%20PRIVATE%20LIMITED%20-%20147229%2002-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED |
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|
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Registered
Office : |
B 2, G 01, Marathon Innova, Near Peninsula Corporate Park, Off
Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.03.1999 |
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Com. Reg. No.: |
11-119104 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.601 millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U28920MH1999PTC119104 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA13020A |
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PAN No.: [Permanent Account No.] |
AACCA0171F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged for the design and manufacture of floors, ceilings
and cabinets. |
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No. of Employees
: |
Not divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 3500000 |
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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 fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Ajit Patil |
|
Designation : |
Accounts Manager |
|
Date : |
02.07.2011 |
LOCATIONS
|
Registered Office : |
B 2, G 01, Marathon Innova, Near Peninsula Corporate Park, Off
Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-30460418 / 30480800 |
|
Fax No.: |
91-22-24913604 / 30460439 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 16.06.2010
|
Name : |
Mr. Suresh Narsappa Talwar |
|
Designation : |
Director |
|
Address : |
10, Shiv Shanti Bhavan, 146, Maharshi Karve Road, Churchgate
Reclamation, Churchgate, Mumbai-400020, Maharashtra, India |
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Date of Birth/Age : |
21.11.1937 |
|
Date of Appointment : |
11.07.2001 |
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DIN No : |
00001456 |
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|
|
|
Name : |
Mr. Ramchandra Ganapati Hasyagar |
|
Designation : |
Director |
|
Address : |
201/02, 2nd Floor, Narang Mansion, J N of 34th and 36th Road, TPS III, Bandra (West),
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
22.02.1949 |
|
Date of Appointment : |
27.03.2006 |
|
DIN No : |
00041314 |
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|
|
|
Name : |
Mr. Michael John Jenkins |
|
Designation : |
Director |
|
Address : |
57, College Street, Elsterwick VIC 3185, Melbourne-3185, Australia |
|
Date of Birth/Age : |
16.09.1959 |
|
Date of Appointment : |
09.11.2005 |
|
Date of Cessation : |
04.03.2010 |
|
DIN No : |
01789765 |
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|
|
|
Name : |
Mr. Gregory Steven Gottlieb |
|
Designation : |
Director |
|
Address : |
22F, Cross Tower, 318 Fuzhou Road, Shanghai, China-200001 |
|
Date of Birth/Age : |
18.11.1971 |
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Date of Appointment : |
09.10.2006 |
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DIN No : |
02079960 |
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|
|
Name : |
Mr. Arjun Balram Shahani |
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Designation : |
Additional Director |
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Address : |
14A, Gitanjali Raheja Township, Malad (East), Mumbai-400097,
Maharashtra, India |
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Date of Birth/Age : |
27.11.1962 |
|
Date of Appointment : |
09.03.2010 |
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DIN No : |
02997246 |
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|
|
|
Name : |
Mr. Sridhar Anantharamachandra Rajgopal |
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Designation : |
Additional Director |
|
Address : |
D-1601, Runwal Centre, Govandi Station Road, Govandi, Deonar,
Mumbai-400088, Maharashtra, India |
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Date of Birth/Age : |
19.05.1971 |
|
Date of Appointment : |
09.03.2010 |
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DIN No : |
02997239 |
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|
|
|
Name : |
Mr. Omprakash Chooharmal Karnaney |
|
Designation : |
Additional Director |
|
Address : |
29 B/5, Chembur Navjivan Cooperative Housing Society Limited, Mahul Road,
Chembur, Mumbai-400074, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1958 |
|
Date of Appointment : |
09.03.2010 |
|
DIN No : |
03002848 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.06.2010
|
Names of Shareholders |
No. of Shares |
|
Armstrong World Industries Mauritius |
360000 |
|
Armstrong World Industries Limited, United Kingdom |
100 |
|
|
|
|
Total |
360100 |
AS ON 16.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged for the design and manufacture of floors, ceilings
and cabinets. |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
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|
|
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Bankers : |
·
State Bank of India, Commercial Branch, Justice G
N Vaidhya Marg, Mumbai-400023, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R And Company Chartered Accountant |
|
Address : |
KPMG House (City Studio), Kamala Mills Compound, 448, Senapati Bapat
Marg, Mumbai-400013, Maharashtra, India |
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|
|
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Holding Company : |
·
Armstrong World Industries, Mauritius |
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|
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|
Ultimate Holding Company : |
·
Armstrong World Industries Inc, USA |
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|
|
|
Fellow Subsidiaries : |
·
Armstrong Building Products Company Limited ·
Armstrong Building Products S A S CEDFX ·
Armstrong Building Product Gmbh, Germany ·
Desso Waalhwajk B V, Netherlands ·
Armstrong World Industries (U K) Limited, Hong
Kong ·
Armstrong World Industries Limited ·
Perthies Y Techus S L ·
Armstrong World Industries (Australia) Private
Limited ·
Armstrong World Industries (China) Limited ·
Armstrong World Products Company limited (Anshan) ·
Armstrong World Industries AB (Swdeen) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360100 |
Equity Shares |
Rs.10/- each |
Rs. 3.601
Millions |
|
|
|
|
|
Note:
Of the above
a) 360000 (2009:360000) equity shares are held by the holding company,
Armstrong World Industries, Mauritius.
b) 100 (2009 : 100) equity shares are held by Armstrong World Industries
Limited, U. K.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.601 |
3.601 |
3.601 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
886.021 |
714.726 |
567.394 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
889.622 |
718.327 |
570.995 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
889.622 |
718.327 |
570.995 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
23.575 |
36.770 |
35.951 |
|
|
Capital work-in-progress |
0.625 |
0.000 |
0.239 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
7.987 |
2.589 |
2.249 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
364.274
|
375.241 |
202.955 |
|
|
Sundry Debtors |
129.980
|
96.331 |
90.913 |
|
|
Cash & Bank Balances |
353.343
|
170.793 |
245.610 |
|
|
Other Current Assets |
102.540
|
71.477 |
90.224 |
|
|
Loans & Advances |
41.270
|
12.575 |
0.000 |
|
Total
Current Assets |
991.407
|
726.417 |
629.702 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.213 |
5.556 |
40.714 |
|
|
Other Current Liabilities |
53.615
|
37.346 |
47.549 |
|
|
Provisions |
30.149
|
4.552 |
8.888 |
|
Total
Current Liabilities |
133.977
|
47.454 |
97.151 |
|
|
Net Current Assets |
857.430
|
678.963 |
532.551 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
889.622 |
718.327 |
570.995 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1219.473 |
1194.495 |
1085.697 |
|
|
|
Commission Income |
13.761 |
28.674 |
36.887 |
|
|
|
Other Income |
70.099 |
17.575 |
22.475 |
|
|
|
TOTAL (A) |
1303.333 |
1240.744 |
1145.059 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
793.133 |
774.753 |
664.948 |
|
|
|
Personal Expenses |
82.740 |
73.813 |
65.899 |
|
|
|
Selling, General and Administrative Expenses |
145.723 |
157.160 |
134.068 |
|
|
|
TOTAL (B) |
1021.596 |
1005.726 |
864.915 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
281.737 |
235.018 |
280.144 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
281.737 |
235.018 |
280.144 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.313 |
9.927 |
8.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
263.424 |
225.091 |
271.724 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
92.129 |
77.759 |
90.554 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
171.295 |
147.332 |
181.170 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
636.560 |
489.228 |
308.058 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
807.855 |
636.560 |
489.228 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
13.761 |
28.674 |
36.614 |
|
|
|
Other Earnings |
0.380 |
0.108 |
0.000 |
|
|
TOTAL EARNINGS |
14.141 |
28.782 |
36.614 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
638.256 |
689.632 |
482.090 |
|
|
TOTAL IMPORTS |
638.256 |
689.632 |
482.090 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
476.00 |
409.00 |
503.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.14
|
12.33 |
16.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.60
|
18.84 |
25.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.75
|
29.39 |
40.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.18 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.15
|
0.07 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.40
|
15.31 |
6.48 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to Micro, Small and Medium enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
50.213 |
5.556 |
40.714 |
|
Total |
50.213 |
5.556 |
40.714 |
Note : Registered Office
of the company has been shifted from 3RD Floor, C Wing, Mhatre Pen Building, S B Marg, Dadar
(West), Mumbai-400028, Maharashtra, India to the present address w.e.f. 02.04.2007
Business Review:
The sales for the
year at Rs. 1,219.47million registered a growth of 2.09% over the previous year
sales of Rs. 11 94.50 million.
Sales of ceiling
systems at Rs.987.61 million during the year was 3.48% lower than the previous
year. Sales of flooring systems at Rs. 231.86 million was 35.34% higher than
the previous year mainly due to Hardwood Engineered Floors and Laminated
Flooring.
Their ceiling and
flooring system is mainly used in commercial buildings. Based on the feedback
from the architects, dealers and trade, the robust growth is expected to
continue in the coming years also. Hence, the Company expects to grow the
business substantially.
BACKGROUND
Subject was incorporated under the companies act, 1956 on 24th
March 1999. The ultimate parent company, Armstrong World Industries Inc. is
incorporated in the United State of America. The parent company is a large
multinational company founded in 1860 and is a global lender in the design and
manufacture of floors, ceilings and cabinets.
The company imports ceiling and flooring systems used for various
commercial applications i.e. mineral fibre sound absorbing sheets, steel angle,
metal ceiling tiles, wooden ceiling tiles, carpet tiles, wall panel, PVC floor
coverings and laminate floor coverings and sells these in the local market.
FORM 8
|
Corporate
identity number of the company |
U28920MH1999PTC119104 |
|
Name of the
company |
ARMSTRONG WORLD
INDUSTRIES (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3RD
Floor, C Wing, Mhatre Pen Building, S B Marg, Dadar (West), Mumbai-400028,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
State Bank of
India, Commercial Branch, Justice G N Vaidhya Marg, Mumbai-400023,
Maharashtra, India |
|
Amount secured by
the charge |
Rs. 14.500
millions |
|
Description of
the property charged indicating whether it is a charged on |
Stock in Trade Book Debts |
|
Short particulars
of the property charged (Including location of the property) |
Book Debts and
Stock in Trade |
|
Charge
identification number of the charge to be modified |
90143140 |
|
Brief description
of the instrument modifying the charge under section 135 |
No instrument letter
from State Bank of India vide ref no. CBM/AMT/0607347 dated 21.04.2006 for
release of property |
|
Date of
instrument modifying the charge |
21.04.2006 |
|
Particulars of
the present modification |
Release property of
Village Mouje Rania Poecha, Taluka Savli, District Baroda. |
FIXED ASSETS
·
Computer Software
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
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 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.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.