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MIRA
INFORM REPORT
|
Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GHODAWAT INDUSTRIES (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
GHODAWAT PAN MASALA PRODUCTS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Plot No.438, P B No.118, Post Chipri (Via Jaysingpur), Kolhapur –
416101, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.11.1993 |
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Com. Reg. No.: |
11-74899 |
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CIN No.: [Company
Identification No.] |
U16001MH1993PTC074899 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPG00963E |
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PAN No.: [Permanent
Account No.] |
AAACG6910C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Household and General Merchandise |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 2500000 |
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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.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. It can be regarded as promising business partners in medium to long
run. |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.438, P B No.118, Post Chipri (Via Jaysingpur), Kolhapur –
416101, Maharashtra, India |
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Tel. No.: |
91-2322-255023/ 255212/ 18 |
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Fax No.: |
91-2322-255059/ 255211 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Chandrabha B. Budgujar |
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Designation : |
Director |
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Address : |
C-100 Centuary, House, Narain Vihar, New Delhi – 110028, India |
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Date of Appointment : |
28.10.1999 |
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Name : |
Mr. Sanjay Danchand Ghodawat |
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Designation : |
Director |
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Address : |
Sushreya Yashwant Company Opposite Housing Society, Jaysingpur,
Kolhapur – 416101, Maharashtra, India |
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Date of Appointment : |
04.11.1993 |
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|
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Name : |
Mrs. Neeta Sanjay Ghodawat |
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Designation : |
Director |
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Address : |
Sushreya Yashwant Company Opposite Housing Society, Jaysingpur, Kolhapur
– 416101, Maharashtra, India |
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Date of Birth/Age : |
07.01.1967 |
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Date of Appointment : |
05.01.2008 |
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Name : |
Mr. Satish Danchand Ghodawant |
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Designation : |
Director |
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Address : |
Sushreya Yashwant Company Opposite Housing Society, Jaysingpur,
Kolhapur – 416101, Maharashtra, India |
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Date of Appointment : |
04.11.1993 |
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|
|
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Name : |
Mr. Shamrao Bhau Hande |
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Designation : |
Director |
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Address : |
A/P Kondigre, Chipri, Tal Shirol, jaysinghpur, Kolhapur – 416101,
Maharashtra, India |
|
Date of Appointment : |
09.10.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Abhinav K. Desai |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
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Mr. Sanjay Danchand Ghodawat |
|
83000 |
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Mrs. Neeta Sanjay Ghodawat |
|
3500 |
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Mrs. Sushila Danchand Ghodawat |
|
1000 |
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Mr. Sanjay Danchand Ghodawat HUF |
|
200000 |
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Total |
|
287500 |
(As on 31.03.2007)
|
Category |
|
Percentage |
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|
|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Household and General Merchandise |
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Products : |
Household and General Merchandise |
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Brand Name : |
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Exports : |
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Products : |
Mosquito Repellent |
GENERAL
INFORMATION
|
Bankers : |
Industrial Finance Branch, Pune, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
India Habitat Centre, 1st Floor, East Court Core, 4 A Lodhi
Road, New Delhi – 110003, Delhi, India |
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Auditors : |
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Name : |
Ramesh V. Raichur Chartered Accountant |
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Address : |
Flat No.4 (Ground Floor), Aditya Apartment, Agarkar Road, Tilakwadi,
Belgaum – 590006, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
30.000 |
30.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
472.135 |
436.729 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
502.135 |
466.729 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1311.854 |
711.860 |
|
|
2] Unsecured Loans |
|
130.073 |
143.675 |
|
|
TOTAL BORROWING |
|
1441.927 |
855.535 |
|
|
DEFERRED TAX LIABILITIES |
|
165.828 |
151.782 |
|
|
|
|
|
|
|
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TOTAL |
|
2109.890 |
1474.046 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
828.642 |
1037.496 |
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Capital work-in-progress |
|
19.702 |
4.951 |
|
|
|
|
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INVESTMENT |
|
30.252 |
30.199 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
249.604
|
231.826 |
|
|
Sundry Debtors |
|
86.879
|
70.065 |
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Cash & Bank Balances |
|
365.213
|
328.092 |
|
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Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
867.612
|
788.847 |
|
Total
Current Assets |
|
1569.308
|
1418.830 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
284.003
|
880.280 |
|
|
Provisions |
|
54.215
|
137.360 |
|
Total
Current Liabilities |
|
338.218
|
1017.640 |
|
|
Net Current Assets |
|
1231.090
|
401.190 |
|
|
|
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MISCELLANEOUS EXPENSES |
|
0.204 |
0.210 |
|
|
|
|
|
|
|
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TOTAL |
|
2109.890 |
1474.046 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1084.869 |
1570.787 |
|
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Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
1084.869 |
1570.787 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
52.866 |
504.961 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
52.866 |
504.961 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interests |
|
87.083 |
55.090 |
|
|
Depreciation & Amortization |
|
379.844 |
373.033 |
|
|
Other Expenditure |
|
565.076 |
637.703 |
|
Total Expenditure |
|
1032.003 |
1065.826 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
4.87 |
32.15 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.87 |
32.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.20 |
20.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.11 |
1.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
3.64 |
4.01 |
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Current Ratio (Current Asset/Current Liability) |
|
|
4.64 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U16001MH1993PTC074899 |
|
Name of the
company |
GHODAWAT INDUSTRIES (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No.438, P B No.118, Post Chipri (Via Jaysingpur), Kolhapur – 416101,
Maharashtra, India |
|
This form is for |
Modification of Charge |
|
Type of charge |
|
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Particular of
charge holder |
Indian Renewable Energy Development Agency Limited India Habitat Centre, 1st Floor, East Court Core, 4 A Lodhi
Road, New Delhi – 110003, Delhi, India CIN No.: U40108DL1987GOI027265 Email : mdiresa@iredaltd.com |
|
Nature of
instrument creating charge |
No Instrument was
executed. Mortgage by deposit of title deeds was created in favour of IREDA
on 13.06.2007 |
|
Date of
instrument Creating the charge |
13.06.2007 |
|
Amount secured by
the charge |
Rs.74.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate of Interests
is as per the Loan Agreement dated 06.07.2006 executed between IREDA and the
company as may be amended from time to time at the discretion of charge
holders. Terms of
Repayment: As per the
agreement dated 06.07.2006 executed between IREDA and the company as may be
amended from time to time at the discretion of charge holders. As of now Loan
id repayable in 40 Quarterly installment; 01st Installment of
Rs.1.882 Millions and Balance 39 installment of Rs.1.862 Millions each
Payable on 31.03.2007 to 31.12.2016. Margin: As stipulated in
the Loan Agreement Dated 06.07.2006. Extent and
Operation of the charge: 100% Exclusive 1st
Charge on the movable assets and exclusive 1st charge on
receivable of power and exclusive 1st charge on immovable
properties, all pertaining to 2.4 MW (3 No. of 800 KM Wind Electric
Generator) Wind Farm Project at Village Kita, Tehsil Fategarh, District
Jaisalmer, in the State of Rajasthan (Project No 1775) and elsewhere for
repayment/ Payment of Loan interests and other monies payable thereon. Others: As stipulated in
the Loan Agreement dated 06.07.2006 |
|
Particulars of
the present modification |
The loan of Rs.74.500
Millions already secured by the deed of hypothecation dated 06.07.2006
executed by the company in favour of IREDA hypothecation movable assets and
receivable of power and other monies, the said loan is now further secured by
mortgage of immovable properties (mentioned in para 14 above) by deposit of
title deeds created on 13.06.2007. |
WEBSITE
DETAILS:
SANJAY
GHODAWAT GROUP OF INDUSTRIES
The Corporate growth in the modern era is driven by Globalization.
World economy is gaining speed and has continued to make all activities more
challenging every year.
They as a group today are focused on developing innovative strategies and are
venturing into arena's which are not only profit making but are inclined
towards development of economy.
Their immediate vision is to target the potentialities and convert them into
reality. Through their dedicated workforce they have so far outrun all the
hurdles and hinderences.
Sanjay Ghodawat Group has and always will continue to work
towards the betterment of the nation.
PROFILE:
The dynamic entrepreneurship and vision
of Mr. Sanjay D. Ghodawat has led 'Sanjay Ghodawat Group of Industries'
popularly known as Star Group, to a remarkable success in a short span.
The key for this success is to provide
"Uncompromising Quality at Competitive Prices".
Today, the Sanjay Ghodawat Group has
diversified its activities into different streams viz. Wind Power, High-Tech
Agriculture, Chemicals, Flexible Packaging, Edible Oils, Real Estates, Heavy
engineering, Textile division and FMCG. Now, the focus would be to provide FMCG
products and packaged essential commodities to the people at competitive
prices.
BEYOND BUSINESS:
One hand in Charity is worth thousand
hands in prayer
True to this, the group has always been a
step ahead be it business or philanthropy. The group has focused its strength
to give humanity a face lift in all adverse predicaments and calamities.
To serve the society, the needy, the down
trodden and every deprived brethren of the basic needs, the Sanjay Ghodawat
Group has initiated various charitable trusts thoroughly engaged in extending
its best helping hands. A cause to fulfill the social obligations.....a call of
duty towards humanity.
Khivraj Ghodawat Charitable Trust
Runs a self funded 'Shree Gangabai
Khivraj Ghodawat Kanya Mahavidyalaya' located at Taluka Shirol, which has
endowed literacy to 1400 girls since 1995, from 52 villages.
It is the only college in Jaysingpur city
with its own building and mastered staff that provides education in both arts
& commerce stream along with vocational courses like tailoring, fashion
designing, computer education etc.... A ray of hope that gives direction in
giving employment to the economically vulnerable classes.
Sou. Sushila Danchand Ghodawat Charitable Trust
Providing social, medical and educational
help since its inception. Acharya Shree Tulsi Blood Bank, one of the best Blood
Banks in India, is run by this Trust. The Trust also provides 'Ambulance
Service' for Rural areas round the Clock
Future Plans:
An 'International Residential School'
covering an area of 300 acres.
Intensive Care Unit (ICU) at Jaysingpur
city with latest medical support
AGRO DIVISION
Green Revolution
The company owns Green Houses and has a
plantation of exotic flowers in over 33 acres of land. The variety of flowers
grown here are mainly Roses and Gerbera.
There are various kinds of exotic roses
and to name a few like, Grand Gala, Royal Class, Passion, Marie Claire, Ice
Burge, Poison, African Dawn etc.
They also expertise in open farming,
Titanic Grapes and Banana gardens in over 70 acres of land.
Roses are exported to Japan and various parts of Europe. The Company has future plans to venture into cultivation of medicinal plants for which it will tie up with the pharmaceutical companies.
FMCG DIVISION:
Mosquito Coil
The first product under this division is
Mosquito Coil. The commercial production of this product commenced from January
2004.
This is a full fledged plant having
latest technology. The installed capacity of the plant is 180000 (108,000,000
coils) per annum. They also manufacture liquid vaporizer and mosquito repellent
mats under the brand name “Star555”. Currently the marketing activities prevail in
Maharashtra and Karnataka.
EASY
ACESSIBILITY:
As the group activities are spread all
over the country, the company has recently acquired a Helicopter (Euro copter
Make) in the year 2004 to save the traveling time of top brass management. The
Company is also in the process of acquiring 9 seater Executive Plane.
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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|