MIRA
INFORM REPORT
|
Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
IMPACT SAFETY GLASS WORKS PRIVATE LIMITED |
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Registered Office : |
No. 152, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.04.1986 |
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Com. Reg. No.: |
08-7575 |
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CIN No.: [Company
Identification No.] |
U26101KA1986PTC007575 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00134B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Importing, Exporting and Trading of all types
of glass, sheets, mirrors, reflectors and glassware for automobile and other
purposes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
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 730000 |
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Status : |
Satisfactory |
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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 satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 DECLINED BY
Management Non Co-Operative
LOCATIONS
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Registered Office : |
No. 152, |
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Tel. No.: |
91-80-25364254 / 5593 / 25514395 / 25570223 / 28472218 /
28471220 |
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Fax No.: |
91-80-25542234 / 28472367 |
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E-Mail : |
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Websites : |
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Factory : |
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Tel. No.: |
91-80-28472263 / 2842 / 2367 / 2218 |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Ramesh Kumar Dutta |
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Designation : |
Managing Director |
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Address : |
No. 7, |
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Date of Birth/Age : |
08.01.1946 |
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Date of Appointment : |
23.04.1986 |
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Name : |
Mrs. Vijaya Dutta |
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Designation : |
Director |
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Address : |
No. 7, |
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Date of Birth/Age : |
01.01.1947 |
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Date of Appointment : |
23.04.1986 |
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Name : |
Mr. Vikram Dutta |
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Designation : |
Director |
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Address : |
No. 7, |
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Date of Birth/Age : |
10.10.1979 |
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Date of Appointment : |
12.11.1999 |
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Name : |
Mr. Bindesh Dutta |
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Designation : |
Director |
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Address : |
No. 7, |
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Date of Birth/Age : |
13.12.1978 |
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Date of Appointment : |
01.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Kumar Dutta |
|
286265 |
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Vijaya Dutta |
|
232727 |
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Vikram Dutta |
|
150392 |
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Bindesh Dutta |
|
152458 |
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Vijaya Mirror and Glass Works Private Limited, |
|
105092 |
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Total |
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926934 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Bodies
corporate |
|
11.34 |
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Directors
or relatives of directors |
|
88.66 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Importing, Exporting and Trading of all types
of glass, sheets, mirrors, reflectors and glassware for automobile and other
purposes. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information dined by the management. |
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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 : |
M Sambasiva Rao and Company Chartered Accountants |
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Address : |
35, III Floor, Annadanappa Layout, Avenue Road, |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
926934 |
Equity Shares |
Rs.100/- each |
Rs.92.693
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 |
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1] Share Capital |
92.693 |
92.693 |
92.693 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
91.240 |
85.870 |
81.023 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
183.933 |
178.563 |
173.716 |
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LOAN FUNDS |
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1] Secured Loans |
350.071 |
319.513 |
359.921 |
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2] Unsecured Loans |
6.446 |
11.596 |
4.091 |
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TOTAL BORROWING |
356.517 |
331.109 |
364.012 |
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DEFERRED TAX LIABILITIES |
14.124 |
15.811 |
17.395 |
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TOTAL |
554.574 |
525.483 |
555.123 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
201.205 |
226.341 |
248.554 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.741 |
5.741 |
5.741 |
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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 |
185.491
|
180.235 |
217.392 |
|
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Sundry Debtors |
155.541
|
162.960 |
225.302 |
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Cash & Bank Balances |
22.321
|
3.079 |
3.540 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.800
|
41.408 |
41.774 |
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Total
Current Assets |
391.153
|
387.682 |
488.008 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
23.868
|
57.787 |
85.781 |
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Other Current Liabilities |
9.367
|
7.907 |
78.218 |
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Provisions |
10.290
|
28.587 |
23.181 |
|
Total
Current Liabilities |
43.525
|
94.281 |
187.180 |
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Net Current Assets |
347.628
|
293.401 |
300.828 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
554.574 |
525.483 |
555.123 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
648.033 |
643.303 |
740.785 |
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Other Income |
4.110 |
0.739 |
1.910 |
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TOTAL (A) |
652.143 |
644.042 |
742.695 |
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Less |
EXPENSES |
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Consumption of Raw Materials |
352.260 |
388.579 |
429.731 |
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Manufacturing Expenses |
124.272 |
105.379 |
137.447 |
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Administrative Expenses |
30.226 |
24.129 |
27.072 |
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Selling expenses
|
42.889 |
20.749 |
29.133 |
|
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|
Deferred Tax Income / (Expenses) |
(1.687) |
(1.582) |
1.530 |
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Increase/(Decrease) of Inventory |
(0.202) |
0.188 |
(1.081) |
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TOTAL (B) |
547.758 |
537.442 |
623.832 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
104.385 |
106.600 |
118.863 |
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Less |
FINANCIAL
EXPENSES (D) |
62.862 |
61.593 |
55.787 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.523 |
45.007 |
63.076 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.314 |
34.876 |
37.154 |
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PROFIT BEFORE TAX
(E-F) (G) |
10.209 |
10.131 |
25.922 |
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Less |
TAX (H) |
4.839 |
5.285 |
8.622 |
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PROFIT AFTER TAX
(G-H) (I) |
5.370 |
4.846 |
17.300 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
85.557 |
80.711 |
63.411 |
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BALANCE CARRIED
TO THE B/S |
90.927 |
85.557 |
80.711 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
23.401 |
45.009 |
NA |
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IMPORTS |
|
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|
Raw Materials |
125.839 |
55.304 |
87.299 |
|
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|
Plant and Machinery |
0.000 |
2.872 |
0.356 |
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|
Consumables |
8.181 |
5.469 |
10.755 |
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TOTAL IMPORTS |
134.020 |
63.645 |
98.410 |
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Earnings Per
Share (Rs.) |
5.79 |
5.23 |
19.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.82
|
0.75
|
2.33 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.57
|
1.57
|
3.50 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.72
|
1.65
|
3.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06
|
0.15 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.17
|
2.38
|
3.17 |
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|
Current Ratio (Current Asset/Current Liability) |
|
8.99
|
4.11
|
2.61 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
23.868
|
57.787 |
85.781 |
YEAR IN RETROSPECT
Sales and other income for the financial year were Rs. 652.345 Millions as against Rs.643.854 Millions for the previous financial year registering an increase of 1.01%. The Profit before Tax (after interest and depreciation charges) is Rs. 10.209 Millions for the financial year under review as against Profit before Tax of Rs. 10.131 Millions for the previous financial year.
FINANCE
During the year the company repaid the Cash Credit and
Channel Finance dues of ICICI Bank and raised the Cash Credit Loan of Rs.
68.500 Millions from State Bank of
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80028235 |
|
Corporate
identity number of the company |
U26101KA1986PTC007575 |
|
Name of the
company |
IMPACT SAFETY
GLASS WORKS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 152, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter regarding
the grant of individual limits within the overall limit Memorandum for
recording extension of mortgage by deposit of title deeds form - b and letter
from state bank of |
|
Date of
instrument Creating the charge |
25.03.2010 |
|
Amount secured by
the charge |
Rs.383.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WCL and TL - at 1.00%
above SBAR, effective rate 12.75% p.a. At monthly rests. Penal Int: max 2%
p.a. Over the normal rate. Terms of
Repayment WCL - on demand.
Advance is for a period of 12 months. Term loan: as per
old terms of sanction. Margin RM Domestic/FG :
25%, RM Imported : 10%, Receivables : 30% LC/BG : 10% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others Cc Rs 126.500
Millions, term loan Rs 160.000 Millions, LC Rs 70.000 Millions, BG Rs 27.000
Millions, Total Rs 383.500 Millions. |
|
Short particulars
of the property charged |
I)
Hypo.
of company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, II)
stores,
components, furniture and fittings; other movables, plant and machinery,
vehicles and assets to be purchased out of bank finance III)
EM of
immovable property situated at 1). Sy. No.23 and 24, Avalahalli Village, Bidarahalli Hobli,
Hoskote Taluk, Bangalore, extent 2 acres 3 Guntas. IV)
2)
SY. no. 26/1, Avalahalli Village , Bidarahalli Hobli, Hoskote Taluk,
Bangalore, extent 2 acres 4 Guntas. |
|
Date of latest
modification prior to the present modification |
08.07.2009 |
|
Particulars of
the present modification |
Within the
overall limit of Rs. 483.500 Millions present operative limit is fixed at Rs.
383.500 Millions. All other terms and conditions remain unchanged. |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electrical Installations
- Office Equipments
- Cars
- Goods Vehicle
- Two Wheelers
- Computers and printers
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.73.17 |
|
Euro |
1 |
Rs.61.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.