MIRA INFORM REPORT

 

 

Report Date :

15.10.2011

 

IDENTIFICATION DETAILS

 

Name :

OPAL HVAC ENGINEERS PRIVATE LIMITED 

 

 

Registered Office :

11-12, Hind Service Industrial Estate, Dadar (West), Mumbai – 400028, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

31.03.2003

 

 

Com. Reg. No.:

01-139811

 

 

Capital Investment / Paid-up Capital :

Rs. 0.100 Millions

 

 

CIN No.:

[Company Identification No.]

U29305MH2003PTC139811

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMO02703B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealer for Air – Conditioners

 

 

No. of Employees :

40 (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

 

Maximum Credit Limit :

USD 260000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is well established company having fine track. Financial position of the company is good. Trade relations 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.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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. Gautham Ramesh Baliga

Designation :

Director

Contact No.:

91-9820138317

Date :

13.10.2011

 

LOCATIONS

 

Registered Office :

11-12, Hind Service Industrial Estate, Dadar (West), Mumbai – 400028, Maharasahtra, India

Tel. No.:

91-22-24469244/24163400

Mobile No.:

91-9820138317 (Mr. Gautham Ramesh Baliga)

Fax No.:

91-22-24463077/24133630

E-Mail :

gauthambaliga@vsnl.net

opalhvac@vsnl.com

opalpvt@yahoo.com

amrit.marathe@opalhvac.com

Area :

1000 Sq.ft

Location :

Owned

 

 

Godown :

Ameena Mansion, Groun Floor, Madhav Pasta Road, Dadar, Mumbai – 400014, Maharashtra, India

Area :

550 Sq. ft

Location :

Rented

 

 

Service Centre :

16-17, Hind Service Industrial Estate, Dadar (West), Mumbai – 400028, Maharashtra, India

Area :

Rented

 

DIRECTORS

 

As on 30.12.2011

 

Name :

Mr. Amrit Balchandra Marathe

Designation :

Director

Address :

Marathe Wada, Near Parnaka, Vasai – 401201, Mumbai, Maharashtra, India

Date of Birth/Age :

23.01.1962

Qualification :

B.Tech (Mechanical)

Date of Appointment :

31.03.2003

DIN No.:

00870582

 

 

Name :

Mr. Gautham Ramesh Baliga

Designation :

Director

Address :

701, Raheja Regency, Road No. 29, Sion (East), Mumbai – 400022, Maharasahtra, India

Date of Birth/Age :

05.02.1957

Qualification :

B.Tech (Mechanical)

Date of Appointment :

31.03.2003

DIN No.:

00871844

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.12.2011

 

Names of Shareholders

 

No. of Shares

Amrit Balchandra Marathe

 

5000

Gautham Ramesh Baliga

 

5000

TOTAL

 

10000

 

 

Equity Share Break up (Percentage of Total Equity) 30.12.2009

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Dealer for Air  Conditioners

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

GENERAL INFORMATION

 

Customers :

Corporate, Individuals

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :
  • The Saraswat Co-operative Bank Limited, Parel Branch, Maharshi Dayanand Education Society, 25 Dr S S Rao Road, Parel (West), Mumbai – 400012, Maharashtra, India

 

 

Facilities :

--

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Balan Narayanan and Company

Chartered Accountant

Address :

D-3, Mulund Sahakar Vishwa Co-operative Housing Society, Nehur(R), Sarvodaya Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India

Tel Phone No.:

91-22-32514019/25906119

Mobile No.:

91-9833466119

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 30.12.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.10/- each

Rs. 1.000 Milion

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs. 0.100 Million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.100

0.100

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

65.139

55.586

48.590

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

65.239

55.686

48.690

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

0.000

0.000

0.000

 

 

 

 

TOTAL

65.239

55.686

48.690

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.520

5.207

5.705

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

8.140

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

1.153

 

Sundry Debtors
0.000

0.000

26.312

 

Cash & Bank Balances
0.000

0.000

27.317

 

Other Current Assets
73.765

66.332

0.291

 

Loans & Advances
16.093

16.495

19.581

Total Current Assets
89.858

82.827

74.654

Less : CURRENT LIABILITIES & PROVISIONS

 

 

Sundry Creditors
38.279

32.349

11.972

 

Other Current Liabilities
 

 

0.297

 

Provisions
 

 

19.400

Total Current Liabilities
38.279

32.349

31.669

Net Current Assets
51.579

50.479

42.985

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

65.239

55.686

48.690

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income for operation

 

158.410

98.615

83.854

 

 

Other Income

1.020

1.464

17.995

 

 

TOTAL                                     (A)

159.430

100.079

101.849

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

84.458

49.321

89.317

 

 

Direct Expenses

30.831

26.370

 

 

 

Administrative Expenses

28.527

13.218

 

 

 

TOTAL                                     (B)

143.816

88.909

89.317( Including financial expenses )

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

15.614

11.170

 

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.257

0.009

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

15.357

11.161

12.532

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.930

1.034

0.854

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

14.427

10.127

11.678

 

 

 

 

 

Less

TAX                                                                  (I)

4.801

3.500

3.654

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

9.626

6.627

8.024

 

 

 

 

 

Less

APPROPRIATIONS

0.073

(0.369)

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

9.553

6.996

--

 

 

 

 

 

 

Earnings Per Share (Rs.)

962.6

662.7

802.4

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
6.04

6.62

7.88

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
9.11

10.27

13.43

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
15.13

11.50

14.53

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

0.18

0.24

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.59

0.59

0.65

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.35

2.54

2.36

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year Of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type Of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

No

  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

No
  1. Major Suppliers

No

  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

No
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

Yes
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

FORM 8:

 

Corporate identity number of the company

U29305MH2003PTC139811

Name of the company

OPAL HVAC ENGINEERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

11-12 Hind Service Ind. Estate, Dadar (West),Mumbai – 400028, Maharasahtra, India

Email Id: amrit.marathe@opalhvac.com

This form is for

Creation of charge

Type of charge

  • Book Debts
  • Movable Property (not being pledge)
  • Floating Charge

Particular of charge holder

The Saraswat Co-operative Bank Limited, Parel Branch, Maharshi Dayanand Education Society, 25 Dr S S Rao Road, Parel (West), Mumbai – 400012, Maharashtra, India

Email : njbhatia@rediffmail.com

Nature of instrument creating charge

Agreement of Hypothecation of Movable Property

Date of instrument Creating the charge

23.09.2010

Amount secured by the charge

Rs. 20.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

PLR+0.50%i.e. 13.5% p.a. or at such rate as maybe determined by the bank from time to time

 

Terms of Repayment:

On demand

 

Margin:

30% in bank's favour

 

Extent and operation of the charge:

This is cash credit facility

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of stocks, debtors tangible movable  property ( both present and future) belonging to the borrower and lying and being at the borrowers places of business at 11/12, 1st Floor, Hind Service Industries Sant Dnyaneshwar Mandir Marg, Shivaji Park Dadar West Mumbai or wherever else the same maybe Hypothecation of  all the book debts, outstanding, monies receivables, claims and bills

 

FIXED ASSETS:

 

1.       Plant and Machinery

2.       Office Premises

3.       Trade Mark and Patents

4.       Electrical fitting

5.       Furniture

6.       Computer

7.       Air conditioner

8.       Office Machinery

9.       Motor Car

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.48.92

UK Pound

1

Rs.76.51

Euro

1

Rs.66.64

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

6

--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

 

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

-

 

 

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.