MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
GOLDWYN LIMITED |
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Registered Office : |
101 C Shiv House, Hari Nagar Ashram, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.02.1967 |
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Com. Reg. No.: |
021844 |
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CIN No.: [Company
Identification No.] |
U51909DL1967PLC021844 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG00631B |
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PAN No.: [Permanent
Account No.] |
AAACG0979K |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturing and supplying electrical assemblies, electronic assemblies,
electronic parts, wiring harness assembly, mechanical assemblies, electro
mechanical assemblies. |
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 160000 |
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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 experience 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 : |
101 C Shiv House, Hari Nagar Ashram, |
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E-Mail: |
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Head Office: |
15 and 16, Noida, Special Economic Zone, Noida – 201 305, |
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Tel No.: |
91-120-2568537 / 538 / 539 |
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Fax No.: |
91-120-2568105 |
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Factory : |
E – 20, S D F, Noida, Special Economic Zone, Noida – 201 305, |
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Tel. No.: |
91-120-2568537 / 2568538 / 2568539 / 2562488 |
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Fax No.: |
91-120-2568105 |
DIRECTORS
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Name : |
Mr. Ghanshyam Das Thirani |
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Designation : |
Director |
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Address : |
B – 104/2, |
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Date of Birth/Age : |
17.07.1914 |
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Date of Appointment : |
20.06.1984 |
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Name : |
Mr. Keshav Kumar Thirani |
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Designation : |
Director |
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Address : |
B – 104/2, |
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Mobile No.: |
91-98101 30627 |
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Date of Birth/Age : |
11.08.1947 |
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Date of Appointment : |
17.09.1984 |
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Name : |
Ms. Jayshree Thirani |
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Designation : |
Managing Director |
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Address : |
B – 104/2, |
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Date of Birth/Age : |
27.07.1949 |
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Date of Appointment : |
14.08.2000 |
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Name : |
Mr. Trevor Stevwart |
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Designation : |
Director |
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Address : |
Schulstr 3, 78343, |
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Date of Birth/Age : |
20.07.1961 |
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Date of Appointment : |
09.2.2004 |
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Name : |
Mrs. Girija Jhunjhunwala |
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Designation : |
Independent Director |
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Address : |
M 61, Greater Kailash Part 1, |
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Date of Birth/Age : |
27.01.1971 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Ms. Aditi Jain |
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Designation : |
Independent Director |
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Address : |
A – 46, New Friends Colony, |
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Date of Birth/Age : |
30.06.1978 |
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Date of Appointment : |
26.05.2006 |
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Name : |
Mr. Shivakant Jhunjhunwala |
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Designation : |
Director |
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Address : |
M 61, Greater Kailash Part 1, |
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Date of Ceasing : |
30.10.2003 |
KEY EXECUTIVES
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Name : |
Mr. Ajay Goel |
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Designation : |
General manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Other Shareholders: |
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Sunil M. Darda |
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1500 |
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Sriram Vasudeo Phodka |
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500 |
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Arjun Kumar Jain |
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500 |
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Gopal Kumar |
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500 |
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Hira Kartar |
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500 |
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K G Modi |
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500 |
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K V |
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500 |
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L P Soni |
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500 |
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Mahesh Kumar Bhawsenghka |
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500 |
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Nirmal Kumari Kothari |
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500 |
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Raj Kumar Chordia |
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500 |
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Sonia Sahni |
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500 |
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Subhash Chand Nahar |
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500 |
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Sushil Kumar Jain |
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500 |
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Beena Jain |
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500 |
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B K Sharma |
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500 |
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Sukhmal Chand Jain |
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500 |
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Shashi Bhang |
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500 |
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Bharath |
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500 |
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P M Bothra |
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500 |
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Foreign
Holdings: |
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TRW Automotive JV LLV |
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400000 |
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Bodies
Corporates Holding : |
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30300 |
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Venture Capital Leasing limited |
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300 |
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Senko Securities Private Limited |
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100 |
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Allday Investrade Private Limited |
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100 |
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Magan Lal Synthetics Private Limited |
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100 |
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Sujata Commercial Private Limited |
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100 |
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Planet Investment Finance Limited |
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100 |
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Category |
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Percentage
of Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
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40.00 |
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Bodies Corporate (not mentioned above) |
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3.10 |
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Directors or relatives of directors |
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55.51 |
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Other top fifty (50) shareholders (other than listed above) |
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1.39 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and supplying electrical assemblies, electronic
assemblies, electronic parts, wiring harness assembly, mechanical assemblies,
electro mechanical assemblies. |
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Products : |
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PRODUCTION STATUS
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Products |
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Unit |
Installed
Capacity |
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Automobile Parts |
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Nos. |
5200.000 |
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Other Parts |
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Nos. |
800.000 |
GENERAL INFORMATION
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Bankers : |
v
Central Bank of Noida, Special Economic Zone, Noida – 201
305, v
ICICI Bank Noida, |
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Facilities : |
Secured Loan:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sushil Jeetpuria and Company Chartered Accountants |
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Address : |
501, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1750000 |
Equity Shares |
Rs. 10.00 each |
Rs. 17.500 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 |
17.500 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.311 |
21.943 |
18.993 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.811 |
31.943 |
28.993 |
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LOAN FUNDS |
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1] Secured Loans |
15.183 |
1.495 |
0.960 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
15.183 |
1.495 |
0.960 |
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DEFERRED TAX LIABILITIES |
1.738 |
2.108 |
2.213 |
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TOTAL |
58.732 |
35.546 |
32.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.720 |
11.977 |
11.695 |
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Capital work-in-progress |
12.492 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
5.249
|
4.311 |
1.363 |
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Sundry Debtors |
11.409
|
1.935 |
12.172 |
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Cash & Bank Balances |
14.913
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12.440 |
8.863 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.693
|
6.802 |
4.242 |
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Total
Current Assets |
35.264
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34.487 |
26.641 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.743
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10.919 |
6.171 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
8.743
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10.919 |
6.171 |
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Net Current Assets |
26.520
|
23.569 |
20.471 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.732 |
35.546 |
32.166 |
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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 |
60.122 |
42.214 |
40.309 |
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Other Income |
0.690 |
0.692 |
0.701 |
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Increase / (Decrease) in Stock |
0.000 |
0.097 |
0.015 |
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Total Income |
60.812 |
43.003 |
41.025 |
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Profit/(Loss) Before Tax |
4.502 |
4.809 |
6.350 |
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Provision for Taxation |
0.000 |
1.859 |
1.751 |
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Profit/(Loss) After Tax |
4.502 |
2.950 |
4.599 |
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Export Value |
NA |
36.446 |
35.890 |
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Expenditures : |
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Raw Material Consumed |
21.334 |
11.458 |
10.776 |
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Manufacturing and Maintenance Expenses |
0.000 |
3.463 |
2.881 |
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Salaries, Wages and bonus |
9.861 |
9.791 |
8.292 |
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Managerial Remuneration |
0.997 |
1.091 |
1.184 |
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Depreciation and amortization |
2.929 |
2.143 |
2.116 |
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Other Expenditure |
21.189 |
10.248 |
9.426 |
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Total Expenditure |
56.310 |
38.194 |
34.675 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
7.40
|
6.86 |
11.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.49
|
11.39 |
15.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.19
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10.35 |
16.56 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.15 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.57
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0.39 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
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3.16 |
4.32 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Plant and Machinery
v
Leasehold Improvement
v
Electric Installation
v
Furniture and Fixtures and Office Equipments
v
Vehicle
v
Computer
Contingent
Liability
Sales Tax demand for the financial year 1990-91 amounting to Rs. 0.129
million is outstanding against which company has filed rectification
application which is pending with the Sales Tax Officer
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Name of the company |
GOLDWYN LIMITED |
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Presented By |
Shri. K K Thirani
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1) Date and description of instrument creating the change |
20.09.2005 Loan Agreements
for Mortgage of Buildings and Plant and Machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
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 |
Mortgage of
Building at Plot No.15 and 16, Noida, Special Economic Zone, Noida and Mortgage of Plant
and Machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Loan
Agreement for mortgage of Building and Plant and Machinery |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of Special Economic Zone, Noida |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Website details attached:
An ISO certified organization; subject
specializes in undertaking sub contract work for overseas manufacturers. Well
equipped with a state of the art manufacturing unit and backed by highly
competent and dedicated team of engineers, they have the expertise to undertake
high quality assembly or reworking jobs of any kind. They also accept tooling
and jigs and fixtures on a returnable basis. They guarantee their clients
confidentiality of designs and reduced cost to improve competitiveness.
PRODUCTS
They have the skills to manufacture the
following types of assemblies and products according to the clients’
specifications and designs:
- Custom Built Switches
- Connectors
- Automotive Switches
- Plastic Injection Moulded Parts
- Press Parts
- Mechanical Assemblies
- Electro Mechanical Assemblies
- Electrical Assemblies
- Electronic Assemblies
- Electronic Parts
They can also reproduce complex assemblies
from samples.
SERVICES
At subject, they also specialize in and
offer the following services:
- Multi -Platform CAD/CAE Integration 3 D Modeling & Assembly
- Concept Design
- Existing Product Re Styling
- Product Styling
- Product Graphics
- Manufacture of Tools & Dies
- Design of Jigs & Fixtures
- Finite Element Analysis
INFRASTRUCTURE
The foundation of subject is based on a
sound infrastructure. Their state of the art manufacturing unit is well
equipped with the following machineries:
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Injection Moulding Machines |
Power Presses |
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Special Purpose Assembly Machines |
Pad Printing Machines |
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Wave Soldering Machine |
Spot Welding Machine |
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Electric Spark Erosion Machine |
Vertical Milling Machine |
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Jig Boring Machine |
Lathe |
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Drilling Machines |
Unigraphics NX 2 and IDEAS Tool Design
Software |
“To prosper and grow with their customers by
deriving advantage from constant improvement in products, services, performance
and cost.”
At subject, they assure the complete
satisfaction with their on time deliveries & work quality that meets the
best international practices and standards.
Primary
Competitive Advantages
v Quality Product
v Assured Delivery
v Competitive prices
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. 39.33 |
|
|
1 |
Rs. 79.74 |
|
Euro |
1 |
Rs. 55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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. |
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 |
|