MIRA INFORM REPORT

 

 

Report Date :

08.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ALUPEX INDIA PRIVATE LIMITED

 

 

Registered Office :

101 Linkway, 14th Road, Khar (West), Mumbai – 400 052, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

01.01.1985

 

 

Com. Reg. No.:

11-34958

 

 

CIN No.:

[Company Identification No.]

U51999MH1985PTC034958

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA19713B

 

 

PAN No.:

[Permanent Account No.]

AACCA2922L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing and marketing of Aluminium glazing systems.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 140000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office/ Sales and Contracts Office:

101 Linkway, 14th Road, Khar (West), Mumbai – 400 052, Maharashtra, INDIA.

Tel. No.:

91-22-26042235 / 6042235 (6 Lines)

Fax No.:

26461780 / 6461780

E-Mail :

aluplex@bom3.vsnl.net.in

Website :

http://www.aluplexindia.com

Area :

600 Sq. fts.

Location :

Owned

 

 

Corporate Office:

R- 602 (Office Block), TTC, MIDC, Rabale, Navi Mumbai – 400 701, Maharashtra, India

Tel. No.:

91-22-27699104

Fax No.:

91-22-27699106

E-Mail :

sales@aluplexindia.com

 

 

Factory 1 :

TTC Industrial Estate, Rabale, Airoli – 400 708, Maharashtra, India

 

 

Factory 2 :

TTC, MIDC, Rabale, Ghansali – 400 701, Maharashtra, India

 

 

Divisions :

ACCOUNTS DIVISION

 

6/1 Mahalaxmi Industrial Estate, D. Shivner Marg, Off Worli Naka, Mumbai – 400 013, Maharashtra, India

Tel. No. 91-22-497 1822 / 497 1823 (4 lines)

Fax No. 91-22-495 0874

 

WINDOW-DOOR DIVISION

 

6/1 Mahalaxmi Industrial Estate, D. Shivner Marg, Off Worli Naka, Mumbai – 400 013, Maharashtra, India

Tel. No. 91-22-497 1822 / 497 1823 (4 lines)

Fax No. 91-22-495 0874

 

 

CURTAIN WALL DIVISION

 

101, Linkway, 14th Road, Khar (West), Mumbai – 400 058, Maharashtra, India

Tel. No. 91-22-604 2235 (6 lines)

Fax No. 91-22-646 1780

 

MFG. SUPPLY DIVISION

 

R-602, TTC, MIDC, Rabale, Navi Mumbai - 400 701, Maharashtra, India

 

Branches:

Located at

v      Navi Mumbai

v      Parel

 

 

DIRECTORS

 

Name :

Mr. Navin Keswani

Designation :

Managing Director

Address :

601 / 602, Godsgift, Prof. Almeida Road, Bandra, Mumbai - 400 050, Maharashtra, India

 

 

Name :

Mr. Udhav Keswani

Designation :

Chairman

Address :

601 / 602, Godsgift, Prof. Almeida Road, Bandra, Mumbai - 400 050, Maharashtra, India

 

 

Name :

Mr. Mohan H. Chandwani

Designation :

Director

Address :

A/60, 1220, Azad Nagar, Veera Desai Road, Andheri (West), Mumbai - 400 053

Date of Appointment :

01.04.1991

 

 

Name :

Mr. Anil Amberose Louis Cheriaparambil Antony

Designation :

Executive Director

Address :

Ascent Residency, A1 – 507, 5th Floor, Opposite ONGC Colony, Poonam Nagar, Andheri (East), Mumbai – 400 060, Maharashtra, India

Date of Birth / Age:

07.12.1958

Date of Appointment:

01.09.2003

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Ms. Manjari N. Keswani

 

17900

Ms. Sundari U. Keswani

 

14000

Mr. Karan N. Keswani

 

13800

Mr. Rohan N. Keswani

 

13800

Mr. Udhav K. Keswani

 

8740

Mr. Navin U. Keswani

 

111760

 

Equity share breakup (Percentage of Total equity):

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

100.00

Total

 

100.00

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing and marketing of Aluminium glazing systems.

 

 

Products :

v      Structural Glazing

v      Curtain walls

v      Aluminium Cladding

v      Suspended Glass

v      Skylights

v      Canopy

v      Windows and Doors

 

 

Brand Names :

"ALUPLEX".

 

 

Imports :

 

Products :

Raw Materials like

v      Aluminium

v      Glass/Polycarbonate

v      PVC/Rubber

v      Consumable Stores

v      Chemical/Powder

v      Packing Material

v      Accessories

Countries :

Germany, UK and Europe

 

 

Terms :

 

Selling :

Credit (90 days)

 

 

Purchasing :

L/C and Credit (30 days)

 

 

GENERAL INFORMATION

 

Customers :

v      BD and P Hotels (India) Private Limited

v      Crompton Greaves Limited

v      Morgan Stanley Limited

v      Piramal Holdings Limited

v      Tropicana Properties Limited

 

 

No. of Employees :

150

 

 

Bankers :

v      Central Bank of India, Worli Branch, Mumbai – 400 018, Maharashtra, India

v      Bank of India, Nariman Point, Mumbai - 400 021, Maharashtra, India

 

 

Facilities :

-

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

H. H. Shah and Associates

Chartered Accountants

Address:

11, Shital Smit Co-operative Housing Society Limited, 45/46, Chakravarti Ashok Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

195000

Equity Shares

Rs. 100.00 each

Rs. 19.500 millions

5000

Preference Shares

Rs. 100.00 each

Rs. 0.500 million

 

Total

 

Rs. 20.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

180000

Equity Shares

Rs. 100.00 each

Rs. 18.000 millions

5000

Preference Shares

Rs. 100.00 each

Rs. 0.500 million

 

Total

 

Rs. 18.500 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

 

18.500

18.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

18.405

12.674

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

36.905

31.174

LOAN FUNDS

 

 

 

1] Secured Loans

 

61.421

67.243

2] Unsecured Loans

 

30.244

21.041

TOTAL BORROWING

 

 91.665

88.284

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

128.570

119.458

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

46.391

48.094

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.005

0.005

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

77.102

92.202

 

Sundry Debtors
 

70.525

41.352

 

Cash & Bank Balances
 

5.390

6.194

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

44.094

38.547

Total Current Assets
 

197.111

178.295

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

86.910

91.193

 

Provisions
 

28.026

15.743

Total Current Liabilities
 

114.936

106.936

Net Current Assets
 

82.174

71.359

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

128.570

119.458

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover [including other income]

 

293.385

203.562

Total Income

 

293.385

203.562

 

 

 

 

Profit/(Loss) Before Tax

 

141.844

126.382

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

141.844

126.382

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

13.782

13.376

 

Depreciation & Amortization

 

3.599

3.604

 

Other Expenditure

 

134.161

60.200

Total Expenditure

 

151.542

77.180

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

48.34

62.08

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

48.34

62.08

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

58.25

55.82

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

3.84

4.05

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.60

6.26

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.71

1.67

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

The company is in trade terms with:

v      Acme Sthapati Limited

v      Arihant Foundations and Housing Limited

v      Balaji Hotels Private Limited

v      Citibank

v      Dalak Home Developers

v      Haresh Properties Private Limited

v      Texel Engineering Enterprises

v      Anand Rediplex Limited

v      Maharashtra Aluminium Extrusions Private Limited

v      Omega Hoist and Equipments Private Limited

v      Maharashtra Glass and Agro Limited

v      Three Rose Services

v      Hiranandani Developers Private Limited

v      Raheja Developers

v      A. P. Traders

v      Century Extrusions Limited

v      Bhorukha Aluminium Limited

v      Float Glass India Limited

v      Jindal Aluminium Limited

 

Fixed Assets

·         Factory Land

·         Xerox Machine

·         Fax Machine

·         Typewriters

·         Computers

·         Intercom

·         Ammonia Printing Machine

·         Mobile Phone

·         Memo Express

·         Plant and Machinery

·         Time Recorder Machine

·         Comb Binding Machine

·         Dyes and Patents

·         Furniture and Fixtures

 

Name of the company

ALUPEX INDIA PRIVATE LIMITED

Presented By

Shri. Navin Keswani (Director)

1) Date and description of instrument creating the change

Hypothecation of Book Debts Agreement dated 14.08.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.000 million

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 all present and future Book-Debts, Outstanding Moneys, Receivables, Claims, Contracts, Securities, Investments, Rights and Assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest at the rate of 18.75% per annum or at such rate as may from time to time fixed by the Bank.

Margin – 50%

5) Name and Address and description of the person entitled to the charge.

Central bank of India

Worli Branch, Dr. A B Road, Worli, Mumbai – 400 018, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

Supplement Agreement dated 03.01.2003

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.

By current Supplement Agreement the total limit enhanced to Rs. 15.000 millions against the security as stated in the column 3 above.

 

 

WEBSITE DETAILS ATTACHED:

 

Profile

Subject is the leading Indian organization involved in the manufacture and installation of Aluminium Glazing Systems and in particular specializes in architectural Curtain Wall Systems. For many years, the name ALUPLEX has stood for Aluminium Architectural Systems which, in engineering and production terms, correspond to state-of-the-art technology and, with which, the Architect can implement his ideas of design and quality.


Their name “ALUPLEX is derived from the words Always Upfront Leading in Excellence”.  Their Systems are manufactured at an integrated and futuristic plant in New Mumbai wherein the latest state-of-the-art machinery is installed with:

·Electro-colour Anodizing Plant. 

·Electrostatic Powder coating Plant.

·Double Glazing Line manufacturing Insulated Glass Units.

  • Striebig Aluminium Composite Panel Cutting Machine.

All their systems are installed by conscientious and competent workmen with the result that the final facade finish is more than exemplary.

MISSION: Their fundamental mission is to be the Industry's lowest cost producer offering.

  • International Quality Products. 
  • Value Engineered Products.
  • Custom Designed Concepts.

VISION   :  To be the Market leader in Facade Engineering offering quality products. 

Projects

 

Subject has over the years earned a distinguished name for itself in the Facade Engineering and Building Industry and also given the Architect flexibility to achieve the most ambitious glazing and facade designs. Subject has completed close to 200 projects till date and has a clientele which stands testimony for its achievements. 

 

 

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.80.41

Euro

1

Rs.55.76

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

 

48

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions