MIRA
INFORM REPORT
|
Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUVIDHA ENGINEERS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
814-815, Devika Towers, 6 Nehru Place, New Delhi 110048 |
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Country : |
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|
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
22.09.1983 |
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Com. Reg. No.: |
55-016594 |
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Capital
Investment / Paid-up Capital : |
Rs.4.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1983PTC016594 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS01831E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Turnkey Contracts in Central in Air Conditioning |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1078656 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Trade
relations are reported as fair. Business is active. Payments are reported as
usually made as per commitments. General financial position is satisfactory. The company can be considered good for normal 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 : |
814-815, Devika Towers, 6 Nehru Place, New Delhi 110048, India |
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E-Mail : |
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Website : |
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Head Office : |
C -37, Sector 57, Noida – 201301, |
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Tel. No.: |
91-120-4610400 |
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Fax No.: |
91-120-4610401 |
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E-Mail : |
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Factory : |
Plot No.3, Sector – 31, Ecotech
– 1, Kasna Greater, Noida – 201306, |
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Tel. No.: |
91-120-4763100 |
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Fax No.: |
91-120-4763101 |
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E-Mail : |
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|
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Branches : |
Located At:
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Sanjay Mookerjee |
|
Designation : |
Director |
|
Address : |
S – 410, Greater Kailash, Part – I, |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
30.08.2007 |
|
|
|
|
Name : |
Mr. Ashok Kumar Virmani |
|
Designation : |
Managing Director |
|
Address : |
B – 28, Soami Nagar, |
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Date of Birth/Age : |
31.12.1946 |
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Date of Appointment : |
20.09.1983 |
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|
|
|
Name : |
Mr. Suresh Kumar Virmani |
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Designation : |
Director |
|
Address : |
PO Box No. 703112, |
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Date of Birth/Age : |
02.02.1943 |
|
Date of Appointment : |
20.09.1983 |
|
|
|
|
Name : |
Mr. Ramu Krishnamurthy |
|
Designation : |
Whole Time Director |
|
Address : |
115 – Shalaka Mahari, Shi Karve Marg, Mumbai – 400021, |
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Date of Birth/Age : |
11.12.1945 |
|
Date of Appointment : |
01.09.1987 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
H L Virmani |
20 |
0.005 |
|
|
20 |
0.005 |
|
S K Virmani |
39702 |
9.925 |
|
A K Virmani |
42740 |
10.684 |
|
Alok C Tandon |
39534 |
9.883 |
|
Mini Tandon |
40360 |
10.089 |
|
Mona Dhir |
3598 |
0.899 |
|
Priya Virmani |
3000 |
0.750 |
|
Ritu Virmani |
2960 |
0.740 |
|
Manju Virmani |
37368 |
9.341 |
|
Banani Mookerjee |
24998 |
6.249 |
|
Krishnamurthy Ramu |
29998 |
7.499 |
|
Sanjay Mookherjee |
12000 |
3.000 |
|
Anita Virmani |
40500 |
10.124 |
|
Neela Prakash Borwankar |
83242 |
20.808 |
|
TOTAL |
400040 |
100.00 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
31.108 |
|
Other top fifty shareholders |
|
68.892 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Turnkey Contracts in Central in Air Conditioning |
GENERAL INFORMATION
|
Customers : |
·
Godrej ·
Apollo ·
Zydus Cadila ·
Vatika ·
Hyundai ·
Hilton ·
Hero Honda ·
DHL ·
Taj ·
Hindustan Times ·
Cipla ·
Nift ·
P and G ·
Wipro ·
Intel ·
HP ·
FIITJEE |
|
|
|
|
Bankers : |
Canara Bank, Maharani Bagh, |
|
|
|
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Facilities : |
-- |
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
K C Khanna and Company Chartered Accountant |
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Group Companies
: |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400040 |
Equity Shares |
Rs. 10 each |
Rs.4.000
millions |
|
|
|
|
|
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 |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
265.664 |
233.059 |
203.466 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
269.664 |
237.059 |
207.466 |
|
|
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 |
0.748 |
1.162 |
1.466 |
|
|
|
|
|
|
|
|
TOTAL |
270.412 |
238.221 |
208.932 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
36.480 |
33.027 |
36.070 |
|
|
Capital work-in-progress |
0.000 |
1.399 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
5.612 |
4.210 |
4.262 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
97.398
|
47.809 |
48.429 |
|
|
Sundry Debtors |
617.874
|
470.724 |
488.241 |
|
|
Cash & Bank Balances |
155.186
|
126.358 |
91.919 |
|
|
Other Current Assets |
0.000
|
0.003 |
0.003 |
|
|
Loans & Advances |
80.393
|
72.721 |
113.350 |
|
Total
Current Assets |
950.851
|
717.615 |
741.942 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
459.656
|
310.732 |
477.051 |
|
|
Other Current Liabilities |
192.904
|
131.606 |
|
|
|
Provisions |
69.971
|
75.692 |
96.291 |
|
Total
Current Liabilities |
722.531
|
518.030 |
573.342 |
|
|
Net Current Assets |
228.320
|
199.585 |
168.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
270.412 |
238.221 |
208.932 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1428.200 |
|
1537.707 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
1375.119 |
|
|
|
|
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TOTAL |
|
NA |
1471.744 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
53.081 |
|
65.963 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.205 |
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
47.876 |
|
65.963 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.284 |
|
22.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
29.592 |
|
43.132 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
233.059 |
|
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
262.651 |
|
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
73.97 |
|
107.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.07
|
-- |
2.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.84
|
-- |
8.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
-- |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.67
|
2.18 |
2.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.38 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS OPERATIONS
There has been respite from the global slowdown and recession of last couple of years. The Industrial growth has shown some improvement & its impact is seen on the Air conditioning Industry as well. As a result, the turnover of the company has gone up from Rs. 1428.200 millions to Rs. 1630.300 millions, showing a increase of 14.15%. However the Company’s net profit (before tax) is stagnant in percentage terms due to rise in input cost of principal raw material over the previous year. The Volume growth of the company is expected to rise by 25% in view of order book in hand in the current year.
FORM 8
|
Name of the company |
SUVIDHA ENGINEERS INDIA PRIVATE LIMITED |
|
Presented By |
Canara Bank,
Maharani Bagh, |
|
1) Date and description of instrument creating the change |
Letter evidencing
deposit of title deeds alon with Schedule A and B Dated 04.07.2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
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 |
Equitable
mortgage of immovable proprieties of the company being office bearing No. 409,410,411
and 412 total build up area 187.00 sq. mtrs. Fourth floor, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure all amounts payable under various credit facilities granted to enjoyed
by the company upto Rs.10.000 millions together with all interests, costs,
charges, expenses, commission, etc. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Maharani Bagh, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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
- Land
- Buildings
- Plant and Machinery
- Tools and Equipments
- Furniture and Fixtures
- Office Equipments
- Electrical Fittings
- Computers
- Vehicles
WEBSITE DETAILS
PROFILE
Subject was established in 1983 by experienced technocrats in the field of Air-conditioning, Refrigeration and Building Management systems. The company has been offering comprehensive services in designing, system engineering, supply, testing, installation and commissioning of HVAC systems for the past two decades. With an abundance of experience, backed by a team of highly qualified engineers, skilled personnel and technicians, the company brings with it a guarantee of quality, reliability and enduring commitment through continuous after sales service.
The company started manufacturing Air Handling Units in collaboration
with Saiver of Italy and Centrifugal fans with world renowned Comefri of Italy
in 1995 in Noida. The operation under Saiver India Limited has now been shifted
to new and larger facility in the name of International AirConditioning
Products Private. Limited., (24000 Sq.mtr. plot at Greater Noida-an
To provide a non-partisan third party agency for Testing and Balancing (TAB) activities. Suvidha Group established TABAIR Systems Private. Limited., in 2003. The company is a pioneer in the field of validation, commissioning, testing and balancing of HVAC Systems and allied equipment
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.48.92 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.64 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.