MIRA
INFORM REPORT
|
Report Date : |
04.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PINO
BISAZZA GLASS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
23/D,
G.I.D.C., Kadi, Mehsana – 382715, Gujarat |
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Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.03.2000 |
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|
|
|
Com. Reg. No.: |
04-37516 |
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CIN No.: [Company
Identification No.] |
U26100GJ2000PTC037516 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP01389D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCP8041Q |
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|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturers
of Glass Mosaic Tiles. |
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
500000 |
|
|
|
|
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. 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. |
LOCATIONS
|
Registered Office/ Factory : |
23/D,
G.I.D.C., Kadi, Mehsana – 382715, Gujarat, India |
|
Tel. No.: |
91-2764-265727/263101 |
|
Fax No.: |
91-2764-265726 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr.
Manoj Satya Narain Poddar |
|
Designation : |
Director
|
|
Address : |
106,
Goyal Park, Vastrapur, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
10.01.1966 |
|
Date of Appointment : |
08.03.2000 |
|
|
|
|
Name : |
Mr.
Giovanni Aldo Meneghini |
|
Designation : |
Managing
Director |
|
Address : |
20,
Mandar Bunglow, Behind Tulip Bunglow, Near Devarshi Bunglow, Drive-in Road, Ahmedabad
– 380052, Gujarat, India |
|
Date of Birth/Age : |
12.10.1947 |
|
Date of Appointment : |
15.03.2000 |
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|
|
|
Name : |
Mr.
Giuseppe Pietro Bisazza |
|
Designation : |
Director
|
|
Address : |
Viale
Venezia, 56 – Trussino, Vicenza, Italy |
|
Date of Birth/Age : |
17.10.1936 |
|
Date of Appointment : |
01.09.2000 |
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|
|
|
Name : |
Mr.
Edoardo Bruno Fasolo |
|
Designation : |
Director
|
|
Address : |
Via
Dal Martello, 11 – 36100, Vicenza, Italy |
|
Date of Birth/Age : |
04.11.1950 |
|
Date of Appointment : |
01.09.2000 |
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|
|
|
Name : |
Mr. C.
V. Unnikrishan Warrier Rajendran |
|
Designation : |
Whole
Time Director |
|
Address : |
MIG.
26, K K Nagar, Ghatlodiya, Near Ranna Park, Ahmedabad, Gujarat |
|
Date of Appointment : |
10.09.2001 |
|
|
|
|
Name
: |
Mr.
Rishav Pankaj Poddar |
|
Designation
: |
Director
|
|
Address
: |
105,
Goyal Park, Premchand Nagar Road, Vastrapur, Ahmedabad – 38015, Gujarat,
India |
|
Date
of Appointment : |
30.03.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Manoj Poddar |
|
176000 |
|
Mr.
Andrea Di Giuseppe |
|
5 |
|
Mr.
Riccardo Lorenzo Paolo Bisazza |
|
5 |
|
Mr.
Cesare Ortolani |
|
5 |
|
Mr.
Federica Maria Bisazza |
|
5 |
|
Mr.
Edoardo Fasolo |
|
5 |
|
Mr.
Giuseppe Bruno Bisazza |
|
5 |
|
Mr.
Giovanni Meneghini |
|
5 |
|
Trend
Group SpA |
|
1942965 |
|
Pawan
Poddar [HUF] |
|
28000 |
|
Mr.
Pawan Poddar |
|
176000 |
|
Ms.
Rekha Poddar |
|
75000 |
|
Mst.
Harsh Pawan Poddar |
|
20000 |
|
Mst.
Anchit Pawan Poddar |
|
20000 |
|
Pankaj
Poddar [HUF] |
|
28000 |
|
Mr.
Pankaj Poddar |
|
176000 |
|
Mr.
Nirupama Poddar |
|
75000 |
|
Mr.
Rishav Poddar |
|
20000 |
|
Mst.
Priyanka Pankaj Poddar |
|
20000 |
|
Manoj
Poddar [HUF] |
|
28000 |
|
Mr.
Abha Poddar |
|
75000 |
|
Mst.
Nishant Manoj Poddar |
|
20000 |
|
Mst. Urvashi Manoj Poddar |
|
20000 |
|
TOTAL |
|
2900000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Glass Mosaic Tiles. |
GENERAL
INFORMATION
|
No. of Employees : |
250 |
|
|
|
|
Bankers : |
Bank of Baroda Ashram Road Branch, Ashram Road, Ahmedabad –
380009 |
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|
|
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Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Minesh
& Sanjay Chartered
Accountants, 1/A,
Inquilab Duplex, Inquilab Society, Gulbai Tekra, Ahmedabad – 380015, Gujarat,
India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 32.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2900000 |
Equity
Shares |
Rs. 10/- each |
Rs. 29.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
29.000 |
29.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
101.498 |
74.917 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
130.498 |
103.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
13.461 |
8.358 |
|
|
2] Unsecured Loans |
|
68.444 |
82.293 |
|
|
TOTAL BORROWING |
|
81.905 |
90.651 |
|
|
DEFERRED TAX LIABILITIES |
|
0.631 |
1.577 |
|
|
|
|
|
|
|
|
TOTAL |
|
213.034 |
196.145 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
88.842 |
87.944 |
|
|
Capital work-in-progress |
|
7.130 |
13.715 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
124.003 |
101.412 |
|
|
Sundry Debtors |
|
16.595 |
19.823 |
|
|
Cash & Bank Balances |
|
13.990 |
14.731 |
|
|
Other Current Assets |
|
3.331 |
3.140 |
|
|
Loans & Advances |
|
30.233 |
25.684 |
|
Total Current Assets |
|
188.152 |
164.790 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
53.362 |
68.078 |
|
|
Provisions |
|
17.728 |
2.226 |
|
Total Current Liabilities |
|
71.090 |
70.304 |
|
|
Net Current Assets |
|
117.062 |
94.486 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
213.034 |
196.145 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
327.059 |
261.892 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
42.961 |
6.451 |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
42.961 |
6.451 |
|
|
|
|
|
|
Total
Expenditure |
|
284.098 |
255.441 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
13.13 |
2.46 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
13.13 |
2.46 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
15.51 |
2.55 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.33 |
0.06 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.17 |
1.54 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.64 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U26100GJ2000PTC037516 |
|
Name of the company |
PINO BISAZZA GLASS PRIVATE LIMITED |
|
Address |
23/D,
G.I.D.C., Kadi, Mehsana – 382715, Gujarat |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable property, book debts, movable property |
|
Particular of the charge holder |
Bank of Baroda Ashram Road
Branch, Ashram Road, Ahmedabad – 380009 E-mail : ashram@bankofbaroda.com |
|
Nature or description of the instrument creating charge |
Supplemental composite instrument of hypothecation of goods, book debts movable machinery & vehicles |
|
Date of the instrument creating charge |
18.10.2006 |
|
Amount Secure by the charge |
Rs. 55.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest : Cash Credit : BPLR with minimum 11.50% p.a. plus interest tax with monthly rests Packing Credit : 3% below BPLR FBP/FBD : 3% below BPLR Letter of credit : BPLR Guarantee : BPLR Terms of repayment : As per banks sanction letter : Period : 12 months subject to review every year Margin 25% against stock 50% against book-debts Extent and operation of the charge Company’s immovable and movable properties have been charged in favour of bank so as to secure the financial assistance granted by the bank |
|
Particulars of the Property charged |
As per annexure ‘A’ attached herewith 1. The whole of the borrower’s stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw materials, work-in-process, semi-finished goods and finished goods such as Glass Mosaics etc., packing materials and stores etc. whatsoever and wheresoever situate and / or in transit whether row belonging to or that may at any time during the continuance of this security belong to the borrower or that may be held by any party anywhere to the order and disposition of the borrower. 2. All the present and future book – debts, outstanding, monies receivables, claims, bills, contracts, engagements and securities which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or Office or any Municipal or Local or Public or Semi-Government body or authority whatsoever including those relating to the assets leased out and / or given on hire purchase basis 3. All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the borrower together with spares, tools and accessories and other movables, both present and future, and the furniture fixtures and fittings and office equipment whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrowers premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the borrower [including those on lease or hire-purchase] relating or pertaining to the borrowers works at GIDC Kadi or other business palce. |
|
Name of the company |
PINO BISAZZA GLASS PRIVATE LIMITED |
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|
Presented By |
Shri C. V. Rajendran, Executive Director |
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1) Date and description of instrument creating
the change |
|
||||||||||||
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2) Amount secured by the charge/amount owing on
the securities of charge |
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 |
A. I. The Whole of the borrower’s stocks, both
present and future and including but without prejudice to the generality of
the foregoing words, all stocks of raw materials, work-in-process,
semi-finished goods and finished goods such as Glass Mosaics etc., packing
materials and stores etc. whatsoever and wheresoever situate and / or in
transit whether now belonging to or that may at any time during the
continuance of this security belong to the borrower or that may be held by
any party anywhere to the order and disposition of the borrower II. All the present and future book-debts,
outstanding, monies receivable, claims, bills, contracts, engagements and
securities which are now due and owing or which may at any time hereafter
during the continuance of this security become due and owing to the borrower
in the course of its business by any person, firm, company or body corporate
or by the Government of India or any State Government or Indian Railways or
any Government Department or office or any Municipal or Local or Public or
Semi-Government body or authority whatsoever including those relating to the
assets leased out and / or given on the purchase basis. III. All the tangible movable machinery and plant
and cranes, boats and crafts and the vehicles of the borrower together with
spares, tools and accessories and other movables, both present and future,
and the furniture fixtures and fittings and office equipment whether
installed or not and whether lying loose or in cases which are now lying or
stored or be in or upon or about the borrowers premises and godowns or
wherever else the same may be or be held by any party to the order or
disposition of the borrower [including those on lease or hire purchase]
relating or pertaining to the borrowers works at GIDC Kadi or other business
place. B. I. All that piece or parcel of
Non-Agricultural land situate lying and being at Vill. : Karannagar, Tal.:
Kaid, Registration Dist.: Mehsana, Sub-Dist.: Kadi bearing Survey No.
191/paiki admeasuring 566.60 sq. mts. II. All that piece or parcel of Non-Agricultural
land bearing Plot No. A/2, of Survey No. 191 admeasuring 6190 sq, mts., that
is 7403.24 sq. yds., together with construction standing thereon together
with permanently right to use 8 meter wide private road towards east of land
bearing Survey No. 191 situate lying and being at Vill. Karannagar, Tal.:
Kadi, in the Registration Dist. of Mehsana and Sub-Dist. of Kadi III. All that Non Agricultural land bearing
Sub-Plot No. A/1, of Survey No. 191 having land admeasuring 5163 sq. mtrs.
That is 6174.95 sq. yds. together with construction standing thereon, situate
lying and being at Vill. : Karannagar, Tal. : Kadi, in the Registration Dist.
of Mehsana and Sub-Dist. of Kadi IV. All that lease hold land bearing Plot No.
23/D, admeasuring 8616.63 sq, mtrs. together with constructions of factory
sheds, office block, watchmen cabin, labour and office staff blocks and
labour quarter total admeasuring 1761.60 sq. mtrs. standing thereon in GIDC
Industrial Estate, situated on land bearing Survey Nos. 420 and 421, situate
lying and being at Vill. Kadi, Tal. Kadi in the Registration Dist. of Mehsana
and Sub-Dist. of Kadi |
||||||||||||
|
4) Gist of the terms and conditions and extent
and operation of the charge. |
All the securities described in Column No. 3
herein above are hypothecated / mortgaged to Bank of Baroda to secure the
following credit facilities grated by the said bank:
Together with interest, additional interest,
further interest by way of liquidated damages, interest tax, commitment
charges, premia on prepayment or on redemption, guarantee, guarantee
commission, costs, charges and expenses and other moneys payable under their
respective loan agreement / letter of sanction / memorandum of terms and
conditions, amended from time to time Rate of Interest / Commission – As per RBI / Bank
Guidelines Margin : Packing Credit – 10%
Letter of Credit – 25%
Bank Guarantee – 25% |
||||||||||||
|
5) Name and Address and description of the person
entitled to the charge. |
Bank of Baroda Ashram Road Branch, Ashram Road, Ahmedabad –
380009 |
||||||||||||
|
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 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.44.33 |
|
UK
Pound |
1 |
Rs.87.49 |
|
Euro |
1 |
Rs.58.88 |
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 |
NO |
|
--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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|