MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BRITE GLASS WORKS PRIVATE LIMITES |
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Registered Office : |
Village Kailash Chandrapur, PO., District Mayurbhanj, Orissa – 757
029. |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.04.1986 |
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Com. Reg. No.: |
0011655 |
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CIN No.: [Company
Identification No.] |
U26109OR1986PTC001655 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BBNB00733F |
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PAN No.: [Permanent
Account No.] |
AAACB7213K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of Insulating Glass, Laminated Glass,
Toughened Glass and all types of other Glasses. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 24176 |
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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 and reputed company having satisfactory track
record. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Village Kailash Chandrapur, PO., District Mayurbhanj, Orissa – 757
029. |
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Tel. No.: |
06792-253214 |
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E-Mail : |
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Corporate Office : |
4, |
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Tel. No.: |
91-33-22289706/5639 |
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Fax No.: |
91-33-22284146 |
DIRECTORS
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Name : |
Mr. Jawed Shakil |
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Designation : |
Managing Director |
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Address : |
Kailashchandrapur, Mayurbhanj, Orissa – 757 029, |
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Date of Birth/Age : |
26.03.1949 |
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Date of Appointment : |
14.14.1986 |
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Name : |
Mr. Azizul Haque |
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Designation : |
Director |
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Address : |
Kailashchandrapur, Mayurbhanj, Orissa – 757 029, |
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Date of Birth/Age : |
11.05.1947 |
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Date of Appointment : |
14.14.1986 |
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Name : |
Mr. Suboohi Aziz |
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Designation : |
Director |
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Address : |
64, Colootola, Kolkata – 700 073, |
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Date of Birth/Age : |
11.07.1950 |
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Date of Appointment : |
01.04.1947 |
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Name : |
Mr. Yasmin Shakil |
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Designation : |
Director |
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Address : |
12, |
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Date of Birth/Age : |
26.05.1954 |
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Date of Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. jawed shakil |
4,930 |
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Mr. azizul haque |
5,950 |
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Suboohi Aziz |
875 |
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S. Anis |
1,250 |
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G. Sohail |
750 |
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Huma naz |
200 |
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Fazlur rahaman |
500 |
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Rakshanda rahaman |
400 |
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Waqur ahmed |
300 |
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Yasmin shakil |
820 |
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Fuad ahmed |
400 |
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Shazya Aziz |
1,125 |
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Noorjahan shakil |
1,200 |
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chidilal nalsaria |
500 |
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Gayatri devi Kaitan |
500 |
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Murarilal sharma |
500 |
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Rathin chakraborty |
500 |
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m. rafiq |
600 |
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Mudsur haque |
560 |
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Suboohi azizul |
2,500 |
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Nadya aziz |
250 |
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q. shakil jawed |
300d |
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Muzzaffar anis |
700 |
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Shammi naz |
200 |
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Rajaram singh |
600 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of director |
90.74 |
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2 |
Others |
9.26 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of Insulating Glass, Laminated Glass,
Toughened Glass and all types of other Glasses. |
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Products : |
Insulating Glass, Laminated Glass, Toughened Glass and all
types of other Glasses. |
GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
State Bank of Baripada
Branch, At/ P. O. : Baripada, Dist :
Mayrubhanj Industrial
Development Bank of India Limited 44, Shakespeare
Sarani, Kolkata ABN Amro Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sushil Sharma and company Chartered Accountant |
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Address : |
16, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equtiy |
Rs 100/- Eadh |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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27,000 |
Equtiy |
Rs 100/- Eadh |
Rs. 2.700
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.700 |
2.700 |
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2] Share Application Money |
0.900 |
0.000 |
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3] Reserves & Surplus |
2.444 |
2.309 |
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4] (Accumulated Losses) |
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NETWORTH |
6.044 |
5.009 |
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LOAN FUNDS |
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1] Secured Loans |
6.842 |
7.360 |
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2] Unsecured Loans |
0.500 |
0.000 |
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TOTAL BORROWING |
7.342 |
7.360 |
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DEFERRED TAX LIABILITIES |
0.518 |
0.613 |
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TOTAL |
13.904 |
13.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.950 |
4.662 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.869
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5.161 |
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Sundry Debtors |
10.079
|
7.428 |
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Cash & Bank Balances |
1.960
|
1.939 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
3.512
|
2.806 |
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Total
Current Assets |
20.420
|
17.334 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.188
|
8.901 |
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Provisions |
0.278
|
0.095 |
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Total
Current Liabilities |
10.466
|
8.996 |
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Net Current Assets |
9.954
|
8.338 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
13.904 |
13.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
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35.717 |
25.104 |
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Profit/(Loss) Before Tax |
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0.306 |
0.151 |
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Provision for Taxation |
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0.171 |
0.057 |
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Profit/(Loss) After Tax |
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0.135 |
0.094 |
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Expenditures : |
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Depreciation & Amortization |
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0.725 |
0.805 |
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Other Expenditure |
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34.686 |
34.148 |
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Total Expenditure |
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35.411 |
34.953 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.37 |
0.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.85 |
0.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.25 |
0.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.73 |
1.79 |
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Current Ratio (Current Asset/Current Liability) |
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1.95 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
M/s Brite Glass
Works Private Limited |
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Presented By |
Mr. Jawed Shakil,
Managing Director |
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1) Date and description of instrument creating the change |
29.03.1996 Agreement for medium
trem loan (Hypothecation of vehicle/vessels) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.240
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
TATA Sumo Jeep |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable in 60 monthly
installments of Rs. 0.004 Millions each to commence three months after
disbursement of loan. Rate of interest
: 19.25% p. a. with quarterly rests. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Baripada Branch, At/ P. O. :
Baripada Dist : Mayrubhanj
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6) Date and brief description of instrument modifying the charge |
NIL |
As per Website:
Subject is a leading and highly recognized manufacturer and exporter of wide range of Insulating Glass, Laminated Glass, Toughened Glass and all types of other Glasses. Their reputation in the market has developed due to supreme quality of their products and prompt after sale services. Their products are unique combination of quality and elegance that has led to rapid growth and progress of the company. Since the beginning of the company, their main concern has been manufacturing quality material that exceed the industry standards. At the same time, they give lot of consideration to the specific requirements of the customers. All these strategies have made their company one of the most sought after production house in the international market. Their main aim is to build long term relationship with their clients by offering them highest product quality, pro-active customer services and on-time delivery.
They are the manufacturer and
exporter of the following product range:
Insulating Glass
Laminated Glass
Toughened Glass
All types of Glasses
Quality
Quality has always been ranked high on their priority list for the
satisfaction of their clients. Every product delivered by us bears the mark of
excellence. They aim to maintain their reputation in the competitive market by
sourcing and supplying products that are not only innovative but also rich in
quality. The quality tests carried their at their production house are
extensive in nature and cover every aspect of the product.
Their infrastructural set-up is
the main strength of their company. Their spacious warehouse has the capacity
to store large quantities of products that enable them to meet even bulk orders
in a stipulated time period. Their excellent transportation facilities help
them to deliver their products at any part of the country. They are reputed in
the global marketplace for their outstanding products and world-class
infrastructure. They are proud to have the cooperation of the most efficient
team members who provide the best manufacturing solutions.
Client Base
They serve the entire domestic as well as international market and have a
strong client base. They export their products in countries like
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.01 |
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|
1 |
Rs.81.74 |
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Euro |
1 |
Rs.55.04 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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 |
|
48 |
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 |
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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 |
|
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 |
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