MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ARMACELL INDIA PRIVATE LIMITED |
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Registered
Office : |
Gat No.744 and 745, Village
Lonikhand, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.04.2005 |
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Com. Reg. No.: |
11-152593 (Old) 11-131939 (New) |
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Paid-up Capital
: |
Rs. 7.547 Millions |
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CIN No.: [Company Identification
No.] |
U24293MH2005PTC152593 (Old) U24293PN2005FTC131939 (New) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA25245D |
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PAN No.: [Permanent Account No.] |
AAFCA1528D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of engineered foam products |
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No. of Employees
: |
80 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 880000 |
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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 part of Armacell, World-wide. It is a well established
company having fine track. General financial position is good. Trade
relations are reported as fair. Business is active. Payments are reported to
be 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.
INFORMATION PARTED BY
|
Name : |
Ms. Shruti |
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Designation : |
Accountant |
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Date : |
12.05.2011 |
LOCATIONS
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Registered/
Head Office/ Factory : |
Gat No.744 and 745, Village
Lonikhand, |
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Tel. No.: |
91-20-25661979 /
66782000 |
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Fax No.: |
91-20-66782073 |
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E-Mail : |
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Website : |
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Area : |
15000 sq.ft
(approximately) |
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Location : |
Owned |
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Distributors
in |
United
Insulation (in Mumbai)
2-G
Laxmi Industrial Estate, New Tel
No. : 91-22-26305270/1/2
United
Insulation(in
Gala
No.58,SL No.35/2, Singasandra Gramathana, Begur Hobli,Bangalore South Taluk,
Hosur Road, Bangalore-560068 Tel
No.: 91-80-5730562
Suvidha
Engineers India Limited
C-37,Sector-57,
Noida-201301, U.P. Tel
No.: 91-120-2581123, 84
E-Mail
: suvidha@del2.vsnl.net.in
Buying
International
Bagmati
Chanmbers, Tel No.:
977-1-4216622
E-Mail
: singhal@mail.com.np
FRP
Services and Company (lanka) Limited
515, Tel
No. : 941-2716902, 3723
Gajra
Glass Fibre Private Limited
Shop
No 9-10 Akshardham, Narayan Nagar, L.B.S Marg Ghatkopar (W) Tel
No.: 91-22-25160941, 25163909, 55952060
Honeycom
Services Limited(in Unit
B-6, House 10, Ed 135, Section - SE (B), Gulshan 1, Dhaka 1212 Tel
No.: 88-02-8827603
|
DIRECTORS
As On 27.09.2010
|
Name : |
Mr. Ulrich Eduard Weimer |
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Designation : |
Director |
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Address : |
Emsstrasse 18, |
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Date of Birth : |
18.08.1944 |
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Date of
Appointment : |
12.04.2005 |
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Date of
Cessation : |
15.11.2008 |
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DIN No.: |
02399887 |
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Name : |
Mr. Keshab Jagmohan Chopra |
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Designation : |
Director |
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Address : |
S-17, Konark Campus, Viman Nagar, Pune-411014, |
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Date of Birth : |
10.06.1973 |
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Date of
Appointment : |
12.04.2005 |
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DIN No.: |
00139971 |
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Name : |
Mr. Mark Elliot John Harakal |
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Designation : |
Director |
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Address : |
Salzsteasse 29, 48143, |
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Date of Birth : |
18.08.1944 |
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Date of
Appointment : |
05.11.2008 |
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DIN No.: |
02417616 |
KEY EXECUTIVES
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Name : |
Mr. Rahul Jhalawad |
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Designation : |
Company Secretary |
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Address : |
L3-401, Brahma Sunicity, Wadgaon Sheri, |
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Date of Birth/Age : |
28.02.1978 |
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Date of Appointment : |
01.10.2008 |
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Pan No.: |
AENPJ9101L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 27.09.2010
|
Names of Shareholders |
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No. of Shares |
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Armacell International GMBH – |
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754669 |
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Armacell GMBH – |
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1 |
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Total |
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754670 |
As On 27.09.2010
|
Category |
Percentage |
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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 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of engineered foam products |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (As On
31.03.2010):
Installed
Capacity: 75880 Cubie Meters (CBM)
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Particulars |
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Unit |
Actual
Production |
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Sheets |
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Sq.meters |
2311755 |
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Tubes |
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Linear meters |
2628006 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
80 (approximately) |
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Bankers : |
Not available |
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Facilities : |
Cash Credit: Rs. 50.000 Millions
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Banking
Relations : |
---- |
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Financial Institution : |
TATA Capital Limited, One
Forbes, Dr. V.B. Gandhi Marg, Fort, Mubai-400001, |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune-411001, Maharashtra, India |
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Tel. No.: |
91-20-30585764 / 30585765 |
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Fax No.: |
91-20-30585775 |
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Website : |
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Pan No.: |
AAAFB9852F |
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Holding Company : |
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Parent Company : |
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Ultimate Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
7400000 |
Equity Shares |
Rs.10/- each |
Rs. 74.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
754670 |
Equity Shares |
Rs.10/- each |
Rs.7.547 Millions |
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Note :
Of the above 754669 (previous year : 754669)
shares of Rs. 10/- each, fully paid up are held by Armacell International Gmbh (Parent
Company) and 1 (previous year : 1) share is held by Armacell Gmbh
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
7.547 |
7.547 |
7.547 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
214.407 |
153.192 |
80.284 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
221.954 |
160.739 |
87.831 |
|
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LOAN FUNDS |
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|
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1] Secured Loans |
38.459 |
0.000 |
0.000 |
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2] Unsecured Loans |
80.638 |
86.906 |
77.756 |
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TOTAL BORROWING |
119.097 |
86.906 |
77.756 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
341.051 |
247.645 |
165.587 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
132.155 |
81.284 |
78.740 |
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Capital work-in-progress |
4.291 |
46.722 |
14.590 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
12.561 |
12.561 |
1.817 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
90.870
|
97.060 |
109.047
|
|
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Sundry Debtors |
281.233
|
247.551 |
172.918
|
|
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Cash & Bank Balances |
20.963
|
50.312 |
28.592
|
|
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Other Current Assets |
0.701
|
0.498 |
0.289
|
|
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Loans & Advances |
71.395
|
46.652 |
21.436
|
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Total
Current Assets |
465.162
|
442.073 |
332.282 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
234.814 |
291.512 |
231.213 |
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Other Current Liabilities |
27.672
|
25.503 |
16.742
|
|
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Provisions |
10.632
|
17.980 |
13.887
|
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Total
Current Liabilities |
273.118
|
334.995 |
261.842
|
|
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Net Current Assets |
192.044
|
107.078 |
70.440
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
341.051 |
247.645 |
165.587 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
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Other Income |
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TOTAL |
713.100 |
620.000 |
464.300 |
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|
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Less |
EXPENSES |
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|
|
|
|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
616.900 |
505.400 |
388.500 |
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PROFIT BEFORE
TAX |
96.200 |
114.600 |
75.800 |
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Less |
TAX |
35.000 |
41.700 |
12.900 |
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PROFIT AFTER TAX
|
61.200 |
72.900 |
62.900 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
86.200 |
13.200 |
NA |
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BALANCE CARRIED
TO THE B/S |
147.400 |
86.200 |
NA |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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Export Earnings |
176.344 |
214.692 |
108.076 |
|
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TOTAL EARNINGS |
176.344 |
214.692 |
108.076 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
206.914 |
175.253 |
124.171 |
|
|
|
Trading Goods |
13.822 |
40.126 |
35.207 |
|
|
|
Capital Goods |
1.552 |
1.805 |
0.372 |
|
|
TOTAL IMPORTS |
222.288 |
217.184 |
159.750 |
|
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|
Earnings Per
Share (Rs.) |
81.10 |
96.60 |
83.40 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
800.000
(approximately) |
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|
|
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|
Expected Sales (2011-12) : Rs. 1000.000 Millions
The above information has been parted by Ms. Shruti
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.58 |
11.76 |
13.55 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.11 |
21.90 |
18.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
0.71 |
0.86 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77 |
2.62 |
3.85 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.32 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Outstanding
dues of Micro and Small Enterprise |
-- |
-- |
-- |
|
- Other Sundry
Creditors |
234.814 |
291.512 |
231.213 |
|
Total |
234.814 |
291.512 |
231.213 |
NOTE:
The company has not received any intimation from its suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclose, if any relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.
NOTE:
The registered office of the company has been shifted from 706,
BACKGROUND:
Subject was incorporated on 12.04.2005. the company is a subsidiary of
Armacell International GMBH (the Parent Company). The company is engaged in the
manufacturing and sale of engineered foam products. The company commenced
operations on 01.02.2006. The company has an office at
FORM 8:
|
Corporate
identity number of the company |
U24293PN2005FTC131939 |
|
Name of the
company |
ARMACELL INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No.744 and 745, Village
Lonikhand, Email : rahul.jhalawad@armacell.com |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
TATA Capital Limited,
One Forbes, Dr. V.B. Gandhi Marg, Fort, Mubai-400001, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation dated 03.05.2010 |
|
Date of
instrument Creating the charge |
03.05.2010 |
|
Amount secured by
the charge |
Rs. 50.000
Millions. |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Long Term Lending
Rate (LTLR) @ 15% p.a. Rate of Interest
payable @ 2% p.a. below LTLR. Terms of
Repayment : Principal : Principal
amount to be repaid in 35 monthly installments of Rs. 0.755 Millions and 36th
installment of Rs. 0.756 Millions. The first installment to be commenced on
10.11.2009 and the last on 10.10.2012. Extent and
Operation of the charge : The charge extents
to the due repayment of the loan of Rs. 50.000 Millions including interest,
additional interest, costs, charges, expenses and all other monies payable
under the term loan agreement dated 25.09.2009. In the event of
default in payment of Interest or repayment of principal amount of the loan
the Borrower shall pay to the Lender, further interest @ 2% p.a. as penal
interest. |
|
Short particulars
of the property charged |
All Plant and
Machinery At Book Value Appearing In The Audited Report Of The Company FY
07-08. Infrastructure :
2nd Transformer, DG Set, Change Over Panel, Air Compressor, 3rd Chiller
Including Tank, Pump Etc, Local Installation, LT/Cables, Consulting / Project Supervision Mixing Equipment
: 2nd Mixer Integration and Installation Extruder, 200 MM
: New Screw, Barrel Extension, Electronic Control, Temp Control, Sheet Head,
Pins And Dies, Carriers, Installation, Transport. Ovens (6 Ovens) :
Ovens All Inclusive, Exhaust Cleaning Equipment Downstream
Equipment : Belt Conveyor Extruder Oven 3 M, Pull Out Conveyor Oven 2 M,
Cross Belt Conveyor 5.5m, 1 Side Trim Unit Incl Roller Conveyor, 1 Print Belt
Conveyor -5m, 2 Ink Jet Units Domino Second Armasound
Line Interiors, Others
-: Racks FG Warehouse, Pallets And More Offices In Plant Fire Hydrant System Located At Gat No
744 and 745, Vill- Lonikand, Tal Haveli, Dist Pune |
|
|
Original charge
dated 25.09.2009 was created by hypothecating all plant and machineries which
were appearing in the audited report of the company FY 07-08 and the plant
and machineries as per the deed of hypothecation dated 25.09.2009. The
modifications are as per the Deed of Modification dated 03.05.2010 |
FIXED
ASSETS:
- Leasehold
Improvements
- Plant and
Machinery and Electrical Equipments
- Furniture and
Fixtures
- Vehicles
- Office
Equipments
- Computers
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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.