MIRA
INFORM REPORT
|
Report Date : |
19TH
May 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ASTRAL
GLASS PRIVATE LIMITED |
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Registered Office : |
A-5,
Silver Arch, Ram Nagar, Borivali West, Mumbai – 400092, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
6TH
January, 1995 |
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Com. Reg. No.: |
11-84401 |
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CIN No.: [Company
Identification No.] |
U2610MH1995PTC084401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKA01486C
/ MUMA10626A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in manufacturing Empty Glass Bottles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
750000 |
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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 well established company having satisfactory track. Trade relations are fair. Financial
position is good. Payments are correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. It can
be regarded as a promising business
partner in a medium to long-run. |
LOCATIONS
|
Registered Office : |
A-5,
Silver Arch, Ram Nagar, Borivali West, Mumbai – 400092, Maharashtra, India |
|
Tel. No.: |
91-22-28962200
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Fax No.: |
91-22-56906989 |
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E-Mail : |
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Website : |
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Corporate
Office : |
2nd
Floor, A Wing, Adinath Tower, Nancy Colony, Borivali (E), Mumbai,
Maharashtra, India |
|
Tel.
No.: |
91-22-28962200
/ 56902200 |
|
Fax
No.: |
91-22-56906989
/ 28965333 |
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E-Mail
: |
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Website : |
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DIRECTORS
|
Name : |
Mr.
Satish P Bhat |
|
Designation : |
Chairman
and Managing Director |
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Address : |
Flat
No 542, 5th Floor, Sunrose Rishi Complex, Off Holy Cross Road,
Borivali (W) Mumbai – 400068, Maharashtra |
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Date of Birth/Age : |
07/01/1957 |
|
Qualification : |
B A
Graduate |
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Date of Appointment : |
06/01/1995 |
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|
|
|
Name : |
Mr.
Vishwanath R. Nayak |
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Designation : |
Director
|
|
Address : |
A/404,
TPS II, Off Ram Mandir road, Vazira Naka, Borivali (E), Mumbai-400092,
Maharashtra |
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Date of Birth/Age : |
18/07/1960 |
|
Qualification : |
Chartered
Accountants |
|
Date of Casing : |
29/10/2004 |
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Election commission No.: |
MT/09/0114518 |
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Date of Appointment : |
01/02/1996 |
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|
|
|
Name : |
Mr.
Dhananjay S. Bhat |
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Designation : |
Director
|
|
Address : |
Flat
No 542, 5th Floor, Sunrose Rishi Complex, Off Holy Cross Road,
Borivali (W) Mumbai – 400068, Maharashtra |
|
Date of Birth/Age : |
11/05/1981 |
|
Date of Appointment : |
01/09/2004 |
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|
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|
Name : |
Mr.
Surendran Kallankady |
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Designation : |
Director
|
|
Address : |
Flat
No. 19/03/18, Cosmos, 4th Floor, Bhavani Nagar, Andheri (E),
Mumbai-400059, Maharashtra |
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Date of Birth/Age : |
12/11/1945 |
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Date of Appointment : |
10/10/1996 |
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Satish P Bhat |
3299979 |
|
Mr.
Vishwanath R. Nayak |
2200000 |
|
Abdulbhai
Daalli |
1 |
|
Nagpal
K Atmaram |
1 |
|
Nani
Ronald Lapt |
1 |
|
Crystal
Clear investment |
1 |
|
Nagapal
Atmaram Dilipkumar |
1 |
|
Nodak
Yusuf Ifrikar |
1 |
|
Nagapal
N. Dawahal |
1 |
|
Manji
L Lakho |
1 |
|
Bajaj
B. Lalitha |
1 |
|
Jajasia
B. Prem |
1 |
|
Nagpal
A. Ramchand |
1 |
|
Bablani
Seema |
1 |
|
Sona
Education Trust |
1 |
|
Nagapal
Atmaram Suresh |
1 |
|
Nagpal
Vinita |
1 |
|
Bhyani
Book Depot |
1 |
|
D B
Desai |
1 |
|
Infinite
Metals |
1 |
|
Uamat
S Mamta |
1 |
|
Surve
S D |
1 |
|
Kamat S P |
1 |
|
Abdulbhai
Fidalli |
1 |
|
Atmaram
K Nagapal |
1 |
|
Capt
Ronald Mani |
1 |
|
Crystal
Clear investment |
1 |
|
Nagapal
Atmaram Dilipkumar |
1 |
|
Yusuf
Hooak |
1 |
|
Nagapal
N. Jawahar |
1 |
|
Mani L
Lakho |
1 |
|
Bajaj
B Lalitha |
1 |
|
Jagasia
Prem |
1 |
|
Nagpal
A R |
1 |
|
Bablani
Seema |
1 |
|
Sona
Education Trust |
1 |
|
Nagapal
Atmaram Suresh |
1 |
|
Nagapal
J Uinita |
1 |
|
Bhyani
Book Depot |
1 |
|
D B
Desai |
1 |
|
Infinite
Metals |
1 |
|
Kamat
Mamta |
1 |
|
Suresh
S P |
1 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing Empty Glass Bottles. |
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Products : |
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PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Glass Bottles |
MT. Tons |
|
29115 |
16877 |
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GENERAL
INFORMATION
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Bankers : |
Ø
The
consortium Banks Ø
Corporation
bank Ø
The
Saraswat Cooperative Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Singrodia
Goyal and Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 150.000 millions |
|
|
|
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|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 55.000 millions |
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|
|
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|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
55.000 |
55.000 |
|
|
2] Share Application Money |
|
3.400 |
0.000 |
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|
3] Reserves & Surplus |
|
128.756 |
99.921 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
187.156 |
154.921 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
424.071 |
222.496 |
|
|
2] Unsecured Loans |
|
66.225 |
20.132 |
|
|
TOTAL BORROWING |
|
490.296 |
242.628 |
|
|
DEFERRED TAX LIABILITIES |
|
48.880 |
39.160 |
|
|
|
|
|
|
|
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TOTAL |
|
726.332 |
436.709 |
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|
|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
487.980 |
217.892 |
|
|
Capital work-in-progress |
|
34.933 |
84.785 |
|
|
|
|
|
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|
INVESTMENT |
|
0.200 |
0.150 |
|
|
DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
157.930 |
75.961 |
|
|
Sundry Debtors |
|
150.356 |
109.712 |
|
|
Cash & Bank Balances |
|
21.343 |
12.709 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
20.626 |
20.992 |
|
Total Current Assets |
|
350.255 |
219.374 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
148.123 |
86.961 |
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
148.123 |
86.961 |
|
|
Net Current Assets |
|
202.132 |
132.413 |
|
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|
MISCELLANEOUS EXPENSES |
|
1.087 |
1.469 |
|
|
|
|
|
|
|
|
TOTAL |
|
726.332 |
436.709 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
689.586 |
525.277 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
41.370 |
25.518 |
|
Provision
for Taxation |
|
2.325 |
3.700 |
|
Profit/(Loss)
After Tax |
|
38.325 |
21.818 |
|
|
|
|
|
|
Export
Value |
|
446.269 |
376.461 |
|
|
|
|
|
|
Import
Value |
|
7.211 |
13.210 |
|
|
|
|
|
|
Total
Expenditure |
|
648.215 |
499.758 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
5.56 |
4.15 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
6.00 |
4.86 |
|
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
4.94 |
5.84 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
0.16 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.30 |
2.13 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.36 |
2.52 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets :
Ø
Free
hold land and land development
Ø
Building
and factory sheds
Ø
Plant
and machinery
Ø
Direct
fire melting furnace
Ø
Moulds
and dies
Ø
Electrical
installations
Ø
Furniture
and fixture
Ø
Office
equipments
Ø
Vehicles
Ø
Computers
and ERP systems
Trade
Terms with :
Ø
Avadhoot
Industries
Ø
Bakul
Agencies
Ø
Bhanu
cosmetics packing Private limited
Ø
Bills
Enterprises
Ø
Carepack Industries
Ø
Chirag
pack India Private Limited
Ø
Deep
Kamal Printing and Packaging Private Limited
Ø
Dipti
corrugating Industries Private Limited
Performance Review :
In this
backdrop, the operational income of the company grew by 20.52 % and stood at
Rs. 613.100 millions as against Rs. 508.700 millions for the previous year. The
company has attained a dominate position in the Indian and overseas perfume
bottles market by providing customized packing solutions to the customers. The
financial strength continues to successfully sustain the company’s business
model, which is centred on attaining market leadership in its chosen areas of
competence at an internationally competitive level. The company will always
endeavour to leverage its product, technological and people strength to enhance
its value. This sustainable growth model is being further strengthened with new
initiatives that will add to the company’s fundamentals.
Export
:
Consolidated
international sales stood at Rs. 479.7000 millions contributing to 81 % of
total sales on accounts of increased penetration across newer market thereby
increasing the customers base as well as making further inroads in the global
market, during the corresponding previous year consolidated international sales
was Rs.413.100 millions
Domestic
Revenues:
The
domestic revenue grew by 21.78 % from Rs. 93.570 million s to Rs. 113.950
millions
Efficient
customer servicing coupled with other technological improvements has
contributed to increased performance in total revenues as compared to the
previous year.
Strengthening
Competitiveness:
Marketing
Team has participated in all the Major International Exhibition in Cosmetics
and perfumes and has made special inroads into the new markets, especially
Russia and other countries in the African continent. The steadily strengthening
competitive capability of ht company business is what ahs been driving its
superior performance in the recent years. With in house capacities for tools
making frosting, printing and coating of bottles the calye addition was inherit
and thus the company is poised for a significant growth in the coming year.
This has been achieved by study incremental improvements in the business
processes taking full advantage of the advances in IT and communications.
Finance
:
With the
commissioning of the New 100 % EOU the company had increased its working
capital limits, with equal participation from the consortium Banks, corporation
bank and the Saraswat Bank Limited. The foreign currency term loan of Rs.
194.900 millions availed form corporation Bank for the new EOU Unit II project
have been deployed for the purpose for which its was raised.
Overview
:
The
Indian Economy continued with its healthy trend during 2004-2005, despite an
erratic monsoon and inflationary pressures primarily owing to a steep rise in
international oil prices. Both industrial production and services sector
recorded higher growth rate of around 6.9 %
The
Asian development Bank expects India to be world’s largest economy by the year
2015 with a share of 14.03 % of the Global Economy after China and US overall
demand in India was strong with steady GDP growth increased export, low cost of
capital and an all time high foreign exchange reserves.
Despite
large excess liquidity in the system during 2004-2005 domestic interest rates
moved north reflecting uncertainties in oil prices, an upward terns in global
interest rates increasing domestic demand for credit long term yield continued
to harden mainly on account of rising inflation caused by hgigh crude and
commodity prices two consecutive repo rate lines by RBI and successive rate
hikes by US Federal open market committee. The 10 years benchmark yield has
appreciated by 152 bps in fiscal 2004-05 to end the year at 6.67 % from the
level of 5.15 % in fiscal 2003-04. the exchange rate which stood at Rs. 43.25
at a dollar in March 2004 depreciated to Rs. 43.70 level in last quarter of the
fiscal year 2005. robust fii inflows and standard and poor upgrade of long term
foreign currency reading of the India has made an impact on the exchange rate.
This period was also accompanied by rating upgrade as mentioned earlier and by
general increased warrantee about the Indian economy.
Review
of operation :
In this
backdrop, operational income of the company increased 20.52 % to Rs. 613.100
millions. Net profit recorded an increase of 75.86 % to Rs. 38.546 million. The
company’s continued focus on operational efficiency and product rationalization
helped to improve the margin. The tonnage wise despatches and production of
glass bottles for the last three years is as under.
|
Particular
|
2004-2005 |
|
Production
(in metric tons) |
16877 |
|
Despatches
(in metric tons) |
16055 |
The
company also sold plastic and aluminium closu8res as part of its total packing
solutions to cosmetic manufacturers across the globe.
Additional facilities :
The company followed the policy of attaining state of the art manufacturing standards by acquiring latest technology thereby achieving production nad operational efficiency, with the commissioning of th enew 100 % EOU UNIT II for manufacturing of performer glass bottles within a records span of 9 month. The start was done with the successful firing of the Furnace in September, 2004. since then all the production and quality parameters and the economy of scale in operation have been achieved by the company.
Yet another landmark achievement was that of
conversion of existing UNIT I as a 100 % EOU in December, 2004
The company now has a total capacity of 100
TPD of plain perfumes bottles. The DECO unit commissioning has also contributed
immensely in terms of value addition and in providing packaged solutions
to customer. With in house printing
coating and frosting facilities available, the decorative unit will provide a
major trysts on value additions thereby increasing margins.
As per website
Working
with glass is perpetual source of surprise and joy. A simple idea or
sketch will suddenly transform into a shell a precious store, opal or
marble. Perhaps it was because of this gift
of metamorphosis that the ancients
attributed supernatural powers to glass and
for this same reason that it has become perfume's privileged
partner.
Redesigning
something that has been around
forever demands that you conceptualize the familiar in
completely new ways.
Formulate
questions explore the meaning of the product
challenge assumptions
Astral
glass - designed products transcend the
cliché of cold, lifeless technology
And impresses upon users
wonderment, empowerment and reward.
presenting…astralabsolute
showcase bottle of the year 2004
Our
creative process draws upon our experience, design
research and unique mix of talent to create physical mix of
talent to create physical emotional substance.
The
product becomes the container for a compelling story;
it keeps the promise the brand makes.
Our
industrial design, mechanical engineering, and OEM liaison and
logistics teams create products that momentarily
stop the world.
Resistance
is futile.
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. 45.68 |
|
UK
Pound |
1 |
Rs. 85.33 |
|
Euro |
1 |
Rs. 58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |