MIRA
INFORM REPORT
|
Report Date : |
10.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
ASTRAL GLASS
PRIVATE LIMITED |
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Registered Office : |
A Wing, 2nd Floor, Adinath Tower, Nancy Colony, Borivali (East),
Mumbai – 400066, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.01.1995 |
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Com. Reg. No.: |
11-84401 |
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CIN No.: [Company
Identification No.] |
U2610MH1995PTC084401 |
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TAN No.: [Tax Deduction & Collection Account No.] |
NSKA01486C MUMA10626A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer
of Empty Glass Bottles |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Comments : |
Subject is
passing through difficult times at present. It has not repayed its loans
taken from Corporation Bank and The Saraswat Co-operative Bank Ltd aggregating
to Rs.492.450 millions. The bank has released a public notice for the auction
of the company’s debts to recover its loans. (A copy of the notice is
appended below in the report). In view of the
above any dealings with the subject should be fully safe and secured terms
only. |
LOCATIONS
|
Registered Office : |
A Wing, 2nd
Floor, Adinath Tower, Nancy Colony, Borivali (East), Mumbai – 400066,
Maharashtra, India |
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Tel. No.: |
91-22-28962200/ 66902200/
66906839/ 66906840/ 66906841/ 66906842/ 266907133 |
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Fax No.: |
91-22-56906989/
28965333/ 28978965 |
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E-Mail : |
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Website : |
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Factory : |
1461/1472, Nandgaon, Sadho, Igatpuri |
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Tel No.: |
91-6902200 |
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Fax No.: |
91-6906989 |
DIRECTORS
|
Name : |
Mr. Satish P Bhat
|
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Designation : |
Chairman and
Managing Director |
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Address : |
Flat No 542, 5th
Floor, Sunrose Rishi Complex, Off Holy Cross Road, Borivali (West) Mumbai – 400068,
Maharashtra, India |
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Date of Birth/Age : |
07.01.1957 |
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Qualification : |
B A Graduate |
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Date of Appointment : |
06.01.1995 |
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Name : |
Mr. Vishwanath R.
Nayak |
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Designation : |
Director |
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Address : |
A/404, TPS II, Off
Ram Mandir road, Vazira Naka, Borivali (E), Mumbai-400092, Maharashtra, India
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Date of Birth/Age : |
18.07.1960 |
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Qualification : |
Chartered
Accountants |
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Date of Casing : |
29.10.2004 |
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Election commission No.: |
MT/09/0114518 |
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Date of Appointment : |
01.02.1996 |
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Name : |
Mr. Dhananjay S.
Bhat |
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Designation : |
Director |
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Address : |
Flat No 542, 5th
Floor, Sunrose Rishi Complex, Off Holy Cross Road, Borivali (W) Mumbai –
400068, Maharashtra, India |
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Date of Birth/Age : |
11.05.1981 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Surendran
Kallankady |
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Designation : |
Director |
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Address : |
Flat No.
19/03/18, Cosmos, 4th Floor, Bhavani Nagar, Andheri (E), Mumbai-400059,
Maharashtra, India |
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Date of Birth/Age : |
12.11.1945 |
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Date of Appointment : |
10.10.1996 |
MAJOR SHAREHOLDERS
(As on
30.09.2005)
|
Names of
Shareholders |
No. of Shares |
|
Satish P Bhat |
4799979 |
|
Vishwanath R.
Nayak |
3200000 |
|
Abdulbhai Daalli |
1 |
|
Nagpal K Atmaram |
1 |
|
Nani Ronald Lapt |
1 |
|
Crystal Clear
investment |
1 |
|
Nagapal Atmaram
Dilipkumar |
1 |
|
Nodak Yusuf
Ifrikar |
1 |
|
Nagapal N.
Dawahal |
1 |
|
Manji L Lakho |
1 |
|
Bajaj B. Lalitha |
1 |
|
Jajasia B. Prem |
1 |
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Nagpal A.
Ramchand |
1 |
|
Bablani Seema |
1 |
|
Sona Education
Trust |
1 |
|
Nagapal Atmaram
Suresh |
1 |
|
Nagpal Vinita |
1 |
|
Bhyani Book Depot
|
1 |
|
D B Desai |
1 |
|
Infinite Metals |
1 |
|
Uamat S Mamta |
1 |
|
Surve S D |
1 |
|
Kamat S P |
1 |
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Abdulbhai Fidalli
|
1 |
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Atmaram K Nagapal
|
1 |
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Capt Ronald Mani |
1 |
|
Crystal Clear
investment |
1 |
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Nagapal Atmaram
Dilipkumar |
1 |
|
Yusuf Hooak |
1 |
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Nagapal N.
Jawahar |
1 |
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Mani L Lakho |
1 |
|
Bajaj B Lalitha |
1 |
|
Jagasia Prem |
1 |
|
Nagpal A R |
1 |
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Bablani Seema |
1 |
|
Sona Education
Trust |
1 |
|
Nagapal Atmaram
Suresh |
1 |
|
Nagapal J Uinita |
1 |
|
Bhyani Book Depot
|
1 |
|
D B Desai |
1 |
|
Infinite
Metals |
1 |
|
Kamat Mamta |
1 |
|
Suresh S P |
1 |
|
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Total |
8000020 |
(As on
31.03.2006)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Empty Glass Bottles |
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Products : |
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PRODUCTION
STATUS
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Particulars |
Unit |
Installed
Capacity |
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Glass
Bottles |
MT. Tons |
29115 |
GENERAL INFORMATION
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Bankers : |
Overseas Branch, Nariman
Point, Mumbai – 400021, Maharashtra, India
Borivali Branch, Borivali,
Mumbai – 400092, Maharashtra, India
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singrodia Goyal
and Company Chartered
Accountants |
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Name : |
More Kulkarni and
Associates Chartered Accountant
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Address: |
2/52, Shree
Ganesh Society, Dr. A B Road, Worli, Mumbai – 400025, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
millions |
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Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
80.000 |
55.000 |
55.000 |
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2] Share Application Money |
0.000 |
3.400 |
0.000 |
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3] Reserves & Surplus |
147.652 |
128.756 |
99.921 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
227.652 |
187.156 |
154.921 |
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LOAN FUNDS |
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1] Secured Loans |
426.490 |
424.071 |
222.496 |
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2] Unsecured Loans |
70.363 |
66.225 |
20.132 |
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TOTAL BORROWING |
496.853 |
490.296 |
242.628 |
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DEFERRED TAX LIABILITIES |
50.205 |
48.880 |
39.160 |
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TOTAL |
774.710 |
726.332 |
436.709 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
490.037 |
487.980 |
217.892 |
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Capital work-in-progress |
0.200 |
34.933 |
84.785 |
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INVESTMENT |
0.000 |
0.200 |
0.150 |
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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 |
200.646
|
157.930 |
75.961 |
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Sundry Debtors |
197.197
|
150.356 |
109.712 |
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Cash & Bank Balances |
11.102
|
21.343 |
12.709 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
49.006
|
20.626 |
20.992 |
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Total Current Assets |
457.951
|
350.255 |
219.374 |
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
184.681
|
148.123 |
86.961 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total Current Liabilities |
184.681
|
148.123 |
86.961 |
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Net Current Assets |
273.270
|
202.132 |
132.413 |
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MISCELLANEOUS EXPENSES |
0.703 |
1.087 |
1.469 |
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TOTAL |
774.710 |
726.332 |
436.709 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
689.586 |
525.277 |
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Profit/(Loss)
Before Tax |
|
41.370 |
25.518 |
|
Provision for
Taxation |
|
2.325 |
3.700 |
|
Profit/(Loss)
After Tax |
|
38.325 |
21.818 |
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Export Value |
|
446.269 |
376.461 |
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Import Value |
|
7.211 |
13.210 |
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Total Expenditure |
|
648.215 |
499.758 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
5.56 |
4.15 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
6.00 |
4.86 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
NA
|
4.94 |
5.84 |
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Return on
Investment (ROI) (PBT/Networth) |
|
NA
|
0.22 |
0.16 |
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Debt Equity Ratio (Total
Liability/Networth) |
|
2.99
|
1.30 |
2.13 |
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|
Current Ratio (Current
Asset/Current Liability) |
|
2.48
|
2.36 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office
of the company has been shifted A-5, Solver Arch, Ram Nagar, Borivali West,
Mumbai – 400092, Maharashtra, India to the present address w.e.f. 22.02.2007
Trade Terms
with:
Ø
Avadhoot Industries
Ø
Bakul Agencies
Ø
Bhanu cosmetics packing Private
limited
Ø
Bills Enterprises
Ø
Carepack Industries
Ø
Chirag pack India Private
Limited
Ø
Deep Kamal Printing and
Packaging Private Limited
Ø
Dipti corrugating Industries
Private Limited
Form 8:
|
Corporate
identity number of the company |
U2610MH1995PTC084401 |
|
Name of the
company |
ASTRAL GLASS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
A Wing, 2nd Floor, Adinath Tower, Nancy Colony, Borivali
(East), Mumbai – 400066, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property Stock and Other
Movable Property |
|
Particular of charge
holder |
Corporation bank
Limited Overseas Branch, Nariman
Point, Mumbai – 400021, Maharashtra, India CIN No.:
U99999MH1936PTC002552 Email: cb0444@corpbank.co.in |
|
Nature of
instrument creating charge |
Memorandum of
deposit of Title Deeds and Hypothecation of
first supplemental joint deeds (Both the agreement constituted a single
modification) |
|
Date of
instrument Creating the charge |
22.01.2007 |
|
Amount secured by
the charge |
Rs.379.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As per attachment
and Bank Sanction letter Terms of
Repayment: As per attachment Margin: As per attachment
and Bank Sanction letter Extent and Operation
of the charge: As per attachment |
|
Particulars of
the property charged |
As per Memorandum
of deposit of title deeds and first supplemental joint deeds of hypothecation |
|
Particulars of
the present modification |
By this
Modification, The Present Limit enhanced from Rs.322.000 Millions to
Rs.379.400 Millions (Additional
Sanction of working Capiatal demand loan of corporation bank of Rs.32.700
Millions and the saraswat co-operative bank limited of Rs.24.700 Millions
thus the total working capital demand loan is Rs.57.400 Million) Thus the total
charge now stands Rs.379.400 Millions |
Fixed Assets:
Ø
Free hold land and land
development
Ø
Building and factory sheds
Ø
Plant and machinery
Ø
Direct fire melting furnace
Ø
Moulds and dies
Ø
Electrical installations
Ø
Furniture and fixture
Ø
Office equipments
Ø
Vehicles
Ø
Computers and ERP systems
Copy of Public
Notice
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|