MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
GINODIA IMPEX PRIVATE LIMITED |
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Formerly Known As : |
Indo Industrial Services Private Limited |
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Registered Office : |
22, Raja Woodmunt Street, 1st Floor, Kolkata-700001, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.03.1993 |
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Com. Reg. No.: |
21-58011 |
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CIN No.: [Company
Identification No.] |
U99999WB1993PTC058011 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALI00958G |
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PAN No.: [Permanent
Account No.] |
AAACI5548J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer and Trader of Household Items and Furnishing such as
Mattresses, Pillow, Cushions, etc. Subject is also engaged in the business of Jute Matting. |
RATING &
COMMENTS
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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 10000 |
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Status : |
Satisfactory |
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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
satisfactory track records. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
22, Raja Woodmunt Street, 1st Floor, Kolkata-700001, West
Bengal |
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Tel. No.: |
91-33-39578232 |
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Fax No.: |
91-33-23352678 / 22431733 |
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E-Mail : |
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Website : |
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Warehouse |
68, Dr Suresh Sarkar Road, Kolkata-700014, West Bengal, India |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Om Prakash Ginodia |
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Designation : |
Director |
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Address : |
IB-19, Salt Lane City, Sector III, Kolkata-700091,
West Bengal, India |
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Date of Birth/Age : |
07.12.1944 |
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Date of Appointment : |
17.05.1999 |
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Other
Directorship |
Indo Mining Equipments Limited |
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Name : |
Mr. Sanjeev Ginodia |
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Designation : |
Director |
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Address : |
IB-19, Salt Lane City, Sector III,
Kolkata-700091, West Bengal, India |
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Date of Birth/Age : |
18.10.1970 |
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Date of Appointment : |
17.05.1999 |
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Name : |
Mr. Rajat Ginodia |
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Designation : |
Director |
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Address : |
IB-19, Salt Lane City, Sector III,
Kolkata-700091, West Bengal, India |
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Date of Birth/Age : |
17.07.1972 |
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Date of Appointment : |
17.05.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Om Prakash Ginodia |
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100 |
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Ms. Sumitra Ginodia |
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59600 |
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Mr. Durga Devi Agarwal |
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1800 |
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Ms. Sangita Choudhary |
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2950 |
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Ms. Keshri Devi Ginodia |
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2400 |
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Mr. Sanjeev Ginodia |
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15300 |
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Mr. C L Agarwal |
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7000 |
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Mr. Rajat Ginodia |
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33400 |
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Mr. M K Agarwal |
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1500 |
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Mr. S S Agarwal |
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1500 |
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Ms. Sweta Ginodia |
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5550 |
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Mr. Santosh Kumar Mukherjee |
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1950 |
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Ms. Vaishali Ginodia |
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1950 |
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Mr. Roy Sukumar |
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4000 |
BUSINESS DETAILS
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Line of Business : |
Importer and Trader of Household Items and Furnishing such as
Mattresses, Pillow, Cushions, etc. Subject is also engaged in the business of Jute Matting |
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Imports : |
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Products : |
Household Items and Furnishing |
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Countries : |
Sri Lanka |
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Terms : |
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Selling : |
Cash, L/C or Credit terms |
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Purchasing : |
Cash, L/C or Credit terms |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
6 |
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Bankers : |
Ř Canara Bank ,
Canning Street , Kolkata (Current A/C No. 10658) Ř State Bank Of
Mysore , IB -20 , Sector –III , Salt Lake Kolkata |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Roy & Associates Chartered Accountant (Mr. Koushik Bose , partner ) |
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Address : |
Barsat Road , 24 Paraganas (north ) Kolkata 700110 |
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Tel. No.: |
91-33-25658164 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Indo Mining Equipments Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1,39,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.390
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.390 |
1.390 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.420 |
0.387 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.810 |
1.777 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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1.095 |
1.033 |
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TOTAL BORROWING |
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1.095 |
1.033 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.905 |
2.810 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.639 |
0.706 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.610 |
0.610 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.841 |
0.776 |
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Sundry Debtors |
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0.039 |
0.192 |
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Cash & Bank Balances |
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0.144 |
0.191 |
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Other Current Assets |
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0.006 |
0.000 |
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Loans & Advances |
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0.977 |
1.028 |
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Total
Current Assets |
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2.007 |
2.187 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.656 |
1.494 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.351 |
0.693 |
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Net Current Assets |
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1.656 |
1.494 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.905 |
2.810 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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0.000 |
0.000 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.000 |
0.000 |
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Profit/(Loss) Before Tax |
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0.033 |
0.181 |
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Provision for Taxation |
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0.000 |
0.00 |
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Profit/(Loss) After Tax |
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0.033 |
0.181 |
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Expenditures : |
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Depreciation & Amortization |
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0.072 |
0.072 |
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Total Expenditure |
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0.072 |
0.144 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.99 |
12.11 |
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Return on Investment (ROI) (PBT/Networth) |
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1.82 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
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5.71 |
3.15 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 9th March, 1993 at Kolkata in
West Bengal having Company Registration Number 21-58011.
Originally it was incorporated with the name Indo Industrial Services
Private Limited and change to the present name with effect from 19th
May, 2000.
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Corporate identity number (CIN) Foreign company registration number |
U99999WB1993PTC058011 |
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Name of the Company |
GINODIA IMPEX PRIVATE LIMITED |
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Address |
22, Raja Woodmunt Street, 1st
Floor, Kolkata-700001, West Bengal |
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Type of Charge |
Book Debts, Movable Property & Floating Charge |
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Particulars of the charge holder
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State Bank of Mysore, IB – 20, Sector – III, Saltlake, Saltlake,
Kolkata – 700106, West Bengal |
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Nature or description of the instrument |
Agreement for cash credit – Hypothecation of goods dated 02.01.2007 Agreement for cash credit – Hypothecation of Debts and assets dated
02.01.2007 Sanction Letter |
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Date of the instrument creating or modifying the charge |
02.01.2007 |
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Amount secured by the charge |
Rs. 0.300 Millions |
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Brif Principal terms and conditions |
Rate of Interest – 13.25% Terms of repayment – The loan
shall be repayable on demand Margin – Stock in trade – 25% Book Debts – 50% Extent and operation of the charge – The charge shall operates as
first charge basis on the whole of the hypothecation current assets Others – Collateral Security Personal Guarantee of Director in their personal capacity Assignment on LIC Policy of Director n their personal capacity |
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Short particulars of the property charged |
All present and future goods, book debts and all others movable
current assets stored at company godown |
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.42.86 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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