MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOSS HOLDINGS PRIVATE LIMITED |
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Registered Office : |
A/53 Aditi Apartment no. 2 Mathura Das Road, Kandivali (West) Mumbai-400067,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.12.1992 |
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Com. Reg. No.: |
11-69846 |
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CIN No.: [Company
Identification No.] |
U67120MH1992PTC069846 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG03663C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Adhesive Lable Stock Paper (Major focus on trading) |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
The Company has discontinued manufacturing activity and presently
exploring trading activity in ashesive label stock. It’s business turnover is small in 2007-08 to Rs, 3 millions. It’s payments are usually correct and as per commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. Mr. Jignesh Shah, manager of the company updated this report. |
INFORMATION PARTED
BY
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Name : |
Mr. Jignesh Shah |
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Designation : |
Manager |
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Date : |
07.05.2008 |
LOCATIONS
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Registered Office : |
A/53 Aditi Apartment No. 2 Mathura Das Road, Kandivali (West)
Mumbai-400067, Maharashtra, India |
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Tel. No.: |
91-22-28810544 |
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Fax No.: |
91-22-28822676 |
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E-Mail : |
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Location : |
Rented |
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Factory 1 : |
A-1/50, Hightech Industrial Complex, Old Sapati Road, Village Aliyal,
Palghar (west), District Thane |
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Tel. No.: |
91-22-28810544 |
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Area : |
2000 sq ft (owned) |
DIRECTORS
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Name : |
Mr. Rajesh B. Mehta |
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Designation : |
Director |
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Address : |
A/53, Aditi Apartments No. 2, Hemu Kalani X Road No. 1, Kandivali (W), Mumbai – 400067 |
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Date of Birth/Age : |
15.05.1965 |
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Date of Appointment : |
16.08.1993 |
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Name : |
Ms. Jigna C. Mehta |
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Designation : |
Director |
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Address : |
303, Vora Castle, M. G. Road, Kandivali (W), Mumbai – 400067 |
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Date of Birth/Age : |
13.06.1971 |
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Date of Appointment : |
10.12.1997 |
KEY EXECUTIVES
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Name : |
Sanjay Doshi and Associates |
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Designation : |
Company Secretary |
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Address : |
Mumbai - 400060 |
MAJOR SHAREHOLDERS
As on30.09.2005
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Names of Shareholders |
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No. of Shares |
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Rajesh B. Mehta and Bina R. Mehta |
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9310 |
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Jigna C. Mehta and Rajesh B. Mehata |
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2390 |
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Bhogilal M Mehta and Hansa B. Mehta |
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1000 |
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Bina R. Mehta and Rajesh B. Mehta |
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500 |
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Prakash C. Purohit Rajesh B. Mehta |
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100 |
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Damyantiben G Mehta |
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50 |
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Bhavna Y. Sanghavi |
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25 |
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Sushilaben M. Sanghavi Yogesh M. Sanghavi |
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1625 |
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Total |
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15000 |
Equity share breakup (Percentage of equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Adhesive Lable Stock Paper (Major focus on trading) |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe |
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Terms : |
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Selling : |
Credit (30-60 Days) |
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Purchasing : |
Cash or Credit (30-60 Days) |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Label Stock Paper |
Sq. mtrs. |
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1500000 |
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GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
4 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. C. Vaidya and Comapany Chartered Accountant |
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Address : |
A/403, Kailash Tower, M.G. Road, NR. Kamala Nagar, Kandivali (West),
Mumbai-400067, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity shares |
Rs. 100/- each |
Rs. 1.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity shares |
Rs. 100/- each |
Rs. 1.500 Million |
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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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.066 |
1.735 |
1.639 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.566 |
3.235 |
3.139 |
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LOAN FUNDS |
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1] Secured Loans |
0.152 |
0.000 |
2.083 |
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2] Unsecured Loans |
3.431 |
3.423 |
3.423 |
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TOTAL BORROWING |
3.583 |
3.423 |
5.506 |
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DEFERRED TAX LIABILITIES |
0.085 |
0.097 |
0.123 |
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TOTAL |
7.234 |
6.755 |
8.768 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.509 |
0.584 |
0.677 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.120 |
0.370 |
0.390 |
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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
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1.726 |
0.000 |
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Sundry Debtors |
3.000
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4.805 |
9.722 |
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Cash & Bank Balances |
0.202
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0.297 |
0.015 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.753
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3.374 |
0.676 |
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Total
Current Assets |
7.955
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10.202 |
10.413 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.934
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4.111 |
2.492 |
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Provisions |
0.416
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0.290 |
0.220 |
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Total
Current Liabilities |
1.350
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4.401 |
2.712 |
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Net Current Assets |
6.605
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5.801 |
7.701 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.234 |
6.755 |
8.768 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover (Estimated) |
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3.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.38
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2.42 |
2.62 |
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Current Ratio (Current Asset/Current Liability) |
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5.89
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2.32 |
3.84 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
GLOSS HOLDING
PRIVATE LIMITED |
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Presented By |
Bank of
Maharashtra Malad (West) Branch, Mumbai 400064 |
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1) Date and description of instrument creating the change |
7th
August 2003 Composite deed of
Hypothecation for all Facilities |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 Million
only |
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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 |
To secure the due
repayment of Term Loan of Rs. 0.400 million and for interest and other
charges thereon, first charge and hypothecation of the Borrowers: a) First and
exclusive charge and security by way of hypothecation security charge in
favour of the Bank over the Borrower’s present and future movable plants,
chromo, Maplitho, glossine, adhesives, white etc. inventories, stock in
process, semifinished and finished goods, stores and spares not relating to
plant and machinery (consumable stores and spares), stocks receivable, and
Book Debts and all of the Borrower’s other movable assets and properties both
present and future situated or located at any place and now lying, being,
affixed or installed at any place at any time and the borrower’s goodwill and
all outstanding monies, claims, receivables, Book Debts due or become due to
the Borrower/s at any time or from time to time. And all of Borrower’s
rights, titles or interest therein. b) First and
exclusive charge and security by way of hypothecation security charge in
favour of the Bank over the Borrower’s present and future movable plants,
machineries of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate of
1.00% over the Prime Lending Rate as may be prescribed by the Bank from time to
time with a minimum of 12.50% p.a. or such other rate as may be prescribed by
the bank from time to time with mly rest and for all such amounts plus penal
interest, additional interest, liquidated damages, commission, costs, charges
and expenses at such rates as may be prevailing or fixed or to be fixed by
the Bank from time to time, without reference, notice or intimation by the
Bank at any time whatsoever. Penal Interest @
2 % p. a. in case of default. Repayment of Term
Loan by and on 31.10.2003 |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra Malad (West) Branch Liberty Garden, Road No. 3, Mamledar Wadi,
Malad (West), Mumbai 400064 |
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6) Date and brief description of instrument modifying the charge |
N.A |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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 :
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.41.79 |
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UK Pound |
1 |
Rs.81.60 |
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Euro |
1 |
Rs.64.01 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
Yes |
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--LITIGATION |
YES/NO |
No |
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--OTHER ADVERSE INFORMATION |
YES/NO |
No |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
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--EXPORT ACTIVITIES |
YES/NO |
No |
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--AFFILIATION |
YES/NO |
Yes |
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--LISTED |
YES/NO |
No |
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--OTHER MERIT FACTORS |
YES/NO |
Yes |
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TOTAL |
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30 |
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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