MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BRITE GLASS WORKS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Kailashchandrapur, P O Budhikhamari Mayurbhanj, Bariphaga – 757 029,
Orissa |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
04.04.1986 |
|
|
|
|
Com. Reg. No.: |
15 - 1655 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26109OR1986PTC001655 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BBNB00733F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB7213K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Toughened Glass and Sheets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 36000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
Kailashchandrapur, P O Budhikhamari Mayurbhanj, Bariphaga – 757 029,
Orissa, India |
|
Tel. No.: |
91-6792-253214 |
|
E-Mail : |
sushilkumar2006_sharma@rediffmail.com
|
|
|
|
|
Factory : |
4, Grant Street, Block D, Kolkata – 700 013, West Bengal, India. |
|
Tel. No.: |
91-33-22289706/ 22285639 |
|
Mobile No.: |
91-9831822572/ 9831822598 |
|
Fax No.: |
91-33-22284146 |
DIRECTORS
|
Name : |
Mr. Jawed Shakil |
|
Designation : |
Managing Director |
|
Address : |
Kailashchandrapur, Mayurbhanj, Orissa – 757 029, India. |
|
Date of Birth/Age : |
26.03.1949 |
|
Date of Appointment : |
04.04.1986 |
|
|
|
|
Name : |
Mr. Azizul Haque |
|
Designation : |
Director |
|
Address : |
Kailashchandrapur, Mayurbhanj, Orissa – 757 029, India. |
|
Date of Birth/Age : |
11.05.1947 |
|
Date of Appointment : |
04.04.1986 |
|
|
|
|
Name : |
Suboohi Aziz |
|
Designation : |
Director |
|
Address : |
64, Colootola, Kolkata – 700 073, India. |
|
Date of Birth/Age : |
11.07.1950 |
|
Date of Appointment : |
01.04.1997 |
|
|
|
|
Name : |
Yasmin Shakil |
|
Designation : |
Director |
|
Address : |
12, Colootola Street, Calcutta – 700 073, India. |
|
Date of Birth/Age : |
26.05.1954 |
|
Date of Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.08.2004
|
Names of Shareholders |
No. of Shares |
|
Mr. Jawed Shakil |
9930 |
|
Mr. Azizul Haque |
9950 |
|
Mr. Mebashirul Haque |
875 |
|
Mr. Shazya Aziz |
1125 |
|
Mr. M L Sharma |
500 |
|
Mr. Rathin Chakraborty |
500 |
|
Mr. G P Lohia |
500 |
|
Ms. Yashmin Shakil |
2820 |
|
Mr. M. Rafiq |
600 |
|
Mr. Mudsur Haque |
560 |
|
Mr. Suboohi Aziz |
4,500 |
|
Mr. Falzur Rahaman |
500 |
|
Mr. Muzzaffar Anis |
700 |
|
Mr. S. Anis |
1250 |
|
Mr. Rajaram Singh |
600 |
|
Mr. G. Sohail |
750 |
|
Others |
4340 |
|
Total |
40,000 |
Equity share breakup (percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1 |
Directors or relatives of director |
90.74 |
|
2 |
Other top fifty (50) shareholders (other
than listed above) |
9.26 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Toughened Glass and Sheets. |
|
|
|
|
Products : |
v Insulating Glass v Laminated Glass v Toughened Glass v all
types of other Glasses. |
GENERAL
INFORMATION
|
Suppliers : |
v Asahi India
Glass Limited v Diabinic Honong
Ledgers and Tools Private Limited v Gujarat Gurdian
Limited v Saraf Glass
Private Limited v Ozone Overseas
Limited v Taj Decors
Private Limited v Millenium
Aluminium v Randal
International |
|
|
|
|
Customers : |
v Eastern Railway v Berrvsons India Private
Limited v Aditya Car
Automotives Private Limited v GSRTC v Gorsia
Handicraft and Design Private Limited v JKS Fiber Glass
Private Limited v Metal Craft,
Jamshedpur v Ruby Developers
and Construction Private Limited v Uma Metal
Industries v Western Railway v Youth India Auto
Components Private Limited v United Builders |
|
|
|
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
v
State Bank
of India Baripada Branch,
At/ P. O. : BaripadaDist : Mayrubhanj, Bariphaga – 757 029, Orissa, India v
Industrial Development
Bank of India Limited IDBI Tower, WTC
Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India v
ABN Amro
Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sushil Sharma and company Chartered Accountant |
|
Address : |
16, India Exchange Place, Room No. 11, 2nd Floor, Kolkata –
700 001, West Bengal, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equtiy |
Rs 100/- Eadh |
Rs. 9.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equtiy |
Rs 100/- Eadh |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
2.700 |
2.700 |
|
|
2] Share Application Money |
0.500 |
0.900 |
0.000 |
|
|
3] Reserves & Surplus |
2.700 |
2.444 |
2.309 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.200 |
6.044 |
5.009 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.543 |
6.842 |
7.360 |
|
|
2] Unsecured Loans |
0.356 |
0.500 |
0.000 |
|
|
TOTAL BORROWING |
6.899 |
7.342 |
7.360 |
|
|
DEFERRED TAX LIABILITIES |
0.422 |
0.518 |
0.631 |
|
|
|
|
|
|
|
|
TOTAL |
14.521 |
13.904 |
13.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.712 |
3.950 |
4.662 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.204 |
4.870
|
5.161 |
|
|
Sundry Debtors |
8.859 |
10.078
|
7.428 |
|
|
Cash & Bank Balances |
2.027 |
1.960
|
1.939 |
|
|
Other Current Assets |
0.000 |
0.000
|
0.000 |
|
|
Loans & Advances |
4.802 |
3.512
|
2.806 |
|
Total
Current Assets |
20.892
|
20.420
|
17.334 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
9.510 |
10.188
|
8.901 |
|
|
Provisions |
0.573 |
0.278
|
0.095 |
|
Total
Current Liabilities |
10.083
|
10.466
|
8.996 |
|
|
Net Current Assets |
10.809
|
9.954
|
8.338 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.521 |
13.904 |
13.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales and Other Income |
38.675 |
35.718 |
35.104 |
|
|
Total Income |
38.675 |
35.718 |
35.104 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.455 |
0.306 |
0.151 |
|
|
Provision for Taxation |
0.199 |
0.171 |
0.058 |
|
|
Profit/(Loss) After Tax |
0.256 |
0.135 |
0.093 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
0.648 |
0.725 |
0.805 |
|
|
Other Expenditure |
37.572 |
34.687 |
34.148 |
|
Total Expenditure |
38.220 |
35.412 |
34.953 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.66
|
0.38 |
0.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.18
|
0.86 |
0.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.18
|
0.86 |
0.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.05 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
1.73 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.95 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Modification of charge |
|
Charge Identification (ID) number of the charge to be modified |
80031294 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U26109OR1986PTC001655 |
|
Name of the company |
BRITE GLASS WORKS PRIVATE LIMITED |
|
Address |
Kailashchandrapur, P O Budhikhamari Mayurbhanj, Bariphaga – 757 029,
Orissa, India |
|
Type of Charges |
v Book debts v Movable property (not being pledge) |
|
Particular of the charge holder |
CIN : L65190MH2004GOI148838 Name : Industrial Development Bank of India Limited Address : IDBI Tower, WTC Complex, Cuffe Parade City : Mumbai State : Maharashtra ISO country code : IN Pin code : 400 005 e-mail ID : sn.baheti@idbi.co.in |
|
Nature or description of the instrument creating or modifying the charge |
Supplemental Agreement of hypothecation of goods and assets for increase in the over all limit from Rs. 7.250 millions to Rs. 7.750 millions agreement dated 10.05.2007 |
|
Date of the instrument creating charge |
10.05.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 7.750 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 13.75% Terms of repayment Repayable on demand Margin Stock 25% and Book debts older than 90 days will not qualify for drawing power. Extent and operation of the charge The charge operates as security, inter alia, for due repayment by the company to IDBI of its working capital of Rs. 7.750 millions in terms of loan agreement dated 05.04.2007. Original charges created by Deed of hypothecation dated 05.04.2007 executed by the company in favour of IDBI are to be continuing security. |
|
Short particulars of the Property charged |
The borrower hereby hypothecate and pledge to the bank, all present and future goods, book debts and all other movable assets of the borrower including documents of title to the goods, outstanding money receivables including by way of cash assistance / incentives / refund guarantees, engagements, securities investments and rights and all the present and future machineries of the borrower located at the factory premises or anywhere in India. |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
15.05.2006 |
|
Particulars of the present modification |
The overall Limit is being increased from Rs. 7.250 millions to Rs. 7.750 millions. |
Form 8
|
Name of the company |
M/s Brite Glass
Works Private Limited |
|
Presented By |
State Bank of
India, Baripada, Dt. Mayurbhanj, Orissa |
|
1) Date and description of instrument creating the change |
Agreement form ‘K’
– Cash Credit agreement for hypothecation of goods dated. 01.12.1988 for Rs.
0.400 million Agreement from
‘L’ – cash credit agreement for hypothecation of debts and assets dated
01.12.1988 to Rs. 0.455 million |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.555 million |
|
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 raw
materials, goods in process, finished goods, sheet glass, float glass,
toughened glass, etc. The properties are held in the company’s factory and
premises at Kailashchandrapur, Near Baripada, Mayurbhanj, Orissa Hypothecation of
the book debts of the company, moneys receivables, claims, bills – contracts,
agreements, securities, investments rights and assets except property
otherwise charged to the bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The whole of
company’s stock of raw materials, goods in process, finished goods, all
articles manufactured there from which now or hereafter from time to time
during this security shall be brought into stored, in or about the company’s
godown or premises at Kailashchandpur, Near Baripada at Mayurbhanj or where
ever else the same be (including any such goods in transit or delivery) shall
be hypothecated. The whole of
company’s present and future book debts, out standings, money receivable,
claims, bill contracts, agreement securities, investments, rights and assets
(except properties effectively otherwise hypothecated to the bank) shall be
hypothecated to the bank and its assigns by way of first charge as security
for the payment to the bank on demand of all the moneys at any time payable
by the company to the bank in respect of the cash credit accounts of Rs.
0.555 million and also for the payment and discharge of all indebtedness and
liability of the company to the bank in respect of any bill of exchange,
promissory note or instrument at any time drawn or made, accepted, endorsed
by the company solely or jointly with offers, which the bank may discount or
become interest in, together with all interest, discount, commission charges,
cost and expenses payable or incurred by the bank in relation thereto. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Baripada Branch,
At/ P. O. : Baripada Dist : Mayrubhanj, Orissa, India |
As per Website Details
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.
Infrastructure
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 USA and
Europe. Acclaimed for the highest standards of quality, they believe that
superior quality is the driving force for accelerated growth and development of
every organization.
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 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 :
The 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.
The 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. 43.23 |
|
UK Pound |
1 |
Rs. 80.89 |
|
Euro |
1 |
Rs. 63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
|