MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALOM EXTRUSIONS LIMITED |
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Registered Office : |
Alom House, 7-B, Dr. Harendra Coomar Mukherjee Sarani, Pretoria Street, Kolkata 700071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.04.1980 |
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Com. Reg. No.: |
21-32662 |
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Legal Form : |
Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Hardwares and Accessories and Fabricated
Doors, Windows, Modular Kitchen Cabinet
|
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 |
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Maximum Credit Limit : |
USD 1050000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
It is a well-established Company engaged in manufacturing and marketing of Aluminium Extruded Sections and powder coated hardware items. During the financial year 2002-03, the Company performed very well in terms of turnover and profits. Trade relations are reported as fair Payments are usually made as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Alom House, 7-B, Dr. Harendra Coomar Mukherjee Sarani, Pretoria Street, Kolkata 700071, West Bengal, India |
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Tel. No.: |
91-33-22822540 / 22822542 / 22822592 |
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Fax No.: |
91-33-22827305 |
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E-Mail : |
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Website : |
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Factory: |
184, J N Mukherjee
Road, Bandhaghat, Howrah 711 106, West Bengal, India |
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Tel. No.: |
91-33-2655 8344 / 2655 8658 |
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Fax No.: |
91-33-2655 7555 |
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Branch Offices : |
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Chennai |
S – 1, Sri Priyas “Brindavan” No. 6, 5th Street, Krishna
Nagar, Virgambakkam, Chennai 600092 |
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Tel. No.: |
91-44-23775914 |
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E-Mail : |
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Delhi Office: |
2748/6, Chuna Mandi, First Floor, Pahargunj, New Delhi 110055, India |
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Tel. No.: |
91-11-23561741 / 9312642466 |
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Fax No.: |
91-11-23585878 |
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E-mail: |
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Bangalore Office: |
Manish Towers, G3, 6th Floor, 84, J. C. Road, Bangalore
560002 |
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Tel. No.: |
91-80-32408766 |
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E-mail: |
DIRECTORS
|
Name : |
Mr. Sawal Ram Jhunjhunwala |
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Designation : |
Director |
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Date of Birth/Age : |
01.02.1925 |
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Experience : |
59 Years |
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Date of Appointment : |
05.07.1980 |
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Name : |
Mr. Ajay Prakash Jhunjhunwala |
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Designation : |
Director |
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Address : |
7, Pretoria Street, Kolkata-700071 |
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Date of Birth/Age : |
11.05.1958 |
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Date of Appointment : |
20.12.1994 |
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Name : |
Mr. Siddhartha Roy |
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Designation : |
Director |
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Address : |
AL 215, Salt Lake City, Sectro II, Kolkata-700091 |
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Date of Birth/Age : |
07.10.1945 |
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Date of Appointment : |
16.08.1995 |
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Name : |
Mr. Basab Bijayi Guha |
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Designation : |
Director |
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Address : |
Salt Lake City, Sector II, Kolkata-700091 |
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Date of Birth/Age : |
10.01.1943 |
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Date of Appointment : |
16.10.2003 |
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Name : |
Mr. Shree Prakash Jhunjhunwala |
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Designation : |
Managing Director |
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Address : |
7, Pretoria Street, Kolkata-700071 |
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Date of Birth/Age : |
01.03.1961 |
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Date of Appointment : |
17.05.1989 |
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Name : |
Mr. Kamal Kumar Mittal |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sawal Ram
Jhunjhunwala |
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Designation : |
Chief Executive |
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Address : |
7, Pretoria Street, Kolkata-700071 |
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Date of Birth/Age : |
01.02.1925 |
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Experience : |
61 Years |
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Previous Employment: |
Bhagirathi
Estates Private Limited, RNJ Properties
Private Limited, Universal Machines Limited, Uni Wears Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
||
|
Kamboj Apartments Private Limited |
|
10,000 |
||
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Sudhakar Mercantile Private Limited |
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25,000 |
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Mr. Arjun Das Agarwal |
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10,000 |
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Mr. Ashok Kumar Agarwal |
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10,000 |
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Mr. G S Das AGARWAL |
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10,000 |
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Mr. Kashmiri Lal Agarwal |
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4,000 |
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Mr. A P Jhunjhunwala |
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20,260 |
||
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Mr. Sawal Ram Jhunjhunwala |
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10,520 |
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Mr. S P Jhunjhunwala |
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24,920 |
||
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Mrs. Anuradha Agarwal |
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9,000 |
||
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Mrs. Kasturi Devi Agarwal |
|
4,000 |
||
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Mrs. Archana Jhunjhunwala |
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30,200 |
||
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Mrs. Kusum Devi Jhunjhunwala |
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45,370 |
||
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Mrs. Parwati Devi Jhunjhunwala |
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11,670 |
||
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Mrs. Sangeeta Jhunjhunwala |
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21,170 |
||
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Total |
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246,110 |
||
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||
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Equity Share
Breakup [As on 31.03.2007] |
|
Percentage of
Holding |
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|
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Bodies Corporate |
|
27.83 |
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|
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Directors or relatives of the Directors |
|
72.17 |
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|
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Total |
|
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Hardwares and Accessories and Fabricated
Doors, Windows, Modular Kitchen Cabinet
|
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Products : |
v Rods v Bar v Tubes v Aluminium
Railings v Aluminium
Systems v Anodizing
Painting Surface Treatment v Curtain Walls
and Windows v Extruded
Products v Coatings v Aluminium
Composite Materials v Aluminium Grills |
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Product Range: |
v Bars, Rods and Tubes, Flat Bar/Square Bar/Hexagonal Bar/Round Rod/ Round Tube/ Rectangular Tube/ Oval Tube/ Fluted Tube v Structural: Single and Double Channels/Equal and Unequal Angles/Tee and Bulb Tee/ Top Hats/ Tower Bolts/ Hinges/ Latch/ Curtain Rails v Ladders: Stiles/StepEdging/Rungs/Steps v Transport: Bus Window Guide Frames/Bus Wind Shield/Bus and Truck Body Structurals/Decorative Bedding/Footboard/Belt Moulding/Water Channels/Rail Coach Window Guides and Doors. v Architectural: Sliding and Casement Windows/Partitions/Doors and Sliding Doors/Clips Shopfront/HandRail/Display System/Curtain Wall and Structural Glazing Sections. v Electric and Electronics: Heat Sinks/Lighting and Electronic Fixtures/Motor Body/Bus Bars v Industrial: Ferrules/Elevators/Textile Machinery/Pump Body/Handling System/Transmission Line Hardware/Solar Frames/Staves v Consumer Durables: Luggage/Tea Tray/Air Conditioner Grille/Tennis Racket/Drappery and Venetian Rods/Water Filter/Cooking Oven/Cooker v Miscellaneous: MAT Ground Section/Poultry Channel. |
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Exports : |
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Countries : |
v North America v South America v Eastern Europe v Southeast Asia v Africa v Oceania v Mid East v Eastern Asia v Western Europe |
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Terms : |
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Selling : |
L/C and Credit terms. |
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Purchasing : |
L/C and Credit terms. |
PRODUCTION STATUS
As on 31.03.2007
|
Particulars |
Unit |
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Actual
Production |
|
Aluminium Extrusions |
Qty [MT] |
|
|
5283 |
|
Other Products |
Qty [MT] |
|
|
253 |
GENERAL
INFORMATION
|
Suppliers : |
v Hindalco Industries Limited v National Aluminium Company Limited v Stena Metall, Russia v Barclays, London v Bharat Aluminium Company Limited |
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Customers : |
· Manufacturers · Wholesalers · Government Bodies Some of its customers are as under: v Asea Brown Boveri Limited v Bahar Engineering Works, Dhaka v GEC Alsthom Limited v Airport Authority Of India Limited v Modern Aluminium Industries LLC, Dubai v Star Iron Works Limited v YTT Company Limited, Myanmar |
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No. of Employees : |
Around 500 People |
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Number of R & D Staff: |
41 – 50 People |
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Bankers : |
v Standard
Chartered Bank v Punjab and Sind Bank, 14/15, Old Court House Street, Kolkata – 700001, West Bengal v Indian Bank, 3, Red Cross Place, Kolkata – 7000001, West Bengal v ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. R. Singhwi and Company Chartered Accountants |
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Address : |
34A, Metcalfe Street, Kolkata 700013, West Bengal, India |
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Quality Assessment: |
ISO 9001:2000 Certified Company producing Aluminium Extruded Profiles
and Products |
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Associates/Subsidiaries : |
v Bhagirathi Estates Private Limited v Rainbow Extrusions Limited v RNJ Properties Private Limited v Sati Development Private Limited v Sterling Aluminium Products v Universal Machines Limited v Uni Wears Limited v Cold Gold Syntex [P] Limited v OEL Extrusions Limited v Simco Commotrade Private Limited v Jams Builders Private Limited v S. R. Enclave Private Limited v Evergreen Sales Private Limited v Uniworth Limited |
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Holding Company: |
A Jhunjhunwala Group Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2160000 |
Equity Shares |
Rs. 10/- each |
Rs. 21.600 Millions |
|
200000 |
Preference Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
|
|
Total |
|
Rs. 23.600
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2048160 |
Equity Shares |
Rs. 10/-
each |
Rs. 20.481
Millions |
|
200000 |
Preference Shares |
Rs. 10/-
each |
Rs. 2.000
Millions |
|
|
Total |
|
Rs. 22.481 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
22.482 |
22.482 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
188.988 |
174.370 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
211.470 |
196.852 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
38.717 |
39.782 |
|
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2] Unsecured Loans |
|
45.265 |
40.479 |
|
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TOTAL BORROWING |
|
83.982 |
80.261 |
|
|
DEFERRED TAX LIABILITIES |
|
1.167 |
1.707 |
|
|
|
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|
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|
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TOTAL |
|
296.619 |
278.820 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
|
114.372 |
117.408 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
59.176 |
31.341 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
58.600 |
91.041 |
|
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Sundry Debtors |
|
77.836 |
90.232 |
|
|
Cash & Bank Balances |
|
12.835 |
12.214 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
143.055 |
74.001 |
|
Total
Current Assets |
|
292.326 |
267.488 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
164.635 |
135.084 |
|
|
Provisions |
|
4.620 |
2.333 |
|
Total
Current Liabilities |
|
169.255 |
137.417 |
|
|
Net Current Assets |
|
123.071 |
130.071 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
296.619 |
278.820 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
732.375 |
637.383 |
|
|
Other Income |
|
5.790 |
4.640 |
|
|
Total Income |
|
738.165 |
642.023 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
16.483 |
16.462 |
|
|
Provision for Taxation |
|
1.865 |
1.068 |
|
|
Profit/(Loss) After Tax |
|
14.618 |
15.394 |
|
|
|
|
|
|
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|
Import Value |
|
23.888 |
40.988 |
|
|
|
|
|
|
|
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Export Value |
|
58.099 |
58.576 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
597.052 |
523.370 |
|
|
Personal Expenses |
|
22.352 |
19.890 |
|
|
Administrative Expenses |
|
85.307 |
69.594 |
|
|
Financial Charges |
|
11.734 |
7.709 |
|
|
Depreciation & Amortization |
|
5.237 |
4.998 |
|
Total Expenditure |
|
721.682 |
625.561 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.98 |
2.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.25 |
2.58 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.05 |
4.28 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.08 |
|
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|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.19 |
1.11 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.73 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
Subject and OEL Extrusions Limited are engaged in the business Aluminium
Extrusion.
Universal Machines Limited produce value added extruded items like
hardware and Accessories and Fabricated Doors, Windows, Modular Kitchen
Cabinets etc.
HISTORY
Subject was established on 25th March 1983 at Kolkata in West Bengal having Company Registration Number 21-32662.
It was established on 16th April 1980 as Om Development Private Limited and Changed to Om Development Limited w.e.f 25th March 1983. The name was again changed to presen w.e.f. 2nd December 2003
Its an ISO-9002 Certified Company
PROFILE
Alom Extrusions Limited, formerly known as Om Development
Limited, is the flagship company of Alom Group of Industries having its
aluminium extrusion plant located at Howrah - a place well-known all over the
country for its industrial tradition, built over ages. Having been in existence
for just over a decade and a half, Alom Extrusions Limited has come to be
recognized as a major player in the field of aluminium extrusion. This has been
possible owing to its deep commitment to quality, supported and sustained by a
dedicated team of professionals. Thanks to its systematic endeavour to improve
quality, both in production and service, Alom Extrusions Limited is in a
position to meet the challenges of a highly competitive market of aluminium extrusions,
both in India and abroad.
Equipped with 3 hydraulic presses, Alom Extrusions Limited has an installed
production capacity of 8400 MT of extrusions per annum. The product range is
extensive enough to cater to the requirements of a large variety of user
segments - Structural, Architectural and Building, Construction, Transport
including Automotive appliances, Electrical Transmission Lines and Equipments,
Hardwares, Irrigation, Industrial Machines including Electronics, Defence
Equipments etc.
Through a well-spread network of Dealers and Agents and direct interaction with
Bulk Consumers and Users, the company markets its products to all parts of the
country. Alom products are also exported regularly to various countries in the
world.
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. 47.46 |
|
UK Pound |
1 |
Rs. 83.37 |
|
Euro |
1 |
Rs. 64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|