MIRA INFORM REPORT
|
Report Date : |
07.11.2014 |
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) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.04.2000 |
|
|
|
|
Com. Reg. No.: |
55-104990 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.8029.239
Million |
|
|
|
|
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 21900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk
profile and huge accumulated losses incurred by the company over a year. However, trade relations are fair. Business is active. Payments are
reported to be 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED
Management Non Co – Operative ( Tel No. 91-124-4555444)
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. 30.09.2014
|
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 GLOBAL 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 |
|
7 |
U29253TG2014PTC094854 |
YANMAR COROMANDEL AGRISOLUTIONS PRIVATE LIMITED |
Additional director |
28/07/2014 |
28/07/2014 |
- |
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Name : |
Mr. Sanjay Goyal |
|
Designation : |
Director |
|
Address : |
House No. – 1474, Sector – 16, Faridabad, Haryana – 121002, India. |
|
Date of Birth/Age : |
28.11.1965 |
|
Date of Appointment : |
26.09.2011 |
|
DIN No.: |
06972383 |
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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
%age |
|
Daikin Industries Limited, Japan |
80292389 |
100.00 |
|
Daikin Airconditioning (Singapore) Pte. Limited –
Singapore |
1 |
0.00 |
|
|
80292390 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
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 : |
Vijender Sharma and Company Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
|
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.100/- each |
Rs.10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80292390 |
Equity Shares |
Rs.100/-
each |
Rs.8029.239
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8029.239 |
4729.239 |
4229.239 |
|
(b) Reserves & Surplus |
(353.747) |
(190.349) |
(247.795) |
|
(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) |
7675.492 |
4538.890 |
3981.444 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.487 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
84.269 |
67.617 |
56.375 |
|
(c) Other long term
liabilities |
41.874 |
38.458 |
25.082 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
129.630 |
106.075 |
81.457 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
800.000 |
2474.900 |
0.000 |
|
(b) Trade
payables |
2679.477 |
4262.420 |
2870.135 |
|
(c) Other
current liabilities |
720.435 |
645.925 |
528.676 |
|
(d) Short-term
provisions |
136.221 |
76.268 |
30.531 |
|
Total Current
Liabilities (4) |
4336.133 |
7459.513 |
3429.342 |
|
|
|
|
|
|
TOTAL |
12141.255 |
12104.478 |
7492.243 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
2215.639 |
2406.993 |
1711.630 |
|
(ii)
Intangible Assets |
18.092 |
16.083 |
6.155 |
|
(iii)
Capital work-in-progress |
0.000 |
1.000 |
481.287 |
|
(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 |
367.029 |
286.205 |
348.373 |
|
(e) Other
Non-current assets |
0.366 |
0.000 |
0.010 |
|
Total Non-Current Assets |
2601.126 |
2710.281 |
2547.455 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6984.482 |
7339.147 |
3336.570 |
|
(c) Trade
receivables |
1303.987 |
886.869 |
462.628 |
|
(d) Cash and
cash equivalents |
651.967 |
673.775 |
664.413 |
|
(e)
Short-term loans and advances |
599.498 |
493.845 |
477.772 |
|
(f) Other
current assets |
0.195 |
0.195 |
3.406 |
|
Total
Current Assets |
9540.129 |
9393.831 |
4944.789 |
|
|
|
|
|
|
TOTAL |
12141.255 |
12104.112 |
7492.244 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
18204.000 |
16037.000 |
11962.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
17764.000 |
15538.000 |
12144.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
440.000 |
499.000 |
-182.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.000 |
69.000 |
247.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
320.000 |
430.000 |
(429.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
476.000 |
373.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(156.000) |
57.000 |
(429.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(163.000) |
57.000 |
(429.000) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.03) |
(0.70) |
(5.34) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(0.90) |
0.36 |
(3.59) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
2.42 |
3.11 |
(1.52) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.28) |
0.47 |
(6.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.01 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.10 |
0.55 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
1.26 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4229.239 |
4729.239 |
8029.239 |
|
Reserves & Surplus |
(247.795) |
(190.349) |
(353.747) |
|
Net
worth |
3981.444 |
4538.890 |
7675.492 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
3.487 |
|
Short term borrowings |
0.000 |
2474.900 |
800.000 |
|
Total
borrowings |
0.000 |
2474.900 |
803.487 |
|
Debt/Equity
ratio |
0.000 |
0.545 |
0.105 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11962.000 |
16037.000 |
18204.000 |
|
|
|
34.066 |
13.513 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11962.000 |
16037.000 |
18204.000 |
|
Profit |
(429.000) |
57.000 |
(163.000) |
|
|
(3.59%) |
0.36% |
(0.90%) |
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 |
Yes |
|
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 |
NOTE
The registered office of the company has been shifted from
2th Floor, Suryakiran Building, 19 Kasturba Gandhi Marg, New Delhi – 110001,
Delhi, India
to present address w.e.f. 22.12.2006
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW
DELHI
ITA 215/2014 and CM No. 8160/2014
COMMISSIONER OF INCOME TAX -IV
..... Appellant
Through: Mr.Kamal Sawhney, Sr. Standing Counsel with Mr.Sanjay
Kumar,
Jr. Standing Counsel
versus
DAIKIN AIR CONDITIONING INDIA PVT. LTD
..... Respondent
Through: Mr. Mukesh Butani, Advocate with
Ms. Vrinda, Advocate
CORAM:
HON'BLE MR. JUSTICE SANJIV
KHANNA
HON'BLE MR. JUSTICE V. KAMESWAR RAO
O R D E R
22.07.2014
CM No. 8160/2014
Delay in filing the appeal is condoned noticing the fact that the
counsel for the assessee has no objection. The application stands
disposed of.
ITA 215/2014
Notice. Ms. Vrinda, Advocate accepts notice on behalf of the
respondent.
At the request of the revenue, relist for arguments on 25th and
29th September, 2014.
SANJIV KHANNA, J
V. KAMESWAR RAO, J
JULY 22, 2014/akb
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
- The Turnover for the year ended March 31, 2014 stood at `18,305 Million as compared to `16,037 Million for the year ended March 31.2013, the Company grew by 14% over previous year. The Company continued penetrating the market.
- 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 13-14 is `49.08 Millions.
- As per the requirements of Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets, a provision of `132.60 Million has been provided for expected warranty claims on products/ projects, sold/commissioned during the financial year.
- The Directors would like to put on record their appreciation to all employees who have made it possible to achieve 14% growth in sales and controlling account receivable to 25 days of sales. The Directors feel gratified that due to team effort of DAIPL all account receivable are good and there is no requirement of making any provision of doubtful debts.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
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.61.38 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAR |
|
|
|
|
Analysis Done by
: |
DIP |
|
|
|
|
Report Prepared
by : |
SPR |
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 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.