MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMYU GLASS PRIVATE LIMITED |
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Registered
Office : |
6-3-347/22/2, Flat No. 5, Ishwarya Nilayam, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.05.2008 |
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Com. Reg. No.: |
01-59330 |
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Capital
Investment / Paid-up Capital : |
Rs.119.643 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U26100AP2008PTC059330 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS25211E |
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PAN No.: [Permanent Account No.] |
AAMCS1919D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Glass Bottle. |
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No. of Employees
: |
370 (20 in Office + 350 in factory) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Recently commenced |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As per available details, the company gas started its commercial
business activities recently in the year March, 2011. Business is active.
Payment terms are not known. Initially, the company can be considered for business dealings on a
secured 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Harshini |
|
Designation : |
Administration Department Head |
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Contact No.: |
91-40-23352457 |
|
Date : |
08.06.2011 |
LOCATIONS
|
Registered Office : |
6-3-347/22/2, Flat No. 5, Ishwarya Nilayam, |
|
Tel. No.: |
91-40-23352457 |
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Mobile No.: |
91-9885189777 (Mr. Prassana) |
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Fax No.: |
91-40-66843292 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
|
Location : |
Owned |
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|
|
|
Factory : |
Pulivendula, Kadapa district |
|
Area : |
30 acres |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Chandra Bhushana Swami Reddy Madireddy |
|
Designation : |
Managing Director |
|
Address : |
8-2-293/82/NL/188, Road No. 10C, MLA-MP Colony, Jubilee Hills, |
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Date of Birth/Age : |
20.11.2009 |
|
Date of Appointment : |
20.11.2009 |
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DIN No. : |
00163952 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
2-151, Kranthi Nagar, Yerraguntla Post, Kadapa District – 516309,
Andhra Pradesh |
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Date of Birth/Age : |
01.07.1967 |
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Date of Appointment : |
24.05.2008 |
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DIN No. : |
01931389 |
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|
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Name : |
Mr. Yeddula Sai Tharun Reddy |
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Designation : |
Director |
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Address : |
78-A, Road No. 15, Film Nagar, |
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Date of Birth/Age : |
23.03.1981 |
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Date of Appointment : |
30.09.2010 |
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DIN No. : |
00262745 |
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|
|
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Name : |
Mr. Yeddula Prasada Reddy |
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Designation : |
Director |
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Address : |
Road No. 15, Film Nagar, |
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Date of Birth/Age : |
10.04.1954 |
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Date of Appointment : |
04.02.2010 |
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DIN No. : |
00262862 |
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|
|
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Name : |
Mr. Yeddula Sai Varun Reddy |
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Designation : |
Director |
|
Address : |
Plot No. 78/A, Road No. 15, Film Nagar, Jubilee Hills, |
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Date of Birth/Age : |
05.07.1983 |
|
Date of Appointment : |
30.09.2010 |
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DIN No. : |
01753024 |
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|
|
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Name : |
Mrs. Sana Anuradha |
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Designation : |
Director |
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Address : |
2-151, Kranthi Nagar, Yerraguntla Post, Kadapa District – 516309,
Andhra Pradesh |
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Date of Birth/Age : |
01.06.1975 |
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Date of Appointment : |
24.05.2008 |
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DIN No. : |
01931315 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
4050000 |
|
|
|
842000 |
|
M. Rama Devi |
|
3400000 |
|
M. Uday Kiran Reddy |
|
19650000 |
|
P. Manikya Reddy |
|
6300000 |
|
Trans Pacific Ventures Private Limited ( |
|
61613941 |
|
Y. Nirmala |
|
7890000 |
|
Yeddula Prasada Reddy |
|
6802000 |
|
Yeddula Sai Tharun Reddy |
|
6090000 |
|
Yeddula Sai Varun Reddy |
|
2605000 |
|
A. Suresh Kumar Reddy |
|
400000 |
|
Total |
|
119642941 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Glass Bottle. |
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|
|
|
Products : |
|
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Glass containers, Jars, etc. |
M.T. |
146000 |
63875 |
NA |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
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No. of Employees : |
370 (20 in Office + 350 in factory) (Approximately) |
|
|
|
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Bankers : |
Andhra Bank, 3rd Floor, 6-3-684, |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Saya Reddy and Associates Chartered Accountant |
|
Address : |
Flat No. 605, VI Floor, |
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Tel. No.: |
91-40-23204763 / 30604763 |
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Associates/Subsidiaries : |
R3 Exports and Imports Address : Line of Business : Merchantile Exports |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000000 |
Equity Shares |
Rs.1/- each |
Rs.220.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119642941 |
Equity Shares |
Rs.1/-each |
Rs.119.643
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
119.643 |
0.100 |
|
|
2] Share Application Money |
|
4.105 |
7.367 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
123.748 |
7.467 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
33.200 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
33.200 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
156.948 |
7.467 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
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|
FIXED ASSETS [Net Block] |
|
43.499 |
4.051 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.222 |
0.013 |
|
|
Other Current Assets |
|
18.615 |
0.000 |
|
|
Loans & Advances |
|
93.553 |
2.346 |
|
Total
Current Assets |
|
112.390 |
2.359 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
9.099 |
0.000 |
|
|
Other Current Liabilities |
|
1.700 |
0.070 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
10.799 |
0.070 |
|
|
Net Current Assets |
|
101.591 |
2.289 |
|
|
|
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|
|
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|
MISCELLANEOUS EXPENSES |
|
11.858 |
1.127 |
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|
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|
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|
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TOTAL |
|
156.948 |
7.467 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.35 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
10.41 |
33.70 |
LOCAL AGENCY FURTHER INFORMATION
PROJECT
IMPLEMENTATION
The Company has acquired Ac. 26.00 land in the industrial estate
developed by M/s. APIIC
Andhra Bank, BCE Branch, Somajiguda Hyderabad has sanctioned term loan
to the tune Rs.300.000 Millions and working capital to the tune of Rs.40.000
Millions for setting up the unit for manufacturing of glass containers at Plot
No. 11 APIIC Industrial Development Park, Pulivendula. The Company has incurred
an amount of Rs.140.582 Millions towards project cost upto 31st
March, 2010. The Company has drawn Rs.33.200 Millions from the term loan account upto 31st
March. 2010, for meeting its capital expenditure.
The Company has received share
application money to the tune of Rs.128.100 Millions from its promoters and
their relatives. During the year, authorized capital of the company has been
increased to Rs.220.000 Millions. Against the share application money amounting
to Rs.128.100 Millions the Company has allotted shares to the tune of
Rs.119.500 Millions and the balance amount kept under share application money.
Company has spent Rs.140.583
Millions towards capital expenditure upto 31st March 2010, for
setting up the unit for manufacturing glass containers. The company has
obtained all govt. approvals required for the plant under, single window
system.
Company has placed orders for the
both imported and indigenous equipment. Civil works in the site are expected to
be completed by the end of October, 10. The commercial production is expected
in the month of December, 2010.
FORM 8 :
|
Corporate identity
number of the company |
U26100AP2008PTC059330 |
|
Name of the
company |
SAMYU GLASS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6-3-347/22/2, Flat No. 5, Ishwarya Nilayam, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10205072 |
|
Type of charge |
Immovable property Movable property Others |
|
Particular of
charge holder |
Andhra Bank, 3rd Floor, 6-3-684, |
|
Nature of
instrument creating charge |
Composite
Agreement Sanction Letter Counter Guarantee
form |
|
Date of
instrument Creating the charge |
02.04.2011 |
|
Amount secured by
the charge |
Rs.432.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: OCC-Base rate 9.50%
+ 5.00%=14.50% p.a.,PC/FUBD/FDBP - Base rate 9.50% + 5.00% = 14.50% p.a.,LC -
Base rate 9.50% + 5.00% =14.50% p.a.,Performance/Money Guarantee - Base rate
9.50% + 5.00% = 14.5% p.a Terms of
repayment : PC - Upto 180
days FUBD - Not
exceeding 90 days FDBP/FUBD - Not
exceeding 90 days ILC/FLC - not
exceeding 90 days Bank Guarantee -
Not exceeding 1 year Margin : OCC - Uniform
margin of 25% on stocks and receivables and other current assets PC/FUBD - 10% FDBP/FUBD - 10% ILC/FLC - 15% Bank Guarantee -
25% Extent and
operation of the charge : The charge
extends to the properties as stated in the agreement and sanction letter. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Collateral Securities :
Additional Securities : Second charge
over equipment being imported under Buyer's credit worth Rs. 427.100
Millions. Guarantee of Sri Y Prasada Reddy, S Venkateswarulu Reddy, Sri M
Chandrabhushana Swamy Reddy, Sri A Nageswara Reddy, Sri A Suresh Kumar Reddy
and Sri A Subba Reddy |
|
Particulars of
the present modification |
No change in term
loan limit of Rs. 300.00 Millions OCC Limit
increased from Rs. 10.00 millions to Rs. 19.500 Millions PC/FUBD increased
from Rs. 30.000 Millions to Rs. 38.200 Millions FDBP/FUBD - Fresh
Limit - Rs. 50.000 Millions ILC/FLC - Fresh
Limit - Rs. 20.000 Millions Bank Guarantee -
Fresh Limit – 5.000 Millions |
FIXED ASSETS :
- Land
- Civil Works
- Computers and Printers
- Office Equipments
- Vehicle
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 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.44.61 |
|
|
1 |
Rs.73.27 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.