MIRA
INFORM REPORT
|
Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Goldseal House, Opposite Ceat Tyre, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
11.02.1972 |
|
|
|
|
Com. Reg. No.: |
015606 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29100MH1972PTC015606 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08547A MUMG09553F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG1492R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and exporting of automobile body trimmings such as door seals, flexible channels, bi-component door seals, flock channels, rubber / PVC extrusions and windscreen weather strips. |
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 |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
Goldseal House, Opposite Ceat Tyre, |
|
Tel. No.: |
91-22-25663498 / 2566 5216 |
|
Fax No.: |
91-22-25662171 |
|
E-Mail : |
|
|
Website : |
http://www.goldseal.co.in |
|
|
|
|
Factory 1 : |
Daulet Abad, |
|
Tel. No.: |
91-260-222 0043, 2221043/44 |
|
Fax No.: |
91-260-2221410 |
|
Area: |
27585 Sq.
meters |
|
Location: |
Owned |
DIRECTORS
|
Name : |
Mr. Daulet Hoshang Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerset House, Off. Warden Road, Mumbai – 400 026, |
|
Date of Birth/Age : |
31.03.1919 |
|
Date of Appointment : |
11.02.1972 |
|
|
|
|
Name : |
Mr. Cyrus Hoshang Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerset House, Off. Warden Road, Mumbai – 400 026, |
|
E-Mail: |
|
|
Date of Birth/Age : |
24.11.1955 |
|
Date of Appointment : |
11.02.1972 |
|
|
|
|
Name : |
Mrs. Pilloo Cyrus Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerset House, Off. Warden Road, Mumbai – 400 026, |
|
Date of Birth/Age : |
16.09.1955 |
|
Date of Appointment : |
02.12.1985 |
|
|
|
|
Name : |
Mr. Urvaksh Cyrus Aga |
|
Designation : |
Executive Director |
|
Address : |
51, Sommerset House, Off. Warden Road, Mumbai – 400 026, |
|
E-Mail: |
|
|
Date of Birth/Age : |
21.03.1980 |
|
Date of Appointment : |
26.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Daulet Hoshang Aga |
|
421200 |
|
Mr. Cyrus Hoshang Aga |
|
1161400 |
|
Mr. Roshan Cawas Chinoy |
|
62400 |
|
Mrs. Pilloo Cyrus Aga |
|
296300 |
|
Aga Holdings and Agencies Private Limited |
|
138000 |
|
Mr. Edil Jal Katrak |
|
84000 |
|
Mr. Maharuk Edil Katrak |
|
18000 |
|
Mr. Urvaksh Cyrus Aga |
|
22900 |
|
Mr. Khursheed Cyrus Aga |
|
22900 |
|
Mr. Darius Cyrus Aga |
|
22900 |
|
Category |
|
Percentage
of Holding |
|
Directors or relatives of directors |
|
94.00 |
|
Bodies Corporate |
|
6.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and exporting of automobile body trimmings such as door seals, flexible channels, bi-component door seals, flock channels, rubber / PVC extrusions and windscreen weather strips. |
|
|
|
|
Products : |
1. Bi-Component Door Seals 3. Boot and Bonnet Seals 7. Electrical Control Panel Seals |
|
|
|
|
Brand Names : |
“GOLD SEAL” |
|
|
|
|
Exports : |
|
|
Countries : |
|
PRODUCTION STATUS - As on 31.03.2004
|
Products |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Door Lacs |
Mtrs |
Not Applicable
being a small scale Industry |
3000000 |
1062029 |
|
|
|
|
|
|
|
Channels |
Mtrs |
- |
3500000 |
1541656 |
GENERAL INFORMATION
|
Customers : |
v
Bajaj Auto Limited v
Eicher Motors Limited v
Force Motors Limited v
Harita Seating Systems Limited v
Hindustan Motors Limited v
Larsen and Toubro Limited v
Mahindra and Mahindra Limited – Automotive
Division v
Tata Motors |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
around 125 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Bank of Ghatkopar (East) Branch, Mumbai, |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
v Mr. H. D. Dave Chartered Accountant 21-B, Sheela Sadan, Tel No. 91-22-28079373 v
D M Chitnis Chartered Accountants Address: Asha, |
|
|
|
|
Memberships : |
v
All India Rubber Industries Association (AIRIA) v
Chemical and Allied Products Export Promotion
Council (CAPEXIL) |
|
|
|
|
Associates/Subsidiaries : |
Vanseti Investments & Holdings Private Limited Registered Office : Gold Seal Compound, CIN No: U67120MH1994PTC076111 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity Shares |
Rs. 10.00 each |
Rs. 22.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
22.500 |
22.500 |
22.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
50.207 |
46.487 |
42.971 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
72.707 |
68.987 |
65.471 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.190 |
8.651 |
5.061 |
|
|
2] Unsecured Loans |
9.983 |
4.820 |
3.024 |
|
|
TOTAL BORROWING |
20.173 |
13.471 |
8.085 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
92.880 |
82.458 |
73.556 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.953 |
11.044 |
11.545 |
|
|
Capital work-in-progress |
25.331 |
25.593 |
25.065 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.103 |
6.079 |
10.697 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.642
|
17.438 |
10.866 |
|
|
Sundry Debtors |
7.257
|
8.596 |
9.169 |
|
|
Cash & Bank Balances |
0.598
|
0.618 |
5.989 |
|
|
Other Current Assets |
4.541
|
3.975 |
7.739 |
|
|
Loans & Advances |
63.254
|
44.736 |
14.621 |
|
Total
Current Assets |
88.292
|
75.363 |
48.384 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
33.800
|
35.622 |
22.435 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
33.800
|
35.622 |
22.435 |
|
|
Net Current Assets |
54.493
|
39.742 |
25.949 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
92.880 |
82.458 |
73.556 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
124.565 |
131.279 |
146.939 |
|
|
Increase / (Decrease) in stocks |
-- |
-- |
(0.355) |
|
|
Other Income |
-- |
-- |
3.408 |
|
|
Total Income |
124.565 |
131.279 |
149.992 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.210 |
9.872 |
14.381 |
|
|
Provision for Taxation |
0.000 |
0.000 |
5.200 |
|
|
Profit/(Loss) After Tax |
7.210 |
9.872 |
9.181 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
17.968 |
|
|
Remittance of Commission to Foreign Agents |
0.000 |
0.000 |
0.529 |
|
|
Foreign Travel |
0.000 |
0.000 |
0.261 |
|
|
Purchase Import |
0.000 |
0.000 |
14.479 |
|
Total Earnings |
25.235 |
18.784 |
33.237 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw and packing Materials Consumed |
0.000 |
0.000 |
108.068 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
15.970 |
|
|
Employees Remuneration |
0.000 |
0.000 |
3.221 |
|
|
Administrative and Other Expenses |
0.000 |
0.000 |
3.029 |
|
|
Selling Expenses |
0.000 |
0.000 |
1.603 |
|
|
Interest |
0.000 |
0.000 |
1.113 |
|
|
Depreciation |
1.577 |
1.688 |
2.609 |
|
|
Other Expenditure |
117.355 |
121.407 |
0.000 |
|
Total Expenditure |
118.932 |
123.095 |
135.613 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.78
|
7.51
|
6.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.78
|
7.51
|
9.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.33
|
11.42
|
24.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.14
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.74
|
0.71 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
2.12 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Building
v
Plant and Machinery
v
Furniture and Fixtures
v
Motor Vehicles
v
Office Equipments
v
Dies
v
Electrical Equipment
v
Tools and Equipment
v
Air Conditioner
v
Cycle
v
Tempo
v
Weighting Scale
v
Computer
v
Storage Rack
v
H. T. Substation
v
Cables
Form 8
|
Name of the company |
GOLD SEAL ENGINEERING PRODUCTS PRIVATE LIMITED |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
BANK OF |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
1) Hypothecation of Book Debts dated
26.08.1996 2) Demand Promissory Note dated 26.08.1996
Both the above relate to one charge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
millions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the Book
Debts, outstanding moneys receivable claiming and bills which are now due and
owing. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @3.75%
to over Prime Lending rate with a minimum of 20.25% per annum such rate as
may be fixed by the Bank with quarterly rests. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Supplemental Deed
of Hypothecation of Book Debts dated 27.09.2001 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Original charge
was created on dated 26.08.1996 for Rs. 33.000 millions 1st
Modification as on dated 22.10.1997. Permaseal Auto Products Private Limited
has given as collateral security, Land with buildings, sheds and structures
standing thereon situated at village Bhimpore, Taluka: Bhimpore, Sub-District
and District- Daman bearing Survey No. 261/2B admeasuring 27585 Sq,
meters for the total limits as
follows:
By the present modification
Cash Credit limit (Hypothecation of Book Debts) is increased from Rs. 10.000
millions to Rs. 12.000 millions by an additional sum of Rs. 2.000 millions
the revised limits are as under: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
And thereby Total
Charge is reduced from Rs. 33.000 millions to Rs. 32.000 millions. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 41.24 |
|
|
1 |
Rs. 82.55 |
|
Euro |
1 |
Rs. 56.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|