MIRA
INFORM REPORT
|
Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
IMPACT SAFETY GLASS WORKS PRIVATE LIMITED |
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Registered Office : |
152, Wheeler Road, Frazer Town, Bangalore 560005,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.04.1986 |
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Com. Reg. No.: |
08-7575 |
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CIN No.: [Company
Identification No.] |
U26101KA1986PTC007575 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00134B |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturing , importing, exporting and trading of all types
of glass, sheets, mirrors, reflectors and glassware for automobile and other
purposes. |
RATING &
COMMENTS
|
MIRAs 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 630000 |
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Status : |
Satisfactory |
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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. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
152, Wheeler Road, Frazer Town, Bangalore 560005,
Karnataka, India |
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Tel. No.: |
91-80-25364254 / 5593 / 25514395 / 25570223 |
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Fax No.: |
91-80-25542234 |
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E-Mail : |
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Area : |
2000 Sq. fts. Rented |
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Factory : |
# 23 Old Madras Road, Avalahalli, Bangalore 560 049, Karnataka, India |
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Tel. No.: |
91-80-2847 2263 / 2842 / 2367 / 2218 |
|
Area : |
15000 sq.ft Owned |
DIRECTORS
|
Name : |
Mr. Ramesh Kumar Dutta |
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Designation : |
Managing Director |
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Address : |
No. 7, Sundermurthy Road, Cox Road, Bangalore 560005, Karnataka,
India |
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Date of Birth/Age : |
10.02.1947 |
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Date of Appointment : |
23.04.1986 |
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Name : |
Mrs. Vijaya Dutta |
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Designation : |
Director |
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Address : |
No. 7, Sundermurthy Road, Cox Road, Bangalore 560005, Karnataka,
India |
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Date of Birth/Age : |
01.01.1949 |
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Date of Appointment : |
23.04.1986 |
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Name : |
Mr. Yogesh Dutta |
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Designation : |
Director |
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Address : |
No. 7, Sundermurthy Road, Cox Road, Bangalore 560005, Karnataka,
India |
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Date of Birth/Age : |
27.03.1973 |
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Date of Appointment : |
12.11.1999 |
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Name : |
Mr. Vikram Dutta |
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Designation : |
Director |
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Address : |
No. 7, Sundermurthy Road, Cox Road, Bangalore 560005, Karnataka,
India |
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Date of Birth/Age : |
10.10.1976 |
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Date of Appointment : |
12.11.1999 |
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Name : |
Mr. Bindesh Dutta |
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Designation : |
Director |
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Address : |
No. 7, Sundermurthy Road, Cox Road, Bangalore 560005, Karnataka,
India |
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Date of Birth/Age : |
13.12.1978 |
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Date of Appointment : |
01.03.2004 |
KEY EXECUTIVES
|
Name : |
S. P. Srinivasan |
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Designation : |
Company Secretary |
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Address : |
Vijayragavan, A 001, Adarsha Hills, Kumarswamy Layout, Bangalore
560078, Karnataka, India |
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Date of Birth/Age : |
24.09.1958 |
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Date of Appointment : |
25.02.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
A. K. Dutta |
|
2747 |
|
Asha |
|
3006 |
|
Ashwini Kumar Mehta |
|
6583 |
|
Bindesh Dutta |
|
11882 |
|
Manhar Dutta |
|
10744 |
|
Chandra Shekhar |
|
2347 |
|
Deepak Dutta |
|
3559 |
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Kailash Dutta |
|
4619 |
|
Naresh Kuma Dutta |
|
2439 |
|
Neetha Bakshi |
|
2573 |
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P. R. Krishnamurthy |
|
4454 |
|
P. R. Usha |
|
9457 |
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P. R. Venkatesh |
|
7089 |
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P. S. Murli |
|
9188 |
|
R. K. Dutta |
|
191161 |
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Sadanand |
|
4325 |
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Shyam Sunder |
|
1691 |
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S. K. Prabhakar |
|
1688 |
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Sujata Dutta |
|
3233 |
|
Vijaya Dutta |
|
129671 |
|
Vijaya Mirror and Glass Works Private Limited |
|
79129 |
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Vikram Dutta |
|
98774 |
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Vinod Prabhakar |
|
4455 |
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Vivek Dutta |
|
3823 |
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Yogesh Dutta |
|
97363 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing , importing, exporting and trading of all
types of glass, sheets, mirrors, reflectors and glassware for automobile and
other purposes. |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Licensed
Capacity |
|
Glass (toughned) |
Sq. Mtrs. |
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|
450000 |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Total 625 :- in factory 600 + office 25 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M Sambasiva Rao and Company Chartered Accountants |
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Address : |
35, III Floor, Annadanappa Layout, Avenue Road, Bangalore
560 002, Karnataka |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
845640 |
Equity Shares |
Rs. 100/- each |
Rs. 84.564 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
84.564 |
84.564 |
69.600 |
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2] Share Application Money |
8.129 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
63.723 |
51.937 |
48.830 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
156.416 |
136.501 |
118.430 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
329.888 |
250.907 |
141.220 |
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2] Unsecured Loans |
3.782 |
0.000 |
2.130 |
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TOTAL BORROWING |
333.670 |
250.907 |
143.350 |
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DEFERRED TAX LIABILITIES |
15.864 |
10.825 |
9.180 |
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TOTAL |
505.950 |
398.233 |
270.960 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
228.612 |
244.834 |
187.340 |
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Capital work-in-progress |
36.995 |
0.000 |
0.000 |
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INVESTMENT |
5.741 |
5.741 |
5.740 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
185.131
|
120.557 |
90.440
|
|
|
Sundry Debtors |
203.722
|
120.759 |
59.070
|
|
|
Cash & Bank Balances |
1.569
|
0.468 |
6.340
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
35.041
|
38.462 |
18.910
|
|
Total
Current Assets |
425.463
|
280.246 |
174.760 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
165.145
|
112.691 |
96.88 |
|
|
Provisions |
25.716
|
19.897 |
|
|
Total
Current Liabilities |
190.861
|
132.588 |
96.88 |
|
|
Net Current Assets |
234.602
|
147.658 |
77.88 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
505.950 |
398.233 |
270.960 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover |
|
|
480.89 |
|
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|
|
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|
Profit/(Loss) Before Tax |
|
|
35.77 |
|
Provision for Taxation |
|
|
13.39 |
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Profit/(Loss) After Tax |
|
|
22.38 |
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Earnings in Foreign Currency : |
|
|
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Total Earnings |
|
|
6.590 |
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Imports : |
|
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Total Imports |
|
|
93.360 |
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Expenditures : |
|
|
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Total Expenditure |
|
|
445.110 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
NA |
4.65
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
7.77
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
9.72
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.30
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.35
|
2.81 |
2.02
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
2.11 |
1.80
|
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets :
- Land
- Building
- Plant and Machinery
Bankers Charges
Report as per Registry
|
Name of the company |
IMPACT SAFETY GLASS
WORKS PRIVATE LIMITED |
|
Presented By |
State Bank of
India, Overseas Branch and Impact
Safety Glass Works Private Limited |
|
1) Date and description of instrument creating the change |
Date : 31.03.1993 general agreement
for the grant of Small Industrial advance and Hypothecation of Movable, book
debts and other assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.775
Millions |
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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 |
All present and
future goods, book debts, movable and other assets including existing and
future machineries. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: 1.75 % above SBAR Min 19.75 % p.a. with quarterly rest. Margin : Raw
Materials stores and bills 25 %; semi finished and finished goods 33.33 %
: Repayment: On Demand |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Overseas Branch St. Marks Road, Bangalore 560001 |
|
6) Date and brief description of instrument modifying the charge |
Date 30.12.2004 Supplemental agreement
of hypothecation of goods and assets. Form C 2 A, Letter regarding the
grant of individual limit within the overall limit Form C 5 |
|
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. |
By the above the
amount secured by the charge stands increased from Rs. 174.300 Millions to
Rs. 206.500 Millions Rate of interest
: Cc 11.75 % p.a. with periodical rests or at such rate and at such rests as
the bank may specify from time to time. TL III 12.25 %
p.a. with periodical rests or at such rate and at such rests as the bank may
specify from time to time. TL I and Ii As specified by the Bank from time
to time. Penal Interest : 2 % p.a. Margin : 10 % on
R. M. [Import] / LC / BG 25 % p.a. Repayment : Cc on
demand TLs As
specified by the bank Security of
stocks, goods, book debts, receivables, other movable assets Plant and
Machinery etc. already obtained both present and future; assets to be
purchased out of bank finance are available for the entire credit facilities
of Rs. 206.500 Millions by way of First Charge. |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
U26101KA1986PTC007575 |
|
Corporate
identity number of the company |
10061735 |
|
Name of the
company |
IMPACT SAFETY GLASS WORKS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
152, Wheeler Road, Frazer Town, Bangalore 560005,
Karnataka, India |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
ICICI Bank, ICICI Bank Towers, 1, Commissariat Road, Bangalore - 560001, Karnataka, India Email : jain.anu@icicibank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry dated 01.09.2007 created by State Bank of India in favour of ICICI Bank
|
|
Date of
instrument Creating the charge |
01.09.2007 |
|
Amount secured by
the charge |
Rs. 4.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : 13
% p.a. Terms of
repayment Facility is
repayable on demand. However working capital facility is renewable every
year. Margin 25 % against inventory
30 % against
debts Extent operation
of the charge The following
were the securities offered by the company. First pari passu
charge with State Bank of India on entire current assets of the company,
present and future, Second pari passu charge on the fixed assets of the
company except for vehicles under hire purchase and excluding fixed assets
funded by Canara Bank. |
|
Short particulars
of the property charged |
First pari passu
charge with State Bank of India by way of Equitable Mortgage of Commercial
Proeprty No. 152, Wheeler Road, Fraser Town, Bangalore 560005 belonging to
Mr. R. K. Dutta and Mrs. Vijaya Dutta.
|
|
Particulars of
the present modification |
First pari passu charge
with State Bank of India by way of Equitable Mortgage of Commercial Proeprty
No. 152, Wheeler Road, Fraser Town, Bangalore 560005 belonging to Mr. R. K.
Dutta and Mrs. Vijaya Dutta. |
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 Intl
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 companys 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.39.67 |
|
UK Pound |
1 |
Rs.81.78 |
|
Euro |
1 |
Rs.58.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|