MIRA
INFORM REPORT
|
Report Date : |
19TH
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
GOLD
PLUS TOUGHENED GLASS LIMITED |
|
|
|
|
Registered Office : |
206,
Kamdhenu CHS Building No. 4, Lokhandwala Complex, Andheri (West), Mumbai –
400053 |
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|
|
|
Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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|
Date of Incorporation : |
29th
October, 1999 |
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|
|
|
Com. Reg. No.: |
11-122461 |
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|
|
|
CIN No.: [Company
Identification No.] |
U26100MH1999PTC122461 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG07841B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCG0389C |
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|
|
Legal Form : |
A
closely held public limited liability company |
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|
Line of Business : |
Manufacturers,
Producers, Exporters, Importers, Traders, Dealers, Distributors, Stockist,
Buyers, Sellers, Agents and Merchants of Sheet Glass, Plate Glass, Float
Glass, Toughened Glass, Wired Glass, Glass Containers, Toys, Decorative
articles, Household Goods, etc. made fully or partly of glass products and
other type or types of glass required in or used for Industrial Building,
Domestic, Household, Furniture, Electric Fittings, Transport Vehicles,
Architectural, Structural and other purposes. |
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 |
|
Maximum Credit Limit : |
USD
200000 |
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|
|
|
Status : |
Satisfactory
|
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|
|
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Payment Behaviour : |
Regular
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|
Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company. It is faring well. Financial
position is satisfactory. Trade relations are fair. Payments are correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
206,
Kamdhenu CHS Building No. 4, Lokhandwala Complex, Andheri (West), Mumbai –
400053 |
|
Tel. No.: |
91-22-26345507 |
|
|
|
|
Factory
1 : |
Village
– Liwaspur, Bhalgarh, District Sonepat, Haryana, India |
DIRECTORS
|
Name : |
Mr. Subhash Tyagi |
|
Designation : |
Director |
|
Address : |
H- 4/26, Sector II, Rohini, Delhi –
110085, India |
|
Date of Appointment : |
26.11.1999 |
|
|
|
|
Name : |
Mr. Philips Soares |
|
Designation : |
Director |
|
Address : |
Bandra Beach View Co-operative Society,
Flat No.12 , 2nd Floor, 74, Chimbai Road, Bandra, Mumbai,
Maharashtra, India |
|
Date of Appointment : |
26.11.1999 |
|
|
|
|
Name : |
Mr. Pratap Rangwani |
|
Designation : |
Director |
|
Address : |
I.K. 29, Ajay Nagar, Ajmer, Rajasthan,
India |
|
Date of Appointment : |
29.10.1999 |
|
|
|
|
Name : |
Mr. Peter S. D’Cruz |
|
Designation : |
Director |
|
Address : |
Flat No. 202, Joanna Manuel Gousalves
Road, Bandra [West], Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
29.10.1999 |
|
|
|
|
Name : |
Mrs. Meynell Sheila Soares |
|
Designation : |
Director |
|
Address : |
Bandra Beach View Co-operative Society,
Flat No.12 , 2nd Floor, 74, Chimbai Road, Bandra, Mumbai,
Maharashtra, India |
|
Date of Appointment : |
26.11.1999 |
|
Name
: |
Mr. Suresh Tyagi |
|
Designation
: |
Director |
|
Address
: |
H- 4/26, Sector II, Rohini, Delhi –
110085, India |
|
Date
of Appointment : |
23.06.2000 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Subhash Tyagi |
59140 |
|
Mr.
Suresh Tyagi |
29860 |
|
Mr.
Peter S. D’Cruz |
10 |
|
Mr.
Pascal D’Souza |
10 |
|
Mrs.
Gomati Nayagam |
10 |
|
Mr.
Philips Soares |
109970 |
|
Mr.
Pratap Rangwani |
108990 |
|
Mrs.
Pooja Pratap Rangwani |
5 |
|
Ms.
Arti Pratap Rangwani |
5 |
|
Total |
300000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Producers, Exporters, Importers, Traders, Dealers, Distributors, Stockist,
Buyers, Sellers, Agents and Merchants of Sheet Glass, Plate Glass, Float
Glass, Toughened Glass, Wired Glass, Glass Containers, Toys, Decorative
articles, Household Goods, etc. made fully or partly of glass products and
other type or types of glass required in or used for Industrial Building,
Domestic, Household, Furniture, Electric Fittings, Transport Vehicles,
Architectural, Structural and other purposes. |
|
|
|
|
Products : |
Toughened
Glass or Toughened Glass Sheet |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Toughened
Glass |
Sq. Mtrs. |
190080 |
190080 |
149275 |
GENERAL
INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
|
|
|
|
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Facilities : |
Secured Loan The Bank of Rajasthan Limited – Rs. 19.200 Hire Purchase Loan ABN Amro Bank – Rs. 0.955 Cholamandlam Investment and Financial Company Limited – Rs. 0.534 ICICI Bank – Rs. 0.683 Millions Reliance Industries Limited – Rs. 0.015 HDFC Bank – Rs. 0.925 Millions ICICI Bank – Rs. 0.164 Millions Total – Rs. 22.481 Millions |
|
|
|
|
Banking Relations : |
Satisfactory |
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|
|
|
Auditors : |
S. B.
Vasmate and Company Chartered
Accountants |
|
Address: |
19/21,
Bombay Mutual Chambers, 2nd Floor, Ambalal Doshi Marg, Fort, Mumbai
– 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22631297/26333995/56789500 |
|
Mobile No.: |
91-982102520 |
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Fax No.: |
91-22-26345507 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.186 |
16.537 |
13.306 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
55.186 |
46.537 |
43.306 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.481 |
26.134 |
32.914 |
|
|
2] Unsecured Loans |
24.443 |
22.154 |
12.154 |
|
|
TOTAL BORROWING |
46.924 |
48.288 |
45.068 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
102.110 |
94.825 |
88.374 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.815 |
60.077 |
59.777 |
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|
Capital work-in-progress |
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|
|
|
|
|
|
|
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INVESTMENT |
|
|
|
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|
DEFERREX TAX ASSETS |
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|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.944
|
15.855 |
14.543 |
|
|
Sundry Debtors |
51.086
|
43.234 |
26.614 |
|
|
Cash & Bank Balances |
0.621
|
0.310 |
0.452 |
|
|
Other Current Assets |
2.213
|
1.339 |
1.323 |
|
|
Loans & Advances |
13.810
|
6.071 |
3.043 |
|
Total Current Assets |
84.674
|
66.809 |
45.975 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
20.095
|
19.558 |
13.262 |
|
|
Provisions |
18.284
|
12.575 |
4.257 |
|
Total Current Liabilities |
38.379
|
32.133 |
17.519 |
|
|
Net Current Assets |
46.295
|
34.676 |
28.456 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.072 |
0.141 |
|
|
|
|
|
|
|
|
TOTAL |
102.110 |
94.825 |
88.374 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
272.672 |
208.831 |
140.487 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
13.795 |
10.064 |
11.366 |
|
Provision
for Taxation |
4.518 |
2.548 |
0.895 |
|
Profit/(Loss)
After Tax |
9.276 |
7.516 |
10.471 |
|
|
|
|
|
|
Export
Value |
43.981 |
34.394 |
NA |
|
|
|
|
|
|
Import
Value |
35.040 |
25.734 |
NA |
|
|
|
|
|
|
Total
Expenditure |
222.345 |
163.308 |
108.366 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
3.40
|
3.59 |
7.45 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
5.05
|
4.81 |
28.07 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
9.81
|
7.93 |
10.74 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.21 |
0.26 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.54
|
1.72 |
1.44 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.20
|
2.07 |
2.62 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
Results
Sales
and other income for the year under review were Rs. 272.673 Millions as against
Rs. 208.832 Millions during the previous year ended 31.03.2004
The
company had earened a profit before tax of Rs. 13.796 Millions and Profit after
tax of Rs. 9.277 Millions as against Rs. 10.064 Millions and Rs. 7.516 Millions
respectively during the previous year ended 31.03.2004.
During
the year sales and other income gone up from 2.088 to 2.726 almost 30% however
direct cost had gone up by 37% from 163.300 to 224.300 and indirect cost had
gone up by only 5% 23.500 to 24.600 and financial charge had gone down slightly
from 3.193 to 3.146 and depreciation is almost the same as in previous year.
Expansion
The
company had installerd vertical washing machine imported from China during the
year. It had immensely improved the washing and drying quality of the glass
The
total sale of the laminating division is Rs. 65.113 approx. Whercas the sales
of toughened division comes to Rs. 188.351 approx
Business
Outlook
The
business prospects of the Glass processing industry is very bright with the
sharp rise in infrastructural development and use of various types of glasses
in commercial/shopping complexes/malls, hotels, apartment and residential
building etc. However the competition is also hottening up with the coming up
of several glass processing units in various parts of India
Cost
Reduction
The
company is constantly making efforts for reduction in the various elements of
the cost through measures such as proper manpower scheduling production
scheduling reduction in idle time strict implementation of preventive. During
the year company had also got increased the sanctioned load of hseb CONNECTION
FROM 250 kw TO 1500 kw. The increases in HSEB load had reduced the dependence
on diesel gensets. Ultimately
reducing the power cost. Reduction in power cost had served as a cushion
against the fluctuation in cost of Raw Materials.
The
company’s fixed assets of important value include Land, Building, Vehicle,
Furniture and Fixtures, Computers, Generator and Automatic Glass Cutting Table.
|
Name of the company |
GOLD
PLUS TOUGHENED GLASS LIMITED |
|
Presented By |
Mr. Subhash Tyagi |
|
1) Date and description of instrument creating the change |
26.09.2000 Hypothecation of Goods, Machinery, Book Debts, Deposit of title deeds. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock of raw material, finished goods work in progress, sundry debtors, plant and machinery, land and building |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit limit of Rs. 15.000 Millions Rate of Interest – 16.25% |
|
5) Name and Address and description of the person entitled to the charge. |
The Bank of Rajasthan Limited, 82 Janpath, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
|
|
|
Name of the company |
GOLD
PLUS TOUGHENED GLASS LIMITED |
|
Presented By |
Mr. Subhash Tyagi |
|
1) Date and description of instrument creating the change |
22.03.2003, Agreement of Hypothecation of Machinery, security for all advances and loans and letter of continuity extending the coverage of equitable mortgage of factory land and building over the term loan of Rs.12.500 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.500 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all plant and machinery purchased out of loan amount as per list enclosed and equitable mortgage of factory land and building situated at village liwaspur, Bahalgarh District – Sonjepat, Haryana |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 0.5% above banks PLR i.e. 13.5% |
|
5) Name and Address and description of the person entitled to the charge. |
The Bank of Rajasthan Limited, 82 Janpath, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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 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.45.52 |
|
UK
Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.46 |
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 |