MIRA INFORM REPORT
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Report Date : |
5th May 2006 |
IDENTIFICATION DETAILS
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Name : |
ALTAIR INDIA PRIVATE LIMITED |
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Registered Office : |
Mulla
House, 51, Mahatama Gandhi Road, Mumbai, Maharashtra- 400001 |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
9th
August, 2000 |
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CIN No.: |
U26900MH2000PTC128170 |
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Com. Reg. No.: |
11-128170 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMA16134G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is to be engaged in the business of manufacturing and selling cement
and cement products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject
is a small company and subsidiary of CEMEX MANILA INVESTMENTS BV, The
Netherlands. The company is yet to commence commercial operations in India.
Trade relations are fair. No payment are available. The
company can be considered for small
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Mulla
House, 51, Mahatama Gandhi Road, Mumbai, Maharashtra- 400001 |
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Tel. No.: |
91-22-22044960 |
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Fax No.: |
91-22-22040246 |
DIRECTORS
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Name : |
Mr.
Krishnamurthi Ravikumar |
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Designation : |
Director
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Address : |
Block
No. 28, Bansilal Building, 62-D, Girguam Road, Mumbai-400004, Maharashtra |
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Date of Birth/Age : |
17/01/1946 |
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Date of Appointment : |
09/08/2000 |
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Name : |
Mr.
Castro Ricardo |
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Designation : |
Director
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Address : |
18,
Anderson Road, # 04/02, Singapore 259977, Republic of Singapore |
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Date of Birth/Age : |
27/10/1953 |
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Date of Appointment : |
16/08/2000 |
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Name : |
Ms.
Jannette Sevilla |
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Designation : |
Director
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Address : |
5326
Amorsolo Street, Dasmanrinas Village, Makati City, Metro Manila, Philippines |
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Date of Appointment : |
05/08/2003 |
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Name : |
Ms.
Praneeta V. Desai |
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Designation : |
Director
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Address : |
26,
Jamasji Apartment, 32, Sleater Road, Mumbai – 400007 |
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Date of Appointment : |
05/08/2003 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Cemex Manila Investments B.
V. Riverstaete Building,
Amsteldijk 166, 1079, LH Amsterdam, The Netherlands |
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49994 |
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Mr. Hans Samuel
Leijdesdorff 12772 PH, Huizen, The
Netherlands, Vliegheiwag 3, Amsterdam, The Netherlands |
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1 |
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Mr. Juan Manuel Portal
Celhay Riverstaete Building,
Amsteldijk 166, 1079, LH Amsterdam, The Netherlands |
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1 |
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Mr. Ricardo Castro 18, Anderson Road, # 04/02,
Singapore 259977, Republic of Singapore |
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1 |
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Mr. Enrique Cardova Campos Eliscos ,# 5536,
Col. Jardines Del Paseo Monterrey, NL Mexico-64940 |
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1 |
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Mr. Krishnamurthi Ravikumar
Block No. 28, Bansilal
Building, 62-D, Girguam Road, Mumbai-400004, Maharashtra |
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1 |
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Mr. Abeezar E. Faizullabhoy
Jaiji Mansion, 41,
Mereweather Road, Mumbai-400039, Maharashtra |
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1 |
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BUSINESS DETAILS
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Line of Business : |
The
company is to be engaged in the business of manufacturing and selling cement
and cement products. |
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GENERAL INFORMATION
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Bankers : |
Not
available |
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Banking Relations : |
-- |
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Auditors : |
BSR
and Company Chartered
Accountants KPMG
House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, India |
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Tel. No.: |
91-22-24913030
/ 24913131 / 24988368 |
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Mobile No.: |
91-22-24913132 |
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Associates/Subsidiaries
: |
Ř
Cemex Chile
Investments B. V. Ř
Cemex Manila
Investments B.V. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10.00/- each |
Rs. 0.500 millions |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity
Shares |
Rs. 10.00/- each |
Rs. 0.500 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.001 |
0.001 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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0.501 |
0.501 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL
BORROWING
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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0.501 |
0.501 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.000 |
0.000 |
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Capital work-in-progress
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0.000 |
0.000 |
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INVESTMENT
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0.000 |
0.000 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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Sundry Debtors
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0.292 |
0.395 |
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Cash & Bank Balances
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Other Current Assets
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Loans & Advances
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Total Current Assets
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0.292 |
0.395 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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0.142 |
0.175 |
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Provisions
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Total Current Liabilities
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0.142 |
0.175 |
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Net Current
Assets
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0.150 |
0.220 |
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MISCELLANEOUS EXPENSES
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0.351 |
0.281 |
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TOTAL
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0.501 |
0.501 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Debt Equity Ratio
(Total Liability/Networth) |
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0.28 |
0.35 |
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Current Ratio
(Current Asset/Current
Liability) |
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2.06 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
Altair
India Private Limited is evaluating several opportunities in the Cement sector.
Consequently, the company has not commenced commercial operations and hence the
financial highlights of the company do not reflect any profit and losses for
the period.
Operations
:
Altair
India Private Limited evaluated several opportunities in the Cement sector in
the current year also. As such the Company has no intentions of discontinuing
its business operations nor does the Company have any plans that may materially
affect the carrying value. Or classification of assets and its
liabilities.
Background
:
Altair
India Private Limited was incorporated in India as a 99.99 % subsidiary of
Cemex Chile Investments B. V. (Formerly Known as Maysa B. V.)on 9th
August, 2000. The Main object of the company is to be engaged in the business
of manufacturing and selling cement and cement products.
Going
concern:
The
company is in the process of drawing up of business plan and is evaluating
several opportunities in the cement sector. The company has no intentions
of discounting business operations nor
does the company have any plans that may materially affect the carrying value
of classification of assets and liabilities. During the year the company has
appointed a trading manager to explore the business opportunities in India. The
cost of the personnel has been decided to be borne by its parents company.
Further Cemex Manila Investments B.V. the parent company has confirmed to
provide financial support to the company to enable it to operate as a going
concern in the foreseeable future. Accordingly the financial statements of the
company have been drawn on a going concern assumption.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records 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] 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. 44.88 |
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UK
Pound |
1 |
Rs. 83.46 |
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Euro |
1 |
Rs. 57.13 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
28 |
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
|
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |