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MIRA
INFORM REPORT
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Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALUFIT (INDIA) PRIVATE LIMITED |
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Registered Office : |
Embassy Diamante , #34, Vittal Mallya Road, Bangalore-560 001,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.08.1991 |
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Com. Reg. No.: |
08 – 012197 |
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CIN No.: [Company
Identification No.] |
U27203KA1991PTC012197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA02052B |
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PAN No.: [Permanent
Account No.] |
AABCA1923G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of doors, windows and partitions |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 720000 |
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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 a well established company having satisfactory track records. Directors are reported as experienced, respectable and resourceful industrialist. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It has been reified that company has a new factory address
as under. 17/A, Phase II, Peenya
Industrial Area, Bangalore - 560058 |
LOCATIONS
|
Registered Office : |
Embassy Diamnte, # 34, Vittal Mallya Road, Bangalore - 560
001, Karnataka, India |
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Tel. No.: |
91-80-402 61800 / 28371956 / 51233660 |
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Fax No.: |
91-80-412 33664 |
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E-Mail : |
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Website : |
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Factory : |
17A, Phase II, Peenya
Industrial Area, Bangalore - 560 058, India |
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Tel. No.: |
91-80-2837 1956 / 57, 2837 0799 |
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Fax No.: |
91-80-2839 0483 |
DIRECTORS
|
Name : |
Mr. Pankaj Keswani |
|
Designation : |
Managing Director |
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Address : |
201, Camelot, 4th Kensington Road, Opposite Ulsoor Boat
Club, Ulsoor, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
10.04.1960 |
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Date of Appointment : |
01.08.1991 |
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Name : |
Mrs. Vyjayanti Keswani |
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Designation : |
Director |
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Address : |
201, Camelot, 4th Kensington Road, Opposite Ulsoor Boat
Club, Ulsoor, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
03.04.1960 |
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Date of Appointment : |
01.08.1991 |
KEY EXECUTIVES
|
Name : |
M/S. Shashidhara G S and Company |
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Designation : |
Company Secretary |
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Address : |
No. 725, First Floor, 10th Main, 4th Block,
Jayanagar, Bangalore-560 011 |
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Tel. No.: |
91-80-22455141 / 26534024 |
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Mobile No.: |
91-9844061710 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pankaj Keswani |
|
32300 |
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Mrs. Vyjayanti Keswani |
|
7700 |
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Total |
|
40000 |
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Equity Share
Breakup |
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|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of doors, windows and partitions. |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raja Gopal and Badri Narayanan Chartered Accountants (Mr. R Narayanan Partner) |
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Address : |
No. 25, Padmashree Mansions, 2nd Floor, I Cross, Sampige
Road, Malleswaram, Bangalore – 560003, Karnataka, India |
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Tel. No.: |
91-80-23440987 / 23310811 |
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Fax No.: |
91-80-23313666 |
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E-Mail : |
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Associates : |
Alufit India Private Limited |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.000 |
4.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
175.592 |
80.238 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
179.592 |
84.238 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
|
92.706 |
34.287 |
|
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2] Unsecured Loans |
|
32.836 |
13.030 |
|
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TOTAL BORROWING |
|
125.542 |
47.317 |
|
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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|
|
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TOTAL |
|
305.134 |
131.555 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
49.561 |
38.234 |
|
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Capital work-in-progress |
|
0.000 |
4.701 |
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INVESTMENT |
|
112.699 |
84.447 |
|
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DEFERREX TAX ASSETS |
|
2.667 |
1.358 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
44.135 |
49.526 |
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Sundry Debtors |
|
216.801 |
113.577 |
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Cash & Bank Balances |
|
25.654 |
21.245 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
52.929 |
31.116 |
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Total
Current Assets |
|
339.519 |
215.464 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
170.173 |
200.652 |
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Provisions |
|
29.140 |
12.000 |
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Total
Current Liabilities |
|
199.313 |
212.652 |
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Net Current Assets |
|
140.206 |
2.812 |
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MISCELLANEOUS EXPENSES |
|
0.001 |
0.003 |
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TOTAL |
|
305.134 |
131.555 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
844.044 |
560.702 |
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Other Income |
|
11.334 |
8.557 |
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Total Income |
|
855.378 |
569.259 |
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Profit/(Loss) Before Tax |
|
120.399 |
32.752 |
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Provision for Taxation |
|
25.045 |
1.575 |
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Profit/(Loss) After Tax |
|
95.354 |
31.177 |
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Imports : |
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Raw Materials |
|
109.712 |
NA |
|
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Plant Machinery |
|
2.638 |
NA |
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Total Imports |
|
112.350 |
NA |
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Expenditures : |
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Depreciation & Amortization |
|
6.574 |
5.265 |
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Financial Charges |
|
8.139 |
6.813 |
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Total Expenditure |
|
14.713 |
12.078 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
11.14 |
5.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
14.26 |
5.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
35.46 |
15.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.67 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.10 |
2.52 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.82 |
0.01 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ALUFIT (INDIA)
PRIVATE LIMITED |
|
Presented By |
Syndicate Bank,
Yeshwanthpur Branch, Bangalore – 560022 |
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1) Date and description of instrument creating the change |
05.10.2001 Deed of
Hypothecation Letter evidencing
deposit of title deeds [Both documents
relate to single charge] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 21.930
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
the whole of the present and future stocks of raw materials, goods in
process, finished goods, semi finished goods and all book debts belonging to
the company. Coll. Security: Hypothecation of all existing and future
machineries as per schedule I part B of the agreement Urem factory land and
buildings including sh at No. A – 369, Industrial Estate, Peen I Stage,
Bangalore – 560058 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
Margin as applicable from time to time Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, Yeshwanthpur Branch, Bangalore – 560022 |
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6) Date and brief description of instrument modifying the charge |
17.11.2001 Confirmation of
deposit of title deeds Memorandum of
deposit of title deeds [Both documents
relate to single modification of charge] |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Equitable
Mortgage created by deposit of title deeds on companies immovable properties
situated at No. 17 A, II Phase, Peenya Industrial Area, Situated in Sy. Nos.
39, 66 and 67 of Chokkasandra Village, Yeshwanthpur Hubli, Bangalore North
Taluk [50 % undivided right and interest] all other terms and conditions to
continue. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27203KA1991PTC012197 |
|
Name of the
company |
ALUFIT (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Embassy Diamnte, # 34, Vittal Mallya Road, Bangalore - 560
001, Karnataka |
|
Type of charge |
|
|
Particular of
charge holder |
ICICI Bank
Limited ICICI Bank
Towers, No. 1, Commissariat Road, Bangalore – 560025, Karnataka, India |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation [WCF – Working capital facilities]. |
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Date of
instrument Creating the charge |
14.05.2007 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC – IBAR + CC
Premia – 3.25 % p.a. [13 % p.a. as on date] BG Commission – 1
% p.a. LC 1 % p.a. Terms of
repayment Being working capital
facilities repayable on demand and subject to renewal every year. Margin CC – 25 % BG – 10 % LC – 10 % Extent operation
of the charge First pari passu
charge with corporation bank on the current assets and movable assets of the
company both present and future. |
|
Short particulars
of the property charged |
Movable assets
and current assets as defined more fully in the schedule II of the
hypothecation agreement. |
Fixed Assets:
Ø Land
Ø Building
Ø Plant and Machinery
Ø Computer
Ø Furniture and Fixtures
Ø Air Conditioner
Ø D G Set
Ø Electrical Installation
Ø Office Equipments
Ø Vehicles
As Per Website
Profile
Subject
has revolutionized the world of Façade Engineering with a dedicated and
professional team. Designers, Architects, Developers. Corporate Institutions
have showered us with great accolades and have continued to patronize subject’s
services in all their ventures.
Armed
with a vision to foresee the requirements of the industry, subject has set
elevated standards of quality and efficiency.
The high points:
›
Achieved exponential growth rates year on year
›
Successfully completed more than 300 projects.
›
Over 50000 sq. mtrs of structural, Wall cladding and point glazed systems
Team
Mr. Pankaj
Keswani, a visionary leader with more than 20 years in Glazing and Aluminium
industry, heads Alufit. Leading with example by setting standards for quality,
he has been responsible for the tremendous growth and instrumental in achieving
leadership status for subject.
The
following departments of subject led by people with vast expertise in their
respective fields of operation have contributed to the growth of subject:
›
Marketing
›
Design Development
›
Project Management
›
Production
›
Procurement
›
Quality Assurance
System
Design
Custom
systems are created to meet the needs of architectural aesthetics, local
environment factors, and constructability and budget requirements.
Subject
designs system for:
›
Pointfixed Glazing
›
Unitized Curtainwall (interlocking, dry sealed, pressure equalized)
›
Semiunitized Curtainwall
›
Stick System Curtainwall
›
Shopfronts
›
Skylights
›
Canopies and Soffits
Facility:
A 40,000 Sq. ft of Shop floor with automated imported
machinery provides the support facilitating completion of projects.
Expansion of the facility by another 25,000 Sq.ft floor space to enhance
performance.
› Inhouse Double Glazing
› Precision Cutting for Aluminium Composite Panel sheets
› Mechanical Frame Cornor Joints
› Multiple assembly tables for voluminous working
› In house CAD development of Shop Drawings
› Optimizing
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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|