MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
GRAVITA INDIA LIMITED |
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Registered Office : |
402, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.08.1992 |
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Com. Reg. No.: |
6870 |
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CIN No.: [Company
Identification No.] |
U29308RJ1992PLC006870 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRG00562C |
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PAN No.: [Permanent
Account No.] |
AAACG6753F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and suppliers of various type of industrial welding powder,
gum, adhesives and chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It
has some accumulated losses. However in view of the improvement in the
profitability of the company, the same is expected to be wiped – off soon.
Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered / Administrative /
Sales Office: |
402, |
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Tel. No.: |
91-141-2623266 |
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Fax No.: |
91-414-2621491 |
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E-Mail : |
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Website : |
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Factory 1 : |
Saurabh – |
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Tel. No.: |
91-141-2621046 |
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Fax No.: |
91-141-2621491 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajat Agarwal |
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Designation : |
Director |
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Address : |
4 – YA – 9, Jawahar Nagar, Jaipur 302 004, |
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Date of Birth/Age : |
09.08.1967 |
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Date of Appointment : |
04.08.1992 |
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Name : |
Mr. Yogesh Malhotra |
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Designation : |
Director |
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Address : |
14 – B, Kohinoor Appartment, Parket, 10 – A, Dda Flate, |
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Date of Birth/Age : |
26.12.1965 |
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Date of Appointment : |
24.01.2000 |
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Name : |
Mr. Vijendra Singh Tanwar |
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Designation : |
Director |
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Address : |
130, Subhash Colony, Shastri Nagar, Jaipur 302 010, |
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Date of Birth/Age : |
09.12.1968 |
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Date of Appointment : |
24.10.2000 |
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Name : |
Mr. Prabhat Agarwal |
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Designation : |
Director |
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Name : |
Mr. Madan Mohan Agarwal |
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Designation : |
Director |
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Name : |
Mr. Dr. Mahavir Prasad Agarwal |
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Designation : |
Director |
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Name : |
Mr. Rajeev Surna |
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Designation : |
Director |
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Address : |
4 / 108, Jawahar Nagar, Jaipur 302 004, |
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Date of Appointment : |
26.11.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajat Agarwal |
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10 |
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Mr. Prabhat Agarwal |
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10 |
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Mr. Madan Mohan Agarwal |
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10 |
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Mr. Mahavir Prasad Agarwal |
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10 |
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Total |
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40 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and suppliers of various type of industrial welding
powder, gum, adhesives and chemicals. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
Pagrik International, |
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Customers : |
Fatty Chem Industries, Vasai |
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Bankers : |
Bank of Andhra Bank |
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Facilities : |
SECURED LOANS
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajvanshi and Associates Chartered Accountants |
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Address : |
H – 15, Chitranjan Marg, C – Scheme, Jaipur 302 001, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity shares |
Rs. 10/- each |
Rs. 16.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1584000 |
Equity shares |
Rs. 10/-
each |
Rs. 15.840
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.840 |
15.840 |
15.840 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.370 |
1.370 |
1.370 |
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4] (Accumulated Losses) |
(19.824) |
(33.400) |
(30.637) |
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NETWORTH |
(2.614) |
(16.190) |
(13.427) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
22.978 |
22.978 |
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2] Unsecured Loans |
5.799 |
0.264 |
0.230 |
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TOTAL BORROWING |
5.799 |
23.242 |
23.208 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.185 |
7.052 |
9.781 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.351 |
7.712 |
7.712 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.607
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0.000 |
0.000 |
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Sundry Debtors |
18.660
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0.000 |
0.000 |
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Cash & Bank Balances |
0.972
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0.000 |
0.000 |
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Other Current Assets |
0.159
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0.067 |
2.794 |
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Loans & Advances |
3.924
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0.020 |
0.020 |
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Total
Current Assets |
35.322
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0.087 |
2.814 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
44.491
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0.750 |
0.748 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
44.491
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0.750 |
0.748 |
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Net Current Assets |
(9.169)
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(0.663) |
2.066 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.185 |
7.052 |
9.781 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
23.964 |
0.000 |
0.000 |
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Other Income |
14.140 |
0.000 |
0.000 |
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Total Income |
38.104 |
0.000 |
0.000 |
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Profit/(Loss) Before Tax |
0.000 |
13.575 |
(2.763) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.000 |
13.575 |
(2.763) |
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Expenditures : |
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Raw Materials |
21.946 |
0.000 |
0.000 |
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Purchases made for re sale |
0.479 |
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Increase or decrease in finished goods work
in progress |
(0.826) |
2.728 |
0.000 |
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Salaries wages and bonus |
0.403 |
0.000 |
0.000 |
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Payment of auditors |
0.011 |
0.000 |
0.000 |
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Interest |
0.88 |
0.000 |
0.000 |
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Insurance expenses |
0.012 |
0.000 |
0.000 |
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Power and Fuel Cost |
0.167 |
0.000 |
0.000 |
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Other expenditure |
2.248 |
0.000 |
0.000 |
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Administrative Expenses |
0.000 |
0.011 |
0.087 |
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Human resourses expenses |
0.000 |
0.024 |
0.025 |
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Financial Charges |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
24.528 |
2.763 |
0.112 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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0.00 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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1.74 |
(0.26) |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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(0.83) |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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(19.23)
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1.48 |
(1.78) |
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Current Ratio (Current Asset/Current Liability) |
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0.79
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0.11 |
3.76 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Ø
Land
Ø
Building
Ø
D G Set
Ø
Car
Ø
Fire Extinguisher
Ø
EPBAX
Ø
Cellular Phone
Ø
Computer
Ø
Electronic Safe
Ø
Furniture And Fixture
Ø
Kitchen Equipments
Ø
Lab Equipment
Ø
Scooter
Ø
Type Writer
Ø
Water Cooler
Ø
Ball Mills Project (P And M)
Ø
Compressor
Ø
Equipments And Implement
Ø
Lathe Machine
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Oxide Project
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Plant And Machinery
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Sewing Machine
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Transformer
Ø
Weighting Machine
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Name of the company |
GRAVITA INDIA LIMITED |
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Presented By |
RAJAT
AGARWAL – DIRECTOR |
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1) Date and description of instrument creating the change |
Copy of letter creating agreement for cash credit limit dated 24-12-and registered on 19.06.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.300 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 |
Cash credit limit is secured by hypothecation on various chemical powder, Lead Oxide, Stock in Process, Finished Stock, Plastic Spares Consumable and Packing Material. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: 16.50% + Int. Ta Margin (Trading): 25% Period of Facility: 12 Months Repayment: On Demand |
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5) Name and Address and description of the person entitled to the charge. |
Bank
of |
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6) Date and brief description of instrument modifying the charge |
27.10.1997 |
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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. |
Cash credit limit has been enhance to Rs. 5.000 millions Vide Para – 6 above and farther secured by hypothecation of all the present and future book debts of the company. Margin: Stock – 25% Book Debts – 30% 100% Interest: 3% over FIR with minimum of 16.5% |
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Name of the company |
GRAVITA INDIA LIMITED |
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Presented By |
JOINTLY
BY BANK OF |
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1) Date and description of instrument creating the change |
All documents dated 27.10.199 1. Hypothecation of Agreement 2. Memorandum of Entry |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000 millions (Foreign) D A / D P |
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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 |
1. the whole of the borrower’s stock both present and future including all stock of raw material, work in process, semi finished goods and finished goods such as litharge, red load, grey oxide, lead and lead alloy, consumable chemicles etc. packing material and stores etc. whatsoever and wheresoever situate and / or in transit whether now belonging to or that may at any time during the continuance of theis security belong to the borrower or that may be held be any party anywhere to the order and disposition of the borrower. 2. All the tangible movable assets of the Company Secretary 3. Equitable mortgage is created over factory land and building |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Commission + Interest + Other Charges as per Bank / FEDAI rules. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Raja park, Adarsh Nagar, Jaipur |
About Them
The group of
companies is owned and managed by a forward-looking team of professionals, with
a combined experience of more than 530 years. They are committed to providing
low cost Lead & Lead Products with highest level of quality assurance and
special focus on delivering value.
All their business processes are targeted at maintaining high levels of Product
Quality and cost competitiveness. They believe in versatile services &
ethical business practices by preservation and protection of their natural
resources. Their operations conform to ISO-9001 and ISO-14000 guidelines.
They are based at Jaipur, the state capital of Rajasthan, at a distance of 280
km from
THEIR EXPERTISE
COVERS
Ø
Pure
Lead Manufacturing
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Lead
Alloying
Ø
Lead
Sub-Oxide, Red Lead and Litharge Manufacturing
Ø
Lead
Sheets, Lead Pipe and Lead Powder Manufacturing
Ø
Lead
Mono Silicate and Re-Melted Lead Manufacturing
Ø
Air,
Water and Solid Waste Pollution Control
Ø
Meeting
of environmental and occupational health standards
GRAVITA VALUES
Their Vision
Ø
All
their business processes are targeted at maintaining the highest level of
environmental integrity and cost competitiveness. They believe that
eco-friendly business practices as the preservation and protection of their
natural resources with efficient operations.
Ø
People
are their number one resource. They do invest in their development to enable
them to meet new challenges in the changing environment.
Ø
They
produce Lead Metal & Lead Products to satisfy their Customers needs and
give them value for money and excellent service.
Their
To have significant
presence in the National & International Market; thereby creating,
sustaining and adding stakeholder value through constant innovation.
Quality
To achieve absolute
customer delight through their splendid products and services; both in the
domestic as well as international markets. This will be achieved through a
highly committed and motivated team of people who constitute the Gravita
Family.
Core Values
Ø
Uncompromising
commitment to Quality and Performance Excellence
Ø
Constant
Innovation
Ø
Quality
Product with Committed Delivery
Ø
Customer
Delight
TORCH BEARER
The Gravita Group
was promoted by Mr. Rajat Agrawal and Mr. Rajeev Surana.
Mr. Rajat Agrawal, B.E. (Mech.) 1st Division from MNIT,
Jaipur, has proved that if you earnestly and assiduously work on the set goals
then nothing can deter you from achieving them. Besides, he is a paragon of
diligence and prudence.
Mr. Rajeev Surana, B.E. (Mech.) 1st Division from MREC,
Jaipur, believes that if you want to achieve 100% result then you have to put
the just double energy with a view to making the dreams come true. He is a true
professional and bears excellent negotiation skills.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.41.01 |
|
|
1 |
Rs.55.30 |
|
Euro |
1 |
Rs.81.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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. |
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 |
|