MIRA
INFORM REPORT
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Report Date : |
24.3.2007 |
IDENTIFICATION
DETAILS
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Name : |
GRAN OVERSEAS LIMITED |
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Registered Office : |
4/5B, 2nd Floor, Asaf Ali Road, New Delhi – 110002 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.2000 |
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Com. Reg. No.: |
55-108652 |
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CIN No.: [Company
Identification No.] |
U31909DL2000PLC108652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEGL05228G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Deals in number of products e.g. Engineering products, Dairy Products,
Commodities, Stones 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 40000 |
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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 : |
4/5B, 2nd Floor, Asaf Ali Road, New Delhi – 110002 |
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Tel. No.: |
91-11-23246327/23246173/23286123 |
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Mobile No.: |
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Fax No.: |
91-11-23267139 |
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E-Mail : |
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Website : |
http://www.granoverseas.com |
DIRECTORS
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Name : |
Mr. Pawan Kumar Singla |
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Designation : |
Chairman |
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Address : |
20/61, West Punjabi Bagh, New Delhi. |
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Name : |
Mr. Sandeep Singla |
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Designation : |
Director |
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Address : |
20/61, West Punjabi Bagh, New Delhi |
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Name : |
Mr. Pradeep Singla |
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Designation : |
Director |
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Address : |
20/61, West Punjabi Bagh, New Delhi |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100 % |
BUSINESS DETAILS
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Line of Business : |
Deals in number of products e.g. Engineering products, Dairy Products,
Commodities, Stones etc. |
GENERAL
INFORMATION
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No. of Employees : |
About 75 |
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Bankers : |
Oriental Bank of Commerce New Delhi – 110001 ABN Amro Bank –N.V 15,Hansalaya, Barakhamba Road, New Delhi – 110001.1 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
M/s Aggarwal & Mahajan Chartered Accountants |
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Address : |
Hisar (Haryana) |
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Memberships : |
Federation of Indian Export Organizations
(FIEO) PHD House, 3rd
Floor, Opposite Asian Games Village, New Delhi-110016 Agricultural & Processed Food Products Export Development Authority (APEDA) 3RD Floor, Ansal
Chambers No.2, Bhikaji Cama Place, New Delhi -110066. Export Promotion Council For Handicrafts (EPCH) 6, Community Centre (I &
II Floor) Basant Lok, Vasant Vihar, New Delhi-110016. Engineering Export Promotion Council (EEPC) Surya Kiran (4th Floor), 19 Kasturba Gandhi Marg, New
Delhi-110055. PHD Chamber of Commerce &
Industries (PHDCCI) PHD house, Opposite Asian Games Village, New Delhi – 110016 India Trade Promotion Organization (ITPO) Pragati Maidan, New Delhi – 110001. Delhi Chamber Of Commerce D – 49, Rani Jhansi Road, New Delhi.
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Associates : |
1) Laxmi Pipes Limited Manufactures of ERW
Galvanised and Black Mild Steel Pipes (Parent Company 2) Sri Ram Tubes Private
Limited Manufacturers of
Polyester Nylon Zip Fasteners. The plant is based on latest Japanese
Technology 3) Hi-Luck Polyesters Private
Limited Sophisticated Extruders up to 250mm size |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Share |
Rs. 10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
241,400 |
Equity Share |
Rs. 10/-
each |
Rs.2.414
milions |
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 |
2.414 |
0.507 |
0.507 |
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2] Share Application Money |
1.580 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.231 |
2.799 |
0.937 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.225 |
3.306 |
1.444 |
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LOAN FUNDS |
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1] Secured Loans |
32.592 |
0.181 |
0.430 |
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2] Unsecured Loans |
20.000 |
35.434 |
1.381 |
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TOTAL BORROWING |
52.592 |
35.615 |
1.811 |
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DEFERRED TAX LIABILITIES |
0.146 |
0.103 |
0.104 |
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TOTAL |
61.963 |
39.024 |
3.359 |
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APPLICATION OF FUNDS |
0.000 |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
1.345 |
0.975 |
0.845 |
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Capital work-in-progress |
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INVESTMENT |
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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 |
44.080
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11.094 |
0.000 |
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Sundry Debtors |
1.601
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0.304 |
0.000 |
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Cash & Bank Balances |
7.055
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12.811 |
1.924 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
23.946
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17.388 |
2.937 |
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Total
Current Assets |
76.682
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41.597 |
4.861 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.620
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2.300 |
2.384 |
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Provisions |
1.470
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1.280 |
0.000 |
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Total
Current Liabilities |
16.090
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3.580 |
2.384 |
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Net Current Assets |
60.592
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38.017 |
2.477 |
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MISCELLANEOUS EXPENSES |
0.026 |
0.032 |
0.039 |
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TOTAL |
61.963 |
39.024 |
3.359 |
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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 |
121.013 |
67.756 |
24.559 |
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Other Income |
1.052 |
0.988 |
1.958 |
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Total Income |
122.065 |
68.744 |
26.517 |
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Profit/(Loss) Before Tax |
3.944 |
3.141 |
0.199 |
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Provision for Taxation |
1.512 |
1.280 |
0.000 |
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Profit/(Loss) After Tax |
2.432 |
1.861 |
0.199 |
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Expenditures : |
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Administrative Expenses |
0.000 |
36.373 |
4.886 |
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Raw Material Consumed |
0.000 |
0.000 |
0.000 |
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Purchases made for re-sale |
34.700 |
37.889 |
20.769 |
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Salaries, Wages, Bonus, etc. |
1.783 |
0.000 |
0.000 |
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Payment to Auditors |
0.011 |
0.000 |
0.000 |
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Interest |
3.263 |
2.328 |
0.565 |
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Insurance Expenses |
0.152 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.157 |
0.105 |
0.097 |
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Other Expenditure |
78.051 |
0.000 |
0.000 |
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Total Expenditure |
118.117 |
76.695 |
26.317 |
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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 |
(%) |
1.99
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1.271 |
0.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.25
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2.12 |
0.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
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7.37 |
3.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.42
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0.95 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.44
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11.85 |
2.90 |
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Current Ratio (Current Asset/Current Liability) |
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4.76
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11.61 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
As per Website Details
GRAN OVERSEAS LTD.
is the International marketing wing of Laxmi Group of Companies. It looks after
all the export activities of the group. The company deals in a number of products
e.g.Engineering products, Dairy Products, Commodities, Stones etc.
Gran Overseas was
established to encourage a roubust growth and capture a healthy market share of
the Global businesss for the products of the Laxmi Group Companies.
At present, they
have grown to a much larger organization and along with the products of their
group companies, they are now involved in several other projects. Their
long-term business strategy in the international market has earned a very good
name for itself. Over the years they have networked India in a very efficient
manner and thus now, it is easier for us to source anything from the domestic
market.
"GRAN
OVERSEAS" has the backing of the LAXMI GROUP, which has an enviable
presence in Pipes (E.R.W Galvanized and Black Steel Tubes/Pipes.), Rigid PVC
Pipes, and Nylon Zips & Fasteners etc.
With an aim to
achieve the best possible results and continuous growth, their highly
professional workforce who is guided by their functional experience . Gran
Overseas has an excellent track record, sound management and capabilities to
understand the specific needs of all their clients. The company is the proud
bearer of SGS evaluate, awarded by SGS Generale de Surveillance SA.
With their result-oriented workforce, "GRAN" can fulfil all
the requirements of their buyers, from around the world. Their immensely
satisfied customer base is centred around the USA, Europe, Canada, Middle East,
Australia, Madagascar, Muscat, Zambia, South Africa etc. Their dedicated and
highly experienced team in the technical, financial and marketing stream keep
close contact with the international buyers. They assure Quality Products, and
accurate delivery schedule of all their products to their valuable clientele.
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Name of the Company |
GRAN OVERSEAS LIMITED |
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Presented by |
Shri Pawan Kumar Singla |
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1) Date and description of the instrumental
creating the charge |
Agreement of hypothecation of Asset at
13.07.05 |
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2) Amount secured by the charge/amount
owning on security of the charge |
Rs. 100.000 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 stock in trade, Foreign
Documentary Demand/usance Bill & hypothecation of all field assets
(Existing &future) counter guarantor of the party. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Margin 25 |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Banking Commerce, A Block connaught
place, New Delhi – 110001 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate identity No.(CIN) or foreign
company registration number of the company |
U31909DL2000PLC108652 |
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Name of the Company |
GRAN OVERSEAS LIMITED |
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Address |
4/5B, 2nd Floor, Asaf Ali Road,
New Delhi -110002 |
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This form is for |
Creation of charge |
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Type of charge |
Equitable mortgage or mortgage of property
by depositing the title deeds |
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Whether consortium finance is involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder(s) |
ABN Amro Bank –N.V. 15, Hansalaya, Barakhamba Road, New Delhi –
110001 E-Mail – slathiacs71@yahoo.co.in |
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Nature or description of the instrument
creating charge |
Home Loan Document |
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Date of the instrument creating charge |
30.06.2006 |
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Amount secured by the charge |
8.340 millions |
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Brief of the principle terms and conditions
(e.g rate of interest, terms of repayment, margin etc.) and extent and
operation of the charge |
The amount of Loan Repayable in 240
installments of 0.079 millions each at 9.75% rate of interest per annum. |
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Date of acquisition of the property |
12.06.2006 |
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Particulars of the property charged |
First charge on companies property situated
at 102, 1st Floor, Yower-01, Orchid Belmonte, Orchid course Road
Gurgaon, Haryana. |
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Description of the property charged
indicating whether it is a charge on |
Immovable property |
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Whether the property is registered in the
name of the company |
Yes |
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.43.39 |
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UK Pound |
1 |
Rs.85.16 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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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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