MIRA INFORM REPORT

 

 

Report Date :

09.11.2012

 

IDENTIFICATION DETAILS

 

Name :

DRYCOOL SYSTEMS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

A-56, Jangpura-B (Near Rajdo Hotel), New Delhi – 110 014

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

01.06.1999

 

 

Com. Reg. No.:

55-100034

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 million

 

 

CIN No.:

[Company Identification No.]

U29192DL1999PTC100034

 

 

PAN No.:

[Permanent Account No.]

ADHPP4238N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Refrigeration Plants, Screw Chillers, Oil Chillers, Cooling Tower, Glycol Chiller.

 

 

No. of Employees :

Approximately 25 (In Office + Factory – 19, In Branch – 6)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 9000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an 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 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Ms. Sakshi (General Details)

Designation :

Marketing Manager

Contact No.:

91-9811707115

 

 

Name :

Mr. Raj Narayan (Financial Details)

Designation :

Accountant

Contact No.:

91-9873234393

Date :

07.11.2012

 

 

LOCATIONS

 

Registered Office :

A-56, Jangpura-B (Near Rajdo Hotel), New Delhi – 110 014, India

Tel. No.:

Not Available

Mobile No.:

91-9811127340 (Mr. Yash Paul Verma)

91-9811707115 (Ms. Sakshi)

91-9873234393 (Mr. Raj Narayan)

Fax No.:

Not Available

E-Mail :

capawanbasal@yahoo.com

drycool@yahoo.co.in

dcsipl@hotmail.com

yash@drycoolchillers.com

Website :

http://www.drycoolchillers.com

Location :

Owned

 

 

Factory :

C-34, Sector No.63, Noida - 201 307, Uttar Pradesh, India

Tel. No.:

91-120-2401068/ 2401075/ 2400304

Fax No.:

91-120-4246651

E-Mail :

dcsipl@hotmail.com

yash@drycoolchillers.com

Location :

Owned

 

 

Branch Office :

Located at:

 

v      Haridwar

v      Rudrapur

v      Chandigarh

v      Kolkata

 

 

DIRECTORS

 

As on 26.09.2011

 

Name :

Mr. Yash Paul Verma

Designation :

Director

Address :

A-56, Jangpura - B, New Delhi – 110 014, India

Date of Birth/Age :

22.10.1963

Date of Appointment :

01.06.1999

DIN No :

00913943

 

 

Name :

Mrs. Salonia Verma

Designation :

Director

Address :

A-56, Jangpura - B, New Delhi – 110 014, India

Date of Birth/Age :

16.11.1969

Date of Appointment :

01.06.1999

DIN No :

00886098

 

 

KEY EXECUTIVES

 

Name :

Ms. Sakshi

Designation :

Marketing Manager

 

 

Name :

Mr. Raj Narayan

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.09.2011

 

Names of Shareholders

 

 

No. of Shares

Yash Paul Verma

 

2000

Salonia Verma

 

8000

Krishnan Lal Verma

 

40000

Total

 

50000

 

As on 26.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Refrigeration Plants, Screw Chillers, Oil Chillers, Cooling Tower, Glycol Chiller.

 

 

Products :

v      Chilling Plants

v      Cold Rooms

v      Dehumidifiers

v      Compressed Air Dryer

v      Air Handling Units

v      Evaporative Cooling – Systems

v      Air Cooled Chillers

v      Screw Chillers

v      Semi Hermetic Chillers

v      Scroll Chillers

v      Centrifugal Chillers

v      Water Cooled Chillers

v      Oil Chillers

v      Air Chillers for Blown Film Line

v      Double Skin Air Handling Unit

v      Brine / Liquifiers

v      Chillers for Batching Plant

v      FRP Cooling Tower

v      Air Dryer

v      Water Distribution

v      Air Conditioning Systems

v      Air Washer

 

 

Exports :

 

Products :

v      Chilling Plants

v      Cold Rooms

v      Dehumidifiers

v      Compressed Air Dryer

v      Air Handling Units

v      Evaporative Cooling – Systems

v      Air Cooled Chillers

v      Screw Chillers

v      Semi Hermetic Chillers

v      Scroll Chillers

v      Centrifugal Chillers

v      Water Cooled Chillers

v      Oil Chillers

v      Air Chillers for Blown Film Line

v      Double Skin Air Handling Unit

v      Brine / Liquifiers

v      Chillers for Batching Plant

v      FRP Cooling Tower

v      Air Dryer

v      Water Distribution

v      Air Conditioning Systems

v      Air Washer

Countries :

v      South Africa

v      Sri Lanka

v      UAE

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

v      Hindustan Refrigeration Store, Delhi

 

 

Customers :

End Users

 

v      Sheela Foam Private Limited, Greater Noida

v      Surya Roshni Limited

v      Material Movel (Private) Limited

v      Asahi India Limited

v      Famex (India) Private Limited

v      Cris Pharma Private Limited

v      Prime Optha Private Limited

v      Ajay Industries Private Limited

v      Sushi Chem

v      Anmol Industries Limited

v      Wellworth Packaging

 

 

No. of Employees :

Approximately 25 (In Office + Factory – 19, In Branch – 6)

 

 

Bankers :

v      Indian Overseas Bank, Noida, Uttar Pradesh, India

v      IDBI Bank Limited, Noida, Uttar Pradesh, India

v      IDBI Bank Limited, New Delhi, India

 

 

Facilities :

Unsecured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

From Directors and Shareholders

0.868

0.868

Fabritech Engg.

0.278

0.278

Other

0.240

0.240

Total

1.386

1.386

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Pawan Kumar Bansal and Company

Chartered Accountants

Address :

Z-418 B, Sector - 12, Noida – 201 301, Uttar Pradesh, India.

Income-tax PAN of auditor or auditor’s firm :

ACRPB7623D

 

 

Memberships :

ISHRE

 

 

Associates/ Subsidiaries :

Nutech Industries

Address: A-56, Jangpura-B (Near Rajdo Hotel), New Delhi – 110 014, India

Line of Business: Manufacturer of Refrigeration Plants, Screw Chillers, Oil Chillers, Cooling Tower, Glycol Chiller.

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares 

Rs.10/- each

Rs.0.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 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

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.648

0.914

0.398

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2.148

1.414

0.898

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

1.386

1.386

1.386

TOTAL BORROWING

1.386

1.386

1.386

DEFERRED TAX LIABILITIES

0.112

0.066

0.015

 

 

 

 

TOTAL

3.646

2.866

2.299

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4.175

4.216

2.464

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.026

1.330

0.780

 

Sundry Debtors
0.000

0.000

0.000

 

Cash & Bank Balances
0.560

1.125

0.792

 

Other Current Assets
6.876

6.553

5.918

 

Loans & Advances
0.278

0.236

0.252

Total Current Assets
9.740

9.244

7.742

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5.810

6.273

6.190

 

Other Current Liabilities
4.085

4.133

1.509

 

Provisions
0.374

0.188

0.208

Total Current Liabilities
10.269

10.594

7.907

Net Current Assets
(0.529)

(1.350)

(0.165)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3.646

2.866

2.299

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

16.394

16.164

10.819

 

 

Other Income

 

 

0.566

 

 

TOTAL                                    

16.394

16.164

11.385

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

15.436

15.458

11.219

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

15.436

15.458

11.219

 

 

 

 

 

 

PROFIT BEFORE TAX                 

0.958

0.706

0.166

 

 

 

 

 

Less

TAX                                                                 

0.224

0.189

0.050

 

 

 

 

 

 

PROFIT AFTER TAX                            

0.734

0.517

0.116

 

 

 

 

 

 

Earnings Per Share (Rs.)

14.68

10.33

2.32

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

15.600

 

 

 

 

 

Expected Sales (2012-2013): Rs.16.000 millions

 

The above information has been parted by Mr. Raj Narayan (Accountant).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
4.48

3.20

1.02

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

NA

1.53

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.88

5.24

1.63

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.44

0.50

0.18

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.43

8.47

10.35

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.95

0.87

0.98

 

 

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

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

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

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

Yes

18) Major customers

Yes

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

No

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


FINANCIAL RESULT:

 

During the year the company has earned a profit of Rs.0.958 million (against previous year’s profit was Rs.0.706 million.)

 

FUTURE OUTLOOK

 

lnspite of Present uncertain global scenario and segment economic environment in India, barring unforeseen circumstances, company is optimistic about the performance during the financial year 2011-2012.

 

TRADE REFERENCES:

 

v      Hindustan Refrigeration Store, Delhi

v      Sheela Foam Private Limited, Greater Noida

 

FIXED ASSETS:

 

v      Land

v      Building

v      Printer and Computer

v      Furniture and Fixture

v      Plant and Machinery

 

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

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.54.44

UK Pound

1

Rs.87.00

Euro

1

Rs.69.47

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

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

4

--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

 

43

 

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.