MIRA
INFORM REPORT
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Report Date : |
04.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AIS GLASS SOLUTIONS LIMITED |
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Registered Office : |
12, Basant Lok, Vasant Vihar, New Delhi 110057 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.07.2004 |
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Com. Reg. No.: |
127666 |
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CIN No.: [Company
Identification No.] |
U26109DL2004PLC127666 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Architectural Glass |
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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It has some accumulated losses, but in
view of the improving profitability, it is expected to wipe off soon. Trade relations are fair. Business is active. Payments are reported as slow but correct.
The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sachin Gupta |
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Designation : |
Accounts Manager |
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Date : |
02.04.2008 |
LOCATIONS
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Registered Office/Factory : |
12, Basant Lok, Vasant Vihar, New Delhi 110057, India |
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Tel. No.: |
91-11-41001690 |
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Fax No.: |
91-11-41001691 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Head Office : |
38 Okhla Industrial Area
Phase-III, New Delhi-110020, India |
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Tel. No.: |
91-11-41001690 |
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Fax No.: |
91-11-41001690 |
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Factory 1 : |
Manglor – Jhabrera Road, Latherdeva Hoon, Tehsil Roorkee, Uttaranchal,
India |
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Area : |
Approximately 23 acres |
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Location : |
Leased |
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Branches : |
Mumbai Tel. No. : 91-22-32472689 Fax No. : 91-22-67031181 Pune Chennai Bangalore Hyderabad H. No : 9-1-333/F/8/1, Prashant Nagar,
Colony, Phase II, Langer House, Hyderabad |
DIRECTORS
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Name : |
Mr. Kunwar Narayan |
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Designation : |
Director |
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Date of Birth/Age : |
36 Years |
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Name : |
Mr. Arvind Singh |
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Designation : |
Director |
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Date of Birth/Age : |
48 Years |
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Name : |
Mr. P. L. Safaya |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Name : |
Mr. Sanjay Labroo |
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Designation : |
Director |
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Date of Birth/Age : |
44 Years |
KEY EXECUTIVES
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Name : |
Mrs. Kumudini Aggarwal |
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Designation : |
Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Architectural Glass |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Advance, T/T and Credit [30 days to 60 days] |
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Purchasing : |
T/T, Credit [ 30 days to 60 days] |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
110 |
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Bankers : |
New Delhi, Mumbai, Bangalore |
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Facilities : |
C/C Rs. 30.000 Millions from New Delhi Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jand and Associates Chartered Accountants |
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Address : |
New Delhi |
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 :
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No. of Shares |
Type |
Value |
Amount |
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3884000 |
Equity Shares |
Rs. 10/-
each |
Rs. 38.840
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
38.800 |
38.000 |
25.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
[6.100] |
[16.200] |
[11.500] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.700 |
21.800 |
14.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.700 |
21.800 |
14.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.900 |
6.900 |
5.500 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.200 |
17.500 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.900 |
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Sundry Debtors |
35.400
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27.000 |
0.000 |
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Cash & Bank Balances |
20.000
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11.400 |
4.200 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
22.900
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5.700 |
8.100 |
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Total
Current Assets |
78.300
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44.100 |
13.200 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
54.400
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46.700 |
5.600 |
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Provisions |
2.700
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0.600 |
0.000 |
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Total
Current Liabilities |
57.100
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47.300 |
5.600 |
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Net Current Assets |
21.200
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[3.200] |
7.600 |
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MISCELLANEOUS EXPENSES |
0.400 |
0.600 |
0.900 |
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TOTAL |
32.700 |
21.800 |
14.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
218.900
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120.100
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0.000 |
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Other Income |
6.400
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4.400
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0.000 |
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Total Income |
225.300 |
124.500 |
0.000 |
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Profit/(Loss) Before Tax |
12.000
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[4.300]
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[11.500]
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Provision for Taxation |
1.900
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0.400
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0.000
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Profit/(Loss) After Tax |
10.100
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[4.700]
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[11.500]
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Expenditures : |
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Raw Materials |
165.500
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83.700
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0.000 |
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Other Manufacturing Expenses |
3.100
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2.600
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1.000
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Employee Cost |
15.400
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11.100
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4.200
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Selling and Administration
Expenses |
24..600
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28.300
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5.500
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Miscellaneous Expenses |
1.400
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0.500
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0.200
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Interest & Financial Charges
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1.200
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0.800
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0.000
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Depreciation |
2.100
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01.800
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0.600
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Total Expenditure |
213.300 |
128.800 |
11.500 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
4.48
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[3.77] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.48
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[3.58] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.92
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[8.43] |
[61.49] |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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[0.19] |
[0.82] |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74
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2.16 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.37
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0.93 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES
- Omax
- Hiranandani
- Raheja
- AGV
- Reliance City
Limited
Operations:
During the year under review, the Company recorded its maiden
Operating Profit of Rs. 15.591 Millions. The Gross Sales of the Company
increased 82.27 percent to Rs. 218.936 Millions. The Company sold 127679 sq.
mtrs, of architectural processed glass, as against 79,897 sq. mtrs. previous
year, up by 59.80 percent.
AS PER WEBSITE
DETAILS:
PROFILE
Subject is the new face of Asahi India. The name that takes them
forward into a new chapter in their evolution. From being the largest
manufacturer and supplier of automotive glass and float glass in the country to
becoming an innovative pioneer with the newly launched subsidiary, AIS Glass
Solutions Limited. AIS is in the process of transforming itself from being a
manufacturer of world-class products to a solutions provider.
There are a hundred different kinds and a whole new array of interesting,
useful everyday-use products they are getting into, from shatter-proof glass to
glass shelving and shower cubicles. They are looking ahead. And they see more
innovation. See more possibilities, more quality.
All AIS activities have been consolidated under a single umbrella brand
"AIS". This brand covers their activities in basic glass, tinted,
reflective, mirror, auto and now a feast of new products and services. It is
the symbol of their vision to be an integrated player who intends to
revolutionize the use of glass in the market by using innovation, technology,
their time tested manufacturing excellence, to allow their customers to "See
More" on their terms.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.97 |
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UK Pound |
1 |
Rs. 79.78 |
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Euro |
1 |
Rs. 62.60 |
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 |
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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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41 |
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. |
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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