MIRA
INFORM REPORT
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Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GENERAL METALLISERS LIMITED |
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Registered Office : |
Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.09.1979 |
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Com. Reg. No.: |
11-21717 |
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CIN No.: [Company
Identification No.] |
U74999MH1979PTC021717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09012D |
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PAN No.: [Permanent
Account No.] |
AAACG4130A |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Metallised Paper for Cigarette Inner
Liners, Liquor Labels. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 458000 |
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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 records.
Financial position of the company is satisfactory. Trade relations are 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 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 |
LOCATIONS
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Registered Office : |
Seth Chamber, 21 Dr. V B Gandhi Marg, Fort, Mumbai – 400 023, |
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Tel. No.: |
91-22-2041458 / 2835106 / 2854364 / 2043626 / 2041458 / 2854365 |
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Fax No.: |
91-22-2043626 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
B / 84, MIDC Industrial Estate, Ambad , |
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Tel. No.: |
91-22-2382384 / 2382264 |
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E-Mail : |
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Location : |
Owned |
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Branches: |
No. 8/4, |
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DIRECTORS
As on : 16.09.2010
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Name : |
Mr. Shreekant Vasantlal Mehta |
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Designation : |
Director |
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Address : |
3 A |
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Date of Birth/Age : |
24.05.1948 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mrs. Kumud Chabildas Sheth |
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Designation : |
Director |
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Address : |
5 Adenwalal Mansion , 1st Floor, |
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Date of Birth/Age : |
16.03.1930 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Sachin Chabildas Sheth |
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Designation : |
Director |
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Address : |
14 Shashidhar, Dr. |
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Date of Birth/Age : |
21.09.1952 |
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Date of Appointment : |
26.09.1979 |
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Tel No.: |
91-22-22835106 |
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Fax No.: |
91-22-22043626 |
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E-Mail: |
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Name : |
Mrs. Sujata Vishwas |
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Designation : |
Director |
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Address : |
112/B, 11th Floor,
Kalpataru Residency , Sion (East), Mumbai – 400 022, |
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Date of Birth/Age : |
11.11.1965 |
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Date of Appointment : |
29.06.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 16.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Sachin Sheth |
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2246855 |
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Mrs. Kumud Sheth |
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100 |
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Mrs. Shweta Sheth |
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450 |
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Mrs. Neha Sheth |
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450 |
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Fouress Holdings Private Limited,
Mumbai |
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2000 |
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Mrs. Sujata Sachin Sheth |
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45 |
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General Properties Private Limited, Mumbai |
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100 |
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Total |
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2250000 |
As on : 16.09.2010
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Category |
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Percentage |
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Bodies Corporate |
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0.09 |
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Directors or relative of directors |
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99.91 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Metallised Paper for Cigarette Inner Liners,
Liquor Labels. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Bank of 1st Floor, Janmangal
, 45/47 Mumbai Samachar Marg, Fort, Mumbai – 400 023, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K M Modi and Associates Chartered Accountants |
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Address : |
Bharati Bhavan , 3rd Floor, |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2250000 |
Equity Shares |
Rs. 10/-
each |
Rs.22.500
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.500 |
22.500 |
22.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.919 |
85.821 |
78.466 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
114.419 |
108.321 |
100.966 |
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LOAN FUNDS |
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1] Secured Loans |
47.693 |
69.662 |
47.472 |
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2] Unsecured Loans |
9.202 |
10.696 |
12.442 |
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TOTAL BORROWING |
56.895 |
80.358 |
59.914 |
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DEFERRED TAX LIABILITIES |
19.193 |
18.275 |
19.972 |
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TOTAL |
190.507 |
206.954 |
180.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
139.903 |
136.846 |
144.457 |
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Capital work-in-progress |
0.000 |
0.071 |
0.000 |
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INVESTMENT |
11.765 |
11.689 |
11.689 |
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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 |
17.433
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27.816 |
10.547 |
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Sundry Debtors |
39.683
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22.182 |
25.809 |
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Cash & Bank Balances |
0.722
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0.711 |
0.545 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
15.545
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40.226 |
12.955 |
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Total
Current Assets |
73.383
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90.935 |
49.856 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
23.650
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31.677 |
17.646 |
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Provisions |
10.894
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0.910 |
7.504 |
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Total
Current Liabilities |
34.544
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32.587 |
25.150 |
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Net Current Assets |
38.839
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58.348 |
24.706 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
190.507 |
206.954 |
180.852 |
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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 |
317.985 |
269.402 |
331.002 |
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Other Income |
6.869 |
1.399 |
1.865 |
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TOTAL (A) |
324.854 |
270.801 |
332.867 |
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Less |
EXPENSES |
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Material Cost |
193.750 |
162.280 |
192.337 |
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Production Cost |
41.215 |
35.699 |
35.315 |
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Excise |
24.374 |
31.314 |
44.685 |
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Administrative and Selling |
29.359 |
27.709 |
28.175 |
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Increase / Decrease in Stock |
0.163 |
(4.013) |
1.428 |
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TOTAL (B) |
288.861 |
252.989 |
301.940 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.993 |
17.812 |
30.927 |
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Less |
FINANCIAL
EXPENSES (D) |
6.680 |
6.341 |
6.564 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.313 |
11.471 |
24.363 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.130 |
4.430 |
11.411 |
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PROFIT BEFORE
TAX (E-F) (G) |
17.183 |
7.041 |
12.952 |
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Less |
TAX (I) |
5.993 |
(1.372) |
4.795 |
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PROFIT AFTER TAX
(G-I) (J) |
11.190 |
8.413 |
8.157 |
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BALANCE CARRIED
TO THE B/S |
5.943 |
8.413 |
4.208 |
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IMPORTS |
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Raw Materials |
6.947 |
9.022 |
NA |
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Stores & Spares |
0.158 |
0.154 |
NA |
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Capital Goods |
0.000 |
0.772 |
NA |
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TOTAL IMPORTS |
7.105 |
9.948 |
NA |
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Earnings Per
Share (Rs.) |
4.97 |
3.73 |
3.62 |
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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 |
(%) |
3.44
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3.10 |
2.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.40
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2.61 |
3.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.05
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3.09 |
6.66 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.06 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.79
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1.04 |
0.84 |
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Current Ratio (Current Asset/Current Liability) |
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2.12
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2.79 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The total turnover of the Company has increased by Rs. 48.583 millions.
The profit before depreciation and tax has increased by Rs. 17.842 millions. After previous years unfortunate
incidence of fire the Company has resumed its normal activities with zest. This
year we have got sanction of Rs. 16.500 millions Term loan from Bank of
Maharashtra for addition of various machineries. We further are proposing to upgrade our manufacturing facilities
where approximate expediters would be Rs. 27.500 millions
During the financial year, The Company has repaid Term Loan of Rs. 20.001 millions to Bank of Maharashtra and fresh Term Loan of Rs. 9.408 millions taken for purchase of new machinery. The total outstanding balance of Term Loan is now Rs. 25.014 millions ( Excluding Interest)
Fixed Assets :
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Data
Processing Machinery
FORM 8:-
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Name of the
company |
GENERAL METALLISERS LIMITED |
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Presented By |
Jointly by the
company and Bank of Maharashtra |
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1) Date and
description of instrument creating the change |
· Deed of hypothecation · Deed of hypothecation of book debts and BO / BD agreement All agreements
dated 14.08.1993 (collectively constitute
single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 13.000
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 |
First and exclusive charge security by way of
hypothecation security charge in
favour of the bank over
the borrower present future movable plant ,
Machineries, goods, stocks of raw materials,
items, inventories stock in process ,
semi finished goods and finished goods , stores and spares not relating to plant And Machinery (consumable stores and spares ) stock in trade good in process
, movable in transit , bills receivables
and book debts and all of the
borrower other movable assets and
properties both present and future situated or located at any place and now
lying , being affixed or installed at any place and now the borrower goodwill
and all outstanding monies claims, receivables book debts due to the borrower
at any time or from time to time, and all of the borrower rights, titles or
Interest therein . |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
· Interest / commission as per RBI / H O Rules · Security to cover principal amount together with Interest , costs, charges , expenses, etc . |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Fort branch, Mumbai – 400023, |
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6) Date and brief description of instrument
modifying the charge |
Memorandum of
records of equitable mortgage dated 14.12.2005 |
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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. |
First
modification : On 22.11.1993
additional security given by way charge on Immovable property Second
modification: On 13.12.1994
limit for book debts increased from Rs.5.000 millions to Rs.7.500 millions and limit
for goods increased from Rs.5.000 millions to Rs.7.500 millions Third
modification: On 16.06.1995
Limits against book debts increased from Rs. 7.500 millions to Rs.9.000 millions and limits
against hypothecation of goods is increased from Rs.7.500
millions to Rs.10.000 millions Fourth
Modification: On 30.09.1996
total cash credit limits of Rs19.000 millions further secured by second
charge on immovable property land Plot No. B – 84 adm. 7729 Sq. mtrs in the
additional Nasik Industrial Area, Ambad Fifth
Modification: On 07.06.1999
charge enhanced from Rs.19.000 millions to Rs. 20.000
millions. Sixth
Modification: On 27.09.2000
Charge enhanced from Rs. 20.000 millions to Rs.28.150 millions Seventh
Modification On 27.09.2000
enhanced limits of Rs.28.150 millions further secured by first charge of
equitable mortgage of immovable property situated at plot No. 8/84 adm 7729
Sq.mtrs at additional Nasik Industrial
Area. Eight
modification On 08.05.2001
aggregate limits further secured by equitable mortgage of immovable property
being plot No. B /84 adm. 7729* Sq.mtrs at additional Nine
Modification: On 30.04.2002
charge enhanced from Rs.31.150 millions
to Rs. 92.550 millions Tenth
modification: On 30.04.2002 enhanced
limits of Rs.92.550 millions further secured by equitable mortgage of
immovable property being all those pieces and parcel of land known as Plot
No. B / 84 in the ambad , taluka and
Registration dub district By the present
modification: Charge reduced
from Rs.92.550 millions to Rs.74.600 millions
Details of credit facilities as
under:
Revised limits further
secured by equitable mortgage of immovable property being. All those pieces
and parcels of Land known as
plot No. B – 84, situate being and lying
at the On or towards the
North: Boundary of MIDC On or towards
East: Plot No. B /83 On or towards
South : On or towards
West Plot No. B – 85 Together with the
buildings and structure constructed or to be constructed thereon and all the
fixtures fittings annexed thereon. |
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Corporate
identity number of the company |
U74999MH1979PLC021717 |
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Name of the
company |
GENERAL
METALLISERS LIMITED |
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Address of the
registered office or of the principal place of business in |
Sheth Chambers21 Dr
V B Gandhi Marg, Fort, Mumbai – 400023, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Any Interest in
immovable property |
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Particular of
charge holder |
Bank Of Maharashtra,
1st Floor, Janmangal, 45/47, Mumbai Samachar Marg, Fort, Mumbai – 400023, |
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Nature of
instrument creating charge |
Memorandum Of
Record Of Equitable Mortgage |
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Date of
instrument Creating the charge |
08/02/2010 |
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Amount secured by
the charge |
Rs. 85.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest - BPLR -
1% i.e. 11.25% at present with monthly rest. Terms of repayment : Repayment of Term
Loan for Rs.16.500 millions - Entire loan to be repaid in 24 equal quarterly
installment, starting from June, 2010 quarter. Interest to be paid as and
when applied. Margin : Margin - 25% Extent and operation of the charge : Security to cover
principal amount together with interest, costs, charges and expenses etc. Other : Details of Credit
facilities as under :- (Rs. in millions)
Existing Revised 1) Cash
Credit 35.000 35.000 2) PC (Sub
limit) ( 7.500)
( 7.500) 3) FOBN (Sub
limit) ( 7.500) ( 7.500) 4) Term Loan 30.000 30.000 5) Term Loan -- 16.500 6) Term Loan 4.000 4.000 7) L/C (Sub
limit) (3.000) ( 3.000) Total 69.000 85.500 |
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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 |
02/02/2010 |
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Particulars of
the present modification |
Aggregate limits
of Rs.85.500 millions further secured by Equitable Mortgage of immovable
property being, all those pieces and parcels of land known as Plot No.B/84,
situate being and lying at the Village Nasik Industrial Area, Ambad, Nasik
admeasuring 7729 sq.mtrs., together with the building and structure
constructed or to be constructed thereon and all the fixtures fittings
annexed thereon. |
WEBSITE DETAILS:
Company Profile
The company is a manufacturer and exporters of Metalllised
and coated Paper, has constantly endavored to become not only an organization
of success but also an Organisation of value. Out commitment to continuous improvements
and constant updating with the latest technology has built into their products
an unparelled value for money. Manufacturing of Metallised Paper as an
alternative to foil laminated paper was started in
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] 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. 45.15 |
|
|
1 |
Rs. 72.58 |
|
Euro |
1 |
Rs. 62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.