MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
FUSO GLASS INDIA PRIVATE LIMITED (w.e.f. 10.10.2008) |
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Formerly Known
As : |
MAHAVEER SAFETYGLASSCOMPANYPRIVATELIMITED |
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Registered
Office : |
Fuso House, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of Incorporation
: |
12.11.1999 |
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Com. Reg. No.: |
18-43549 |
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CIN No.: [Company Identification
No.] |
U26109TN1999PTC043549 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM05230B |
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PAN No.: [Permanent Account No.] |
AABCM9798H |
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Legal Form : |
Private limited liability company. |
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Line of Business
: |
Manufacturing and Processing of Glass |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 620000 |
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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 : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Gayatri |
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Designation : |
Finance Department |
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Date : |
24.02.2011 |
LOCATIONS
|
Registered Office : |
Fuso House, |
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Tel. No.: |
91-44-30283848/30576731 |
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Fax No.: |
9144-30282800 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Champatlal Babulal Jain |
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Designation : |
Managing Director |
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Address : |
40-20-42, |
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Date of Birth/Age : |
14.07.1958 |
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Date of Appointment : |
12.11.1999 |
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Name : |
Mr. Ashokkumar Babulal Jain |
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Designation : |
Whole Time Director |
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Address : |
25/3, |
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Date of Birth/Age : |
02.01.1966 |
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Date of Appointment : |
12.11.1999 |
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Name : |
Mr. Ramesh Kumar Chauhan |
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Designation : |
Director |
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Address : |
No. 22, Chennai, 600010, Tamil |
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Date of Birth/Age : |
17.02.1955 |
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Date of Appointment : |
29.03.2007 |
KEY EXECUTIVES
|
Name : |
Ms. Gayatri |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Ashokkumar Babulal Jain |
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112200 |
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Champatlal Babulal Jain |
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340000 |
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Madanlal B. Jain |
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569500 |
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Manjula M. Chowatia |
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374000 |
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Naina A. Chowatia |
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100300 |
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Nirmala Bai |
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459000 |
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Babulal L. Shah |
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582000 |
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Kanchan Ben |
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127500 |
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Rekha S. Chowatia |
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204000 |
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Tarachand L. Shah |
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362100 |
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Chanden Ben |
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195500 |
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Rinku A. Chowatia |
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85000 |
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Babulal L. Shah – Karta For Babulal L. Shah Huf |
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34000 |
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Uji Bai |
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34000 |
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Vinitha Kumari |
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17000 |
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Total |
|
3596100 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Processing of Glass |
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Imports : |
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Products : |
Raw Materials and Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
25 Approximately |
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Bankers : |
·
Indian Overseas Bank, Pursawalkam Branch, 15 Hunters Rod, Chennai
- 600112, ·
Bank of ·
Citi Bank ·
State Bank of |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. Bhandari and Associates Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- Each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3596100 |
Equity Shares |
Rs.10/- Each |
Rs.35.961
Millions |
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- Each |
Rs.40.000 Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3596100 |
Equity Shares |
Rs.10/- Each |
Rs.35.961
Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3400000 |
Equity Shares |
Rs.10/- Each |
Rs.34.000
Millions |
|
196100 |
Equity Shares |
Rs.8.33/- Each |
Rs.1.633
Millions |
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|
Total |
|
Rs.35.633 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
35.633 |
35.633 |
35.633 |
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2] Share Application Money |
18.496 |
18.496 |
2.996 |
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3] Reserves & Surplus |
101.124 |
91.764 |
59.304 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
155.253 |
145.893 |
97.933 |
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LOAN FUNDS |
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1] Secured Loans |
357.226 |
180.724 |
131.963 |
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2] Unsecured Loans |
69.011 |
17.450 |
7.286 |
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TOTAL BORROWING |
426.237 |
198.174 |
139.249 |
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DEFERRED TAX LIABILITIES |
24.761 |
22.411 |
20.642 |
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TOTAL |
606.251 |
366.478 |
257.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
529.995 |
228.757 |
140.794 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
60.140
|
50.910 |
51.978 |
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Sundry Debtors |
124.872
|
123.128 |
73.794 |
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Cash & Bank Balances |
(1.027)
|
3.171 |
3.641 |
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Other Current Assets |
12.933
|
4.055 |
4.371 |
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Loans & Advances |
32.014
|
55.440 |
14.368 |
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Total
Current Assets |
228.932
|
236.704 |
148.152 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
123.204
|
57.580 |
23.924 |
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Other Current Liabilities |
26.944
|
22.329 |
1.523 |
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Provisions |
2.528
|
19.146 |
5.766 |
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Total
Current Liabilities |
152.676
|
99.055 |
31.213 |
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Net Current Assets |
76.256
|
137.649 |
116.939 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.072 |
0.091 |
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TOTAL |
606.251 |
366.478 |
257.824 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Sales less
Returns and Discounts |
372.271 |
440.597 |
NA |
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Other Income |
25.186 |
12.532 |
7.195 |
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TOTAL (A) |
397.457 |
453.129 |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
342.030 |
362.262 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.427 |
90.867 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
21.399 |
22.513 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.028 |
68.354 |
42.608 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.873 |
18.058 |
15.755 |
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PROFIT BEFORE
TAX (E-F) (G) |
14.155 |
50.296 |
26.853 |
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Less |
TAX (H) |
4.794 |
13.667 |
13.256 |
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PROFIT AFTER TAX
(G-H) (I) |
9.361 |
36.629 |
13.597 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.372 |
1.912 |
0.675 |
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Less |
APPROPRIATIONS |
|
|
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|
|
Transfer to General Reserve |
0.000 |
10.000 |
10.000 |
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|
|
Proposed Dividend |
0.000 |
3.563 |
2.000 |
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|
|
Tax on Dividend |
0.000 |
0.605 |
0.360 |
|
|
BALANCE CARRIED
TO THE B/S |
33.733 |
24.372 |
1.912 |
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Earnings Per Share
(Rs.) |
2.63 |
- |
- |
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Particulars |
|
|
31.03.2010 |
|
Sales Turnover |
|
|
530.000 |
Expected Sales (2010-2011) : Rs.900.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.36
|
3.02 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.80
|
11.42 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.87
|
10.81 |
9.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
9.12
|
0.34 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.73
|
2.04 |
1.74 |
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Current Ratio (Current Asset/Current Liability) |
|
1.50
|
2.39 |
4.75 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Sundry Creditors |
123.204
|
57.580 |
23.924 |
CHANGE OF REGISTERED
OFFICE OF THE COMPANY:
The Registered
Office of the company has been changed from 9D, 9th Floor, Ega Trade Centre,
809, Poonamallee High Road, Chennai – 600 010 to FUSO House, 4th Floor, 91,
Poonamallee High Road, Egmore, Chennai – 600 084 w.e.f. 12.11.2008 to
facilitate operational convenience.
CHANGE OF NAME OF
THE COMPANY:
The name of the
company has been changed to FUSO GLASS INDIA PRIVATE LIMITED w.e.f. 10.10.2008.
Trade Reference:
·
Parmar Steel Asia Company
·
Mild Stones
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U26109TN1999PTC043549 |
|
Name of the
company |
FUSO GLASS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Fuso House, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90285670 |
|
Type of charge |
Book Debts Movable Property Any interest in immovable property Immovable Property |
|
Particular of
charge holder |
Indian Overseas Bank,
Pursawalkam Branch, 15 Hunters Rod, Chennai - 600112, |
|
Nature of description
of the instrument creating or modifying the charge |
1. Letter of
Hypothecation (for securing machineries/vehicles/goods/book debts) 2. NO INSTRUMENT.
Deposit of title deeds ledger extracts. |
|
Date of
instrument Creating the charge |
22.06.2010 |
|
Amount secured by
the charge |
Rs.832.754
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Existing rate for
the existing limits to continue. ROI= LIBOR + 5.50% for the fresh WCDL in
foreign currency and Foreign Currency TL. Terms of
Repayment Working capital
limits repayable on demand. Fresh and old TLs to be repaid as per the
sanction terms and conditions and documents executed. Margin As per the
documents executed by the company for various limits Extent and
Operation of the charge First and
exclusive charge by way of Hypothecation of Stocks, book debts, machinery,
documents of title to goods/accepted hundies, Counter guarantee, Project
assets at Hyderabad and Mumbai and Extn of EM by constructive delivery of
documents of immovable properties more fully described in Annexure to Form 8.
The charge operates as security for the repayment of the dues by the company
to the bank along with interest, charges etc. Others All other Terms
and conditions are as per the sanction letters and documents obtained by the
bank. |
|
Short particulars
of the property charged |
First and exclusive
charge by way of Hypothecation of Stocks, book debts, machinery, documents of
title to goods/accepted hundies, Counter guarantee, Project assets at
Hyderabad and Mumbai and Extension of Equitable Mortgage by constructive
delivery of documents of immovable properties more fully described in
Annexure to Form 8. |
|
Date of latest
modification prior to the present modification |
16.06.2010 |
|
Particulars of
the present modification |
The limits
sanctioned to the company have been modified and the total limits sanctioned
to company has been enhanced from existing Rs.730.100 millions to Rs.832.754
millions and hence this modification. Details of limits and securities as per
the annexure to form 8. |
Fixed Assets:
·
Land
·
·
Plant and Machinery
·
Vehicle
·
Furniture and Fixture
·
Computer and Printer
·
Office Equipments
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.