MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
GANDHI AUTOMATION PRIVATE LIMITED |
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Formerly Known as : |
GANDHI ENTRANCE AUTOMATIONS PRIVATE LIMITED |
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Registered Office : |
22, Nirman Industrial Estate, Chincholi Bunder Link Road, Malad
(West), Mumbai – 400 064, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
11 - 143240 |
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CIN No.: [Company
Identification No.] |
U31909MH2003PTC143240 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08978E |
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PAN No.: [Permanent
Account No.] |
AACCG0522G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Importing, Distributing and Installing
Entrance Automation
Systems and Warehouse Equipments. |
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 112800 |
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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 company having fine track. Financial
position is good. Trade relations are fair. Payments are correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. It can be regarded as a promissory business partner in a medium to
long-run. |
LOCATIONS
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Registered Office : |
22, Nirman Industrial Estate, Chincholi Bunder Link Road, Malad
(West), Mumbai – 400 064, Maharashtra, India |
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Tel. No.: |
91-22-56793810 |
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Fax No.: |
91-22-28711112 |
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E-Mail : |
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Website : |
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Factory : |
2nd Floor, Chwda Commercial Center, Link Road, Malad (West),
Mumbai – 400 064, Maharashtra, India |
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Tel. No.: |
91-22-66720200 |
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Fax No.: |
91-22-66720201 |
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Branch Office : |
Located at Kolkata |
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Mobile No.: |
91-9330060855 |
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Branch Office : |
1, Samarth Prasad Apartment, Plot No. 5, Survey No. 30/2, Erandwana,
Pune – 411 004, Maharashtra, India |
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Mobile No. : |
91-9324530710 |
DIRECTORS
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Name : |
Mr. Samir Sureshchandra Gandhi |
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Designation : |
Wholetime Director |
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Address : |
10, Lavanya, R B Mehta Marg, Ghatkopar (East), Mumbai – 400 077,
Maharashtra, India |
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Date of Birth/Age : |
05.10.1968 |
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Date of Appointment : |
21.11.2003 |
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Name : |
Mr. Kartik Sureshchandra Gandhi |
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Designation : |
Wholetime Director |
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Address : |
A - 10, Lavanya, 60 Feet Road, R B Mehta Marg, Ghatkopar (East),
Mumbai – 400 077, Maharashtra, India |
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Date of Birth/Age : |
10.09.1974 |
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Date of Appointment : |
21.11.2003 |
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Name : |
Mrs. Nishita Samir Gandhi |
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Designation : |
Director |
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Address : |
A - 10, Lavanya, Plot No. 353/8, R B Mehta Marg, Ghatkopar (East),
Mumbai – 400 077, Maharashtra, India |
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Date of Birth/Age : |
21.09.1971 |
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Date of Appointment : |
21.11.2003 |
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Name : |
Mrs. Hiral Kartik Gandhi |
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Designation : |
Director |
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Address : |
A - 10, Lavanya, Plot No. 353/8, R B Mehta Marg, Ghatkopar (East),
Mumbai – 400 077, Maharashtra, India |
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Date of Birth/Age : |
17.07.1979 |
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Date of Appointment : |
21.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
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Mr. Samir Sureshchandra Gandhi Mr. Kartik Sureshchandra Gandhi |
25000 |
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Mr. Samir Sureshchandra Gandhi Mrs. Nishita Samir Gandhi |
20000 |
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Mrs. Nishita Samir Gandhi Mr. Samir Sureshchandra Gandhi |
5000 |
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Mr. Kartik Sureshchandra Gandhi Mr. Samir Sureshchandra Gandhi |
25000 |
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Mr. Kartik Sureshchandra Gandhi Mrs. Hiral Kartik Gandhi |
20000 |
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Mrs. Hiral Kartik Gandhi Mr. Kartik Sureshchandra Gandhi |
5000 |
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Total |
100000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Importing, Distributing and Installing
Entrance Automation
Systems and Warehouse Equipments. |
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Products : |
v
High
Speed Industrial Doors v
Sectional
Overhead Doors v
Dock
Levellers and Dock Shelters v
Forklifts
and Warehouse Equipment v
Cold
Storage Doors v
Entrance
Automation Systems v Access Control |
GENERAL
INFORMATION
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No. of Employees : |
About 90 |
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Bankers : |
v Bank of
Maharashtra R B Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India v Citi Bank N.A. Citi Tower, Dr. S. Rao Road, Parel, Mumbai – 400 012, Maharashtra,
India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Malde and Sheth Chartered Accountants |
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Address : |
63, Ram Bhuvan, 108/ 110, Dadasaheb Phalke Road, Dadar (CR), Mumbai –
400 014, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
|
100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
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FINANCIAL DATA
[all figures are in Rupees Millions].
ABRIDGED BALANCE
SHEET
|
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.560 |
15.769 |
3.084 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.560 |
16.769 |
4.084 |
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LOAN FUNDS |
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1] Secured Loans |
44.152 |
17.822 |
4.202 |
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2] Unsecured Loans |
7.415 |
4.385 |
0.420 |
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TOTAL BORROWING |
51.567 |
22.207 |
4.622 |
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DEFERRED TAX LIABILITIES |
0.260 |
0.107 |
0.052 |
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TOTAL |
74.387 |
39.083 |
8.758 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.095 |
14.074 |
0.729 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
35.276
|
14.359 |
4.263 |
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Sundry Debtors |
37.432
|
19.893 |
9.762 |
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Cash & Bank Balances |
1.705
|
0.148 |
0.152 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
19.934
|
11.294 |
2.198 |
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Total
Current Assets |
94.347
|
45.694 |
16.375 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.783
|
10.813 |
6.328 |
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Provisions |
14.279
|
9.887 |
2.044 |
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Total
Current Liabilities |
38.062
|
20.700 |
8.372 |
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Net Current Assets |
56.285
|
24.994 |
8.003 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.016 |
0.025 |
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TOTAL |
74.387 |
39.083 |
8.758 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
153.207 |
104.648 |
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Total Income |
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153.207 |
104.648 |
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Profit/(Loss) Before Tax |
|
10.403 |
20.583 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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10.403 |
20.583 |
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Expenditures : |
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Interest |
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4.158 |
1.094 |
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Depreciation & Amortization |
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1.911 |
0.659 |
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Other Expenditure |
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136.735 |
82.312 |
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Total Expenditure |
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142.804 |
84.065 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.79
|
19.67 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
6.79
|
19.67 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.79
|
19.67 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.46
|
1.23 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.69
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1.23 |
2.05 |
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Current Ratio (Current Asset/Current Liability) |
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2.48
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2.21 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
GANDHI AUTOMATION PRIVATE LIMITED |
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Presented By |
Mr. Kartik S. Gandhi |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 07.04.2000 of stock in trade and receivables. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 millions |
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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 |
Stock in trade and receivables |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of stocks and receivables towards upto 90 days working capital; credit facilities of Rs. 2.500 millions Rate of Interest – 12.5% Margin money – 25% in Bank’s favour on paid stock and receivables. |
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5) Name and Address and description of the person entitled to the charge. |
v Bank of Maharashtra R B Mehta Marg, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U31909MH2003PTC143240 |
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Name of the company |
GANDHI AUTOMATION PRIVATE LIMITED |
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Address |
22, Nirman Industrial Estate, Chincholi Bunder Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India |
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Type of Charges |
v Immovable property |
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Particular of the charge holder |
Name : Citi Bank N A Address : Citi Tower, Dr. S. Rao Road, Parel City : Mumbai State : Maharashtra ISO country code : IN Pin code : 400 012 e-mail ID : vlaxman@vsnl.com |
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Nature or description of the instrument creating or modifying the charge |
Loan Agreement |
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Date of the instrument creating charge |
21.11.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 4.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 13.00% p.a. Terms of repayment Loan repayable in 120 MMR of Rs. 0.059 million starting from 01.12.2007 to 01.11.2017. Margin As may be stipulated by the bank from time to time. Extent and operation of the charge Term loan to be secured against the property described under item no. 14 together with interest, fees, costs charges and excpenses etc. |
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Short particulars of the Property charged |
Immovable property being and situated at Gala No. 201, 2nd Floor, Chawda Industrial Estate, Chincholi Bunder Road, Darkhara Wadi, Malad (West), Mumbai – 400 064, Maharashtra, India. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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. 43.23 |
|
UK Pound |
1 |
Rs. 80.89 |
|
Euro |
1 |
Rs. 63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
55 |
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 |
|