MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
T AND D GALIAKOT CONTAINERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
25.04.1997 |
|
|
|
|
Com. Reg. No.: |
107569 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28992MH1997PTC107569 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT11664C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT5835D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Barrels. |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Maximum Credit Limit : |
USD 163916 |
|
|
|
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Unknown |
|
|
|
|
Comments : |
Financial position of the company can be regarded as poor having
substantial accumulated losses. It’s payment are slow. Ways and means
position is difficult. The company can be considered for any business dealings on safe and
secured trade terms and conditions, only. |
INFORMATION PARTED
BY
|
Name : |
Mr. Kulkarni |
|
Designation : |
Accounts Manager |
|
Date : |
09.04.2008 |
LOCATIONS
|
Registered Office : |
125, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22634517 |
|
Fax No.: |
91-22-22634517 |
|
E-Mail : |
|
|
|
|
|
Factory : |
102/1, Village Kala, Silvassa |
|
Location : |
Owned by company |
|
|
|
|
Corporate Office : |
66, 6th Floor, Market Chambers III, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22843758/ 22843705 |
|
Fax No.: |
91-22-22048801 |
|
E-Mail : |
|
|
Location : |
Owned by director |
DIRECTORS
|
Name : |
Mr. Sushant Sheth |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harshad Sheth |
|
Designation : |
Director |
|
Address : |
9-B, Geetanjali, Navroji Gamadia Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
10.03.1942 |
|
Date of Appointment : |
25.04.1997 |
|
|
|
|
Name : |
Mr. Mahendra Sheth |
|
Designation : |
Director |
|
Address : |
Shiv Tirth No.1, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
22.12.1948 |
|
Date of Appointment : |
25.04.1997 |
|
|
|
|
Name : |
Mr. Dhiren Sheth |
|
Designation : |
Director |
|
Address : |
15-A, Khalau House, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
|
|
|
Name : |
Mr. Bakulesh C. Sheth |
|
Designation : |
Director |
|
Address : |
7-E, Sundatta Apartments, Mount Pleasant Road, Malabar Hill, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
14.01.1946 |
|
Date of Appointment : |
25.04.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Bakulesh C. Sheth |
|
220000 |
|
Mr. Harshad Sheth |
|
80000 |
|
Mrs. Harsha Sheth |
|
140000 |
|
Mr. Karan Mahendra Sheth |
|
50000 |
|
Mr. Mahendra Sheth |
|
80000 |
|
Mrs. Rakha Harshad Sheth |
|
50000 |
|
Mr. Dhiren Sheth |
|
45000 |
|
Mr. Manish Narendra Sheth |
|
45000 |
|
Mr. Sushant Sheth |
|
40000 |
|
Galiakot Containers Private Limited |
|
750000 |
|
|
|
|
|
Total |
|
1500000 |
(As on 31.03.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate (Not mentioned above) |
|
50.00 |
|
Directors or relatives of directors |
|
50.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Barrels. |
GENERAL
INFORMATION
|
No of Employees : |
60 |
|
|
|
|
Bankers : |
19/21, Ambalal
Doshi Marg, Fort Branch, Mumbai – 400023, Maharashtra, India
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
K S Aiyar and Company Chartered Accountant |
|
Address : |
F-7, Laxmi Mills, Shakti Mill Lane (Office E Moses Road) Mahalaxmi,
Mumbai – 400011, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
15.000 |
15.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
51.389 |
57.089 |
|
|
4] (Accumulated Losses) |
|
(25.410) |
(25.769) |
|
|
NETWORTH |
|
40.979 |
46.320 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
44.969 |
23.861 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
44.969 |
23.861 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
85.948 |
70.181 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
45.908 |
48.718 |
|
|
Capital work-in-progress |
|
0.746 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
6.485 |
6.485 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
14.022 |
12.136 |
|
|
Sundry Debtors |
|
22.387 |
14.355 |
|
|
Cash & Bank Balances |
|
0.168 |
0.029 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
6.216 |
4.265 |
|
Total
Current Assets |
|
42.793 |
30.785 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
9.508 |
15.505 |
|
|
Provisions |
|
0.476 |
0.316 |
|
Total
Current Liabilities |
|
9.984 |
15.821 |
|
|
Net Current Assets |
|
32.809 |
14.964 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.014 |
|
|
|
|
|
|
|
|
TOTAL |
|
85.948 |
70.181 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover
(Estimated) |
|
135.344 |
94.968 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
135.344 |
94.968 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.472 |
(11.427) |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.472 |
(11.427) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interests |
|
11.423 |
10.358 |
|
|
Depreciation |
|
2.688 |
2.687 |
|
|
Other Expenditure |
|
120.761 |
93.350 |
|
Total Expenditure |
|
134.872 |
106.395 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
|
0.35 |
(12.03) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.35 |
(12.03) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.53 |
(14.38) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.34 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.29 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
T AND D GALIAKOT CONTAINERS PRIVATE LIMITED |
|
Presented By |
Bank of
Maharashtra, Fort Branch, Mumbai |
|
1) Date and description of instrument creating the change |
31st
May, 2000 – Composite Deed of Hypothecation for all facilities. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
Millions |
|
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 |
Fund Based : Cash
Credit against Hypothecation of Book Debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin: 40% Interests: PLR+3%
Tax On Interests At Present 12.50%
+ 3% = 15.81% with quarterly rests. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra 19/21, Ambalal
Doshi Marg, Fort Branch, Mumbai – 400023, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
25th
February, 20036 Composite Deed of
Hypothecation for all facilities. |
|
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. |
By this
modification modifying original charge registered on 23.06.2000 at S. No.14
By reducing the cash credit facilities from Rs.10.000 Millions to Rs.7.500
Millions for providing working capital against hypothecation of inventory
viz, stocks of raw materials, semi finished and finished goods, stores and
spares not relating to plant and machinery (consumable stores and spares),
bills receivable book debts out standing up to 90 days only. Margin of 25% in
Bank Favour at rate of Interests of 4% above PLR minimum being 15.50% p.a.
with monthly rest. The above
facilities shall be collaterally secured by way of 2nd charge on
fixed assets of the company situated at silvasa. |
|
Name of the company |
T AND D GALIAKOT CONTAINERS PRIVATE LIMITED |
|
Presented By |
Jointly by the
company and Bank of Maharashtra |
|
1) Date and description of instrument creating the change |
Composite Deeds
of Hypothecation for all facilities dated 31st May 2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
Millions |
|
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 |
First and
exclusive charge and security by way of hypothecation security charge in
favour of the Bank over the borrowers present and future movable plants,
machinery goods, stock of raw materials item inventories stock in process,
semi finished and finished goods stores and spares not relating to plant and
machinery (consumable stores and spares),stock in trade, goods in process,
movable in transit bills receivable and book debts and all of the borrower
other movable assets and properties both present and future situated or
located at any place and place at any time and the borrower goodwill and all
outstanding monies claims receivable book debts due or become due to the
borrower at any time to time and all other the borrower right titles or
interests therein. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests :
PLR+3% Tax On Interests At Present 12.50%
+ 3% = 15.81% with quarterly rests. Margin: 40% Security to cover
principal amount together with interests, costs, charges, expenses etc. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra Cuffe Parade
Branch, Mumbai – 400005Com, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Composite Deed of
Hypothecation for all facilities dated 23rd August, 2005 |
|
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. |
First
modification on 07.02.2001 charge enhanced from Rs.10.000 Millions to
Rs.17.500 Millions enhanced limits further secured by equitable mortgage of
immovable property being non-agricultural land bearing survey No.102/1/2 at
Village Kala (Silvassa) in the union Territory of Dadra and Nagar Haveli Second
Modification On 25.02.2003 charge reduced to Rs.7.500 Millions By present
Modification charge enhanced to Rs.44.275 Millions details of credit
facilities as under:
Total
- Rs.44.275 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.40.02 |
|
UK Pound |
1 |
Rs.79.44 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
9 |
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 |
|