MIRA INFORM REPORT

 

 

Report No. :

349234

Report Date :

19.11.2015

 

IDENTIFICATION DETAILS

 

Name :

3A COMPOSITES INDIA PRIVATE LIMITED (w.e.f. 29.07.2010)

 

 

Formerly Known As :

ALCAN COMPOSITES INDIA PRIVATE LIMITED (w.e.f. 11.07.2007)

 

ALUKBOND INDIA PRIVATE LIMITED

 

 

Registered Office :

Unit 852, 5th Floor, Building No. 8, Solitaire Corporate Park, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-40054500

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.12.2000

 

 

Com. Reg. No.:

11-129953

 

 

Capital Investment / Paid-up Capital :

Rs. 70.098 Million

 

 

CIN No.:

[Company Identification No.]

U27203MH2000PTC129953

 

 

IEC No.:

0301033315

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA14651A

 

 

PAN No.:

[Permanent Account No.]

AACCA9548A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Aluminum Composite Panels.

 

 

No. of Employees :

100 (Approximately)

 

 

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 854200

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary ‘ALUCOBOND FAR EAST PTE LIMITED’, Singapore. It is engaged in the manufacturing, exporting and importing of aluminum composite panels.

 

For the financial year ended 2014, company has reported 14.04% growth in its revenue and it has maintained above average profitability margins at 1.73% during the year under review.

 

The company possesses healthy operating efficiencies supported by its satisfactory financial profile along with sound net worth base and healthy debt coverage indicators.

 

Rating also takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experienced management team.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

HENKEL RATING

 

HENKEL’s Rating :

350 (Significant risk)

 

Credit Rating

Henkel Rating (Customer Risk Assesment- CRA)

Mira Inform

Risk Category

Credit Limit

Description

Aaa

100

Inter Company, credit limit not required

Very low risk (blue ships)

Aa

200, 201

(120% of Gross Annualised Sales/365)*Credit Term.

Low risk

A

300, 301

(100% of Gross Annualised Sales/365)*Credit Term.

Moderate risk

Ba

350

(90% of Gross Annualised Sales/365)*Credit Term.

Significant risk

B

400

(80% of Gross Annualised Sales/365)*Credit Term.

High risk

450

Very high risk

Ca or C

500*

NIL/ Legal/ Bad/No Transaction

Doubtful accounts

007*

NIL

Small unrated customers

009*

NIL

Inactive customers

999*

Initially First Invoice vales, CRA will be done and based on report the CL would get revised.

New customer

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Ms. Naina Amin

Designation :

Senior Executive Finance/ Accounts

Contact No.:

91-22-40054500

Date :

16.11.2015

 

 

LOCATIONS

 

Registered Office :

Unit 852, 5th Floor, Building No. 8, Solitaire Corporate Park, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-40054500/ 42654500

Fax No.:

91-22-42654545

E-Mail :

yogesh.muzumdar@3acomposites.com

alucobond.india@alcan.com

Website :

http://www.3acomposites.com

Area :

3500 Sq. Ft

Location :

Leased

Locality :

Commercial

 

 

Factory :

Plot No. B-32/1/1, MIDC, Ranjangaon, Tal-Shirur, Pune-412210, Maharashtra, India

 

 

DIRECTORS

 

AS ON 27.10.2014

 

Name :

Mr. Tarek Joseph Haddad

Designation :

Director

Address :

Rutiweid 4, 6330 Chati Switzerland 6330, Switzerland

Date of Birth/Age :

29.05.1971

Date of Appointment :

30.09.2011

DIN No.:

03623946

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U27203MH2000PTC129953

3A COMPOSITES INDIA PRIVATE LIMITED

Director

30/09/2011

01/03/2011

Active

NO

 

 

Name :

Mr. Alagarramanujam Thirunarayanan

Designation :

Director

Address :

No.4, Kasi Nagar, Near Anna Nagar Fire Station, Peelamedu, Coimbatore-641004, Tamil Nadu, India

Date of Birth/Age :

20.02.1966

Date of Appointment :

27.10.2014

PAN No.:

ABIPT7824J

DIN No.:

06373007

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U51504TZ2012PTC018778

SWISS SERVICE MANAGEMENT INDIA PRIVATE LIMITED

Managing director

21/09/2012

21/09/2012

Active

NO

2

U27203MH2000PTC129953

3A COMPOSITES INDIA PRIVATE LIMITED

Director

27/10/2014

31/01/2014

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Dhananjay Yashawant Godbole

Designation :

Manager

Address :

A/3, Bageshri Cooperative Society – B, Natvarya Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

31.10.1963

Date of Appointment :

16.08.2013

PAN No.:

AAFPG1683C

 

 

Name :

Ms. Naina Amin

Designation :

Senior Executive Finance/ Accounts

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.10.2014

 

Names of Shareholders

No. of Shares

 

Alucobond (Far East) Pte Limited, Singapore

7009785

Tarek Joseph Haddad (On behalf of Alucobond (Far East) Pte Limited)

1

Total

7009786

 

 

AS ON 27.10.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Aluminum Composite Panels.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         Thailand

·         Singapore

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Wholesalers, Retailers and Manufacturer

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Bank Name:

Deutsche Bank

Branch:

Fort, Mumbai, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

91-22-66584545/ 71804545 (Continuously Ringing)

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Central Bank of India

81; Barodawala Mansion, Worli Branch; Worli, Mumbai - 400018, Maharashtra, India

 

 

Facilities :

--

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AACFD4815A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Alucobond Far East Pte Limited, Singapore

 

 

Ultimate Holding Company :

Schweiter Technologies, Switzerland

 

 

Fellow Subsidiary Company :

·         3A Composites GmbH , Germany

·         Airex AG, Switzerland

·         3A Composites International AG, Switzerland

·         3 A Composites (China) Limited

·         3 A Composites USA INC

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7250000

Equity Shares

Rs. 10/- each

Rs. 72.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7009786

Equity Shares

Rs. 10/- each

Rs. 70.098 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

NOTE: FINANCIAL ATTACHED

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

70.098

70.098

70.098

Reserves & Surplus

21.790

84.361

228.878

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

91.888

154.459

298.976

 

 

 

 

Long-term borrowings

194.825

184.595

756.955

Short term borrowings

53.496

188.830

121.030

Total borrowings

248.321

373.425

877.985

Debt/Equity ratio

2.702

2.418

2.937

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

1029.208

1047.131

1194.706

 

 

1.741

14.093

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

1029.208

1047.131

1194.706

Profit

(20.469)

46.203

23.864

 

(1.99%)

4.41%

2.00%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90145140

20/04/2004

5,300,000.00

CENTRAL BANK OF INDIA

81; BARODAWALA MANSION, WORLI BRANCH; WORLI, MUMBAI-400018, MAHARASHTRA, INDIA

-

2

90143587

26/08/2003 *

65,000,000.00

CENTRAL BANK OF INDIA

81; BARODAWALA MANSION, WORLI BRANCH; WORLI, MUMBAI-400018, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Fully convertible debentures intercorporate

649.108

86.882

Term loans from others

107.847

97.713

 

 

 

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

121.030

188.830

Total

877.985

373.425

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from Unit No. 321, 2nd Floor, Building No. 3, Solitaire Corporate Park, Mumbai-400093, Maharashtra, India to the present address w.e.f 31.05.2010

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

 

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 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. 66.11

UK Pound

1

Rs. 100.51

Euro

1

Rs. 70.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

 

--

 

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.