MIRA
INFORM REPORT
|
Report Date : |
23.02.2011 |
Note : The correct name of the company is GSC GLASS
LIMITED.
IDENTIFICATION DETAILS
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Name : |
GSC GLASS LIMITED (w.e.f.10.03.2010) |
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Formerly Known
As : |
GSC TOUGHENED GLASS PRIVATE LIMITED |
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Registered
Office : |
802, Arjun Nagar, Bhishan Pitamah Marg, Opposite Kotta Mubarkpur, New
Delhi-110003 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.03.1989 |
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Com. Reg. No.: |
55-035305 |
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CIN No.: [Company Identification
No.] |
U74899DL1989PLC035305 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Stainless Steel Fittings, Spiders and
Connector for the 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 3300000 |
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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
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Name : |
Mr. R. Sadhu |
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Designation : |
Finance Controller |
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Contact No.: |
91-120-2569922 |
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Date : |
22.02.2011 |
LOCATIONS
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Registered Office : |
802, Arjun Nagar, Bhishan Pitamah Marg, Opposite Kotta Mubarkpur, New
Delhi-110003, |
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Tel. No.: |
91-11-41021222 (8 Lines) |
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Fax No.: |
91-11-41021220 |
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E-Mail : |
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E-Mail : |
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Area : |
2500Sq.ft. (Approximately) |
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Location : |
Owned |
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Head Office : |
5 and 7, Udyog Vihar, Industrial Area, Greater Noida-201306, |
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Tel. No.: |
91-120-2569922/33/44/2560574 |
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Fax No.: |
91-120-2569288 |
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E-Mail : |
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Factory 1 : |
R-50-52, TTC Industrial Area, Rabale, |
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Tel. No.: |
91-22-27607409 (4 Lines) / 65138218/19 |
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Fax No.: |
91-22-27698811/33 |
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E-Mail : |
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Factory 2 : |
Oudenaardse Steenweg 186, B-8580 |
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Tel. No.: |
+32-056-323203 |
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Fax No.: |
+32-056-323204 |
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E-Mail : |
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Website: |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Sharanjit Singh |
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Designation : |
Director |
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Address : |
470, Sector 15A, Noida-201301, |
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Date of Appointment : |
02.03.1989 |
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DIN No : |
00270680 |
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Name : |
Mr. Charanjit Singh |
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Designation : |
Director |
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Address : |
470, Sector 15A, Noida-201301, |
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Date of Appointment : |
21.05.1990 |
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DIN No : |
00270786 |
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Name : |
Mr. Pranit Malik |
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Designation : |
Director |
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Address : |
470, Sector 15A, Noida-201301, |
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Date of Appointment : |
02.02.2004 |
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DIN No : |
00270823 |
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Name : |
Mrs. Daljit Kaur |
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Designation : |
Director |
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Address : |
470, Sector 15A, Noida-201301, |
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Date of Appointment : |
01.09.2006 |
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DIN No : |
00768136 |
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Name : |
Mrs. Jagdeep Kaur |
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Designation : |
Director |
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Address : |
470, Sector 15A, Noida-201301, |
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Date of Appointment : |
01.09.2006 |
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DIN No : |
00768174 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sharanjit Singh |
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132405 |
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Charanjit Singh |
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98295 |
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Pranit Malik |
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31800 |
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Jasneet Malik |
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15900 |
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Tina Malik |
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15900 |
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Prachita Singh |
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15900 |
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Singh Amrita UGN of Charanjit Singh |
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14000 |
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Baby Kriti UGN of Charanjit Singh |
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13750 |
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Shiva Agro Private Limited, |
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270000 |
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Total |
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607950 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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44.42 |
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Directors
or relatives of directors |
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55.58 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Stainless Steel Fittings, Spiders and
Connector for the Glass. |
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Agencies Held : |
Ř Ř Dupont Ř Ř |
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Exports : |
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Products : |
Satainless Steel Fitting, Spiders |
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Countries : |
Ř US Ř Ř Ř |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ř Ř Ř |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
Ř End Users Ř OEM’s |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C. S. Bhatnagar and Company Chartered Accountant |
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Address : |
64 Regal Building Cannught Place, New Delhi-110001, |
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Tel. No.: |
91-11-23361674/23347019 |
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Fax No.: |
91-11-23347019 |
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E-Mail : |
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Website: |
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Group Companies
: |
- GSC Trutuf - GSC Star Construct - GSC Alusystems - GSC Windows |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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700000 |
Equity Shares |
Rs.100/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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607950 |
Equity Shares |
Rs.100/- each |
Rs.60.795
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.795 |
60.795 |
60.795 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
770.374 |
634.588 |
524.577 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
831.169 |
695.383 |
585.372 |
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LOAN FUNDS |
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1] Secured Loans |
138.478 |
189.106 |
150.580 |
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2] Unsecured Loans |
49.631 |
49.161 |
19.234 |
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TOTAL BORROWING |
188.109 |
238.267 |
169.814 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
6.603 |
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TOTAL |
1019.278 |
933.650 |
761.789 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
498.119 |
506.874 |
439.557 |
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Capital work-in-progress |
22.482 |
20.033 |
4.171 |
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INVESTMENT |
4.376 |
3.515 |
3.216 |
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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 |
183.014
|
189.410
|
140.358 |
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Sundry Debtors |
285.185
|
274.839
|
229.354 |
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Cash & Bank Balances |
4.308
|
3.561
|
4.268 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
308.842
|
212.349
|
203.182 |
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Total
Current Assets |
781.349
|
680.159 |
577.162 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.793
|
32.936 |
35.150 |
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Other Current Liabilities |
129.177
|
118.936
|
119.829 |
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Provisions |
137.078
|
125.059
|
107.338 |
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Total
Current Liabilities |
287.048
|
276.931
|
262.317 |
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Net Current Assets |
494.301
|
403.228
|
314.845 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1019.278 |
933.650 |
761.789 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES AND OTHER
INCOME |
861.460 |
741.028 |
NA |
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Less |
EXPENSES |
|
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Manufacturing, Administrative, Selling Expenses |
641.921 |
540.516 |
NA |
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TOTAL
|
641.921 |
540.516 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
219.539 |
200.512 |
NA |
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|
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|
Less |
FINANCIAL
EXPENSES |
15.115 |
17.528 |
NA |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
204.424 |
182.984 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.835 |
25.528 |
NA |
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|
PROFIT BEFORE
TAX (E-F) (G) |
175.589 |
157.456 |
171.871 |
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Less |
TAX (H) |
43.574 |
41.552 |
51.953 |
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|
PROFIT AFTER TAX
(G-H) (I) |
132.015 |
115.904 |
119.918 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
634.369 |
524.358 |
404.440 |
|
|
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|
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Add |
Last Deferred Tax Liabilities |
9.292 |
6.603 |
NA |
|
|
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Excess of Provision for Bad Debts W/Back |
6.962 |
3.204 |
NA |
|
|
|
Deferred Tax Liabilities |
1.795 |
9.292 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
766.919 |
634.369 |
524.358 |
|
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Earnings Per
Share (Rs.) |
|
190.65 |
197.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.72
|
13.26
|
16.90 |
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.23
|
0.29 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.74
|
0.74 |
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72
|
2.46
|
2.20 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Creditors for Supplies |
20.793 |
32.936 |
35.150 |
OPERATIONS:
The performances of the company for the year has been satisfactory. The
company has processed 811702.00 Sq. Mtrs. glass.
FORM 8
|
Corporate identity
number of the company |
U74899DL1989PLC035305 |
|
Name of the
company |
GSC GLASS LIMITED |
|
Address of the
registered office or of the principal place of business in |
802, Arjun Nagar, Bhishan Pitamah Marg, Opposite Kotta Mubarkpur, New
Delhi-110003, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Corporation Bank, G-28/29, Sector 18, Noida-201301, |
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Nature of
instrument creating charge |
Continuity
Letter. |
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Date of
instrument Creating the charge |
08.11.2010 |
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Amount secured by
the charge |
Rs.368.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest as per bank's
sanction Terms of repayment as per bank's
sanction Margin as per bank's
sanction Extent and operation of the charge Equitable mortgage
of properties is to collaterally secure various aggregate credit limits of
Rs.368.200 millions granted by the Corporation Bank to the company. |
|
Short particulars
of the property charged (Including location of the property) |
Equitable
mortgage by continuity letter in respect of company's immovable’s properties
being plot no.C-42, Sector-57, Noida admeasuring 1800 Sq. meters, C-50,
Sector-57, Noida admeasuring 1800 Sq. meters. |
|
Charge
identification number of the charge to be modified |
90334131 |
|
Particulars of
the present modification |
Extent of
operation of the charge on company's immovable’s properties being plot
no.C-42, Sector-57, Noida admeasuring 1800 Sq. meters, C-50, Sector-57, Noida
admeasuring 1800 Sq. meters. Stands modify to Rs.368.200 millions to secure
various credit facilities granted by the bank to the company. As fully
mentioned in supplemental deed dated 08.11.2010. |
FIXED ASSETS:
- Land
- Office
Equipment
- Furniture and
Fixture
- Plant and
Machinery
- Electrical
Installation
- Computers
- Building
- Vehicle Car
TRADE REFERENCE
v
v
A. G. Engineering
v
v
Astec Projects Limited,
WEB SIDE DETAILS
Corporate profile
GSC has been into architectural glass
processing since 1978 and is a technically strong company owned by a family of
engineers with four generations of working experience with glass. They are
pioneers and industry leaders in the field of glass supply, design and
solutions in
See:
Infrastructure. They manufacture complete range of stainless steel
fittings, spiders and connectors for the glass. Their Aluminum and Windows
division enable them to offer complete jobs for building envelop. See:
How they work
Group Companies
GSC Trutuf is perhaps the most well known
glass brands in
GSC Star Construct
a division of the GSC Group, has a wholly owned subsidiary in
The team
specializes in glass fixing with bolted or point glazing for large openings.
The design section works on advanced CAD/CAM stations for customized product
development and Finite Element Analysis of Glass and Hardware.
GSC Windows offers
both UPVC and Aluminum window systems from reputed partners such as Aluplast and Sapa respectively. The
division offers all ranges of UPVC windows, aluminum thermal break windows and
aluminum non-thermal break windows to provide a complete solution for the
building envelope.
GSC Alusystems
with the best aluminum fabrication systems and state of the art infrastructure
provides a perfect partner for the dream project. Combined with project
management under GSC group, it is a one stop shop for the building envelope.
REFERENCES
Overseas
Projects
Europian Parliament Building - Brussels,
Luxumburg International Airport, Belgian Olymic Committee's Building -
Brussels, Bewleys Hotel - Dublin, Bewleys Hotel Canopy - Manchester, Dunnes
Store Headquarters - Dublin, Houbordin - France, Enschede - Holland, Zilver
Park - Holland, Menzies Hotel - Startford (UK), Prince Henri Building -
Luxembourg, Toison D'ors - Germany, Jury' Hotel - CORK(UK), H2O Vorst -
Germany, Bold Street - Liverpool, Regatta Place - UK, Ettelbruck Canopy -
Luxembourg, Administrative Center - Rotsellar, Antwerp Parking - Antwerp, Arras
- France, Bonimex - Laarne,
CFL High Speed Train Station - Luxembourg,
Concept 2 - Nazerath, Flagship Residential - St. Peters Port (Guersney), Senate
Canopies - Russian Federation Building, Harvestfields Centre - London, Ijwijk
Centrum - Hoofdorp, King's Street - Liverpool (UK), Luiefel Canopies - Luifel,
Canopy City - Kortrijk, Modehuis Koopman - Koopman, Lenox House - Islington
(London), Nexity - Loi, Finsbury Circus - London, Paradise Street - Liverpool
(UK), Roebuck House - London, Saint Paul - Luxembourg, Town Hall - Oudenaarde
(Belgium), Willebroek, Crematorium - Zwolle, Audi Showroom - Zwolle, Southeren
Glass - Bristol,
Town Wall -Liverpool (UK), Toren Brugge -
Blauwe, Serax - Kontich, Rodelijkvekenstraat - Gent, Apotheek Museum - Maasiek,
Church - Eindhoven, Louis Laurent, Satelliet Zaventem - Luifel, Nord Quest -
Auvent (Paris), Jansen - Reitveld, Leopards Town - Ireland, European Council
Building, Cyber City - Mauritious, Hotel Taragaon Regency - Kathmandu, Islamic
Heritage (Bohra Mosque) - Boston.
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 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.