MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KALZIP INDIA PRIVATE LIMITED(w.e.f.21.12.2011) |
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Formerly Known
As : |
CORUS INDIA PRIVATE LIMITED (w.e.f.21.05.2009) CORUS INDIA LIMITED |
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Registered
Office : |
310, 3rd Floor, Vipul Agora, M.G. Road, Gurgaon – 122002, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.06.1960 |
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Com. Reg. No.: |
05-043655 |
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Capital
Investment / Paid-up Capital : |
Rs.54.600 Millions |
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CIN No.: [Company Identification
No.] |
U28920HR1960PTC043655 |
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|
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PAN No.: [Permanent Account No.] |
AACCA4241L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Subject is engaged in installation of Sophisticated Lightweight Building Systems. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
company has performed well and wipe-out its accumulated losses. Financial position of the company is improving. Trade relations are reported
to be fair. Business is active. Payments are reported to be slow but correct.
The company can be considered for business dealings with some
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
310, 3rd Floor, Vipul Agora, M.G. Road, Gurgaon – 122002, Haryana,
India |
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Tel. No.: |
91-124-4848800 |
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Fax No.: |
91-124-4848801 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Suresh K Pillai |
|
Designation : |
Managing Director |
|
Address : |
Flat 1/1, (Aster), Crimson Park, South Vatika City, Sohna Road, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
31.03.1962 |
|
Qualification : |
BE (Mechanical) Bangalore University |
|
Date of Appointment : |
07.09.2010 |
|
PAN No.: |
AOAPP3559D |
|
DIN No.: |
03326552 |
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|
|
|
Name : |
Tan Beng Kim Gregory |
|
Designation : |
Director |
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Address : |
BLK 164 Bishan Street, 13 # 03-258, Singapore 570164 |
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Date of Birth/Age : |
04.01.1966 |
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Date of Appointment : |
05.05.2010 |
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DIN No.: |
03049956 |
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|
|
|
Name : |
Uwe Ernst Otto Martens |
|
Designation : |
Director |
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Address : |
Remscheid, Am Finkenschlag 7, Remscheid – 42897, Germany |
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Date of Birth/Age : |
24.06.1955 |
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Date of Appointment : |
15.09.2009 |
|
DIN No.: |
02652240 |
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|
|
|
Name : |
Willem Faas |
|
Designation : |
Additional Director |
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Address : |
Hermelynln 41, 1216 HC Hilversum, Netherlands |
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Date of Birth/Age : |
09.02.1966 |
|
Date of Appointment : |
14.03.2012 |
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DIN No.: |
05160812 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
British Steel Nederland International BV, Netherland |
|
54599 |
|
Sankar Ghosh |
|
1 |
|
|
|
|
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Total |
|
54600 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Other top fifty shareholders |
|
0.01 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in installation of Sophisticated Lightweight Building Systems. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building No.10, Tower B, DLF Cyber City Complex, DLF City Phase - II, Gurgaon - 122002, Haryana, India |
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PAN No.: |
AADFD5357J |
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Associates : |
CIN No.: U74900MH2005PLC151710
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Holding Company : |
British Steel Nederland International B.V. |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.1000/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54600 |
Equity Shares |
Rs.10/- each |
Rs.54.600
Millions |
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|
|
|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.600 |
54.600 |
54.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.257 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(8.167) |
(16.550) |
|
|
NETWORTH |
79.857 |
46.433 |
38.050 |
|
|
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 |
|
|
|
|
|
|
|
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TOTAL |
79.857 |
46.433 |
38.050 |
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
6.801 |
4.663 |
0.278 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.042 |
0.576 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
82.281
|
79.130 |
12.822 |
|
|
Sundry Debtors |
101.606
|
32.395 |
0.000 |
|
|
Cash & Bank Balances |
58.259
|
21.179 |
48.278 |
|
|
Other Current Assets |
0.034
|
0.014 |
0.000 |
|
|
Loans & Advances |
19.770
|
17.276 |
3.760 |
|
Total
Current Assets |
261.950
|
149.994 |
64.860 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
123.110
|
53.248 |
22.334 |
|
|
Other Current Liabilities |
62.346
|
51.052 |
4.426 |
|
|
Provisions |
4.480
|
4.500 |
0.328 |
|
Total
Current Liabilities |
189.936
|
108.800 |
27.088 |
|
|
Net Current Assets |
72.014
|
41.194 |
37.772 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
79.857 |
46.433 |
38.050 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
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|
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Income |
|
|
|
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Other Income |
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TOTAL |
|
252.315 |
4.363 |
|
|
|
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|
|
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|
EXPENSES |
|
|
|
|
|
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Office Expenses |
|
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|
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|
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Administrative Expenses |
|
|
|
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Advertising Expenses |
|
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|
|
|
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TOTAL |
NA |
239.596 |
27.677 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
12.719 |
(23.314) |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
12.719 |
(23.314) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
0.423 |
0.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
12.296 |
(23.341) |
|
|
|
|
|
|
|
|
|
|
TAX |
|
3.913 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
33.424 |
8.383 |
(23.341) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
193.403 |
11.858 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
612.16 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA |
3.32 |
(534.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
7.95 |
(35.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.26 |
(0.61) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.38 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The Registered Office of the company has been shifted from C/O B.K.G.
and Company, 11A, Esplanade East, 1st Floor, Kolkata – 700069, West Bengal,
India to the present address w.e.f. 02.08.2011
FIXED ASSETS:
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Computer Equipments
AS PER WEBSITE DETAILS:
History of Kalzip
When a couple of resourceful engineers from Kaiser Aluminium in America designed an innovative roofing system more than four decades ago, they of course had great hopes that their new aluminium standing seam roof was going to be a success. Since then more than 80 million square metres of Kalzip aluminium standing seam roofing has been installed around the world. Read on to discover the history of Kalzip over the last 40 years.
1967 - The marketing of Kalzip in Germany begins as a separate department of Kaiser Aluminium.
1968 - Imported from USA, the first Kalzip roof in Europe, the Nürnberg Concert Hall, Germany, is installed, followed by the commencement of production in Germany with the first stationary roll former.
1973 - The company moves into their new offices and factory in Koblenz, Germany, one of the main manufacturing facilities still used today. They expand further with the opening of a sales office in Paris, France, supported by marketing throughout Europe.
1974 - The first one million square metres of Kalzip profiles are sold.
1977 - Promotion in the UK starts via sales offices in London and Cheltenham, and further afield with the introduction of a representative office in Dubai, UAE.
1981 - Construction of the first mobile tapered roll former begins to allow the production of projects in Saudi Arabia, Bahrain, Kuwait and Qatar.
1982 - A new representative office opens in Hong Kong.
1987 - Kaiser Aluminium Europe becomes Koninklijke Hoogovens, which it’s known as for the next 12 years. The first Kalzip curving machine is used on the AUDI Development Centre, Ingolstadt, Germany (see main image above).
1989 - A new partner in Greece is acquired, which helps secure the Olympic Sports Complex for the 2000 Games in Athens, Greece.
1990 - The largest building in the history of Kalzip is built, the Munich Trade Fair Centre in Germany at 180,000 square metres.
1991 - Production and office facilities are purchased in the UK, based in Haydock, England.
1992 - The Kalzip training school is opened.
1994 - Sales commence in Iberia with the opening of an office in Valencia, Spain.
1995 - The Teamkal approved installer network is established in the UK and the largest Kalzip sheets ever transported by road at approximately 55 metres long are delivered to NEC in Livingston, Scotland.
1996 - The first Kalzip light portable rollformer is established.
1997 - Curved tapered Kalzip sheets are produced and used on the first project used on Wimbledon No.1 court, England.
1999 - The merger of Koninklikje Hoogovens with British Steel takes place to form Corus. The Kalzip Business Unit is part of the Corus Distribution and Building Systems Division.
1999 - Kalzip’s green roof system, Nature Roof, is launched.
2000 - Manufacturing facilities are purchased outside of Europe with the inclusion of a production plant in Singapore.
2002 - Growth outside Europe sees the opening of sales offices in Shanghai and Beijing, China.
2003 - Success in Asia Pacific results in the establishment of a subsidiary with its own production plant in Guangzhou, China. Back in Europe a new record is set for the largest Kalzip order, Barajas Airport in Madrid, Spain at a total of 210,000 square metres. The polyamide E Clip is used for the first time on a project in England.
2004 - A sales office opens in Melbourne, Australia and Kalzip-Solar Systems are launched on to the market.
2006 - Kalzip XT freeform roll formers are developed and there is further expansion around the world with a sales office in India and a manufacturing facility in USA.
2007 - Corus Group becomes part of Tata Steel.
2008 - The 40th anniversary of the Kalzip Businesses Unit, now with approximately 500 employees worldwide.
2009 - The Kalzip FC facade system was launched internationally.
2010 - The official rebranding of the Group to Tata Steel Europe began and was launched on 27th September 2010.
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 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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
24 |
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.