MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOPAL GLASS WORKS LIMITED |
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Registered Office : |
182, Gagan Vihar Flat, Khanpur, Ahmedabad - 380001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.07.1978 |
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Com. Reg. No.: |
04-3174 |
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CIN No.: [Company
Identification No.] |
U26109GJ1978PLC003174 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00786C |
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Legal Form : |
Subject is a closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Rolled and Figured Glass, Wired Glass, Tinted
Glass without Reflecting Layer. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 349552 |
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Status : |
Good |
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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 fine
track. Trade relations are
fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
182, Gagan Vihar Flat, Khanpur, Ahmedabad - 380001, Gujarat, India |
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Tel. No.: |
91-79-25602686 / 25602786 |
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Mobile No.: |
91-9825016066 |
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Fax No.: |
91-79-25602979 |
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E-Mail : |
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Website : |
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Works : |
Village : Budasan, Taluka: Kadi, District : Mehsana, (N.G) |
DIRECTORS
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Name : |
Mrs. Shakuntalaben Dhirajlal Sheth |
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Designation : |
Director |
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Address : |
9, Yogeshwar Bunglow, Near Sola Highway Bridge, Thaltej, Ahmedabad
380054, Gujarat, India |
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Date of Birth/Age : |
25.04.1942 |
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Date of Appointment : |
03.01.1982 |
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Name : |
Mrs. Sugraben Fakhruddin Vakharia |
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Designation : |
Director |
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Address : |
48/1, Dangigaras Pole, Kuttbi Mohalla, Street No. 1, Kalupur,
Ahmedabad 380001, Gujarat, India |
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Date of Birth/Age : |
30.06.1935 |
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Date of Appointment : |
14.02.2002 |
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Name : |
Mr. Jayantilal Jethalal Shah |
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Designation : |
Chairman and Managing Director |
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Address : |
310, Lakha Patel, Pole Dev, Ahmedabad 380001, Gujarat, India |
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Date of Birth/Age : |
25.02.1930 |
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Date of Appointment : |
24.07.1978 |
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Name : |
Mr. Husaini Akbarali Arsiwala |
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Designation : |
Director |
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Address : |
B – 32, 3rd floor, Taheri Manzil, Mazgaon, Mumbai,
Maharashtra, India |
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Date of Appointment : |
24.07.1978 |
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Name : |
Mr. Bakul Candrakant Nanvati |
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Designation : |
Director |
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Address : |
12/1514, Shahpore, Surat, Gujarat, India |
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Date of Birth/Age : |
24.07.1978 |
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Name : |
Mr. Kantilal Keshaval Shah |
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Designation : |
Director |
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Date of Birth/Age : |
04.05.1934 |
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Date of Appointment : |
20.11.1979 |
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Name : |
Mr. Mayuresh Jayantilal Shah |
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Designation : |
Whole Time Director |
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Address : |
10, Dhwani Apartment, Shahpur Bahai Center, Ahmedabad 380001, Gujarat,
India |
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Date of Birth/Age : |
22.10.1954 |
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Date of Appointment : |
26.04.1984 |
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Name : |
Mr. Sureshchandra Ramanlal Desai |
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Designation : |
Director |
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Address : |
C/O, Model Art Studio, Gandhi Road, Ahmedabad 380001, Gujarat, India |
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Date of Birth/Age : |
01.06.1931 |
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Date of Appointment : |
21.11.1994 |
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Name : |
Mr. Vikesh Jayantilal Shah |
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Designation : |
Director |
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Address : |
5, Ashwamesh Bungalow, Ring Road, Ahmedabad 380015, Gujarat,
India |
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Date of Appointment : |
29.09.2001 |
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Name : |
Mr. Devang G. Shah |
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Designation : |
Director |
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Address : |
26, Maulikvilla Row House, Near Hashubhai Park, Jodhpur Village Road,
Ahmedabad 380015, Gujarat, India |
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Date of Appointment : |
29.09.2001 |
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Name : |
Harishchandra K. Shah |
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Designation : |
Director |
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Address : |
52, Dhwani Apartment, Near
Shahpur Bahai Center, Ahmedabad 380001, Gujarat, India |
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Date of Birth/Age : |
19.07.1947 |
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Date of Appointment : |
24.07.1978 |
KEY EXECUTIVES
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Name : |
Mr. Javerbhai B. Shojbhai |
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Designation : |
Company Secretary |
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Address : |
5, Shyam apartment, 28, Champaner Society, Usmanpura, Ahmedabad,
Gujarat, India |
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Date of Birth/Age : |
01.06.1953 |
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Date of Appointment : |
17.10.1983 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Jayantilal Shah |
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5607 |
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Husaini Arsiwala |
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797 |
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Fakhruddin Vakhariya |
|
806 |
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Nanavati Bakul |
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100 |
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Kalpesh Sheth |
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775 |
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Sakuntalaben Sheth |
|
8818 |
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Kalpesh Sheth |
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1940 |
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Mayaben H. |
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3881 |
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Khemkaji R. S. |
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2157 |
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Mathuresh J. |
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4046 |
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Vikesh J. |
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4330 |
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Anandiben J. |
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5348 |
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Geetaben M. |
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2116 |
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Rashmikaben |
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1767 |
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Kantilal K. Shah |
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1409 |
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Jayantilal Shah |
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2611 |
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Rashmikaben Shah |
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2784 |
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Devang Haridas |
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1150 |
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Dhawal Sheth |
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1000 |
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Kalpesh Sheth |
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1000 |
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Geetaben Desai |
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368 |
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Shailesh Desai |
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460 |
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Veenaben Gohel |
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273 |
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Purvish Shah |
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820 |
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Manan Shah |
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859 |
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Equity Share
Break-up (As on 31.03.2007) |
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Percentage |
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Directors or relatives of the Directors |
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91.23 |
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Other top fifty shareholders |
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8.77 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Rolled and Figured Glass, Wired Glass,
Tinted Glass without Reflecting Layer. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Specialised
Commercial Branch, Gandhigram, Ahmedabad – 380009, Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Talati Vijay Sajjanlal Chartered Accountants |
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Address : |
104, N. R. House, Near Popular House, Ashram Road, Ahmedabad 380009,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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81500 |
Equity Shares |
Rs. 100/-
each |
Rs. 8.150
Millions |
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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 |
18.150 |
8.150 |
8.150 |
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2] Share Application Money |
0.000 |
6.463 |
1.512 |
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3] Reserves & Surplus |
69.238 |
51.096 |
22.467 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.388 |
65.709 |
32.129 |
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LOAN FUNDS |
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1] Secured Loans |
105.343 |
51.115 |
7.944 |
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2] Unsecured Loans |
61.864 |
34.794 |
45.670 |
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TOTAL BORROWING |
167.207 |
85.909 |
53.614 |
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DEFERRED TAX LIABILITIES |
25.097 |
8.645 |
6.099 |
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TOTAL |
279.692 |
160.263 |
91.842 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
276.748 |
148.741 |
80.541 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.390 |
1.390 |
1.390 |
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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
|
29.638 |
38.905 |
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Sundry Debtors |
0.000
|
31.563 |
35.016 |
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Cash & Bank Balances |
0.000
|
2.095 |
0.869 |
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Other Current Assets |
1.554
|
0.000 |
0.000 |
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Loans & Advances |
0.000
|
19.049 |
20.548 |
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Total
Current Assets |
1.554
|
82.345 |
95.338 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
|
65.719 |
82.402 |
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Provisions |
0.000
|
6.494 |
3.025 |
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Total
Current Liabilities |
0.000
|
72.213 |
85.427 |
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Net Current Assets |
1.554
|
10.132 |
9.911 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
279.692 |
160.263 |
91.842 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
527.723 |
376.311 |
376.974 |
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Other Income |
0.000 |
0.503 |
0.752 |
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Total Income |
527.723 |
376.814 |
377.726 |
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Profit/(Loss) Before Tax |
30.376 |
35.473 |
10.731 |
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Provision for Taxation |
11.280 |
5.729 |
9.082 |
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Profit/(Loss) After Tax |
19.096 |
29.744 |
1.649 |
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Expenditures : |
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Raw Material Consumed |
|
165.526 |
162.790 |
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Consumption of stores and spares parts |
|
12.571 |
13.595 |
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Increase/(Decrease) in Finished Goods |
|
[0.478] |
14.064 |
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Salaries, Wages, Bonus, etc. |
|
19.838 |
16.677 |
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Managerial Remuneration |
|
1.179 |
0.921 |
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Payment to Auditors |
497.347 |
0.047 |
0.033 |
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Interest |
|
7.122 |
4.836 |
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Insurance Expenses |
|
0.133 |
0.084 |
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Power & Fuel |
|
40.776 |
90.929 |
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Depreciation & Amortization |
|
12.101 |
8.201 |
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Other Expenditure |
|
82.526 |
54.865 |
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Total Expenditure |
497.347 |
341.341 |
366.995 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.62
|
7.89 |
0.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.76
|
9.42 |
2.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.91
|
15.35 |
6.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.53 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.91
|
2.40 |
4.32 |
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Current Ratio (Current Asset/Current Liability) |
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0.00
|
1.14 |
1.11 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90109755 |
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Corporate identity
number of the company |
U26109GJ1978PLC003174 |
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Name of the
company |
GOPAL GLASS WORKS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
182, Gagan Vihar, Khanpur, Ahmedabad 380001, Gujarat, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
State Bank of
India Specialised
Commercial Branch, Gandhigram, Ahmedabad 380009, Gujarat, India |
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Nature of description
of the instrument creating or modifying the charge |
Letter dated
25.10.2007 confirming payment of a medium term loan of Rs. 4.000 Millions out
of the total sanctioned limits of Rs. 180.400 Millions |
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Date of
instrument Creating the charge |
25.10.2007 |
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Amount secured by
the charge |
Rs. 176.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Working Capital :
1.25% above SBAR that is [14.00% at present] Term Loan – 1.75% above SEPR,
Which is subject to change from time time [b] Terms of
repayment Rs. 0.100 Million
per month for the term loan Working capital –
repayable on demand Term Loan : No
change in existing term loan New Term Loan :
No change in existing new term loan [c] Margin Raw material –
25% Stock in process
– No Drawing Power Finished goods –
40% Book Debts – No
drawing power Bank Guarantee –
25% LC – 25% [d] Extent and
operation of the charge Hypothecation of plant
and machineries and other movable assets including on immovable properties. |
|
Short particulars
of the property charged |
Hypothecation of
all present and future raw materials, stock in process, finished goods,
packing materials, stored and spares and book debts and other movable assets
of the company including documents of title to the goods, outstanding moneys
receivable and present and all future machineries belonging to or in the
possession of the company and other movables. |
|
Date of latest modification
prior to the present modification |
02.02.2007 |
|
Particulars of
the present modification |
The charged
created by the company for borrower and non borrower limit on 23rd
February 1998 was modified from time to time and lastly on 2nd February,
2007 to make the total charge for Rs. 180.400 Millions. Now stands modified with the payment of
Rs. 4.000 Millions availed by way of medium term loan. |
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. 40.02 |
|
UK Pound |
1 |
Rs. 79.44 |
|
Euro |
1 |
Rs. 62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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. |
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 |
|