MIRA
INFORM REPORT
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Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL FIBRE GLASS PRODUCTS PRIVATE LIMITED |
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Registered Office : |
118-B, Bommasandra Industrial Area, Anekal Taluk, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.01.1994 |
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Com. Reg. No.: |
15158 |
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CIN No.: [Company
Identification No.] |
U26101KA1994PTC015158 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00396E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Different Kinds of Helmets |
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 32000 |
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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 an old and established company having moderate track. Company’s
profitability is under server pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office/Factory : |
118-B, Bommasandra Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-80-7832959/5283355 |
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Fax No.: |
91-80-7833051 |
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E-Mail : |
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Area: |
3000 Sq. ft |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. R Srinivasulu |
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Designation : |
Director |
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Name : |
Mr. Chanramani Srinivasulu |
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Designation : |
Director |
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Name : |
Mr. Balakrishna Naidu |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Directors and their associates – 100%
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Different Kinds of Helmets |
GENERAL INFORMATION
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No. of Employees: |
11 |
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Bankers : |
State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s. A R Viswanathan & Company Chartered Accountant |
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Address : |
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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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100000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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52460 |
Equity Shares |
Rs. 100/- Each |
Rs. 5.246
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.246 |
5.246 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.125 |
2.125 |
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4] (Accumulated Losses) |
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(15.576) |
(14.916) |
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NETWORTH |
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(8.205) |
(7.545) |
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LOAN FUNDS |
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1] Secured Loans |
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19.505 |
19.501 |
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2] Unsecured Loans |
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5.796 |
5.712 |
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TOTAL BORROWING |
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25.301 |
25.213 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.096 |
17.668 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.939 |
7.293 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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13.181 |
12.324 |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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0.952 |
1.024 |
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Total
Current Assets |
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14.133 |
13.348 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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3.980 |
2.980 |
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Total
Current Liabilities |
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3.980 |
2.980 |
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Net Current Assets |
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10.153 |
10.368 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.007 |
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TOTAL |
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17.096 |
17.668 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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21.000 |
17.000 |
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Total Income |
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21.000 |
17.000 |
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Profit/(Loss) Before Tax |
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(0.659) |
(0.954) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(0.659) |
(0.954) |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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(3.13) |
(5.61) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(3.13) |
(5.61) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(3.12) |
(4.62) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.08) |
(0.12) |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.56) |
(3.73) |
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Current Ratio (Current Asset/Current Liability) |
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3.55 |
4.47 |
LOCAL AGENCY FURTHER INFORMATION
As per website
details
Company Profile
Starting from 1965, Globe helmets, marketed and exported by International Fibreglass (P) Ltd., soon became very popular in the overseas marketsdue to unmatched quality at unbeatable price. In product making, cutting edge technology is used to ensure that the products score high in sleek aerodynamics, and are solid enough to withstand tough conditions.
Globe helmets - the ultimate in comfort & performance
The company offers a special fit for Asian, American and
European markets, to match the typical head shape of the customers as closely
as possible. It needs a tiresome effort of several real test heads and endless
hours of test riding to produce their helmets.
They are finally fit to heads with tailor-made perfection and compatibility.
Moreover, premium quality inner padding material is chosen, which ensures the
utmost in durability and appearance.
Clients
The products are delivered globally - right from Asia, Middle East to the
Motto : Safety Is Their First Priority
With a manufacturing unit that adheres to the highest standards of safety and
Quality, Globe Helmets
manufactures a wide range of ISI certified helments like motorcycle helmets, full face helmets, riding
helmets, which only goes to prove that its service towards its customers
is based on a complete and sensitive understanding of their needs.
Features
To really appreciate a Globe helmet,
regardless of the model, it is essential to know what makes it so different
from its contemporaries:
Precision machines used to punch holes for base plate screw location (different
tooling for each shell size and model).
All other colors are hand painted to ensure superior finish,
which no machine can match.
The comfort, which you can experience, whenever you put on a
GLOBE, comes from an interior assembled by hand.
The shell, which gives you first the line of protection, is
'bag molded' by hand, which insures accuracy in the placement of the various
hi-tech materials used in shell construction
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Business Type |
Exporter , Manufacturer |
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Capital in Dollars |
Rs. 350.000 Millions |
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Export Percentage |
60% |
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Primary Competitive Advantages |
Quality and Safety |
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Sales Volume |
Rs. 80.000 Millions |
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No of Staff |
11 |
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Year of Establishment |
1980 |
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No of Production Lines |
1 |
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Export Markets |
Europe, Latin America, |
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Investment on Manufacturing Equipment |
Rs. 110.000 Millions |
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No of Engineers |
4 |
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Monthly Production Capacity |
85,000 helmets |
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Helmets, Motor Cycle Helmets, Safety Helmets, All kinds of Helmets. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.75 |
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1 |
Rs.81.17 |
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Euro |
1 |
Rs.54.59 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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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 |
1 |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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28 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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