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MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALUFIT (INDIA) PRIVATE LIMITED |
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Registered Office : |
Brigade Court, No.111, 5th Block, Koramangala, Bangalore – 560095,
Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.08.1991 |
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Com. Reg. No.: |
08 – 12197 |
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CIN No.: [Company
Identification No.] |
U27203KA1991PTC012197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA02052B |
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PAN No.: [Permanent
Account No.] |
AABCA1923G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Doors, Windows and Partitions |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1300000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and resourceful industrialist. Their trade relations are fair. Payments are correct and as per commitments.
The company can be considered good for normal business dealings at usual trade terms and conditions.
It has been reified that company has a new factory address
as under. 17/A, Phase II, Peenya
Industrial Area, Bangalore - 560058 |
LOCATIONS
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Registered Office : |
Brigade Court, No.111, 5th Block, Koramangala, Bangalore – 560095, Karnataka, India |
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Tel. No.: |
91-80-40261800 |
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Fax No.: |
91-80-41233664 |
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E-Mail : |
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Website : |
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Corporate Office : |
Embassy Diamnte, # 34, Vittal Mallya Road, Bangalore - 560001,
Karnataka, India |
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Tel. No.: |
91-80-402 61800 / 28371956 / 51233660 |
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Fax No.: |
91-80-412 33664 |
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E-Mail : |
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Website : |
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Factory : |
17A, Phase II, Peenya
Industrial Area, Bangalore - 560058, India |
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Tel. No.: |
91-80-28371956 / 57/ 28370799 |
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Fax No.: |
91-80-28390483 |
DIRECTORS
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Name : |
Mr. Pankaj Keswani |
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Designation : |
Managing Director |
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Address : |
201, Camelot, 4th Kensington Road, Opposite Ulsoor Boat
Club, Ulsoor, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
10.04.1960 |
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Date of Appointment : |
01.08.1991 |
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Name : |
Mrs. Vyjayanti Keswani |
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Designation : |
Director |
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Address : |
201, Camelot, 4th Kensington Road, Opposite Ulsoor Boat
Club, Ulsoor, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
03.04.1960 |
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Date of Appointment : |
01.08.1991 |
KEY EXECUTIVES
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Name : |
Shashidhara G S and Company |
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Designation : |
Company Secretary |
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Address : |
No. 725, First Floor, 10th Main, 4th Block,
Jayanagar, Bangalore-560 011 |
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Tel. No.: |
91-80-22455141 / 26534024 |
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Mobile No.: |
91-9844061710 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.05.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Pankaj Keswani |
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32300 |
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Mrs. Vyjayanti Keswani |
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7700 |
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Total |
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40000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Doors, Windows and Partitions |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Industrial
Finance Branch, Rallaram Building, No.30, Mission Road, Bangalore – 560027,
Karnataka, India
Yeshwanthur Branch, Bangalore
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raja Gopal and Badri Narayanan Chartered Accountants (Mr. R Narayanan Partner) |
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Address : |
No. 25, Padmashree Mansions, 2nd Floor, I Cross, Sampige
Road, Malleswaram, Bangalore – 560003, Karnataka, India |
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Tel. No.: |
91-80-23440987 / 23310811 |
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Fax No.: |
91-80-23313666 |
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E-Mail : |
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Associates : |
Alufit India Private Limited |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
260.081 |
175.592 |
80.238 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
264.081 |
179.592 |
84.238 |
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LOAN FUNDS |
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1] Secured Loans |
151.562 |
92.706 |
34.287 |
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2] Unsecured Loans |
21.852 |
32.836 |
13.030 |
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TOTAL BORROWING |
173.414 |
125.542 |
47.317 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
437.495 |
305.134 |
131.555 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.773 |
49.561 |
38.234 |
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Capital work-in-progress |
0.000 |
0.000 |
4.701 |
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INVESTMENT |
94.654 |
112.699 |
84.447 |
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DEFERREX TAX ASSETS |
3.958 |
2.667 |
1.358 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.255 |
44.135 |
49.526 |
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Sundry Debtors |
388.685 |
216.801 |
113.577 |
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Cash & Bank Balances |
32.967 |
25.654 |
21.245 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
122.311 |
52.929 |
31.116 |
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Total
Current Assets |
611.218 |
339.519 |
215.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
271.118 |
170.173 |
200.652 |
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Provisions |
57.990 |
29.140 |
12.000 |
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Total
Current Liabilities |
329.108 |
199.313 |
212.652 |
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Net Current Assets |
282.110 |
140.206 |
2.812 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.003 |
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TOTAL |
437.495 |
305.134 |
131.555 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
882.313 |
844.044 |
560.702 |
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Other Income |
23.872 |
11.334 |
8.557 |
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Total Income |
906.185 |
855.378 |
569.259 |
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Profit/(Loss) Before Tax |
112.013 |
120.399 |
32.752 |
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Provision for Taxation |
27.586 |
25.045 |
1.575 |
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Profit/(Loss) After Tax |
84.427 |
95.354 |
31.177 |
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Imports : |
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Raw Materials |
NA |
109.712 |
NA |
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Plant Machinery |
NA |
2.638 |
NA |
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Total Imports |
NA |
NA |
NA |
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Expenditures : |
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Depreciation & Amortization |
7.862 |
6.574 |
5.265 |
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Financial Charges |
19.121 |
8.139 |
6.813 |
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Other Expenditure |
767.189 |
720.266 |
524.429 |
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Total Expenditure |
794.172 |
734.979 |
536.507 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.32
|
11.14 |
5.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.70
|
14.26 |
5.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.77
|
35.46 |
15.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.67 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.90
|
1.10 |
2.52 |
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Current Ratio (Current Asset/Current Liability) |
|
1.86
|
0.82 |
0.01 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Embassy
Diamnte, # 34, Vittal Mallya Road, Bangalore - 560001, Karnataka, India to the
present address w.e.f. 01.08.2008
Bankers Charges Report
as per Registry
|
Name of the
company |
ALUFIT (INDIA) PRIVATE LIMITED |
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Presented By |
Syndicate Bank, Yeshwanthpur Branch, Bangalore – 560022 |
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1) Date and description of instrument creating the change |
05.10.2001 Deed of
Hypothecation Letter evidencing
deposit of title deeds [Both documents
relate to single charge] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 21.930
Millions |
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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 |
Hypothecation of
the whole of the present and future stocks of raw materials, goods in
process, finished goods, semi finished goods and all book debts belonging to
the company. Coll. Security: Hypothecation of all existing and future
machineries as per schedule I part B of the agreement Urem factory land and
buildings including sh at No. A – 369, Industrial Estate, Peen I Stage,
Bangalore – 560058 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
Margin as applicable from time to time Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, Yeshwanthpur Branch, Bangalore – 560022 |
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6) Date and brief description of instrument modifying the charge |
17.11.2001 Confirmation of
deposit of title deeds Memorandum of
deposit of title deeds [Both documents
relate to single modification of charge] |
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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. |
Equitable
Mortgage created by deposit of title deeds on companies immovable properties
situated at No. 17 A, II Phase, Peenya Industrial Area, Situated in Sy. Nos.
39, 66 and 67 of Chokkasandra Village, Yeshwanthpur Hubli, Bangalore North
Taluk [50 % undivided right and interest] all other terms and conditions to
continue. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27203KA1991PTC012197 |
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Name of the
company |
ALUFIT (INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Embassy Diamnte, # 34, Vittal Mallya Road, Bangalore - 560
001, Karnataka |
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Type of charge |
|
|
Particular of
charge holder |
Corporation Bank Industrial
Finance Branch, Rallaram Building, No.30, Mission Road, Bangalore – 560027,
Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Common Deed of Hypothecation Memorandum of
Deposit of title deeds Sanction Letter |
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Date of
instrument Creating the charge |
31.03.2008 |
|
Amount secured by
the charge |
Rs.300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan of
Rs.300.000 Millions interests at 12% p.a. subject to revision from time to
time. Terms of
repayment Term Loan of
Rs.300.000 Millions initial moratorium period upto March 2009. Thereafter the
loan shall be repayable in 20 equal quarterly installment of Rs.15.000
Millions each commencing from 30.06.2009 and last installment to fall due on
31.03.2014. Interests to be paid separately as and when due including during
repayment holiday period. Margin Margin at 45.31
capex of Rs.548.500 Millions Extent operation
of the charge The Charge on
Properties and assets being charged shall operate operate to the extent of
Rs.300.000 Millions plus interests, costs, commission, expenses and other
charges thereon. |
|
Short particulars
of the property charged |
Hypothecation
plant and machinery and movable assets forming Part to extrusion plant as first
as first charge creating of EM by way of deposit of title deeds as first
charge over the factory land of extrusion plant admeasuring 35.16 acres and
the buildings to be constructed thereupon situated at sy. Nos. 255, 279, -257
(Part) 286 (Part) 257-2,257-8,257-30, Industrial Park, Ekarlapalle Village,
Thambugani Palli Grampanchayat, Kupam Town, Chittoor District AP |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Computer
- Furniture and Fixtures
- Air Conditioner
- D G Set
- Electrical Installation
- Office Equipments
- Vehicles
As Per Website
Profile
Subject has revolutionized the world of Façade Engineering with a dedicated and professional team. Designers, Architects, Developers. Corporate Institutions have showered us with great accolades and have continued to patronize subject’s services in all their ventures.
Armed with a vision to foresee the requirements of the industry, subject has set elevated standards of quality and efficiency.
The high points:
- Achieved exponential growth rates year on year
- Successfully completed more than 300 projects.
- Over 50000 sq. mtrs of structural, Wall cladding and point glazed
systems
Team
Mr.
Pankaj Keswani, a visionary leader with more than 20 years in Glazing and Aluminium
industry, heads Alufit. Leading with example by setting standards for quality,
he has been responsible for the tremendous growth and instrumental in achieving
leadership status for subject.
The
following departments of subject led by people with vast expertise in their
respective fields of operation have contributed to the growth of subject:
- Marketing
- Design Development
- Project Management
- Production
- Procurement
- Quality Assurance
Facility:
A 40,000 Sq. ft of Shop
floor with automated imported machinery provides the support facilitating
completion of projects.
Expansion of the facility by another 25,000 Sq. ft floor space to enhance
performance.
- Inhouse Double Glazing
- Precision Cutting for Aluminium Composite Panel sheets
- Mechanical Frame Cornor Joints
- Multiple assembly tables for voluminous working
- In house CAD development of Shop Drawings
- Optimizing
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|