MIRA
INFORM REPORT
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Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
KALA GEAR ENGINEERING PRIVATE LIMITED |
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Registered Office : |
53-54, Veena Dalvi Industrial Estate, S.V Road, Oshiwara, Jogeshwari
(W), Mumbai-400102, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.10.1961 |
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Com. Reg. No.: |
11-12163 |
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CIN No.: [Company
Identification No.] |
U99999MH1961PTC012163 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK13538A |
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PAN No.: [Permanent
Account No.] |
AAACK2284K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Gear and Gear Boxes, Reduction Gears and Gear Cutting |
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 8000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Tikam Gandhi |
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Designation : |
Managing Director |
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Contact No.: |
91-9833310102 |
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Date : |
31.07.2008 |
LOCATIONS
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Registered Office : |
53-54, Veena Dalvi Industrial Estate, S.V Road, Oshiwara, Jogeshwari (W),
Mumbai-400102, Maharashtra, India |
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Tel. No.: |
91-22-26784416/26780491 |
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Fax No.: |
91-22-26784416 |
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E-Mail : |
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Website : |
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Area : |
1900 Sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Tikam Gandhi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
67 years |
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Qualification : |
Engineering |
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Name : |
Mr. Sameer Gandhi |
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Designation : |
Director |
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Date of Birth/Age : |
39 years |
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Qualification : |
B.com |
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Name : |
Mr. Kishandas Gandhi |
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Designation : |
Director |
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Address : |
Govind Nivas, Dadabhai Road, Vile Parle-(W), Mumbai-57, Maharashtra,
India |
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Date of Appointment : |
21.10.1961 |
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Name : |
Mr. Govindram Kishandas Gandhi |
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Designation : |
Director |
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Address : |
Govind Nivas, Dadabhai Road, Vile Parle-(W), Mumbai-57, Maharashtra,
India |
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Date of Appointment : |
21.10.1961 |
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Name : |
Mr. Bansilal Kishandas Gandhi |
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Designation : |
Director |
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Address : |
Govind Nivas, Dadabhai Road, Vile Parle-(W), Mumbai-57, Maharashtra,
India |
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Date of Appointment : |
21.10.1961 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kishandas Dilberdas Gandhi |
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50 |
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Mr. Govindram Kishandas Gandhi |
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50 |
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Mr. Bansilal Kishanlal Gandhi |
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50 |
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Total: |
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150 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gear and Gear Boxes, Reduction Gears and Gear Cutting |
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Products : |
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Terms : |
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Selling : |
Cash, Credit (Depends) |
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Purchasing : |
Cash, Credit (60 days) (Depends) |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
05 (In Office), 10 (Workers) Total:15 |
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Bankers : |
Development Credit Bank Limited, 154 S.V Road East, Dongri Branch,
Mumbai-400009, Maharashtra, India |
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Facilities : |
CC –Rs. 0.500 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
NGS and Company (Chartered Accountant) |
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Address : |
Goregaon (East), Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs.100/- each |
Rs.0.200 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1065 |
Equity Shares |
Rs.100/-
each |
Rs.0.106
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.106 |
0.106 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.494 |
1.128 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.600 |
1.234 |
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LOAN FUNDS |
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1] Secured Loans |
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0.814 |
0.466 |
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2] Unsecured Loans |
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0.402 |
0.365 |
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TOTAL BORROWING |
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1.216 |
0.831 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.816 |
2.065 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.927 |
1.455 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.018 |
0.018 |
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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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1.017 |
1.380 |
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Sundry Debtors |
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2.137 |
1.078 |
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Cash & Bank Balances |
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0.011 |
0.078 |
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Other Current Assets |
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0.098 |
0.102 |
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Loans & Advances |
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0.433 |
0.188 |
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Total
Current Assets |
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3.696 |
2.826 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.825 |
2.234 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.825 |
2.234 |
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Net Current Assets |
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0.871 |
0.592 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.816 |
2.065 |
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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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20.817 |
15.293 |
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Other Income |
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0.073 |
0.029 |
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Total Income |
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20.890 |
15.322 |
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Profit/(Loss) Before Tax |
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1.396 |
0.990 |
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Provision for Taxation |
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0.221 |
0.181 |
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Profit/(Loss) After Tax |
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1.175 |
0.809 |
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Expenditures : |
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Raw Material Consumed |
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12.480 |
8.646 |
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Salaries, Wages, Bonus, etc. |
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1.182 |
0.813 |
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Managerial Remuneration |
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0.289 |
0.285 |
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Payment to Auditors |
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0.020 |
0.013 |
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Interest |
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0.026 |
0.012 |
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Insurance Expenses |
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0.000 |
0.008 |
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Power & Fuel |
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0.202 |
0.113 |
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Depreciation & Amortization |
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0.265 |
0.205 |
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Other Expenditure |
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5.030 |
4.237 |
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Total Expenditure |
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19.494 |
14.332 |
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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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5.62 |
5.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.71 |
6.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.75 |
23.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.87 |
0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.52 |
2.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.31 |
1.26 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- L.T Limited
- Tata
Consllans Service
- Piaggio Vehicles
Private Limited
Form No.8:
Bankers Charges
Report as per Registry
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Name of the company |
KALA GEAR
ENGINEERING PRIVATE LIMITED |
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Presented By |
Development
Credit Bank Limited, Jogeshwari Branch, Mumbai-4, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement For
Hypothecation Of Stocks Dated 31.07.1989 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.100 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 |
Hypothecation of
all the stocks of the company including raw materials, semi finished and
other goods which are lying at the company’s factory and godowns and wherever
else in the country. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@5.00%p.a OBR with minimum of @17.50%p.a Margin:25% |
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5) Name and Address and description of the person entitled to the charge. |
Development
Credit Bank Limited, Jogeshwari Branch, Mumbai-400102, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of tangible
movable property dated 22.04.2003 and letter of recording for collateral
equitable mortgage with same property is taken as security for additional
limit either in same or another account dated 22.04.2003 |
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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. |
The Original
Charege Dated 31.07.1989 For Rs. 0.100 Million Was Modified As Under
Now By The
Present Modification, The Limit Increased From Rs. 0.300 Million To Rs. 0.400
Million By Additional Sanction For Rs. 0.100 Million And The Charge Is
Further Secured By Way Of Hypothecation Of All Tangible Movable Asset Of The
Borrower Including In Particular Stock Of Precision Gears And Gear Part
Including Therein The Stock For The Time Being Whether Raw Or Manufactured Or
In Process Of Manufacture. And Also All Produced Goods And Any And Every
Tangible Movable Assets Of The Borrower Whether Now Lying Or At Any Time
Hereafter During The Continuance Of This Security Lying At 53-54, Veena
Dalvai Industrial Estate, S.V Road, Jogeshwari (E), Mumbai-400102 Or Wherever
Else The Same May Be Or Be Held By Any Party Any Where To The Order And
Disposition Of The Borrower Or In The Course Of Transit To The
Borrower And Also Secured By Way Of Equitable Mortgage By Deposit Of
Title Deeds Of Property. Plot No. 53-54 Situated At Veena Dalvai Industrial
Estate, S.V Road, Jogeshwari, (W), Mumbai-400102, Maharashtra, India. Rate Of
Interest- 17% P.A. Margin-17%. Other Terms And Conditions Remain Unchanged. |
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Corporate
identity number of the company |
U99999MH1961PTC012163 |
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Name of the
company |
KALA GEAR
ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
53-54, Veena
Dalvai Industrial Estate, S.V Road,
Jogeshwari(West),Mumbai400102,Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Development
Credit bank Limited 154, S.V Road, Dongri
Branch, Credit administration Departments, Jogeshwari (W), Mumbai-400102,
Maharashtra, India CIN No.
U99999MH1995PLC089008 Email: vijaykurankurnkar@dcbl.com |
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Nature of
instrument creating charge |
Working Capital
Agreement |
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Date of
instrument Creating the charge |
08.04.2006 |
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Amount secured by
the charge |
Rs. 0.500 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest: @
110.50% Margin: NA Repayment: On
Demand/ Annual Review |
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Description of
the property charged indicating whether it is a charged on |
Immovable
Properties |
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Particulars of
the property charged |
The Charge is
secured by property at Unit No. 54, Veena Dalvai Industrial Estate, S.V Road,
Jogeshwari (W), Mumbai-400102, Maharashtra, India |
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 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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
|
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 |
|