MIRA
INFORM REPORT
|
Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HINDALCO – ALMEX AEROSPACE LIMITED |
|
|
|
|
Registered Office : |
Century Bhavan, 3rd floor, Dr. Annie Besant Road, Worli,
Mumbai 400030, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
02.01.2007 |
|
|
|
|
Com. Reg. No.: |
166651 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27203MH2007PLC166651 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH10495C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCH7909P |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Aluminium Alloys |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
New Project |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture of Hindalco and Almex. Hindalco is an Aditya Birla Group Company
having excellent track. Trade
relations are fair. Payments are
correct and as per commitments.
Subject is expected to do well once it goes in stream. It can be considered good for any normal business dealings at usual
trade terms. |
LOCATIONS
|
Registered Office/Marketing Head Office : |
Century Bhavan, 3rd floor, Dr. Annie Besant Road, Worli,
Mumbai 400030, Maharashtra, India |
|
Tel. No.: |
91-22-66626666/ 6632 / 6643 |
|
Fax No.: |
91-22-24362516 / 24227586 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Aditya Birla Group, S. K. Ahire Marg, Worli, Mumbai 400030,
Maharashtra, India |
|
Tel. No.: |
91-22-66525000 / 24995000 |
|
Fax No.: |
91-22-66525841 / 24995841 |
|
|
|
|
Factory : |
Ø
Renukoot, Uttar Pradesh Ø
Belur, Kolkata Ø
Belgaum, Karnataka Ø
Taloja, Mumbai Ø
Mouda, Nagpur Ø
Alupuram, Kochi Ø
Hirakud, Orissa Ø
Muri, Jharkhand Ø
Silvassa, Dadra and Nagarhaveli Ø
Kalwa, Mumbai Ø
Kollur, Hyderabad) Ø
Renusagar, Uttar Pradesh |
|
|
|
|
Regional Offices : |
North Address: Vandhana, 5th Floor,
11 Tolstoy Marg, New Delhi 110 001, India E-mail : nutan.singh@adityabirla.com South Address: Industry House,
7th Floor, 45, Race Course Road, Bangalore 560 001 Tel. No. : 91-80-4041 6010 / 21 / 22 / 00 E-mail : jaya.shankar@adityabirla.com East Address: Industry House,
9th Floor, 10, Camac Street, Kolkata 700 017 Tel. No. : 91-33-2280 9710 Fax No. : 91-33-2288 6139 E-mail: m.pandiyan@adityabirla.com West Address: Ahura Centre, 1st
Floor, 82, Mahakali Caves Road, Mumbai 400 093 Tel. No. : 91-22-6691 7031 / 30 / 37 / 40
/ 00 Fax. No. : 91-80-2253 3086 E-mail : rajiv.parulekar@adityabirla.com |
DIRECTORS
|
Name : |
Mr. Debnarayan Shankripada Bhattacharya |
|
Designation : |
Director |
|
Address : |
14/A, Woodlands Peddar Road, Mumbai 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1948 |
|
Date of Appointment : |
16.04.2007 |
|
|
|
|
Name : |
Mr. Subramanian Arumugam |
|
Designation : |
Director |
|
Address : |
141, West, Wilshire Avenue, 110, Fullerton 92832, United States of
America |
|
Date of Birth/Age : |
30.05.1956 |
|
Date of Appointment : |
07.05.2007 |
|
|
|
|
DIRECTORSHIP IN OTHER COMPANIES : |
Ø Hindalco
Industries Limited CIN No. : L27020MH1958PLC011238 Ø Dahej Harbour
and Infrastructure Limited CIN No. : L45201GJ1998SGC035047 Ø Idea Cellular
Limited CIN No. : U32100GJ1996PLC030976 Ø Birla Management
Centre Services Limited CIN No. : U74140MH2001PLC132863 Ø Minerals and
Minerals Limited CIN No. : U00132JH1970PLC000875 Ø Aditya Birla
Management Corporation Limited CIN No. : U73100MH1999PLC118379 Ø Utkal Alumina
International Limited CIN No. : U13203OR1993PLC003416 Ø The Fertilizer
Association of India CIN No. : U99999DL1955PLC002999 Ø Aditya Birla
Science and Technology Company Limited CIN No. : L74200MH2006PLC158951 Ø Aditya Birla
Power Company Limited CIN No. : U17110MH2000PLC127427 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminium Alloys |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL
INFORMATION
|
Bankers : |
Ø
ABN Amro
Bank Shkhar Bhava,
Nariman Point, Mumbai 400021, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Mathur and Associates Chartered Accountants |
|
Address : |
53, Mehta and Vora Chambers, 4th floor, 28, Genu Road, Off.
Princess Street, Mumbai 400002, Maharashtra, India |
|
|
|
|
Holding Company : |
Ø Hindalco
Industries Limited CIN No. : L27020MH1958PLC011238 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each
|
Rs. 30.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
30.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
30.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
70.101 |
|
|
TOTAL BORROWING |
|
|
70.101 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
100.101 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8.006 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
89.627 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.409 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.013 |
|
Total
Current Assets |
|
|
0.422 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.200 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.200 |
|
|
Net Current Assets |
|
|
0.222 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.124 |
|
|
|
|
|
|
|
|
Incidental Expenses pending Allocation |
|
|
2.122 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
100.101 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Creation of charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U27203MH2007PLC166651 |
|
Name of the
company |
HINDALCO – ALMEX AEROSPACE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Century Bhavan, 3rd floor, Dr. Annie Besant Road, Worli,
Mumbai 400030, Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
ABN Amro Bank Shkhar Bhava,
Nariman Point, Mumbai 400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of hypothecation
of movable assets dated 27.12.2007
executed between the Company and ABN Amro Bank N V |
|
Date of
instrument Creating the charge |
27.12.2007 |
|
Amount secured by
the charge |
Rs. 640.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest 6 month LIBOR +
105 bps [b] Terms of
repayment to be repaid in 5
equal installments to be paid annually, starting from the end of year 2 from
the date of first draw down. [c] Margin First pari passu
charge by way of hypothecation on all the present and future movable fixed
assets. [d] Extent and
operation of the charge First charge by
way of hypothecation on all the present and future movable fixed assets
including but not restricted to Plant and Machinery of the Borrower. |
|
Short particulars
of the property charged |
First charge by
way of hypothecation on all the present and future movable fixed assets
including but not restricted to Plant and Machinery of the Borrower situated
at Plot No. AL – 1, MIDC Special Economic Zone, Shendre Industrial Area,
Aurangabad, Maharashtra |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
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. 40.26 |
|
UK Pound |
1 |
Rs. 79.88 |
|
Euro |
1 |
Rs. 61.26 |
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 |
|