MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
GANGA SINGH ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Gala No. 1, Vishal Industrial Estate,
Near Ceat Tyres, Bhandup (West), Mumbai – 400 078, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.10.1993 |
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Com. Reg. No.: |
074441 |
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CIN No.: [Company
Identification No.] |
U28920MH1993PTC074441 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08398F |
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PAN No.: [Permanent
Account No.] |
AAACG0566C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Can Seamer Machine |
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 22544 |
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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 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 : |
Gala No. 1, Vishal Industrial Estate, ( West), Mumbai – 400 078, |
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Tel. No.: |
91-25963556 |
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Mobile No.: |
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Fax No.: |
91-22-25669312 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Bamrah Gangasingh Waryam |
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Designation : |
Directors |
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Address : |
Flat No. 2, Goverdhan Nagar, Building No. B - 119, Ground Floor, L.B.S
Marg, Mulund ( West), Mumbai – 400 080, |
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Date of Birth/Age : |
12.05.1947 |
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Date of Appointment : |
12.10.1993 |
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Name : |
Mrs. Bamrah Balwant Kaur Gangasingh |
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Designation : |
Directors |
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Address : |
Flat No. 2, Goverdhan Nagar, Building No. B - 119, Ground Floor, L.B.S
Marg, Mulund ( West), Mumbai – 400 080, |
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Date of Birth/Age : |
30.05.1957 |
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Date of Appointment : |
12.10.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Bamrah Gangasingh |
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555 |
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Mrs. Bamrah Balwant Kaur Gangasingh |
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545 |
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Mr. Bamrah Gurdeep |
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500 |
Equity Share Break – up ( Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Can Seamer Machine. |
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Exports : |
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Countries : |
Bulgaria, Dubai and Sharjah, U.A.E., Brunei, Dhaka,
Bangladesh, Egypt, Jordan, Mauritius, Nigeria, Yemen, Fiji (Island), Jeddah,
Saudi Arabia, Mayanmar (Burma), Philippines, Srilanka, Croatia, East Africa,
Finland, Guatemala, Central America, Muscat and Mukaqllah, Sultanate o Tanzania, U S S R |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rathi and Associates Chartered Accountants |
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Address : |
3, Jamilla Shopping Centre, Opposite Shivsena Office, J M Road, Bhandup
(west), Mumbai – 400 078, Maharastra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600 |
Equity Shares |
Rs. 100/-
each |
Rs.0.160
million |
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 |
0.160 |
0.160 |
0.160 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.476 |
5.261 |
5.030 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.636 |
5.421 |
5.190 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.010 |
0.013 |
0.000 |
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TOTAL |
5.646 |
5.434 |
5.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.663 |
1.788 |
1.871 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.874 |
0.808 |
0.755 |
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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 |
1.000
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0.554 |
0.000 |
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Sundry Debtors |
1.533
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1.427 |
0.705 |
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Cash & Bank Balances |
3.541
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2.644 |
2.441 |
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Deposits and Advances |
0.000
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0.000 |
3.281 |
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Stock in Trade |
0.000
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0.000 |
1.086 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.508
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3.778 |
0.000 |
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Total
Current Assets |
9.582
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8.403 |
7.513 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.030
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5.071 |
4.091 |
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Provisions |
0.443
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0.494 |
0.858 |
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Total
Current Liabilities |
6.474
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5.565 |
4.949 |
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Net Current Assets |
3.109
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2.838 |
2.564 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.646 |
5.434 |
5.190 |
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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 |
12.407 |
14.852 |
7.279 |
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Other Income |
0.000 |
0.000 |
0.235 |
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Total Income |
12.407 |
14.852 |
7.514 |
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Profit/(Loss) Before Tax |
0.390 |
0.426 |
0.357 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.390 |
0.426 |
0.357 |
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Earnings in Foreign Currency : |
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Total Earnings |
3.282 |
0.426 |
0.000 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
1.744 |
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Administrative Expenses |
0.000 |
0.000 |
1.684 |
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Raw Material Consumed |
0.000 |
0.000 |
4.310 |
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Depreciation & Amortization |
0.187 |
0.187 |
0.185 |
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Other expenses |
11.830 |
14.239 |
0.000 |
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Total Expenditure |
12.017 |
14.426 |
7.923 |
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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 |
(%) |
3.14
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2.86 |
4.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.14
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2.86 |
4.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.46
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4.18 |
3.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.07 |
5.54 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.14
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1.02 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.48
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1.50 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the
company |
GANGA SINGH ENGINEERING PRIVATE LIMITED |
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Presented
By |
Jointly company
and chargeholder |
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1) Date and
description of instrument creating the change |
1. Hypothecation
of goods to secure Demand Cash Credit and 2. Packing Credit
agreement both dated 15.09.98 and together constituting a single charge |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.1.500 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 |
Stocks of raw
material, semi finished machines and ready machine – Tin Can making machinery
which are now or which may hereafter from time to time be stored at the
company’s godowns or premises at T, Vishal Industrial Estate, Village Road,
opposite Ceat Tyres, Bhandup (west), Mumbai – 400 078 or wherever else the
same may be including any such goods
in course of transit. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
i) Security to be available as first
charge ii) Interest @ 8.5% over RBI rate with a
minimum of 17.5% p.a. or such other rates as fixed by the bank from time to
time. Iii) Margin @ 25% iv) Bank to have power of entry, power to appoint
receiver, power of sale, etc. v) Security to cover principal amount
together with interest, costs, charges, expenses, etc. |
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5) Name and
Address and description of the person entitled to the charge. |
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FIXED ASSETS:
- Plant and Machinery
- Computer
- Factory Premises
- Furniture and Fixtures
- Type Writer
- Air Conditioner
- Fax Machine
- Bicycle
- Scooter
- Staff Quarter
- EPABX System
WEBSITE DETAILS:
Subject was established in 1981 with a vision to manufacture high quality and dependable Tin Container Machinery. Mr. Ganga Singh Bamrah, the Managing Director, has 30 Years of work experience in this field. The company was promoted by Mr. Ganga Singh Bamrah in the year 1981 as a proprietorship concern. In the year 1992 he promoted the company as a Private Limited concern to create goodwill.
The company started out manufacturing Round and Irregular can seaming machine
which at that time was imported by buyers in
Now, complete Semi - Automatic can making line is available for Round can,
Rectangular can and Oval can under one roof.
Over the past two decades, they have supplied more than 600 machines in the
domestic and international markets. All the machines are manufactured under
stringent quality control standards, and are performing successfully in various
locations all over the world including UAE,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.71 |
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1 |
Rs.82.26 |
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Euro |
1 |
Rs.55.66 |
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 |
NO |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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