MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KELD ELLENTOFT INDIA PRIVATE LIMITED |
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Registered Office : |
I-5, Vyasarpadi Industrial Estate, Chennai 600 039, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.05.1987 |
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Com. Reg. No.: |
18-34198 |
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CIN No.: [Company
Identification No.] |
U93090TN1987PTC034198 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK02233A |
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PAN No.: [Permanent
Account No.] |
AAACK2412R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
non metallic and fabric expansion joints. |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
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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 190000 |
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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 and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is good. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office / Factory : |
I-5, Vyasarpadi Industrial Estate, Chennai 600 039, Tamilnadu, India |
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Tel. No.: |
91-44-25520244 |
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Fax No.: |
91-44-25520135 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
New Delhi ·
Ahmedabad ·
Rajkot ·
Kolkata ·
Fort ·
Nagpur |
DIRECTORS
|
Name : |
Mr. M N Shah |
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Designation : |
Chairman |
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Address : |
5-B, Dimple Court, No. 26, Shakespeare Sarani, Calcutta 700 017,
West Bengal, India |
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Date of Birth/Age : |
10.10.1939 |
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Date of Appointment : |
18.04.1988 |
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Name : |
Mr. H N Shah |
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Designation : |
Managing Director |
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Address : |
9, Manikeswari Road, Kilpauk, Chennai 600 010, Tamilnadu, India |
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Date of Birth/Age : |
01.08.1943 |
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Date of Appointment : |
18.04.1988 |
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Name : |
Mr. N M Shah |
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Designation : |
Dierctor |
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Address : |
5-B, Dimple Court, No. 26, Shakespeare Sarani, Calcutta 700 017,
West Bengal, India |
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Date of Birth/Age : |
24.03.1965 |
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Date of Appointment : |
17.06.1998 |
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Name : |
Mr. N J Shah |
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Designation : |
Director |
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Address : |
Jitendra Building, 32, Sewri Wadala Road, Mayunga, Mumbai 400 019,
Maharashtra, India |
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Date of Birth/Age : |
06.12.1969 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mr. N H Shah |
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Designation : |
Executive Director |
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Address : |
9, Manikeswari Road, Kilpauk, Chennai 600 010, Tamilnadu, India |
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Date of Birth/Age : |
22.05.1970 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mr. V H Shah |
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Designation : |
Director |
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Address : |
9, Manikeswari Road, Kilpauk, Chennai 600 010, Tamilnadu, India |
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Date of Birth/Age : |
11.11.1973 |
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Date of Appointment : |
30.03.2000 |
KEY EXECUTIVES
|
Name : |
S Eshwar |
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Designation : |
Company Secretary |
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Address : |
A P 571/ 40, 17th Street, 4th Sector, K K Nagar,
Chennai 600078, Tamilnadu, India. |
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Tel. No. : |
91-44-24721549 |
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Fax No. : |
91-44-42617289 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
|
Names of Shareholders |
No. of Shares |
|
Bijal Shah |
5000 |
|
Haresh Natwarlal Shah |
49811 |
|
Jitendta Nimchand Shah |
15717 |
|
Mahesh Chandra Nimchand Shah |
13061 |
|
Mina Shah |
24566 |
|
Natwarlal Nimchand Shah |
50 |
|
Daksha Shah |
5000 |
|
Namit Shah |
14711 |
|
Nilesh Shah |
5000 |
|
Nirav Shah |
14711 |
|
Sejal Shah |
5000 |
|
Sumanlal Nimchand Shah |
6550 |
|
F Harley and Company Private Limited |
6101 |
|
Pallavi Shah |
50 |
|
Niraj H Shah |
25711 |
|
Nishith J Shah |
50 |
|
Viral H Shah |
24911 |
|
Dampex Inc |
24000 |
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Total |
240000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
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 |
10.00 |
|
Directors or relatives of Director |
90.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
non metallic and fabric expansion joints. |
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Exports : |
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Products : |
Non-metallic expansion joints |
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Countries : |
·
USA ·
Europe ·
Middle
East Asia ·
Africa ·
South
East Asia ·
Australia |
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Imports : |
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Products : |
·
PTFE ·
Glass Coated Fabrics |
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Countries : |
·
Canada ·
China ·
UK ·
USA |
GENERAL
INFORMATION
|
No. of Employees : |
54 |
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Bankers : |
State Bank of India Siruthozhil Branch, 320, Valluvar Kottam High Road, Nungambakkam,
Chennai 600 034, Tamilnadi, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ford Rhodes Park and Company Chartered Accountants |
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Address : |
Paruvatham, Post Box No.6007, No. 2, 56th Street, Off 7th
Avenue, Ashok Nagar, Chennai 600083, Tamil Nadu, India |
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Associates/Subsidiaries : |
KE Technical Textiles Private Limited CIN No.:
U30006WB1990PTC077173 |
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Group Companies : |
·
F. Harley and Company
Private Limited ·
Air Pollution Control
Systems ·
Filter Bags and
Accessories ·
Harley Nirafon India Private Limited · Acoustic Cleaning systems ·
KE Technical Textiles Private Limited
·
Industrial textiles |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
232800 |
Equity Shares |
Rs.10/- each |
Rs.2.328
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.328 |
2.400 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
35.483 |
29.346 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
37.811 |
31.746 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
33.663 |
26.413 |
|
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2] Unsecured Loans |
|
0.885 |
0.000 |
|
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TOTAL BORROWING |
|
34.548 |
26.413 |
|
|
DEFERRED TAX LIABILITIES |
|
0.138 |
0.329 |
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|
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TOTAL |
|
72.497 |
58.488 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
|
8.458 |
6.211 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
|
2.938 |
3.150 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
12.938 |
12.104 |
|
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Sundry Debtors |
|
54.793 |
42.540 |
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Cash & Bank Balances |
|
12.413 |
3.538 |
|
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Other Current Assets |
|
0.974 |
0.657 |
|
|
Loans & Advances |
|
26.748 |
21.806 |
|
Total
Current Assets |
|
107.866 |
80.645 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
29.536 |
17.965 |
|
|
Provisions |
|
17.229 |
13.553 |
|
Total
Current Liabilities |
|
46.765 |
31.518 |
|
|
Net Current Assets |
|
61.101 |
49.127 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
72.497 |
58.488 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
144.992 |
123.591 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
144.992 |
123.591 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
10.969 |
6.364 |
|
Provision for Taxation |
|
4.400 |
2.854 |
|
Profit/(Loss) After Tax |
|
6.569 |
3.510 |
|
|
|
|
|
|
Total Expenditure |
|
134.023 |
117.227 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
4.53 |
2.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.57 |
5.15 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.20 |
7.07 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.29 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.15 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.31 |
2.56 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate identity
number of the company |
U93090TN1987PTC034198 |
|
Name of the
company |
KELD ELLENTOFT INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
I-5, Vyasarpadi Industrial Estate, Chennai 600 039, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Floating
charge ·
Others |
|
Particular of
charge holder |
State Bank of India Siruthozhil Branch, 320, Valluvar Kottam High Road, Nungambakkam,
Chennai 600 034, Tamilnadi, India |
|
Nature of
instrument creating charge |
1.
Supplemental
Agreement of Loan-cum-hypothecation (SME-4) dated 06.03.08 2.
Letter
confirming Equitable Mortgage (Form-A) 03 Nos. |
|
Date of
instrument Creating the charge |
06.03.2008 |
|
Amount secured by
the charge |
Rs.107.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Working Capital: Interest @ SBAR with a minimum of 12.25% p.a. with
monthly rests. Present effective rate @ 12.25% p.a. Term Loan: Interest @ 0.50% below SBAR (SBAR=12.25% w.e.f. 09.04.07)
with a minimum of 11.75% p.a. with monthly rests. Present effective rate @
11.75% p.a. Penal interest @ 1% cumulatively subject to maximum of 2% will be
applicable in case of default in repayment / Non-payment ·
Terms of
repayment Working Capital: Repayable on demad Term Loan I (Rs.36.000 millions): Repayable in 60 equated monthly
installments of Rs.0.600 million each with first installment commencing from
April 2009 and the last installments falls due in March 2014. Term Loan II: Repayable in 45 equated monthly installments of Rs.0.167
million each with first installment commencing from April 2009 and the last
installments falls due in December 2012. ·
Margin Fund based: Raw material (imported) / Raw material (Indigenous) /
Semi-finished goods / Finished goods / Components / consumables / spares /
Domestic Receivables 25% each Non-fund based: Letter of Credit / Bank Guarantee 10% each ·
Extent and
operation of the charge The hypothecated assets/mortgaged immovable properties of the Company
shall be/continue to be held as security for the due repayment of the present
enhanced overall Credit Limit of Rs.107.000 millions together with interest,
costs, charges and other expenses, by the Company to the Bank as recorded in
the Books of Accounts of the Bank. ·
Others The overall Credit Limit of Rs.107.000 millions comprises of: Fund Based: Cash Credit Rs.30.000 millions, (2) EPC (Sub-limit)
Rs.5.000 millions (3) DDP (Sub-limit) Rs.0.500 million (4) FBD (Non LC)
(Sub-limit) Rs.5.000 millions (5) SLC Rs.6.000 millions (6) Term Loan
Rs.36.000 millions (7) Open Term Loan Rs.7.500 millions Non Fund based: (1) Letter of credit Rs.7.500 millions (2) Bank
Guarantee Rs.20.000 millions |
|
Particulars of
the property charged |
Hypothecation of
stocks, raw materials, semi-finished goods, finished goods, book debts etc.
merchandise covered under LC both present and future. Factory Land and
Building purchased/ to be purchased out of the New Term Loan Equitable
mortgage over the immovable properties of the Company situated in
Gettanamalli village, Gummidipoondi Taluk, Thiruvallur District measuring 1
acre and 12 cents, 72 cents, 1 Acre and 55 cents respectively |
|
Particulars of
the present modification |
By this present modification,
the credit facility sanctioned to the Company has now been enhanced from
Rs.43.600 millions to Rs.107.000 millions |
Web Details
History and
Evolution
Subject was established in 1987 at Chennai, as a
Joint venture and Technical Collaboration with Keld Ellentoft A/S, Denmark
(later known as KE-Burgmann A/S) with a 60% holding by the Indian promoters.
During the 10 years of Technical Collaboration from 1987 up to 1998 with their
European partners, KEI assimilated all necessary expertise for selection,
designing, manufacturing, selling and servicing of Non Metallic Expansion
Joints.
In June 2000, the Indian promoters bought over KE-Burgmanns shares in Subject and acquired complete control of the company.
The experience gained by subject, trained
manpower and well-documented systems guarantee its customers a high degree of
quality and dependability in design and selection of materials, delivery and a
high degree of customer satisfaction.
Infrastructure
Subject has a well developed manufacturing
set up at Chennai, India where it has a well-developed
infrastructure for design, testing, manufacturing and assembly of expansion
joints with experienced sub vendors for supply of steel parts. Subject has two manufacturing units at Chennai having
a floor area of nearly 37,000 Sq. Ft.
Subject has a fully equipped laboratory to
test all the fabric being used in the manufacturing of Non Metallic Expansion Joints.
This ensures that quality checks are introduced right from the beginning ensure
reduction / elimination or error in the final product.
As a part of Subjects self
reliance and a backward integration strategy, Subject
has developed its own infrastructure for manufacturing the basic fabric
materials used in Expansion Joints, equivalent to international standards at
Kharagpur, West Bengal. Regular interaction is carried out with the esteemed
and famous institution, Indian
Institute of Technology - Kharagpur, for product development. Subject has exported many of its expansion joints made
from these fabrics to customers in USA, Europe, Middle East Asia, Africa, South
East Asia and Australia.
Quality and Service
In the past 20 years, Subject has earned the reputation as the QUALITY
supplier of Non Metallic Expansion Joints along with reliable SERVICE back up.
The number of repeat orders from Original Equipment Manufacturers and End Users
is a testimony of our Quality and Service. In January 2003, the company has
been awarded
Subject has a fully equipped laboratory to test
all the fabric being used in the manufacturing of Non Metallic Expansion
Joints. This ensures that quality checks are introduced right from the
beginning ensure reduction / elimination or error in the final product.
Fwe
Training and Personnel
Subjects Marketing and Service personnel
undergo very rigorous in-plant training before they are put into service.
Training includes understanding the product, its applications, selection and sizing,
failure analysis etc. They are trained well to the extent that all of them can
interact with the equipment suppliers discuss with the suppliers from the
Engineering stage provide necessary advice and guidance for optimal use and
application of Non Metallic Expansion Joints. This has resulted in fostering a
PARTNER relationship with all major equipment suppliers.
Apart from continuous internal training at all level, personnel at Subject are encouraged to attend seminars and
workshops, which help in personal development.
Service
Subject, apart from supplying the expansion joint
as a product, has also developed skills to study the entire system as a whole
to recommend solutions for optimized usage of supports, structures and the
number of expansion joints in the entire system. All technical team members
have been trained to study the layout and provide optimal solutions. Subject team can assist from concept to commissioning
by undertaking the supervision of installation of expansion joints.
In addition, Subject can also undertake to study specific problems
arising from associated equipment to offer tailor made solutions. For example
Subject has developed special designs for Diesel
Generator applications to withstand the high pulsation along with the thermal
movements, vibrations and chemical attack. This specific application was, till
then, considered as an area not suitable for Non Metallic Expansion joints.
Similarly, Subject can also undertake retrofitting damaged or
leaking Metallic Expansion Joints on a complete turnkey basis. Damaged Metallic
Bellows constitute a major cause for financial loss in process plants due to
loss of energy by the leakage from / to the system. Many Thermal Power plants
and Chemical plants in India have reaped the benefit of retrofitting the
damaged Metallic bellows with Non Metallic Fabrics with the turnkey service.
Further, Subject can also undertake the ownership of expansion
joints in large process plants, irrespective of the original source, and
maintain the same to enable the customer to operate his plant without any
outages due to the expansion joints. A Comprehensive Service Program can be
offered depending upon the number and type of expansion joints in the plant.
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 Intl
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 companys 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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score serves as a reference to assess SCs 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 |
|