MIRA
INFORM REPORT
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Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHAMVIK GLASSTECH PRIVATE LIMITED |
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Formerly Known
As : |
MAUL EASTERN LIMITED |
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Registered Office
: |
155-157, Maker Chambers VI, 15th Floor, 220 Nariman Point,
Mumbai-400 002, |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
04.05.1973 |
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Com. Reg. No.: |
11-16525 |
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Capital
Investment / Paid-up Capital : |
Rs.10.018 Millions |
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CIN No.: [Company Identification
No.] |
U26100MH1973PTC016525 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39645E/ MUMS16330G/MUMS16114A |
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PAN No.: [Permanent Account No.] |
AABCS7896J |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of Glass Bottles. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 690000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Latest
financials of the company are not available with the government department. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Ravi |
|
Designation : |
Account Manager |
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Name : |
Mr. Vikram Mundra |
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Designation : |
Director |
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Date |
25.05.2011 |
LOCATIONS
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Registered Office/ Corporate Office : |
155-157, Maker Chambers VI, 15th Floor, 220 Nariman Point,
Mumbai-400 002, |
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Tel. No.: |
91-22-22841154/57/22308221/22325039 |
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Fax No.: |
91-22-22046596 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory : |
Off LBS Marg, 249, |
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Tel. No.: |
91-22-25646527/28/0050/56308221/56325039 |
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Fax No.: |
91-22-25671711 |
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Location : |
Owned |
DIRECTORS
AS ON : 30.09.2010
|
Name : |
Mrs. Kalpana S. Munshi |
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Designation : |
Managing Director |
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Address : |
3, Chateau Marine, |
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Date of Birth/Age : |
14.01.1948 |
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Date of Appointment : |
15.02.1990 |
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Name : |
Mr. Vikram S. Munshi |
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Designation : |
Managing Director |
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Address : |
3, Chateau Marine, |
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Date of Birth/Age : |
03.07.1974 |
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Date of Appointment : |
30.07.1999 |
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Name : |
Mr. Vijay Kumar Goel |
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Designation : |
Additional Director |
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Address : |
305, Vimal, Vishwadhan CHS, sarvodaya Nagar, Jain Mandir Road, Mulund,
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
16.11.1949 |
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Date of Appointment : |
24.11.2008 |
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Name : |
Mrs. Madhavi Munshi |
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Designation : |
Director |
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Address : |
3, Chateau Marine, |
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Date of Birth/Age : |
15.03.1975 |
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Date of Appointment : |
30.09.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2010
|
Names of Shareholders (Class A) |
No. of Shares |
Percentage of
Holding |
|
General Glass Company Private Limited, |
99173 |
9.90 |
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Kalpana S.Munshi Jt. Vikram
Munshi |
103955 |
9.97 |
|
Vikram Munshi |
64801 |
6.40 |
|
General Can Private Limited, |
99314 |
9.91 |
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Colrige International Private Limited, |
99000 |
9.88 |
|
Madhvi Munshi |
95783 |
9.90 |
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Shamvik Engineering Private Limited, |
91137 |
9.11 |
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Colrige Limited, |
95962 |
9.58 |
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K.P. Electricals Private Limited, |
79000 |
7.87 |
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Shamvik Agrotech Private Limited, |
39000 |
3.89 |
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Shamvik Containers Private Limited, |
39000 |
3.89 |
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Jyoti Records Mfg. Company Limited, |
95000 |
9.48 |
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Names of Shareholders (Class A) |
No. of Shares |
Percentage of
Holding |
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Kalpana S.Munshi Jt Vikram Munshi |
660 |
0.07 |
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Vikram Munshi |
660 |
0.07 |
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Madhvi Munshi |
680 |
0.08 |
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AS ON : 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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73.51 |
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Directors
or relatives of directors |
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26.49 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Glass Bottles. |
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Products : |
I) Detection and Rejection of (A) Stuck Bottles, (B) Fallen Bottles.
A)
I. S. Machines From SG to DG/TG and Vice Versa. B)
Feeders from 944 to 994.
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Exports : |
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Products : |
Glass Bottles |
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Countries : |
Iran, Greece, Egypt, Turkey, Germany, Korea, Malaysia, Russia, USA,
Vietnam, Taiwan, Thailand |
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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 : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
PRODUCTION STATUS As on 31.03.2008
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
I. S. Machine |
Machines |
7 |
7 |
- |
|
Machinery for collapsible Tubes and Rigid Cans |
Machines |
3 |
3 |
- |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s, Manufacturer International
Indian
Subcontinent
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No. of Employees : |
100 (Approximately) |
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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 : |
R. C. Desai Chartered Accountants |
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Address : |
302, Imur Building, Sahakar Nagar, J. P. Road, Near Apna Bazar,
Andheri (West), Mumbai-400 604, Maharashtra, India |
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Tel. No.: |
91-22-65057413 |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1001785 |
Equity Shares |
Rs.10/- Each |
Rs.10.018
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.018 |
10.018 |
10.018 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
161.939 |
161.922 |
161.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
171.957 |
171.940 |
171.928 |
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LOAN FUNDS |
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1] Secured Loans |
23.403 |
2.051 |
8.009 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
23.403 |
2.051 |
8.009 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
195.360 |
173.991 |
179.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.302 |
84.350 |
84.510 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.724 |
2.998 |
5.040 |
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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 |
42.786
|
34.231 |
30.209 |
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Sundry Debtors |
10.668
|
12.949 |
12.383 |
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Cash & Bank Balances |
4.223
|
4.546 |
1.930 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
103.681
|
92.029 |
89.559 |
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Total
Current Assets |
161.358
|
143.755 |
134.081 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
11.933
|
9.209 |
10.367 |
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Other Current Liabilities |
36.574
|
39.333 |
24.327 |
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Provisions |
9.517
|
8.570 |
9.000 |
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Total
Current Liabilities |
58.024
|
57.112 |
43.694 |
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Net Current Assets |
103.334
|
86.643 |
90.387 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
195.360 |
173.991 |
179.937 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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Income |
60.383 |
51.307 |
44.302 |
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Other Income |
10.427 |
7.462 |
95.820 |
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TOTAL (A) |
70.810 |
58.769 |
140.122 |
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Less |
EXPENSES |
|
|
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|
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Raw materials and Components |
16.014 |
8.949 |
10.990 |
|
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Stores, spares and Tools |
0.658 |
0.683 |
1.292 |
|
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|
Labour Charges |
3.083 |
3.265 |
3.533 |
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Freight and Forwarding and Insurance |
1.857 |
1.594 |
1.741 |
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Salary, Wages, and Other Benefits |
16.820 |
14.541 |
14.080 |
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Rent, Rates, Taxes and Hire Charges |
8.223 |
6.897 |
5.994 |
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Administrative Selling and Other Expenses |
24.384 |
20.813 |
20.320 |
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Increase / Decrease in WIP Stock |
(6.035) |
(1.247) |
(10.836) |
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TOTAL (B) |
65.004 |
55.495 |
47.114 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.806 |
3.274 |
93.008 |
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Less |
FINANCIAL
EXPENSES (D) |
2.558 |
0.775 |
1.022 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.248 |
2.499 |
91.986 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.214 |
1.430 |
1.654 |
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PROFIT BEFORE TAX
(E-F) (G) |
1.034 |
1.069 |
90.332 |
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Less |
TAX (H) |
0.410 |
0.412 |
7.750 |
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PROFIT AFTER TAX
(G-H) (I) |
0.624 |
0.657 |
82.582 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
84.322 |
84.310 |
3.030 |
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BALANCE CARRIED
TO THE B/S |
84.339 |
84.322 |
84.310 |
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EARNINGS IN
FOREIGN CURRENCY |
4.115 |
16.400 |
NA |
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IMPORTS |
0.430 |
0.614 |
NA |
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Earnings Per
Share (Rs.) |
2.83 |
2.08 |
NA |
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Particulars |
|
31.03.2010 |
31.03.2009 |
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Sales Turnover (Approximately) |
|
95.000 |
80.000 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.88
|
1.12 |
58.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.71
|
1.82 |
64.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.41
|
0.47 |
41.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.34 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
|
2.78
|
2.52 |
3.07 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
31.03.2006 (Rs. in millions) |
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Sundry Creditors |
11.933
|
9.209 |
10.367 |
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Form : 8
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U26100MH1973PTC016525 |
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Name of the
company |
SHAMVIK GLASSTECH
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
155-157, Maker Chambers VI, 15th Floor, 220 Nariman Point,
Mumbai-400 002, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Others Plant and
Machinery |
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Particular of
charge holder |
State Bank of India, SME Backbay Reclamation Branch, Raheja Chambers,
Nariman Point, Mumbai-400 021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
loan-cum-hypothecation |
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Date of
instrument Creating the charge |
31.12.2009 |
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Amount secured by
the charge |
Rs.261.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit limit
(inventory funding): at SBAR. 11.75% Cash credit limit
for manufacturing division: 2.5% above SBAR. Effective 14.25% Terms of Repayment Term Loan-I-
under SBI trader’s easy loan for automobile showroom division of Rs.50.000
Millions under tel: 1st 3 monthly installments of Rs.0.500 Millions each,
next 23 monthly installments of Rs.1.400 Millions each, next 12 monthly
installments of Rs.1.200 Millions each and final installment of Rs.1.900
Millions with a start up period of 1 month. The first installment to commence
on jan.-2010 and the last installment falls due on march 2013. Further
repayment details Margin As per sanction
terms Extent and Operation of the charge
Amount in Rs.
Others Not Applicable |
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Short particulars
of the property charged |
Hypothecation of
Stocks and Book Debts and all other current assets present and future of the
company for cash credit and letter of credit limit of glass division and cash Hypothecation of Stocks
and Book Debts and all other current assets present and future of the company
for cash credit and letter of credit limit of glass division and cash CNC Machine:
VMC-500- Verticle Machining Centre, BMV 50 TC20- CNC Verticle Boring and
Milling Machine, BMV 40 TC20- CNC Verticle Boring and Mailing Machine, BVW 15
CNC Vertical Machining centre etc. Conventional
machines : Piller Drill, Polishing Machine, Drilling Machine, Pedestal
Grinder, Central Lathe, Shiipping Machine, Hack Saw Cutting Machine, Tools
and Cutler Grinder, Universal Milling
Machine, Jig Boring Machine, Air Compressor and Air Dryer (1/25cfm),
Horizontal Boring Machine, Artistic Drill Re Sharepending Machine, Shapping
Machine etc. |
Fixed Assets:
·
·
·
Plant and Machinery
·
Electrical Installation
·
Furniture and fixtures
·
Office Equipments
·
Motor Vehicles
·
Patterns and Dies
·
Instruments
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. 45.38 |
|
|
1 |
Rs. 73.31 |
|
Euro |
1 |
Rs. 63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.