Auto Cars Compound, E-Mail: secretarial1@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10173772 |
|
Type of charge |
Immovable Property
|
|
Particular of
charge holder |
CIN No.: U65991MH2001GOI131154 IDBI Trusteeship Services Limited, E-Mail: itsl@idbitrustee.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Declaration dated
27.04.2010 executed by Indian Refrigerator Company Limited (Company) for
creation of charge and mortgage over the immoveable properties of the Company
situated at SIPCOT Industrial Complex, Hosur (Phase I), Tamil Nadu, by way of
deposit of title deeds in favour of IDBI Trusteeship Services Limited for and
on behalf of ICICI Bank Limited (Lender) for the term loan availed by
Videocon International Electronics Limited |
|
Date of
instrument Creating the charge |
27/04/2010 |
|
Amount secured by
the charge |
Rs.3000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge: Exclusive first
charge over the immoveable properties of the Company situated at SIPCOT
Industrial Complex at Hosur (Phase I), Krishnagiri Revenue District, Tamil
Nadu, together with all buildings and structures thereon and all plant and
machinery attached to the earth or permanently fastened to anything attached
to the earth both present and future as described in Schedule I to
Declaration attached hereto, in favour of
IDBI Trusteeship Services Limited for and on behalf of ICICI Bank
Limited (Lender). Others: Videocon
International Electronics Limited (VIEL) has availed financial assistance of
Rs.3000.000 millions from the Lender. IDBI Trusteeship Services Limited is
acting as Trustee for the Lender. Other terms and conditions as agreed to
between VIEL and Lender. |
|
Short particulars
of the property charged |
Immoveable
properties of the Company situated at Dharmapuri Revenue District, in Hosur
Sub-Registration District, in Zuzuvadi Taluk, in Zuzuvadi and Mookandapalli
Villages, in Survey Nos.358 (pt), 359 (pt), 360 (pt), 361 (pt), 362 (pt) and
346 (pt), in SIPCOT Industrial Complex at Hosur (Phase I) comprising of about
1200 acres of land, in this Plot No.72 together with all buildings and
structures thereon and all plant and machinery attached to the earth or
permanently fastened to anything attached to the earth, both present and
future. |
|
Particulars of
the present modification |
Exclusive 1st
charge has been created over the immoveable properties of the Company
situated at SIPCOT Industrial Complex at Hosur (Phase I), Krishnagiri Revenue
District, Tamil Nadu (Factory) in favour of IDBI Trusteeship Services
Limited(IDBI) on behalf of ICICI Bank Limited (Lender). |
Contingent
liabilities not provided for in respect of:
|
Particulars |
As
on 30.09.2009 (Rs.
in millions) |
|
Excise Duty demand under dispute Amount paid under protest Rs.1.700
millions |
1.700 |
|
Sales Tax demand under dispute Amount paid under protest Rs.0.262
million |
0.262 |
|
|
|
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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.