MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GNA DURAPARTS PRIVATE LIMITED |
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Registered Office : |
311, Prestige Chamber, 2nd
Floor, Opposite Narinder Cinema, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.03.1980 |
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Com. Reg. No.: |
16-4154 |
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CIN No.: [Company
Identification No.] |
U34300PB1980PTC004154 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Speed Gears, Axles, Propeller Shafts, Crown Wheel
Pinion Seats. |
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 35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
311, Prestige Chamber, 2nd
Floor, Opposite Narinder Cinema, |
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Tel. No.: |
91-1827-2301 (6 lines)/ 91-1882-262273 |
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Fax No.: |
91-1827-2627/ 91-1882-262302 |
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E-Mail : |
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Manufacturing Units & Administration Office |
Plants:
Mehtiana - 146001 Distt. Hoshiarpur ( Email:
gnamht@jla.vsnl.net.in |
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Tel. No.: |
91-1882-262273(7lines) |
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Fax No.: |
91-1882-262302,
262280 |
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E-Mail : |
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Manufacturing Units & Administration Office |
Plant:
Bundala-141304 Distt. Jalandhar ( |
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Tel. No.: |
91-1826-70101
(5 lines)/ 91-1826-62301 (6 lines) |
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Fax No.: |
91-1826-70025/
91-1826- 62627 |
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E-Mail : |
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Marketing Offices : |
Located at : v
v
Kolkata v
Mumbai v
Chennai v
v
v
Jaipur v
Pune v
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DIRECTORS
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Name : |
Mr. Gursaran Singh |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Birth/Age : |
27.09.1938 |
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Date of Appointment : |
21.03.1980 |
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Name : |
Mrs. Harjinder Kaur |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Appointment : |
19.07.1980 |
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Name : |
Mr. Gurdeep Singh |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Birth/Age : |
04.01.1967 |
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Date of Appointment : |
03.09.1991 |
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Name : |
Mr. Ranbir Singh |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Birth/Age : |
04.12.1961 |
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Date of Appointment : |
15.09.1988 |
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Name : |
Mr. Jasvinder Singh |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Birth/Age : |
26.07.1958 |
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Date of Appointment : |
15.09.1988 |
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Name : |
Mr. Rachhpal Singh |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Birth/Age : |
19.06.1933 |
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Date of Appointment : |
19.07.1988 |
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Name : |
Mr. Maninder Singh |
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Designation : |
Director |
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Address : |
VPO Bundala, District Jalandhar, |
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Date of Birth/Age : |
08.12.1959 |
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Date of Appointment : |
15.09.1988 |
KEY EXECUTIVES
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Name : |
Mr. Santosh Kumar Pradhan |
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Designation : |
Company Secretary |
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Tel No.: |
91-11-41608147/ 26452691 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Gursaran Singh |
975 |
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Mrs. Harjinder Kaur |
300 |
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Mr. Maninder Singh |
1655 |
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Mr. Ranbir Singh |
1655 |
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Mr. Jasvinder Singh |
1655 |
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Mr. Rachhpal Singh |
1825 |
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Gursaran Singh & Sons |
1250 |
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Mr. Gurdeep Singh |
1855 |
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Mr. Rachhpal Singh and Mrs. Harjinder Kaur |
1978 |
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Mr. Gursaran Singh and Mrs. Mohinder Kaur |
1878 |
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Total |
14826 |
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Category |
Percentage of
Holding |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Speed Gears, Axles, Propeller Shafts, Crown Wheel
Pinion Seats. |
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Products : |
v
Forgings v
Automobile Components and Accessories |
GENERAL INFORMATION
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Customers : |
Off- Highway Sector |
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Bankers : |
Punjab National Bank, Goraya Bank
of |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
G S Syal & Company Chartered Accountants |
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Address : |
Syal House, Lajpat Nagar Market, Jalandhar-144401, |
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Group Companies
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Axles
Division Company
Name : GNA Axles Limited Contact
Person : Jasvinder Singh (Director Marketing) Address: VPO Mehtiana, Distt.
Hoshiarpur - 146001 Punjab ( Phone
: 91-1882-262273 (7 Lines) Established 1994 Covered
Area (Sq. Mtr.) 20000 Products
: Rear Axle Shafts, Hydraulic Lift Shafts, Power Take Off Shafts, Spindle
Beams Gear
& Gear Box Division Company
Name : GNA Duraparts Contact
Person : Gurdeep Singh Address : VPO Mehtiana, Distt. Hoshiarpur -
146001 Punjab ( Phone
: 91-1882-262273 (7 Lines) Established 1994 Covered
Area (Sq. Mtr.) 20000 Products
: Spur Bevel & Pinions, Bull Gears & Pinion Shafts, Internet Ring
Gears, Planet Carrier, Gear Boxes for Agriculture Equipments, Flanges Propeller
Shaft Divison Company
Name : GNA Udyog Limited Contact
Person : Maninder Singh Address: Bundala, Distt.
Jalandhar, Punjab ( Phone
: 91-1826-270101 (5 Lines) Established 1994 Covered
Area (Sq. Mtr.) 10000 Products
: Propeller Shaft Assy., Inter Drive Shaft Assy. Steering Components, Front
Hubs & Knuckles. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14826 |
Equity Shares |
Rs.100/-
each |
Rs.1.482
millions |
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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1.482 |
1.482 |
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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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7.367 |
7.284 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.849 |
8.766 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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8.849 |
8.766 |
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TOTAL |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.149 |
0.160 |
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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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5.254 |
5.254 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.095 |
0.136 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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12.440 |
7.294 |
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Total
Current Assets |
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12.535 |
7.430 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.081 |
4.078 |
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Provisions |
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0.008 |
0.000 |
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Total
Current Liabilities |
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9.089 |
4.078 |
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Net Current Assets |
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3.446 |
3.352 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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8.849 |
8.766 |
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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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0.145 |
0.056 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.145 |
0.056 |
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Profit/(Loss) Before Tax |
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0.091 |
0.005 |
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Provision for Taxation |
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0.008 |
0.000 |
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Profit/(Loss) After Tax |
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0.083 |
0.005 |
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Total Expenditure |
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0.054 |
0.051 |
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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57.24 |
8.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
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62.76 |
8.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.51 |
0.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.03 |
0.46 |
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Current Ratio (Current Asset/Current Liability) |
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1.38 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
GNA DURAPARTS
PRIVATE LIMITED |
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Presented By |
Mr. Jaswinder Singh, director |
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1) Date and description of instrument creating the change |
Agreement dated 12.09.1990 against steel price differential |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 millions IPRS limit |
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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 |
In all movable property covering |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 8.65% upto 90 days at 16% therefore in area of default 2% extra Repayable o demand extent and operation 100% |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank, Goraya |
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6) Date and brief description of instrument modifying the charge |
Agreement dated 23.04.1991 against steel price differential |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
IPRS limit enhanced from Rs.0.500 millions to Rs.1.500 millions Other terms and conditions remain the same. |
Website Details:
INCEPTION OF THE COMPANY
The existence of GNA came into being in 1946, in a small
village called Bundala in District Jalandhar of Punjab. Subject has made its
presence prominent not only in
Today, more than 6000 families are proud to be associated
with this giant colossal tree that bloomed from a seedling sown 55 years ago.
Founded with a modest beginning by Late Mr. Amar Singh Ji and nourished by his
sons Mr. Rachhpal Singh and Mr. Gursaran Singh, with the artistic creativity
that was gifted to the next generation by tradition, Subject is now boosted and
taken care by the third generation Mr. Jasvinder Singh, Mr. Maninder Singh, Mr.
Ranbir Singh and Mr. Gurdeep Singh. Today GNA group has created an important
place for itself in Indian as well as Global Automotive Industry.
GNA group is on a fast moving track towards growth and
globalization. The company has a large customer base covering different sectors
of the automotive industry with diversified product range. Along with this the
company shows steady growth profile even during the time when there is demand
fluctuations in the automotive sector.
Subject is an Original Equipment supplier to various
Automobile Majors besides having a strong presence in the replacement
market.GNA has been accredited with ISO 9002 and QS 9000 certifications for its
quality systems, holds a reliable name in the world of automotive components.
Quality Management at GNA is a timeless concept wherein, changes in customer
expectations is a driving force to go beyond conformance to standards.
Subject sincerely believes in technology up-gradation for
keeping a competitive edge. Indeed, this explains the continuous replacement of
conventional manufacturing equipment with modernized transfer lines resulting
in increased productivity and efficiency at low cost. GNA’s core competency
lies in its strong knowledge base of engineering and over 55 years of
experience in manufacturing. GNA has come a long way yet journey toward
excellence is never ending.
Products :
v
Right Angle Drive Gear Boxes
Customers
Quality excellence has earned subject the unserving
confidence of leading automotive manufacturers. And that's why its components
are used as ORIGINAL EQUIPMENT in vehicles manufactured by Indian giants with
international know-how: Telco (Mercedes Benz), Ashok Leyland Limited (British
Leyland, Iveco), Maruti Udyog Limited (Suzuki Motors Company,
Subject’s products are also OE for indigenous manufacturers
like Punjab Tractors Limited and Mahindra and Mahindra Limited.
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.40.36 |
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|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|