MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
INDIANA GRATINGS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.02.1997 |
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Com. Reg. No.: |
105716 |
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CIN No.: [Company
Identification No.] |
U31300MH1997PTC105716 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI04904E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of gratings. |
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 : |
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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 : |
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Tel. No.: |
91-22-28504743 |
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Fax No.: |
91-22-28505154 |
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E-Mail : |
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Website : |
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Factory: |
Plot No. D5,
MIDC, Jejuri, Taluka Purandhar, District – Pune, |
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Area: |
8352 Sq. meters. |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Gobind Hingorani |
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Designation : |
Director |
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Address : |
Sidhant Juhudhara Complex, Juhu, |
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Date of Birth/Age : |
30.06.1945 |
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Date of Appointment : |
07.02.1997 |
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Name : |
Mr. Dharamkumar Bhatia |
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Designation : |
Managing Director |
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Address : |
Manish Darshan, Building No. 2, Flat No. 506, J B Nagar, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Date of Birth/Age : |
04.11.1951 |
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Date of Appointment : |
07.02.1997 |
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Name : |
Mrs. Padma Gobind Hingorani |
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Designation : |
Director |
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Address : |
Sidhant Juhudhara Complex, Juhu, |
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Date of Birth/Age : |
19.11.1946 |
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Date of Appointment : |
06.08.1997 |
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Name : |
Mr. Prashant Gobind Hingorani |
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Designation : |
Director |
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Address : |
12, Hingorani House, |
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Date of Birth/Age : |
07.10.1972 |
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Date of Appointment : |
06.08.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Gobind Hingorani |
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38000 |
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Mr. Mohan Bhatia |
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10 |
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Mrs. Padma Gobind Hingorani |
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21000 |
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Mr. Prashant Gobind Hingorani |
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9335 |
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232455 |
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Mr. Dharamkumar Mohanlal Bhatia |
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52240 |
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Category |
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Percentage
of Holding |
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Bodies Corporate (Not mentioned above) |
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65.84 |
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Directors or relatives of directors |
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34.16 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of gratings. |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Electroforged Gratings |
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Sq. mtrs. |
250471.061 |
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FRP Gratings |
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Nos. |
369 |
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Cable Trays |
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Nos. |
98989 |
GENERAL INFORMATION
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Customers: |
v
Power Houses v
Automobile Industries v
Construction Sites v
Boiler Installations v
Foundries v
Chemical Industries v
Food Industries v
Coal Mines v
Fertilizer Industries v
Cement Plants v
Glass Industries v
Oil Mills v
Steel Industries v
Poultry and Cattlefeed Industries v
Waste Treatment Plants v
Plastic Industries v
Sugar Mills v
Pulp and Paper Mills v
Synthetic Yarn Industries v
Port Trusts v
Other Industries |
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No. of Employees : |
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Bankers : |
v
Corporation
Bank Amboli Branch, E-mail: corpbank@vsnl.com v
Central
Bank of Financial Institution: v
Sicom
Limited |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 100.00 each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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346540 |
Equity Shares |
Rs. 100.00 each |
Rs. 34.654 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.304 |
34.654 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.500 |
27.257 |
12.348 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
92.804 |
61.911 |
42.348 |
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LOAN FUNDS |
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1] Secured Loans |
131.257 |
79.142 |
60.918 |
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2] Unsecured Loans |
7.975 |
7.100 |
5.500 |
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TOTAL BORROWING |
139.232 |
86.242 |
66.418 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
232.036 |
148.153 |
108.766 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.588 |
56.416 |
56.573 |
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Capital work-in-progress |
8.743 |
17.215 |
0.324 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
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56.562 |
49.586 |
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Sundry Debtors |
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59.494 |
36.417 |
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Cash & Bank Balances |
232.036
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8.259 |
3.858 |
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Other Current Assets |
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0.000 |
3.353 |
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Loans & Advances |
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22.577 |
8.380 |
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Total
Current Assets |
232.036
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146.892 |
101.594 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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72.426 |
49.747 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
103.588
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72.426 |
49.747 |
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Net Current Assets |
128.448
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74.466 |
51.847 |
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MISCELLANEOUS EXPENSES |
0.257 |
0.056 |
0.022 |
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TOTAL |
232.036 |
148.153 |
108.766 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
724.434 |
376.061 |
179.273 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
724.434 |
376.061 |
179.273 |
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Profit/(Loss) Before Tax |
48.641 |
41.570 |
27.719 |
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Provision for Taxation |
18.399 |
26.660 |
14.367 |
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Profit/(Loss) After Tax |
30.242 |
14.910 |
13.352 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
118.455 |
51.419 |
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Other Earnings |
NA |
5.631 |
1.440 |
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Total Earnings |
NA |
124.086 |
52.859 |
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Imports : |
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Raw Materials |
NA |
13.301 |
6.018 |
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Capital Goods |
NA |
14.383 |
0.000 |
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Total Imports |
NA |
27.684 |
6.018 |
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Expenditures : |
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Total Expenses |
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315.816 |
134.675 |
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Interest |
675.793 |
12.845 |
11.470 |
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Depreciation |
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5.830 |
5.409 |
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Total Expenditure |
675.793 |
334.491 |
151.554 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
4.17
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3.96 |
7.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.71
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11.05 |
15.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.10
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20.45 |
17.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.67 |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.62
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2.56 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
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2.24
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2.03 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Land
v
v
Plant and Machinery
v
Factory Equipments
v
Furniture and Fixtures
v
Vehicles
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Name of the company |
INDIANA GRATINGS PRIVATE LIMITED |
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Presented By |
Corporation Bank Amboli Branch,
Mumbai |
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1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movables/Assets Debts dated 10.02.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 151.800
millions only |
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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 |
Description of Hypothecated Goods: All the present
and future stocks of goods consisting of raw-materials i.e. Steel, Stores and
spares etc., stock in process, finished goods i.e. Electro-forged Gratings etc.,
which now belong to and may hereafter, during the subsistence of the
borrower’s liability belong to the borrower and which are/ shall/ may be
brought into or stored or be in/upon the borrowers factory premises/ godown
at Plot No. D5, MIDC, Jejuri, Purandhar Taluka, District Pune or at any other
premises or wherever else or in course of transit or delivery to the
borrower. Book Debts All the present
as well as future book debts outstanding money receivable, claims, bills,
contracts, engagements, securities, investments, rights and assets and which
are hereafter collectively called as Book Debts. Description of Hypothecated Movables The whole of the
movable properties of the borrower including its movable plant and machinery,
machinery spares, tools and accessories, furniture and fixtures, computers
etc., and other movables both present and future, whether installed or not or
whether now lying loose or in cases or which are now lying or stored or in
about or shall hereafter from time to time during the continuance of these
presents be brought into or upon or be stored or in the or about all the
borrower’s factory premises and godowns situated at Plot No. D5, MIDC,
Jejuri, Taluka Purandhar, District – Pune or at any other premises or
wherever else the same may be or be held by any party to the order or
disposition of the borrower or in the course of transit are hereby
hypothecated in a form and manner satisfactory to the lender. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan I 11.75% per annum
with monthly rests (0.5% below CBMTLR) subject to revision from time to time Term Loan II 11.75% per annum
with monthly rests (0.50% below CBMLTR) subject to revision from time to
time. Packing Credit Loan 7.5% per annum
upto 180 days 11% per annum
beyond 180 days upto 270 days Packing Credit Foreign Currency Loan 0.75% above LIBOR Cash Credit Hypothecation 11% per annum
with monthly rests (0.50% below PLR) Foreign Documentary Bills Purchase/ Bills Discount Upto 90 days 7.5%
per annum Beyond 90 days
and upto six months from the date of advance 11% per annum PSCFC 0.75% above Inland / Import Letter of Credit cum Bank
Guarantee Commission at
prescribed rates At 50% of the prescribed rates. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Amboli Branch, |
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6) Date and brief description of instrument modifying the charge |
Second
Supplemental Common Deed of Hypothecation of Movable / Assets/ Book Debts
dated 30.05.2005 |
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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. |
By this
modification, the present limit of Rs. 151.800 millions to Rs. 343.800
millions |
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Name of the company |
INDIANA GRATINGS PRIVATE LIMITED |
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Presented By |
Corporation Bank Amboli Branch,
Mumbai |
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1) Date and description of instrument creating the change |
Memorandum of
Deposit of Title Deeds dated 30.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 343.800
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 |
Equitable
Mortgage of Plot No. D -5, Jejuri Industrial Area, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Sanction |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Amboli Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U31300MH1997PTC105716 |
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Name of the
Company |
INDIANA GRATINGS PRIVATE LIMITED |
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Address |
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This form is for |
Modification of
charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Corporation Bank Amboli Branch, E-mail: corpbank@vsnl.com |
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Amount secured by
the charge |
Rs. 151.800
millions |
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Short particulars
of the property charged (including location of the property) |
As per Annexure |
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Brief description
of the instrument modifying the charge under section 135 |
Third
supplemental deed of Hypothecation of movable assets, Book Debts |
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Date of
Instrument modifying the charge |
11.05.2006 |
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Particulars of
the present modification |
As per Annexure |
Website details attached:
Subject is a part
of INDIANA Group of Companies, and has been manufacturing gratings for the last
30 years. Its manufacturing activity includes Floor Gratings and stair treads, Cable
Trays (Perforated type as well as Ladder type with all accessories) and Bulk
Material Handling Equipment, etc.
Recently
GROWING CAPABILITIES
DESIGN and ENGINEERING
Give us the Load Carrying Capacity and the Structural layout....they do
the rest. They shall design the most economical gratings suitable for the
requirement. They also prepare layout drawings, platform wise giving bill of
material and mark numbers to each grating corresponding to the structural
platform drawing.
MANUFACTURING
Their one of its kind plant in
EXPERIENCE WITH CLIENTS
Their valued client list would be too long to elaborate. However a few
of them are below
SOUND FINANCIAL BASE
A
sound financial base enables
Products
Subject make electroforged gratings are manufactured by us from state-of-art European makes Machine at their Jejuri Works near Pune. In electroforged process cross bars are press-locked into unweakened bearing bars by way of high pressure and Electrofusion. The process is completely automated resulting in high productivity and better quality.
Advantages
§
As
done in conventional method bearing bars are not punched to accommodate cross
bars. Full depth of bearing bars is effectively utilized thus making
electroforged gratings stronger than conventional gratings made from same steel
section.
§
Electrofusion
eliminates weld defects such as porosity, undercut, blowholes etc. observed in
manual welding.
§
No
slag is formed thereby giving better aesthetic value to the grating.
§
Automated
process with elimination of punching and cleaning gives high productivity.
Deliver time is drastically reduced.
§
Standard
panels of 6 mtrs. x 1 Mtr. are kept exstock with us for deliveries.
Serrated Gratings
Considering the special need of offshore platforms, electroforged
gratings are the ideal choice, since every intersection of bearing bars and cross
bars has maximum rust resistance because of homogeneous forged welds.
To provide totally non-skid surface,
Special Clamps and fixtures
Special clamps and fixtures are offered which do not require site welding and
drilling and thus ideal where welding and drilling on site are not allowed
Stair Treads
The front edge makes each tread clearly visible; which is important from
the point of view of safety. To further increase this "warning"
effect, they recommend selecting a mesh for stair plates which is different
from the mesh of platform or landing plates. Even in very dim light the
contrast between the two meshes offer an unmistakable warning to the user to be
careful.
Comparison with
Electric arc welded gratings
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Manually
Fabricated Gratings |
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· Construction is primitive and · Notches are
punched along the · Large air gaps lead to poor weld · Intersections
are prone to rusting as · Moderate
strengths. · Load bearing capacity 25% less · Cutouts not as strong and stable as ·
Handmade/fabricated gratings are · Because of arc welding, flux, which |
|
· Construction is highly specific · Cross bars are
pressed into solid · Every
intersection weld is ·
Homogeneous forged welds give :
· Cutouts have a high degree of strong
and stability · Accuracy of
dimensions is far · Perfectly non skid yet smooth |
Finish
Self Color
Red Oxide Primer
Other Paints Enamel, Epoxy, etc. Please Specify
Powder Coated
PVC Coated
Hot Dip Galvanized
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. 41.18 |
|
|
1 |
Rs. 82.41 |
|
Euro |
1 |
Rs. 55.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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 |
|