MIRA INFORM REPORT

 

 

Report Date :

04.01.2012

 

IDENTIFICATION DETAILS

 

Name :

KIRBY BUILDING SYSTEMS INDIA (UTTARANCHAL) PRIVATE LIMITED

 

 

Registered Office :

Plot No.2, Sector 11, Integrated Industrial Estates, SIDCUL, Haridwar – 249403, Uttarakhand

 

 

Country :

India

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.02.2005

 

 

Com. Reg. No.:

20-029472

 

 

Capital Investment / Paid-up Capital :

Rs. 192.599 Millions

 

 

CIN No.:

[Company Identification No.]

U45200UR2005PTC029472

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MRTK01074D

 

 

PAN No.:

[Permanent Account No.]

AACCK5926G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of manufacturer and construction of Pre – Engineered Buildings Systems.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (52)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3256000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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/ Factory :

Plot No. 2, Sector 11, Integrated Industrial Estate, SIDCUL, Haridwar 249403, Uttarakhand, India

Tel. No.:

91-1334-306931 / 235317 / 235316 / 235318 / 235319

Mobile No.:

91-9997274146 (Mr. Parveen Kaushik)

Fax No.:

91-1334-266640 / 235314 / 235397

E-Mail :

akjha@kul.kirby-india.com

kirbydhariwar@alghanim.com

atripathi@kirby.india.com 

fqureshi@kirby.india.com

Website :

www.kirby-india.com

 

 

Overseas Office  :

Kirby Building Systems – Vietnam

7th Floor, SPT Building, 199 Dien Bien Phu Street, Ward 15, District Binh Thanh, Ho Chl Minh City, Vietnam

Tel. No.:

0084-8 5422 1155

Fax No.:

0084-8 3845 3482

E-Mail :

kirbyvietnam@kirby.vn

 

DIRECTORS

 

As on 30.06.2010

 

Name :

Mr. Samir Mamdouh Kasem

Designation :

Director

Address :

Anjafa Block 13, Building 14, P.O. Box 223, Safat – 13003, Kuwait

Date of Birth/Age :

19.08.1958

Date of Appointment :

24.03.2010

DIN No.:

02332484

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U74120HR2007PTC038827

Yaas Wholesale India Private Limited

Director

22-10-08

22-10-08

11-05-09

Active

NO

2

U45200UR2005PTC029472

Kirby Building Systems India (Uttaranchal) Private Limited

Director

30-06-10

24-03-10

-

Active

NO

3

U13209AP1987PLC007360

Rock Wool (India) Limited

Director

12-05-10

12-05-10

-

Active

NO

 

 

Name :

Mr. Alakesh Roy

Designation :

Director

Address :

36, Vishnu Garden, P. O. Gurukul Kangri, Kankhal, Haridwar 249404, Uttaranchal, India

Date of Birth/Age :

12.05.1965

Qualification :

B. Tech., PGDBM

Experience :

22 Years

Date of Appointment :

22.08.2007

DIN No.:

01791468

 

 

Name :

Aselia Kupueva

Designation :

Director

Address :

Building 27, Plot No.6, Block 3, Salnya – 130003

Date of Birth/Age :

16.12.1976

Date of Appointment :

30.06.2010

DIN No.:

03100602

 

 

Name :

Mr. Akhilesh Kumar Tripathi

Designation :

Director

Address :

171, Daroga Baug, Civil Lines, Unnao 209801, Uttar Pradesh

Date of Birth/Age :

05.03.1969

Date of Appointment :

19.12.2007

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

Alghanim Industries Mauritius Limited , Mauritius

 

19259780

Kirby Building Systems, Kuwait

 

100

TOTAL

 

19259880

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2010

 

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 in the business of manufacturer and construction of Pre – Engineered Buildings Systems.

 

 

Products :

Pre-Engineered Building Systems

 

PRODUCTION STATUS

 

As on 31.12.2010

 

Particulars

Unit

Installed Capacity**

Actual Production*

Pre-Engineered Building

MT

100000.00

46929

 

Notes:

 

* Actual production includes processed job work quantity of NIL MT (December 31,2009 – 1,848MT) and work in progress of 1,494MT (December 31, 2009 – 877MT)

 

** As certified by the management

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • ICICI Bank Limited
  • State Bank of India
  • Standard Chartered Bank
  • Axis Bank Limited, 6-3-879/B, Greenland Road, Begumpet, Hyderabad 500016, Andhra Pradesh, India

 

 

Facilities :

Secured Loan

As on

31.12.2010

(Rs. in

Millions)

As on

31.12.2009

(Rs. in

Millions)

Term Loan

(Secured by charge over entire fixed assets and current assets of the company both presebt and Future )

42.450

159.981

Cash Credit Facilities

(Secured by pari passu first charge by way of hypothecation of the company entire current assets (both present and future). These limits are also secured by way of pari passu second charge on all fixed assets of the company, (both present and future) and by way of unconditional and irrevocable corporate guarantee of Kirby Building Systems India Limited)

0.000

4.704

Buyer’s Credit

(Secured by pari passu first charge by way of hypothecation of the company entire current assets (both present and future). These limits are also secured by way of pari passu second charge on all fixed assets of the company, (both present and future) and by way of unconditional and irrevocable corporate guarantee of Kirby Building Systems India Limited)

16.686

58.340

Total

59.136

223.025

Unsecured Loan

As on

31.12.2010

(Rs. in

Millions)

As on

31.12.2009

(Rs. in

Millions)

Other Loans and Advances

 

 

From Holding Company

(Due within one year Rs. Nil

0.000

81.817

Total

0.000

81.817

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. R. Batliboi and Associates

Chartered Accountants

Address :

Ovel office, 18 Ilabs Centre, Hitech City, Madhapur, Hyderabad- 500081, Andhra Pradesh, India

Tel. No.:

91-40-67362000

Fax No.:

91-40-67362200

PAN.:

AABFS3421N

 

 

Ultimate Holding Company :

Almana Industries SAK

 

 

Intermediate Holding Company :

Kuwait Insulating Material Manufacturing Company S.A.K.

 

 

Immediate Holding Company :

Alghanim Industries (Mauritius) Limited, Mauritius 

 

 

Fellow Subsidiaries :

Rockwool India Limited

Kirby Building Systems (Uttaranchal) India Pivate Limited

 

 

Enterprise over which Major shareholder of reporting enterprise exercise significant influence :

·         Kirby Building Systems – Kuwait S.A.K.

Address: Kirby Building Systems - Kuwait, Mina Abdullah, Industrial Area,             Block 2 Behind Mina Abdullah Police station, P.O. Box 23933 Safat, 13100 Kuwait.

Tel No: 00965-23261793

Email:  kirbykuwait@alghanim.com 

Fax No: 00965-23261793

 

·         Kirby Building Systems – (UAE) L.L.C.

Address: Kirby Building Systems - (UAE) L.L.C., Al Jazeera Industrial Area II, Behind RAK Ceramics, Ras Al Khaimah, UAE, P.O. Box 6624, Ras Al Khimah, UAE.

Tel no: 00971-7 244 7830

Email: kirbyrak@alghanim.com 

Fax no: 00971-7 244 7830

 

·         Kirby Building Systems - India Limited

Address: Kirby Building Systems - India Limited Plot Nos.8-15, IDA, Phase III, Pashamylaram, Medak District, Pin Code: 502 307, Andhara Pradesh, India.

Tel No: 0091-  8455 224419,224427

Email: kirby@kirby-india.com

Fax No: (0091) 8455 224419,224427

 

·         Yusuf A. Alghanim and Sons W.L.L.

·         Kirby South East Asia

·         Kirby Construction Company Private Limited

·         Kirby International PTE Limited, Singapore

 

 

CAPITAL STRUCTURE

 

As on 31.12.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

20000000

Equity Share

Rs.10/- each

Rs. 200.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

19259880

Equity Share

Rs.10/- each

Rs. 192.599 Millions

 

Notes:

 

Of the above 19259780 equity shares are held by Alghanim Industries (Mauritius) Limited, the holding Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2010

31.12.2009

31.12.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

192.599

192.599

192.599

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

621.345

325.762

327.451

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

813.944

518.361

520.050

LOAN FUNDS

 

 

 

1] Secured Loans

59.136

223.025

442.753

2] Unsecured Loans

0.000

81.817

183.841

TOTAL BORROWING

59.136

304.842

626.594

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

873.080

823.203

1146.644

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

463.513

541.186

589.652

Capital work-in-progress

0.316

1.463

13.541

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
635.821

506.006
1043.488

 

Sundry Debtors
225.623

107.106
103.403

 

Cash & Bank Balances
107.103

71.351
54.309

 

Other Current Assets
481.276

375.439
34.394

 

Loans & Advances
238.415

119.353
67.323

Total Current Assets
1688.238

1179.255

1302.917

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
301.459

207.038

690.865

 

Other Current Liabilities
932.250

582.894

 

 

Provisions
45.278

108.769

69.101

Total Current Liabilities
1278.987

898.701

759.966

Net Current Assets
409.251

280.554

542.951

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.500

 

 

 

 

TOTAL

873.080

823.203

1146.644

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2010

31.12.2009

31.12.2008

 

SALES

 

 

 

 

 

Turnover

4337.686

2895.123

3393.900

 

 

Income From Services

0.000

16.939

 

 

 

Other Income

52.084

40.256

 

 

 

TOTAL                                     (A)

4389.770

2952.318

3393.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Material Consumed

3035.204

2057.866

3004.300

 

 

Accessories Consumed

250.399

182.305

 

 

 

Increase / Decrease In stock

(49.853)

18.573

 

 

 

Personnel Expenses

115.773

101.922

 

 

 

Manufacturing , Administrative and Other Expenses

425.366

296.362

 

 

 

Selling and Distribution Expenses

175.361

79.547

 

 

 

Miscellaneous Expenses

0.000

0.501

 

 

 

TOTAL                                     (B)

3952.250

2737.076

3004.300

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

437.520

215.242

389.600

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

55.487

72.071

123.700

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

382.033

143.171

265.700

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

80.181

94.421

107.700

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

301.852

48.750

158.000

 

 

 

 

 

Less

TAX                                                                  (H)

3.829

0.236

1.800

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

298.023

48.514

156.200

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

289.278

324.451

168.200

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

0.000

67.409

0.000

 

 

Tax on Dividend

(0.230)

11.426

0.000

 

 

Transfer General Reserve

0.000

4.852

0.000

 

BALANCE CARRIED TO THE B/S

587.531

289.278

324.400

 

 

 

 

 

 

EXPORT SALES OF RAW MATERIAL

4.252

5.759

-

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials 

42.107

104.691

503.386

 

 

Accessories

24.383

8.389

5.863

 

 

Stores & Spares

19.156

7.366

2.377

 

TOTAL IMPORTS

85.646

120.446

511.626

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

15.47

2.52

8.11

 

Diluted

15.47

2.52

8.11

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2010

31.12.2009

31.12.2008

PAT / Total Income

(%)
6.79

1.64

4.60

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
6.96

1.68

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
14.03

2.83

8.35

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.37

0.09

0.30

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.64

2.32

2.67

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.32

1.31

1.71

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NATURE OF OPERATION

 

The company is engaged in the business of manufacture and construction of Pre-Engineered Buildings Systems. Also, the company provides engineering and job work services for construction of Pre-Engineered Buildings

 

PERFORMANCE

 

The company has produced 46929 MT during the year ended 31st December, 2010 as against 36827 MT of the previous year. The  sales during the year including sub assembly increased by 38% to 61731MT from 44646MT of previous year. The increase in production and sales in mainly due to favorable economic conditions in the country.

 

CONTINGENT LIABILITY

                                                                                                                                                    (Rs in millions)

Particulars

31.12.2010

31.12.2009

Differential amount of custom duty (including interest) payable by the Company in case of non-fulfillment of export obligation including interest thereon against the import of capital goods made at concessional rate of duty.

 

Based on future sales plans, management is quite hopeful to meet out export obligation by executing the required volume of exports in the future.

84.505

84.505

Credit of Value Added Tax taken by the Company up to March 31, 2007 disallowed by the Sales tax department.

2.452

2.452

Deposits given to sales tax department pending disposal of appeal against demands made by sales tax department.

0.894

0.894

Customer bills discounted

30.304

0.000

Guarntees issued by bankers on behalf of the company toward performance obligations.

129.988

172.616

Claims against the company not acknowledge as debts

11.775

0.000

Income tax for assessment year 2008-09

7.103

0.000

 

The management is confident that for the above mentioned contingent liability no provision is required to be made as at December 31, 2010.

 

FIXED ASSETS

 

Tangible Assets

 

  • Leasehold Land
  • Plant and Machinery
  • Building
  • Plant and Machinery
  • Furniture and Fixture
  • Office Equipment
  • Computer and Computer Equipment
  • Vehicle

 

Intangible Assets

 

  • Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.23

UK Pound

1

Rs.82.87

Euro

1

Rs.69.13

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

YES

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.