MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENERAL METALLISERS LIMITED |
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Registered Office : |
Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
3.03.2007 |
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Date of Incorporation : |
26.09.1979 |
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Com. Reg. No.: |
11-21717 |
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CIN No.: [Company
Identification No.] |
U74999MH1979PTC021717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09012D |
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PAN No.: [Permanent
Account No.] |
AAACG4130A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Metallised Paper for Cigarette Inner
Liners, Liquor Labels. |
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 400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Mr. Sachin Sheth, Director of the company could not be available. In
his absence, no one is ready to part details. Efforts are continued to
contact him, in the meantime. Subject is a well – established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are 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 : |
Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023,
Maharashtra, India |
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Tel. No.: |
91-22-2041458 / 2835106 / 2854364 / 2043626 / 2041458 / 2854365 |
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Fax No.: |
91-22-2043626 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
B / 84, MIDC Industrial Estate, Ambad , Nasik – 422 010, Maharashtra,
India |
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Tel. No.: |
91-22-2382384 / 2382264 |
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E-Mail : |
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Location : |
Owned |
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Branches: |
No. 8/4, Stringers Street, 2nd Floor, Madras – 600108, Tamil Nadu, India |
DIRECTORS
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Name : |
Mr. Shreekant Vasantlal Mehta |
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Designation : |
Director |
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Address : |
3 A Naples 9 Sobani Colaba , Mumbai – 400 005, Maharashtra, India |
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Date of Birth/Age : |
24.05.1948 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mrs. Kumud Chabildas Sheth |
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Designation : |
Director |
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Address : |
5 Adenwalal Mansion , 1st Floor, Pandita Ramabai Grant
Road, Chowpatty , Mumbai – 400 007, Maharashtra, India |
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Date of Birth/Age : |
16.03.1930 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Sachin Chabildas Sheth |
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Designation : |
Director |
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Address : |
14 Shashidhar, Dr. Rajaballi
Patel Road, Off Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
21.09.1952 |
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Date of Appointment : |
26.09.1979 |
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Tel No.: |
91-22-22835106 |
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Fax No.: |
91-22-22043626 |
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E-Mail: |
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Name : |
Mr. Harshad Choksi |
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Designation : |
Director |
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Address : |
Choksi Villa 63 R A Kidwai Marg, Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
25.09.1923 |
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Date of Appointment : |
27.09.1984 |
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Name : |
Mrs. Sujata Vishwas |
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Designation : |
Director |
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Address : |
112/B, 11th Floor,
Kalpataru Residency , Sion (East), Mumbai – 400 022, Maharashtra,
India |
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Date of Birth/Age : |
11.11.1965 |
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Date of Appointment : |
29.06.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007):- |
|
No. of Shares |
|
Mr. Sachin Sheth |
|
2246855 |
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Mrs. Kumud Sheth |
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100 |
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Mrs. Shweta Sheth |
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450 |
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Mrs. Neha Sheth |
|
450 |
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Fouress Holdings Private Limited |
|
2000 |
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Mr. Raghunath Mukunda Pai |
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45 |
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General Properties Private Limited |
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100 |
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Total
|
2250000 |
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Category (as on 31.03.2007):- |
|
Percentage of
Holding |
|
Bodies Corporate |
|
0.09 |
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Directors or relative of directors |
|
99.91 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Metallised Paper for Cigarette Inner
Liners, Liquor Labels. |
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Products : |
· Metallised paper · Coated paper |
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·
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · End Users · Retailers |
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No. of Employees : |
100 |
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Bankers : |
Bank of Maharashtra 1st Floor, Janmangal
, 45/47 Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K M Modi and Associates Chartered Accountants |
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Address : |
Bharati Bhavan , 3rd Floor, 210 P D Mello Road, Mumbai –
400 001, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity Shares |
Rs. 10/-
each |
Rs.22.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
22.500 |
22.500 |
22.500 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.673 |
62.550 |
49.935 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
97.173 |
85.050 |
72.435 |
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|
LOAN FUNDS |
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|
|
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1] Secured Loans |
58.562 |
64.036 |
50.652 |
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2] Unsecured Loans |
13.962 |
15.639 |
16.701 |
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TOTAL BORROWING |
72.524 |
79.675 |
67.353 |
|
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DEFERRED TAX LIABILITIES |
19.751 |
18.955 |
17.585 |
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TOTAL |
189.448 |
183.680 |
157.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
148.592 |
146.329 |
115.263 |
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Capital work-in-progress |
0.201 |
0.000 |
0.000 |
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INVESTMENT |
8.689 |
6.615 |
5.615 |
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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 |
22.409
|
18.919 |
18.767 |
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Sundry Debtors |
35.428
|
34.037 |
24.648 |
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Cash & Bank Balances |
0.724
|
0.427 |
0.484 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.249
|
23.290 |
26.502 |
|
Total
Current Assets |
76.810
|
76.673 |
70.401 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
35.484
|
28.526 |
20.514 |
|
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Provisions |
9.360
|
17.411 |
13.392 |
|
Total
Current Liabilities |
44.844
|
45.937 |
33.906 |
|
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Net Current Assets |
31.966
|
30.736 |
36.495 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
189.448 |
183.680 |
157.373 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
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|
Sales Turnover |
|
|
333.400 |
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Other Income |
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|
4.900 |
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Total Income |
|
|
338.300 |
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Profit/(Loss) Before Tax |
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|
29.600 |
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Provision for Taxation |
|
|
9.900 |
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Profit/(Loss) After Tax |
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|
19.700 |
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|
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Expenditures : |
|
|
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|
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Manufacturing Expenses |
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|
2.100 |
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Administrative Expenses |
|
|
16.200 |
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Raw Material Consumed |
|
|
197.000 |
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|
Increase/(Decrease) in Finished Goods |
|
|
[2.800] |
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Salaries, Wages, Bonus, etc. |
|
|
14.000 |
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Interest |
|
|
4.600 |
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Power & Fuel |
|
|
16.400 |
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Depreciation & Amortization |
|
|
8.600 |
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Excise duty |
|
|
43.600 |
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Other Expenditure |
|
|
9.000 |
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Total Expenditure |
|
|
308.700 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
5.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
8.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
15.47 |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.41 |
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|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
1.48 |
1.39 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.67 |
2.08 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
GENERAL METALLISERS LIMITED |
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Presented By |
Jointly by the
company and Bank of Maharashtra |
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1) Date and
description of instrument creating the change |
· Deed of hypothecation · Deed of hypothecation of book debts and BO / BD agreement All agreements
dated 14.08.1993 (collectively
constitute single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 13.000
millions |
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
First and exclusive charge security by way of
hypothecation security charge in
favour of the bank over
the borrower present future movable plant ,
Machineries, goods, stocks of raw
materials, items, inventories stock
in process , semi finished goods and finished goods , stores and spares not relating to plant And Machinery
(consumable stores and spares
) stock in trade good in process , movable in transit , bills
receivables and book debts and all of the borrower 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 and now the borrower goodwill and all
outstanding monies claims, receivables book debts due to the borrower at any
time or from time to time, and all of the borrower rights, titles or Interest
therein . |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
· Interest / commission as per RBI / H O Rules · Security to cover principal amount together with Interest , costs, charges , expenses, etc . |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Maharashtra Fort branch, Mumbai – 400 023 |
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6) Date and brief description of instrument
modifying the charge |
Memorandum of
records of equitable mortgage dated 14.12.2005 |
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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. |
First
modification : On 22.11.1993
additional security given by way charge on Immovable property Second
modification: On 13.12.1994
limit for book debts increased from Rs. 5.000 millions to Rs. 7.500 millions and limit
for goods increased from Rs. 5.000 millions to Rs. 7.500 millions Third
modification: On 16.06.1995 Limits
against book debts increased from Rs. 7.500 millions to Rs. 9.000 millions and limits against hypothecation of goods is increased from Rs. 7.500
millions to Rs. 10.000 millions Fourth
Modification: On 30.09.1996
total cash credit limits of Rs 19.000 millions further secured by second
charge on immovable property land Plot No. B – 84 adm. 7729 Sq. mtrs in the
additional Nasik Industrial Area, Ambad Fifth
Modification: On 07.06.1999
charge enhanced from Rs. 19.000 millions to Rs. 20.000
millions. Sixth
Modification: On 27.09.2000
Charge enhanced from Rs. 20.000 millions to Rs. 28.150 millions Seventh
Modification On 27.09.2000
enhanced limits of Rs. 28.150 millions
further secured by first charge of equitable mortgage of immovable
property situated at plot No. 8/84 adm 7729 Sq.mtrs at additional Nasik
Industrial Area. Eight
modification On 08.05.2001
aggregate limits further secured by equitable mortgage of immovable property
being plot No. B /84 adm. 7729* Sq.mtrs at additional Nasik Nine
Modification: On 30.04.2002
charge enhanced from Rs. 31.150 millions
to Rs. 92.550 millions Tenth
modification: On 30.04.2002
enhanced limits of Rs. 92.550 millions further secured by equitable mortgage
of immovable property being all those pieces and parcel of land known as Plot No. B / 84 in the
ambad , taluka and Registration dub
district Nasik, district and
registration district Nasik
admeasuring 7729 Sq.mtrs. By the present
modification: Charge reduced
from Rs. 92.550 millions to Rs. 74.600 millions Details of credit facilities
as under:
Revised limits
further secured by equitable mortgage of immovable property being. All those
pieces and parcels of land known as
plot No. B – 84, situate being and lying
at the Nasik admeasuring 7729 Sq.mtrs
and bounded as follows: On or towards the
North: Boundary of MIDC On or towards
East : Plot No. B /83 On or towards
South : Estate Road On or towards
West Plot No. B – 85 Together with the
buildings and structure constructed or to be constructed thereon and all the
fixtures fittings annexed thereon. |
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Corporation identity number or foreign company registrations number of
the company |
U74999MH1979PTC021717 |
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Name of the company |
GENERAL METALLISERS LIMITED |
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Address |
Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023,
Maharashtra, India |
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This Form is for |
Creation of the charge |
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Type of Charges |
· Movable Property · Floating Charge |
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Particular of the charge holder
|
Bank of Maharashtra Address: 1st floor, Janmanagal
, 45/47 Mumbai Samachar Marg, Fort , Mumbai – 400 023, Maharashtra, India E-Mail: bommumdrt@vsnl.net
|
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Nature or description of the instrument creating charge |
Composite deed of hypothecation for all
facilities |
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Date of the instrument creating charge |
17.03.2007 |
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Amount Secure by the charge |
Rs. 4.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Interest -1% below BPLR at present 11.50%
p.a with monthly rests Terms of repayment: Repayment – Rs. 0.07 millions per month commencing
from May 2007 plus Interest to be paid as and when applied Margin: Margin – 15% Banks Favour Extent and operation of the charge: Security to cover principal amount
together with Interest , costs, charges and expenses, etc Others Term Loan – Rs. 4.000 millions |
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Short Particulars of the Property charged |
Hypothecation of guarantor set out and
electrical fittings |
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WEBSITE DETAILS:
Company Profile
The company is a manufacturer and exporters of Metalllised and coated Paper, has constantly endavored to become not only an organization of success but also an Organisation of value. Out commitment to continuous improvements and constant updating with the latest technology has built into our products an unparelled value for money. Manufacturing of Metallised Paper as an alternative to foil laminated paper was started in India for the first time by the company formed by Mr. Sachin C. Sheth in the year 1983 at Nasik. They have incorporated the most advanced equipment to provide with excellent Product quality. The spirit of innovation, dynamism and the determination to excel has not only motivated us to reach the top but to maintain that status as well.
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|