MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL ALUMINIUM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
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Country : |
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|
|
|
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Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.03.1996 |
|
|
|
|
Com. Reg. No.: |
01-023581 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.23.431
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27203AP1996PTC023581 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG00840A |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Aluminium Extruded Products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 580000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Corporate Office : |
|
|
Tel. No.: |
91-40-27544267/27540133/27545444 |
|
Fax No.: |
91-40-27544317 |
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E-Mail : |
|
|
|
|
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Factory : |
|
|
Tel. No.: |
91-8454-250632/250537 |
|
Fax No.: |
91-40-27544317 |
|
E-Mail : |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Anil Kumar Agarwal |
|
Designation : |
Managing Director |
|
Address : |
H. No. 503, Road No. 31, Jubilee Hills, Hyderabad-500033, |
|
Date of Birth/Age : |
20.03.1971 |
|
Date of Appointment : |
21.03.1996 |
|
|
|
|
Name : |
Mrs. Reena Agarwal |
|
Designation : |
Director |
|
Address : |
H. No. 503, Road No. 31, Jubilee Hills, Hyderabad-500033, |
|
Date of Birth/Age : |
28.11.1979 |
|
Date of Appointment : |
12.11.2003 |
|
Date of Appointment : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anil Kumar Agarwal |
|
503100 |
|
|
|
95000 |
|
Sumitra Devi Agarwal |
|
800000 |
|
|
|
150000 |
|
Praveen Kumar Agarwal |
|
200000 |
|
P.K. Finvest (P) Limited, |
|
555000 |
|
Dulari Agarwal |
|
20000 |
|
Reena Agarwal |
|
20000 |
|
|
|
|
|
Total |
|
2343100 |
As on 24.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
23.69 |
|
Directors
or relatives of directors |
|
76.31 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminium Extruded Products. |
GENERAL INFORMATION
|
Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Brijmohan Soni and Company Chartered Accountant |
|
Address : |
4-1-1236/2C, |
|
Tel. No.: |
91-40-24753000 / 24755348 |
CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2343100 |
Equity Shares |
Rs.10/- each |
Rs.23.431
Millions |
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 |
23.431 |
23.431 |
23.431 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
122.780 |
82.985 |
72.621 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
146.211 |
106.416 |
96.052 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.883 |
46.894 |
54.353 |
|
|
2] Unsecured Loans |
55.724 |
25.692 |
17.811 |
|
|
TOTAL BORROWING |
56.607 |
72.586 |
72.164 |
|
|
DEFERRED TAX LIABILITIES |
4.674 |
3.809 |
26.579 |
|
|
SALES TAX AND VAT DEFERRED LIABILITY |
47.019 |
40.543 |
2.694 |
|
|
|
|
|
|
|
|
TOTAL |
254.511 |
223.354 |
197.489 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
82.088 |
76.281 |
47.415 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.027 |
0.027 |
0.027 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.925
|
53.376 |
64.139 |
|
|
Sundry Debtors |
105.346
|
85.583 |
89.322 |
|
|
Cash & Bank Balances |
9.534
|
2.363 |
0.746 |
|
|
Other Current Assets |
11.271
|
12.662 |
9.623 |
|
|
Loans & Advances |
42.675
|
15.035 |
4.741 |
|
Total
Current Assets |
243.751
|
169.019 |
168.571 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.569
|
2.970 |
|
|
|
Other Current Liabilities |
40.974
|
12.162 |
11.639 |
|
|
Provisions |
25.812
|
6.841 |
6.885 |
|
Total
Current Liabilities |
71.355
|
21.973 |
18.524 |
|
|
Net Current Assets |
172.396
|
147.046 |
150.047 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
254.511 |
223.354 |
197.489 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
923.214 |
600.575 |
526.035 |
|
|
|
Other Income |
6.701 |
5.100 |
3.418 |
|
|
|
TOTAL (A) |
929.915 |
605.675 |
529.453 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
853.702 |
575.020 |
497.742 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
853.702 |
575.020 |
497.742 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.213 |
30.655 |
31.711 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.972 |
9.774 |
7.454 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
68.241 |
20.881 |
24.257 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.872 |
3.942 |
2.946 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
63.369 |
16.939 |
21.311 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.574 |
6.575 |
0.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
39.795 |
10.364 |
21.294 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.98 |
4.42 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.28
|
1.71 |
4.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.86
|
2.82 |
4.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.45
|
6.90 |
9.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.16 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.89 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.42
|
7.69 |
9.10 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND PROSPECTS
During the year, the
Company could increase its sales from Rs. 600.575 millions to Rs. 923.214 Millions.
The company made a net profit after tax of Rs. 39.795 millions against Rs.
10.364 millions in the previous year. The Board expressed its satisfaction over
the performance of the company during the year under review and further informs
that company is doing well during the current year. The Board is making its
best efforts to earn better returns this year and planning for restructuring /
looking for better opportunities.
There were no major
changes in the activities of the Company after the closure of the financial
year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80018981` |
|
Corporate
identity number of the company |
U27203AP1996PTC023581 |
|
Name of the
company |
GLOBAL ALUMINIUM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
West, Mumbai-400013, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplementary
Letter of Hypothecation. b) Memorandum
Recording Past Transaction of Creation of Mortgage by Delivery of Title
Deeds. (Collectively
constitute a single charge for Rs.155.142 Millions ) |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs.155.142
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On Demand Margin As may be stipulated
by the Bank from time to time. Extent and
Operation of the charge (a) Hypothecation
by way of First Charge on Stock in Trade, Book Debts, etc., to secure as a
continuing security, (b) The Company accorded and gave oral consent to Bank
to continue to hold and retain the title deeds (by way of Constructive
delivery) in respect of its immovable properties as stated under Item No.15
below, as security for repayment of Rs.155.142 Millions, together with
principal, interest, liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
I)
Stock
in Trade, consisting of raw materials, goods in process of manufacturing
finished goods, and other merchandise whatsoever being movable properties II)
All
the debts, that is, all the book debts, outstandings, monies receivables,
claims, bills, invoice documents,
contracts, guarantees, and rights which are now III)
Immovable
property being Sy. No.281/A/1, 282A, 282/A/A, Part, 281/AM (Old No.281), |
|
Date of latest
modification prior to the present modification |
19.01.2011 |
|
Particulars of
the present modification |
The charge shall
now stand increased from Rs.135.142 Millions to Rs.155.142 Millions, in
favour the Bank. |
Fixed Assets:
- Land and Site Development
- Building
- Plant and Machinery
- Electrical Installation and Allied Equipment
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Fire Fighting Equipments
- Computers
AS PER WEBSITE DETAILS:
COMPANY PROFILE:
Subject is engaged in manufacturing high quality Aluminium sections with a capacity of 9600TPA. Global Aluminium is started in 1998 with one 900 M.T press and with gradual expansion at present the company is having 900MT press-2 Nos. and 1620MT Press-1 No. with fully automated PLC control systems.
Subject has around 2000 different shapes and sizes of profiles meeting the various customers' requirement of Architecture, Air Conditioning , Air handling , Agriculture, Defence, Display systems, Electrical, Electronics, Hospital Equipments, Modular Furniture, Motor bodies, Pharma Clean Rooms, Pump bodies, Valves, Tele Communications, Transport, Shelter, Solar Power, Structural, General Engineering and Tailor made special applications of specific requirement etc.,
Subject has developed very intricate and sophisticated sections and few of them are beyond the capacity of the extrusion press, successfully.
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.