MIRA
INFORM REPORT
|
Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAINT-GOBAIN GLASS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.04.1997 |
|
|
|
|
Com. Reg. No.: |
18-037875 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 943.640 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26109TN1997PLC037875 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Glass. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 69400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record. There seems sharp dip in the profit of the company during 2013.
However, general financial position of the company is sound. Fundamentals are
strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
June 16, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-44-27162832)
LOCATIONS
|
Registered Office : |
Plot No. A1, Sipcot Industrial Park, District Sriperumpudur - 602106,
Tamilnadu, India |
|
Tel. No.: |
91-44-27162832 |
|
Fax No.: |
91-44-27162840/ 41 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Plant 1 : |
Level 7, Chettinad Sigapi Achi Building, 18/3, Rukmani Lakshmipathi Road, Egmore, Chennai - 600008, Tamilnadu, India |
|
Tel. No.: |
91-44-45936000 |
|
Fax No.: |
91-44-45936008 |
|
|
|
|
Plant 2 : |
Located at: · Bhiwadi, Rajasthan, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Anand Yashavant Mahajan |
|
Designation : |
Whole-time director |
|
Address : |
Fiona, 3rd Floor, 176, Juhu Tara Road, Mumbai - 400049, Maharashtra,
India |
|
Date of Birth/Age : |
03.01.1953 |
|
Date of Appointment : |
02.04.1997 |
|
Qualifications : |
B. Com |
|
DIN No.: |
00066320 |
|
|
|
|
Name : |
Joseph Andrew Jude Pereira |
|
Designation : |
Alternate director |
|
Address : |
8, Coral Reef, 55, Chimbai Road, Bandra [West], Mumbai – 400050,
Maharashtra, India |
|
Date of Appointment : |
05.04.2007 |
|
DIN No.: |
00130239 |
|
|
|
|
Name : |
Bhuvaragamurthy Srinivasan Rammurthy
Santhanam |
|
Designation : |
Managing director |
|
Address : |
No. 29, Ranjith Road, Kotturpuram, Chennai – 600085, Tamilnadu, India |
|
Date of Appointment : |
22.01.1998 |
|
Qualifications : |
B. Com |
|
DIN No.: |
00494806 |
|
|
|
|
Name : |
Swaminathan Eisenhower |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. A-102, Prince Villa, 15, Rajamannar Street, T' Nagar, Chennai
- 600017, Tamilnadu, India |
|
Date of Birth/Age : |
24.11.1952 |
|
Date of Appointment : |
26.04.2010 |
|
DIN No.: |
01521855 |
|
|
|
|
Name : |
Ramakrishnan Subramanian |
|
Designation : |
Managing director |
|
Address : |
E-3, Juniper Apartments, TAS Enclave, 10th Main Road Extension, Anna
Nagar, Chennai - 600040, Tamilnadu, India
|
|
Date of Birth/Age : |
26.01.1966 |
|
Date of Appointment : |
26.04.2010 |
|
Qualifications : |
B. Com |
|
DIN No.: |
01521968 |
|
|
|
|
Name : |
Patrick Dupin |
|
Designation : |
Director |
|
Address : |
51, Avenue De Paris F-78000, Versailes, 78000 France |
|
Date of Appointment : |
05.04.2007 |
|
DIN No.: |
01522067 |
|
|
|
|
Name : |
Benoit Marie Bernard Diribarne |
|
Designation : |
Director |
|
Address : |
5 Rus, Bellavoine Le Pecq 78230 France |
|
Date of Appointment : |
09.07.2002 |
|
DIN No.: |
01610383 |
|
|
|
|
Name : |
Tyagarajan Bhaskaran |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. B2, Plot No. 587, School Road, Anna Nagar West Extn, Chennai
- 600101, Tamilnadu, India |
|
Date of Birth/Age : |
20.07.1960 |
|
Date of Appointment : |
26.04.2010 |
|
DIN No.: |
02168348 |
|
|
|
|
Name : |
Jean Pierre Floris |
|
Designation : |
Director |
|
Address : |
3 Bis Avenue Gounod, Croissy Sur Seine 78290, France |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
02504627 |
KEY EXECUTIVES
|
Name : |
L Venkateswaran |
|
Designation : |
Secretary |
|
Address : |
Flat No. Foe, 4th Floor, Block 2, Jains Kences Retreat,15, Reddy
Street, Virugumbakkam, Chennai – 600092, Tamilnadu, India |
|
Date of Birth/Age : |
10.02.1958 |
|
Date of Appointment : |
31.03.2010 |
|
PAN No.: |
AAMPV0608D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Saint-Gobain Glass Deutschland |
|
37753813 |
|
Societe de particpations Financeriers et Industrielles |
|
54109767 |
|
Grindwell Norton Limited |
|
2499993 |
|
Grindwell Norton Limited - Anand Yashavant Mahajan |
|
1 |
|
Grindwell Norton Limited – B Santhanam |
|
1 |
|
Grindwell Norton Limited – J.A.J. Pereria |
|
1 |
|
Grindwell Norton Limited – Aju Varghese |
|
1 |
|
Grindwell Norton Limited – Puranik A Mahadev |
|
1 |
|
Grindwell Norton Limited – Prakash Sabard |
|
1 |
|
Grindwell Norton Limited – Deepak Chindarkar |
|
1 |
|
|
|
|
|
Total |
|
94363580 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
97.35 |
|
Bodies
corporate |
2.65 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Glass. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West],
Mumbai - 400013, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
8th Floor, Door No 129-140, Prestige Palladium Greams
Road, Chennai – 600006, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL5878L |
|
|
|
|
Ultimate Holding
Company : |
Compagnie de Saint-Gobain, France* |
|
|
|
|
Companies having
substantial interest : |
· Societe De Participations Financieres Et Industrielles * Saint-Gobain Glass Deutschland, Germany * |
|
|
|
|
Fellow
Subsidiaries : |
· Saint-Gobain Promotions et Participations Internationales France Grindwell Norton India Limited * Saint-Gobain Seva , France * Hankuk Glass Industries, Korea Saint-Gobain Glass Italia, Italy Saint-Gobain Cristellaria Spain Saint-Gobain Sekurit India Limited, India* Saint-Gobain Vetrotex India Limited Saint-Gobain Isover France Saint-Gobain Glass Portugal Saint Gobain K&K Japan Saint Gobain Oberland Saint-Gobain Glass, France * Saint-Gobain Exprover * Saint-Gobain Glass UK Saint Gobain Glass Solar Control * Saint Gobain SEPR, France * Saint Gobain Hankuk Japan Saint Gobain Nanjing Saint Gobain Sekurit Korea Saint Gobain Glass Mexico* Saint Gobain Sekurit Deutschland, GmBH* Saint Gobain Hanglass, Japan * Saint Gobain Vitrage Odessa Saint Gobain Direction Technique* Saint Gobain Gyproc (Formerly known as India Gypsum)* Saint Gobain Autover Distribution S.A * Savoie SEPR SEPR Italia Verrerie Aurys Hankuk Sekurit Limited * Saint Gobain Hanglas CIFG Qingdao SG Vertax Shanghai Saint Jungle Saint Gobain Sekurit – France * SG Glass Polska * Saint-Gobain Glass Benelux S.A. * SG Sekurit Thailande Co Limited Cesa Construction Najing New Nawnoo Glass Industries * SG Glass Italia SpA SG Glass Romania, SRL Saint Gobain India Delegation* Saint Gobain Crystal and Detectors India Limited SEPR Refractories India Limited * Saint Gobain India Foundation* Saint-Gobain Techniver S.A* Saint-Gobain Cristaleria S.A Vetrotech Saint-Gobain Hong Kong Vetrotech Saint-Gobain International AG * Verrerie de Saint-Just Saint-Gobain Glass UK Limited Saint-Gobain Hanglas Sekurit (Shanghai) Co., Limited Saint-Gobain (Singapore) Pte Limited Saint-Gobain Autover International BV * Savoie Réfractaires Saint-Gobain Recherche * Direction technique internationale * Saint-Gobain Conceptions Verrieres * Saint-Gobain Photovoltaic Glass Saint-Gobain Cristaleria S.A Vetrotech Saint Gobain FR * Saint Gobain Vidros S/A Eckelt Glas GMBH* Crisa-Norte, Spain Saint – Gobain do Brasil Produtos* Cebrace crystal Plano * Saint – Gobain K.K. , Tokyo* Saint-Gobain Sekurit CR spol. s r.o, Czech Republic Saint Gobain Glass Egypt* |
NOTE:
* Represents related parties with whom the Company had transactions during the year.
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94,364,000 |
Equity Shares |
Rs. 10/- each |
Rs. 943.640 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94,363,580 |
Equity Shares |
Rs. 10/- each |
Rs. 943.636
Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94,364,000 |
Equity Shares |
Rs. 10/- each |
Rs. 943.640 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94,364,000 |
Equity Shares |
Rs. 10/- each |
Rs. 943.640 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
943.640 |
943.640 |
697.350 |
|
(b) Reserves & Surplus |
16407.390 |
16198.210 |
10522.100 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
17351.030 |
17141.850 |
11219.450 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4382.660 |
4461.590 |
772.070 |
|
(b) Deferred tax liabilities (Net) |
1641.200 |
1567.500 |
1290.000 |
|
(c) Other long
term liabilities |
172.790 |
182.760 |
107.480 |
|
(d) long-term
provisions |
41.000 |
36.020 |
25.720 |
|
Total Non-current
Liabilities (3) |
6237.650 |
6247.870 |
2195.270 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2780.760 |
1876.680 |
817.330 |
|
(b) Trade
payables |
3325.710 |
2839.810 |
2092.430 |
|
(c)
Other current liabilities |
1734.180 |
2085.720 |
849.880 |
|
(d) Short-term
provisions |
41.840 |
34.230 |
72.390 |
|
Total Current
Liabilities (4) |
7882.490 |
6836.440 |
3832.030 |
|
|
|
|
|
|
TOTAL |
31471.170 |
30226.160 |
17246.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
15450.040 |
16185.050 |
10326.140 |
|
(ii)
Intangible Assets |
280.520 |
351.760 |
12.800 |
|
(iii)
Capital work-in-progress |
7373.360 |
5146.620 |
672.240 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
289.160 |
244.230 |
244.230 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
415.790 |
685.060 |
1332.420 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
23808.870 |
22612.720 |
12587.830 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.110 |
0.000 |
|
(b)
Inventories |
3771.360 |
3871.110 |
2194.250 |
|
(c)
Trade receivables |
2590.400 |
2396.510 |
1790.840 |
|
(d) Cash
and cash equivalents |
145.260 |
351.030 |
248.630 |
|
(e)
Short-term loans and advances |
1043.220 |
863.330 |
422.450 |
|
(f)
Other current assets |
112.060 |
131.350 |
2.750 |
|
Total
Current Assets |
7662.300 |
7613.440 |
4658.920 |
|
|
|
|
|
|
TOTAL |
31471.170 |
30226.160 |
17246.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18070.320 |
15861.420 |
13315.160 |
|
|
|
Other Income |
87.090 |
88.220 |
107.330 |
|
|
|
TOTAL (A) |
18157.410 |
15949.640 |
13422.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4863.730 |
4198.060 |
3203.960 |
|
|
|
Purchases of Stock-in-Trade |
278.250 |
881.290 |
388.910 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
41.720 |
(1045.540) |
(71.550) |
|
|
|
Employees benefits expense |
951.300 |
840.730 |
760.110 |
|
|
|
Other expenses |
9862.400 |
8224.160 |
5923.640 |
|
|
|
TOTAL (B) |
15997.400 |
13098.700 |
10205.070 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2160.010 |
2850.940 |
3217.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
201.520 |
255.810 |
85.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1958.490 |
2595.130 |
3131.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1631.970 |
1489.380 |
1058.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
326.520 |
1105.750 |
2073.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
117.340 |
355.360 |
687.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
209.180 |
750.390 |
1385.970 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1845.070 |
1100.370 |
1061.818 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.22 |
8.48 |
20.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.15 |
4.70 |
10.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.81 |
6.97 |
15.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37 |
4.45 |
12.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.06 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41 |
0.37 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.11 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
697.350 |
943.640 |
943.640 |
|
Reserves & Surplus |
10522.100 |
16198.210 |
16407.390 |
|
Net
worth |
11219.450 |
17141.850 |
17351.030 |
|
|
|
|
|
|
long-term borrowings |
772.070 |
4461.590 |
4382.660 |
|
Short term borrowings |
817.330 |
1876.680 |
2780.760 |
|
Total
borrowings |
1589.400 |
6338.270 |
7163.420 |
|
Debt/Equity ratio |
0.142 |
0.370 |
0.413 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13315.160 |
15861.420 |
18070.320 |
|
|
|
19.123 |
13.926 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13315.160 |
15861.420 |
18070.320 |
|
Profit |
1385.970 |
750.390 |
209.180 |
|
|
10.41% |
4.73% |
1.16% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions 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 |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
4382.660 |
3680.340 |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
1911.520 |
1375.370 |
|
|
|
|
|
Total |
6294.180 |
5055.710 |
GENERAL INFORMATION
Subject is engaged primarily in the business of glass. The company
has manufacturing plants at Sriperumbattur, Tamilnadu and Jhagadia, Gujarat.
The company is a public limited company and its shares are not listed on any of
the stock exchanges in India or abroad.
OPERATIONS
The sales during the financial year 2012-13 grew by 19%.
There were significant increases in the cost of raw materials, energy, packing
and transportation. The depreciation of Indian Rupee against US $ also had a
significant impact on the cost. The automobile market also had slow growth in
most part of the year. The global economy had negative growth. The Indian
Economy grew at a lower rate. The Company is operating in a market which is
highly competitive. There were significant increases in dumped imports from
Middle East countries and Pakistan at low prices due to which the company was
not able to get adequate price increases. The Profit before Tax for 2012-13 was
lower by 72% over the previous year.
FUTURE PROSPECTS
The Company is likely to face challenging situation in the next financial year also. The recent steep depreciation in Indian Rupee adds further to the Company’s challenges. The Indian Economy is also projected to grow at a lower rate and the global economy also faces similar situation. The Company is taking various measures to reduce cost.
The plant construction work at Bhiwadi, Rajasthan, where the
Company is setting up a new facility, is nearing completion.
FIXED ASSETS:
· Land
Buildings
Office building
Plant and equipment
Other plant and equipment
Furniture and fixtures
Vehicles
Motor vehicles
Computer software
Copyrights, patents and other operating rights
Other intellectual property rights
Know-how
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 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 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. 60.25 |
|
|
1 |
Rs. 101.92 |
|
Euro |
1 |
Rs. 80.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.