1. Summary Information
|
Country |
INDIA |
||
|
Company Name |
CARRIER
AIRCONDITIONING AND REFRIGERATION LIMITED |
Principal Name 1 |
MR. ASHOK MOTIRAM MIRCHANDANI |
|
Status |
GOOD |
Principal Name 2 |
MR. GAURANG KRISHNA PANDYA |
|
Registration # |
55-036104 |
||
|
Street Address |
NARSINGPUR, KHERKI DAULA POST, GURGAON – 122 001, HARYANA |
||
|
Established Date |
06.07.1992 |
SIC Code |
-- |
|
Telephone# |
91-124-4825500 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-124-2373241 |
Business Style 2 |
TRADER |
|
Homepage |
Product Name 1 |
FREEZERS |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
BUS AIR-CONDITIONING |
|
Paid up capital |
RS.1063,767,450/- |
Product Name 3 |
AIR-CONDITIONING
SYSTEMS |
|
Shareholders |
PUBLIC FINANCIAL INSTITUTIONS-0.012% NATIONALISED OR OTHER BANKS-0.006% MUTUAL FUNDS-0.008% FOREIGN HOLDINGS-96.46% BODIES CORPORATE-0.084% OTHER TOP FIFTY SHAREHOLDERS-3.43% |
Banking |
STANDARD CHARTERED BANK |
|
Public Limited Corp. |
NO |
Business Period |
21 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
A (57) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
HOLDING COMPANY |
UNITED STATES |
CARRIER CORPORATION |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,338,900,000
|
Current Liabilities |
3,029,400,000
|
|
Inventories |
1,796,800,000
|
Long-term Liabilities |
0,000 |
|
Fixed Assets |
442,000,000 |
Other Liabilities |
460,000,000
|
|
Deferred Assets |
126,000,000 |
Total Liabilities |
3,489,400,000 |
|
Invest& other Assets |
23,200,000 |
Retained Earnings |
2,173,700,000 |
|
|
|
Net Worth |
3,237,500,000 |
|
Total Assets |
6,726,900,000 |
Total Liab. & Equity |
6,726,900,000 |
|
Total Assets (Previous Year) |
6,945,336,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
12,110,900,000 |
Net Profit |
779,200,000 |
|
Sales(Previous yr) |
10,471,282,000 |
Net Profit(Prev.yr) |
677,499,000 |
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARRIER
AIRCONDITIONING AND REFRIGERATION LIMITED (w.e.f 20.10.2006) |
|
|
|
|
Formerly Known
As : |
CARRIER AIRCONDITIONING AND REFRIGERATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Narsingpur, Kherki Daula Post, Gurgaon – 122 001, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.07.1992 |
|
|
|
|
Com. Reg. No.: |
55-036104 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1063.767
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999HR1992FLC036104 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC8414B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer,
Trader and Supplier of freezers, visi-coolers, bottle coolers and cold room
systems, bus air-conditioning and truck refrigeration systems,
air-conditioning systems and accessories. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12950000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having a fine track record. Financial position of the
company appears to be good. Trade relations are reported as decent. Business
is active. Payments are reported to be regular and as per commitments. The company can
be considered good 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) |
|
|
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
|
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.
LOCATIONS
|
Registered Office/ Indian Corporate Headquarters/ Factory : |
Narsingpur, Kherki Daula Post, Gurgaon – 122 001, Haryana, India |
|
Tel. No.: |
91-124-4825500 |
|
Fax No.: |
91-124-2373241 |
|
Email: |
|
|
Website : |
|
|
|
|
|
Branch Office : |
3, Netaji Subhash Marg, New Delhi – 110 002, India |
|
|
|
|
Sales and Service Offices : |
Located at: ·
Gurgaon ·
Ghaziabad ·
Lucknow ·
Chandigarh ·
Jaipur ·
Panjlm, Goa ·
Raipur ·
Pune ·
Indore ·
Nagpur ·
Ahmedabad ·
Mumbai · Ranchi ·
Guwahati ·
Patna ·
Kolkata · Bhuvaneshwar ·
Hyderabad ·
Bangalore ·
Coimbatore ·
Cochin ·
Pondicherry · Chennai |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Ashok Motiram Mirchandani |
|
Designation : |
Whole Time Director |
|
Address : |
15/311, Embassy Apartments, Ali Askar Road, Bangalore – 560 052, Karnataka,
India |
|
Date of Birth/Age : |
30.07.1951 |
|
Qualification : |
B Tech, MBA |
|
Date of Appointment : |
14.09.2010 |
|
DIN No.: |
00005518 |
|
|
|
|
Name : |
Mr. Gaurang Krishna Pandya |
|
Designation : |
Managing Director |
|
Address : |
123, Sector 14, Gurgaon – 122 001, Haryana, India |
|
Date of Birth/Age : |
02.01.1977 |
|
Qualification : |
B. Com (H), ACCA |
|
Date of Appointment : |
14.09.2010 |
|
DIN No.: |
03085390 |
|
|
|
|
Name : |
Mr. Sanjeev Joshi |
|
Designation : |
Director |
|
Address : |
104, Nemisagar Colony, Vaishali Nagar, Jaipur – 302 021, Rajasthan,
India |
|
Date of Birth/Age : |
04.05.1970 |
|
Date of Appointment : |
22.06.2011 |
|
DIN No.: |
03554369 |
|
|
|
|
Name : |
Mr. Chitrabhanu Ghosh |
|
Designation : |
Director |
|
Address : |
B-102, Shramdeep
Apartment, B9/1B, Shramdeep Apartment, Sector - 62, Noida – 201 301, Uttar
Pradesh, India |
|
Date of Birth/Age : |
08.03.1977 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
01829481 |
|
|
|
|
Name : |
Mr. Nanda Kishore Lakkaraju |
|
Designation : |
Whole Time Director |
|
Address : |
Apartment 1602,
Tower 6, Uniworld Gardens, Sohna Road, Gurgaon, Haryana, India |
|
Date of Birth/Age : |
03.08.1972 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05233356 |
|
|
|
|
Name : |
Mr. Aditya Kumar |
|
Designation : |
Whole Time Director |
|
Address : |
D-3, Kiran
Residency, Plot No.79, Sector 56, Gurgaon – 122 001, Haryana, India |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
05101553 |
KEY EXECUTIVES
|
Name : |
Ms. Monica Pandey |
|
Designation : |
Company Secretary |
|
Address : |
85, Sreshtha Vihar, Delhi – 110 092, India |
|
Date of Appointment : |
02.11.2009 |
|
PAN No.: |
AJFPK4643R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
MAJOR SHAREHOLDER – NOT AVAILABLE
As on 28.09.2012
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Public Financial Institutions |
|
0.012 |
|
Nationalised or other banks |
|
0.006 |
|
Mutual funds |
|
0.008 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies,
Foreign Financial Institutions, Non-resident Indian or Overseas corporate
bodies or others] |
|
96.46 |
|
Bodies corporate |
|
0.084 |
|
Other top fifty shareholders |
|
3.43 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Trader and Supplier of freezers, visi-coolers, bottle coolers and cold room
systems, bus air-conditioning and truck refrigeration systems,
air-conditioning systems and accessories. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity Nos. |
|
Room Airconditioners |
390000 |
|
Chillers |
600 |
|
Visi-Coolers |
36000 |
|
Freezers |
22500 |
|
AHU |
900 |
Note:
1. Installed capacities are as certified by the Management.
2. The Licensing provisions do not apply to products of the Company.
|
Particulars |
Actual
Production Qty.
(Nos.) |
|
Compressor |
- - |
|
Room Airconditioners (*) |
208540 |
|
AHU/ FCU and Chillers |
875 |
|
Bus Airconditioning System |
1038 |
|
Condenser/Evaporator Module |
1354 |
|
Visi-Cooler (**) |
15563 |
|
Freezers / Cold Room Systems |
12653 |
* Includes 102 Room Airconditioners (Previous Year 75) capitalised.
** Includes Nil Visi Coolers (Previous Year 2) capitalised during the
year.
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Price Waterhouse, Building, 8, 7th Floor, Tower-B, DLF
Cyber City, Gurgaon – 122 002, Haryana, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Holding Company
: |
Carrier Corporation, United States |
|
|
|
|
Ultimate Holding Company: |
United
Technologies Corporation, United States |
|
|
|
|
Enterprise which exercises significant influence : |
Carrier International Mauritius Limited, Mauritius |
|
|
|
|
Fellow Subsidiaries/ Entities : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs.1100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
106376745 |
Equity Shares |
Rs.10/- each |
Rs.1063.767
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1063.800 |
1063.767 |
1063.767 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2173.700 |
1394.491 |
716.992 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3237.500 |
2458.258 |
1780.759 |
|
|
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 |
3237.500 |
2458.258 |
1780.759 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
442.000 |
454.607 |
461.121 |
|
|
Capital work-in-progress |
23.100 |
29.702 |
11.572 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.110 |
0.110 |
|
|
DEFERRED TAX ASSETS |
126.000 |
100.877 |
73.689 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1796.800
|
1608.504
|
1182.091 |
|
|
Sundry Debtors |
2429.700
|
1914.824
|
1447.222 |
|
|
Cash & Bank Balances |
1140.500
|
979.522
|
949.583 |
|
|
Other Current Assets |
32.200
|
0.415
|
3.076 |
|
|
Loans & Advances |
736.500
|
1856.775
|
1662.895 |
|
Total
Current Assets |
6135.700
|
6360.040
|
5244.867 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2264.200
|
1898.032
|
1539.108 |
|
|
Other Current Liabilities |
765.200
|
748.671
|
502.235 |
|
|
Provisions |
460.000
|
1840.375
|
1969.257 |
|
Total
Current Liabilities |
3489.400
|
4487.078
|
4010.600 |
|
|
Net Current Assets |
2646.300
|
1872.962
|
1234.267 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3237.500 |
2458.258 |
1780.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
12110.900 |
10471.282 |
8543.106 |
|
|
|
Other Income |
137.700 |
388.478 |
345.626 |
|
|
|
TOTAL (A) |
12248.600 |
10859.760 |
8888.732 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3952.800 |
-- |
-- |
|
|
|
Purchases of stock-in-trade |
3068.800 |
-- |
-- |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(95.600) |
-- |
-- |
|
|
|
Employee benefit expense |
841.100 |
728.483 |
617.552 |
|
|
|
Other expenses |
3300.600 |
-- |
-- |
|
|
|
Manufacturing materials operating expenses |
-- |
7088.376 |
5717.605 |
|
|
|
Manufacturing service costs |
-- |
373.422 |
297.452 |
|
|
|
Administrative selling other expenses |
-- |
1498.652 |
1320.098 |
|
|
|
Research development expenditure |
-- |
39.885 |
33.452 |
|
|
|
TOTAL (B) |
11067.700 |
9728.818 |
7986.159 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1180.900 |
1130.942 |
902.573 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.000 |
6.049 |
1.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1175.900 |
1124.893 |
901.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.700 |
70.096 |
65.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1111.200 |
1054.797 |
835.782 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
332.000 |
377.298 |
284.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
779.200 |
677.499 |
550.874 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1239.197 |
561.698 |
748.156 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
NA |
0.000 |
585.072 |
|
|
|
Tax on Dividend |
NA |
0.000 |
97.173 |
|
|
|
Transfer to General Reserve |
NA |
0.000 |
55.087 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1239.197 |
561.698 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
43.400 |
1.626 |
46.639 |
|
|
|
Commission |
130.200 |
225.969 |
208.379 |
|
|
TOTAL EARNINGS |
173.600 |
227.595 |
255.018 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
2995.100 |
2790.185 |
2152.184 |
|
|
|
Finished Goods |
2481.300 |
1080.024 |
584.171 |
|
|
|
Capital Goods |
5.600 |
17.897 |
6.375 |
|
|
TOTAL IMPORTS |
5482.000 |
3888.106 |
2742.730 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.32 |
6.37 |
5.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
6.36 |
6.24
|
6.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.18 |
10.07
|
9.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.89 |
15.48
|
14.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.43
|
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
1.42
|
1.31 |
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
Yes |
|
19) Payments terms |
No |
|
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 |
No |
|
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 |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
OPERATING RESULTS;
SALES AND PROFIT GROWTH
During the period, the net revenue from operations of the Company has
increased 12.9% from Rs.10728.800 millions in the previous year to Rs.12110.900
millions in current year. The profits for the year have increased 15% from
Rs.677.500 millions in the previous year to Rs.779.200 millions in current
year.
An update on performance of the Company’s main business segments is
mentioned herein below:
Residential and Light commercial air conditioning: The Company continues
to focus on its core product range which includes light commercial and
commercial products. As part of measures to accomplish this, the company
decided to exit from the manufacturing and distribution of window room air
conditioners and Carrier branded hi-walls. Carrier group signed an agreement
with Midea group of China in the year, to form an air conditioning
manufacturing and distribution joint venture in India, wherein Midea group owns
60% and Carrier group owns 40% stake in the joint venture. The Company sold the
distribution part of its window room and Carrier branded hi-walls to the newly
formed said joint venture in the year. It is also planned to sell the
manufacturing part of the window room and Carrier branded hi-walls to the joint
venture entity by the end of this calendar year. The joint venture will focus
on manufacture and distribution of residential air-conditioning systems and
potentially make sizeable investments over the next five to six years to
augment its manufacturing scale and product range in India. The Light
commercial business registered a robust growth and consolidation of market
share .The Company launched it’s a new range of Cassettes and Ducted products
that uses environmentally sustainable R410A refrigerant .The Company is the
first Company to launch full range of Light Commercial products with R410A
refrigerant in the Indian market. The Company is also proud to have R410a
Cassettes in 1.5TR and 2.0TR capacity which are BEE 4-Star labeled products in
its product portfolio. The Company shall work towards more dedicated focus on
Light Commercial Business and grow share.
Commercial air conditioning: This business unit which was impacted
adversely in the year 2009 continued to show recovery from 2010 into 2011 also.
During the year, the Company bagged prestigious orders in the Commercial,
Hospitality, Industrial, IT/BPO, Retail and Healthcare segments. The Company
introduced indigenously manufactured Aqua Force Air-cooled screw chillers in
India towards the end of the year with an objective of addressing the mid tier
of the air-cooled screw chiller market through a low-lead time product. The
development of air cooled chillers in the Gurgaon factory demonstrates their
strong engineering and manufacturing capabilities to make commercial product as
well and is in line with Company’s focus to grow their commercial business in
India.
Commercial Refrigeration: Despite exiting the Bottle Cooler business,
the sales of commercial refrigeration products grew with major contribution
coming from the Turnkey business i.e., Modern Retail and Cold Rooms. The Modern
retail segment witnessed exponential market and sales growth through 2011 with
many local/MNC retailers implementing aggressive store roll out plans mainly in
the Supermarket, Hypermarket and Cash and Carry formats. The Company effectively
positioned its energy saving solutions such as Compressor Rack and
Localized Condensing units with Two stage Carlyle compressors, D2D Hot
gas defrost systems, Heat reclaim system for Hot water generation from
condenser hot air, ECM fan motors, LED lighting for cabinets, Anti-fog films on
glass doors etc.
With above benefits to customer in terms of technology on energy savings
coupled with robust application and project management support, the Company
sustained its share of wallet with existing key accounts as well as expanded
its foot print to local retailers entering the fray.
Apart from refrigeration system for Modern retail stores, this business
unit focused on expanding key account portfolio, channel foot print and project
orders in stationary cold rooms in various segments such as Distribution
Center, Food Processing, Horticulture, Pharmaceutical and Food Service. The
division also led the movement with Confederation of Indian Industry (CII),
National Horticultural Board (NHB) and Global Cold Chain Alliance (GCCA) as a
Cold Chain Task Force Member for the cold chain development in India. Many
referral projects were executed during the year.
Transport: The truck refrigeration business maintains a strong growth on
healthy purchases by leading cold chain logistics companies. Carrier Transicold
continues to be one of the largest system provider in the refrigerated truck
market. With the Indian refrigerated cargo market becoming top of mind for
global truck manufacturers entering the Indian trucking space, the last several
months have seen two large global truck brands launch new reefer trucks in
India featuring Carrier Transicold equipment. Fully built reefer trucks with
Carrier systems offered by leading commercial vehicle manufacturers are gaining
favour with large fleet operators. The small van last mile distribution segment
is still a fast growing segment as more and more products get transported in
temperature controlled vans.
Toshiba: This business unit continued its growth trajectory in the year
2012. The Company sees significant growth in the VRF products namely SMMS.
During the year, the Company launched some new products like the ‘Cooling only
Hi-Wall’ (ALL five Star), Side discharge VRF made for India inverter cassettes
(Stable Power Inverter). Toshiba brand products have strengthened the
positioning as a premium energy efficient range and have been well accepted in
segments like Hospitality, Condominiums, Institutions and Corporates. The
business sources residential products like hiwalls from Toshiba Carrier
Corporation factory at Thailand was unfortunately severely impacted by floods
in Quarter 4’11 thereby affecting stocks supply for Quarter 1 of 2012. However,
the factory is not back in shape and should see steady supplies for Indian market
from Quarter 2’2012 onwards.
Service: Initiatives were taken during the year to strengthen the
service quality. This included strengthening of the Company’s service delivery
to Key accounts by assigning key personnel’s whose were focused for rendering
preventive maintenance services to its customers upgrading the software and
activating a new state of the art call centre. The Company has taken steps to
upgrade the technician skills by training and certifying the dealer and
contractors technicians Pan India.
Totaline: The business unit focused on value added products such as
large compressors and parts for OEM and marine applications. The division has
indentified specialists for selling these products in key markets. The Spare
part Centre worked full fledged ensuring that all the spare parts were
delivered with proper packing (Totaline branded with Hologram) and in
compliance to applicable Laws. The division is moving away from trading and
will focus on selling value added products as mentioned above.
EHandS Highlights:
• 13 Million work hours without a lost time injury
• Surpassed 5 years without lost time injury
• EHS score of 92 in employee satisfaction survey 2011
• EHS Assurance review score of 85
• Zero legal EHandS non compliance
• No smoking factory since 2004
• Significant reduction in Environment metrics 2006 base line to 2011
o 22% absolute reduction in Energy usage and 54% reduction per box
o 40% absolute reduction in Water consumption and 65% reduction per box
o 42 % absolute reduction in Air Emissions and 66 % reduction per box
Awards and
Recognitions:
• Won the National Energy Conservation Award 2011 in the Consumer Goods
Manufacturing Sector.
• Won the National Energy Conservation Award for five consecutive years
in the Consumer Goods Manufacturing Sector from 2007 through 2011 and received
first prize for four out of the last five years.
• Carrier Corporation awarded ‘Carrier Asia President Award 2009’ to
Carrier Gurgaon plant for demonstrated excellence in all areas of EHandS
performance.
Restructuring of
Company’s business
As part of Carrier group global strategy of restructuring and
consolidation of various businesses and focus on core competency on light
commercial and commercial products, the Company had sold the distribution part
of its window room and Carrier branded hi-walls. It is also planned to sell the
manufacturing part of the window room and Carrier branded hi-walls to the joint
venture entity by the end of this calendar year. Consent to the said decision had
been accorded by the Shareholders of the Company vide Extraordinary General
meeting held on 25
January, 2012. With this decision of selling the ‘manufacturing and/or
distribution of the above products, the Company would be able to focus on the
existing line of businesses more economically and efficiently. This would also
help the Company to penetrate in manufacturing of core air conditioning
products.
FIXED ASSETS:
·
Freehold Land
·
Buildings
·
Leasehold Improvements
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
WEBSITE
DETAILS:
PROFILE:
Carrier is the world's leader in high technology heating,
air-conditioning and refrigeration solutions. Carrier experts provide
sustainable solutions, integrating energy efficient products, building
controls, and energy services for residential, commercial, retail, transport
and food service customers. Founded by the inventor of modern air conditioning,
Carrier improves the world around them through engineered innovation and
environmental stewardship.
With 2011 revenues of $12.0 billion, Carrier has operations in more than 170
countries. Carrier distributes to and provides service to its customers
via a worldwide network of owned and independent distributors and
dealers. Carrier is a part of UTC Climate, Controls and Security, a unit
of United Technologies Corp. (NYSE: UTX) which provides high technology
products and services to the building systems and aerospace industries
worldwide through its industry-leading businesses: Carrier, Hamilton
Sundstrand, Otis, Pratt and Whitney, Sikorsky, UTC Fire and Security and UTC
Power. UTC was ranked 37th on the 2010 Fortune 1000 List of America's Largest
Corporations.
In the Market Place
Carrier serves three markets:
· Residential and light commercial: homes and small facilities. They supply furnaces, central air conditioners, heat pumps, air filters, window units, split systems and other home comfort solutions.
· Commercial building: industrial and multi-level facilities. They supply chillers, large unitary, airside systems and controls that provide comfort and enhance efficiency in buildings around the world.
· Refrigeration systems for food retail and transportation: They provide applications to ensure food supplies are transported and stored for safe consumption.
|
Awards |
|
|
2011 |
UT Electronic Controls (UTEC), a unit of Carrier and the largest
manufacturer of HVAC electronic controls for the original equipment manufacturer
(OEM) market in the U.S., was the first electronics manufacturing facility to
earn Leadership in Energy and Environmental Design (LEED®) Gold certification
under the LEED for Existing Buildings rating system |
|
2011 |
Carrier’s Monterrey, Mexico Commercial plant was the first industrial
facility in the HVAC industry to be LEED Gold certified |
|
2009 |
Carrier factories in North Carolina and Indiana became only the 10th
and 11th in the world at that time to receive LEED green building rating for
existing buildings |
|
2009 |
Carrier's Carlyle Compressor Stone Mountain facility named one of the
10 best plants in North America by IndustryWeek
magazine |
|
2008 |
Awarded the Environmental Pioneer in Cooling award for carbon dioxide refrigeration
systems (U.K.) |
|
2008 |
IndustryWeek magazine names Carrier’s Huntington
facility a top 10 plant in North America |
|
2008 |
First prize in India’s National Energy Conservation Awards |
|
2008 |
Consumers Digest Premium Best Buy
for Infinity™ heat pump (U.S.) |
|
2008 |
Featured in six winning projects of the 2008 Builder’s Choice Awards
which showcase excellence in home design (U.S.) |
|
2007 |
Ministry of Construction award for being one of the top 10 international
companies for energy efficiency in China |
|
2007 |
U.S. Environmental Protection Agency’s Best-of-the-Best Stratospheric
Ozone Protection award in recognition of the company’s achievements in
helping restore the earth’s ozone layer (U.S.) |
|
2007 |
AHR (Air Conditioning , Heating and Refrigeration) Expo Innovation
Award to Aquaforce® chiller (U.S.) |
|
2007 |
Home Magazine Building Product Awards for innovation and energy
efficiency to Infinity™ system (U.S.) |
Factory
Carrier has one manufacturing
facility in India, Carrier Airconditioning and Refrigeration (Carrier India),
which produces air conditioning and refrigeration equipment for the domestic
market. Products manufactured at Carrier India include window room air
conditioners, duct free splits, chillers, airside systems, freezers and truck
refrigeration.
Sales and
Distribution
Carrier India has
more than 600 sales and service dealers and 1200 distributors and retailers
throughout the country. The Willis Carrier Club Dealer (WCCD), an exclusive
Carrier dealer club, comprises of more than 100 top Carrier HVAC dealers in the
country.
Customer Service
and Totaline
Totaline, Carrier’s
unique HVACR parts organization, comprises stores that are one-stop shops for
parts and supplies in the industry. They supply parts, tools and measuring
instruments and set an industry standard for quality and reliability.
Totaline-branded parts are designed to service any brand of equipment.
Brands sold in India
·
Carrier
·
Toshiba (residential)
CARRIER INDIA MILESTONES
|
1986 |
Carrier Aircon Limited established |
|
1988 |
Gurgaon factory commissioned |
|
1988 |
First product: Hermetic compressor |
|
1992 |
Carrier Transicold Private Limited established |
|
1998 |
Carrier Refrigeration factory in Bangalore commissioned |
|
2002 |
Toshiba Carrier, a joint venture between Carrier and Toshiba’s air
conditioning business group, started its operations in India |
|
2003 |
First export order: Beverage Air |
|
2004 |
#1 in Air conditioners in consumer satisfaction survey1 |
|
2006 |
Carrier Aircon Limited merged with Carrier Refrigeration Private
Limited to become Carrier Airconditioning and Refrigeration Limited |
|
2006 |
Formed the Willis Carrier Dealer Club |
|
2007 |
National Energy Conservation Award 2007: 1st Prize in "Consumer
Goods sector" category presented by the Honorable President of India,
Ms. Pratibha Patil. |
|
2008 |
National Energy Conservation Award 2008: 1st Prize in "Consumer
Goods sector" category |
|
2009 |
National Energy Conservation Award 2009: 1st Prize in
"Manufacturers of BEE Star Labeled Appliances (air conditioner)
Sector," Top Rank in "Consumer Goods sector" category |
|
2010 |
National Energy Conservation Award 2010 : 2nd Prize in "Consumer
Goods sector" category |
|
2011 |
National Energy Conservation Award 2011 : 1st Prize in "Consumer
Goods sector" category |
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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
57 |
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.