MIRA
INFORM REPORT
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Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLD PLUS TOUGHENED GLASS LIMITED |
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Registered
Office : |
G -192, Prashant Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.10.1999 |
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Com. Reg. No.: |
55-198622 |
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Capital
Investment / Paid-up Capital : |
Rs.33.000 millions |
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CIN No.: [Company Identification
No.] |
U26100DL1999PLC198622 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG06637B |
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PAN No.: [Permanent Account No.] |
AABCG0389C |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Pvb Laminated Glass, Bullet-Proof Glass, Ceramic Printed Glass |
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No. of Employees
: |
1602 (Office 100, Factory 1500 and Branches 2) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 363000 |
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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
|
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 : |
G -192, Prashant Vihar, |
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Tel. No.: |
91-11-47000500 / 27564007 / 27565277 / 27565947 |
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Fax No.: |
91-11-47000555 / 27866378 |
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E-Mail : |
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Website : |
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Factory : |
Village –
Liwaspur, Bhalgarh, District Sonepat, |
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Tel. No.: |
91-11-47000500 |
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Fax No.: |
91-11-27860378 |
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Area : |
Owned |
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Branch : |
206, Kamdhenu CHS Building No.4, Lokhandwala Complex, Andheri (W),
Mumbai – 400053, Maharashtra, India |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Tyagi Subhash |
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Designation : |
Managing Director |
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Address : |
H -4/26, Sector – 11, Rohini, |
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Date of Birth/Age : |
01.01.1957 |
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Date of Appointment : |
12.11.2005 |
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Name : |
Mr. Suresh Tyagi |
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Designation : |
Director |
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Address : |
H 4/26, Sector –II, Rohini, |
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Date of Birth/Age : |
01.12.1960 |
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Date of Appointment : |
11.07.2006 |
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Name : |
Mr. Vniyal Kumar Suresh |
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Designation : |
Director |
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Address : |
B -8, Press Apartments, Patparganj, |
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Date of Birth/Age : |
04.02.1947 |
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Date of Appointment : |
15.10.2008 |
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Name : |
Mr. Grover Uma |
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Designation : |
Director |
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Address : |
474, Sunheri Bagh Apartments, Sector 13, Rohini, |
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Date of Birth/Age : |
09.10.1967 |
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Date of Appointment : |
15.10.2008 |
KEY EXECUTIVES
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Name : |
Ms. Neetika Kapur |
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Designation : |
Secretary |
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Address : |
116-B, SFS DDA, Flats Gulabi Baugh, |
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Date of Birth/Age : |
11.12.1985 |
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Date of Appointment : |
28.04.2008 |
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Name : |
Ms. Sunita Kapoor |
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Designation : |
Secretary |
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Address : |
5872, Ladyy burn Crescent, Mississauga Ont, |
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Date of Birth/Age : |
08.09.1979 |
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Date of Appointment : |
15.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
No. of Shares |
|
Subhash Tyagi |
199110 |
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Suresh Tyagi |
20860 |
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Shashi Tyagi |
109990 |
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Rajnish Tyagi |
10 |
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Jimmy Tyagi |
10 |
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Swati Tyagi |
10 |
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Neha Tyagi |
10 |
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TOTAL |
330000 |
AS ON 28.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 and Exporter of Pvb Laminated Glass, Bullet-Proof Glass, Ceramic Printed Glass |
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Products : |
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Exports : |
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Products : |
PVB Laminated Glass and Bullet – Proof Glass |
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Countries : |
·
·
·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
·
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL INFORMATION
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No. of Employees : |
1602 (Office 100,
Factory 1500 and Branches 2) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K G Sharma and Company Chartered Accountant |
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Address : |
201, Anupam Bhawan, Commercial Complex, Azad Pur, |
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Tel. No.: |
91-11-27675428 / 27682673 |
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Group Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 100 each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
330000 |
Equity Shares |
Rs. 100 each |
Rs.33.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
33.000 |
33.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
57.768 |
59.090 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
90.768 |
92.090 |
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LOAN FUNDS |
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1] Secured Loans |
|
59.674 |
65.877 |
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2] Unsecured Loans |
|
0.030 |
21.442 |
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TOTAL BORROWING |
|
59.704 |
87.319 |
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DEFERRED TAX LIABILITIES |
|
4.205 |
4.429 |
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TOTAL |
|
154.677 |
183.838 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
35.154 |
40.092 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
126.762 |
44.480 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
31.759 |
44.437 |
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Sundry Debtors |
|
49.065 |
38.083 |
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Cash & Bank Balances |
|
0.622 |
2.045 |
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Other Current Assets |
|
2.458 |
5.177 |
|
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Loans & Advances |
|
25.894 |
39.834 |
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Total
Current Assets |
|
109.798 |
129.576 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
|
106.905 |
23.729 |
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Other Current Liabilities |
|
0.704 |
1.321 |
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Provisions |
|
9.428 |
5.317 |
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Total
Current Liabilities |
|
117.037 |
30.367 |
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Net Current Assets |
|
(7.239) |
99.209 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.057 |
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TOTAL |
|
154.677 |
183.838 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
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Income |
|
239.518 |
312.132 |
|
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Other Income |
|
0.120 |
0.523 |
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TOTAL (A) |
|
239.638 |
312.655 |
|
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
137.440 |
180.647 |
|
|
|
Consumables |
|
6.249 |
5.386 |
|
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Power and Fuel |
|
16.660 |
19.491 |
|
|
|
Job Work Charges |
|
0.244 |
0.826 |
|
|
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Repairs and Maintenance |
|
5.587 |
5.460 |
|
|
|
Excise Duty |
|
16.529 |
32.589 |
|
|
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Personnel |
|
15.050 |
12.250 |
|
|
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Other Expenditure |
|
23.367 |
35.124 |
|
|
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TOTAL (B) |
|
221.126 |
291.773 |
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
18.512 |
20.882 |
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|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
7.605 |
7.356 |
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
10.907 |
13.526 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.025 |
6.288 |
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PROFIT BEFORE TAX
(E-F) (G) |
|
4.882 |
7.238 |
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Less |
TAX (H) |
|
1.707 |
2.232 |
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|
PROFIT AFTER TAX
(G-H) (I) |
|
3.175 |
4.728 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.32 |
2.31 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.03 |
2.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.36 |
4.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.04 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.94 |
1.27 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
0.93 |
4.26 |
LOCAL AGENCY FURTHER INFORMATION
IMPORTANT NOTE:
Gold Plus Glass Industry Limited is a separate legal entity. The
registration No. of the company is U26109DL2005PLC143705.
FINANCILA RESULTS
Sales and Other Income for the year were Rs.239.638 millions as against
Rs.312.655 millions during the previous year ended.
The company has earned a profit before tax of Rs.4.882 millions and
Profit after tax of Rs.3.175 millions as against Rs.7.238 millions and Rs.4.724
millions respectively during the previous year ended.
FUTURE PROSPECTS
The Company achieved a turnover of Rs.239.638
millions during the year against Rs.312.655 millions in previous year. The fall
in turnover is mainly due to lower price realization on account of competitive
market conditions.
The glass industry was continuously growing
since the past 3—4 years except this year. This trend is likely to continue in
near future whenever market improves which is expected shortly. The business
prospects of glass processing industry are very bright, with the sharp rise in
demand in automotive segments as well as infrastructural development via
application of various types of glasses in commercial / shopping complexes /
malls I hotels/ apartments or residential buildings etc.
MANAGEMENT DISCUSSION AND ANALYSIS
Business Outlook:
The Business prospects of the Glass Processing
Industry is very bright, with the sharp rise in infrastructure development and
use of various types of glasses in commercial/ Shopping Complexes/Malls,
Hotels, Apartments and residential buildings etc. However, the competition is
also hotening up with the coming up of several glass processing units in
various parts of
Cost reduction:
The Company is constantly making efforts for
reduction in the various elements of cost through measures such as Proper
Manpower Scheduling, Production Scheduling, Reduction in idle time, strict
implementation of preventive maintenance schedules of plant & machinery,
reduction in inventories etc.
In House Training and Development:
During the Year they have developed in house
training system. Henceforth on last Saturday of every month, training is given
by our team heads/ expert from outside to both production and back office
staff.
Quality Consciousness:-
The Company upgraded its quality management
system by implementing ISO 9001:20008 techniques in all divisions, e.g.,
Production Planning Control, Purchases, Stores and Marketing.
Corporate Governance:
The company has been practicing the principal
of good corporate governance. The board philosophy envisages the attainment of highest
level of transparency and accountability in the functions of the company. The
company has remodeled its systems and procedures for enhancing corporate
performance and maximizing the Shareholders value in the long run.
FORM 8
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10075249 |
|
Corporate
identity number of the company |
U26100DL1999PLC198622 |
|
Name of the
company |
GOLD PLUS
TOUGHENED GLASS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
G -192, Prashant Vihar, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
AXIS Bank Limited, 4/10, OPG House, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum Of
Entry Evidencing Extension Of Equitable Mortgage. |
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Date of
instrument Creating the charge |
15.01.2010 |
|
Amount secured by
the charge |
Rs.70.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction
Letter No. Axisb/Nzo/Cr/2009-10/11212 Dated 14.11.2009 To Be Amended From
Time To Time. Terms of
Repayment As Per Sanction
Letter No. Axisb/Nzo/Cr/2009-10/11212 Dated 14.11.2009 To Be Amended From
Time To Time. Margin As Per Sanction
Letter No. Axisb/Nzo/Cr/2009-10/11212 Dated 14.11.2009 To Be Amended From
Time To Time. Extent and
Operation of the charge Extent &
Operation - 100% Others The Above Is To
Secure The Following :-
(Rs. In millions) CC – 55.000,
Dropdown Od Limit – 10.000, FBN/FBP/FBD (within CC) - (5.000), LCBD (within CC)
- (20.000), FLC/ILC/BG – 5.000, Buyers Credit (within CC) - (5.000) |
|
Short particulars
of the property charged |
Entire existing /
future current assets and entire existing / future movable fixed assets of
the company. |
|
Date of latest modification
prior to the present modification |
15.01.2010 |
|
Particulars of
the present modification |
Revised Credit
Facilities Of Rs. 700.00 Lacs Shall Be Secured By First Charge By Equitable
Mortgage Over Company's Immovable Properties I.E. Factory Land & Building
Thereof In The Name Of The Company Measuring 13 Kanal 6 Marla Comprised In
Mustatil No.20, Kila No. 14/2 (3-0), 17/1 (2-5), 15/2/2 (3-0), 16/2/2 (2-9),
14/1/2(0-4), 17/2/1 (0-3), 14/1/1/3(0-15), 14/1/1/2/3(0-13), 17/2/2/1 (0-9),
15/2/2/1(0-8) In Village Libaspur, Tehsil & Dist. Sonepat (Haryana) . |
FIXED ASSTES:-
· Land,
· Building,
· Vehicle,
· Furniture and Fixtures,
· Computers,
· Generator and
· Automatic Glass Cutting Table.
· Cooler
· Photocopy Machine
· Refrigerator
· Samsung Laser
· Video Camera
· Mobile Phone
· Electrical Fittings
· Heat Exchanger
· Fan
WEBSITE DETAILS:-
Gold Plus Group
Profile :-
Gold Plus a one stop solution to customer on all types of glasses was
founded in 1985 with the aim of providing the best services & high quality
glass products for the local and regional market. The constant focus on
developing new International quality products has made it possible for Gold
Plus to help architects & designer to push for further creativity in their
design.
While the use of glass represents that of prestige, its use has brought about
many drawbacks & problems, such as high consumption of energy, safety,
concerns caused by weak structures & deterioration in the quality of indoor
hygiene. In recent years Gold Plus have produced new generations of glass,
which are environmentally friendly, safe, strong, smart and aesthetically
pleasing. Some of these Gold Plus products have been successfully applied to
many prestigious projects.
They at gold plus aim to provide high quality glass for the country.
They believe that quality is not a distinction but a continuous process. The
quality of the products has thereby improved manifolds since the last 15 years
but the way of utilizing the current resources optimally as well as by
importing machinery, which enhances the quality of the product.
Gold Plus aims at complete client satisfaction
along with the best results in terms of delivery paired with packaging.
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.