MIRA
INFORM REPORT
|
Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
GARGI
STEEL CHEM PRIVATE LIMITED |
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Registered Office : |
207,
Vasant Vihar Complex, Mercantile Apartments, Near Basant Cinema, Chembur,
Mumbai – 400074, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
27.04.1981 |
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Com. Reg. No.: |
11-24307 |
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CIN No.: [Company
Identification No.] |
U27106MH1981PTC024307 |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers
of Exothermic / Insulating sleeves and Hot Tops |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
20000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. The company has steady
business. It can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
207,
Vasant Vihar Complex, Mercantile Apartments, Near Basant Cinema, Chembur,
Mumbai – 400074, Maharashtra |
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Tel. No.: |
91-22-25201596
/ 7 |
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Fax No.: |
91-22-25202706
/ 25203080 |
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E-Mail : |
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Factory
1 : |
Plot
No. 17/5, MIDC, Taloja, Maharashtra |
DIRECTORS
|
Name : |
Mrs.
Geeta Vinod Kapur |
|
Designation : |
Chairperson
and Managing Director |
|
Address : |
18,
Union Park, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
11.02.1951 |
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Date of Appointment : |
01.08.1986 |
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Name : |
Mr.
Jaspal Singh Dhariwal |
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Designation : |
Director
|
|
Address : |
201,
‘D’ Wing, Tolaram Apartments, Tolaram Nagar, Chembur, Mumbai – 400074,
Maharashtra, India |
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Date of Birth/Age : |
02.09.1951 |
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Date of Appointment : |
01.10.1989 |
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Name : |
Mr.
Omprakash Ishwardas Arora |
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Designation : |
Director
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|
Address : |
142,
Union Park, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
09.12.1939 |
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Date of Appointment : |
22.10.2005 |
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Name : |
Mr.
Jagjit Singh Ahluwalia |
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Designation : |
Director
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Address : |
Mon
Repos Bandstand, Bandra, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
28.06.1937 |
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Date of Appointment : |
22.10.2005 |
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|
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Name : |
Mr.
Gaurav Vinod Kapur |
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Designation : |
Director
|
|
Address : |
18,
Union Park, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
16.05.1979 |
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Date of Appointment : |
01-09-2004 |
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Name : |
Mahesh
Khemta and Company |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Vinod Kapur Mrs.
Geeta Vinod Kapur |
|
1200 |
|
Mr.
Vicky Kapur Mrs.
Namita Kapur |
|
1200 |
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Mrs.
Geeta Vinod Kapur Mr.
Vinod Kapur |
|
3600 |
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Mr.
Gaurav Vinod Kapur Mr.
Vinod Kapur |
|
3200 |
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Mrs.
Namita Kapur Mr.
Vicky Kapur |
|
3600 |
|
Mr.
Jagjit Singh Dhariwal Mrs.
Gargi Ahuwalia |
|
200 |
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Master
Varun Kapur Mr.
Vicky Kapur |
|
3200 |
|
Mr.
Vishwamitra Kapur – HUF Mr.
Vinod Kapur |
|
168 |
|
Mr.
Vishwamitra Kapur – HUF Mr.
Vinod Kapur & Mrs.
Radhika Nanda |
|
4 |
|
Mr.
Vishwamitra Kapur Mr.
Vinod Kapur & Mrs. Radhika Puri |
|
4 |
|
Mr.
Vishwamitra Kapur Mr.
Vinod Kapur & Vibha Kapur |
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4 |
|
Mr.
Vishwamitra Kapur – HUF Mr.
Vinod Kapur & Sudha Ambre Kanika Ahuja |
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4 |
|
Mr.
Vishwamitra Kapur Mr.
Vinod Kapur & Ms. Sheetal Ahuja |
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4 |
|
Mr.
Vishwamitra Kapur Mr.
Vinod Kapur & Mr. Shantaram Ambre |
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4 |
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Mr.
Vishwamitra Kapur Mr.
Vinod Kapur & Ms. Anisha Kapur |
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4 |
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Mr.
Vishwamitra Kapur Mr.
Vinod Kapur & Ms. Meghna Alimchandani |
|
4 |
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Mr.
Vicky Kapur – HUF Mr.
Vicky Kapur |
|
800 |
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Mr.
Vinod Kapur – HUF Mr.
Vinod Kapur |
|
800 |
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Total
|
|
18000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Exothermic / Insulating sleeves and Hot Tops |
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|
|
|
Products : |
Metal
Feeding Aids |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Foundry
Chemicals namely : Insulating
and exothermic sleeves, slabs tundish, hot tops etc. |
MT |
800 |
Nos 1859798 Kgs. 37500 |
GENERAL
INFORMATION
|
No. of Employees : |
60 |
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Bankers : |
v Canara Bank, Chembur Main Branch, 70-A, Maharshi Dayanand Sawati
Marg, Chembur, Mumbai – 400071 v
HDFC
Bank Limited v
The
Cosmos Co-Operative Bank Limited v
Bank
of Baroda , Vasai |
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Facilities : |
Secured
loan Cash
credit from Canara Bank, Chembur HDFC
Bank Limited |
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Banking Relations : |
Satisfactory
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Auditors : |
J V
Sanghvi and Company Chartered
Accountants 91,
Feet Road, 4/97, Pant Nagar, Mumbai – 400075 |
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Tel. No.: |
91-22-25129458 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
24500 |
Equity
Shares |
Rs. 100/- each |
Rs. 2.450 millions |
|
500 |
Preference
Shares |
Rs. 100/- each |
Rs. 0.050 Millions |
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Total
|
|
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
18000 |
Equity
Shares |
Rs. 100/- each |
Rs. 1.800 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
1.800 |
1.800 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.508 |
1.749 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.308 |
3.549 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.216 |
0.756 |
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2] Unsecured Loans |
|
5.801 |
6.137 |
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TOTAL BORROWING |
|
6.017 |
6.893 |
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DEFERRED TAX LIABILITIES |
|
0.759 |
0.608 |
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TOTAL |
|
12.084 |
11.050 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
5.727 |
5.792 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
2.517 |
2.268 |
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Sundry Debtors |
|
6.736 |
5.151 |
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Cash & Bank Balances |
|
0.515 |
0.718 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.975 |
0.454 |
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Total Current Assets |
|
10.743 |
8.591 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
4.386 |
3.333 |
|
|
Provisions |
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|
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Total Current Liabilities |
|
4.386 |
3.333 |
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Net Current Assets |
|
6.357 |
5.258 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
12.084 |
11.050 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
21.611 |
14.632 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
|
3.145 |
1.082 |
|
Provision
for Taxation |
|
1.162 |
0.401 |
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Profit/(Loss)
After Tax |
|
1.983 |
0.681 |
|
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Import
Value |
|
Nil |
0.176 |
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Total
Expenditure |
|
18.466 |
13.550 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
9.18 |
4.65 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
14.55 |
7.39 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
19.10 |
7.52 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.59 |
0.30 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.96 |
2.88 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.45 |
2.58 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
MIDC
Leasehold
v
Factory
Building
v
Plant
and Machinery
v
Factory
Equipments
v
Furniture
and Fixture
v
Motor
Car
v
Residential
Flat
The
sales turnover during the year under review has improved to Rs. 24.721 millions
as against Rs. 16.125 millions in the previous year thereby increasing the
profitability of the company.
|
Name of the company |
Gargi Steel Chem Private Limited 2, Mercantile Apartments, Opp. Basant
Cinema, Gidwani Marg, Chembur, Mumbai – 400074, Maharashtra, India |
|
Presented By |
Gargi Steel Chem Private
Limited |
|
1) Date and description of instrument creating the change |
Open cash credit agreement for dated 10.02.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.750 Millions |
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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 |
Hypothecation of raw materials such as silica, sand, resin powder, finished goods and packing material now lying or hereafter stored at the godowns and yards and premises in Taloja, New Bombay or at any other godows wheresoever the same may be. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Against hypothecation of goods mentioned under Item No 3 above Margin 25 % on raw materials 40 % on finished goods 50 % on packing materials |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Chembur Main Branch 70-A, Maharshi Dayanand Sawati Marg, Chembur, Mumbai – 400071 |
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6) Date and brief description of instrument modifying the charge |
Supplemental agreement dated 20.04.2005 |
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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. |
The original charge was registered by the office on 06.03.1995 This is the first modification for the enhancement of credit facilities from the existing Rs. 0.750 millions to Rs. 3.5 millions Interest @ 10.5 % p.a. All the other terms and conditions remain unchanged. |
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Name of the company |
Gargi Steel Chem Private Limited 2, Mercantile Apartments, Opp. Basant
Cinema, Gidwani Marg, Chembur, Mumbai – 400074, Maharashtra, India |
|
Presented By |
Gargi Steel Chem Private
Limited |
|
1) Date and description of instrument creating the change |
Deed of hypothecation dated 28.04.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.200 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 |
Hypothecation of Various items of machinery to be purchased 32 nos of various machineries as per list attached to the aforesaid deed stored at factory premises at 17/45 MIDC, village, Navadc, Raigad |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The aforesaid amount is towards term loan and repayable in 60 monthly instalment of which 59 EMIs are of Rs. 0.053 millions and the 60th instalment of Rs. 0.073 millions commonage from 28.01.2006 Interest – 10.5 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Chembur Main Branch 70-A, Maharshi Dayanand Sawati Marg, Chembur, Mumbai – 400071 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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.44.90 |
|
UK
Pound |
1 |
Rs.85.91 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|