MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

502135

Report Date :

07.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PIRAMAL GLASS PRIVATE LIMITED (w.e.f. 07.12.2017)

 

 

Formerly Known As :

PIRAMAL GLASS LIMITED (w.e.f. 02.04.2008)

 

GUJARAT GLASS LIMITED (w.e.f. 06.03.2007)

 

GUJARAT GLASS PRIVATE LIMITED

 

 

Registered Office :

Nicholas Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra

Tel. No.:

91-22-30466666

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

06.02.1998

 

 

Com. Reg. No.:

11-113433

 

 

Capital Investment / Paid-up Capital :

INR 809.160 Million

 

 

CIN No.:

[Company Identification No.]

U28992MH1998PTC113433

 

 

IEC No.:

[Import-Export Code No.]

0398007551

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AABCG0093R1Z7

 

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCG0093R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufactures of glass containers for Cosmetics and Perfumery (C&P), Speciality Food and Beverages (SF&B) and Pharmaceuticals industries. (Registered Activity)

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 16900000 

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject was incorporated in the year 1998 and it is a global leader in delivering world-class packaging solutions for the perfumery and pharmaceuticals businesses.

 

The company manufactures of glass containers for cosmetics and perfumery (C&P), specialty food and beverages (SF&B) and pharmaceuticals industries.

 

For the financial year 2016, the company has achieved 9.05% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 8.05% during the year under review.

 

The sound financial profile of the company is marked by healthy networth base along with comfortable debt coverage indicators.

 

Ratings continue to factor in the established presence of the company in the glass bottle manufacturing business supported by market leadership in the pharmaceutical glass and mass C&P segments sound operating efficiencies of the company.

 

Ratings also factor in the financial flexibility and management strength derived by company by virtue of being an Ajay Piramal group company.

 

However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations.

 

Business is active. Payment seems to be regular.

 

In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long Term = BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

04.08.2017

 

Rating Agency Name

ICRA

Rating

Short Term Loans = A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

04.08.2017

 

 

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 31-03-2018.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 07.04.2018.

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED

 

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-30466666) (Accounts Department)

 

Tel. No.: 91-22-30466969 (Ringing)

 

 

LOCATIONS

 

Registered Office  / Corporate Office 1 :

Nicholas Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

Tel. No.:

91-22-30466666 / 30466969

Fax No. :

91-22-24902363 / 24908824

E-Mail :

complianceofficer.pgl@piramal.com

uday.mhatre@piramal.com

corporate.secretarial@piramal.com

Website :

www.piramalglass.com

 

 

Corporate Office 2 :

Piramal Tower Annexe, 6th Floor, Peninsula Corporate Park, Off. Worli Naka, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-30466969 / 30466901

Fax No.:

91-22-24908824

 

 

Plant Location :

plant I

ONGC Road, Tarsadi Village, Kosamba, District Surat – 394120, Gujarat, India

Tel. No.: 91-2629-231701/6

Fax No.: 91-2629-231271

 

plant ii

Off. Masar Chowkadi, Masar Gajera Road, Village Ucchad, Tehsil Jambusar, District Bharuch - 392150, Gujarat, India

Tel. No.: 91-2644-233313 – 317

Fax No.: 91-2644-233309

 

plant iiI

3rd Floor, The Baroda Central, Co-Operative Bank, Station Road Sayajigunj, Vadodara- 390005, Gujarat, India

 

 

Overseas Plant Location :
  • Piramal Glass Ceylon PLC, Poruwadanda, Wagawatte, Horana, Srilanka
  • Flat River Glass, 1000 Taylor Avenue, Park Hills, Missouri, MO 63601, USA

 

 

DIRECTORS

 

AS ON 2018

                    

Name :

Vijay Kantilal Shah

Designation :

Director

Address :

Flat No.25, 22nd Floor, Kanchanjunga, 72, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

07.02.1998

DIN No.:

00021276

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U91120MH2003NPL142035

KINNARI FOUNDATION

04/09/2003

-

U65990MH2011PTC217884

PHL CAPITAL PRIVATE LIMITED

20/07/2012

-

U24230MH2008PTC182850

PIRAMAL PHARMACEUTICAL DEVELOPMENT SERVICES PRIVATE LIMITED

24/07/2012

-

U73100GJ2006PTC049410

OXYGEN BIO RESEARCH PRIVATE LIMITED

20/12/2011

-

U99999MH1974PLC129493

PIRAMAL FINANCE LIMITED

05/08/2015

-

U92190MH1999PLC118545

PIRAMAL CORPORATE SERVICES LIMITED

12/04/2005

-

U51900MH1998PTC115315

NICHOLAS PIRAMAL CONSUMER PRODUCTS PRIVATE LIMITED

03/08/2000

-

U67120MH1994PTC078840

PHL FININVEST PRIVATE LIMITED

10/01/2013

-

L24110MH1947PLC005719

PIRAMAL ENTERPRISES LIMITED

19/07/2012

-

U65999GJ2003PLC042560

KOJAM FININVEST LIMITED

16/04/2007

-

 

 

Name :

Ajay Gopikisan Piramal

Designation :

Director

Address :

61, Piramal House, Pochkhanwala Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

03.08.1955

Qualification :

B.Sc., M.M.S. (Bom)., A.M.P. (Harvard)

Date of Appointment :

06.02.1998

DIN No.:

00028116

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U80101MH2002NPL136300

PRATHAM EDUCATION FOUNDATION

24/06/2002

-

U93000MH2013NPL247092

THE PIRAMAL ART FOUNDATION

12/09/2013

-

U67190MH2005PTC154781

PIRAMAL FUND MANAGEMENT PRIVATE LIMITED

08/08/2005

-

U80903MH2011NPL220842

PIRAMAL FOUNDATION FOR EDUCATION LEADERSHIP

19/03/2014

-

U65990MH2011PTC217884

PHL CAPITAL PRIVATE LIMITED

20/07/2012

-

U80211MH2008NPL188322

KAIVALYA EDUCATION FOUNDATION

19/11/2008

-

U65999MH2016PLC284108

PIRAMAL CAPITAL LIMITED

26/07/2016

-

U65923MH2007PTC169323

PIRAMAL CAPITAL PRIVATE LIMITED

29/03/2007

-

U65999GJ2003PLC042560

KOJAM FININVEST LIMITED

30/06/2003

-

U99999MH1917PLC000478

TATA SONS LIMITED

25/08/2016

-

U17110MH1970PTC014713

GOPIKISAN PIRAMAL PRIVATE LIMITED

08/06/2005

-

U65993TN1974PLC006588

SHRIRAM CAPITAL LIMITED

14/08/2015

-

U99999MH1974PLC129493

PIRAMAL FINANCE LIMITED

15/09/1993

-

U33201KA1994PTC023162

ALLERGAN INDIA PRIVATE LIMITED

29/09/2015

-

U65990MH1999PTC117937

CAVAAL FININVEST PRIVATE LIMITED

15/10/2007

-

U65990MH1998PTC116125

AKSHAR FINCOM PRIVATE LIMITED

08/06/2005

-

U65990MH1998PTC115819

PHL HOLDINGS PRIVATE LIMITED

08/06/2005

-

U65990MH1998PTC116083

PEL HOLDINGS PRIVATE LIMITED

08/06/2005

-

U65990MH1998PTC116082

PGL HOLDINGS PRIVATE LIMITED

08/06/2005

-

U51900MH1998PTC115315

NICHOLAS PIRAMAL CONSUMER PRODUCTS PRIVATE LIMITED

23/09/1998

-

U67120MH1995PTC095651

PEL MANAGEMENT SERVICES PRIVATE LIMITED

25/06/2005

-

U74140MH1991PTC063065

PIRAMAL MANAGEMENT SERVICES PVT LTD

08/06/2005

-

U99999MH1978PTC020294

B M K LABORATORIES PRIVATE LIMITED

10/06/2011

-

L24110MH1947PLC005719

PIRAMAL ENTERPRISES LIMITED

01/04/2012

-

 

 

Name :

Swati Ajay Piramal

Designation :

Director

Address :

61, Piramal House, Pochkhanwala Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

28.03.1956

Qualification :

M.B.B.S

Date of Appointment :

12.03.1998

DIN No.:

00067125

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U74140MH2007PTC173971

INDIAVENTURE ADVISORS PRIVATE LIMITED

16/10/2007

-

U65923MH2007PTC169323

PIRAMAL CAPITAL PRIVATE LIMITED

29/03/2007

-

U93000MH2013NPL247092

THE PIRAMAL ART FOUNDATION

04/12/2013

-

U17110MH1970PTC014713

GOPIKISAN PIRAMAL PRIVATE LIMITED

08/06/2005

-

U70100MH2016PTC288660

SREEKOVIL REALTY PRIVATE LIMITED

19/12/2016

-

L15202DL1959PLC003786

NESTLE INDIA LIMITED

19/04/2011

-

U99999MH1974PLC129493

PIRAMAL FINANCE LIMITED

05/08/2015

-

U85195MH2000PTC127670

NPIL DR.PHADKE PATHOLOGY LABORATORY AND INFERTILITY CENTRE PVT LTD

11/07/2000

-

U65990MH1999PTC117937

CAVAAL FININVEST PRIVATE LIMITED

15/10/2007

-

U65990MH1998PTC116125

AKSHAR FINCOM PRIVATE LIMITED

08/06/2005

-

U65990MH1998PTC115819

PHL HOLDINGS PRIVATE LIMITED

08/06/2005

-

U65990MH1998PTC116083

PEL HOLDINGS PRIVATE LIMITED

08/06/2005

-

U65990MH1998PTC116082

PGL HOLDINGS PRIVATE LIMITED

08/06/2005

-

U67120MH1995PTC095651

PEL MANAGEMENT SERVICES PRIVATE LIMITED

25/06/2005

-

U74140MH1991PTC063065

PIRAMAL MANAGEMENT SERVICES PVT LTD

08/06/2005

-

L24110MH1947PLC005719

PIRAMAL ENTERPRISES LIMITED

20/11/2012

-

U33201KA1994PTC023162

ALLERGAN INDIA PRIVATE LIMITED

26/03/2002

-

 

 

 

KEY EXECUTIVES

 

Name :

Dinesh Dattatraya Dahivelkar

Designation :

Chief Financial Officer

Address :

604, B Wing Athere CHSL, Lodha Paradise Off. Eastern Express Highway, Majiwada Thane - 400001, Maharashtra, India

Date of Appointment :

01.07.2014

PAN No.:

AEEPD3837N

 

 

Name :

Mohan Krishnamurthy Raghavan

Designation :

Manager

Address :

C-101 Rangoli Vasant Utsav Thakur Village, Kandivali East, Mumbai – 400101, Maharashtra, India

Date of Appointment :

01.07.2014

PAN No.:

AANPK8506C

 

 

Name :

Vikas Purushottamrao Tarekar

Designation :

Company Secretary

Address :

Sarafa Line, Anjangaon, Amravati Anjangaon, Surji-444705, Maharashtra, India

Date of Appointment :

19.06.2017

PAN No.:

AOOPT3340N

 

 

MAJOR SHAREHOLDERS

 

AS ON 18.09.2017

 

Names of Shareholders

 

No. of Shares

Nandini Piramal

 

11640

Gopikishna Ajay Piramal

 

16362

A Swati Piramal

 

20201

Anand A Piramal

 

12407

Lalita G Piramal

 

19125

Ajay G Piramal

 

9446

Anand Piramal

 

160650

Nandini A Piramal

 

162780

Piramal Enterprise Trustee of The Piramal Enterprise Executives Trust

 

688734

Ajay G Piramal

 

77857592

Ajay G Piramal

 

107110

Gopikisan Piramal

 

4529

Total

 

79070576

 

 

 

 

 

AS ON 18.09.2017

 

Equity Share Break up

Percentage

Category

 

 

Promoters - Individual/Hindu Undivided Family – Indian

0.53

Promoters - Others Trust

99.47

Total

100.00

 

 

AS ON 31.03.2016

 

Category of Shareholder

No. of Shares

Percentage Holding

Promoters-Individual/HUF-Indian

417140

0.51

Promoters-Bodies Corporates-Indian

2021395

2.50

Promoters-Any other-Trusts- Indian

76449064

94.48

Public-Mutual Funds-Institutions

241

0.00

Public-Banks/FI-Institutions

400

0.00

Public-FIIs-Institutions

5024

0.01

Public- Bodies corporates- Indian- Non Institutions

51249

0.06

Public- Overseas- Indian- Non Institutions

192

0.00

Public-Individual shareholders holding nominal share capital upto INR 0.100 Million-Individuals-Non Institutions

1593372

1.97

Public- Individuals shareholders holding nominal share capital in excess of INR 0.100 Million-Non Institutions

176402

0.22

Public- Non Resident Indians (Repat) - Others- Non Institutions

129921

0.16

Public- Non Resident Indians (Non Repat) - Others- Non Institutions

10794

0.01

Public-Clearing Member

5084

0.01

Public-Trusts

10010

0.01

Public-Hindu Undivided Family

45698

0.06

Total

80915986

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufactures of glass containers for Cosmetics and Perfumery (C&P), Speciality Food and Beverages (SF&B) and Pharmaceuticals industries. (Registered Activity)

 

 

Products :

Item Code No.

Product Description

3038

Manufacturing of Glass and Glass Products

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • HDFC Bank Limited
  • Corporation Bank
  • Axis Bank Limited
  • The Hongkong and Shangai Banking Corporation Limited
  • Central Bank of India
  • Induslnd Bank Limited
  • DBS Bank Limited
  • Yes Bank Limited
  • Kotak Bank Limited
  • Allahabad Bank

 

 

Facilities :

(INR In Million)

 

SECURED LOAN

As on

31.03.2016

As on

31.03.2015

LONG TERM BORROWING

 

 

Term loan (Indian rupee loan from banks & FI)

 

 

Axis Bank

(Payable in 12 quarterly installment of INR  41.670 Million each starting from June-2015 to Mar-18)

166.670

333.330

Kotak Mahindra Bank

(Payable in 16 quarterly installment of INR  31.250 Million each starting from June -2015 to Mar-18)

250.000

375.000

Tata Capital Finance

(Payable in 12 quarterly installment of INR  41.670 Million each starting from June -2015 to Mar-18)

166.530

333.330

ICICI Bank Limited

(Payable in 10 quarterly installment of INR 54.00 Million each starting from Dec -2017 to Mar-20.)

540.000

0.000

HDFC Bank Limited

(INR  500.000 Million repayable in 3 equal annual installments from May 16 to May-18 and INR  500.000 Million repayable in 12 equal quarterly installments from Jan-15 to Oct-18)

458.330

791.670

Term loan (Foreign Currency Loans banks & FI)

 

 

AXIS Bank (ECB)

(Payable in 12 quarterly installment of INR  45.260 Million each starting from Aug -13 to May -16)

0.000

52.090

 

 

 

SHORT TERM BORROWING

 

 

Loans Repayable on Demand from banks

 

 

Cash Credit

517.270

181.620

Total

2098.800

2067.040

 

NOTE: LONG-TERM BORROWINGS

 

The Rupee Term Loan / ECB is secured by mortgage and pari pasu first charge of immovable properties of the company, both present and future. They are further secured by hypothecation of all movables and movable machinery, machinery spares and accessories, both present and future.

 

 

Financial Institution :

UTPL Corporate Trustees Private Limited, A 902, Marathon Futurexn M Joshi Marg, Lower Parel, Mumbai-400013, Maharashtra, India

 

 

Auditors :

 

Name :

Haribhakti and Company

Chartered Accountants

Address :

Race Course Circle, Vadodara - 390007, Gujarat, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries Companies :

(As on 31.03.2017)
  • Piramal Glass Ceylon Plc., Sri Lanka
  • Piramal Glass International Inc., United States of America
  • Piramal Glass UK Limited, United Kingdom
  • Piramal Glass USA Inc., United States of America
  • Piramal Glass Flat River LLC., United States of America
  • Piramal Glass Williamstown LLC., United States of America
  • Piramal Glass Europe SARL, France

 

 

Associates Companies :
  • Piramal Enterprises Limited
  • Piramal Corporate Services Limited

             CIN No.U92190MH1999PLC118545

  • Piramal Realty Private Limited

             CIN No.U70102MH2010PTC210972

  • Piramal Estate Private Limited

             CIN No.U17100MH1999PTC122652

  • Piramal Udgam Data Management Solutions Private Limited

             CIN No.U85191MH2011NPL224565

  • Piramal Foundation for Education Leadership

            CIN No.U80903MH2011NPL220842

 

 

Enterprises over which Key Management Person exercise significant influence:
  • Gopikrishna Memorial Hospital
  • Piramal Foundation for Education Leadership

 

 

CAPITAL STRUCTURE

 

AS ON 18.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

82000000

Equity Shares

INR 10/- each

INR 820.000 Million

 

 

 

 

 

Issued Capital,Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

79070576

Equity Shares

INR 10/- each

INR 790.706 Million

 

 

 

 

 

AS ON 31.03.2016

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

82000000

Equity Shares

INR 10/- each

INR 820.000 Million

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

80923500

Equity Shares

INR 10/- each

INR 809.240 Million

 

 

 

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

80915986

Equity Shares

INR 10/- each

INR 809.160 Million

 

 

 

 

 

NOTES:

 

a.   Reconciliation of shares outstanding at the beginning & at the end of Reporting Period:

Equity Shares in Nos.

Issued, Subscribed and paid-up shares

Opening Balance

80915986

Issued during the year

--

Closing Balance

80915986

 

 

b. Terms and Rights attached to equity shares:

 

The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets after discharging all liabilities of the Company, in proportion to their shareholding.

 

 

c.   Details of shareholders holding more than 5% shares in the Company:

 

 

31st March 2016

Mr. Ajay G. Piramal and Dr. (Mrs.) Swati A. Piramal - Trustee of The Shri Hari Trust.

(Previous year: PEL Management Services Private Limited - Trustee of Shri Hari Trust.)

-    No of shares

75640630

-    % Holding

93.48

 

d. At the time of the Company’s Rights Issue of 62940500 equity shares of INR 10/- each for cash at a price of INR 30/- per share (including a share premium of INR 20/-) in 2009, entitlements relating to 488764 Rights shares were held in abeyance. Subsequently, during FY 2011-12, 481922 equity shares were allotted after obtaining approval of RBI and 672 equity shares stand cancelled after the denial of approval by RBI.

 

Consequent to the above, total Rights entitlements held in abeyance stands reduced from 488764 shares to 6170 shares.

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2016

31.03.2015

31.03.2014

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

809.160

809.160

809.160

(b) Reserves & Surplus

5094.040

4047.470

4138.370

(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)

5903.200

4856.630

4947.530

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1581.530

1928.300

3063.400

(b) Deferred tax liabilities (Net)

380.880

227.000

252.400

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

45.630

0.000

0.000

Total Non-current Liabilities (3)

2008.040

2155.300

3315.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5092.660

5609.450

5076.130

(b) Trade payables

790.280

944.700

1224.450

(c) Other current liabilities

1372.500

1490.030

1080.130

(d) Short-term provisions

899.610

987.710

981.120

Total Current Liabilities (4)

8155.050

9031.890

8361.830

 

 

 

 

TOTAL

16066.290

16043.820

16625.160

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7618.880

7139.160

7956.790

(ii) Intangible Assets

25.580

11.030

11.070

(iii) Capital work-in-progress

43.180

204.910

26.410

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

592.630

592.630

592.630

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

78.350

120.190

57.910

(e) Other Non-current assets

64.820

100.280

102.710

Total Non-Current Assets

8423.440

8168.200

8747.520

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1936.070

1771.220

2290.130

(c) Trade receivables

3723.970

3976.480

3996.840

(d) Cash and cash equivalents

226.860

176.180

167.290

(e) Short-term loans and advances

1598.920

1786.950

1220.540

(f) Other current assets

157.030

164.790

202.840

Total Current Assets

7642.850

7875.620

7877.640

 

 

 

 

TOTAL

16066.290

16043.820

16625.160

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Revenue from Operations

13001.500

11922.320

10963.190

 

Other Income

172.130

172.860

236.690

 

TOTAL

13173.630

12095.180

11199.880

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2978.750

2741.510

2863.520

 

Purchases of Stock-in-Trade

56.960

60.300

98.510

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(184.450)

554.430

(359.340)

 

Employees benefits expense

1655.740

1407.180

1344.580

 

Exceptional items

0.000

74.810

0.000

 

Other expenses

5533.420

5378.140

5219.580

 

TOTAL

10040.420

10216.370

9166.850

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

3133.210

1878.810

2033.030

 

 

 

 

 

Less

FINANCIAL EXPENSES

726.900

872.940

696.340

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2406.310

1005.870

1336.690

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

919.030

942.580

946.460

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1487.280

63.290

390.230

 

 

 

 

 

Less

TAX

440.710

12.620

142.300

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1046.570

50.670

247.930

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

1034.140

1125.040

971.780

 

 

 

 

 

Add

Other addition to reserves

0.000

13.790

0.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Other deductions to reserves

0.000

155.360

0.000

 

Proposed dividend on Equity Shares

0.000

0.000

80.920

 

Dividend Distribution Tax thereon

0.000

0.000

13.750

 

Total

0.000

155.360

94.670

 

 

 

 

 

 

Balance Carried to the B/S

2080.710

1034.140

1125.040

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export of goods calculated on FOB basis

6808.450

6400.180

6026.140

 

Technical Fees

65.750

65.410

49.150

 

Dividend received from Piramal Glass Ceylon PLC

57.820

92.200

90.870

 

TOTAL EARNINGS

6932.020

6557.790

6166.160

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

234.490

211.540

288.560

 

Capital Goods & Spares

552.000

316.280

334.260

 

TOTAL IMPORTS

786.490

527.820

622.820

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

12.93

0.63

3.06

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

889.760

1157.500

796.160

Cash generated from operations

3347.980

1522.850

1008.930

Net cash flows from (used in) operations

3100.870

1522.850

963.930

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

104.55

121.74

133.07

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

3.49

3.00

2.74

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

95.02

123.07

150.88

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.62

1.06

0.89

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.41

0.26

0.25

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.66

0.76

0.74

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.28

1.79

1.81

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.38

1.86

1.69

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.30

1.51

1.62

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

4.31

2.15

2.92

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin

[(PAT / Sales) * 100]

%

8.05

0.43

2.26

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.51

0.32

1.49

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

17.73

1.04

5.01

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

0.94

0.87

0.94

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.70

0.68

0.67

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.37

0.30

0.30

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

9.35

10.75

11.04

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.94

0.87

0.94

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

809.160

809.160

809.160

Reserves & Surplus

4138.370

4047.470

5094.040

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

4947.530

4856.630

5903.200

 

 

 

 

Long-term borrowings

3063.400

1928.300

1581.530

Short term borrowings

5076.130

5609.450

5092.660

Current Maturities of Long term debt

796.160

1157.500

889.760

Total borrowings

8935.690

8695.250

7563.950

Debt/Equity ratio

1.806

1.790

1.281

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

10963.190

11922.320

13001.500

 

 

8.749

9.052

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

10963.190

11922.320

13001.500

Profit/ (Loss)

247.930

50.670

1046.570

 

2.26%

0.43%

8.05%

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

809.160

809.160

(b) Reserves & Surplus

 

4370.070

2777.670

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

(3) Minority Interest

 

 

 

(a) Capital

 

173.270

173.270

(b) Reserves

 

622.540

562.620

Total Shareholders’ Funds (1) + (2)

 

5975.040

4322.720

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

2600.720

3063.490

(b) Deferred tax liabilities (Net)

 

448.590

280.010

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

131.260

61.970

Total Non-current Liabilities (3)

 

3180.570

3405.470

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

7320.610

8268.280

(b) Trade payables

 

1319.910

1236.710

(c) Other current liabilities

 

2452.570

2609.240

(d) Short-term provisions

 

1417.020

1410.980

Total Current Liabilities (4)

 

12510.110

13525.210

 

 

 

 

TOTAL

 

21665.720

21253.400

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

10488.960

10029.270

(ii) Intangible Assets

 

25.580

11.030

(iii) Capital work-in-progress

 

208.200

254.420

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

1.120

1.120

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

51.280

98.800

(e) Other Non-current assets

 

64.800

100.280

Total Non-Current Assets

 

10839.940

10494.920

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

4183.270

3827.710

(c) Trade receivables

 

4102.860

4441.300

(d) Cash and cash equivalents

 

595.680

398.750

(e) Short-term loans and advances

 

1709.310

1909.780

(f) Other current assets

 

234.660

180.940

Total Current Assets

 

10825.780

10758.480

 

 

 

 

TOTAL

 

21665.720

21253.400

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Revenue from Operations

 

21161.160

19097.290

 

Other Income

 

51.910

19.840

 

TOTAL

 

21213.070

19117.130

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

4655.560

4139.590

 

Purchases of Stock-in-Trade

 

69.680

60.300

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(417.300)

872.060

 

Employees benefits expense

 

4291.430

3657.130

 

Other expenses

 

7910.850

7665.710

 

Exceptional Items

 

0.000

74.810

 

TOTAL

 

16510.220

16469.600

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

 

4702.850

2647.530

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

985.780

1142.580

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

3717.070

1504.950

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

1386.420

1419.750

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

2330.650

85.200

 

 

 

 

 

Less

TAX

 

533.140

49.940

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE MINORITY INTEREST

 

1797.510

35.260

 

 

 

 

 

Less

Minority Interest

 

136.550

95.560

 

 

 

 

 

 

PROFIT / (LOSS) FOR PERIOD

 

1660.960

(60.300)

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

20.53

(0.75)

 

 

LEGAL CASE

 

 

Case Details

 

Bench:-Bombay

 

Presentation Date:- 07/03/2018

Lodging No.:-

NMAL/221/2018

Filing Date:-

07/03/2018

Main Matter

Lodging No.:-

ITXAL/1911/2017

Petitioner:-

 

PR. COMMISSIONER OF INCOME TAX -7

Respondent:-

PIRAMAL GLASS LIMITED (FORMERLY KNOWN AS GUJARAT GLASS PRIVATE LIMITED)

Petn.Adv.:-

SHAM V WALVE (I3200)

District

MUMBAI

Bench:

SINGLE

Status:-

Pre-Admission

Category:-

NOTICE OF MOTION (TAX)

Last Date :-

05/04/2018

Stage:-

FOR REJECTION

Last

Coram:

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Income Tax Act, 1961

 

 

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

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

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 three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

OPERATIONS REVIEW

 

The company manufactures glass containers for Cosmetics and Perfumery (C&P), Specialty Food and Beverages (SF&B) and Pharmaceuticals industries. C&P continues to be the largest segment and accounts for 40% of the total revenue of the Company. During the year, this segment grew by 4% from INR 7935.000 million to INR 8265.000 million.

 

With the recent shift in Company’s strategy to focus on Specialty segment in the USA market, SF&B division has registered a growth of 20%. The revenue of this segment grew from INR 44250.000 million to INR 5330.000 million.

 

They continue to maintain their leadership position in domestic market of Pharmaceuticals segment. During the year, this segment witnessed a growth of 11% and the revenue grew from INR 6415.000 million to INR 7150.000 million. There is a possibility of further increase in demand in Amber product segment if the government’s initiative of banning plastic containers for specific range of products is implemented in India.

 

Energy being the major input cost for Glass production, the worldwide reduction in energy prices contributed significantly to the bottom line of the Company.

 

 

 

UNSECURED LOAN

(INR In Million)

Particulars

As on

31.03.2016

As on

31.03.2015

LONG TERM BORROWING

 

 

Sales Tax Deferment Loan

(Unsecured Payable in 6 equal annual installments from 2011 to 2016)

0.000

42.880

 

 

 

SHORT TERM BORROWING

 

 

a. Packing Credit from:

 

 

Corporation Bank

0.000

5.110

ANZ Bank

0.000

448.800

HSBC Bank

181.320

468.530

HDFC bank

650.000

200.000

Standard Chartered Bank

0.000

140.640

HSBC Bank

150.000

0.000

ICICI Bank

288.920

0.000

b. Short Term loan from:

 

 

CITI Bank

0.000

1008.040

CITI Corp Finance (India) Limited

700.000

0.000

ANZ Bank

300.00

300.000

Indusind Bank

350.000

500.000

ICICI Bank

500.00

0.000

HSBC Bank

0.000

600.000

Kotak Mahindra Bank

400.000

0.000

HDFC Bank

500.000

1200.000

DBS Bank

550.000

550.000

Deposits

5.150

6.710

Total

4575.390

5470.710

 

NOTE: SHORT TERM BORROWING

 

Cash Credit facilities are secured by Hypothecation of current assets namely, stocks, bills receivables and book debts and all other movables, both present and future, of the Company.

 

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Amount

Address

1

G35207877

100076161

Axis Bank Limited

20/01/2017

1020000000.0

12, A Wing, 1st Floor, Mittal Court, Nariman Point, Mumbai-400021, Maharashtra, India

2

G09729252

100045154

UTPL CORPORATE TRUSTEES PRIVATE LIMITED

28/07/2016

1500000000.0

A 902, Marathon Futurexn M Joshi Marg, Lower Parel, Mumbai-400013, Maharashtra, India

3

C70660527

10603545

UTPL Corporate Trustees Private Limited

28/10/2015

924000000.0

A 902, Marathon Futurexn M Joshi Marg, Lower Parel, Mumbai-400013, Maharashtra, India

4

C20190641

10519482

KOTAK MAHINDRA BANK LIMITED

05/09/2014

500000000.0

27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

5

C15373111

10513461

TATA CAPITAL FINANCIAL SERVICES LIMITED

18/07/2014

500000000.0

One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India

6

B88662358

10457892

Axis Bank Limited

15/10/2013

305000000.0

2nd Floor, Axis Bank Tower, Bombay Dyeing Mills Compound Pandurang Bhudhkar Marg, Worli, Mumbai-400025, Maharashtra, India

7

B80565534

10439383

Axis Bank Limited

10/07/2013

500000000.0

Axis House, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India

8

B79015251

10435441

Axis Bank Limited

14/05/2013

275000000.0

Corporate Banking Branch, Axis House, Ground Floor C2, Wadia International Center, P B Marg, Mumbai-400013, Maharashtra, India

9

B68115963

10403063

HDFC BANK LIMITED

11/01/2013

1000000000.0

HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

10

B34023788

10339933

Axis Bank Limited

10/02/2012

1090000000.0

Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India

 

 

CONTINGENT LIABILITIES:

                                                                                                                                                (INR in million)

Particular

31.03.2016

31.03.2015

a)   Disputed Liability

 

 

-    Central Excise authorities

12.710

5.500

-    Income Tax

176.300

7.250

b)   Counter Guarantees issued to others

      Counter guarantees issued to banks

414.050

342.560

-   Counter guarantees given for working capital loan and overdraft facilities of US $ 50.50 million (PY US $ 50.50 million) granted to the wholly owned subsidiary in USA viz. Piramal Glass USA, Inc

2315.790

2812.730

-    Counter guarantee given for insurance cover granted to the wholly owned subsidiary in USA viz. Piramal Glass USA, Inc

83.480

78.750

-    Counter guarantees given for working capital loan of EURO 1.50 (PY EURO 16.50) Million granted to the wholly owned subsidiary in Europe viz. Piramal Glass Europe SARL

89.420

96.390

c)   The Company has provided Corporate Guarantees and/or has given pari passu charge on the entire fixed assets (movable and immoveable) both present and future (except assets having exclusive charge) of the Company situated at Jambusar and Kosamba, for Term Loans aggregating to US $ 34.70 million granted to the wholly owned subsidiary in USA viz. Piramal Glass USA, Inc.

1480.250

1156.340

 

 

FIXED ASSETS

 

Tangible Asset:

  • Freehold Land
  • Buildings
  • Plant and Machinery
  • Furniture and Fixtures
  • Office Equipments
  • Vehicles

 

 

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 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

INR

US Dollar

1

INR 64.99

UK Pound

1

INR 90.96

Euro

1

INR 79.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

SAV

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

BHG

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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.