|
Report No. : |
323531 |
|
Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLASTRONIX LLP |
|
|
|
|
Registered
Office : |
No. 21, E2, Phase II, Peenya Industrial Area, Bangalore - 560058,
Karnataka |
|
Tel. No.: |
91-80-28396268 / 23311548 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.11.2013 |
|
|
|
|
Total Obligation of Contribution: |
Rs. 224.777 Million |
|
|
|
|
LLPIN: |
AAB-8725 |
|
|
|
|
IEC No.: |
0788013220 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFG0552B |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business
: |
Manufacture and Exporter of fabricated metal products, except machinery and equipments. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was a partnership firm established in 1972 with the name of
GLASRONIX, but later it got converted in to limited liability partnership
concern in the year 2013, as per Ministry of corporate affairs certificate on
conversion. Profitability of the firm in FY 14 is satisfactory. Trade relations are fair.
Busies is active. Payment terms are usually correct. The company can be considered for the business dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
31.12.2014 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Leela |
|
Designation : |
Admin Department |
|
Contact No.: |
91-80-28396268 |
|
Date : |
21.05.2015 |
LOCATIONS
|
Registered Office/ Factory : |
No. 21, E2, Phase II, Peenya Industrial Area, Bangalore - 560058,
Karnataka, India |
|
Tel. No.: |
91-80-28396268 / 23311548 |
|
Fax No.: |
91-80-28397224 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
50000 sq. ft. |
|
Location : |
Owned |
PARTNER
|
Name : |
Mr. Thayassery Prathapan |
|
Designation : |
Designated Partner |
|
Address : |
#54, Pavithra, 1st Cross, AECS, Layout, Sanjaynagar,
Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
25.06.1945 |
|
DPIN No. : |
06512800 |
|
|
|
|
Name : |
Mr. K. T. Purushothaman |
|
Designation : |
Designated Partner |
|
Address : |
No. 22, 1st Main Block, Vidyaaranyaoura Bell Layout,
Bangalore – 560097, Karnataka, India |
|
Date of Birth/Age : |
16.01.1952 |
|
DPIN No. : |
06512810 |
|
|
|
|
Name : |
Mr. Ragaprabha Prathapan |
|
Designation : |
Partner |
|
Address : |
#54, Pavithra, 1st Cross, AECS, Layout, Sanjaynagar,
Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
20.11.1956 |
|
PAN No. : |
ABVPP2633C |
|
|
|
|
Name : |
Mr. Thankavalli Balkrishan |
|
Designation : |
Partner |
|
Address : |
No. 605, 2nd Cross, 3rd Block, Koramangala,
Bangalore – 560034, Karnataka, India |
|
Date of Birth/Age : |
06.05.1943 |
|
PAN No. : |
AGJPB0979L |
KEY EXECUTIVES
|
Name : |
Ms. Leela |
|
Designation : |
Admin Department |
OBLIGATION OF
CONTRIBUTION [RS. IN MILLION]
|
Names of Persons |
Total
Contribution |
|
Thayssery Prathapan |
35.868 |
|
Kunchithundiyin Thayassery Purushottaman |
67.786 |
|
Rangaprabha Prathapan |
59.774 |
|
Thankavalli Balkrishnana |
61.349 |
|
Total |
224.777 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Exporter of fabricated metal products, except machinery and equipments. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
--- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
Custom Electronic Product |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit (30/60/90 Days) |
|
|
|
|
Purchasing : |
Cash, L/C and Credit (30/60/90 Days) |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Jaishankar and Company Chartered Accountants |
|
Address : |
No. 11, 1st Floor Bangalore - 560020, Karnataka, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CONTRIBUTION CAPITAL
AS ON 31.03.2014
Total Obligation of
Contribution: Rs. 224.777 Million
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
GLASTRONIX LLP
|
SOURCES OF FUNDS |
|
|
19.11.2013 TO 31.03.2014 |
|
|
|
|
|
|
CONTRIBUTION AND LIABILITIES |
|
|
|
|
1] Contribution Capital |
|
|
224.777 |
|
2] Share Application Money |
|
|
0.000 |
|
3] Reserves & Surplus |
|
|
9.772 |
|
4] (Accumulated Losses) |
|
|
0.000 |
|
NETWORTH |
|
|
234.549 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
|
143.016 |
|
2] Unsecured Loans |
|
|
0.000 |
|
TOTAL BORROWING |
|
|
143.016 |
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
TOTAL |
|
|
377.565 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
272.779 |
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
|
59.374 |
|
Sundry Debtors |
|
|
106.607 |
|
Cash & Bank Balances |
|
|
0.867 |
|
Other Current Assets |
|
|
0.000 |
|
Loans & Advances and Deposits |
|
|
38.536 |
|
Total Current Assets |
|
|
205.384 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Sundry Creditors |
|
|
98.043 |
|
Other Current Liabilities / Duty and Taxes |
|
|
0.525 |
|
Provisions |
|
|
2.030 |
|
Total Current Liabilities |
|
|
100.598 |
|
|
|
|
|
|
Net Current Assets |
|
|
104.786 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
TOTAL |
|
|
377.565 |
GLASTRONIX
(CONCERN)
|
SOURCES OF FUNDS |
|
|
31.08.2013 |
|
|
|
|
|
|
PARTNERS FUND |
|
|
|
|
1] Partners Capital |
|
|
224.777 |
|
2] Share Application Money |
|
|
0.000 |
|
3] Reserves & Surplus |
|
|
0.000 |
|
4] (Accumulated Losses) |
|
|
0.000 |
|
NETWORTH |
|
|
224.777 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
|
153.246 |
|
2] Unsecured Loans |
|
|
1.805 |
|
TOTAL BORROWING |
|
|
155.051 |
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
TOTAL |
|
|
379.828 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
286.494 |
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
INVESTMENT |
|
|
0.001 |
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
|
66.261 |
|
Sundry Debtors |
|
|
77.717 |
|
Cash & Bank Balances |
|
|
0.462 |
|
Other Current Assets |
|
|
1.181 |
|
Loans & Advances and Deposits |
|
|
23.553 |
|
Total Current Assets |
|
|
169.174 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Sundry Creditors |
|
|
68.736 |
|
Other Current Liabilities / Duty and Taxes |
|
|
0.545 |
|
Provisions |
|
|
6.560 |
|
Total Current Liabilities |
|
|
75.841 |
|
|
|
|
|
|
Net Current Assets |
|
|
93.333 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
TOTAL |
|
|
379.828 |
PROFIT & LOSS
ACCOUNT
GLASTRONIX LLP
|
|
PARTICULARS |
|
|
19.11.2013 TO 31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
462.587 |
|
|
Other Income |
|
|
32.611 |
|
|
TOTAL |
|
|
472.923 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
230.034 |
|
|
consumption of stores and
spare parts |
|
|
39.565 |
|
|
Power and Fuel |
|
|
8.404 |
|
|
Administrative Expenses |
|
|
9.951 |
|
|
Selling Expenses |
|
|
12.479 |
|
|
|
|
|
109.634 |
|
|
Other expenses |
|
|
7.397 |
|
|
TOTAL |
|
|
417.464 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
55.459 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
38.621 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
16.838 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
2.030 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
|
14.808 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
19.11.2013 TO 31.03.2014 |
31.08.2013 |
|
|
|
GLASTRONIX LLP |
GLASTRONIX
(CONCERN) |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
|
19.11.2013 TO 31.03.2014 |
31.08.2013 |
|
|
|
|
GLASTRONIX LLP |
GLASTRONIX
(CONCERN) |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
3.20 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
11.99 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.52 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.61 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.04 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
No |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ART/SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.