MIRA
INFORM REPORT
|
Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KIRBY BUILDING SYSTEMS INDIA [UTTARANCHAL] PRIVATE LIMITED |
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Registered Office : |
Plot No. 2, Sector 11, Integrated Industrial Estate, Sidcul, Haridwar
249403, Uttaranchal |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02.02.2005 |
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Com. Reg. No.: |
20-29472 |
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CIN No.: [Company
Identification No.] |
U45200UR2005PTC029472 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTK01074D |
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PAN No.: [Permanent
Account No.] |
AACCK5926G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of Pre-Engineered Building System |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 720000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated losses.
Payments are reported as slow and delayed. The Company can be considered for small to mediocre business dealings
with slight caution initially |
LOCATIONS
|
Registered Office/Factory : |
Plot No. 2, Sector 11, Integrated Industrial Estate, Sidcul, Haridwar
249403, Uttaranchal, India |
|
Tel. No.: |
91-1334-306931 / 235317 |
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Mobile No.: |
91-935995466 / 9897945772 |
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Fax No.: |
91-1334-266640 / 235314 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Alkesh Roy |
|
Designation : |
Director |
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Address : |
36, Vishnu Garden, P. O. Gurukul Kangri, Kankhal, Haridwar 249404,
Uttaranchal, India |
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Date of Birth/Age : |
12.05.1965 |
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Date of Appointment : |
22.08.2007 |
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|
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Name : |
Mr. Kaushik Sinha |
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Designation : |
Director |
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Address : |
P – 3A, 121, Printon Estate, DLF Phase II, Gurgaon I |
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Date of Ceasing : |
07.03.2005 |
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Name : |
Mr. R. Ramakrishna |
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Designation : |
Director |
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Address : |
7-28/1/A R. R. Nagar Old Bowsn Pally, R. S. Kotwal, Secunderabad
500061, Andhra Pradesh, India |
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Date of Ceasing : |
07.03.2005 |
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Name : |
Mr. Praveen Kumar Tondon |
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Designation : |
Director |
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Name : |
Mr. Manoj Mithal |
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Designation : |
Director |
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Date of Appointment : |
14.01.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Kumar Jha |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Alghanim Industries Mauritius Limited |
|
19259780 |
|
Kirby International Company
WLL |
|
100 |
|
Total |
|
19259880 |
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Equity Share
Break-up |
|
Percentage of
Holding |
|
Foreign Holdings |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Pre-Engineered Building System |
GENERAL
INFORMATION
|
Customers : |
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Bankers : |
Ø
Axis Bank
Limited 6-3-879/B, Greenland
Road, Begumpet, Hyderabad 500016, Andhra Pradesh, India E-mail : n.bapiraju@axisbank.co.in Ø
ICICI Bank
Limited Ø
State Bank
of India Ø
Standard
Chartered Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
Anil Gupta Chartered Accountants |
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Address : |
S. R. Batliboi and Associates U and I Plot No. 47, Sector 32, Institutional Area, Gurgaon 122001,
Haryana, India |
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Holding Company
: |
Alghanim Industries [Mauritius] Limited |
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Ultimate Holding
Company : |
Kuwait Insulating Material Manufacturing Company |
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Shareholder of
Holding Company : |
Yusuf Ahmed Alghanim and Sons WLL, Kuwait |
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Fellow
Subsidiary Company : |
Ø Kirby Building
Systems India Limited Ø Kirby
International Company WLL Ø Kirby Building
Systems, Kuwait |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19259880 |
Equity Shares |
Rs. 10/-
each |
Rs. 192.598
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
192.598 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
152.353 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[11.026] |
0.000 |
|
|
NETWORTH |
|
181.572 |
152.453 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
499.755 |
458.250 |
|
|
2] Unsecured Loans |
|
196.930 |
0.000 |
|
|
TOTAL BORROWING |
|
696.685 |
458.250 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
878.257 |
610.703 |
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|
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|
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
|
579.971 |
84.152 |
|
|
Capital work-in-progress |
|
16.120 |
342.681 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.975 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
612.464 |
0.144 |
|
|
Sundry Debtors |
|
33.748 |
0.000 |
|
|
Cash & Bank Balances |
|
153.523 |
211.726 |
|
|
Other Current Assets |
|
0.564 |
0.401 |
|
|
Loans & Advances |
|
9.700 |
2.228 |
|
Total
Current Assets |
|
809.999 |
214.499 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
523.582 |
33.394 |
|
|
Provisions |
|
6.172 |
0.680 |
|
Total
Current Liabilities |
|
529.754 |
34.074 |
|
|
Net Current Assets |
|
280.245 |
180.425 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
|
0.946 |
3.445 |
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|
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|
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TOTAL |
|
878.257 |
610.703 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.12.2006 |
|
|
Sales Turnover |
|
|
733.600 |
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Total Income |
|
|
733.600 |
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|
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|
Profit/(Loss) Before Tax |
|
|
[10.500] |
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Provision for Taxation |
|
|
0.500 |
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|
Profit/(Loss) After Tax |
|
|
[11.000] |
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|
|
|
|
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Total Import |
|
|
323.000 |
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Expenditures : |
|
|
|
|
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Financial Charges |
|
|
53.800 |
|
|
Depreciation & Amortization |
|
|
68.000 |
|
|
Other Expenditure |
|
|
622.300 |
|
Total Expenditure |
|
|
744.100 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2006 |
31.12.2005 |
|
|
|
|
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PAT / Total Income |
(%) |
|
[1.49] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[1.43] |
NA |
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|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[0.75] |
NA |
|
|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
[0.05] |
NA |
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|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.75 |
3.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.52 |
6.29 |
LOCAL AGENCY
FURTHER INFORMATION
Property of the
Company
Plot No. 2, Sector 11, Integrated Industrial Estate, Ranipur, Haridwar,
Uttaranchal, India
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
80011056 |
|
Corporate
identity number of the company |
U45200UR2005PTC029472 |
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Name of the
company |
KIRBY BUILDING
SYSTEMS INDIA [UTTARANCHAL] PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
8, Ganga Nagar Colony, Opposite Avadhoot Mandal, Ashram, Haridwar, Uttaranchal, Uttar Pradesh,
India |
|
Type of charge |
Ø Book Debts Ø Movable Property Ø Others |
|
Particular of
charge holder |
Axis Bank Limited 6-3-879/B, Greenland
Road, Begumpet, Hyderabad 500016, Andhra Pradesh, India E-mail : n.bapiraju@axisbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary agreement
of hypothecation |
|
Date of
instrument Creating the charge |
19.04.2007 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of Interest Cash Credit Limit
of Rs. 70.000 Millions and interest as negotiated Letter of Credit
[Inland/Import] of Rs. 370.000 Millions and interest as negotiated Bank Guarantee
[Inland/Import] of Rs. 60.000 Millions at 5% Margin [b] Terms of
repayment As per Tenor of
the respective facility as stipulated by the bank [c] Margin Stocks @ 25% Book Debts @ 25% [d] Extent and
operation of the charge First Pari Passu
charge on Current Assets. Second charge on the fixed assets of the
Company. Collateral Security-Corporate
Guarantee of Kirby Building Systems India Limited |
|
Short particulars
of the property charged |
First Pari Passu
Charge on Current Assets. Second charge om the movable fixed assets of the
company situated at Plot No. 2, Sector 11, I.I.E. Sidcul, Haridwar,
Uttaranchal |
|
Date of latest
modification prior to the present modification |
22.09.2006 |
|
Particulars of
the present modification |
First charge on
stock and Book Debts of the on Pari Passu basis extended for the enhanced Credit
facility with the total charge amount being Rs. 500.000 Millions |
|
Name of the company |
KIRBY BUILDING
SYSTEMS INDIA [UTTARANCHAL] PRIVATE LIMITED |
|
Presented By |
Mr. Akhilesh
Tripathi Company Secretary
|
|
1) Date and description of instrument creating the change |
Unattested Deed
of Hypothecation and charge dated 01.11.2005 executed by Kirby Building
Systems India [Uttaranchal] Private Limited [therein and herein referred to
as the Borrower’] in favour of Standard Chartered Bank, Chennai Branch,
acting as the security trustee [the ‘Security
Trustee’] of itself and on behalf of : [a] Standard
Chartered Bank in its capacity as the mandated lead arranger [the ‘Mandated
Lead Arranger’] [b] Standard Chartered
Bank in its capacity as the agent [the ‘Agent’] and [c] the lenders
listed in Schedule 1 of the facility agreement dated 16.06.2005 [the
‘Lenders’] a certified true
copy whereof is attached hereto. The
Mandated Lead Arranger, the Agent and the Lenders are hereinafter
collectively referred to as the ‘Finance Parties’ |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Loan of US$
10000000 [approximately equivalent to Rs. 451.480 Millions] together with
interest, costs, charges, expenses and all other monies payable by the
Borrower to the Finance Parties under the facility Agreement. |
|
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 |
The whole of the
Borrower’s moveable assets, both present and future [excluding current
assets] as briefly described in Schedule I to the Deed of Hypothecation |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
[a] the charge
created by the Deed of hypothecation shall operate as a continuing security
by way of a first charge for the due repayment by the borrower of the loan of
US$ 10000000 [approximately equivalent to Rs. 451.480 Millions] together with
interest, costs, charges, expenses and all other monies payable by the
Borrower to the Finance Parties under the facility Agreement [b] The said
charge shall rank as a first ranking pari passu charge. |
|
5) Name and Address and description of the person entitled to the
charge. |
Standard
Chartered Bank, Chennai Branch [as Security
Trustee on behalf of the Finance Parties] 5th
floor, 19, Rajaji Salai, Chennai 600001 |
|
6) Date and brief description
of instrument modifying the charge |
No instrument was
executed a mortgage by deposit of title deeds was created by the Borrower in
favour of the security Trustee [acting for itself and on behalf of the
Finance Parties] by deposit of title deeds with the security Trustee in
respect of all the immovable properties of the Borrower situated at Plot No.
2, Sector 11, IIE, Ranipur, Haridwar, Uttaranchal as security for the due
repayment discharge and redemption by the Borrower of the loan of US$
10000000 together with interest, costs, charges expenses and all other monies
payable by the Borrower to the Finance Parties under the facility Agreement |
|
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. |
The loan of US$
10,000,000 together with interest, costs, charges, expenses and all other
monies payable by the Borrower to the Finance Parties under the facility
Agreement which was secured by a first priority pari passu charge under the
Deed of hypothecation dated 1.11.2005 being the original charge is now also
secured by a pari passu charge under the said mortgage by deposit of title
deeds created by the Borrower on 21.12.2005 in favour of the Security
Trustee. |
AS PER WEBSITE DETAILS:
PROFILE
Subject launched its
technology-driven Pre-Engineered Steel Building Solutions (PEB) in India around
the dawn of year 2000 with an avowed aim of serving the multifarious needs of
the Indian construction market.
Being an affiliate of Alghanim Industries - Kuwait, its over 30 years of experience ( in PEB) abroad prior to
entering the Indian landscape has crystallized into a wide range of time-tested
innovative solutions to specific needs.
KIRBY'S Product range covers buildings tailored to
customers' unique requirements with a variety of accessories that go into
making the buildings, which are not only aesthetically brilliant but also
majestic and structurally stable and sturdy. 'Quality' for KIRBY epitomizes a combination of speed of
construction, safety of the structure, sustainability against natural and
man-made disasters, suitability to the purpose, unmatched pre- and post- sales
service, scalability, and substantial savings in terms of both time and money.
While serving the various needs of the customers
across a wide spectrum of industries in India through its vast network of Sales
offices, KIRBY from its inception in India, has
highly esteemed every stated or implied need of the customers and exemplified
the "total value" offered to the customers for their money.
KIRBY has two state of the art
manufacturing facilities near Hyderabad and Haridwar, which are backed by a highly
qualified, dedicated, experienced and seasoned pool of engineers, designers and
other professionals.
KIRBY is the market leader in Pre engineered Buildings
in India. Till date Kirby supplied more than 3000 buildings to 2000 customers
proving its engineering excellence in various projects.
June 1999
Kirby Opened Office In India.
Dec 1999
Nearly 20 Sales Offices Opened All Over India.
Feb 2000
Production Started At Sate Of The Art Plant In Pashamylaram.
Oct 2000
Increased The Product Range By Introducing Guardrail In The Indian
Market.
Dec 2000
Company's And Client Base Crossed 150 Mark.
Mar 2001
Started Supplying Building To Gujarat Earthquake Effected Areas In
Gujarat. Supplied Schools, Health Centers And Mass Housing Units.
May 2001
Awarded ISO 9001 Certification In A Short Span Of One Year.
April 2002
Bagged Orders From Karnataka State Warehousing Corporation, Kirby
Brought Revolution In Structures Of Warehousing.
Dec 2002
Completed Hitex Buildings With L & T Within A Span Of 3 Months,
A Structure That Contained Space Frame.
Jan 2003
Launched Sandwich Panel Product In The Market.
Feb 2003
Taken Up Prestigious Order From North Eastern Council Shillong Which
Shows Engineering Capabilities..
June 2003
Booked An Order, Which Valued 45 Crores For Delhi Metro Railway.
Sept 2003
Booked An Order From Garden Reach Ship Builders, Calcutta For 32 M High
Buildings.
Feb 2004
Erection Of Building Like Garden Reach Shipbuilders And North Eastern
Council Was Completed.
April 2004
Booked A Job From Indian Machine Tool Manufactures Association, Which Is
One Of The Earliest Green Buildings.
June 2004
With This Expansion Kirby Became Worlds Largest Capacity Plant Under One
Roof.
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. 39.39 |
|
UK Pound |
1 |
Rs. 78.40 |
|
Euro |
1 |
Rs. 58.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
|