MIRA
INFORM REPORT
|
Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
HNG FLOAT GLASS LIMITED |
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Registered
Office : |
2, |
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Country : |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
29.07.2006 |
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Com. Reg. No.: |
21-111182 |
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Capital
Investment / Paid-up Capital : |
Rs.1760.400Millions
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CIN No.: [Company Identification
No.] |
U26101WB2006PLC111182 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALH03017A |
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PAN No.: [Permanent Account No.] |
AABCH7942Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Automatic Glass Containers. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7800000 |
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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. There appears
some accumulated losses recorded by the company. However 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.
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
2, |
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Tel. No.: |
91-33-22543100 |
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Fax No.: |
91-33-22543130 |
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E-Mail : |
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Website : |
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Factory : |
GIDC Phase III, |
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Tel. No.: |
91-2676-225691/94 |
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Fax No.: |
91-2676-225695 |
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E-Mail : |
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Marketing Head Office: |
101,102 Swaroop Arcade, 1st Floor, Parsiwada, |
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Mobile No: |
91-9967358136 (Mr. G Nagavarma) |
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Marketing
Office: |
Located At:
|
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Chandra Kumar Somany |
|
Designation : |
Director |
|
Address : |
2, Iron Side Road, Kolkata-700019, West |
|
Date of Birth/Age : |
25.06.1933 |
|
Date of Appointment : |
29.07.2006 |
|
Election Commission/ Identity Card No.: |
WB/23/152/018003 |
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|
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|
Name : |
Mr. Sanjay Somany |
|
Designation : |
Director |
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Address : |
W-27, Greater Kailash, Part II, |
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Date of Birth/Age : |
28.07.1958 |
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Date of Appointment : |
29.07.2006 |
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Election Commission/ Identity Card No.: |
DL/02/007/018476 |
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Name : |
Mr. Mukul Somany |
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Designation : |
Director |
|
Address : |
2, Iron Side Road, Kolkata-700019, West |
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Date of Birth/Age : |
15.10.1965 |
|
Date of Appointment : |
29.07.2006 |
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Election Commission/ Identity Card No.: |
WB/23/152/018005 |
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Name : |
Mr. Chandan Bhattacharya |
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Designation : |
Director |
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Address : |
53, |
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Date of Birth/Age : |
13.01.1945 |
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Date of Appointment : |
25.04.2007 |
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Election Commission/ DIN: |
DIN-01341570 |
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|
|
|
Name : |
Mr. Narayanswami Sitaram |
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Designation : |
Director |
|
Address : |
Flat -4A, |
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Date of Birth/Age : |
08.11.1939 |
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Date of Appointment : |
25.04.2007 |
|
Identity Card No./ DIN: |
DIN-01114920 |
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|
Name : |
Mr. Raghuvanshi Lal Kapur |
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Designation : |
Director |
|
Address : |
8/10, |
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Date of Birth/Age : |
02.12.1932 |
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Date of Appointment : |
14.07.2008 |
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Election Commission /Identity Card No./ DIN: |
DIN-00002483 |
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|
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|
Name : |
Kamal Kishore Taparia |
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Designation : |
Director |
|
Address : |
D-402, Vrindavnam Apartments, 1094, Model Colony, Shivji Nagar,
Pune-411016, |
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Date of Birth/Age : |
27.06.1951 |
|
Date of Appointment : |
30.06.2009 |
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Identity Card No./ DIN: |
DIN-01829829 |
KEY EXECUTIVES
|
Name : |
Mr. Kailash Chandra Jain |
|
Designation : |
Manager |
|
Address : |
3S, Narayani Apartment, 8/3, B, Alipore, |
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Date of Birth/Age : |
05.04.1951 |
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Date of Appointment : |
10.06.2008 |
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Election Commission/ Pan: |
PAN-ABPPJO574J |
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|
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Name : |
Ms. Poonam Agarwal |
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Designation : |
Secretary |
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Address : |
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Date of Birth/Age : |
17.11.1983 |
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Date of Appointment : |
01.10.2008 |
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Election Commission/ Pan: |
PAN-AEHPA3445E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chandra Kumar Somany |
|
620000 |
|
Sanjay Somany |
|
1890000 |
|
Mukul Somany |
|
2180000 |
|
Bharat Somany |
|
510000 |
|
Amita Somany |
|
540000 |
|
Sudha Somany |
|
510000 |
|
Rashmi Somany |
|
760000 |
|
Hindusthan National Glass and Industries Limited, |
|
115000000 |
|
Topaz Commerce Limited, |
|
18330000 |
|
Noble Enclave and Towers Private Limited, |
|
46490000 |
|
Spotlight Vanijya Limited, |
|
10800000 |
|
C K Somany HUF |
|
500000 |
|
Sanjay Somany HUF |
|
500000 |
|
Mukul Somany HUF |
|
500000 |
|
Microwave Merchants Private Limited, |
|
2945000 |
|
Brabourne Commerce Private Limited, |
|
9800000 |
|
International Finance Corporation, |
|
30000000 |
|
DEG-Deutsche Investitions-UND |
|
460000 |
|
Niket Advisory Trading Company Limited, |
|
250000 |
|
|
|
|
|
Total |
|
242585000 |
As on 24.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
12.37 |
|
Bodies
corporate |
|
84.13 |
|
Directors
or relatives of directors |
|
3.50 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automatic Glass Containers. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Annual
Installed Capacity (In
Sqm) |
Actual
Production (in
Sqm) |
|
Float Glass Unit # |
14600000 |
1749157 |
|
Float Glass (Processing Unit) |
480000 |
76002 |
Note:
- Licensed capacity is not available as the industry is de-licensed.
- Annual installed capacity has been converted into square meter (Sqm)
based on Glass thickness of 6 mm.
- Excluding job work 107 Sqm (1566 Sqm)
- Production figures are without considering cullet generation, which
is recycled for use
- Includes production of 329204 Sqm during Trial Run.
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Financial Institution: |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountant |
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Address : |
22, |
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Holding Company: |
As on 31.03.2009
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Group Company: |
As on 31.03.2009
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CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
260500000 |
Equity Shares |
Rs.10/- each |
Rs.2605.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
242585000 |
Equity Shares |
Rs.10/- each |
Rs.2425.850
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
260500000 |
Equity Shares |
Rs.10/- each |
Rs.2605.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
176040000 |
Equity Shares |
Rs.10/- each |
Rs.1760.400Millions
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1760.400 |
1016.400 |
866.400 |
|
|
2] Share Application Money |
465.450 |
544.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(257.041) |
(40.582) |
0.000 |
|
|
NETWORTH |
1968.809 |
1519.818 |
866.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3703.949 |
2685.081 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3703.949 |
2685.081 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
5672.758 |
4204.899 |
866.400 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
5162.305 |
233.417 |
48.118 |
|
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Capital work-in-progress |
141.355 |
3716.849 |
433.065 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
320.623
|
23.305
|
3.322 |
|
|
Sundry Debtors |
153.033
|
3.285
|
0.000 |
|
|
Cash & Bank Balances |
112.840
|
390.879
|
301.334 |
|
|
Other Current Assets |
2.946
|
1.989
|
0.000 |
|
|
Loans & Advances |
448.860
|
269.968
|
65.392 |
|
Total
Current Assets |
1038.302
|
689.426
|
370.048 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
424.267
|
25.157 |
|
|
Other Current Liabilities |
665.315
|
8.863
|
1.819 |
|
|
Provisions |
3.889
|
1.663
|
0.294 |
|
Total
Current Liabilities |
669.204
|
434.793
|
27.269 |
|
|
Net Current Assets |
369.098
|
254.633
|
342.779 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
42.438 |
|
|
|
|
|
|
|
|
TOTAL |
5672.758 |
4204.899 |
866.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
275.336 |
15.929 |
|
|
|
|
Other Income |
23.933 |
0.000 |
|
|
|
|
TOTAL (A) |
299.269 |
15.929 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
154.422 |
12.496 |
|
|
|
|
Consumption of stores and spare parts |
16.089 |
3.210 |
|
|
|
|
Salaries, wages and bonus |
31.294 |
7.568 |
|
|
|
|
Managerial remuneration |
0.150 |
0.128 |
|
|
|
|
Payments of auditors |
1.012 |
0.800 |
NA |
|
|
|
Insurances expenses |
0.000 |
0.318 |
|
|
|
|
Power and fuel |
178.213 |
1.675 |
|
|
|
|
Others expenditures |
109.689 |
14.803 |
|
|
|
|
Prior period expenses |
0.000 |
6.203 |
|
|
|
|
Increase/ decrease in finished goods, work in progress |
(88.151) |
0.000 |
|
|
|
|
TOTAL (B) |
402.718 |
47.201 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(103.449) |
(31.272) |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.751 |
2.159 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(157.200) |
(33.431) |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.151 |
6.371 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(216.351) |
(39.802) |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.107 |
0.781 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(216.458) |
(40.583) |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(40.583) |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(257.041) |
(40.583) |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
72.414 |
13.521 |
0.000 |
|
|
|
Stores & Spares |
1.475 |
2.777 |
0.567 |
|
|
|
Capital Goods |
411.986 |
1950.676 |
106.714 |
|
|
TOTAL IMPORTS |
485.875 |
1966.974 |
107.281 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.32) |
(0.40) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(72.33)
|
(254.77)
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(78.58)
|
(249.87)
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.49)
|
(4.31)
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.03)
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.22
|
2.05
|
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.58
|
13.57 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
The Company has commenced its commercial production on 1st
February, 2010. The market response to the product is very good and the Company
is registering impressive sales.
REVIEW:
During the year the company’s gross turnover was Rs. 301.800 millions as
compared to Rs.18.000 millions in the previous year.
FUTURE OUTLOOK:
Demand for float glass in
As a result of a healthy green building construction environment, demand
in the dominant construction segment will register gains of 6.1 percent per
year. 85% of float glass demand is derived from high rises and green buildings;
the growing number of such buildings and the growing use of float glass is
driving offtake, partially replacing the use of cement. The segment is expected
to witness a five year CAGR of 20% plus as against the international growth of
4%. In addition, the market for architectural glass will benefit from the
greater use of value added glazing products, both in new structures and during
major renovation and refurbishment activities.
The Indian economy is expected to grow at 8.5% in the next fiscal year
and the float glass industry in
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particular |
As
on 31.03.2010 (Rs.
in Millions) |
As
on 31.03.2009 (Rs.
in Millions) |
|
Un-expired bank guarantees and letters of credit |
86.726 |
543.103 |
|
Custom duty for import of capital goods under EPCG scheme |
353.961 |
344.275 |
|
Claim against the company not acknowledged as debts |
3.839 |
0.000 |
|
Total |
444.526 |
887.378 |
FIXED ASSETS:
·
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Computer Software
As per website details:
History:
Subject is promoted by Hindusthan National Glass and Industries Limited (www.hngindia.com). The promoters have more than 57 years of expertise in making container glass. Subject commands 60% market share of Indian Market with an annual turnover of around Rs. 15000.000 Millions. Subject has 6 manufacturing locations with 2800 TPD capacity. Apart from Rishra (Near Kolkata) and Bahadurgarh (near Delhi) which are greenfield sites, the remaining 4 at Rishikesh, Puducherry, Nashik and Neemrana (in Rajasthan) have been taken over from Owens Illinois (USA), L and T and Haryana Sheet Glass. Subject is the flagship company of Subject Group.
Group Companies:
Glass Equipment (
Incorporated in 1974, Glass Equipment (India) Limited is a reputed Indian container
glass engineering company which accounts for the manufacture of sophisticated
equipment for glass plants. It is also an expert in manufacturing critical
spares for Glass container manufacturing industries and provides solutions in
setting up glass plants on a turnkey basis. GEIL not only provides the
equipments for the glass industries; it provides expert guidance in the entire
process of glass container manufacture.
Glass Equipment (
AMCL Machinery Limited:
AMCL Machinery Limited is set up in Butibori (
Somany Foam Limited:
Somany Foam Limited was set up at BHEL Industrial Area,
Haridwar with a capital outlay of 360 million INR. It is one of the fastest
growing companies 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] 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.45.28 |
|
|
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.