MIRA
INFORM REPORT
|
Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALUMECO INDIA EXTRUSION LIMITED |
|
|
|
|
Registered
Office : |
Survey Nos.379-382, Kallakal Village, Toopran Mandal, Medak, District Kallakal
– 502334, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
22.08.1988 |
|
|
|
|
Com. Reg. No.: |
01-008966 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.158.211 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999AP1988PLC008966 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP00016C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP7715M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturer of Aluminum Extrusions. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C (9) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Unit |
|
|
|
|
Payment Behaviour : |
Slow but Delayed |
|
|
|
|
Litigation : |
-- |
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|
|
|
Comments : |
Subject has been declared as a sick unit by the Board for Industrial
and financial Reconstruction (BIFR) in February, 2010. The accumulated losses
are more than the net worth of the company. Business is active. Payments are
reported to be slow but delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Survey Nos.379-382, Kallakal Village, Toopran Mandal, Medak, District
Kallakal – 502334, Andhra Pradesh, India |
|
Tel. No.: |
91-8454-250530/ 250531/ 250778/ 250190 to 193 - 197 |
|
Fax No.: |
91-8454-250514/ 196 |
|
E-Mail : |
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|
Website : |
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Correspondence Address : |
H No:1-11-251/A, Windsor Apartment, Plot No: A-204, Behind Shopper
Stop, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
DIRECTORS
(AS ON 30.06.2011)
|
Name : |
Prof. Laxmi Narain |
|
Designation : |
Chairman |
|
Date of Birth: |
02.02.1930 |
|
Qualification : |
Ph. D from London School of Economics. Rtd. Prof. Head, Department of
Business Management, Osmania University, Hyderabad. |
|
Experience : |
Thirty Years experience serving at the Board level in average a dozen
companies, as a nominee of Financial Institutions and as an Independent
professional. |
|
Date of Appointment : |
27.06.1994 |
|
|
|
|
Name : |
Mr. Wolfgang Ormeloh |
|
Designation : |
Managing Director |
|
Date of Birth: |
14.04.1959 |
|
Qualification : |
Post Guarantee in Management |
|
Experience : |
Significant experience in Marketing and Management |
|
Date of Appointment : |
23.10.2005 |
|
|
|
|
Name : |
Mr. Hans Schweers |
|
Designation : |
Director |
|
Date of Birth: |
24.01.1948 |
|
Qualification : |
Post graduate in Management and Sales |
|
Experience : |
International Trade and Business Management |
|
Date of Appointment : |
21.06.2005 |
|
|
|
|
Name : |
Mrs. Deepa Hingorani |
|
Designation : |
Director |
|
Date of Birth: |
29.09.1970 |
|
Qualification : |
Master’s Degree in Finance and Control (Delhi), Executive MBA (SIMI,
Copenhagen) |
|
Experience : |
Member of the Remuneration commitee |
|
Date of Appointment : |
28.10.2005 |
|
Other Directorship : |
DISA India Limited |
|
|
|
|
Name : |
Mr. Ashish Kumar Gupta |
|
Designation : |
Director |
|
Date of Birth : |
10.02.1975 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
28.10.2005 |
|
|
|
|
Name : |
Mr. M. Ratnakar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nand Kishore Khandelwal |
|
Designation : |
Director – Alternate to Mr. Hans Schweers |
|
Date of Birth : |
18.09.1969 |
|
Qualification : |
Chartered Accountant |
|
Experience : |
Member of the Institute of Chartered Accountants of India since July,
1992. Over 17 years experience in Industry having worked in various medium
and large Companies in different industrial spheres. Specialization in
Finance, Taxation, Project Evaluation, Audit, Commercial, Human Resources and
Information systems. |
|
Date of Appointment : |
14.09.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Nand Kishore Khandelwal |
|
Designation : |
Chief Financial Officer and Compliance Officer |
|
Date of Birth : |
18.09.1969 |
|
Qualification : |
Chartered Accountant |
|
Experience : |
Member of the Institute of Chartered Accountants of India since July, 1992.
Over 17 years experience in Industry having worked in various medium and
large Companies in different industrial spheres. Specialization in Finance,
Taxation, Project Evaluation, Audit, Commercial, Human Resources and
Information systems. |
|
Date of Appointment : |
14.09.2007 |
|
|
|
|
Name : |
Mr. M. Ratnakar |
|
Designation : |
Chief Commercial Officer |
|
Date of Birth : |
03.06.1969 |
|
Qualification : |
B.E. (Mechanical Engineer) |
|
Experience : |
Over 18 years of experience in Exports, imports,
Marketing, legal and general Administrator |
|
Date of Appointment : |
30.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
7,500,000 |
60.50 |
|
|
7,500,000 |
60.50 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
7,500,000 |
60.50 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2,150 |
0.02 |
|
|
28,440 |
0.23 |
|
|
30,590 |
0.25 |
|
|
|
|
|
|
|
|
|
|
792,633 |
6.39 |
|
|
|
|
|
|
|
|
|
|
2,239,364 |
18.06 |
|
|
1,592,788 |
12.85 |
|
|
|
|
|
|
241,738 |
1.95 |
|
|
2,835 |
0.02 |
|
|
238,903 |
1.93 |
|
|
4,866,523 |
39.26 |
|
|
|
|
|
Total Public
shareholding (B) |
4,897,113 |
39.50 |
|
|
|
|
|
Total (A)+(B) |
12,397,113 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
12,397,113 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 Millions BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminum Extrusions. |
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Products : |
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PRODUCTION STATUS (AS ON 30.06.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Aluminum Extrusions |
Metric Tons |
8,500 |
8,500 |
5,700 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited Kompally, Hyderabad, Andhra Pradesh, India · HSBC Bank Somajiguda, Hyderabad, Andhra Pradesh, India · Standard Chartered Bank Somajiguda, Hyderabad, Andhra Pradesh, India · HDFC Bank Limited Paradise Circle, Secunderabad, Andhra Pradesh, India · State Bank of Hyderabad Medchal Branch, Medchal, India · The Karur Vysya bank Limited R. P. Road, Secunderabad, Andhra Pradesh, India · Syndicate Bank Medchal Branch, Medchal, India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Reliance Humsafar, IV Floor, Road No.11, Banjara Hills, Hyderabad –
500034, Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
S.S. Zanwar and Associates Chartered Accountant |
|
Address : |
Abids, Hyderabad – 500001, Andhra Pradesh, India |
|
|
|
|
Holding Company : |
OSI India Holding A/c, Denmark |
|
|
|
|
Associates/Subsidiaries : |
· Alumeco Handlerservices Gmbh |
CAPITAL STRUCTURE
(AS ON 30.06.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Share |
Rs.10/- each |
Rs.125.000 Millions |
|
3500000 |
Preference Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.160.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12397113 |
Equity Share |
Rs.10/- each |
Rs.123.971
Millions |
|
3424000 |
10% Cumulative Redeemable Optionally Convertible Preference Shares |
Rs.10/- each |
Rs.34.240
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.158.211 Millions |
NOTE:
· Issued, Subscribed and Paid –Up Capital Includes
· 7,500,000 Equity Shares held by OSI India Holding A/c, Denmark (Holding Company)
· 1,212,700 Preference Shares held by Alumeco A/S, Denmark (Holding company of OSI India Holding A/s, Denmark)
· Nil reference Shares Held by O and S Metallimport, Gmbh, Germany (Holding Company of OSI India holding A/S, Denmark)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.211 |
158.211 |
158.211 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.312 |
2.312 |
2.312 |
|
|
4] (Accumulated Losses) |
(170.408) |
(180.818) |
(192.093) |
|
|
NETWORTH |
(9.885) |
(20.295) |
(31.570) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
6.064 |
9.068 |
15.049 |
|
|
TOTAL BORROWING |
6.064 |
9.068 |
15.049 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(3.821) |
(11.227) |
(16.521) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
67.632 |
72.630 |
81.924 |
|
|
Capital work-in-progress |
7.311 |
13.563 |
16.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.680
|
84.832 |
35.799 |
|
|
Sundry Debtors |
93.308
|
35.685 |
21.378 |
|
|
Cash & Bank Balances |
9.019
|
2.994 |
1.906 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
36.260
|
25.643 |
43.346 |
|
Total
Current Assets |
201.267
|
149.154 |
102.429 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
223.965
|
180.084 |
183.380 |
|
|
Other Current Liabilities |
10.986
|
37.821 |
21.024 |
|
|
Provisions |
45.080
|
28.669 |
12.470 |
|
Total
Current Liabilities |
280.031
|
246.574 |
216.874 |
|
|
Net Current Assets |
(78.764)
|
(97.420) |
(114.445) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(3.821) |
(11.227) |
(16.521) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
854.442 |
638.718 |
575.772 |
|
|
|
Income from Job Work |
0.000 |
0.063 |
0.202 |
|
|
|
Other Income |
22.077 |
12.539 |
34.076 |
|
|
|
TOTAL (A) |
876.519 |
651.320 |
610.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Costs |
707.848 |
522.806 |
496.037 |
|
|
|
Provision for Penalty against pending excise cases |
14.649 |
0.000 |
3.943 |
|
|
|
Personnel Costs |
44.637 |
34.118 |
37.398 |
|
|
|
Manufacturing Expenses |
37.250 |
26.801 |
30.358 |
|
|
|
Administrative and Selling Expenses |
45.741 |
42.914 |
68.190 |
|
|
|
Prior Period Items |
0.000 |
(2.702) |
0.000 |
|
|
|
TOTAL (B) |
850.125 |
623.937 |
635.926 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.394 |
27.383 |
(25.876) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.841 |
0.960 |
1.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.553 |
26.423 |
(27.345) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.144 |
15.147 |
18.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.409 |
11.276 |
(46.022) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
3.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10.409 |
11.276 |
(49.241) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(180.818) |
(192.094) |
(142.853) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(170.409) |
(180.818) |
(192.094) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
333.224 |
366.385 |
413.575 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
349.166 |
377.483 |
326.795 |
|
|
|
Stores & Spares |
0.373 |
0.677 |
1.386 |
|
|
|
Others |
0.000 |
1.071 |
7.476 |
|
|
TOTAL IMPORTS |
349.539 |
379.231 |
335.657 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.52 |
0.36 |
(4.30) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.09.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
231.250 |
|
Total Expenditure |
|
|
237.400 |
|
PBIDT (Excl OI) |
|
|
(6.150) |
|
Other Income |
|
|
2.170 |
|
Operating Profit |
|
|
(3.980) |
|
Interest |
|
|
0.630 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(4.610) |
|
Depreciation |
|
|
3.600 |
|
Profit Before Tax |
|
|
(8.210) |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(8.210) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(8.210) |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
1.19
|
1.73 |
(8.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.22
|
1.77 |
(7.99) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
|
5.08 |
(24.96) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.05)
|
(0.56) |
1.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(28.94)
|
(12.60) |
(7.35) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
0.60 |
0.47 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF OPERATIONS:
The
sluggish business environment continues due to slow recovery of global
economies. The inputs costs particularly cost of petroleum products, energy and
labour has risen during the year under review. Still the Company is able to
achieve a turnover of Rs.854.44 million for the
year as compared Rs.638.72 million in the previous
year, an increase of 34% the net profit of Rs.10.41
million as against Rs. 8.57 million in the previous
year, an increase of about 22%. The Company's performance has improved due to
increased domestic sales, resulting in higher capacity utilization. The
Company's efforts in the previous years on screening the existing customer
base, development of new customer base, and striking a right balance in
product-mix has resulted in improved performance.
REFERENCE TO BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (BIFR):
The
accumulated loss being more than the net worth of the Company, it was declared
sick by the BIFR in February, 2010. The BIFR has ordered for preparation of a
Rehabilitation Scheme and has appointed IDBI Bank as the Operating Agency (OA)
for this purpose. Efforts are in progress for submission of the Rehabilitation
Scheme for approval to the BIFR.
MANAGEMENT DISCUSSIONS
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Aluminum extrusion industry in India constitutes of two segments viz.
Primary and Secondary extrusion manufactures. The Primary producers produce
alumina, aluminum metal and also the further value added products such as
ingots, wire rods, billets, rolled products, extrusions etc. There are
presently three large integrated players in India namely (1) Hindalco
Industries Limited, (2) National Aluminium Company Limited and (3) Sterlite
Industries (India) Limited.
The Secondary aluminum extrusion manufacturers buy aluminum metal
from primary producers or alternatively import metal and manufacture
extrusions. The Company is one of the important secondary aluminum extrusion
manufacturers in the country.
Aluminum is versatile metal and can be given any shape easily.
This with its high strength to weight ratio, provides a vast scope for
innovative designs and newer applications. With advancement of technology,
aluminum extrusion is finding new applications and has a very promising future.
India has the fifth largest bauxite reserves with deposits of
about three billion tons or 5% of world deposits. India's share in world
aluminium production capacity is about 3%.Production of one ton of aluminum
requires two tons of alumina, while production of one ton of alumina requires
two to three tons of bauxite. Since India has large reserves of bauxite, there
is vast scope for the growth of aluminium industry.
OUTLOOK:
Electrical,
infrastructure, automobile and transportation account for almost three fourths of
domestic aluminium consumption. Investments in the power generation and
transmission, automobile and transportation sectors are expected to drive the
growth of the aluminium industry. However, due to high inflation and interest
rates the economic growth is slower than forecasts, thereby generating lesser
demand for the Company's products. The management expects that this will be a
temporary scenario.
With measures of cost reduction, more efficient management
of resources and with substantial technical and financial support of the
foreign promoter, the Company is hopeful of reporting favourable results in
future.
The
plan for 2011-12 is to fully utilize the Company's strengths of human resources
and technology for further improving the efficiency, and increasing the
domestic market.
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL
PERFORMANCE:
The
period witnessed an increase in revenues to Rs.854.44
million from Rs.638.72 primarily on account of increase in domestic sales.
The
Company sold 5703 M.T. (Domestic; 3238 M.T.) against 4700 M.T. (Domestic;
1704M.T.) during the previous year.
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Dies
· Electrical Installation
· Furniture and Fittings
· Office Equipment
· Computers
· Vehicles
WEBSITE DETAILS:
OVER VIEW
Subject originally incorporated on 22nd August, 1988 under the name of
Progressive Aluminium Limited, with an annual capacity to produce 3125 m.t. of
extrusions and went into production in 1991. During the year 1993 the company
was taken over by Pennar Group of Hyderabad and its name changed to Pennar
Profiles Limited. Under the new management, a second extrusion press of 2875
m.t. capacity per annum was added in 1995.
During the Year 2005, German company namely O&S Metallimport GmbH (OSM) (of
Alumeco Group, Denmark) along with an industrial fund for Developing cuntries
(IFU), Denmark took over the company and the Management. With its help, the
Company started and went into export of extrusions in a big way and achieved
two star export house statuses. The name of the company was changed to Alumeco India Extrusion Limited (AIEL).
In
the year 2007, the capacity of the two presses was raised to 8500 m.t. per
annum through debottlenecking and technology up-gradation.
Alumeco India strives to be the preferred aluminium partner for
customers in India and Europe. This was achieved by constantly providing
good quality and reliable service for our customers. We view our customers as
partners in growth.
Alumeco India constantly set challenging targets in quality and
efficiency in their work. To put these objectives into practice, it is
necessary that organization and the company continuously improve working
processes and the use of technology. At the same time, the skills of employees
are constantly improved and challenged through education, efficient
knowledge sharing and a friendly working environment.
The company always strives to maintain highest standards of safety by adopting
best industrial practices of Safety of its employees and takes care of health
of the employees by organizing health check up camps and initiating specific
health related matters.
The company has also been taking initiative as part of Corporate Social
Responsibility (CSR) to maintain highest environmental standards.
BUSINESS DESCRIPTION
Subject is an India-based company. The Company is engaged in the
manufacture of aluminum extrusions. Its has three product categories: Standard
6063 Profiles, which include solid bars, such as flats, rods, square, hex,
angels and channels, and hollow extrusions, such as round tube, rectangular and
square tubes; STD. 6063 Architectural Profiles, which include doors, windows,
partition, and curtain walls and glazing, and Customer special profiles in
6063, which include engineering applications (original equipment
manufacturers), solar profiles, marine applications, furniture systems and
structural glazing. During the fiscal year ended March 31, 2010, the Company
manufactured 4,700 tons of aluminum extrusions. For the six months ended 31
December 2010, Company’s revenues increased 26% to RS396.6M. Net income
decreased 24% to RS8.9M. Revenues reflect an increase in sales. Net income was
offset by a significant increase in consumption of raw materials and stores,
higher employee cost, increase in other expenditure, higher interest charges
and lower operating profit margin. The company is listed in Bombay Stock
Exchange.
BOARD OF DIRECTORS
Professor Laxmi
Narain
Professor Laxmi Narain is Non-Executive Independent Chairman of the Board of Company. He is qualified as M. Com., LLB., Ph.D (London School of Economics). He has Knowledge and experience in the field of Business Management. He is a Chairman of Investors' Grievance and Share Transfer Committee, Chairman of Remuneration Committee and Member of Audit Committee.
Mr. Ashish Kumar
Gupta
Mr. Ashish Kumar Gupta is Non-Executive Independent Director of Company. He is a Chartered Accountant and has experience in Taxation, Audit and Corporate laws. He is a Chairman of Audit Committee, Member of Investors' Grievance and Share Transfer Committee and Member of Remuneration Committee of the Company
Mrs. Deepa Hingorani
Mrs. Deepa Hingorani is Non-Executive Director of Company. She holds Masters Degree in Finance and Control (Delhi), Executive MBA (SIMI, Copenhagen). She holds a directorship in DISA India Limited.
Mr. Nand Kishore
Khandelwal
Mr. Nand Kishore Khandelwal is Chief Financial Officer, Chief Compliance Officer, Whole Time Director of Company. He is a Chartered Accountant with 18 years of experience in Finance, Taxation, Auditing, HR and ERP Solutions and general administration, (ii) Past remuneration - a) Rs.130,000/- p.m. from January, 2008. (iii) Remuneration proposed is Rs.149,523/- (iv) Comparative Remunerative profile - It is similar or lower than in equivalent firms, (v) Pecuniary relationship - No pecuniary relationship except the remuneration received.
Mr. Wolfgang
Ormeloh
Mr. Wolfgang Ormeloh is Managing Director, Director of Company. He is a
Post Graduate in Business Management with over 30 years of experience in
marketing and Management. (ii) Past remuneration - NIL (hi) Remuneration
proposed USD 2500 per month effective from 1st October 2011 (iv) Comparative
Remunerative profile - It is similar or lower than in equivalent firms. (v)
Pecuniary relationship Nil, except the remuneration received.
Mr. M. Ratnakar
Mr. M. Ratnakar is Chief Commercial Officer, Whole-Time Director of
Company. He is a Mechanical Engineer with 21 years of experience in Marketing,
imports and Exports, Commercial Operations, Production, Human resource, IR and
general administration.
Mr. Hans Schweers
Mr. Hans Schweers is Non-Executive Director of Company. He holds Post graduate
in Management and Sales. He has experience in International Trade and Business
Management.
NEWS:
PUBLISH
AUDITED RESULTS
28 July 2011
India, July 28 -- Alumeco India Extrusion Limitedhas informed BSE that the Company has opted to submit the audited financial results within two months from the end of the financial year ending June 30, 2011, i.e. before the end of August, 2011.In this regard, the financial year of the Company is from 01st July to 30th June.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.52.89 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
09 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.