MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
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Name : |
VEERAL E SAFETY GLASS PRIVATE LIMITED |
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Registered
Office : |
Gurukripa Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.12.2004 |
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Com. Reg. No.: |
25-020086 |
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CIN No.: [Company Identification
No.] |
U26109PN2004PTC020086 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04670B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of glass processing. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. 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.
The profit and loss of the company is not available. |
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 PARTED BY
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Name : |
Mr. Kanchan |
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Designation : |
Accounts Department |
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Date : |
22.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
Gurukripa Industrial Estate, |
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Tel. No.: |
91-20-26811531/532 91-2119-275301 |
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Fax No.: |
91-20-26811530 91-2119-275302 |
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E-Mail : |
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Website : |
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Area : |
2 acres (Owned) |
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Marketing Office : |
Shivam Complex, Flat No. B/3, 1st Floor, Near Manish Blitz,
Shankar Math, Pune-411028, |
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Tel. No.: |
91-20-26811531/32 |
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Fax No.: |
91-20-26811530 |
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E-Mail : |
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Area : |
1100 sq. ft. (Rented) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Bharat Mithalal |
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Designation : |
Director |
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Address : |
Flat No. 15299, Ghorpadi Peth, Pune-411402, |
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Date of Birth/Age : |
27.06.1960 |
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Date of Appointment : |
30.12.2004 |
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Name : |
Mrs. Madhu Bharat Nagori |
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Designation : |
Director |
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Address : |
Flat No. 15299, Ghorpadi Peth, Pune-411402, |
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Date of Birth/Age : |
04.10.1964 |
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Date of Appointment : |
30.12.2004 |
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Date of Ceasing: |
01.01.2010 |
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Name : |
Mr. Manik Nivruti Kodre |
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Designation : |
Director |
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Address : |
S. No. 75/2 Scared |
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Date of Birth/Age : |
13.04.1959 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Vineet Abhayraj Dangi |
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Designation : |
Director |
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Address : |
F1-2376, Building B, Hissa 6-7, Varsha SN. 53 Near S.R.P Group, No. 11
Wanwadi, Pune-411040, |
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Date of Birth/Age : |
02.07.1978 |
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Date of Appointment : |
11.09.2008 |
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Name : |
Mr. Jagmohan Singh Gujral |
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Designation : |
Director |
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Address : |
E-3-10, Salunke Vihar, Wanorie Pune-411040, |
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Date of Birth/Age : |
16.06.1961 |
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Date of Appointment : |
01.04.2007 |
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Date of Ceasing: |
01.10.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Kanchan |
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Designation : |
Accounts Department |
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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Bharat Mithalal |
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86000 |
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Madhu Bharat Nagori |
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29860 |
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Manik Nivruti Kodre |
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25000 |
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Vidya Realtors |
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3000 |
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Manik Nivruti Kodre |
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6000 |
|
Viral Glass Private Limited, |
|
14540 |
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Prime Aluminium Glazing Company Private Limited, |
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100 |
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Bharat Nagori |
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34000 |
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Jagmohan Singh |
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11500 |
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Vineet Abhayraj Dangi |
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40000 |
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Total |
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250000 |
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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7.05 |
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Directors
or relatives of directors |
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92.95 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of glass processing. |
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Imports : |
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Products : |
Raw Material and Spare Parts |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
80 (In Office 20) (In Factory 60) (Approximately) |
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Bankers : |
Dhanlakshmi Bank Limited, Shop No. 1-A, Radiant Arcade 150, |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gundesha and Associates Chartered Accountant |
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Address : |
303, Khopkar Heightes, 383, New Rasta Peth, Opposite YMCA Club,
Pune-411011, |
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Associates: |
Address: Pune, Line of Business: Trader of Glass. |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.100 each /- |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.100 each /- |
Rs.25.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.078 |
7.515 |
3.285 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.078 |
32.515 |
28.285 |
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LOAN FUNDS |
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1] Secured Loans |
59.486 |
68.377 |
76.400 |
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2] Unsecured Loans |
33.099 |
26.649 |
21.424 |
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TOTAL BORROWING |
92.585 |
95.026 |
97.824 |
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DEFERRED TAX LIABILITIES |
1.235 |
1.432 |
1.281 |
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TOTAL |
130.898 |
128.973 |
127.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.984 |
56.737 |
63.966 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
50.066
|
45.135 |
48.240 |
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Sundry Debtors |
39.912
|
38.887 |
34.123 |
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Cash & Bank Balances |
0.910
|
1.577 |
1.558 |
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Other Current Assets |
2.170
|
2.547 |
2.795 |
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Loans & Advances |
2.828
|
1.673 |
8.595 |
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Total
Current Assets |
95.886
|
89.819 |
95.311 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.949
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13.919 |
25.969 |
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Other Current Liabilities |
2.084
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0.004 |
0.023 |
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Provisions |
6.113
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3.869 |
6.138 |
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Total
Current Liabilities |
23.146
|
17.792 |
32.130 |
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Net Current Assets |
72.740
|
72.027 |
63.181 |
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MISCELLANEOUS EXPENSES |
0.174 |
0.209 |
0.243 |
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TOTAL |
130.898 |
128.973 |
127.390 |
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Particulars |
|
31.03.2010 |
31.03.2009 |
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Sales Turnover (Approximately) |
|
176.300 |
160.000 |
Expected Sales (2010-2011) : Rs.240.000 Millions (Approximately)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
3.47 |
4.59 |
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Current Ratio (Current Asset/Current Liability) |
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4.14
|
5.05 |
2.97 |
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 |
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Sundry Creditors
– Import |
0.624 |
0.574 |
0.790 |
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Sundry Creditors
– Raw Material |
14.325 |
13.345 |
25.179 |
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Total |
14.949 |
13.919 |
25.969 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U26109PN2004PTC020086 |
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Name of the
company |
VEERAL E SAFETY
GLASS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Gurukripa Industrial Estate, |
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Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Dhanlakshmi Bank Limited, Shop No. 1-A, Radiant Arcade 150, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
General
hypothecation agreement and sanction letter |
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Date of
instrument Creating the charge |
26.10.2010 |
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Amount secured by
the charge |
Rs.56.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate+3.5% =
11.00% per annum with Annual rests. Annual reset linked to Base rate with minimum
11% p.a. Terms of
Repayment On Demand Margin For Credit Card
Limit of Rs. 50.000 Millions -25% on stocks and 40% on book debts (DP to be
allowed upto 90 days for domestic debtors and 120 days for Export
receivables) For Inland LC of
Rs. 6.500 Millions - 15 % Extent and
Operation of the charge Charge created on
Hypothecation on Movable Property and Book Debts shall continue still
repayment. |
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Short particulars
of the property charged |
Hypothecation of Goods
which include all produce, goods and other movable property of any kind
including Machinery, equipment, stocks, receivables, vehicle, book debts etc. |
Fixed Assets:
- Land
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Computer Systems
- Vehicles
Trade References:
- Glaverbel
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 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.