MIRA INFORM REPORT
|
Report Date : |
28.10.2006 |
IDENTIFICATION DETAILS
|
Name : |
AMIANTIT
FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED |
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Registered Office : |
Salgaocar
Centre, Rua De Ourem, Panaji, Goa – 403 001 |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
11.02.2003 |
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Com. Reg. No.: |
3186 |
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CIN No.: [Company Identification No.] |
U25191GA2003PTC003186 |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Subject
is engaged into carry on the business to produce, manufacture, treat,
process, import, export, etc. and to deal in all varieties of pipes, pipes
systems, tanks and products including GRP by using centrifugal method, etc Subject
acts as manufacturers of all varieties of pipes, pipes systems, tanks and
products including GRP by using centrifugal method, etc |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established
company having satisfactory track. Directors are reported as experienced,
respectable and resourceful industrialists. Their trade relations are fair.
Payments are correct and as per commitments. The
company can be considered good for any normal business dealing at usual trade
term and condition. |
LOCATIONS
|
Registered Office : |
Salgaocar
Centre, Rua De Ourem, Panaji, Goa – 403001, India |
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Tel. No.: |
91-832-2228612
/ 3 |
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Fax No.: |
91-832-2224324 |
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E-mail : |
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Location : |
Owned
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Factory : |
Survey
No. 120 (Part), 121 and 177 (Part), Maina Road, Village Navelim, Taluka
Bicholim, Sanquelim, North Goa,– 403504, India |
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Tel. No. : |
91-832-2386551
– 54 |
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Fax No. : |
91-832-2386555 |
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Corporate Office : |
P. O. Box 589, Dammam
31421, Saudi Arabia |
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President’s Office : |
P.O. Box 2140, Jeddah
21451, Saudi Arabia |
DIRECTORS
|
Name : |
Mr.
Shivanand S. Salgaocar |
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Designation : |
Director
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Date of Birth/Age : |
24th
July, 1954 |
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Address : |
Hira
Vihar, Airport Road, Chicalim, Goa – 403 711, India |
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Name : |
Mr. Vijay S. Hede |
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Designation : |
Director
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Date of Birth/Age : |
2nd
September, 1951 |
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Address : |
S4,
Kamat Complex, Tonca, Panaji - 403001, Goa, India |
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Name : |
Mr. Shyam N. Kumar |
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Designation : |
Director
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Address : |
103,
Sharnag Apartments, 18 Cross Malleswaram, Bangalore - 560055, Karnataka,
India |
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Name : |
Mr. Al Khalawi Y Fareed |
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Designation : |
Director
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Date of Birth/Age : |
27th
March, 1952 |
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Address : |
Saudi
Arabia |
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Name : |
Mr. Rafih H Wehbe |
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Designation : |
Director
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Date of Birth/Age : |
17th
October, 1953 |
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Address : |
Saudi
Arabia |
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Name : |
Mr. Weidel Helmut D |
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Designation : |
Director
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Date of Birth/Age : |
23rd
July, 1956 |
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Address : |
Austria
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Name : |
Mr. Ludwig Hertmut |
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Designation : |
Director
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Address : |
Germany
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Shivanand S. Salgaocar |
1050000 |
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Mrs. Ranjana S. Salgaocar |
2000000 |
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Mrs. Swati S. Salgaocar |
1000000 |
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Mr. Vivek S. Salgaocar |
1000000 |
|
Amiantiti Int Holding Ltd |
17500000 |
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TOTAL |
22550000 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged into carry on the business to produce, manufacture, treat,
process, import, export, etc. and to deal in all varieties of pipes, pipes
systems, tanks and products including GRP by using centrifugal method, etc Subject
acts as manufacturers of all varieties of pipes, pipes systems, tanks and
products including GRP by using centrifugal method, etc |
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Terms : |
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Selling : |
L/C,
Cash or Credit (30 days) |
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Purchasing : |
L/C,
Cash or Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
300 |
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Bankers : |
Corporation
Bank, Panaji, Goa |
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Facilities : |
Term
Loan : Rs. 239.733 millions Credit
Loan : Rs. 57.215 millions |
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Banking Relations : |
Good |
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Auditors : |
Deloitte
Haskins & Sells Chartered
Accountants, Worli,
Mumbai Tel.
No. : 91-22-56679000 Fax
No. : 91-22-56679025 |
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Associates/Subsidiaries
: |
Pyramid Finance Limited Salgaocar Centre, Panaji,
Goa Line of Business : Finance |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity shares |
Rs. 10 each |
Rs. 250.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity shares |
Rs. 10 each |
Rs. 250.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
250.000 |
0.100 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[95.866] |
(81.460) |
0.000 |
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NETWORTH
|
154.134 |
168.540 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
296.948 |
270.757 |
0.000 |
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2] Unsecured Loans |
56.624 |
18.728 |
0.000 |
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TOTAL
BORROWING
|
353.572 |
289.485 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
507.706 |
458.025 |
0.100 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
423.169 |
423.540 |
0.040 |
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Capital work-in-progress
|
0.637 |
21.179 |
0.087 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
182.363
|
147.516 |
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Sundry Debtors
|
88.608
|
70.000 |
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Cash & Bank Balances
|
20.104
|
18.317 |
0.009 |
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Other Current Assets
|
28.287
|
32.533 |
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Loans & Advances
|
0.000
|
0.000 |
0.000 |
Total Current Assets
|
319.362
|
268.366 |
0.009 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
232.831
|
254.225 |
0.062 |
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Provisions
|
2.794
|
1.052 |
0.000 |
Total Current Liabilities
|
235.625
|
255.277 |
0.062 |
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Net Current
Assets
|
83.737
|
13.089 |
(0.053) |
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MISCELLANEOUS EXPENSES
|
0.163 |
0.217 |
0.026 |
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TOTAL
|
507.706 |
458.025 |
0.100 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
515.434 |
205.192 |
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Profit/(Loss) Before Tax
|
|
[14.406] |
(81.460) |
Provision for Taxation
|
|
0.000 |
0.000 |
Profit/(Loss) After Tax
|
|
[14.406] |
(81.460) |
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Import Value
|
|
204.531 |
476.434 |
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Total Expenditure
|
|
20.473 |
2.371 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
[2.79] |
39.699 |
N.A. |
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Net Profit Margin
(PBT/Sales) |
(%) |
[2.79] |
39.699 |
N.A. |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
[1.94] |
11.423 |
N.A. |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.09 |
0.483 |
N.A. |
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Debt Equity Ratio
(Total Liability/Networth) |
|
3.82 |
3.232 |
0.62 |
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Current Ratio
(Current Asset/Current
Liability) |
|
1.35 |
1.0513 |
0.14 |
LOCAL
AGENCY FURTHER INFORMATION
Amiantit Fiberglass
Industries India Private Limited, founded in 2002 in Goa, is a joint venture between
Amiantit (70%) and the Salgaocar Group. Its 20,000 m2 facility on 260,000 m2 of
land employs the latest Flowtite continuous mandrel production technology to
produce GRP pipes in diameters ranging from 300 to 3000 mm. The pipes are
suitable for potable water, sewer, industrial waste and irrigation
applications. Amitech also produces GRP tanks and matching lids and is
currently in the process of supplying 5000 underground fuel tanks with
diameters ranging from 1900 to 3200 mm to the Reliance Tanks Project. With a
target of 17,500 tanks, this project is by far the largest ever GRP tank
project worldwide and Amitech is proud to be such a big part of it.
Pipe Systems Companies :
Amiantit Fiberglass Egypt
S.A.E. (AFEC)
Ameron Egypt
Ameron Saudi Arabia Limited (ASAL)
Amiantit Fiberglass Industries India Private Limited
Amiantit Fiberglass Industries Limited (AFIL)
Amiantit Polyolefin Piping Systems Company Limited (APPSCO)
Amitech Argentina SA
Amitech Brazil Tubos SA
Amitech Germany GmbH
Amitech Industrial Saudi Arabia Limited
Amitech Industrial South Africa (Pty) Limited
Amitech Karasai Pipe
Amitech Poland Sp zoo
Amitech Saudi Arabia Limited
Amitech South Africa (Pty) Limited
Amitech Spain SA
Amitech USA LLC
Bondstrand Limited (BSL)
Chongqing Tianli Amiantit Materials Engineering Joint Stock Company Limited
(TLA)
Composite Pipe Industries Limited (CPI)
DIFAV Amiantit Limited
Dubai Pipe Factory Company Limited
Fiberglass Pipe Company Limited
Sarplast
Iniziative Industriali SpA
Saudi Arabia Concrete Products Limited (SACOP)
Saudi Arabian Ductile Iron Pipes Company Limited (SADIP)
Subor Boru Sanayi ve Ticaret AS
Saudi Arabian
Amiantit Company Group
The
Saudi Arabian Amiantit Company Group – Amiantit or SAAC – was established in
1968 in Dammam, Saudi Arabia.
Today,
the Group is comprised of 34 production plants (majority owned or joint
ventures) in 18 countries around the world. 31 of the plants manufacture a
comprehensive array of pipe products whereas the rest produces rubber products
for seals and air conditioning applications, fibreglass insulation products for
thermal and acoustical applications, fibreglass products, fibreglass reinforced
plastic products, sizing and agents, lining materials against corrosion, and
polyurethane products for pipes and tanks, flooring and insulation.
The
Group’s technology division consists of 6 technology companies – making Amiantit
a world leader in pipe technology.
An
extensive global sales and service network ensures that customers in some 70
countries all over the world have access to the wide range of pipe systems,
technologies and services offered by the Group.
Amiantit
is listed on the Saudi Stock Exchange. In 2003, the Group’s turnover was USD
432m, the paid up share capital USD 187m and the market capitalization USD
800m.
Mission
The Amiantit Group is a global leader
in the fields of pipe manufacture and pipe technology. It delivers superior
quality services to customers worldwide, providing:
Pipe
systems for water, sewage, gas, oil and industrial applications
Expertise
in the latest pipe technologies
These services are provided by teams of highly qualified individuals –
consistently achieving exceptional performance standards in working
environments where honesty and integrity are upheld as fundamental values in
the pursuit of global success.
Vision
To
be the World Leader in Pipe and Technology Solutions.
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.44.93 |
|
UK
Pound |
1 |
Rs.85.69 |
|
Euro |
1 |
Rs.57.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|
|
>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 |
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 |