MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KIRBY BUILDING SYSTEMS INDIA LIMITED |
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Registered Office : |
8-15, Phase 3, IDA, Phase III, Pashamyalaram, Medak District- 502 307, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.07.1998 |
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Com. Reg. No.: |
029787 |
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CIN No.: [Company
Identification No.] |
U28100AP1998PLC029787 |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Pre-Engineered Steel Buildings |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2760000 |
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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 having fine track. General financial position is satisfactory. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business
dealings. |
LOCATIONS
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Registered Office : |
8-15, Phase 3, IDA, Phase III, Pashamyalaram, Medak District- 502 307, Andhra Pradesh, India |
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Tel. No.: |
91-8455-226901 / 224401-4 |
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Fax No.: |
91-8455-226911 / 224419 / 224427 |
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E-Mail : |
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Website : |
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Factory 1 : |
F No. 2A, 3-6-131, Rukmini Enclave, Hyderabad- 500 029, Andhra Pradesh, India |
DIRECTORS
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Name : |
Mr. N. Ajaya Babu |
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Designation : |
Director |
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Address : |
208, Block A2, Radha Krishna Towers, Mayuri Margi Begumpet, Hyderabad
500016, Andhra Pradesh, India |
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Date of Birth/Age : |
16.06.1962 |
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Date of Appointment : |
01.05.2006 |
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Name : |
Vijaya Raghavan Ranga Rajan |
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Designation : |
Director |
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Address : |
Plot No. 35, 8-2-120/86/9/A/35, Rao and Raju Colony, Road No. 2,
Banjara Hills, Hyderabad 500034, Andhra Pradesh, India |
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Date of Birth/Age : |
07.08.1948 |
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Date of Appointment : |
01.10.2005 |
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Name : |
Mr. Praveen Kumar Tandon |
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Designation : |
Director |
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Address : |
P.O. Box No. 9603, Salamiya 22097, Kuwait |
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Date of Birth/Age : |
19.02.1952 |
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Date of Appointment : |
23.06.2005 |
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Name : |
Marwan Karadsheh |
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Designation : |
Director |
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Address : |
P.O. Box No. 23933, Safat 13100, Kuwait |
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Date of Birth/Age : |
02.10.1945 |
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Date of Appointment : |
09.06.2003 |
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Name : |
Mr. Boman Mirza |
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Designation : |
Director |
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Address : |
Ashish, 181 road no. 12, Banjara Hills, Hyderabad 500034, Andhra
Pradesh, India |
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Date of Birth/Age : |
18.03.1926 |
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Date of Appointment : |
29.04.2002 |
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Name : |
Mr. Vasudev Seelam Rao |
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Designation : |
Director |
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Address : |
Plot No. 10, Vinayak Nagar, Hyderabad 500019, Andhra Pradesh,
India |
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Date of Birth/Age : |
06.06.1956 |
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Date of Appointment : |
5.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Ramkrishna Ramachandran |
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Designation : |
Secretary |
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Address : |
Rajeswari Nagar, Old Bowenpally, Ranga Reddy, Andhra Pradesh, India |
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Date of Birth/Age : |
12.11.1958 |
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Date of Appointment : |
01.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 23.06.2005]
|
Names of Shareholders |
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No. of Shares |
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Alghanim Industries [Mauritius] Limited |
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19999940 |
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Kutayab Alghanim |
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10 |
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Bassam Alghanim |
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10 |
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Knomar Alghanim |
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10 |
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Waleed Alghanim |
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10 |
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Samara Alghanim |
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10 |
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Alghanim Industries WLL |
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10 |
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Alghanim Industries [Mauritius] Limited |
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1170790 |
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Equity Share
Break-up [As on 31.12.2006] |
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Percentage of
Holding |
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Foreign Holdings |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pre-Engineered Steel Buildings |
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Products : |
Pre Engineered Buildings |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
v ICICI Bank v State Bank of Hyderabad v State Bank of India v Punjab National Bank v UTI Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
205, 2nd Floor, Ashoka Bhoopal Chambers, Sardar Patel Road,
Secunderabad 500003, Andhra Pradesh, India |
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Name : |
Mr. Utkarsh Palnitkar Chartered Accountants |
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Address : |
205, 2nd floor, Ashoka Bhopal Chambers, Sardar Patel Road,
Secunderabad 500003, Andhra Pradesh, India |
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Holding Company: |
Alghanim Industries [Mauritius] Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
|
1200000 |
Preference Shares |
Rs. 100/- each |
Rs. 120.000 Millions |
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Total |
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Rs. 420.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000
Millions |
|
1170790 |
Preference Shares |
Rs. 100/- each |
Rs. 117.079
Millions |
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Total |
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Rs. 317.079 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
317.079 |
317.079 |
317.079 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
235.531 |
83.489 |
19.072 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
552.610 |
400.568 |
336.151 |
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LOAN FUNDS |
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1] Secured Loans |
213.659 |
121.478 |
128.885 |
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2] Unsecured Loans |
260.602 |
351.615 |
424.045 |
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TOTAL BORROWING |
474.261 |
473.093 |
552.930 |
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DEFERRED TAX LIABILITIES |
3.949 |
8.227 |
0.000 |
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TOTAL |
1030.820 |
881.888 |
889.081 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
479.749 |
462.536 |
450.690 |
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Capital work-in-progress |
33.599 |
33.551 |
28.675 |
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INVESTMENT |
0.011 |
0.011 |
0.011 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
758.401
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802.800 |
681.301 |
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Sundry Debtors |
501.040
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344.420 |
194.561 |
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Cash & Bank Balances |
185.950
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190.267 |
182.042 |
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Other Current Assets |
3.691
|
3.295 |
2.181 |
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Loans & Advances |
156.055
|
116.339 |
91.818 |
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Total
Current Assets |
1605.137
|
1457.121 |
1151.903 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1015.375
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1042.249 |
718.778 |
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Provisions |
72.301
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29.082 |
23.420 |
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Total
Current Liabilities |
1087.676
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1071.331 |
742.198 |
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Net Current Assets |
517.461
|
385.790 |
409.705 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1030.820 |
881.888 |
889.081 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.12.2005 |
31.12.2004 |
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Sales Turnover |
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3062.456 |
1537.002 |
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Other Income |
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78.827 |
197.292 |
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Total Income |
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3141.283 |
1734.294 |
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Profit/(Loss) Before Tax |
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114.245 |
99.992 |
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Provision for Taxation |
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40.937 |
45.483 |
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Profit/(Loss) After Tax |
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73.308 |
54.509 |
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Expenditures : |
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Raw Material Consumed |
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1620.025 |
939.646 |
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Salaries, Wages, Bonus, etc. |
|
162.797 |
117.085 |
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Managerial Remuneration |
|
4.830 |
1.507 |
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Payment to Auditors |
|
1.332 |
0.890 |
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Interest |
|
56.009 |
29.979 |
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Insurance Expenses |
|
3.924 |
3.490 |
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Power & Fuel |
|
14.587 |
11.368 |
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Other Expenditure |
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1163.534 |
530.337 |
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Total Expenditure |
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3027.038 |
1634.302 |
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KEY RATIOS
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PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
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PAT / Total Income |
(%) |
NA
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2.33 |
3.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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3.73 |
6.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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5.96 |
6.24 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.28 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.83
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3.85 |
3.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.47
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1.36 |
1.55 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28100AP1998PLC029787 |
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Name of the
company |
KIRBY BUILDING
SYSTEMS INDIA LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
8-15, Phase 3, IDA, Phase III, Pashamyalaram, Medak District- 502 307, Andhra Pradesh |
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Type of charge |
Immovable Property Book debts Movable property Others |
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Particular of
charge holder |
Citibank N.A. Queens Plaza, S.
P. Road, Secunderabad 500003, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Secured Term Loan
Agreement and memorandum of entry |
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Date of instrument
Creating the charge |
19.10.2007 |
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Amount secured by
the charge |
Rs. 135.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Rate of each tranche
of disbursement will be fixed on the date of drawdon. Applicable rate of interest will be
reference rate plus 3.1% on the date of drawdown. [b] terms of
repayment Principal payment
in 16 quarlerly installments. Interest payment is monthly. Repayment to commence from 01.01.2009 and
01.10.2012 [d] Extent and
operation of the charge First exclusive
charge on plant and machinery, land and building acquired with the proceeds
of the loan second charge on stocks and book debts |
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Short particulars
of the property charged |
First exclusive
charge by way of hypothecation of plant and machinery purchased from the
present loan, Second charge on
the movable assets such as raw materials, stock, finished goods and present
and future Book Debts, outstanding monies receivables, bills, claims,
investments, rights etc. Equitable
mortgage by deposit of title of immovable property at Plot No. 15A, Phase
III, IDA, Medak, Andhra Pradesh, India |
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. 42.59 |
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UK Pound |
1 |
Rs. 84.16 |
|
Euro |
1 |
Rs. 65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
|