MIRA
INFORM REPORT
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Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
GIRDHAR INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
F -16, Udhog Nagar Peera Garh, New Delhi – 110 041 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.03.1998 |
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Com. Reg. No.: |
55-93040 |
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CIN No.: [Company
Identification No.] |
U18101DL1998PTC093040 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Handicraft Paraffin Wax Candles. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 166244 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
– run. |
LOCATIONS
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Registered Office : |
F -16, Udhog Nagar Peera Garh, New Delhi – 110 041, India |
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Tel. No.: |
91-11-25531678 / 25473121 |
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Mobile No.: |
91-9810078132 |
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Fax No.: |
91-11-25531678 / 25505467 / 25477026 |
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E-Mail : |
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Website : |
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Administrative office: |
K -2, Udhyog Nagar, Peera Garhi, Nrew Delhi – 110 041, India |
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Tel. No.: |
91-11-25477431 / 25475058 |
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Fax No.: |
91-11-25473121 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raj Kumar Mahajan |
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Designation : |
Managing Director |
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Address : |
M -129, Vikas Puri, Delhi -110 018, New Delhi |
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Date of Birth/Age : |
01.01.1965 |
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Date of Appointment : |
31.03.1998 |
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Name : |
Mr, Lokesh Kumar Mahajan |
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Designation : |
Director |
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Address : |
M -129, Vikas Puri, Delhi -110 018, New Delhi |
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Date of Birth/Age : |
26.03.1972 |
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Date of Appointment : |
31.03.1998 |
KEY EXECUTIVES
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Name : |
M/s Ajay K Goyal and Company |
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Designation : |
C -5A/284, Janak Puri, New Delhi – 110 058 |
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Email: |
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Mobile No.: |
91-9810398621 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Raj Kumar Mahajan |
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275000 |
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Lokesh Kumar Mahajan |
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225000 |
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Total
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500000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Handicraft Paraffin Wax Candles. |
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Products Range: |
Candles in various : · Shapes and Sizes · Finishes and Designs · Colors and Perfumes Highlights:
Shapes and Sizes :· Square Pillars · Round Pillars · Rectangular Pillars · Oval Pillars etc. · Round Balls · Spirals |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Candles |
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Pcs |
20000 |
GENERAL
INFORMATION
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Customers : |
· Trinity Group · ZODAX |
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Bankers : |
· State Bank of India · Punjab National Bank · Canara Bank Address: 1/64, Kirti Nagar, New Delhi – 110 015, Delhi, India
E Mail: lks_123sharma@hotmail.com · Bank of India · Address: SSI Branch, Udyog Nagar, New Delhi |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s S K Dhingra and Company Chartered Accountants |
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Address : |
501 Kirti Shikhar, District Center, Janakpuri, New Delhi – 110 058 |
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Mobile No.: |
91-9810398621 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/-
each |
Rs. 5.000
millions |
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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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5.000 |
5.000 |
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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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36.561 |
6.745 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.561 |
11.745 |
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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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12.000 |
21.418 |
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TOTAL BORROWING |
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12.000 |
21.418 |
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DEFERRED TAX LIABILITIES |
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0.251 |
0.251 |
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TOTAL |
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53.812 |
33.414 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.572 |
15.808 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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34.427 |
15.974 |
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Sundry Debtors |
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5.089 |
0.000 |
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Cash & Bank Balances |
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12.501 |
2.309 |
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Other Current Assets |
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3.733 |
2.785 |
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Loans & Advances |
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19.964 |
1.781 |
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Total
Current Assets |
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75.714 |
22.849 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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16.902 |
1.609 |
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Other Liabilities |
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28.919 |
4.023 |
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Total
Current Liabilities |
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45.821 |
5.632 |
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Net Current Assets |
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29.893 |
17.217 |
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MISCELLANEOUS EXPENSES |
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0.347 |
0.389 |
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TOTAL |
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53.812 |
33.414 |
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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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122.134 |
97.439 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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122.134 |
97.439 |
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Profit/(Loss) Before Tax |
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30.665 |
5.220 |
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Provision for Taxation |
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0.647 |
1.726 |
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Profit/(Loss) After Tax |
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30.018 |
3.494 |
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Expenditures : |
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Financial charges |
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0.437 |
0.748 |
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Depreciation |
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2.890 |
0.826 |
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Other expenditure |
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84.815 |
89.071 |
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Total Expenditure |
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88.142 |
90.645 |
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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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PAT / Total Income |
(%) |
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24.57 |
3.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
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25.10 |
5.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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30.88 |
13.50 |
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Return on Investment (ROI) (PBT/Networth) |
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0.73 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.39 |
2.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.65 |
4.05 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U18101DL1998PTC093040 |
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Name of the company |
GIRDHARS INTERNATIONAL (P) LIMITED |
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Address |
F -16 Udhyog Nagarpeera Garhi, New Delhi – 110 041, Delhi
, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
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Canara Bank Address: 1/64, Kirti Nagar, New Delhi – 110 015, Delhi, India E Mail: lks_123sharma@hotmail.com |
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Nature or description of the instrument creating charge |
Hypothecation agreement for packing credit
advances and agreement regarding collateral security machinery and vehicles. |
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Date of the instrument creating charge |
23.01.2007 |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: 8.5% p.a. or at such other rates as may be
specified by the bank from time to time. Terms
of Repayment: Repayable in 48 monthly installments of
Rs. 12500 each commencing from February 2007 Margin: Margin 25% Extent
ad operation of the charge: 100% Others: The above is to secure PC limit of Rs.
10.000 millions sanctioned to the company
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Short particulars of the
Property charged |
Hypothecation of paid stocks of raw
material, work in process, finished goods, stores and spares and all plant
and machinery, spares and stores, vehicle tools and accessories, computer,
furniture and fixture of the company stored / to be stored at F -16, Udyog
Vihar, Rohtas Road, Peera Garhi, New Delhi or at such other place including
those in transit. |
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Name of the
company |
GIRDHARS INTERNATIONAL PRIVATE LIIMTED |
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Presented
By |
Bank of India, SSI Branch, Udyog Nagar, New Delhi |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of Movable Machinery and Plant dated 14.05.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 20.000
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
all movable machinery and plant – both present and future whether installed
or not or whether lying loose or in cases at site or in transit or which may
at any time during the continuance of this
security be installed or lying loose or in case or being in or upon or
about borrower’ s premises c/ Godown at New Delhi or Wherever else the same
may be held by any party any where to the order or disposition of the
borrower or in course of transit to the borrower |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The above is to secure all amounts payable
by the borrower under following credit facilities together with interest @
4.25% p.a at monthly rest or at such other rate(s) as any from time to time be
fixed by t5he bank And ALL other costs, charges, expenses, etc
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5) Name and Address
and description of the person entitled to the charge. |
Bank of India Address: SSI Branch, Udyog Nagar, New
Delhi |
WEBSITE DETAILS:
The company is a well professionally managed and extremely organized company are the leading established renowned Indian manufacturer of undisputed classic variety of wax candles mainly for exports from its factories located in Delhi only.
Product Ranges : A
brief profile
Candles in various:
· Shapes and Sizes
· Finishes and Designs
· Colors and Perfumes
Highlights :
Shapes and Sizes :
- Square Pillars
- Round Pillars
- Rectangular Pillars
- Oval Pillars etc.
- Round Balls
- Spirals
Finishes :
- Solid Wax Finish
- Molten Finish
- RusticFinish
- Graphics
- Embossed Candles
- Debossed Candles
- Metal Embossed
New Finish
- Crackle finish
- Linen finish
Colors and Perfumes - Every Possible Range can also offer Candles with Metal Stands
All raw materials are imported viz. Wax , Colors , Perfumes etc.
Manufacturing Base :
A well equipped, organized and fully air-conditioned unit with knowledgeable production staff. The production capacity is around 20,000 Pcs. per day.
Machines:
Since they manufacture the handicraft wax candles so manpower is more than machine power. So there are 20 machines, which are well enough to meet their requirements.
Packing :
- Corrugate sheet wrapped around to protect the edges well.
- Jute string knotted for gift packing.
- Warning instructions stickers at the base of candle .
- One piece goes in one inner box.
- No. of inner box / master carton varies upon the volume and weight of candle.
- Additional packing of bubble sheet / polythene pack / thermocol cutting etc. if required
- Stickers / logo / tags etc. on the candles if provided by the customers.
They take great care for the packing and thus their packing scores the highest in the term of customer satisfaction.
· Prices are US$ / FOB.
· They are thoroughly methodical with regards to sampling .
They score on attractive final display packing of all their product, as the highest in terms of the customer satisfaction.
They are entirely capable to produce any specific quality of wax candles as per the specifications of their buyers and to deliver the same in assigned delivery schedules.
Clients : A Preview
They deal with highly reputed, renowned and largest customers in U.S.A., U.K., Canada, France, European Union, Australia.
Fairs :
They participate twice in the year in one of the biggest shows of the handicrafts in Frankfurt , namely : TENDENCE and AMBIENT and meet their present and prospective customers.
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 |
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US Dollar |
1 |
Rs.39.44 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
60 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|