MIRA
INFORM REPORT
|
Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GADRE MARINE EXPORT PRIVATE LIMITED |
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Registered Office : |
Plot FP-1, MIDC (Mirjole Block), Ratnagiri
- 415 639, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.05.1994 |
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Com. Reg. No.: |
11-78366 |
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CIN No.: [Company
Identification No.] |
U51223PN1994PTC078366 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPG00465D |
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PAN No.: [Permanent
Account No.] |
AABCG4138R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Procurement, Processor, Marketer, Exporter, and Dealer of
Marine Food Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 624288 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. If has huge amount of accumulated
losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions in view of accumulated losses. |
LOCATIONS
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Registered Office : |
Plot FP-1, MIDC (Mirjole Block), Ratnagiri
- 415 639, Maharashtra, India |
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Tel. No.: |
91-2352-230967 / 230533 / 231002 / 231003 |
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Mobile No.: |
9823020132 ( Mr. Deepak Gadre ) 9823020136
( Mr. Arjun Gadre ) |
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Fax No.: |
91-2352-230968 |
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E-Mail : |
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Website : |
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Corporate Office : |
3298 A, Mirkar Wada, Ratnagiri- 415 612, Maharashtra, India |
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Tel. No.: |
91-2352-232570/ 232868/ 232882 |
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Fax No.: |
91-2352-232121 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Deepak Pandurang Gadre |
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Designation : |
Director |
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Address : |
725 H, Opposite Power House, Nachane Road, Ratnagiri- 415 639, Maharashtra, India |
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Date of Birth/Age : |
17.10.1947 |
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Date of Appointment : |
12.05.1994 |
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Name : |
Mrs. Meena Deepak Gadre |
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Designation : |
Director |
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Address : |
725 H, Opposite Power House, Nachane Road, Ratnagiri- 415 639, Maharashtra, India |
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Date of Birth/Age : |
08.12.1951 |
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Date of Appointment : |
25.07.1999 |
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Name : |
Mr. Arjun Deepak Gadre |
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Designation : |
Managing Director |
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Address : |
725 H, Opposite Power House, Nachane Road, Ratnagiri- 415 639, Maharashtra, India |
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Date of Birth/Age : |
22.12.1975 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(AS ON 31.03.2005)
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Names of Shareholders |
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No. of Shares |
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Deepak P Gadre |
|
746500 |
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Meena Gadre |
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1500 |
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Arjun Gadre |
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1000 |
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Anjali A Gadre |
|
1000 |
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Deepak P Gadre |
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50000 |
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Total |
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800000 |
(AS ON 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Procurement, Processor, Marketer, Exporter, and Dealer of
Marine Food Products |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
K. C. Jain Nagar, “Paras Plaza”
Near Maruti Mandir, Ratnagiri – 415612, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kunte and Chaugule Chartered Accountants |
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Address : |
Ayodhya Towers, Building No. 1, 2nd Floor, 511-E-Ward, Station Road, Kolhapur- 416 001, Maharashtra, India |
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Tel. No.: |
91-231-651061 |
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Fax No.: |
91-231-656012 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1300000 |
Equity Shares |
Rs.100/- each |
Rs.130.000 Millions |
|
100000 |
Preference Shares |
Rs.1000/- each |
Rs.100.000 Millions |
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Total |
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Rs.230.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.100/- each |
Rs.125.000 Millions |
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100000 |
Preference Shares |
Rs.1000/- each |
Rs.100.000 Millions |
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Total |
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Rs.225.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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225.000 |
125.000 |
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2] Share Application Money |
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19.000 |
25.500 |
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3] Reserves & Surplus |
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8.195 |
8.195 |
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4] (Accumulated Losses) |
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(96.123) |
(67.503) |
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NETWORTH |
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156.072 |
91.192 |
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LOAN FUNDS |
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1] Secured Loans |
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371.114 |
313.392 |
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2] Unsecured Loans |
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264.531 |
172.500 |
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TOTAL BORROWING |
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635.645 |
485.892 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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791.717 |
577.084 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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270.601 |
261.461 |
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Capital work-in-progress |
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354.938 |
120.723 |
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INVESTMENT |
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25.000 |
25.000 |
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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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47.641 |
44.771 |
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Sundry Debtors |
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65.786 |
86.487 |
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Cash & Bank Balances |
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71.988 |
70.096 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
41.184 |
31.981 |
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Total
Current Assets |
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226.599 |
233.335 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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81.238 |
62.797 |
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Provisions |
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4.462 |
0.916 |
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Total
Current Liabilities |
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85.700 |
63.713 |
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Net Current Assets |
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140.899 |
169.622 |
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MISCELLANEOUS EXPENSES |
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0.279 |
0.278 |
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TOTAL |
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791.717 |
577.084 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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629.876 |
357.873 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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629.876 |
357.873 |
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Profit/(Loss) Before Tax |
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(28.446) |
(17.049) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(28.446) |
(17.049) |
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Expenditures : |
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Interests |
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13.521 |
11.093 |
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Depreciation & Amortization |
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18.603 |
16.660 |
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Other Expenditure |
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626.201 |
347.169 |
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Total Expenditure |
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658.325 |
374.922 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(4.52) |
(4.76) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(4.52) |
(4.76) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(5.72) |
(3.44) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.18) |
(0.19) |
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Debt Equity Ratio (Total Liability/Networth) |
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4.62 |
6.03 |
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Current Ratio (Current Asset/Current Liability) |
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2.64 |
3.66 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is to carry in India or elsewhere the business of procurement, processing, marketing, exporting and dealing of marine products and a variety of sea foods and the business of fishing for all kinds of sea foods and to act as processors of all type of sea foods by all type of manners and converting sea foods into fish meal and by products.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90082999 |
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Corporate
identity number of the company |
U51223PN1994PTC078366 |
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Name of the
company |
GADRE MARINE EXPORT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot FP-1, MIDC (Mirjole Block), Ratnagiri -
415 639, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
Bank of Baroda, K. C. Jain Nagar, “Paras Plaza” Near Maruti Mandir, Ratnagiri – 415612, Maharashtra,
India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
22.01.2007 |
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Amount secured by
the charge |
Rs. 463.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest FCTL [ECB] US $
4.34 million – 200 bps over 6 months US $ LIBOR or as advised by
international division : Term loan Rs.35
millions – BPLR i.e. 12 % p.a. with monthly rest. PC/PCFC Rs.59.200
Millions – LIBOR + 75 bps + 1 % service charges or as advised by
International division FCBP/FCBD Rs.140
Millions – LIBOR + 75 bps + 1 % service charges or as advised by
International division. Terms of Repayment FCTL [ECB] US $
4.34 million to be repaid in 20 quarterly installments of US $ 0.258 million
each commencing 01.11.2005 Term Loan Rs.35
Millions to be repaid in 20 quarterly installments of Rs.1.750 millions to
commence after 3 months of first disbursement. Margin FCTL [ECB] US $
4.34 million Margin 49.49 % Term Loan Rs.35
Millions – margin 25 % for plant and machinery and 33 % for construction PC / PCFC
Rs.59.200 Millions – Margin 10 % Import letter of
credit Rs.20.000 Millions Margin 25 % Bank guarantee
Rs.10 Millions Margin 10 % Extent and Operation of the charge The property
hypothecated and mortgaged in favour of the Bank is a counting security for
due repayment discharge and redemption by the Company of the borrowing
aggregating to Rs.463.800 Millions together with interest compound interest
and additional interest in case of default, penal interest, liquidated
damages, commitment charges, premia on prepayment or on redemption, guarantee
commission, costs, charges and expenses etc. |
|
Short particulars
of the property charged |
Borrower’s Stocks
or raw materials, stock – in – process, finished goods, consumables spares
and packing materials, all the book debts, all movable machinery, all stores
and spares parts both present and future lying in the Company’s / leased
premises or Godown and all the vehicles. Land and Building
situated at Plot No. FP – 1 and FP – 1 Part, MIDC, Mirjole Industrial Area,
Ratnagiri |
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Particulars of
the present modification |
The charge
created on 14.01.2005 for securing borrowing of Rs.388.300 Millions is now
extended to secure additional borrowing of Rs.105.500 Millions from the same
Bank. Total amount secured by the charge is Rs.463.800 Millions |
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.93 |
|
UK Pound |
1 |
Rs.79.34 |
|
Euro |
1 |
Rs.62.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
37 |
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 |
|