MIRA INFORM REPORT

 

 

Report Date :

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

EXCEL SERVICES

 

 

Registered Office :

Ground Floor 1-2-3, Pranam Complex, Opposite Shree Nagar Society, Urmi Dinesh Mill Road, Vadodara – 390020, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

01.04.1994

 

 

Com. Reg. No.:

B-26 5996

 

 

Capital Investment / Paid-up Capital :

Rs.11.754 Millions

 

 

PAN No.:

[Permanent Account No.]

AFXPS9460A

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Dealers of Carrier Air Conditioners.

 

 

No. of Employees :

42 [Approximately] 

 

 

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 47000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established proprietory concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

The concern 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Thakur Patel

Designation :

Chief Accountant

Contact No.:

91-9825039183

Date :

07.10.2011

 

 

LOCATIONS

 

Registered Office / Workshop :

Ground Floor 1-2-3, Pranam Complex, Opposite Shree Nagar Society, Urmi Dinesh Mill Road, Vadodara – 390020, Gujarat, India

Tel. No.:

91-265-2357398 / 2357397 / 3291761

Mobile No.:

91-9825029831

Fax No.:

91-265-2357397

E-Mail :

fairair@satyam.net.in

caifaexcel@iqara.net

Area :

1100 sq. ft.

 

 

SOLE PROPRIETOR

 

Name :

Mr. Sanjay V. Shah

Designation :

Proprietor

Tel No.:

[Res.] 91-265-2358953

[Office] 91-265-2397908 / 2396398

Mobile No. :

91-9824029831

Address :

5, Sujata Society, Gotri Road, Vadodara-390007, Gujarat, India

Date of Birth/Age :

09.11.1962

Qualification :

B. E. Mechanical

Experience :
  1. Sales Engineer – Batliboi
  2. Business Trading – Air Conditioner and Commercial Refrigeration Appliances
  3. Business Dealer – Carrier Aircon Limited and Fairrair Engineers Private Limited

 

 

KEY EXECUTIVES

 

Name :

Mr. Thakur Patel

Designation :

Chief Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Dealers of Carrier Air Conditioners.

 

 

Brand Names :

“TOSHIBA AND CARRIER”

 

 

Agencies Held :
  • Willis Carrier Club Dealer
  • Eco Fresh Energy Recovery Ventilation

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit [30 days]

 

 

GENERAL INFORMATION

 

Suppliers :
  • Agarwal and Company
  • Dynamic Airsystems Private Limited
  • Industrial Products and Services
  • Jalaram Hardware and Paints
  • Madhya Gujarat Vij Company Limited
  • Shivam Trading Corporation
  • Taj Hardware and Paints
  • Tirupari Sales and Services
  • East Africa Mobiles Limited
  • India Com. Limited
  • Maruti System
  • Mehta Trading Agency
  • N. H. Shah and Company 

 

 

Customers :

End Users and Sales and Service Dealer 

 

  • ABB Limited
  • ABP Induction System Private Limited
  • Ajit Nair Architects Atelier Private Limited
  • Bharat Petroleum Corporation Limited
  • Carrier Air-conditioning and Refrigeration Limited
  • Hindustan Earthmovers Private Limited
  • ICICI Prudential Assets Management Company Limited
  • Kamlesh Parikh
  • Nilam Rahul Patel 
  • Reliance Life Insurance Company Limited
  • Shree Krishna Hospital and Medical Research Centre
  • South Asia FM Limited
  • The Friends Co-op Society
  • Therm Flow Engineers Private Limited 

 

 

No. of Employees :

42 [Approximately] 

 

 

Bankers :
  • Corporation Bank, Alkapuri Branch, Baroda, Gujarat
  • Canara Bank, Surat, Gujarat, India
  • ICICI Bank Limited, Bandra

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

K. H. Bhatt and Company

Chartered Accountants

Address :

S-8, National Plaza, R. C. Dutt Road, Alkapuri Vadodara – 390007, Gujarat, India

Tel. No.:

91-22-23525353 / 2351738

Mobile No.:

91-9824079480

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Capital Investment :

 

Owned :

Rs.11.754 Millions

Borrowed :

--

Total :

Rs.11.754 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Proprietor Capital

 

 

11.754

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

11.754

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.137

2] Unsecured Loans

 

 

1.273

TOTAL BORROWING

 

 

1.410

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

13.164

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

2.737

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

10.518

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

5.060

 

Sundry Debtors
 

 

(1.868)

 

Cash & Bank Balances
 

 

2.526

 

Other Current Assets
 

 

0.788

 

Loans & Advances
 

 

0.124

Total Current Assets
 

 

6.630

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

6.547

 

Other Current Liabilities
 

 

0.174

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

6.721

Net Current Assets
 

 

(0.091)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

13.164

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2011

 

SALES

 

 

 

 

 

Income

 

 

18.239

 

 

Other Income

 

 

1.450

 

 

TOTAL                                    

 

 

19.689

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

 

 

12.912

 

 

Conveyances

 

 

0.129

 

 

Vehicle Maintenance

 

 

0.058

 

 

Audit Fees

 

 

0.020

 

 

Consultancy Charges

 

 

0.090

 

 

ESIC Employers Contribution

 

 

0.057

 

 

Other Expenses

 

 

2.794

 

 

TOTAL                                    

 

 

16.060

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

 

3.629

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

 

0.464

 

 

 

 

 

 

NET PROFIT

 

 

3.165

 

Expected Sales (2011-12 ) : Rs.22.500 Millions

 

The above information has been parted by Mr. Thakur Patel.

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2011

PAT / Total Income

(%)
 

 

16.07

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

17.35

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

33.79

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.27

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

0.69

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.99

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

--

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

No

13) Reasons for variation <> 20%

No

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

--

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

No

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

--

29) Last accounts filed at ROC

--

30) Major Shareholders, if available

--

 

 

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.66.00

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

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

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.