MIRA
INFORM REPORT
|
Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GATIMAN AUTO PRIVATE LIMITED |
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Registered Office : |
S-4/4, Sector No.1, Pithampur, District – Dhar, Dhar – 454775, Madhya
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.04.1990 |
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Com. Reg. No.: |
10-5781 |
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CIN No.: [Company
Identification No.] |
U34300MP1990PTC005781 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG04608C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Auto Parts |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 198356 |
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Status : |
Good |
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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 fine track.
Trade relations are fair. Business is active. General financial position is
good. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Suresh Yadav |
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Designation : |
Senior Executive |
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Date : |
24.04.2008 |
LOCATIONS
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Registered Office/ Factory: |
S-4/4, Sector No.1, Pithampur, District – Dhar, Dhar – 454775, Madhya
Pradesh, India |
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Tel. No.: |
91-7292-53228/ 253367/ 501400 |
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Mobile No.: |
91-9300131008 |
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Fax No.: |
91-7292-252398 |
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E-Mail : |
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Website : |
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Locations : |
Owned |
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Factory |
Plot No. 69 - 70, Sector
I, Pithampur - 454775, India Tel. : 91-7292-501 402 Fax : 91-7292-252 398 Associated Manufacturing Company D - 3 / 80, M. I. D. C., Chinchwad, Pune 411019,
India Tel. : 91-20-2747 5299 Fax : 91-20-2747 0006 Sharayu Precision D - 3 / 38 - 2, M. I. D. C., Chinchwad, Pune - 411019,
India Tel. : 91-20-2747 5298 Fax : 91-20-2747 0006 |
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Head Office : |
C – 56, Abhimanshree Society, N. C. L.
Road, Pune - 411008, India |
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Tel No.: |
91-20-2747 5299 |
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Fax No.: |
91-20-2747 0006 |
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Email : |
DIRECTORS
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Name : |
Mr. Shah Bhogilal Ashvinkumar |
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Designation : |
Whole Time Director |
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Address : |
343/17 Mira Society, Shankar Sheth Road, Pune – 411037, Maharashtra,
India |
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Date of Birth/Age : |
27.05.1949 |
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Date of Appointment : |
10.04.1990 |
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Name : |
Mr. Kothadiya Motichand Prafull |
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Designation : |
Whole Time Director |
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Address : |
Plot No.108 Sector FH, Scheme No, 54. Indore – 452008, Madhya Pradesh,
India |
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Date of Birth/Age : |
12.02.1944 |
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Qualifications : |
Engineer |
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Date of Appointment : |
10.04.1990 |
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Name : |
Mr. Chuttar Bhikchand Subhash |
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Designation : |
Whole Time Director |
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Address : |
C-56 Abhi Manshree Society, NCL Road, Pune – 411038, Maharashtra,
India |
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Date of Birth/Age : |
30.8.1943 |
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Date of Appointment : |
10.04.1990 |
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Name : |
Mr. Jain Babulal Shyam |
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Designation : |
Whole Time Director |
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Address : |
838 Shivaji Nagar, BMCC Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
04.12.1946 |
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Date of Appointment : |
10.04.1990 |
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Name : |
Mr. Dwivedi Harsharan Ramgirish |
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Designation : |
Nominee Director |
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Address : |
Finance House, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
01.07.1953 |
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Date of Appointment : |
28.01.2004 |
KEY EXECUTIVES
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Name : |
Mr. Neelkanth G. Limaye |
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Designation : |
Company Secretary |
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Address : |
810, Sadashiv Peth, Jaldeep Complex, Br. Gadgil Street, Pune – 411030,
Maharashtra, India |
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Tel No.: |
91-20-24472448/ 25447271 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 19.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Shah Bhogilal Ashvinkumar |
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15900 |
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Mr. Chuttar Bhikchand Subhash |
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15900 |
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Mr. Jain Babulal Shyam |
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15900 |
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Mr. Dwivedi Harsharan Ramgirish |
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15900 |
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Total |
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63600 |
(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 : |
Manufacturer of Auto Parts |
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Products : |
Auto Parts |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
300 |
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Bankers : |
·
ICICI Bank
Limited Laxmi Tower, M G
Road, Indore · State Bank of
India (Indore and Pune Branch) |
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Facilities : |
CC Limit Rs.1.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V P Maybhate Chartered Accountant |
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Address : |
418, Narayan Peth, Pune – 411030, Maharashtra, India |
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Associates/Subsidiaries : |
Associated
Manufact Company Pune (Manufacturer of Auto Parts) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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63600 |
Equity Shares |
Rs.100/-
each |
Rs.6.360
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.360 |
6.360 |
6.360 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.229 |
35.855 |
29.766 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
49.589 |
42.215 |
36.126 |
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LOAN FUNDS |
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1] Secured Loans |
41.891 |
38.420 |
43.634 |
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2] Unsecured Loans |
46.390 |
42.063 |
35.613 |
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TOTAL BORROWING |
88.281 |
80.483 |
79.247 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
137.871 |
122.698 |
115.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.220 |
43.372 |
40.815 |
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Capital work-in-progress |
2.987 |
1.568 |
0.000 |
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INVESTMENT |
6.901 |
6.230 |
4.825 |
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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 |
20.261
|
27.455 |
28.792 |
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Sundry Debtors |
64.325
|
57.146 |
44.810 |
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Cash & Bank Balances |
0.228
|
1.434 |
1.776 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.079
|
13.889 |
8.208 |
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Total
Current Assets |
110.893
|
99.924 |
83.586 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.327
|
20.481 |
13.518 |
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Provisions |
9.876
|
8.158 |
0.790 |
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Total
Current Liabilities |
30.203
|
28.639 |
14.308 |
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Net Current Assets |
80.690
|
71.285 |
69.278 |
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MISCELLANEOUS EXPENSES |
0.073 |
0.243 |
0.455 |
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TOTAL |
137.871 |
122.698 |
115.373 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
210.386 |
175.198 |
141.234 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
210.386 |
175.198 |
141.234 |
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Profit/(Loss) Before Tax |
14.375 |
13.457 |
10.773 |
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Provision for Taxation |
4.463 |
4.830 |
1.077 |
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Profit/(Loss) After Tax |
9.912 |
8.627 |
9.696 |
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Import Value |
1.007 |
0.249 |
NA |
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Expenditures : |
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Financial Charge |
3.316 |
3.993 |
3.607 |
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Depreciation |
7.525 |
7.366 |
6.874 |
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Other Expenditure |
185.170 |
150.382 |
119.980 |
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Total Expenditure |
196.011 |
161.741 |
130.461 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.71
|
4.92 |
6.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.83
|
7.68 |
7.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.09
|
9.39 |
8.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.32 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.39
|
2.58 |
2.59 |
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Current Ratio (Current Asset/Current Liability) |
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3.67
|
3.49 |
5.84 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Eicher Motor Limited, Pithampur
· Eicher Tector, Bhopal
· LNT, Pithampur
Form 8:
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Name of the company |
GATIMAN AUTO PRIVATE LIMITED |
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Presented By |
Mr. Ashvin B.
Shah, Director |
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1) Date and description of instrument creating the change |
Date 20th
July 2005 Vehicles Loan Cum
Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.318 Million |
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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 |
Santro Car –
Model 2005 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment By 36
monthly installment of Rs.9638 each, which shall commence from 7th
August, 2005 Rate of
Interests: 6.09% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited Laxmi Tower, M G
Road, Indore |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
As per website:
Profile:
The Group owes its humble beginning to the vision of 4
technocrats who in year 1975 laid the foundation of the group with Sharayu
Precision. Over the years, understanding the need of our customers for precision
stampings and assemblies, the Group added Metal Stamping and Tool making
capabilities to its portfolio by establishing Associated Manufacturing Company,
Pune in 1984 to expand its operations and product range; it established Gatiman
Auto Pvt. Ltd., Indore in 1988. The group has strived constantly to understand
the needs of its customers and the industry and has acquired product
development capabilities and also added surface coating facilities.
Gatiman Group is dedicated to manufacturing of quality metal stampings,
assemblies and FRP components. It offers tool and product engineering and
contract manufacturing services. Their success comes from a well qualified,
highly trained and dedicated employee base. Gatiman boasts one of the highest
engineers to technician’s ratio in the industry it works in. Gatiman enjoys a
very good relationship with its customers and is involved early on in the
product development cycle.
Under the aegis of Mr. Subhash Chuttar, Shyam Jain their
promoter directors, the group has been doing path defining work by employing
mentally and physically challenged individuals.
The contributions of the group are well acknowledged by the society and the
Government of India and were honored with “NCPEDP-Shell Helen Keller Award” in 2003
and National Award by India’s honorable President, Dr. Abdul Kalam in 2004.
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.39.95 |
|
UK Pound |
1 |
Rs.79.46 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|