%20PRIVATE%20LIMITED%20-%20155238%2026-Sep-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CIRCULAR AIRCON ( |
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|
|
|
Registered
Office : |
404, Amity Co-Operative Housing Society, Mhada Oashiwara, Building 18,
Andheri (West), Mumbai – 400053, Maharashtra |
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
24.01.1995 |
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|
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|
Com. Reg. No.: |
11-084919 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29191MH1995PTC084919 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11980D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC7468A |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Dealer of Carrier, Air Conditioning Project Industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 35000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered 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 : |
404, Amity Co-Operative Housing Society, Mhada Oashiwara, Building 18,
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Email: |
|
|
|
|
|
Corporate Office : |
Gala No.1, Mehta Industrial Estate, |
|
Tel No.: |
91-22-65705015/5016 |
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Fax No.: |
91-22-26861514 |
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E-Mail : |
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|
Administrative Office: |
# 33, Surve Service Premises Co-Operative Society Limited, 1st
|
|
Tel No.: |
91-22-40902888/26865732/33 |
|
Fax No.: |
91-22-40902805 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mrs. Rakhi Amit Malik |
|
Designation : |
Director |
|
Address : |
404, Building No. 18, Amity Co-Operative Hosing Society, Mhada
Oshiwara, Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
13.12.1971 |
|
Date of Appointment : |
01.08.2003 |
|
DIN No.: |
00841218 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U52603MH2003PTC138634 |
CMN Distributors
Private Limited |
Director |
10-01-03 |
10-01-03 |
Active |
|
|
2 |
U29191MH1995PTC084919 |
Circular
Aircon (India) Private Limited |
Director |
01-08-03 |
01-08-03 |
Active |
|
Name : |
Mr. Amit Yashpal Malik |
|
Designation : |
Director |
|
Address : |
404, Building No. 18, Amity Co-Operative Hosing Society, Mhada
Oshiwara, Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
12.04.1968 |
|
Date of Appointment : |
01.08.2003 |
|
DIN No.: |
00841182 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U52603MH2003PTC138634 |
CMN Distributors
Private Limited |
Director |
10-01-03 |
10-01-03 |
Active |
|
|
2 |
U29191MH1995PTC084919 |
Circular
Aircon (India) Private Limited |
Director |
01-08-03 |
01-08-03 |
Active |
|
|
3 |
U52603MH2005PTC155232 |
Circular
Aircon Services Private Limited |
Director |
09-08-05 |
09-08-05 |
Active |
|
|
4 |
U93000MH2010PTC198865 |
Shree
Perfect-Tech Solutions Private Limited |
Additional
director |
01-06-10 |
01-06-10 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note: Shareholders details not available.
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Carrier, Air Conditioning Project Industry. |
GENERAL INFORMATION
|
Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
TMG and Associates Chartered Accountant |
|
Address : |
A-5, Sai Shakti CHSL, Hari Shanker Joshi Road, Dahisar (E), Mumbai-400068,
Maharashtra, India |
|
Tel. No.: |
91-22-28280324 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
Million |
|
|
|
|
|
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 |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
3.500 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.905 |
8.232 |
6.757 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.405 |
9.232 |
7.757 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.239 |
15.420 |
5.861 |
|
|
2] Unsecured Loans |
4.522 |
7.744 |
9.829 |
|
|
TOTAL BORROWING |
16.761 |
23.164 |
15.690 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31.166 |
32.396 |
23.447 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.992 |
4.587 |
4.072 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.077 |
0.033 |
0.049 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.803
|
31.283
|
30.280 |
|
|
Sundry Debtors |
18.476
|
15.669
|
27.048 |
|
|
Cash & Bank Balances |
0.989
|
4.247
|
0.156 |
|
|
Other Current Assets |
1.283
|
3.783
|
0.000 |
|
|
Loans & Advances |
3.624
|
5.525
|
5.189 |
|
Total
Current Assets |
44.175
|
60.507 |
62.673 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.159
|
15.369
|
21.022 |
|
|
Other Current Liabilities |
0.000
|
14.129
|
19.417 |
|
|
Provisions |
3.919
|
3.233
|
2.908 |
|
Total
Current Liabilities |
17.078
|
32.731 |
43.347 |
|
|
Net Current Assets |
27.097
|
27.776
|
19.326 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31.166 |
32.396 |
23.447 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
123.627 |
67.563 |
72.565 |
|
|
|
Other Income |
0.464 |
2.027 |
0.682 |
|
|
|
TOTAL (A) |
124.091 |
69.590 |
73.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
119.345 |
65.011 |
69.613 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.746 |
4.579 |
3.634 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.263 |
2.214 |
0.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.483 |
2.365 |
3.254 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.810 |
0.886 |
0.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1.673 |
1.479 |
2.402 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
7.82 |
24.02 |
|
%20PRIVATE%20LIMITED%20-%20155238%2026-Sep-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20155238%2026-Sep-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20155238%2026-Sep-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.35
|
2.12
|
3.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.01
|
3.50
|
4.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.15
|
3.63
|
4.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.26
|
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
6.05
|
7.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
1.85
|
1.45 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year
the turnover of the company increased from Rs. 67.563 millions to Rs. 123.627
millions :'The sales increased on account of the company venturing into the milk
products where it could successfully execute order and open an avenue which the
directors anticipate will yield multibenefits to the company in the coming
years. The net profit after taxes and including provision for earlier years
increased from Rs.1.478 millions to Rs. 1.673 millions.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90213791 |
|
Corporate
identity number of the company |
U29191MH1995PTC084919 |
|
Name of the
company |
CIRCULAR AIRCON ( |
|
Address of the
registered office or of the principal place of business in |
404, Amity Co-op HSG Society, Mhada Oashiwara, Building 18, Andheri
(West), Mumbai – 400053, |
|
Type of charge |
Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
Bank of Maharashtra, Shri Swami Samarth Nagar, Lokhandwala Complex,
Andheri (West), Mumbai-400053, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
record of additional equitable mortgage |
|
Date of
instrument Creating the charge |
27.01.2011 |
|
Amount secured by
the charge |
Rs.35.518
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per RBPF for the
CRR (A) applicable ROI is Base Rate + 4.25% pa i.e. 13.75% pa with monthly
rest @ present Base Rate 9.50% pa ROI is subject to change with the change in
Base Rate and other guideline Terms of Repayment Term Loan 1 - EMI
of Rs. 0.009 million p.m. starting from the next month of disbursement. The
account should be closed within 36 months. Margin Marign - 25% Extent and Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. Others Equitable
Mortgage of immovable property described in Col. 15 to secure aggregate
limits of Rs. 27.518 millions sanctioned/disbursed by Bank of Maharashtra to
the Company and Rs.10.000 millions
sanctioned/disbursed by Bank of Maharashtra to M/s. CMN Distributors Private
Limited, overall charge aggregating to Rs.37.518 millions. Details as per
Third Schedule in Memorandum of Record of Equitable Mortgage. |
|
Short particulars
of the property charged |
Equitable Mortgage
of immovable property being, 1) Gala No.33 admeasuring 590 sq.ft. carpet
situated at Survey Service Premises Co-op. Society, Goregaon (E), Mumbai - 63
bearing CTS No.376A and 87B Village Pahadi
Goregaon, Taluka Borivali, Dist. Mumbai. 2) Gala No.6, Ground Floor, Aman
Industrial Estate No.1, Dhumal Nagar, Survey No.35, Hissa No.2/2, Waliv,
Taluka Vasai, District Thane. |
|
Date of latest
modification prior to the present modification |
25.01.2011 |
|
Particulars of
the present modification |
Charge enhanced
from Rs.37.518 millions |
FIXED ASSETS
·
Equipments
·
Furniture and Fixtures
·
Computer
·
Car
·
Delivery Van
·
Mobile
·
Office
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. 49.67 |
|
|
1 |
Rs. 76.51 |
|
Euro |
1 |
Rs. 66.98 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.