MIRA
INFORM REPORT
|
Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
S P SANGHI AIRCONDITIONING PRIVATE LIMITED |
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Formerly Known
As : |
OXYCHLORIDE INDUSTRIES AND AGENCIES PRIVATE LIMITED |
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Registered
Office : |
AMA House, 1st Floor, Off Arthvr Bunder Road, Behind Strand
Cinema, Colaba, Mumbai - 400005, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.05.1937 |
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Com. Reg. No.: |
11-002650 |
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Capital
Investment / Paid-up Capital : |
Rs.0.861
Million |
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CIN No.: [Company Identification
No.] |
U26900MH1937PTC002650 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Air Conditioning |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 54000 |
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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 old established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payment 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) |
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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 |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Akhil |
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Designation : |
Director |
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Contact No.: |
91-9819373057 |
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Date : |
29.09.2011 |
LOCATIONS
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Registered Office : |
Ama House, 1st Floor, Off Arthvr Bunder Road, Behind Strand
Cinema, Colaba, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-22871081 / 82 / 83 / 22832013 |
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Mobile No.: |
91-9819373057 (Mr. Akhil) |
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Fax No.: |
91-22-22832013 / 22046362 |
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E-Mail : |
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Service Station : |
77 A. B.P.T. Plot No. 11 A, |
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Tel. No.: |
91-22-24716692 / 0818 |
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Fax No.: |
91-22-24710747 |
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E-Mail : |
DIRECTORS
AS ON 06.09.2010
|
Name : |
Mr. Ramchandra Mitty Balajirao |
|
Designation : |
Director |
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Address : |
F – 93, Shnnagar C. H. S. Limited, Pestom Sagar, Chembur, Mumbai –
400089, |
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Date of Birth/Age : |
05.01.1938 |
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Date of Appointment : |
09.08.1984 |
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|
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Name : |
Mr. Sanghi Arun Akhil |
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Designation : |
Director |
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Address : |
24, Hemprabha, 68, Marine Drive, Mumbai – 400020, |
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Date of Birth/Age : |
10.03.1973 |
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Date of Appointment : |
19.11.1996 |
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Name : |
Mr. Sanghi Suraj Prakash Arun |
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Designation : |
Director |
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Address : |
24, Hemprabha, 68, Marine Drive, Mumbai – 400020, |
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Date of Birth/Age : |
13.02.1943 |
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Date of Appointment : |
09.08.1984 |
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Name : |
Mr. Bejonji Dadi |
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Designation : |
Director |
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Address : |
Sea Shell, 1st Floor, 13, Darabsha Road, Opposite Nepeansea
Road, Mumbai – 400026, Maharashtra, India
|
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Date of Birth/Age : |
02.05.1933 |
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Date of Appointment : |
17.10.1978 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 06.09.2010)
|
Category |
|
Percentage |
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|
|
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Directors or relatives of Directors |
|
96.47 |
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Other top fifty shareholders |
|
3.53 |
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|
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Air Conditioning. |
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Products : |
Air Conditioners |
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Agencies Held : |
Carrier |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
20 (Approximately) |
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Bankers : |
· HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jagdish D Shet and Company Chartered Accountants |
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Address : |
Navjivan Society, Building No. 3, Premises No. 22, |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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24000 |
Equity Shares |
Rs.100/- each |
Rs.2.400 Millions |
|
1000 |
6 % Cumulative Redeemable Shares |
Rs.100/- each |
Rs.0.100 Million |
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Total |
|
Rs.2.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8616 |
Equity Shares (8616 Equity Shares Of Rs.100/- Each Fully Paid Up (Of The Above (1) 2000 Shares Were Allotted As Fully Paid To Vendors Pursuant To The Terms Of Agreement Dated
16-6-1937 Without Payment Being Received In Cash And (2) 2154 Shares Were Allotted As Fully Paid Up Bonus Shares By
Capitalisation Of General Reserves) |
Rs.100/- each |
Rs.0.861
Million |
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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|
|
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1] Share Capital |
0.861 |
0.862 |
0.861 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.720 |
11.862 |
10.729 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.581 |
12.724 |
11.590 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
1.272 |
0.347 |
0.389 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.272 |
0.347 |
0.389 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.853 |
13.071 |
11.979 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.625 |
4.363 |
2.625 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.080 |
5.320 |
4.704 |
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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 |
1.802
|
2.036 |
4.164 |
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Sundry Debtors |
3.790
|
1.952 |
2.959 |
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Cash & Bank Balances |
4.809
|
4.553 |
0.228 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.304
|
3.996 |
6.791 |
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Total
Current Assets |
14.705
|
12.537 |
14.142 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors and Other Current Liabilities |
5.338
|
4.293 |
6.192 |
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Provisions |
3.219
|
4.856 |
3.300 |
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Total
Current Liabilities |
8.557
|
9.149 |
9.492 |
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Net Current Assets |
6.148
|
3.388 |
4.650 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.853 |
13.071 |
11.979 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.98 |
0.81 |
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Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.37 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
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Year of Establishment |
Yes |
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Locality of the Firm |
No |
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Constitution of the Firm |
Yes |
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Premises details |
No |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoter’s Background |
------------ |
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No. of Employees |
Yes |
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Name of Person Contacted |
Yes |
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Designation of Contact person |
Yes |
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Turnover of Firm for last three years |
No |
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Profitability for last three years |
No |
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Reasons for variation <> 20% |
No |
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Estimation for coming financial year |
No |
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Capital in the business |
No |
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Details of sister concerns |
No |
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Major Suppliers |
No |
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Major Customers |
No |
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Payments Terms |
Yes |
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Export/ Imports Details (If applicable) |
No |
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Market Information |
------------ |
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Litigations that the firm/ Promoters Involved in |
------------ |
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Banking details |
Yes |
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Banking Facility Details |
No |
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Conduct of the Banking Account |
------------ |
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Buyer visit details |
------------ |
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Financials, if provided |
No |
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Incorporation details is applicable |
------------ |
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Last Accounts filed at ROC |
------------ |
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Major Shareholders, if available |
------------ |
Bankers Charges
Report as per Registry
|
Name of the
company |
SP SANGHI AIRCONDITIONING PRIVATE LIMITED |
|
Presented By |
HDFC Bank Limited |
|
1) Date and description of instrument creating the change |
Letter of Hypothecation
dated 24.11.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 Millions
|
|
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 |
All the stock
both present and future consisting of raw materials, finished goods, goods in
process of manufacturing, current assets, all the bad debts, O/S Money
receivables, claims and bills which are now dye owing or which may at any
time hereafter shall continue to submit till such time all the borrower sue
have been repaid unfull. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The facility
provided to the borrower is in the nature
of cash credit. The Bank is
entitled to charge interest at such rate as may be determined by the bank. The charge and
hyp. shall continue to subsist till such time all the borrowers due have been
repaid unfull. |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited
HDFC Bank House,
Senapati Bapat Marg, Lower Parel [West], Mumbai – 400012, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
FIXED ASSETS:
· Good Will
· Office Premises
· Air Conditioners
· Computer System
· Furniture and Fixture
· Office Equipment
· Water Filter
· Typewriter
· Plant and Machinery
· Refrigerator
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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
47 |
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.