MIRA
INFORM REPORT
|
Report Date : |
29th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GULATI
INDUSTRIAL FABRICATION PRIVATE LIMITED |
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Registered Office : |
1404,
Chiranjiv Tower, 43, Nehru Palace, New Delhi – 110 019, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.03.1990 |
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Com. Reg. No.: |
55-39682 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC039682 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKG03328D |
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PAN No.: [Permanent
Account No.] |
AAACG0049C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of Steel Parts of Crane, Gas Generation and Recovery Plant, Hydraulic Mobile
Crane. |
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
65000 |
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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 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 : |
1404,
Chiranjiv Tower, 43, Nehru Palace, New Delhi – 110 019, India |
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Tel. No.: |
91-11-26319718/
26447075/ 26447076/ 41608246 |
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Fax No.: |
91-11-26426647 |
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E-Mail : |
info@gifindia.com , gifindia@airtelbroadband.in , gifindia@vsnl.com |
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Website : |
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Head
Office : |
1404,
Chiranjiv Tower, 43, Nehru Palace, New Delhi – 110 019, India |
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Tel.
No.: |
91-11-26319718/
26447075/ 26447076/ 41608246 |
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Fax
No.: |
91-11-26426647 |
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E-Mail
: |
info@gifindia.com , gifindia@airtelbroadband.in , gifindia@vsnl.com |
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Factory
1 : |
Plot
No. 262-L, Sector 24, Faridabad – 121 005, Haryana, India |
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Tel.
No.: |
91-129-2232141/
2238007/ 2230606 |
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Fax
No.: |
91-129-4066707 |
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E-Mail
: |
info@gifindia.com , gifindia@airtelbroadband.in , gifindia@vsnl.com |
DIRECTORS
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Name : |
Mr.
Sanjay Gulati |
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Designation : |
Managing
Director |
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Address : |
House
No. 1059, Sector – 15, Faridabad – 121 007, Haryana, India |
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Date of Birth/Age : |
03.06.1965 |
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Date of Appointment : |
15.05.1990 |
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Name : |
Mrs.
Sunita Gulati |
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Designation : |
Director
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Address : |
House
No. 1059, Sector – 15, Faridabad – 121 007, Haryana, India |
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Date of Birth/Age : |
06.01.1966 |
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Date of Appointment : |
31.03.1994 |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mrs.
Sudha Rani Gulati |
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10 |
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Mrs.
Sunita Gulati |
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10 |
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Mr.
Sunil Gulati |
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10 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Steel Parts of Crane, Gas Generation and Recovery Plant, Hydraulic Mobile
Crane. |
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Products with ITC Code : |
Steel
Parts of Crane – 843139.09 Gas
Generation and Recovery Plant – 840590.00 Hydraulic
Mobile Crane – 842612.00 |
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GENERAL
INFORMATION
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Bankers : |
UTI
Bank Limited Trishul,
3rd Floor, Opp Samartheshwar Temple, Law Garden, Ellisbridge,
Ahmedabad – 380 006, Gujarat, India Bank
of India NIT,
Faridabad, Haryana, India |
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Facilities : |
Subject
enjoys mortgage facility from UTI Bank Limited dated 27.05.2006. Subject
enjoys mortgage facility of Rs. 15.000 millions from Bank of India dated
05.05.2005 |
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Banking Relations : |
Satisfactory |
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Auditors : |
Chordiya
and Company Mr.
Devendra Chordiya Chartered
Accountants |
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Address : |
826,
Sector 15A, Faridabad – 121 007, Haryana, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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100000 |
Equity
Shares |
Rs. 100/- |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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57400 |
Equity
Shares |
Rs. 100/- |
Rs. 5.740 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.740 |
5.000 |
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2] Reserves & Surplus |
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11.235 |
5.305 |
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NETWORTH |
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16.975 |
10.305 |
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LOAN FUNDS |
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1] Secured Loans |
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22.982 |
11.473 |
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2] Unsecured Loans |
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12.092 |
11.767 |
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TOTAL BORROWING |
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35.074 |
23.240 |
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TOTAL |
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52.049 |
33.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.045 |
12.004 |
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Capital work-in-progress |
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2.926 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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40.384 |
9.153 |
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Sundry Debtors |
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23.933 |
17.772 |
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Cash & Bank Balances |
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1.668 |
3.229 |
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Loans & Advances |
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10.497 |
4.863 |
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Total Current Assets |
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76.482 |
35.017 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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44.538 |
12.175 |
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Provisions |
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0.334 |
1.301 |
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Total Current Liabilities |
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44.872 |
13.476 |
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Net Current Assets |
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31.610 |
21.541 |
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MISCELLANEOUS EXPENSES |
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1.468 |
0.000 |
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TOTAL |
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52.049 |
33.545 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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96.382 |
68.159 |
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Profit/(Loss)
Before Tax |
|
3.223 |
2.639 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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3.223 |
2.639 |
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Total
Expenditure |
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93.159 |
65.520 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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3.34 |
3.87 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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3.34 |
3.87 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.37 |
5.61 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.19 |
0.25 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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5.62 |
4.56 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.70 |
2.60 |
LOCAL AGENCY
FURTHER INFORMATION
About Group
Gulati Group is a privately owned professionally managed ISO 9001:2000
certified company started in 1992 and has 3 divisions to serve the Global
customers. The Company is an associate member of All India Industrial Gas
Manufacturers Association (AIIGMA), Engineering & Export Promotion Council
(EEPC), Has approvals from ARAI (Automotive Research Association of India
affiliated to the Ministry of surface Transport and Shipping) CCOE (Chief
Controller of Explosives) & member of (FICCI) Faridabad Industrial Chamber
of Commerce and Industry.
Gulati Group is a one-stop provider for CO2, Pick and Carry
Hydraulic Mobile Cranes division- Omega and Fabrication division of heavy and
medium equipments for various sector of the Industry. They continue widening
international and domestic markets, developing new products and applications,
expanding its skills through recruiting and training the best talents.
Gulati Group is a dynamic company, with a legacy dating back
15 years to the first practical Heavy
equipment built for ISGEC. The Company was manufacturing medium to heavy
equipments and parts for diversified industries viz Cement, Construction,
Chemical, Power, Gas etc. Some equipments fabricated include Crystallisers and
Pressure Vessels (Hydro tested up to 150 bars), pipelines, Test beds &
Furnaces, Storage tanks for Oil, Liquid CO2, Galvanizing pots, Reactors &
Distillation columns, Scrubber Columns & Heat Exchangers etc.
The evolution of cryogenic technology and the
ensuing demand for gas separation, purification and liquefaction have certainly
brought changes to our business and our name. The CO2 Plants and Equipment Division was started in 2001 with our
association with Wittemann as the technical collaborators. Wittemann is a world
recognized brand in their field & is now a part of Cryogenic Group. The
Group started with the design manufacture & commissioning of skid mounted
plants systems and components for application for the beverages, breweries
& industrial gas processing industries. As an integrated
engineering/manufacturing/construction company, the group offers complete
customer service ranging from smallest capacity plant to medium to large
capacities and is one-stop provider for CO2 and associated equipments. These
plants are now being supplied under our own brand name without any support from
other former partners. This division continues to strive for opportunities in
other areas of Industrial Gas including Oxygen & Nitrogen plants, Hydrogen
etc.
“Crane Division-
OMEGA”- the Unbeatable
A
lot of construction equipments viz booms, loaders arms, buckets etc were
already being made & supplied for a long time including some overseas
customers with whom the company had long term contracts. Complete Hydra Cranes
under the brand Omega was launched formally in 2005 when the company decided to
cater to the customers directly. Complete manufacturing, assembly, testing
& and shipping including support for after sales service is handled
separately under the “Omega“. The capacities being made are of 9tons, 11 tons,
12 tons and 16 tons.
Bankers
Charges Report as per Registry
Name of the Company : Satyam Infoway Limited
Presented by : --
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1.
Date and description of the instrument creating or evidencing the charge
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Agreement
of hypothecation of tangible movable property for CC (hypothecation of stock)
limit dated 15.02.2005 |
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2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
15.000 millions |
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given |
Hypothecation
of all tangible movable assets of the borrower including in particular all
types of CO2 Compressor, Chiller Units, Drayers, Valves, Gauges, Diesel
Engines, Tyres, Hydraulic Components, Electrical Fittings, Jacks, etc, work
in process semi finished goods and finished goods, whether now lying or at
any time during the continuance of this security in the borrower’s premises
or and godowns at Faridabad or whether situated and or in transit. |
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4.
Gist of the terms and conditions and extent and operation of the charge. |
First
charge by the way of hypothecation of tangible movable assets mentioned in
item no. 3 and such assets of the nature described in item no. 3 as are or
may at any time to be in the possession or power of the company to secure the
Cash Credit Limit (hypothecation of stocks) limit of Rs. 15.000 millions.
Interest being payable on the daily debit balance of account at the rate of
1.50 % over BPLR present effective rate being 12.25% p.a. or at such rate as
may from time be fixed by the bank and notified to the borrower and shall be
calculated and charged in accordance with the practise of the bank. |
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5.
Names, address and description of the
persons entitled to charge |
Bank
of India NIT,
Faridabad, Haryana, India |
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6.
Date and brief description of instrument modifying the charge |
N A |
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7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
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.44.27 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
|
46 |
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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