MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
D-201, Golden OAK CHS Limited, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
09-016637 |
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CIN No.: [Company
Identification No.] |
U26101KL2003PTC016637 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNT01213C |
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PAN No.: [Permanent
Account No.] |
AABCT9915F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Glass and Glass Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 150000 |
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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
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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
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Name : |
Ms. Sunita |
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Designation : |
Accounts Department |
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Date : |
22.02.2010 |
LOCATIONS
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Registered Office : |
D-201, Golden OAK CHS Limited, Hiranandani Garden, Hiranandani Powai,
Mumbai – 400076, Maharashtra, India |
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E-Mail : |
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Factory : |
Plot No. 7-A4, Attibele Industrial Area, Anekel Taluk, |
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Tel. No. : |
91-80-27820709 / 27820447 |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Thudiyan Kuriyan Varghese |
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Designation : |
Managing Director |
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Address : |
Kannampuzha House, Pudukad, Post – Nemma Nikkara, Trissur – 680 0301, |
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Date of Birth/Age : |
25.01.1962 |
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Date of Appointment : |
21.11.2003 |
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Date of Signing: |
30.09.2009 |
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Name : |
Ms Anitha Varghese Thudian |
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Designation : |
Director |
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Address : |
Kannampuzha House, Pudukad, Post – Nemma Nikkara, Trissur – 680 0301, |
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Date of Birth/Age : |
30.05.1968 |
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Date of Appointment : |
21.11.2003 |
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Date of Signing: |
30.09.2009 |
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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Mt. Thudiyan Kuriyan Varghese |
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250000 |
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Ms Anitha Varghese Thudian |
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250000 |
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TOTAL: |
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500000 |
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Equity Shares
Break Up : |
Percentage of
Holding |
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Directors or relatives of directors |
100.00 |
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Total : |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Glass and Glass Products. |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management. |
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Bankers : |
The Federal Bank Limited, Kaloor Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Samuel Kishore and Company
Chartered Accountant |
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Address : |
No.69/5A, 2nd Floor, Home, Bommanahalli,
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Associates Firms
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Million |
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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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.219 |
32.758 |
23.812 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.219 |
37.759 |
28.812 |
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LOAN FUNDS |
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1] Secured Loans |
66.765 |
51.929 |
55.178 |
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2] Unsecured Loans |
7.894 |
4.124 |
3.719 |
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TOTAL BORROWING |
74.659 |
56.053 |
58.897 |
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DEFERRED TAX LIABILITIES |
1.724 |
0.789 |
0.857 |
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TOTAL |
124.602 |
94.600 |
88.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.140 |
65.112 |
65.558 |
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Capital work-in-progress |
10.643 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.265
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6.545
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3.511 |
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Sundry Debtors |
22.631
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18.602
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21.263 |
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Cash & Bank Balances |
2.709
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2.611
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4.639 |
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Other Current Assets |
2.384
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0.367
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1.514 |
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Loans & Advances |
45.472
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27.268
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23.066 |
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Total
Current Assets |
83.461
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55.393
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53.993 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.170
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5.835
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4.782 |
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Sundry Creditors |
35.024 |
14.899 |
13.135 |
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Provisions |
9.943
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5.171
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13.083 |
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Total
Current Liabilities |
51.137
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25.905
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31.000 |
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Net Current Assets |
32.324
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29.488
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22.993 |
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MISCELLANEOUS EXPENSES |
0.495 |
0.000 |
0.014 |
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TOTAL |
124.602 |
94.560 |
88.565 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2007 |
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Income |
119.781 |
118.793 |
109.380 |
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Other Income |
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1.651 |
1.371 |
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TOTAL |
119.781 |
120.444 |
110.751 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
103.409 |
106.396 |
91.566 |
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Interest |
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Depreciation |
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TOTAL |
103.409 |
106.396 |
91.566 |
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PROFIT BEFORE
TAX |
16.372 |
14.048 |
19.185 |
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Less |
TAX |
5.911 |
5.102 |
7.438 |
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PROFIT AFTER TAX
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10.461 |
8.946 |
11.747 |
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Earnings Per
Share (Rs.) |
20.92 |
23.49 |
--- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
8.73 |
7.43
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10.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.66 |
11.66
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17.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.94 |
47.99
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83.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
0.37
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0.67 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.60 |
2.17
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3.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.63 |
2.14
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1.74 |
LOCAL AGENCY FURTHER INFORMATION
Note : The Registered office
address of the company has been shifted from Door No. 1868 B 10 S 20Sunny
Estate Mamangalam P.O. Palarivattom, Ernakulam – 682025,
Sundry Creditors
Details :
(Rs.
In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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For Raw Material |
16.901 |
13.300 |
10.929 |
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For Expenses |
1.219 |
0.480 |
0.910 |
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For Capital Goods |
16.904 |
1.119 |
1.296 |
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Total |
35.024 |
14.899 |
13.135 |
Form : 8
Bankers Charges Report
as per Registry
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Name of the company |
TOUGHGLASS INDIA
PRIVATE LIMITED |
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Presented By |
Mr. Annie Sebastian, Manager, Federal Bank
Limited, |
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1) Date and description of instrument creating the change |
Term Loan Agreement
dated 09.01.2006. Letter Evidencing Constructive Deposit of Title Deeds on
09.01.2006. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.700
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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 11.5%
p.a. Repayable in 84
months commencing from the date of disbursal of the loan or any part thereof
in monthly installments of Rs. 0.063 Million each or such other amount that
the Bank may from time to time fix. The first of such installment shall be
paid to the Bank on 9th day of November, 2006. |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank Limited, Kaloor Branch, |
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6) Date and brief description of instrument modifying the charge |
N. A. |
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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. |
N. A. |
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Corporate
identity number of the company |
U26101MH2003PTC198973 |
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Name of the
company |
TOUGHGLASS INDIA
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
D-501 Golden Oak
Chs Limited, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
Federal Bank
Limited, Central Arcade, |
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Nature of
instrument creating charge |
1. Letter
Evidencing Deposit of Title Deeds 2. Agreement of
Cash Credit/Overdraft/Demand Loan |
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Date of
instrument Creating the charge |
04/01/2011 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest @ 3.75%
above the base rate of the bank as fixed by the Bank from time to time, subject
to a minimum interest of 11.75% per annum with monthly rests Terms of repayment : As determined by
the bank from time to time Margin : As determined by
the bank from time to time Extent and operation of the charge : Mortgage of
Company's Immovable Properties and Hypothecation of Company's assets as
security for the loan sanctioned along with interest and other dues thereon Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
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Date of
instrument modifying the charge |
18/03/2010 |
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Particulars of
the present modification |
On 4.1.2011 the
existing cash credit limit of Rs.20.000 Millions was enhanced by an
additional amount of Rs.10.000 millions thereby making the total CC to
Rs.30.000 millions. Immovable
Properties, Stocks and Book Debts as mentioned in column no.15 were offered
as security for the additional amount. |
FIXED ASSETS:
- Land
- Factory and Building
- Guest House at Mumbai
- Compressor
- Air Conditioner
- Computer
- Cutting Machine
- Crane
- Double Edger Machine
- Drilling Machine
- Electrical installation and transformer
- Furniture
- Generator
- Machinery
- Washing Machine
- Motor Bike
- Motor Cars
- Office Equipments
- Tools and Equipments
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 |
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|
1 |
Rs. 73.16 |
|
Euro |
1 |
Rs. 61.88 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
49 |
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.