MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
THERMO KING INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 35, KIADB Industrial Area, Bidadi, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.07.2001 |
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Com. Reg. No.: |
08 - 042359 |
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Capital
Investment / Paid-up Capital : |
Rs. 12.000 Millions |
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CIN No.: [Company Identification
No.] |
U51432KA2001PTC042359 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufactures and distributes transport temperature control systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (19) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 a subsidiary of Thermoking Corporation, It is an established company having moderate track. Profitability of the
company appears to be under severe pressure. There appear huge 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 on a secured 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) |
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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 : |
Plot No. 35, KIADB Industrial Area, Bidadi, |
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Tel. No.: |
91-80-22166000 |
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Fax No.: |
91-80-27287482/ 221660022 |
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E-Mail : |
DIRECTORS
As on 07.09.2010
|
Name : |
Mr. Bhadranarasimham Jayaram |
|
Designation : |
Director |
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Address : |
Flat No. E – 602, |
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Date of Birth/Age : |
11.06.1954 |
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Date of Appointment : |
23.12.2005 |
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DIN No.: |
00022567 |
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Name : |
Mr. Murli Ananthasivan |
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Designation : |
Director |
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Address : |
77 and 78, 6th Cross Bhuvaneshwari Nagar, Hebbal,
Kempapura, Off: |
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Date of Birth/Age : |
20.06.1959 |
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Date of Appointment : |
23.12.2005 |
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DIN No.: |
00009311 |
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Name : |
Mr. Raymond Donald Pittard |
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Designation : |
Director |
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Address : |
288, Chaussef De Vleurgat, 1050, |
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Date of Birth/Age : |
17.09.1965 |
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Date of Appointment : |
15.12.2008 |
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DIN No.: |
02455222 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Mathur |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Thermo King Corporation, |
|
1188000 |
|
Ingersoll Rand Company, |
|
12000 |
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Total |
|
1200000 |
As on 07.09.2010
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and distributes transport temperature control systems. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
The Millenia, 5th Floor, Tower D, 1 and 2, Murphy Road, Ulsoor,
Bangalore – 560008, Karnataka, India |
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PAN.: |
AAEFP3641G |
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Ultimate Holding Company: |
Ingersoll Rand plc, |
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Holding Company: |
Thermo King Corporation, |
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Associates/Subsidiaries : |
v
Hussmann Koxka, S.L., v
Hussmann – v
Hussmann Canada Inc, v
Ingersoll – Rand International Limited, v
Ingersoll – Rand Company, U.S.A v
Ingersoll – Rand International ( v
Ingersoll – Rand Industrial Products Private Limited,
v
Shanghai Xin Development Imp. And Exp.
Enterprises Company Limited, v
Thermo King European Manufacturing Limited, v
v
Thermo King Asia Pacific Limited, v
Thermo King Ireland Limited, v
Hussmann International Inc., v
Ingersoll – Rand ( v
Thermo King Service, v
Luoyang Hussmann Refrigeration Company, v
Thermo King Dallan Transport Refrigeration
company Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs. 12.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs. 12.000 Millions |
Note:
Of the above 1188000 (2009:1188000) equity
shares are held by thermo king corporation, USA., the holding company and 12000
(2009:12000) equity shares are held by Ingersoll – Rand Plc, Ireland
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 |
12.000 |
12.000 |
12.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(498.995) |
(352.843) |
(110.174) |
|
|
NETWORTH |
(486.995) |
(340.843) |
(98.174) |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
522.713 |
403.622 |
217.057 |
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|
TOTAL BORROWING |
522.713 |
403.622 |
217.057 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
35.718 |
62.779 |
118.883 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.648 |
3.064 |
35.294 |
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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 |
0.000 |
0.000 |
13.391 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
70.326
|
121.437 |
120.293 |
|
|
Sundry Debtors |
112.898
|
86.067 |
136.089 |
|
|
Cash & Bank Balances |
36.208
|
8.909 |
33.382 |
|
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Other Current Assets |
7.592
|
4.705 |
1.782 |
|
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Loans & Advances |
6.523
|
13.982 |
21.045 |
|
Total
Current Assets |
233.547
|
235.100 |
312.591 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
169.946
|
148.955 |
223.427 |
|
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Other Current Liabilities |
21.253
|
20.600 |
14.429 |
|
|
Provisions |
7.278
|
5.830 |
4.537 |
|
Total
Current Liabilities |
198.477
|
175.385 |
242.393 |
|
|
Net Current Assets |
35.070
|
59.715 |
70.198 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
35.718 |
62.779 |
118.883 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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|
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TOTAL |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(94.340) |
(155.070) |
(69.010) |
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|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES |
51.360 |
33.740 |
17.130 |
|
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|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(145.700) |
(221.460) |
(86.140) |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.450 |
32.650 |
27.310 |
|
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|
|
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|
|
|
|
Less |
PRIOP PERIOD
ITEMS |
0.000 |
7.220 |
0.000 |
|
|
|
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|
|
|
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|
PROFIT BEFORE
TAX |
(146.150 |
(228.680) |
(113.450) |
|
|
|
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|
|
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|
Less |
TAX |
0.000 |
13.980 |
(10.480) |
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PROFIT AFTER TAX
(G-I) |
(146.150) |
(242.660) |
(102.970) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(352.840) |
(110.180) |
(7.210) |
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BALANCE CARRIED
TO THE B/S |
(498.990) |
(352.840) |
(110.180) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
983.304 |
5.260 |
1.681 |
|
|
|
Recovery of Salary cost |
0.000 |
1.636 |
1.975 |
|
|
TOTAL EARNINGS |
983.304 |
6.896 |
3.656 |
|
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IMPORTS |
|
|
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|
|
|
|
Traded Goods (Including Spares) |
147.097 |
183.998 |
284.799 |
|
|
|
Goods in Transit |
16.740 |
26.065 |
16.030 |
|
|
TOTAL IMPORTS |
163.837 |
210.063 |
300.829 |
|
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|
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|
Earnings Per
Share (Rs.) |
(121.79) |
(202.22) |
(85.81) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(62.40)
|
(96.02) |
(32.61) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.67 |
1.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.48)
|
(1.70) |
(4.68) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.34 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 106/10-
11-12, Amruthahlli, Byatarayanapura,
Operations:
During the year the revenue of the company increased by Rs. 43.100
Million, a growth of 15% over the previous year. The growth was witnessed
primarily in Transport refrigeration business. The margins continued to be
under pressure because of the high import costs which we are unable to pass on
the customers.
The directors are confident of a better performance in terms od increase
revenue and profitability in year 2010-11 in view of the following:
v
Commencement of manufacture of XRT model of bus air
conditioners through an associates company in
v
A strategic tie up has been made with TVS group by
appointing them as distributor for transport refrigeration business and their
service centers has added to the service capability
v
Establishment of large supermarkets with large
floor space for food items
v
Incentive provided by government of India and
several State Governments for establishment of food parks, which could results
in setting up of cold rooms, large temperature controlled warehouse for storage
of fruits, vegetables, meat and dairy products
Contingent Liabilities:
|
Particulars |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2009 (Rs. in Millions) |
|
Bank Guarantees |
3.712 |
4.143 |
|
Sales Tax matters under dispute (Net of Rs.
0.406 Millions paid under protest) |
1.218 |
1.218 |
|
Income Tax matters under dispute (Rs. 1.857
Millions (2009: Rs. 1.857 Millions) Paid under protest) |
4.167 |
1.857 |
|
Total |
9.097 |
7.218 |
Note:
Contingent Liabilities disclosed above
represent possible obligation where possibility of cash outflow to settle the
obligation is remote
Fixed Assets:
- Goodwill
- Plant and Machinery
- Computers
- Office Equipments Furniture and Fixture
- Vehicles
- Small Tools
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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.