MIRA INFORM REPORT

 

 

Report Date :

24.02.2011

 

IDENTIFICATION DETAILS

 

Name :

GLAZETECH INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

E-703-A, Sitapura Industrial Area, Jaipur – 302022, Rajasthan

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

25.08.2004

 

 

Com. Reg. No.:

019644

 

 

CIN No.:

[Company Identification No.]

U27203RJ2004PTC019644

 

 

IEC No.:

1305010647

 

 

TIN No.:

08492108966

 

 

PAN No.:

[Permanent Account No.]

AACCG1902E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter, Importer, Trader and Marketing modern and innovative construction materials with a focus on metal facades.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 170000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sanjay Sharma

Designation :

Accountant

Contact No.:

91-7742419900

Date :

04.02.2011

 

 

LOCATIONS

 

Registered Office/ Factory :

E-703-A, Sitapura Industrial Area, Jaipur – 302022, Rajasthan, India

Tel. No.:

91-141-2771818/2771819

Fax No.:

91-141-2771572

E-Mail :

mail@glazetech.in

a.ghiya@glaetech.in

Website :

www.glazetech.in

Area :

4000 sq.mt

Location :

Owned

 

 

 

 

DIRECTORS

 

Name :

Mr. Akshat Ghiya

Designation :

Director

Address :

3, Sardar Patel Marg, C- Scheme, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

28 Years

Qualification :

MBA

Experience :

6 Years

 

 

Name :

Mr. Brijesh Chandra Ghiya

Designation :

Director

Address :

3, Sardar Patel Marg, C- Scheme, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

58 Years

Qualification :

Graduate

Experience :

30 Years

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjay Sharma

Designation :

Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter, Importer, Trader and Marketing modern and innovative construction materials with a focus on metal facades.

 

 

Products :
  • Oropanel Aluminum Composite Panels
  • Gembond Aluminum Composite Panels
  • Aluminum Coloured Coils
  • Aluminum Roofing Sheets (Alutiles)
  • Copper Compsoite Panels
  • Zinc Compsoite Panels

 

 

Imports :

 

Products :
  • Adhesive and Resins
  • Aluminum
  • Paints

Countries :
  • Europe
  • Bahrain
  • Europe

Trade References :
  • Dupont
  • Garmco (Bahrain)
  • Akzo-Nobel

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

 

GENERAL INFORMATION

 

Customers :
  • End Users

 

 

No. of Employees :

100 (approximately)

 

 

Bankers :
  • State Bank of Bikaner and Jaipur – 2nd Floor, Tambi Tower, S.C. Road, Jaipur, Rajasthan, India
  • ICICI Bank Limited – Jaipur, Rajasthan, India

 

 

Facilities :

Credit Limit: Rs. 63.500 Millions (State Bank of Bikaner and Jaipur)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mathur and Company

Chartered Accountant

Address :

112, Navjeevan Complex, Station Road, Jaipur, Rajasthan, India

 

 

Memberships :
  • Engineering Export Promotion Council (EEPC)
  • ISO 9001:2008 (TUV Rheinland)
  • ISO 14001:2004 (TUV Rheinland)

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6250000

Equity Shares

Rs. 10/- each

Rs. 62.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4860000

Equity Shares

Rs. 10/- each

Rs. 48.600 Millions

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

48.600

48.600

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

(5.149)

(7.934)

NETWORTH

 

43.451

40.666

LOAN FUNDS

 

 

 

1] Secured Loans

 

44.109

48.780

2] Unsecured Loans

 

81.722

55.702

TOTAL BORROWING

 

125.831

104.482

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

169.282

145.148

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

56.069

57.745

Capital work-in-progress

 

1.616

1.606

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

3.557

4.181

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

97.551

76.921

 

Sundry Debtors
 

43.158

29.300

 

Cash & Bank Balances
 

2.335

2.153

 

Other Current Assets
 

0.573

0.512

 

Loans & Advances
 

6.304

5.154

Total Current Assets
 

149.921

114.040

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

Other Current Liabilities
 

41.269

32.048

 

Provisions
 

0.612

0.434

Total Current Liabilities
 

41.881

32.482

Net Current Assets
 

108.040

81.558

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.058

 

 

 

 

TOTAL

 

169.282

145.148

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES TURNOVER

 

120.000

115.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
 

3.86

3.37

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

3.58

3.51

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

  • Airports Authority Of India (AAI)
  • National Highway Authority Of India (NHAI)
  • Kolkata Metro
  • Mumbai Metropolitan Region Development Authority (MMRDA)
  • State Bank of India (SBI)
  • SPML Infra
  • IJM India
  • Tech-Mahindra

 

Form 8:

 

Corporate identity number of the company

U27203RJ2004PTC019644

Name of the company

GLAZETECH INDUSTRIES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

103, Ridhi Sidhi Building, Ahinsa Circle, C-Scheme, Jaipur, Rajasthan, India

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Immovable Property

Particular of charge holder

Name :

State Bank of Bikaner and Jaipur

Address :

Industrial Finance Branch, 2nd Floor, Tambi Tower, S.C. Road, Jaipur – 302003, Rajasthan, India

Email :

surendrajain@sbbj.co.in

Nature of instrument creating charge

  1. Supplemental agreement of loan for increase in overall limit
  2. Supplemental agreement of hypothecation of goods and assets for increase in the overall limit
  3. Letter regarding the grant of individual limits within the overall limit
  4. Sanction letter duly acknowledged by borrower and guarantor
  5. Letter regarding confirmation of deposit of title deed to create equitable mortgage
  6. Resolution of the company

Date of instrument Creating the charge

10.04.2010

Amount secured by the charge

Rs. 63.500 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest – 0.50% bleow BPLR ie. 11.75% for working capital limit as against applicable rate of 2.75% above BPLR i.e 15.00% for SB-8 (new model) rated C and I borrower

 

Terms of Repayment – Repayable on demand

 

Margin – Raw material – 25%

SIP – 30%

FG – 30%

Book Debts – 50%

 

Extent and Operation of the charge – The charge will operates as first charge on company’s entire current and fixed assets (existing and future) to cover the working capital limits to the extent of Rs. 63.500 millions

Particulars of the property charged

First charge by way of hypothecation over company entire current assets such as R.M., SIP, stores and spare, finished goods, semi-finished goods, receivables and other current assets, present and future.

Exclusive first charge over entire fixed assets of the company including equitable mortgage on company’s land and building at E-703A, RIICO 2A Industrial Area, Sitapura Extension, Jaipur

EM of commercial premises situated at ground floor (G-3) and basement (B-3) of multi-storied complex Ridhi-Sidhi, Ahinsa Circle, C-Scheme Jaipur registered in the name of Unicab Private Limited

Personal guarantee of the directors of the company Shri Brijesh Chandra Ghiya, Sh. Asshat Ghiya and Smt. Namrata Ghiya

Corporate guarantee of M/s Unicab Private Limited

Particulars of the present modification

By this modification, the W.C. limits of the company stand enhanced as under:

 

Rs. In Millions

Cash credit (Hyp.)                    27.500          37.500

Book Debts (within CC)           (13.500)       (12.000)

IBP Clean (within CC)              (2.500)          (2.500)

LC (Foreign+Inland)                 15.000         15.000

BG                                             3.500           11.000

One time BG                              7.500           ----

Total                                         53.500           63.500

All other terms and conditions same

 

 

 

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.45.20

UK Pound

1

Rs.73.17

Euro

1

Rs.61.88

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

NO

--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

 

27

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.