MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CRADLE RUNWAYS [INDIA] PRIVATE LIMITED |
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Registered Office : |
G-121, Ansa Industrial Estate, Saki Vihar Road, Andheri (East),
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.02.2004 |
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Com. Reg. No.: |
11-144435 |
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CIN No.: [Company
Identification No.] |
U26933MH2004PTC144435 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is an engineering company providing
solutions for accessing all kinds of facades. |
RATING &
COMMENTS
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MIRA’s 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 44000 |
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Status : |
Satisfactory |
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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 having satisfactory
track. 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
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Registered Office : |
G-121, Ansa Industrial Estate, Saki Vihar Road, Andheri
(East), |
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Tel. No.: |
91-22-28474633 / 2857 / 9631 /
28574956 / 1519 / 24464633 |
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Fax No.: |
91-22-28472518 |
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E-Mail : |
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Website : |
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Factory 1 : |
G-107, Ansa Industrial Estate, Sakivihar Road, Sakinaka,
Andheri (East), Mumbai - 400 072, Maharashtra, India |
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Tel. No.: |
91-22-2847 4633, 2847 2857,
2847 9631 |
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E-Mail : |
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South Regional Office: |
# 4154, 14th Main, HAL 2nd
Stage, Indiranagar, Bangalore- 560 008 |
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Tel. No.: |
91-80-2520 2913 / 55338591 |
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E-Mail : |
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Branches : |
Located At : ·
Bangalore ·
Hyderabad ·
Chennai ·
Cochin ·
Pune ·
North ·
Kolkatta |
DIRECTORS
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Name : |
Mr. Ashok D. Khemlani |
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Designation : |
Managing Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
07.01.1945 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mrs. Bindya Khemlani |
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Designation : |
Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
05.10.1949 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mr. Tarun Ashok Khemlani |
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Designation : |
Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1975 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Pavan Suhag Idnani |
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Designation : |
Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
19.06.1977 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Dinesh Tuli |
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Designation : |
Director |
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Address : |
13, Suryakiran CHSL, Plot No. 194, Sector No. 6, Charkop, Kandivali
[West], Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
28.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Ashok D. Khemlani |
25000 |
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Bindya Khemlani |
25000 |
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Total |
50000 |
Equity share breakup
(percentage of total equity)
(As on
30.09.2007)
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Category |
Percentage of
Holding |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an engineering company providing solutions
for accessing all kinds of facades. |
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Products : |
·
Davits ·
Cradles ·
Aluminium Tracks ·
Monorail ·
Perm Tracks ·
Eyebolts ·
Portable Jibs ·
Trolleys ·
Scaffolding Towers ·
Aerial Work Platforms |
GENERAL
INFORMATION
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Customers : |
Mumbai ·
Leela Venture Limited ·
Enjay Hotels Limited ·
L and T Welfare Centre ·
Hindustan Petroleum ·
Vijay Punjabi Consultants ·
Akruti I.C.E. Port ·
Mayfair Hotel Pune ·
Sharda Erectors ·
RMZ Corporation ·
Exim Bank ·
Cognizant Technology Services Chennai ·
Balaji Hotels Limited ·
Public Works Department ·
Asfa Printers Private Limited ·
DBS Properties ·
Sterling Computers Delhi ·
NEI Properties ·
TCG Properties ·
IOCL ·
Steel Strips and Tubes Limited ·
Lalbhai Realty Limited Bangalore ·
Embassy builders ·
Oracle (I) Private Limited ·
RMZ Corporation ·
Mantri Group ·
Information Technology Private Limited Hyderabad ·
L and T Infocity ·
HSBC ·
Tata Consultancy Services |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
James Shah and Company Chartered Accountants |
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Address : |
230/231, Majestic Shopping Centre, 2nd Floor, 144, J. S. S.
Road, Girgaon, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23888781 / 83 |
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Mobile No.: |
91-9820130859 |
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Fax No.: |
91-22-56314074 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.785 |
1.877 |
0.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.785 |
6.877 |
5.463 |
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LOAN FUNDS |
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1] Secured Loans |
4.155 |
0.746 |
1.142 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.000 |
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TOTAL BORROWING |
4.155 |
0.746 |
2.142 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.040 |
0.054 |
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TOTAL |
12.940 |
7.663 |
7.659 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.850 |
2.911 |
1.756 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.020 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.131 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.295
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11.379 |
3.788 |
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Sundry Debtors |
32.948
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20.510 |
2.379 |
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Cash & Bank Balances |
2.998
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1.698 |
2.820 |
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Other Current Assets |
0.000
|
0.102 |
0.000 |
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Loans & Advances |
7.359
|
2.879 |
5.138 |
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Total
Current Assets |
57.600
|
36.568 |
14.125 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
48.245
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31.583 |
8.337 |
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Provisions |
0.506
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0.335 |
0.000 |
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Total
Current Liabilities |
48.751
|
31.918 |
8.337 |
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Net Current Assets |
8.849
|
4.650 |
5.788 |
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MISCELLANEOUS EXPENSES |
0.090 |
0.102 |
0.115 |
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TOTAL |
12.940 |
7.663 |
7.659 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
68.380 |
32.191 |
9.552 |
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Other Income |
0.100 |
0.009 |
0.601 |
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Total Income |
68.480 |
32.200 |
10.153 |
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Profit/(Loss) Before Tax |
2.100 |
1.593 |
0.517 |
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Provision for Taxation |
(0.171) |
(0.014) |
0.053 |
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Profit/(Loss) After Tax |
2.271 |
1.607 |
0.464 |
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Expenditures : |
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Raw Material Consumed |
40.940 |
24.160 |
6.387 |
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Payments to and Provision for Employees |
7.812 |
3.770 |
0.803 |
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Other Direct Expenses |
3.679 |
2.314 |
2.685 |
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Administrative and Selling Expenses |
15.197 |
6.248 |
2.825 |
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Increase/(Decrease) in Finished Goods |
(2.816) |
(6.608) |
(3.218) |
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Prior Year Income and Expenditure (Net) |
(0.002) |
(0.115) |
0.000 |
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Miscellaneous Expenditure Written Off |
0.013 |
0.013 |
0.013 |
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Interest |
0.542 |
0.183 |
0.021 |
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Depreciation & Amortization |
1.015 |
0.642 |
0.120 |
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Total Expenditure |
66.380 |
30.607 |
9.636 |
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KEY
RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.32
|
4.99 |
4.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.07
|
4.95 |
5.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.42
|
4.04 |
3.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.23 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.02
|
4.75 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.18
|
1.15 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from 17/A, Hind
Service industrial Estate, 2nd Floor, off Rande Road, Shivaji Park,
Mumbai – 400028, Maharashtra, India to the present address w.e.f. 17.04.2006
Fixed Assets
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
Web Details
Founded
by Mr. Ashok Khemlani in 1993, Cleanindia
Group is India’s first and largest Facade Access Solution and
Maintenance Company. It is also one of the fastest growing housekeeping
companies in the country.
The
Group, with its head office in Mumbai, is a joint venture with the OCS Limited,
UK’s largest property support services company with nearly 50,000 employees and
operations in over 40 countries. Due to this joint venture all activities in
India are actively supported from operations in UK and Thailand.
Over
the last decade they have developed a reputation, as a provider of
comprehensive and professional service, with a strong emphasis on quality and
safety. This reputation has allowed them to expand the operations to fifteen
cities all over the country and have recently added Dhaka to the ever expanding
list.
Subject is an engineering company providing solutions for accessing
all kinds of facades. With over 250 systems in operation all over the country,
the company has a sterling reputation for quality and safety. The advantages of
CRI are the complete range of products offered from davits, to building
maintenance units to aerial work platforms and their focus on practical,
reasonable and safe solutions.
Subject has to credit many prestigious sites including, ITPL
(Bangalore), Shreepati Arcade (India’s tallest Building), ILFS (Mumbai), Raheja
Towers (Chennai), IOCL (New Delhi), DLF Cyber Green (Gurgaon), Hyatt Regency
(two cities), HSBC (five cities), Intel (Bangalore), Bank of India (Mumbai),
IBM (Kolkata), Cognizant (three cities) and many others.
Technoclean (I) Private Limited is India’s first and only truly
national provider of façade cleaning and maintenance services. Technoclean is
currently cleaning over 40 lakh square feet a month for over 300 clients
accessing all types of building facades in the country.
Technoclean
staff is professionally able to operate all types of façade systems and the
company has pioneered ‘Spiderman’ (abseiling technique) here in India.
The
staff undergo a rigorous training program and the company is complying with all
statutory requirements and all British safety standards. In addition, the
company also offers insurance on the façade while cleaning and secondary
insurance on all its workers.
Select Services is a division of Technoclean specializing
in public area housekeeping for multi national companies and hotels. The
department has been providing superb quality service for the last three years
with its first contract Taj President, Mumbai. Select is currently operating in
Bangalore, Mumbai, Pune and Kolkata.
Subject, is in distribution, local procurement,
production, installation and maintenance of access equipments in India, Sri
Lanka and Nepal, Bangladesh.
The
Company operates with full technical and manufacturing support from several
world leaders in permanent Facade Access Systems.
Subject, has to its credit several prominent Access Systems all
over India listed in this proposal.
The
company is now manufacturing a very large range of components locally through
set of dedicated vendors. The standards being followed are those set by the
international partners. The critical parts are imported.
The
company is proud of the fact that they have supplied a very wide variety of
systems including Portable Jibs, Portable Davits, Track and Trolley systems,
Trackless Trolley systems and Aerial Work Platforms etc. Moreover, we provide a
comprehensive range of services from equipment supply to cleaning services in
facade access.
The
company has its systems working in Bangalore, Chennai, Mumbai, New Delhi, Pune,
Gurgaon, Calcutta, Hydrabad, Kochi, Ahmedabad, Coimbatore and Noida.
The
largest contract the company has executed is the GMR Hyderabad International
Airport, valued at over Rs. 30 millions. The Company has also successfully
executed the system for the tallest building in India, Shreepati Arcade in
Mumbai. As of date, the company has executed more than 400 systems all over the
South Asian subcontinent.
The Partners
Subject offers
the complete range of Building Maintenance Units and related services having
technical tie ups with some of the best-known names in the world for facade
access.
Cradle Runways International, UK is the
pioneer in the field of Permanent Access Systems with a range stretching from
portable systems to track and trolleys, telescopic jibs, computerized systems.
They have a technical collaboration with them, which permits us to produce some
of the components such as sockets, brackets etc., locally here in India, in
adherence to the British standards.
Cox International is a pioneer in the Façade
Access Systems in Australia. With four decades of experience, they have
provided façade access systems to some of the most well known buildings in
Australia and the Far East. These include Sydney Opera House, Bank of China in
Hong Kong and now the world's tallest building under construction in Taipei.
Faraone is an Italian firm that
specialises in equipment for Elevated Work. This includes aerial platforms,
ladders and scaffolding. The company also has operations in other European
countries like Poland and Denmark.
Dino Lift is a company situated in Finland
whose history dates back to 1952. It competitively develops, produces and
markets high quality Mobile Elevating Work Platforms. The products are intended
for customers who need to work high above the ground, in a secure, economical
and environmentally sound manner.
Ionic Systems is a British company that
positions itself as the future of window cleaning and offers the Reach and Wash
systems to clean windows and facades. These are available in a variety of
options to suit all businesses from small filter residential systems to multi
contract five stage commercial systems.
Dunn and Cowe is a British company that is a leader
in providing solutions for safety latchways and roof access systems. The
company provides systems for all types of roof structures.
E. Falck Shmidt founded in 1935 is a family based
company which specializes in developing and manufacturing compact aerial work
platforms (Spider platforms) for every purpose. They give the highest priority
to reliability, quality and efficiency.
Based in Belgium, Sky Man International operates
through a distributor network in over 50 countries worldwide. It is the world
leader in the manufacture of winches and other Temporary Access Equipments such
as roof beams, speed fix platforms, hoists and roof systems.
SpanSet is a company known for advanced
lifting, lashing and personal safety systems. The 30 years experience SpanSet
has in material handling means it has the ability to solve every problem and
provide design solutions to suit customers' demands. The company complies with
the requirements of ISO 9001 / 9002 and holds certification for the Inspection
and Testing of Lifting Equipment.
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.47.28 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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
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 |
|