MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GLAZETECH ALUPANEL PRIVATE LIMITED |
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Registered Office : |
103, Riddhi Siddhi Building, Ahinsa Circle C – Scheme, Jaipur – 302
001, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.08.2004 |
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Com. Reg. No.: |
17-19644 |
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CIN No.: [Company
Identification No.] |
U27203RJ2004PTC019644 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRG03134F |
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PAN No.: [Permanent
Account No.] |
AACCG1902E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Aluminium Coloured Coated Coils and Aluminium Composite
Panels. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 104000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track records.
Company’s profitability is under severe pressure. It has huge accumulated
losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
103, Riddhi Siddhi Building, Ahinsa Circle C – Scheme, Jaipur – 302
001, Rajasthan |
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Tel. No.: |
91-141-2363656 / 2372805 |
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Fax No.: |
91-141-2374834 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Brijesh Chandra Ghiya |
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Designation : |
Director |
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Address : |
3, Sardar Patel Marg, C –Scheme, Jaipur – 302 001, Rajasthan |
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Date of Appointment : |
25.08.2004 |
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Name : |
Mr. Akshat Ghiya |
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Designation : |
Director |
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Address : |
3, Sardar Patel Marg, C –Scheme, Jaipur – 302 001, Rajasthan |
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Date of Appointment : |
25.08.2004 |
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Name : |
Mr. Shashikant Gupta |
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Designation : |
Director |
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Address : |
3, Sardar Patel Marg, C –Scheme, Jaipur – 302 001, Rajasthan |
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Date of Appointment : |
25.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Brij Chandra Ghiya |
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4000 |
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Mr. Akshat Ghiya |
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4000 |
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Mr. Shashank Gupta |
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98250 |
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Mr. Chandra Brijesh |
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2393750 |
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Total
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2500000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors Or Relatives Of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Coloured Coated Coils and Aluminium
Composite Panels. |
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Products: |
·
Glazetech
Aluminium Coloured Coils ·
Gembond
Aluminium Composite Panels |
GENERAL
INFORMATION
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Bankers : |
· State Bank of Bikaner and Jaipur Address:
Industrial Finance Branch, Sansar Chand Road, Jaipur – 302 001, Rajasthan,
India · State Bank of Bikaner and Jaipur Address: Amer Road, Jaipur, Rajasthan, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rmohnot and Company Chartered Accountants |
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Address : |
C -68, Lalkothi Scheme, Jaipur – 302 015, Rajasthan , India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity shares |
Rs. 10/- each |
Rs.25.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.000 |
25.000 |
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2] Share Application Money |
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9.600 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[8.609] |
[4.240] |
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NETWORTH |
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25.991 |
20.760 |
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LOAN FUNDS |
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1] Secured Loans |
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53.665 |
46.283 |
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2] Unsecured Loans |
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42.466 |
14.566 |
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TOTAL BORROWING |
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96.131 |
60.849 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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122.122 |
81.609 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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62.111 |
62.825 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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8.353 |
2.119 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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42.381 |
19.890 |
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Sundry Debtors |
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11.847 |
3.558 |
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Cash & Bank Balances |
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1.570 |
1.430 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.672 |
3.865 |
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Total
Current Assets |
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59.470 |
28.743 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.795 |
12.244 |
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Provisions |
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0.190 |
0.065 |
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Total
Current Liabilities |
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7.985 |
12.309 |
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Net Current Assets |
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51.485 |
16.434 |
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MISCELLANEOUS EXPENSES |
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0.173 |
0.231 |
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TOTAL |
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122.122 |
81.609 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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44.565 |
12.739 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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44.565 |
12.739 |
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Profit/(Loss) Before Tax |
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[10.520] |
[6.294] |
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Provision for Taxation |
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6.151 |
2.053 |
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Profit/(Loss) After Tax |
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[4.369] |
[4.241] |
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Import Value |
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22.476 |
34.763 |
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Total Expenditure |
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52.376 |
17.786 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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9.80 |
33.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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23.60 |
49.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.65 |
6.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.40 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.00 |
3.52 |
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Current Ratio (Current Asset/Current Liability) |
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7.44 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U27203RJ2004PTC019644 |
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Name of the company |
GLAZETECH ALUPANEL PRIVATE LIMITED |
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Address |
103, Riddhi Siddhi Building, Ahinsa Circle C – Scheme, Jaipur – 302
001, Rajasthan, India |
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This Form is for |
modification of charge |
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Type of Charges |
A charge on Immovable property, Book
debts, Movable property (not being pledge), Others. |
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Particular of the charge holder
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State Bank of Bikaner and Jaipur Address: Industrial Finance Branch, Sansar
Chand Road, Jaipur – 302 001, Rajasthan, India Email ID: sbbj10781@sbbj.co.in |
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Nature or description of the instrument creating charge |
Letter regarding the grant of individual
limits within the overall limit Supplemental agreement of hypothecation of
goods and assets For increase in the overall limit. Letter of deposition of title deeds. |
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Date of the instrument creating charge |
23.04.2007 |
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Amount Secure by the charge |
Rs. 42.300 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: Interest will be charge @ BPLR rising and falling their effective rate
10.75% per annum during the implementation period and @ 0.75% below @ BPLR ,
effective rate of 10% per annum after the commercial operations. Terms of repayment: Repayable on Demand Margin: Raw materials : 25% Stock in process: 30% finished goods: 30% Book debts / Receivables : 50% Others: Working capital Limit has been divided as follows:
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Short particulars of the Property charged |
Hypothecation of company raw materials, stock in process, finished
goods, stores spares, including in transit and book debts and other current assets
, present and future and equitable mortgage of immovable properties of the
company situated at plot No. E -703A, RIICO Industrial Area, Sitapura, Jaipur
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Particulars of the present
modification |
Working capital limit has been enhanced from Rs. 29.800 millions to
Rs. 42.300 millions. |
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Name of the company |
GLAZETECH ALUPANEL PRIVATE LIMITED |
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Presented By |
Mr. Brijesh Chandra Ghiya, Director |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 06.01.2005 executed by M/s Glazetech
Alupanel Private Limited in favour of State Bank of Bikaner and Jaipur |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Term Loan Rs. 40.000 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 |
Hypothecation of company raw materials, stock in process, finished
goods, semi finished goods, stores spares, including in transit and book
debts and other current assets present and future. The whole of the movable assets of the borrower (save and except book
debts) including movable plant and machinery, implement, fitting, spares
parts accessories, tools, stores, inventories, typewriter, motor vehicles,
office furniture , stock of raw materials, finished goods and semi finished
products, other goods and uncalled capital from time to time during the
continuance of this agreement to brought into stored in or about its premises
factories godown and elsewhere and wherever they are whether stationery or in
transit. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest: Interest will be @ BPLR / rising and falling their with effective rate
1.75% per annum during the implementation period and @ 0.75% below @ BPLR,
effective rate of 10% per annum after the commercial operations. Margin: Cash credit : Raw materials 25% Stock in Process, 30% Finished goods
30% and Book debts (upto 30 days) 50% Margin: Term Loan: Land 50%, Building 40%, Plant and Machinery 5% and
Miscellaneous fixed assets. Repayable on demand |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of Bikaner and Jaipur Address: Amer Road, Jaipur |
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6) Date and brief description
of instrument modifying the charge |
No instrument was executed but on 08.01.2005 a mortgage was created by
the company in favour of State of Bikaner and Jaipur, by deposit of title
deed with SBBJ in respect of company immovable properties situated at E-703
A, RIICO Industrial Area, Sitapura, Tank Road, Jaipur |
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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. |
Equitable mortgage of the company immovable properties to be acquired
under the project including a) Plant and machinery and other fixed assets b)
land and building of the company situated at RIICO Industrial Area, Sitapura,
Tank Road, Jaipur |
WEBSITE DETAILS:
Subject is an Indian manufacturer
of Aluminium Coloured Coils (ACC) and Aluminium Composite Panels (ACP).
The company’s manufacturing facility is located in Jaipur, India. Within
this facility subject operates INDIA’S
FIRST ALUMINIUM COLOUR COATING LINE, as well as the internationally
most advanced aluminium plastic composite panel production lines – double
dried, double scrawled, roll-scrawled and lacquer toasted – in a facility with an
area of 50000 sq ft and a built up area of 28000 sq ft. With a team of more
than 50 highly qualified scientific researchers and technicians, and a rigorous
quality control process at every stage of production, the company’s aim is to
provide a high end product with a technically strong customer driven service.
Subject is registered as a manufacturer and exporter of aluminium
composite panels with the Engineering Export Promotion Council (EEPC), which
greatly facilitates international business with the company. The company is a
regular supplier to builders in Turkey, Iran, Egypt, UAE, Russia, Japan,
Argentina and various Middle Eastern countries. Subject’s aim is to keep
expanding their channels of sale, and to continue adding clients, distributors,
representatives and agents in order to enhance their market span and to create
mutual long-term relationships with their clients.
Subject is an ISO 9001:2000 certified company.
Their products have been tested on ASTM standards at leading Indian labs – SIIR and IIT. In addition, most of the Subject product
range is supported by a 20-year international quality guarantee.
Products Offered
·
Glazetech
Aluminium Coloured Coils
·
Gembond
Aluminium Composite Panels
·
Oropanel
Aluminium Composite Panels
·
Fireproof
Aluminium Composite Panels
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.39.44 |
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UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|