MIRA
INFORM REPORT
|
Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMBIENCE AIR-TECH PRIVATE LIMITED |
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Registered
Office : |
Manas Solitaire, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.06.2000 |
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Com. Reg. No.: |
11-127331 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.646 million |
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CIN No.: [Company Identification
No.] |
U52603MH2000PTC127331 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22685F |
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PAN No.: [Permanent Account No.] |
AACCA8722G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 9000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
continuous dip in the turnover of the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre 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) |
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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
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Registered Office : |
Manas Solitaire, |
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Tel. No.: |
91-22-25091428/ 25091429 |
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Fax No.: |
91-22-25128537 |
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E-Mail : |
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Website : |
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Service Station : |
Gala No.C-2, Near Reena Complex, |
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Air-Conditioning Business Division : |
04, Reena Complex, |
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Te. No.: |
91-22-25091428/ 29/ 25023096 |
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Fax No.: |
91-22-25128537 |
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Sales Office : |
106, Reena Complex, |
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Tel. No.: |
91-22-25091428 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Pradeep Krishna Eerikal Pillai |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
10.05.1967 |
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Date of Appointment : |
22.06.2000 |
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DIN No.: |
00082014 |
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Name : |
Mr. Vijaykumar Parameshwaran Pillai |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
27.07.1964 |
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Date of Appointment : |
22.06.2000 |
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DIN No.: |
00122920 |
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Name : |
Ms. Sreejyothi Pradeepan Pillai |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
12.05.1971 |
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Date of Appointment : |
15.03.2009 |
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DIN No.: |
02632763 |
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Other Directorship:
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Name : |
Ms. Prabhakumari Sreedharan |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
29.05.1965 |
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Date of Appointment : |
15.03.2009 |
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DIN No.: |
02605864 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pradeep Krishna Pillai and Sreejyoti P. Pillai |
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30319 |
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Vijay Kumar Chelepeli and Prabha Kumari |
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27775 |
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Sreejyoti Pillai and Prdeep K. Pillai |
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3263 |
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Prabhakumari and Vijay Kumar Chelipeli |
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3263 |
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Total |
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64620 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Tripathi and Associates Chartered Accountants |
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Address : |
Building S/11, Flat No. 14, LIC Colony, Borivali (West), Mumbai – 400 103,
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
64620 |
Equity Shares |
Rs.10/- each |
Rs.0.646 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.646 |
0.646 |
0.646 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.772 |
1.243 |
0.706 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.418 |
1.889 |
1.352 |
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LOAN FUNDS |
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1] Secured Loans |
2.496 |
0.700 |
0.963 |
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2] Unsecured Loans |
0.000 |
0.898 |
1.845 |
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TOTAL BORROWING |
2.496 |
1.598 |
2.808 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.914 |
3.487 |
4.160 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.399 |
4.859 |
1.434 |
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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 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.961
|
0.962 |
0.875 |
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Sundry Debtors |
3.397
|
5.336 |
2.583 |
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Cash & Bank Balances |
1.162
|
1.441 |
1.938 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.983
|
3.818 |
3.573 |
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Total
Current Assets |
11.503
|
11.557 |
8.969 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.783
|
9.156 |
4.455 |
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Other Current Liabilities |
2.831
|
2.650 |
1.055 |
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Provisions |
1.374
|
1.125 |
0.739 |
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Total
Current Liabilities |
10.988
|
12.931 |
6.249 |
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Net Current Assets |
0.515
|
(1.374) |
2.720 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.006 |
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TOTAL |
4.914 |
3.487 |
4.160 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
19.506 |
34.948 |
20.962 |
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Other Income |
|
0.672 |
0.728 |
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TOTAL |
19.506 |
35.620 |
21.690 |
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Less |
EXPENSES |
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|
18.208 |
34.302 |
20.803 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
18.208 |
34.302 |
20.803 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.298 |
1.318 |
0.887 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.476 |
0.376 |
0.177 |
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PROFIT BEFORE
TAX |
0.822 |
0.942 |
0.710 |
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Less |
TAX |
0.293 |
0.405 |
0.312 |
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PROFIT AFTER TAX
|
0.529 |
0.537 |
0.398 |
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Earnings Per Share
(Rs.) |
8.18 |
8.31 |
25.51 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.71
|
1.51 |
1.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.70 |
3.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.17
|
5.74 |
6.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.50 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.58
|
7.69 |
6.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.05
|
0.89 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 101 Parvati
Palace,
FINANCIAL RESULTS:
As can be seen from the results, the sales have decreased compared to
last year. This was mainly due to competition from the organized and un organized
sectors. The margins are under pressure due to all round increase in costs. The
Directors are taking every step to reduce costs.
FORM 8
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Corporate
identity number of the company |
U52603MH2000PTC127331 |
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Name of the
company |
AMBIENCE AIR-TECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
101, E-Mail: ambienceair@vsnl.net |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Federal Bank Limited, E-Mail: secretarial@federalbank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
1) Letter of
deposit of title deeds of the property
dated 01/06/2009 |
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Date of instrument
Creating the charge |
01/06/2009 |
|
Amount secured by
the charge |
Rs.2.300 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Term Loan-13.75% p.a.
i.e. 0.50% less than the bank's prime lending rate. Terms of
Repayment; The loan is
repayable in 84 monthly installments of Rs.0.027 million together with
interest, additional interest, charges and other expenses, commencing from
the date of disbursal of the loan or any part thereof. Margin: not specified Extent and
Operation of the charge: Charge will
operate as security for repayment of the Term Loan granted by The Federal
Bank Limited to the Company along with interest and other charges as per the
term loan agreement. |
|
Short particulars
of the property charged |
Commercial
property (basement godown) measuring 1600 sq.ft. (built up), in Manas
Solitaire at |
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U52603MH2000PTC127331 |
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Name of the company |
AMBIENCE AIR-TECH PRIVATE LIMITED |
|
Address |
101 Parvati Palace, |
|
Type of Charges |
Movable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Citizen Credit Co-Operative Bank
Limited, Kurla Branch, Sai Dham Co-Operative Housing Society, |
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Nature or description of the instrument creating or modifying the charge |
Agreement of hypothecation of vehicle |
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Date of the instrument creating charge |
08.11.2007 |
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Whether charge created or
modified outside |
No |
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Amount Secure by the charge |
Rs. 1.077 million |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: interest @ 12% p.a. (payable monthly) (Bank’s PLR, subject to changes as per Bank’s discretion) Terms of repayment: to repay Term Loan of Rs. 1.077 million alongwith interest, in 48 monthly installments commencing 1 month from the date of 1st disbursement Margin: security margin @ 20% Extent and operation of the charge: repayment of Term Loan of Rs. 1.077 million alongwith interest, in 48 monthly installments commencing 1 month from the date of 1st disbursement |
|
Short particulars of the Property charged |
Purchase of vehicles A] B] Maruti Omni LPG Cargo E/3. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Name of the
company |
AMBIENCE AIR-TECH PRIVATE LIMITED |
|
Presented By |
Mr. E Krishna Pradeepan Pillai and Mr. C P Vijaykumar Pillai |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation of vehicle dated 01.07.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Rs. 0.210 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Maruti Omni – 5 (E2) Van MH-03-S-2461 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the repayment of loan of Rs. 0.210 million on demand with interest @ 13.00% p.a. (Subject to change from time to time) and incidental charges. |
|
5) Name and Address and description of the person entitled to the charge. |
Citizencredit Co-operative Bank Limited Kurla Branch, Sai Dham Co-Op
Housing Society, |
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6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
FIXED ASSETS:
·
Telephone EPABX
·
Furniture and Fittings
·
Maruti Van
·
Motor Car – Innova
·
Computer/ Printer
·
Equipments
·
Mobile Phone
·
Land and Building
WEBSITE DETAILS:
PROFILE
They take this opportunity to introduce their selves as a team of professional engaged in erection, maintenance of Air Conditioning equipments and plants.
The activity not only includes the execution but also the planning calculation of Heat Load preparation of Shop Drawings etc., as per the requirement of the projects. They provide the complete solution on Air Conditioning, Ventilation, Exhaust, and Air Cooling for both commercial and Residential application.
They are the authorized sales and service dealers for LG, Toshiba, Samsung, Yorks and Uniflair (Precision Unit) range of Air conditioners.
They at Subject Strive to give the Customer and Client total satisfaction in terms of quality and timely execution of the project backed by efficient after sales service.
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.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.