MIRA
INFORM REPORT
|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAIKIN AIRCONDITIONING INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
DAIKIN-SHRIRAM AIRCONDITIONING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F -25/2 Okhla Industrial Area, Phase – II, New Delhi – 110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.04.2000 |
|
|
|
|
Com. Reg. No.: |
55-104990 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4729.239
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2000PTC104990 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD04648A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD0971F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Sales and Related Services of Air Conditioners and
Chillers. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears accumulated loss recorded by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 : |
Mr. Chanchal Pareek |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-124-4555444 |
|
Date : |
14.12.2013 |
LOCATIONS
|
Registered Office : |
F -25/2 Okhla Industrial Area, Phase – II, New Delhi – 110020, India |
|
Tel No.: |
Not Available |
|
Fax No: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
12th Floor, Building No. 9, Tower A, DLF Cyber City, DLF
Phase – III, Gurgaon-122002,
Haryana, India |
|
Tel No.: |
91-124-4555444 |
|
Fax No: |
91-124-4555333 |
|
|
|
|
Factory : |
SP 2-12 to SP2-15 and SP 2-24 to SP2-27 RIICO New Industrial Complex,
Neemrana – 301705, District Alwar, Rajasthan, India |
|
Tel No.: |
91-1494-229100 |
|
|
|
|
Branches : |
Jaipur Fax:91-141-2225569 Contact: Mr.
Kamal Ahmedabad Tel: 91-79-26583013/26583014 Fax:91-79-26583365 Lucknow Contact: Mr. Amit Puri Chandigarh Contact: Mr. Dinesh Daniya
Tel: 91-22-30926666 Fax:91-22-30926699 Chennai Tel: 91-44-24314210, 15 Fax:91-44-24338622 Bangalore Tel: 91-80-25590452, 54 Fax:91-80-25590450 Pune Tel: 91-20-25560601/25560300-02-03/32938516 Fax:91-20-25561304 Kolkata Tel: 91-33-22894260 Fax:91-33-22894259 Contact: Mr. U D Trivedi Hyderabad Contact: Mr. K. Ganesh Rao |
DIRECTORS
AS ON 30.08.2013
|
Name : |
Mr. Kanwal Jeet Jawa |
|
Designation : |
Managing Director |
|
Address : |
C-204, Greater Kailash Part 1, |
|
Date of Birth/Age : |
10.11.1959 |
|
Date of Appointment : |
10.09.2010 |
|
PAN No.: |
AAGPJ1732N |
|
DIN No.: |
00057351 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29193MH2001PLC249228 |
UNIVERSAL
COMFORT PRODUCTS LIMITED |
Director |
18/06/2003 |
18/06/2003 |
27/11/2006 |
Active |
NO |
|
2 |
U51395KA2004PTC070403 |
UNIFLAIR INDIA
PRIVATE LIMITED |
Managing
director |
01/12/2006 |
01/12/2006 |
20/04/2010 |
Active |
NO |
|
3 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Managing
director |
30/09/2010 |
10/09/2010 |
- |
Active |
NO |
|
Name : |
Mr. Rohit |
|
Designation : |
Director |
|
Address : |
B – 605/606, Som Vihar Apartments, Sector – 12, R.K. Puram, New Delhi
– 110019, India. |
|
Date of Birth/Age : |
25.08.1970 |
|
Date of Appointment : |
22.05.2009 |
|
DIN No.: |
00453642 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74140KA2004PTC034016 |
SANYO BPL
PRIVATE LIMITED |
Director |
01/09/2006 |
15/12/2005 |
01/05/2008 |
Under
liquidation |
NO |
|
2 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
22/05/2009 |
15/05/2009 |
- |
Active |
NO |
|
3 |
U24110MH2000PTC124224 |
SUMITOMO
CHEMICAL INDIA PRIVATE LIMITED |
Director |
30/11/2009 |
05/10/2009 |
- |
Active |
NO |
|
4 |
U74140DL2006PTC154434 |
BMR MANAGED
SERVICES PRIVATE LIMITED |
Additional
director |
14/03/2011 |
14/03/2011 |
- |
Active |
NO |
|
5 |
U74100MH2004PTC150047 |
BMR BUSINESS
SOLUTIONS PRIVATE LIMITED |
Additional
director |
14/03/2011 |
14/03/2011 |
- |
Active |
NO |
|
6 |
U29253MH2011PTC224968 |
EAGLEBURGMANN
MASCOT INDIA PRIVATE LIMITED |
Director |
04/04/2012 |
04/04/2012 |
- |
Active |
NO |
|
Name : |
Mr. Toshio Akio Nakano |
|
Designation : |
Director |
|
Address : |
15-27, Shoei-cho, Kawachinago-shi, Osaka, Japan-5860025 |
|
Date of Birth/Age : |
19.12.1944 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
03310877 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
07/02/2011 |
26/10/2010 |
Active |
NO |
|
Name : |
Mr. Hitoshi Hideki Tanaka |
|
Designation : |
Director |
|
Address : |
B-184, The ICON, DLF City, Phase V, Gurgaon –122002, Haryana, India |
|
Date of Birth/Age : |
21.02.1967 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
03310959 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
07/02/2011 |
26/10/2010 |
Active |
NO |
|
Name : |
Mr. Masakatsu Syozou Morimoto |
|
Designation : |
Director |
|
Address : |
3-807, 4- Chome, Hara Chou, Suita City, Osaka, Japan – 5650871 |
|
Date of Birth/Age : |
05.11.1962 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
03310980 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
07/02/2011 |
26/10/2010 |
Active |
NO |
|
Name : |
Mr. Motohiro Takashi Nakai |
|
Designation : |
Director |
|
Address : |
G-501, Central Park – I, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
10.11.1959 |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
03310997 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
07/02/2011 |
26/10/2010 |
Active |
NO |
|
Name : |
Mr. Kaoru Engauchi |
|
Designation : |
Director |
|
Address : |
14-4-311, Mitsuzawashimomachi, Kanagawa – Ku, Yokohama, Kanagawa,
Japan-2210852 |
|
Date of Birth/Age : |
27.07.1962 |
|
Date of Appointment : |
30.03.2012 |
|
DIN No.: |
05238854 |
Other Directorship:
|
S .
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
28/09/2012 |
30/03/2012 |
Active |
NO |
|
Name : |
Mr. Akira Nagamori |
|
Designation : |
Director |
|
Address : |
A-151, Ashiana Green Hills, ST1, GH1, RIICO Industrial Area, Neemrana
District, Alwar-301705, Rajasthan, India |
|
Date of Birth/Age : |
15.09.1964 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
06639651 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL2000PTC104990 |
DAIKIN
AIRCONDITIONING INDIA PRIVATE LIMITED |
Director |
30/08/2013 |
02/08/2013 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Roopesh Jain |
|
Designation : |
Secretary |
|
Address : |
B-8/2, Vallabh Vihar, Plot -14, Sector -13, Rohini, New Delhi-110085,
India |
|
Date of Birth/Age : |
26.09.1976 |
|
Date of Appointment : |
26.09.2011 |
|
PAN No.: |
AFBPJ4278B |
|
|
|
|
Name : |
Mr. Chanchal Pareek |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2013
|
Names of Shareholders |
No. of Shares |
|
Daikin Industries Limited, |
47292389 |
|
Daikin Airconditioning ( |
1 |
|
TOTAL
|
47292390 |
AS ON 30.08.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Sales and Related Services of Air Conditioners and
Chillers. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
200 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
State Bank of India, Overseas Branch, Vijaya Building,
Bara Khamba Road, New Delhi, India Tel No.:- 91-11-23315058 ·
Sumitomo Mitsui Banking Corporation, Gopal Das
Bhawan, Barakhamba Road, New Delhi – 110001, Delhi, India ·
Bank of Tokyo-Mitsubishi Limited, Jeevan Vihar
Building 3, Parliament Street, New Delhi – 110001, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Building No.10, Tower – B, DLF Cyber City Complex,
DLF City Phase –III, Gurgoan – 122002, Haryana, India. |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Holding Company : |
·
Daikin Industries Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Daikin Trading Limited ·
Daikin Industries (Thailand) Limited ·
Daikin Trading (Thailand ) Limited ·
Daikin Asia Servicing Pte. Limited ·
OYL Manufacturing Company SDN Bhd ·
Daikin Information System Company Limited ·
Daikin Europe NV, Brussels ·
McQuay Air Conditioning and Refrigeration (Wuhan)
Company Limited ·
Shenzhen Mcquay Airconditioning Company Limited ·
McQuay International ·
Daikin Airconditioning (Singapore) Pte. Limited ·
McQuay Air Conditioning and Refrigeration(Suzhou)
Company Limited ·
Daikin Air-conditioning (Shanghai) Company
Limited ·
Daikin Compressor Industries Limited ·
McQuay Italy SPA ·
Daikin Airconditioning Italy S.P.A |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.100/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47292390 |
Equity Shares |
Rs.100/-
each |
Rs. 4729.239
Millions |
|
|
|
|
|
AS ON 30.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.100/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47292390 |
Equity Shares |
Rs.100/-
each |
Rs. 4729.239
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4729.239 |
4229.239 |
2229.239 |
|
(b) Reserves & Surplus |
(190.349) |
(247.795) |
180.746 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4538.890 |
3981.444 |
2409.985 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
67.617 |
56.375 |
6.484 |
|
(d) long-term provisions |
38.458 |
25.082 |
32.145 |
|
Total Non-current Liabilities (3) |
106.075 |
81.457 |
38.629 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2474.900 |
0.000 |
517.025 |
|
(b) Trade payables |
4258.244 |
2870.135 |
3650.576 |
|
(c) Other current
liabilities |
648.258 |
528.676 |
438.033 |
|
(d) Short-term provisions |
76.268 |
30.531 |
22.915 |
|
Total Current Liabilities (4) |
7457.670 |
3429.342 |
4628.549 |
|
|
|
|
|
|
TOTAL |
12102.635 |
7492.243 |
7077.163 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2406.994 |
1711.630 |
1660.400 |
|
(ii) Intangible Assets |
16.083 |
6.155 |
6.653 |
|
(iii) Capital
work-in-progress |
1.000 |
481.287 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
286.205 |
348.373 |
126.212 |
|
(e) Other Non-current assets |
0.366 |
0.010 |
0.000 |
|
Total Non-Current Assets |
2710.648 |
2547.455 |
1793.265 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7339.145 |
3336.570 |
4241.494 |
|
(c) Trade receivables |
886.869 |
462.628 |
284.137 |
|
(d) Cash and cash
equivalents |
673.776 |
664.413 |
184.458 |
|
(e) Short-term loans and
advances |
492.003 |
477.772 |
573.809 |
|
(f) Other current assets |
0.194 |
3.405 |
0.000 |
|
Total Current Assets |
9391.987 |
4944.788 |
5283.898 |
|
|
|
|
|
|
TOTAL |
12102.635 |
7492.243 |
7077.163 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
16037.000 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
16037.000 |
11962.000 |
6974.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
15607.000 |
|
|
|
|
|
Purchase of Stock In Trade |
|
|
|
|
|
|
Employee benefits expenses |
|
|
|
|
|
|
TOTAL |
15607.000 |
12144.000 |
7048.000 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
430.000 |
(182.000) |
(74.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
373.000 |
247.000 |
200.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
57.000 |
(429.000) |
(274.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
57.000 |
(429.000) |
(274.000) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
1.21 |
(10.14) |
(12.28) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.36
|
(3.59) |
(3.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.47
|
(6.12) |
(3.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.11) |
(11.37) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55
|
0.00 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.44 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
VIEW INDEX OF
CHARGES - No Charges Exist for Company
Background
Subject was
incorporated in India on April 4, 2000. The Company is a subsidiary of Daikin
Industries Limited Japan. 47,292,389 shares are held by Daikin Industries
Limited, Japan and the balance 1 share being held by Daikin Airconditioning
(Singapore) Pte. Limited. The operations of the Company mainly comprise
manufacturing and trading of air conditioning equipment and chillers. The
Company’s manufacturing facility, which is located at Neemrana, Rajasthan,
commenced operation in September, 2009.
FINANCIAL OVERVIEW
(i) The Turnover
for the year ended March 31, 2013 stood at Rs.16037 Million as compared to
Rs.11962 Million for the year ended March 31, 2012, the Company grew by 34%
over previous year. The Company continued penetrating the market.
(ii) The company
returned to black during FY 2012-13. Profit after taxes amounted to Rs.57.45
Million on the back of high sales growth and relatively lesser foreign exchange
losses as compared to previous years. The losses due to foreign exchange
fluctuations were further controlled by hedging the risks on timely basis.
(iii) The company
used the working capital short term loans for a specific period to manage the
liquidity of its huge business volumes i.e. the Company adapted to the Short
term working capital loans for making foreign currency payments. Total amount
of interest paid against short term working capital in FY 12-13 is Rs.39.20
Million.
(iv) As per the
requirements of Accounting Standard 29 on Provisions, Contingent Liabilities
and Contingent Assets, a provision of Rs.73.38 Million has been provided for
expected warranty claims on products/ projects, sold/commissioned during the
financial year.
(v) The Directors
would like to put on record their appreciation to all employees who have made
it possible to achieve profits during FY 2012-13 and 34% growth in sales and
controlling accounts receivable to 20 days of sales. The Directors feel
gratified that due to efforts of its employees, all accounts receivable are
good and there is no requirement of making any provision for doubtful debts.
MARKET
The Company
adopted various innovative marketing strategies during the year aimed at
creating brand awareness about the Company and its products in premium segment
as well as volume zones.
The Company also undertook the following initiatives to penetrate the
market-
(i) Outdoor and
Billboard Campaigns, Print advertisements, Residential Colony Branding,
Exhibitions, Product Seminars, Cab Branding have been the key promotional
initiatives of the company during the year.
(ii) The Company
promoted Room Air Conditioners in the residential segment through the
introduction of new products. India made Room Air Conditioners (using
refrigerant HFC32), VRV and Chiller were specially promoted through magazines,
seminars and exhibitions extensively and they are happy to report that India
made products have been accepted well by the Indian consumers / market.
(iii) Glimpse of marketing activities
FIXED ASSETS
·
Leasehold Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Office equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Land
·
Software’s
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 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 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. 62.12 |
|
UK Pound |
1 |
Rs. 101.53 |
|
Euro |
1 |
Rs. 85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.