MIRA INFORM REPORT

 

 

Report Date :

04.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Plot L – 113 MIDC Taloja, Taloja Industrial Area, Taloja District, Raigad – 400703, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

12.05.1997

 

 

Com. Reg. No.:

11-107962

 

 

Capital Investment / Paid-up Capital :

Rs.173.398 Millions

 

 

CIN No.:

[Company Identification No.]

U26100MH1997PTC107962

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMG08682C

 

 

PAN No.:

[Permanent Account No.]

AAACG3416H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Architectural Glasses and Mirrors

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

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.

 

Profit and Loss of the company is not available.

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office/Factory:

Plot L – 113 MIDC Taloja, Taloja Industrial Area, Taloja District, Raigad – 400703, Maharashtra, India

Tel. No.:

91-022-27402693/94/95/96

Fax No.:

91-022-27402322

E-Mail :

glasstec@vsnl.com

Website :

www.glasstechindia.com

 

 

Office Address:

F-223, 2nd Floor, Tower No.7, InfoTech Park, Vashi Station Complex, Navi – Mumbai, Maharashtra, India

Tel. No.:

91-022-40322999/27812395/27812396

Fax No.:

91-22-40322950/27812394

E-Mail :

anoop@glasstechindia.com

 

 

DIRECTORS

 

As on 22.08.2011

 

Name :

Ponnarambil Govindan Sathiapalan

Designation :

Director

Address :

Flat No. 205 101 4 Wing, Powai Vihar Lake Palace, Co – operative Housing Society Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai- 400076, Maharashtra, India

Date of Birth/Age :

15.01.1945

Date of Appointment :

12.05.1997

DIN No.:

00404748

Other Directorship:

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U26100MH1997PTC107962

GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED

Director

12-05-97

12-05-97

Active

NO

2

U74210MH2009PTC195291

FACADE ENGINEERS PRIVATE LIMITED

Director

26-07-10

26-07-10

Active

NO

 

Name :

Usha Sathiapalan

Designation :

Director

Address :

Flat No. 205 101 4 Wing, Powai Vihar Lake Palace, Co – operative Housing Society Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

20.11.1954

Date of Appointment :

12.05.1997

 

 

Name :

Sandhia  Sathiapalan

Designation :

Director

Address :

Flat No. 205 101 4 Wing, Powai Vihar Lake Palace, Co – operative Housing Society Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

23.05.1978

Date of Appointment :

12.05.1997

DIN No.:

02335045

 

 

Name :

Sandeep Sathiapalan

Designation :

Director

Address :

Flat No. 205 101 4 Wing, Powai Vihar Lake Palace, Co – operative Housing Society Limited, Powai Vihar Complex, Adi Shankaracharya Marg, Powai, Mumbai- 400076, Maharashtra, India

Date of Birth/Age :

03.10.1981

Date of Appointment :

03.01.2003

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 22.08.2011

 

Names of Shareholders

 

 

No. of Shares

Ponnarambil Govindan Sathiapalan

 

4722605

Usha Sathiapalan

 

1677060

Sandhia  Sathiapalan

 

762524

Sandeep Sathiapalan Ponnarambil

 

762624

Ponnarambil G. Sathiapalan

Jointly Usha Sathiapalan

 

8049355

Sandeep Sathiapalan Ponnarambil

Jointly Ponnarambil G. Sathiapalan

 

988521

Sandhia  Sathiapalan

Jointly Ponnarambil G. Sathiapalan

 

1022427

Total

 

17985116

 

As on 22.08.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Architectural Glasses and Mirrors.

 

 

 

PRODUCTION STATUS AS ON 31.03.2011

 

Class of Goods:

Glass

Licensed Capacity:

N.A.

Installed Capacity:

N.A.

 

 

Item - 1

Production/Consumption

Glass

424936.84

Total Quantity

424936.84

 

Note: Production/consumption includes samples and wastages and does not include inter-division transfers

 

GENERAL INFORMATION

 

Customers:

·         Reliance Industries Limited, Mumbai

·         Marathon Group, Mumbai

·         Glasswall System, Mumbai

·         S.P. Fabricators, Mumbai/Bangalore

·         Alufit India Private Limited, Bangalore

·         Alupro Building System, Bangalore

·         Technoskill, Kerala

·         Ashok Leyland, Chennai

·         Wipro Technologies, Cochin

·         IBS Software Services, Kerala

·         Shobha Developers, Bangalore

·         Ascendas Mahindra, Chennai

·         Naman Developers Limited, Mumbai

·         Walia Builders and Developers, Mumbai

·         Bhari Metal Fabricators Private Limited, Chennai

 

 

No. of Employees :

Not Available

 

 

Bankers :

State Bank of India, Sunbeam, 18th Road, Chembur – 400071, Mumbai, Maharashtra, India

 

 

Facilities :

SECURED LOAN

AS ON 31.03.2011

(Rs. In millions)

AS ON 31.03.2010

(Rs. In millions)

Rupee term loans banks secured

0.000

153.403

Foreign currency loan banks secured

(A)176.761

(B)55.930

Working capital loan banks secured

(C)105.821

(D)94.039

Total

282.582

303.372

Notes:

(A) State Bank of India - FCNR Term Loans (Secured against equitable mortgage of certain Land and buildings of the Company.

.Repayable within one year Rs.24.000 Millions)

(B) State Bank of India - FCNR Term Loans (Secured against equitable mortgage of certain Land and buildings of the Company.

.Repayable within one year Rs.24.000 Millions,)

(C) Working Capital: (Secured against stocks, receivables and all other current assets and equitable mortgage-of Fixed Assets at Taloja and personal guarantee of four Directors) 86.474 millions. State Bank of India - Letter of credit Facility 19.348 millions.

(D) Working Capital: (Secured against stocks, receivables and all other current assets and equitable mortgage-of Fixed Assets at Taloja and personal guarantee of four Directors) 91.459 millions. State Bank of India - Letter of credit Facility 2.580 millions.

 

UNSECURED LOAN

AS ON 31.03.2011

(Rs. In millions)

AS ON 31.03.2010

(Rs. In millions)

Loans directors unsecured

(A)27.560

(B)26.460

Other Debt unsecured

(C)97.327

(D)95.944

Total

124.887

122.404

Notes:

(A) P.G. Sathiapalan 12.660 Millions. Glavindia 14.900 Millions

(B) P.G. Sathiapalan 11.560 Millions. Glavindia 14.900 Millions

(C) Machinery Suppliers Deferred Credit

(D) Machinery Suppliers Deferred Credit

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

 Sheth and Associates

Chartered Accountants

Address :

107, Golf View, Sopariwala Estate, Tradeo, Mumbai – 400034, Maharashtra, India

PAN No.:

AAVPS9812N

 

 

 

 

CAPITAL STRUCTURE

 

As on 22.08.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

20000000

Equity Shares

Rs.10/- each

Rs.200.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

17985116

Equity Shares

Rs.10/- each

Rs.179.851 Millions

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

20000000

Equity Shares

Rs.10/- each

Rs.200.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

17339803

Equity Shares

Rs.10/- each

Rs.173.398 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

173.398

173.398

72.795

2] Share Application Money

25.813

0.000

100.603

3] Reserves & Surplus

63.713

45.500

54.615

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

262.924

218.898

228.013

LOAN FUNDS

 

 

 

1] Secured Loans

282.582

303.372

161.640

2] Unsecured Loans

124.887

122.404

100.420

TOTAL BORROWING

407.469

425.776

262.060

DEFERRED TAX LIABILITIES

34.125

35.026

17.958

 

 

 

 

TOTAL

704.518

679.700

508.031

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

568.205

461.864

338.399

Capital work-in-progress

0.000

67.742

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
119.866

130.326

110.018

 

Sundry Debtors
78.340

88.084

76.735

 

Cash & Bank Balances
4.996

2.052

1.581

 

Other Current Assets
0.350

0.255

3.176

 

Loans & Advances
46.174

50.675

29.800

Total Current Assets
249.726

271.392

221.310

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
91.132

109.630

46.304

 

Other Current Liabilities
11.129

5.180

 

 

Provisions
11.500

7.000

5.950

Total Current Liabilities
113.761

121.810

52.254

Net Current Assets
135.965

149.582

169.056

 

 

 

 

MISCELLANEOUS EXPENSES

0.348

0.512

0.576

 

 

 

 

TOTAL

704.518

679.700

508.031

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.98

2.50

1.38

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.20

2.23

4.24

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report (Yes / No)

1.       Year of Establishment

Yes

2.       Locality of the firm

Yes

3.       Constructions of the firm

Yes

4.       Premises details

No

5.       Type of Business

Yes

6.       Line of Business

Yes

7.       Promoter’s background

Yes

8.       No. of Employees

No

9.       Name of person contacted

No

10.   Designation of contact person

No

11.   Turnover of firm for last three years

No

12.   Profitability for last three years

No

13.   Reasons for variation <> 20%

--

14.   Estimation for coming financial year

No

15.   Capital in the business

Yes

16.   Details of sister concerns

No

17.   Major suppliers

No

18.   Major customers

No

19.   Payments terms

No

20.   Export / Import details

No

21.   Market information

---

22.   Litigations that the firm / promoter involved

--

23.   Banking Details

Yes

24.   Banking facility details

Yes

25.   Conduct of the banking account

--

26.   Buyer visit details

--

27.   Financials, if provided

Yes

28.   Incorporation details, if applicable

Yes

29.   Last accounts filed at ROC

Yes

30.   Major Shareholders, if available

Yes

 

Business of the Company:

 

The expansion done by the Company has given a broad spectrum of products which are now available for sale in the market. The Company has very firmly entrenched itself as a market leader in this industry. Further, during the year, the company has established a small unit in Kochi to cater to the southern market. Also, looking at the growing market size in south India, the company is planning to set-up a medium scale manufacturing unit in Coimbatore, and accordingly has purchased adequate land for the same from SIPCOT. They have also tied-up with a leading Indian conglomerate who are setting up hyper malls all over the country, to execute on a turnkey basis, the exterior faced on their projects. This diversification will contribute substantially over the next two years.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U26100MH1997PTC107962

Name of the company

GLASSTECH INDUSTRIES (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot L-113, MIDC Taloja, Taloja Industrial Area, Taloja District Raigad, Raigad – 400703, Maharashtra, India

Email ID: glasstec@vsnl.com

This form is for

Modification of charge

Charge identification number of the modified 

90145690

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

State Bank of India, Sunbeam, 18th Road, Chembur, Mumbai - 400071, Maharashtra, India

Email ID: kamalax_saraf@hotmail.com

Nature of instrument creating charge

Agreement of Loan Cum Hypothecation.

Date of instrument Creating the charge

18.06.2010

Amount secured by the charge

Rs.300.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest: Working Capital: 1.5% above SBAR (SBAR = 11.75% w.e.f.29.6.2009) with a minute of 13.25% p.a.

Term Loan: 2% above SBAR (SBAR = 11.75% w.e.f. 29.6.2009) with a minute of 13.75% p.a.

 

Terms of repayment: (Rs.in Millions)

 

Year         No. of. Months        Monthly Installments          Total

2010-11                  8                             3.000                 24.000

2011-12                12                             4.000                 48.000

2012-13                12                             5.000                 60.000

2013-14                11                             5.000                 55.000

2014-15                  1                            13.000                13.000

 

Margin: Raw Materials: Domestic : 25%

Stock in Process: 40%

Finished Goods: 25%

Receivables (Cover 90 Days) : 40%

Bank Guarantee: 25%

 

 

Extent and operation of the charge: Not Applicable

 

Short particulars of the property charged (Including location of the property)

(i) A first charge by the way of hypothecation borrowers entire goods, movables and other assets present and future including documents of title to the goods and other assets such as book debts,

 

(ii) Outstanding Monies, receivables including receivables by the of cash assistance and/or cash incentives under the cash incentives or any other scheme, claims by way of refund of

 

(iii) Customs/Excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights 

 

(iv) Uncalled capital, capital and all machinery present and future of all machinery present and future of such satisfactory to the bank.

Date of latest modification prior to the present modification

14.05.2009

Particulars of the present modification 

Now by the present modification date 18.06.2010 the limit increased from Rs.275.000 millions to Rs.300.000 millions. 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 53.24

UK Pound

1

Rs. 86.14

Euro

1

Rs. 69.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

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

2

--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

 

42

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.