MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
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 (32) |
|
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 moderate track record. The rating takes into Consideration Company’s moderate financial risk
profile and accumulated losses that the company has incurred over a year. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office locations.
London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 : |
F -25/2 Okhla Industrial Area, Phase – II, New Delhi – 110020, India |
|
Tel No.: |
Not Available |
|
Fax No: |
Not Available |
|
E-Mail : |
|
|
Website : |
http://www.daikinindia.com |
|
|
|
|
Corporate 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 |
|
Fax No.: |
91-1494-229-151 |
|
|
|
|
Branches : |
Jaipur Fax:91-141-2225569 Ahmedabad Tel: 91-79-26583013/26583014 Fax:91-79-26583365 Lucknow Chandigarh
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 Hyderabad |
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 |
Director |
30/09/2011 |
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
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Daikin Industries Limited, Japan |
47292389 |
100.00 |
|
Daikin Airconditioning (Singapore) Pte. Limited –
Singapore |
1 |
0.00 |
|
|
47,292,390 |
100.00 |
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 : |
|
GENERAL INFORMATION
|
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 : Rs.
10000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 8029.239 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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
2229.239 |
4229.239 |
4729.239 |
|
Reserves & Surplus |
180.746 |
-247.795 |
-190.349 |
|
Net
worth |
2,409.985 |
3,981.444 |
4,538.890 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
517.025 |
0.000 |
2474.900 |
|
Total
borrowings |
517.025 |
0.000 |
2,474.900 |
|
Debt/Equity
ratio |
0.215 |
0.000 |
0.545 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
6974.000 |
11962.000 |
16037.000 |
|
|
|
71.523 |
34.066 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
6974.000 |
11962.000 |
16037.000 |
|
Profit |
-274.000 |
-429.000 |
57.000 |
|
|
-3.93% |
-3.59% |
0.36% |
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 |
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 |
No |
|
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 |
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 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] 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. 61.09 |
|
UK Pound |
1 |
Rs. 101.59 |
|
Euro |
1 |
Rs. 84.65 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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 |
|
32 |
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.