MIRA
INFORM REPORT
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Report Date : |
23.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
GANSONS
LIMITED |
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Registered Office : |
Plot Nos. 157/158
(A), Akbar Camp Road, Sandoz Baug, Kolshet Road, Thane (West) - 400 607. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.08.1947 |
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Com. Reg. No.: |
11-5906 |
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CIN No.: [Company
Identification No.] |
U24110MH1947PTC005906 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKG00057B/PNEG04669A |
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PAN No.: [Permanent
Account No.] |
AAACG1699Q |
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Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Manufacturer
of Chemical Plant and other Machinery for Manufacturing Chemicals,
Pharmaceuticals etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
325000 |
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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.
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/Factory : |
Plot Nos. 157/158
(A), Akbar Camp Road, Sandoz Baug, Kolshet Road, Thane (West) - 400 607. |
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REGIONAL OFFICES |
59-B, Chowringhee Road, Kolkata - 700 020. 358, Anna Salai,Chennai - 600 006. 114, The Shopping Mall, 1ST Floor, Arjun Marg, DLF Qutub Enclave, Phase - I, Gurgaon - 122
002. |
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Factory
1 : |
G - 10, M. I. D. C. Area. Hingna Industrial Estate, Hingna Road. Nagpur
- 440 028. Plot No. C - 5/2, M I D C Area, Ambad, Nashik - 422 010. Tel. No. 91-253-2383352 Fax. No. 91-253-2382401 |
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DIRECTORS
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Name : |
Mr. N.
N. Banerjee |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Ashis Banerjee |
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Designation : |
Managing Director |
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Name : |
Mr. G. Goswami |
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Designation : |
Whole-Time Director |
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Name : |
Mr. Subroto Banerjee |
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Designation : |
Director |
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Name : |
Mr. S. J. Parekh |
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Designation : |
Director |
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Name : |
Mr. B. L. Goenka |
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Designation : |
Director |
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Name : |
Mr. V. C. Desai |
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Designation : |
Director |
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Name : |
Mr. K. M. Bhattacharya |
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Designation : |
Director |
KEY EXECUTIVES
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Name
: |
Ms.
Shweta R. Parwani |
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Designation
: |
Company
Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Chemical Plant and other Machinery for Manufacturing Chemicals,
Pharmaceuticals etc |
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Products : |
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PRODUCTION
STATUS
Licensed/Installed
capacities, are as under :-
Thane :- Capacity
fixed in terms of the quantities of various equipments.
Estimated value of Rs.
300.000 Millions.
Nagpur :- Capacity
fixed in terms of tonnage is 800 M/Tons.
Estimated value Rs.
200.000 Millions.
Nashik :- Capacity
partly in quantity, partly in value
Estimated value Rs.
75.000 Milllions
GENERAL
INFORMATION
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Customers : |
v Ajanta Pharma Limited. v Alken Laboratories Limited. v Anirox Pigments Private Limited. v Astra IDL Limited. v Bhabha Atomic Research Center v Britania Industries Limited. v Crompton Greaves Limited v Cadela Healthcare Private Limited. v Cipla Limited. v Colgate-Palmolive (I) Limited. v Dabur India Limited. v Glaxo (I) Limited. v German Remedies Limited. v Heinz India Private Limited. v Hindustan Lever Limited. v Indian Oil Corporation Limited. v J K Pharmachem Limited. v Khatau Junker Limited. v Lyka Laboratories Limited. v Lipton (I) Limited. v London Pilsner Limited. v Nirlon Limited. v Nirma Limited. |
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No. of Employees : |
125 |
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Bankers : |
v
State
Bank of India, Commercial Branch, Dadar, Mumbai-400014 |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Gokhale
and Company Chartered
Accountants |
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Address: |
104,
Siddharth Darshan, 1st Floor, Dada Patil Wadi, Behind Central
Railway, Institute, Thane (West) - 400602 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1925000 |
Equity Shares |
Rs. 10/- Each |
Rs. 19.250 millions |
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75000 |
Preference Shares |
Rs. 10/- Each |
Rs. 0.750 million |
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Total
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Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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12,40,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 12.400 Millions |
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Add. |
Shares
Forfeited |
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Rs. 0.100 Millions |
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Total |
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Rs. 12.500
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 |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.287 |
61.690 |
56.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.787 |
74.190 |
69.300 |
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LOAN FUNDS |
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1] Secured Loans |
30.125 |
48.670 |
49.100 |
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2] Unsecured Loans |
6.275 |
7.079 |
7.700 |
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TOTAL BORROWING |
36.400 |
55.749 |
56.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
119.187 |
129.939 |
126.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.379 |
69.162 |
72.400 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.004 |
0.003 |
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 |
97.251
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99.419 |
130.700 |
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Sundry Debtors |
35.767
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69.415 |
32.600 |
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Cash & Bank Balances |
25.129
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12.106 |
14.300 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
22.642
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18.023 |
32.000 |
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Total Current Assets |
180.789
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198.963 |
209.600 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
128.985
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138.189 |
145.900 |
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Provisions |
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10.000 |
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Total Current Liabilities |
128.985
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138.189 |
155.900 |
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Net Current Assets |
51.804
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60.774 |
53.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
119.187 |
129.939 |
126.100 |
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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 [including other income] |
408.490 |
361.845 |
250.600 |
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Profit/(Loss)
Before Tax |
14.923 |
10.019 |
1.400 |
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Provision
for Taxation |
4.756 |
2.420 |
1.300 |
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Profit/(Loss)
After Tax |
10.167 |
7.599 |
0.100 |
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Export
Value |
44.964 |
24.028 |
NA |
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Import
Value |
27.010 |
21.606 |
NA |
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Total
Expenditure |
393.566 |
351.825 |
248.700 |
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 |
(%) |
2.48
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2.10 |
0.03 |
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Net
Profit Margin (PBT/Sales) |
(%) |
3.65
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2.76 |
0.55 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
6.01
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4.83 |
0.49 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.18
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0.13 |
0.02 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.99
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2.61 |
3.06 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.40
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1.43 |
1.34 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
During the period
under report the Company achieved Sales of Rs.402.900 Milllions as against the
sales of Rs.387.400 Millions for the previous year. The Company has earned a
Profit of Rs.10.200 Millions for the year as compared to a profit of Rs.7.600
Millions in the previous year showing a healthy increase of 34% over previous
year.
PROSPECTS :-
Company expects to
achieve turnover of Rs.500.000 Millions in current year. Company has in hand
orders of Rs.254.200 Millions. The Company has been able to book orders
amounting to Rs.87.200 Millions during the first two months. With the economic
growth expectancy of 9.4%, the Company expects to do substantial business
during the current year.
Total Foreign
Exchange used and earned :-
The information on
Foreign Exchange Earnings and outgo is contained in Schedule "T" (
Notes attached to and forming part of the Balance Sheet as at 31st March, 2006
and the Profit and Loss Account for the year ended on that date) at items 2 and
4. During the year, Foreign Exchange earned on FOB basis has been to the extent
of Rs.44.964 Millions and Foreign Exchange expenditure amounts to Rs.19.913
Millions import of Raw Materials, Rs.7.098 Millions on import of Components and
Spares, on Travelling Rs.0.229 Millions and on Commission Rs.2.124 Millions.
Fixed Assets
v
Land
v
Leasehold
v
Factory Building
v
Office Premises
v
Machinery
v
Vehicles
v
Air Conditioners
v
Computer
Established in August 19, 1947 by the
founder, Late Sri G.N Banerjee at Lalbaug, Mumbai to manufacture gas
plants and laboratory equipments, since then the company has grown with leaps
and bounds and excelled in manufacturing both Standard and Tailor-made
machinery /equipment for pharmaceutical, food, pesticides, cosmetics and allied
industries. Inspite of severe competition from international companies due to
liberal import policy,the company succeeded in creating a 'mark' for itself.In
due course of time, the increase in demand for gansons' products paved way to
increased production thereby leading to setting up of successive factories at
Vakola, Andheri, Nagpur and Nasik.
Profile
Subject is a 54 years old manufacturing
company, has paved its way into the lives of millions of people all over the
world. Right from the start, it emphasised on quality to match international
standards, a practice that has been scrupulously followed since. Though the
company started with an aim of manufacturing laboratory equipments and gas
plants, today it stands as one of the largest manufacturer of tailor-made and
standard machinery / equipment for pharmaceutical, food, pesticides, cosmetics
and allied industries. The team here, having an innovative and creative bent of
mind and competitive spirit, coupled with continuous learning process, is
always keen to take up challenges in the field of designing new products.
The company emphasizes on quality that matches international standards
Tailormade Plant and Equipment
v Asia Pharmaceutical Industries, Syria
v Asia Dyestuff Inds. Limited. Thailand
v Balsam Pharmaceutical Co., Syria
v Diwanchand & co. (PTE), Singapore
v Sinojet Trading Limited., Hongkong
v Square Toiletries Limited., Bangladesh
v Sterling Drug (M) SDN BHD, Malaysia
v Sudanese Chemical Industries, Sudan
v United Nations Dev. Programme, Bangladesh
v United Pharmaceutical Mfg. Co. Limited.,
Jordan
v Elie Pharmaceuticals, Sudan
v Emicos International Limited., Dubai, UAE
v Equator Pharmacy Limited. Uganda
v Eskayef Bangladesh Limited., Bangladesh
v Glaxo Bangladesh Limited., Bangladesh
v Hemas Manufacturing (PTE) Limited., Sri
Lanka
v Hoechst Bangladesh Limited., Chittagong
v Keya Cosmetics Limited., Bangladesh
v Oman chemicals Co. LLC, Sultanate of Oman
v Pharco Laboratories (Nigeria) Limited.,
Nigeria
v Phoenix Leasing Co. Limited., Bangladesh
v PT Pap Guning Putri, Indonesia
v Quasem Cosmetics Limited., Bangladesh
Some of the industries they serve are as follows
v Agrochemicals
v Alcohol
v Beer
v Cosmetics
v Dairy Products
v Detergents
v Dyestuffs and Pigments
v Ferilizers
v Food Products
v Fruit Juices
v Herbicides
v Nuclear Power Plants
v Ointments
v Paints and Varnishes
v Petrochemicals
v Pharmaceuticals, Bulk Drugs and Formulations
v Phyto Chemicals
v Polyster / Nylon
v Powdered Soups
v PVC
v Resins-Alkyd, Polyster & PVA Emulsions
v Synthetic Fibre
v Toileteries - Creams, Toothpaste, Moisturiser, etc.
v Vegetable Oil and Derivatives
Products
Gansons Limited. has a wide
product range varying from Standard
Machinery / Equipment to Tailormade
Plants & Equipments for various chemical processes in order to cater
to the individual needs of each company.
Tailormade Plant and Equipment Comprises
Of:
Storage Vessels, silos and tanks - shop and site fabricated
Agitators with 300 HP drive
Autoclaves with working pressure of 30 kg/cm2
Reactors with agitators, styrene reactors, electrification reactors and
polymerisation reactors
Distillation Columns and Towers with column internals - bubble cap, sieve
plate, valve tray, montz, norton and allied type packings
Batch Distillation Units with Reboiler, Condenser, Receiver and Reflux
arrangement
Evaporators, long tube climbing film and falling types
Driers - Nauta vacuum shelf, Rotacone and tunnel
Heat Exchangers, Reboilers - shell and tube and other types
Fermentors, Yeast culture vessels
Special Equipment for Breweries and Distilleries - Alcohol Storage snd Blending
tanks, Mash Tun, Lauter Tun, Boiling Coppers, Pot Stills, Fermentation vessels
Plants and Equipment for polyster, nylon and allied synthetic fibre projects
including polymerisers
Alkyd, Phenol / Urea Formaldehyde & Polyster Resin Plants
Fatty Acid Deoderisation plants for non-edible oil, Fatty Acid Distillation
plants, Continuous Deoderisation Plants for edible oils. Low Pressure drop
distillation columns for high molecular temperature sensitive organic
chemicals.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.28 |
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UK
Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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 |
|
52 |
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 |
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