%20PRIVATE%20LIMITED%20-%20133804%2023-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLASSTECH
INDUSTRIES ( |
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Registered Office : |
Plot L-113, MIDC Taloja,
Taloja Industrial Area, Taloja District Raigad-400703, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.05.1997 |
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Com. Reg. No.: |
11-107962 |
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CIN No.: [Company
Identification No.] |
U26100MH1997PTC107962 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08682C |
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PAN No.: [Permanent
Account No.] |
AAACG3416H |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer of
architectural glasses and mirrors |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 870000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Singh |
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Designation : |
Financial Controller |
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Contact No.: |
91-22-40322999 |
|
Date : |
22.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot L-113, MIDC
Taloja, Taloja Industrial Area, Taloja District Raigad-400703, |
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Tel. No.: |
91-22-27402693/94/95/96 |
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Fax No.: |
91-22-27402322 |
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E-Mail : |
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Website : |
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Area : |
5000 sq.ft
(approximately) |
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Location : |
Owned |
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Corporate Office : |
F 223 , 2nd
Floor, Tower 7 |
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Tel. No.: |
91-22-40322999/27812395/27812396 |
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Fax No.: |
91-22-40322950/27812394 |
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E-Mail : |
DIRECTORS
As On 03.07.2010
|
Name : |
Mr. Sathiapalan
Govindan Ponnarambil |
|
Designation : |
Chairman |
|
Address : |
2002, |
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Date of
Birth/Age : |
15.01.1945 |
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Date of
Appointment : |
12.05.1997 |
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DIN No.: |
00404748 |
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|
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Name : |
Mr. Sandhia
Sathiapalan Ponnarambil |
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Designation : |
Director |
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Address : |
2002, |
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Date of
Birth/Age : |
23.05.1976 |
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Date of
Appointment : |
12.05.1997 |
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DIN No.: |
02335045 |
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Name : |
Mr. Ponnarambil
Govindan |
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Designation : |
Director |
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Address : |
2002, |
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Date of
Birth/Age : |
15.01.1945 |
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Date of
Appointment : |
12.05.197 |
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DIN No.: |
00404748 |
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Name : |
Ms. Usha
Sathiapalan |
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Designation : |
Director |
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Address : |
2002, |
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Date of
Birth/Age : |
20.11.1954 |
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Date of
Appointment : |
12.05.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Singh |
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Designation : |
Financial Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 03.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ponnarambil
Govindan Sathiapalan |
|
4339700 |
|
Sandeep
Sathiapalan |
|
700000 |
|
Sandhia
Sathiapalan |
|
699900 |
|
Usha Sathiapalan |
|
1539900 |
|
Pobarambil G
Sathiapalan Jt. Usha Sathiapalan |
|
8049355 |
|
Sandeep
Sathiapalan Ponnarambil Jt. Ponnarambil G. Sathiapalan |
|
988521 |
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Sandhia Sathiapalan
Jt. Ponnarambil G. Sathiapalan |
|
1022427 |
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Total |
|
17339803 |
As On 03.07.2010
|
Equity share
breakup |
|
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
architectural glasses and mirrors |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30
(approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 300.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sheth and
Associates Chartered
Accountant |
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Address : |
107, Golf View, Sopariwala Estate, Tardeo, Mumbai-400034, |
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Tel. No.: |
91-22-23520031 |
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Fax No.: |
91-22-23520031 |
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E-Mail : |
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Pan No.: |
AAVPS8912N |
CAPITAL STRUCTURE
AS ON 03.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Share |
Rs.10/- Each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17339803 |
Equity Share |
Rs.10/- Each |
Rs. 173.398
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
173.398 |
72.795 |
72.795 |
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2] Share Application Money |
0.000 |
100.603 |
0.000 |
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|
3] Reserves & Surplus |
45.500 |
54.616 |
50.939 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
218.898 |
228.014 |
123.734 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
303.372 |
161.640 |
74.247 |
|
|
2] Unsecured Loans |
122.404 |
100.420 |
45.309 |
|
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TOTAL BORROWING |
425.776 |
262.060 |
119.556 |
|
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DEFERRED TAX LIABILITIES |
35.026 |
17.958 |
5.007 |
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TOTAL |
679.700 |
508.032 |
248.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
529.606 |
338.399 |
169.483 |
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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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|
|
|
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Inventories |
130.326
|
110.018
|
91.767 |
|
|
Sundry Debtors |
87.952
|
76.735
|
63.830 |
|
|
Cash & Bank Balances |
2.307
|
1.581
|
8.901 |
|
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Deposits |
4.480
|
3.176
|
1.808 |
|
|
Loans & Advances |
46.327
|
29.800
|
3.230 |
|
Total
Current Assets |
271.392
|
221.310
|
169.536 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
Sundry Creditors |
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|
|
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Other Current Liabilities |
114.810
|
46.303
|
82.948 |
|
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Provisions |
7.000
|
5.950
|
8.308 |
|
Total
Current Liabilities |
121.810
|
52.253
|
91.256 |
|
|
Net Current Assets |
149.582
|
169.057
|
78.280 |
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MISCELLANEOUS EXPENSES |
0.512 |
0.576 |
0.534 |
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|
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|
|
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TOTAL |
679.700 |
508.032 |
248.297 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
NA |
NA |
327.230 |
|
|
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Other Income |
NA |
NA |
0.300 |
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TOTAL (A) |
NA |
NA |
327.530 |
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PROFIT AFTER TAX
(G-I) (J) |
(8.852) |
NA |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
120.950 |
36.390 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
1.38
|
1.70 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
4.24
|
1.86 |
LOCAL AGENCY FURTHER INFORMATION
The Details of Sundry Creditors are not available
Business of the
company:
The Indian economy
recovered much faster than its global peers as is evident from the results
which are already with you. The expansion undertaken by the company during the
lean period of business has resulted in the company procuring its assets at a
considerable reduced price as compared to the prevailing prices for these
machines. The Directors are pleased to inform that all the machines have been
installed and are operating satisfactorily. The only work-in-progress IS
another building which is nearing completion and will also be capitalized
shortly.
You will
appreciate that the expansion undertaken was a substantial one and took away a
lot of productive time to set these machines in perfect working conditions.
lnspite of this, the company has been able to marginally increase its turnover.
The working was affected due to intermittent shut-downs while the new machines
were being installed and hence the overall profits before tax have reduced
substantially. Further, because of the provisions of higher depredation as per
income tax and the subsequent increase in provision for deferred tax asset,
there is a loss after tax of Rs. 8.852 millions
During the year
the company has received IS0 9001; 2008 accredition from TUV and this makes the
company a preferred vendor amongst many customers.
With the revival
in the construction industry and demand for products from the newly added
machineries, the Directors are further pleased to inform you that during this
current year the company has been averaging monthly sales of Rs. 40.000
millions and matching profits. as on date of this report. The Directors are
sure that the current year will be very fruitful for the company.
Bankers Charges
Report as per Registry
|
Name of the company |
GLASSTECH INDUSTRIES ( |
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Presented By |
STATE BANK OF |
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1) Date and description of instrument creating the change |
a) Agreement for
loan for overall limit form C.1 b) Agreement of
hypothecation of goods and assets form C.2 c) Letter
regarding the grant of individual limits within the overall limit Form C. 3 all the above
agreement are dated 31.03.2005 and executed for the creation of single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 84.500
Millions.
(Rs. In 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 charge by way
of hypothecation of the borrowers entire goods. Movable and other assets
present and future including documents of title to the goods and other assets
such as book debts, outstanding moneys, receivables and / or cash incentives
under the cash incentive scheme or any other scheme, claims including claims
by way of refund of customs / excise or any other scheme, bills, invoices,
documents, contracts, insurance policies guarantees, engagements, securities,
investments and rights uncalled capital and all machinery presents and future
of such form satisfactory to the bank.
|
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
cash credit
against stock and Book debts:
11.75% p.a. Stand by lime of credit:
1275% p.a. Term loan against
land and building: 11.50% p.a. Margin: Raw Material : 25% Book debts : 40% Building : 33.33% Land : 34% Repayment: First 6 monthly
installments of Rs. 0.500 million from October 2005 to March 2006. Next 12
monthly installments of Rs. 0.900 million each from April 2007 to March 2008.
Next 2 monthly installments of Rs. 1.000 millions each from April 2008 to
June 2008 and Last installments of Rs. 1.100 millions. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
No instruments, memorandum
of deposit for creation of charge for term loan / overall limit dated
11.08.2005 |
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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. |
The original
charge was created on 03.03.2005 for Rs. 84.500 millions now by the present
modification dated 11.08.2005 the company offered an additional collateral
security by way of an equitable mortgage by deposit of title deeds over the
immovable property by fixing the mortgage at Rs. 84.500 millions together
with interest thereon and all costs and charges. The details of the immovable
property here inabove referred to under schedule is as follow. Part II Plot NO. L/ 112
MIDC Taloja MIDC Plot No. L/114
and L/115 Taloja MIDC Plot NO. L/113
Land and Building Taloja MIDC Comprising of
land and building s and erections thereon (both present and futures.) |
|
Corporate
identity number of the company |
U26100MH1997PTC107962 |
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Name of the
company |
GLASSTECH
INDUSTRIES ( |
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Address of the
registered office or of the principal place of business in |
Plot L-113, MIDC
Taloja, Taloja Industrial Area, Taloja District Raigad-400703, |
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|
This form is for |
Modification of
charge |
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Type of charge |
Movable Property Book debts |
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Particular of
charge holder |
State Bank of E-mail: kamalax_saraf@hotmail.com |
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Nature of
description of the instrument creating or modifying the charge |
agreement of loan
cum hypothecation |
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Date of
instrument Creating the charge |
18.06.2010 |
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Amount secured by
the charge |
Rs. 300.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Working Capital: 1.5% Above Sbar (Sbar = 11.75% W.E.F.29.6.2009) With A
Min. Of 13.25% P.A. Term Loan: 2%
Above Sbar (Sbar = 11.75% W.E.F. 29.6.2009) With A Min. Of 13.75% P.A. Terms of
Repayment – Rs. In Millions)
Margin – Raw Materials:
Domestic : 25% Stock In Process:
40% Finished Goods:
25% Receivables
(Cover 90 Days) : 40% Bank Guarantee:
25% |
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Short particulars
of the property charged |
A First Charge By
Way Of Hypothecation Of The Borrowers Entire Goods, Movables And Other Assets
Present And Future Including Documents Of Title To The Goods And Other Assets
Such As Bookdebts, Outstanding Monies, Receivables Including Receivables By
Way Of Cash Assistance And/Or Cash Incentives Under The Cash Incentives Or
Any Other Scheme, Claims Including Claims By Way Of Refund Of Customs/ Excise
Duties Under The Duty Drawback Credit Scheme Or Any Other Scheme, Bills,
Invoices, Documents, Contracts, Insurance Policies, Guarantees, Engagements,
Securities, Investments And Rights Uncalled Capital, Capital And All
Machinery Present And Future Of Such Form Satisfactory To The Bank. |
||||||||||||||||||||||||
|
Date of latest
modification prior to the present modification |
14.05.2009 |
||||||||||||||||||||||||
|
Particulars of
the present modification |
Now By The
Present Modfn. Dt.18.6.2010 The Limit Increased From Rs.275.000 millions To
Rs.300.000 millions. |
Fixed Assets:
Ř
Computer
and peripheral
Ř
Electrical
equipments
Ř
Factory
building
Ř
Furniture
and fixtures
Ř
Land
Ř
Office
equipments
Ř
Office
premises
Ř
Plant
and machinery
Ř
Vehicles
Trade References:
- Naman
Developers Limited, Mumbai
- Ashok
Leyland, Chennai
- Ascendas
Mahindra, Chennai
AS PER WEB DETAILS:
Profile:
Subject is a professional organization created to meet the
ever increasing demand of glass processing for domestic markets in
The company processes all the glasses like St. Gobain /
Pilkington / Glaverbel range of reflective high performance glass and other imported clear float glasses of various
thickness and sizes. Subject supply glasses for major premium projects in
Company promoted by Mr. P.G. Sathiapalan having more than four decades experience in the Glass Industry in the local as well as international market.
Established in 1998 to promote and market high performance reflective architectural glasses. Having highly qualified and well experienced team of professionals having international exposure. Their team of Engineers and Technicians trained at their international suppliers plant locations.
COMPANY BACKGROUND:
NRI Company, Headquarters based in
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.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.