MIRA
INFORM REPORT
|
Report Date : |
3rd
November, 2006 |
IDENTIFICATION DETAILS
|
Name : |
GANAGE
PRESSING PRIVATE LIMITED |
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Registered Office : |
1102/C/3,
Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.04.1991 |
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Com. Reg. No.: |
11-61375 |
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CIN No.: [Company
Identification No.] |
U28910MH1991PTC061375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG04612G |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturer
of Automotive Pressing |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
1000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track. Trade relations
are fair. Financial position is good. Payments are usually correct and as per
commitments. . The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1102/C/3,
Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
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Tel. No.: |
91-20-27472019
/ 27477606 |
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Fax No.: |
91-20-27475390 |
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E-Mail : |
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Website : |
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Factory
1 : |
F-II/49
& 50 MIDC, Pimpri, Pune – 411018, India Tel.
No. 91-20-3068020/2 Fax.
No. 91-20-27475390 E-Mail.:
ganage@vsnl.com J –
439, MIDC, Pimpri, Pune – 411026 Gat
No. 228 To 239, Namekwadi Chakan, Khed, Pune - 410501 |
DIRECTORS
|
Name : |
Mr.
Shivaji Devrao Ganage |
|
Designation : |
Director
|
|
Address : |
1102/C/3,
Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
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Date of Appointment : |
24.04.1991 |
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|
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Name : |
Ms.
Pratibha Shivaji Ganage |
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Designation : |
Director
|
|
Address : |
1102/C/3,
Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
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Date of Appointment : |
24.04.1991 |
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|
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Name : |
Mr.
Ramhari Devrao Ganage |
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Designation : |
Director
|
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Address : |
Plot
No. 78, National Housing Society Aundh, Pune – 411007 |
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Date of Appointment : |
24.04.1991 |
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|
Name : |
Ms.
Sangeeta Ramhari Ganage |
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Designation : |
Director
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Address : |
Plot
No. 78, National Housing Society Aundh, Pune – 411007 |
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Date of Appointment : |
01.08.2001 |
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|
|
|
Name : |
Mr.
Naik Ram Vinod |
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Designation : |
Director
|
|
Address : |
166/27,
Pradhikaran Nigdi, Pune – 411044 |
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Date of Appointment : |
01.12.2003 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Shivaji Devrao Ganage |
350000 |
|
Ms.
Pratibha Shivaji Ganage |
350000 |
|
Mr.
Ramhari Devrao Ganage |
300000 |
|
Ms.
Sangeeta Ramhari Ganage |
100000 |
|
Mr.
Ganage Shivaji Tushar |
350000 |
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Mr.
Ganage Shivaji Jitesh |
350000 |
|
Mr.
Ganage Ramhari Rohan |
100000 |
|
Mr.
Rohit Ramahari Ganage |
100000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Automotive Pressing |
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|
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|
Products : |
v
Stamping
v
Assembly
v
Press
Tools |
PRODUCTION
STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Automotive Parts |
|
MT |
28000 |
8106.57 |
GENERAL INFORMATION
|
Customers : |
v
Tata Motors v
Fiat India v
Mahindra and Mahindra v
L&T John Deere Private Limited v
Bajaj Tempo Limited v
Videocon International Limited v
PIAGGIO Vehicles Private Limited v
Kinetic Engineering Limited v
Kirloskar Copeland Limited |
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No. of Employees : |
800 |
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Bankers : |
Bank
of Baroda, Senapati Bapat Road Branch, Pune – 411016 Kotak
Mahindra Bank Limited, 429/430 4th Floor, Sohrab Hall, 21 Sasoon
Road, Pune |
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Banking Relations : |
Satisfactory
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Auditors : |
Mohan
Deshmukh & Company Chartered
Accountant |
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Address: |
B –
306, Narayan Chambers, Naraypan Peth, Pune - 411030 |
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Associates/Subsidiaries : |
v
Poona
Tools Private Limited v
SPG
Auto Industrial v
Pratibha
Engineer Works v
Rojee
Tgsha Enterprises Subsidiary Ż
Automotive
Metal Stamping Private Limited Ż
Rajee
Yasha Stamping Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 22.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
20.000 |
20.000 |
|
|
2] Share Application Money |
|
16.231 |
11.432 |
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|
3] Reserves & Surplus |
|
224.261 |
206.004 |
|
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NETWORTH |
|
260.492 |
237.436 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
|
215.600 |
97.932 |
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2] Unsecured Loans |
|
45.273 |
52.929 |
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TOTAL BORROWING |
|
260.873 |
150.861 |
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DEFERRED TAX LIABILITIES |
|
48.171 |
59.443 |
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TOTAL |
|
569.536 |
447.740 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
|
240.943 |
236.836 |
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Capital
work-in-progress |
|
8.795 |
8.728 |
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INVESTMENT |
|
116.040 |
122.879 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
|
87.795 |
82.804 |
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Sundry
Debtors |
|
66.892 |
92.376 |
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Cash
& Bank Balances |
|
2.693 |
2.022 |
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|
Loans
& Advances |
|
189.463 |
111.046 |
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Total Current
Assets |
|
346.843 |
288.248 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
|
143.089 |
208.960 |
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Total Current
Liabilities |
|
143.089 |
208.960 |
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Net Current Assets |
|
203.754 |
79.288 |
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MISCELLANEOUS
EXPENSES |
|
0.004 |
0.009 |
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TOTAL |
|
569.536 |
447.740 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
653.071 |
418.092 |
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Profit/(Loss) Before Tax |
|
14.727 |
5.983 |
|
Provision for Taxation |
|
5.870 |
5.445 |
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Profit/(Loss) After Tax |
|
20.597 |
0.538 |
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|
|
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Total Expenditure |
|
680.269 |
455.981 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
3.15 |
0.12 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.25 |
1.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.50 |
1.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.55 |
1.51 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.42 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
Directors
Report
In this
year the company achieved a turnover of Rs. 653.072 Millions as comparded to
the previous year Rs. 418.092 Millions. They expect to achieve a turnover of
Rs. 910.000 Millions in the year 2005-2006
The
company has earned a profit before tax as Rs. 14.728 Millions on equity of Rs.
20.000 Millions. The net worth of the company is Rs. 244.261 Millions as on
31.03.2005
Fixed
Assets
v
Land
v
Plant
& Machinery
v
Furniture
& Fixture
v
Building
Since the Group believes in being proactive in its field, its
product range is extensive - Cars, Utility vehicles, Light Commercial Vehicles
(LCV), Heavy Commercial Vehicles (HCV), 2-wheelers,domestic vehicles - all are
dealt with in the same systematic and professional manner which has become the
hallmark of the Ganage Group.
Key Management personal of these concern are
relative of the directors of the company
v
Deoshesha
Industrial
v
Autopress
Engineer Private Limited
v
Sanmati
Sintered Metals & Alloyes Private Limited
|
Name
of the company |
GANAGE
PRESSING PRIVATE LIMITED |
|
Presented By |
-- |
|
1)
Date and description of instrument creating the change |
Composite
hypothecation agreement dated 02.03.2005 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
20.000 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Stock
including raw material, work in progress semi finished goods and finished
goods such as dies and tools steel sheets and pressed components packing
materials and stores Book
debts outstanding monies receivable, claims, bills and securities Tangible
movable machinery and plant and cranes boats and crafts and the vehicles of
the borrower together movable and furniture, fixture and fitting and
office |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Margin
– 30% Rate
of Interest – 2.5% over BPLR |
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5)
Name and Address and description of the person entitled to the charge. |
Bank
of Baroda, Senapati Bapat Road Branch, Pune |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
|
|
|
Name
of the company |
GANAGE
PRESSING PRIVATE LIMITED |
|
Presented By |
-- |
|
1)
Date and description of instrument creating the change |
Deed
of mortgage dated – 22.11.2004 Loan
Agreement Dated – 22.11.2004 Term
loan agreement dated – 22.11.2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan Facility – Rs. 30.000 Millions Working
capital demand diamond – Rs. 50.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
All
the piece and parcel of land and building situated at Gat No. 227 to 243,
245, 248 at village nanekarwadi chakan, pune as well as the plant and
machinery affixed to the land |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Working
capital demand loan facility Interest
– PLR 13.25% 4.50% = 8.75% TENURE
– 31.12.2005 Repayment
– principal to be repaid in 12 eqated monthly instalments Personal
guarantee of director – Mr. S D Ganage, Mr. R D Gange, Mrs. Pratibha Ganage
and Mrs. Sangeeta |
|
5)
Name and Address and description of the person entitled to the charge. |
Kotak
Mahindra Bank Limited, 429/430 4th Floor, Sohrab Hall, 21 Sasoon
Road, Pune |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
|
|
|
Name
of the company |
GANAGE
PRESSING PRIVATE LIMITED |
|
Presented By |
-- |
|
1)
Date and description of instrument creating the change |
Memorandum
of deposit of title deeds dated 24.05.1993 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
4.998 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Equitable
mortgage of immoveable property situated at Factory |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
First
Charge by way of equitable mortgage |
|
5) Name
and Address and description of the person entitled to the charge. |
Bank
of Baroda, Senapati Bapat Road, Pune – 411016 |
|
6)
Date and brief description of
instrument modifying the charge |
Memorandum
of entry dated 8.12.2003 |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Original
charge was modified 23.03.1994 to 21.952 Millions future on 08.05.1994 to Rs.
66.300 Millions future on 14.01.1997 to 109.329 Millions. |
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign
company registrations number of the company
|
U28910MH1991PTC061375 |
|
Name of the company |
GANAGE PRESSING PRIVATE LIMITED |
|
Address |
1102/C/3,
Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
|
This Form is for |
Creation Charge |
|
Particular of the charge holder |
Bank of Baroda, Senapati Bapat
Road, Pune – 411016 |
|
Name or description of the instrument
creating charge |
Hypothecation Agreement dated
23.03.2006 |
|
Amount Secure by the charge |
Rs. 17.000 Millions |
As Per website Details
The Ganage Group is epitomised by healthy
practises, good management and dedication. Today with over 500 employees, the
Ganage Group has created for itself a strong sense of dependability amongst its
customers and peers.
Located
in a sprawling area of 101000 sq.m at Pune, Maharashtra, and operating through
7 Press Lines and 6 Weld Lines, the Ganage Group is growing from strength to
strength.
Since the Group believes in being proactive in its field, its product
range is extensive - Cars,Utility vehicles,Light Commercial Vehicles (LCV),
Heavy Commercial Vehicles (HCV), 2-wheelers,domestic vehicles - all are dealt
with in the same systematic and professional manner which has become the
hallmark of the Ganage Group.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|