MIRA
INFORM REPORT
|
Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR CHILLERS PRIVATE LIMITED [w.e.f.16.09.2006] |
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Formerly Known
As : |
KIRLOSKAR MCQUAY PRIVATE LIMITED |
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Registered
Office : |
Office #104, 1st Floor, Tower P-3, Pentagon, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.12.1995 |
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Com. Reg. No.: |
11-095733 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
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CIN No.: [Company Identification
No.] |
U29191PN1995PTC095733 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK01042G |
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PAN No.: [Permanent Account No.] |
AABCK1730B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter of Refrigeration Equipment and Importer of Raw
Material or Finished Product. |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [51] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 936000 |
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Status : |
Satisfactory |
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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 satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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.
INFORMATION PARTED BY
|
Name : |
Mr. Anand D. |
|
Designation : |
Senior Finance Officer |
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Date : |
13.10.2011 |
LOCATIONS
|
Registered Office : |
Office #104, 1st Floor, Tower P-3, Pentagon, |
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Tel. No.: |
91-20-66859800 |
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Fax No.: |
91-20-66859802 |
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E-Mail : |
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Website : |
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Area : |
3500 Sqft. |
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Location : |
Owned |
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Factory : |
Saswad Works, Taluka Purandar, Pune – 412 301, |
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Area : |
20000 Sq. ft. (Building up Area) |
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Location : |
Owned |
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Branch Office : |
Located at ·
Mumbai ·
·
Chennai ·
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DIRECTORS
As on 04.09.2010
|
Name : |
Mr. Sudhakar Ganesh Chitnis |
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Designation : |
Chairman cum Managing Director |
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Address : |
Parimal No. 22, Lane 3, Navketan Society, Kothrud, Pune – 411029, |
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Date of Birth/Age : |
23.01.1941 |
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Date of Appointment : |
29.06.2002 |
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DIN : |
00082884 |
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Name : |
Mr. Ramchandra Hari Mustikar |
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Designation : |
Director |
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Address : |
A 1 104, |
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Date of Birth/Age : |
27.08.1945 |
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Date of Appointment : |
29.06.2002 |
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DIN : |
00059217 |
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Name : |
Mr. Aditya Kowshik |
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Designation : |
Director |
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Address : |
1102, Red Woods Marigold Premises, Kalyani Nagar, Pune – 411014, |
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Date of Birth/Age : |
17.05.1955 |
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Date of Appointment : |
29.09.2006 |
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DIN : |
00228983 |
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Name : |
Mr. Avinash Vasudeo Manjul |
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Designation : |
Whole-time Director |
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Address : |
Flat NO.7, Ruchavarsha Apartments, 23, Mayur Colony, Pune – 411029, |
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Date of Birth/Age : |
13.06.1965 |
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Date of Appointment : |
27.09.2010 |
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DIN : |
03246457 |
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KEY EXECUTIVES
|
Name : |
Mr. Anand D. |
|
Designation : |
Senior Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kirloskar Pneumatic Company Limited, |
|
490000 |
|
Kirloskar Rahul |
|
250000 |
|
Kirloskar Atul |
|
250000 |
|
Kulkarni Gautam |
|
250000 |
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Kulkarni Jyotsna |
|
50000 |
|
Alpak Investments Private Limited, |
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190000 |
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Achyut and Neeta Holdings and Finance Private Limited, |
|
20000 |
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Total |
|
1500000 |
Equity Shares Break Up As on 04.09.2010
|
Category |
Percentage |
|
Bodies corporate |
46.67 |
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Other top fifty shareholders |
53.33 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter of Refrigeration Equipment and Importer of Raw
Material or Finished Product. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Refrigeration Equipments |
Nos. |
- |
400 |
105 |
|
Compressors |
Nos. |
- |
400 |
- |
Note :
- Licensed capacity being nor applicable, has not been indicated
- Installed capacity has been certified by the management and has been
accepted as correct by the auditors without verification, this being a technical
matter.
- Production for captive consumption is nil [previous year : 1]
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s Pharmaceutical
Sector · Orchid Chemicals and Pharmaceuticals Limited ·
Serum Institute of India Limited ·
Micro Labs Limited ·
Macleods Pharmaceuticals Limited ·
V. B. Medicare Malls,
Multiplexes, Retail Sector ·
Ansal Properties ·
Pantaloon ·
·
World Trade Centre ·
Industrial
Sector ·
Reliance Group ·
JBF Limited ·
SRF Limited ·
Garden Silk Mills Limited ·
Owens Corning India Limited Automobile
Sector ·
Mahindra and Mahindra Limited ·
Tata Motors Limited ·
Hyundai Motor ·
Motor Industries Company Limited ·
Toyota Kirloskar Motor Private Limited IT Sector ·
·
·
U B City ·
MIDC IT Park ·
Dell Computers Hospital Sector ·
·
·
SRM Institute of Science & Technology ·
·
Hotel Sector ·
Taj Group of Hotels ·
Marriott Hotels ·
Sahil Radisson Resort and SPA ·
Hotel Viceroy ·
Hotel Tunga Regale Government
Sector ·
Nuclear Power Corporation of India Limited ·
Dept. of Atomic Energy ·
Indian Space Research Organisation ·
Reserve Bank of ·
Opto Electronics Factory |
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No. of Employees : |
200 [Approximately] |
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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 : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
C 401, 4th Floor, |
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Tel. No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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PAN : |
AABFS3421N |
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Associates/Subsidiaries : |
·
Kirloskar Pneumatic Company Limited [Associate with 50%
holding upto March 30, 2010 and Associate with 32.67% holding from March 31, 2010] ·
Kirloskar Oil Engines Limited ·
Better Value Holding [Associate with
50% holding upto September 30,
2010 and Associate with Nil holding with effect from October 1, 2010] |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30.000
millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/-each |
Rs.15.000
millions |
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|
Note
: The entire Share
Capital is held by Kirloskar Pneumatics Company Limited and others each having in aggregate
32.67% and 67.33% share hold respectively. (Previous year: Entire share capital
was held by Kirloskar Pnumatics Company Limited and Better value Holding
Private Limited each having 50% share respectively)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
219.222 |
162.036 |
153.370 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
234.222 |
177.036 |
168.370 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.551 |
58.209 |
63.334 |
|
|
2] Unsecured Loans |
9.383 |
27.535 |
9.383 |
|
|
TOTAL BORROWING |
12.934 |
85.744 |
72.717 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
247.156 |
262.780 |
241.087 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
116.603 |
119.701 |
10.858 |
|
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Capital work-in-progress |
0.440 |
0.040 |
68.812 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
4.701 |
5.253 |
5.397 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
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Inventories |
70.478
|
71.888 |
87.568 |
|
|
Sundry Debtors |
82.049
|
103.774 |
118.603 |
|
|
Cash & Bank Balances |
50.647
|
38.706 |
52.371 |
|
|
Other Current Assets |
7.413
|
7.944 |
16.646 |
|
|
Interest Accrued on Investments |
1.729
|
0.059 |
0.000 |
|
|
Loans & Advances |
17.145
|
21.213 |
20.580 |
|
Total
Current Assets |
229.461
|
243.584 |
295.768 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
41.941
|
57.812 |
|
|
|
Other Current Liabilities |
26.517
|
28.205 |
107.167 |
|
|
Provisions |
35.596
|
19.786 |
32.586 |
|
Total
Current Liabilities |
104.054
|
105.803 |
139.753 |
|
|
Net Current Assets |
125.407
|
137.781 |
156.015 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
247.156 |
262.780 |
241.087 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
515.900 |
The above information has been parted by Mr. Anand D. [Senior Finance Officer]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.58
|
3.27 |
NA |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.25
|
5.47 |
NA |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.11 |
NA |
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
1.08 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.30 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors :
Rs. In millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Goods , Services and Expenses |
|
|
|
|
Total Outstanding dues
of micro and small enterprises |
0.000
|
0.000 |
- |
|
Total Outstanding dues
of creditors other than micro and small enterprises |
41.941
|
57.812 |
- |
|
Due to creditors small scale industrial undertakings |
-
|
- |
13.082 |
|
Due to others |
-
|
- |
77.068 |
|
Total |
41.941
|
57.812 |
90.150 |
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
No |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
Trade References :
- V.B. Medicare
- Orchid Chemicals and Pharmaceuticals
Limited
Nature of
Operation :
Subject is primarily engaged in the manufacture of an entire range of
chillers; centrifugal, screw and reciprocating. The company also has a services
department which is involved in providing after sales services to its
customers.
Operations
:
The HVAC industry worldwide
had suffered during the year 2009-10, while the world market reduced by about
7%, the Indian chiller market shrunk by almost 30%. In spite of this trend,
during the financial year, the company has marginally increased its sales
figures by 6.9% [from INP 364.000 millions to INR 389.090 millions] over
previous year.
On the other hand, company
has achieved excellent profit before tax of Rs.90.850 millions during the
fiscal year 2009-2010, which was a result of substantial reduction in material
costs. Tight control on expenses and improved cash flow. The company enjoys a
good market share in the industrial segment because of its energy efficient
range. Environment friendly designs and international certification of
products. The company also introduced new cost effective designs of screw
chillers during the year to increase its market share in the commercial
segment.
The company targets fop
line growth in the fiscal year 2010-11 and plans to achieve 50% increase in the
revenue during the year. During
the first quarter
of the current year, the company has received sizeable
orders for chillers and is confident of continuing the trend and achieves
targets.
Contingent Liabilities
:
Rs. In millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
Various forms pending to be collected under sales tax act against pending assessment. |
2.713
|
0.000 |
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U29191PN1995PTC095733 |
|
Name of the
company |
KIRLOSKAR
CHILLERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Office # 104, 1st
Floor, Tower P3, Pentagon, Email : vsp@kcpl.net.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of charge
holder |
Bank of India, Pune
Mid Corporate Branch, University Road, Shivaji Nagar, Pune - 411005,
Maharashtra, India Email : MCB.Pune@bankofindia.co.in |
|
Nature of
instrument creating charge |
Hypothecation cum
loan agreement (plant and machinery, stocks and book debts) |
|
Date of
instrument Creating the charge |
09.09.2010 |
|
Amount secured by
the charge |
Rs.180.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– 1.CC(Stock/book
debts): 2% over bank base rate, presently 10% p.a. 2.Import Letter
of Credit: 50% of Applicable charges Plus Service Tax 3.Bank
Guarantees: 0.40% p.a. Plus Service Tax Terms of
Repayment - Repayment on Demand Margin – 25% Extent and
Operation of the charge - First Charge on Assets Hypothecated in favour of
Bank Others – Facility 1.WCFBL : Rs.
50.000 millions 2.NBFL :
Rs. 130.000 millions ========================================== TOTAL Rs.180.000 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stock such as Copper
tubes, Gas, Oil, Piping etc. Compressor and Compressor spare parts etc. Heat
Exchanger, Vessels, Motor, Control Panels, Valves, Evaporator, condensers,
oil separator etc. All the present
and future book-debts, outstanding, money receivables, claims, bills which
are now due and owing. |
FIXED ASSETS :
- Leasehold Improvements
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Computer Software
- Technical Know-how
- Office Equipments
- Vehicles
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.49.24 |
|
|
1 |
Rs.76.80 |
|
Euro |
1 |
Rs.67.17 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.