MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
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Name : |
FIROZABAD GLASS SHELL INDUSTRIES |
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Registered Office : |
707, Deepali Building, 92, Nehru
Place, Janak Puri District Centre, New Delhi – 110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Year of Establishment : |
1980 |
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Legal Form : |
Partnership Concern with an unlimited liability of
the partners. |
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Line of Business : |
Manufacturer
and Exporter of Glass Refills for Vacuum Flasks & Food Flasks. |
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 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established concern having satisfactory track records. Trade relations are
fair. Payments are usually correct and as per commitments. The concern can
be considered normal for business dealings at usual trade terms and conditions.
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INFORMATION PARTED
BY
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Name : |
Mr.R.Shree Kumar |
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Designation : |
G.M.in Exports |
LOCATIONS
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Registered Office : |
707, Deepali Building, 92,
Nehru Place, Janak Puri District Centre, New Delhi – 110019, India |
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Tel. No.: |
91-11-41574930 |
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Fax No.: |
91-11-41574940 |
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E-Mail : |
export@firozabadglassshell.com
firozabadglassshell@rediffmail.com
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Website : |
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Area : |
900
Sq. ft. approx |
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Location : |
Owned
- Commercial |
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Corporate
Office : |
4, Shri Krishna Market, S.N.
Road, Firozabad, Uttar Pradesh- 283203 |
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Tel. No.: |
91-5612-241558,
245558 |
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Fax No.: |
91-5612-247337 |
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Factory : |
Mohamadpur Navada, Makhanpur,
Firozabad, Uttar Pradesh- 283203 |
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Area : |
16,000
Sq. Meters |
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Factory : |
Firozabad,
Near Agra |
PARTNERS
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Name : |
Mr. Dharmendra Mohan Gupta |
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Designation : |
Partner |
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Age : |
56 Years |
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Qualification : |
Graduate |
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Experience : |
35 Years |
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Name : |
Mr. Sunil Mohan Gupta |
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Designation : |
Partner |
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Age : |
52 Years |
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Qualification : |
Graduate |
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Experience : |
30 Years |
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Name : |
Mr. Ram Kishore Gupta |
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Designation : |
Partner |
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Age : |
50 Years |
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Qualification : |
Graduate |
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Experience : |
30 Years |
KEY EXECUTIVES
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Name : |
Mr. R
Sree Kumar |
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Designation : |
General
Manager, Exports |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Glass Refills for Vacuum Flasks & Food Flasks. |
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Products : |
·
Bulb
Shells ·
Lead
Glass for Bulbs ·
Glass
Refills for Vacuum Flasks ·
Glassware
/ Tableware ·
Glass
Refills for Vacuum Flasks |
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Import from : |
Domestic
Market |
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Exports to : |
v
50%
Europe, v
20%
China, v
25%
Brazil v
South
America v
5%
Others |
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Terms : |
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Selling : |
Cash
and Credit |
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Purchasing : |
Cash
and Credit |
PRODUCTION
STATUS
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Particulars |
Unit |
Actual Production |
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Vacuum Flasks & Glass Refills |
Pieces per month |
600,000 |
GENERAL INFORMATION
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Customers : |
·
Flask
Manufacturers ·
Electrical
lighting industries o
GE o
Crompton
Greaves o
Philips
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No. of Employees : |
1150
( in office + in factory) |
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Bankers : |
Bank
of Maharashtra Cannaught
Place, New Delhi – 110001 |
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Facilities : |
Subject is reportedly enjoying
cash credit facilities from its Bankers. |
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Banking Relations : |
Satisfactory |
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Awards : |
Received
Export Recognition Award from ‘CAPEXIL’ |
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Sister Concerns: |
Tiger
Glass Shell Industries |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 7.000
Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 7.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
The
subject is a Non-Incorporated business entity and thus not obliged to file any
information on itself with any Official Authority (Registrar of Company) open
for public inspection. The above-mentioned information is obtained directly
from the subject itself but the subject could not substantiate it by providing
audited financial statements like Balance Sheet and Profit & Loss A/c.
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Particulars |
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31.03.2005 |
31.03.2004 |
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Networth |
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7.000 |
6.600 |
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Sales Turnover |
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185.000 |
150.000 |
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Total Income |
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185.000 |
150.000 |
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Profit/(Loss)
Before Tax |
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1.200 |
0.825 |
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Provision for
Taxation |
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0.275 |
0.225 |
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Profit/(Loss)
After Tax |
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0.925 |
0.600 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT /
Total Income |
|
0.50 |
0.40 |
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Net
Profit Margin |
|
0.65 |
0.55 |
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Return
on Investment (ROI) |
|
13.21 |
9.09 |
Expected Sales
Turnover for March 2007 Rs. Rs.250.000 Million
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
v
ALIFI GMBH –
GERMANY
v
EMSA GMBH -
GERMANY
The
subject being a non-incorporated business entity, is not obliged to register
itself with any authorities open to public inspection.
Subject
does not import and purchase raw materials from the domestic market
ISO
9001-2000 Certified Company
The subject company is one of the leading
manufacturer and exporter of glass refills.
The subject is a 100% Export Oriented Unit and exporting Glass refills
for vacuum flasks and food flasks to Europe, South America and China. Their glass refills are produced in the
Original 'German Einedrucker Technology' and these are tested under European
standards. They are producing glass
refills from 12 ml upto 3.9 Litres capacity in both narrow mouth (flasks) and
wide mouth (food flasks). The subject
is supplying to vacuum flask manufacturers.
The subject is also manufacturing bulb shells, lead glass for bulbs from
it’s other division. The subject is
supplying these products to G.E., Phillips, Crompton Greaves and Osram.
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. 48.68 |
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UK Pound |
1 |
Rs. 84.37 |
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Euro |
1 |
Rs. 65.70 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|
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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/normal. |
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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