MIRA
INFORM REPORT
|
Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GRAVITY DIE CASTERS PRIVATE LIMITED |
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Registered Office : |
4/316, voc Street, Opposite
Nehru Nagar, Old Mahabalipuram Road, Chennai – 600 096, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.10.1998 |
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Com. Reg. No.: |
18-41300 |
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CIN No.: [Company
Identification No.] |
U27203TN1998PTC041300 |
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IEC No.: |
0402000727 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG02283B |
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PAN No.: [Permanent
Account No.] |
AABCG0746M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of High Quality Gravity Permanent Mould and
Low Pressure Die Casting |
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 64000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. R Vaidyanathan |
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Designation : |
Accountants |
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Contact No.: |
91-9940029870 |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
4/316, voc Street,
Opposite Nehru Nagar, Old Mahabalipuram Road, Chennai – 600 096, Tamil Nadu,
India |
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Tel. No.: |
91-44-2492 6242 /
249 6569 / 24540242 / 24540577 |
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Fax No.: |
91-44-2492 6577 / 24540577 / 24541569 |
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E-Mail : |
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Website : |
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Area : |
15796 Sq.fts (Factory) |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kadayam Veeraraghavan Sundatam |
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Designation : |
Director |
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Address : |
No. 36 Kaylani Nagar Kottivakkam, Srinivasapuram Extn., Chennai – 600
041, Tamil Nadu, India |
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Date of Birth/Age : |
02.11.1937 |
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Qualification : |
DME |
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Experience : |
45 years |
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Date of Appointment : |
23.10.1998 |
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Name : |
Mr. Sundaram Raghuvir |
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Designation : |
Director |
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Address : |
No. 36 Kaylani Nagar Kottivakkam, Srinivasapuram Extn., Chennai – 600
041, Tamil Nadu, India |
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Qualification : |
B E |
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Experience : |
20 years |
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Date of Birth/Age : |
02.05.1967 |
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Date of Appointment : |
23.10.1998 |
KEY EXECUTIVES
|
Name : |
Mr. R Vaidyanathan |
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Designation : |
Accountants |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
|
No. of Shares |
|
Mr. K V Sundaram |
|
613317 |
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Mr. K S Rajiv |
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64248 |
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Mr. K S Raghuvir |
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114348 |
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Total
|
791913 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Quality Gravity Permanent Mould and
Low Pressure Die Casting |
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Exports : |
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Products : |
Aluminium Castings |
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Countries : |
UK, France, Germany, USA, Switzerland |
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Imports : |
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Products : |
Machinery Aluminium Ingots |
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Countries : |
UK, Singapore, Dubai |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Aluminium Castings for switchgear, Actuators, Automobiles and IC
Engines. |
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600 Metric Tone
/ Year |
375 Metric Tone
/ Year |
GENERAL
INFORMATION
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Customers : |
OEM’s · Tata Motors Limited, Pune-India · Greaves Cotton Limited Ranipet-India · Abb Vadadora-India · Sfl-Autolec, Chennai-India · Rotok Controls(India) Limited Chennai-India · Flowserve Flow Control(U.K) Limited U.K · Abb Ag High Voltage Products, Germany · Abb Inc U.S.A · Abb Switzerland · Siemens Ptd France |
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No. of Employees : |
28 (3 in Office and 25 in Factory) |
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Bankers : |
· Canara Bank, Address 1 : Perungudi SME, Branch, Chennai – 600 096, Tamil Nadu, India Address 2 : SSI Perungudi Branch, Old Mahabalipuram Road, Chennai – 600 096, Tamil Nadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P Rajagopalan and Company Chartered Accountants |
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Address : |
No. 32, 2nd Cross Street, West C I T Nagar, Chennai – 600 035,
Tamil Nadu, India |
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Tel No.: |
91-44-24540242 |
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Fax No.: |
91-44-24541569 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
791913 |
Equity Shares |
Rs. 10/- each |
Rs. 7.919
millions |
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 |
7.919 |
7.919 |
7.919 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.744 |
3.304 |
2.395 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.663 |
11.223 |
10.314 |
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LOAN FUNDS |
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1] Secured Loans |
20.064 |
14.013 |
9.476 |
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2] Unsecured Loans |
7.904 |
7.597 |
9.158 |
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TOTAL BORROWING |
27.968 |
21.610 |
18.634 |
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DEFERRED TAX LIABILITIES |
4.346 |
3.844 |
3.448 |
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TOTAL |
44.977 |
36.677 |
32.396 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.267 |
22.401 |
17.625 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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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 |
5.341
|
4.885 |
4.672 |
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Sundry Debtors |
15.533
|
13.616 |
11.998 |
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Cash & Bank Balances |
3.971
|
3.196 |
5.653 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.728
|
2.140 |
2.189 |
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Total
Current Assets |
28.573
|
23.837 |
24.512 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.669
|
9.480 |
9.653 |
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Provisions |
0.250
|
0.132 |
0.144 |
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Total
Current Liabilities |
10.919
|
9.612 |
9.797 |
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Net Current Assets |
17.654
|
14.225 |
14.715 |
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MISCELLANEOUS EXPENSES |
0.051 |
0.046 |
0.051 |
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TOTAL |
44.977 |
36.677 |
32.396 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.07
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2.82 |
2.76 |
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Current Ratio (Current Asset/Current Liability) |
|
2.62
|
2.48 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company |
GRAVITY DIE CASTERS PRIVATE LIMITED |
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Presented By |
Mr. K V Sundaram, Director |
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1) Date and description of instrument creating the change |
Dated 09.12.1993 · Agreement for cash credit · Agreement to be obtained for CDB / BE advances · Agreement Regular collateral security : Machinery Vehicles Dated 26.12.1994 · Supplemental agreement · Supplemental collateral security agreement Dated 06.04.1995 · Deed of hypothecation Regular: Machinery · Supplemental collateral security Agreement Dated 05.02.1996 · Supplemental agreement · Agreement Regular : advances against book debts as prime security · Supplemental Collateral agreement Dated 05.06.1997 · Supplemental agreement (2 Nos) · Agreement to be obtained for CDB / BE advances · Supplemental collateral security agreement Dated 25.03.1998 · Supplemental agreement (2 Nos.) · Agreement to be obtained for CDB advances · Supplemental collateral security agreement. Dated 30.07.1998 · Agreement to be obtained for BE advances · Supplemental collateral security agreement Dated 14.10.1998 Letter from the Canara Bank, Guindy Chennai 32 for transfer of account to Canara Bank, SSI Branch, Perungudi, Chennai – 96. All the agreement cited above had been executed by M/s Gravity Die casters , a proprietorship concern which has been up by gravity die casters Private Limited Liability Company Limited w.e.f 30.11.1998. The properties of the proprietorship concern stated in Column 3 are subject to charge as per section 127. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Together with
interest costs, charges and other expenses which may be debited to account
from time to time. |
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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 |
Prime Security: All the goods and
commodities now lying or thereafter stored at god owns yards and premises or
lying at any other godown wheresoever whether the goods are in course
of transit from one Godown to
another in transit by land or
sea from one place to another and whether in the possession, control or
power of company or bank and bills and all the company’s present and future book debts , outstanding and
claims and money receivable now due
to company stand hypothecated to bank
by way of first charge to cover the working capital limit of Rs. 4.600
millions. All the
present and machinery, tools and
accessories viz Modewl SN Plume Economic low pressure Die casting Machine
erected at 4/316 , VOC Street, Chennai 96, as security for the term loan limit of Rs. 0.202
million. (Above mentioned
properties have been acquired by M/S Gravity Die Casters Private Limited from
Gravity Die casters). The date of
acquisition of all the aforesaid properties in 30.11.1998 vide company’s
Board resolutions dated 30.11.1998. Collateral security: All the plant and
machinery, tools and accessories purchased or to be purchased as collateral
security to cover the worming capital limit of Rs. 4.600 millions. Charge on lease
hold rights of the property viz
premises at Door No. 4/316 VOC Street, Chennai 96 admeasuring area of 6759 Sq.fts bearing S Nos. 278/4A, 278/10A, 278/4B,
and 278/10B, belongs to Mr. K V Sundaram bounded East by Buckingham Canal in
S . No. 274 West by Agricultural Plot No. 7 and pathway North by 278/9 and
south by 278/ 11E, to secure the enhanced limit of Rs. 4.802 millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Convenant by the
bank to repay the loan together with interests cost and Charges. |
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5) Name and Address and description of the person entitled to the charge. |
M/s Canara Bank ,
Specialized SSI Branch, Perungudi, Chennai – 600 096, Tamil Nadu, India |
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6) Date and brief description of instrument modifying the charge |
Letter Evidencing
Extension of Equitable mortgage by way of deposit of title deeds on
13.08.2005 |
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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. |
· Extension of equitable mortgage by way of deposit of title deeds on 13.08.2005 vide supplemental agreement for enhancing the OCC limit from 4.000 millions to 5.000 millions FBE Limit from 3.000 millions to 6.000 millions, guarantee limit from 0.600 million to 1.000 million and a term loan of Rs. 2.200 millions by way of collateral security of EMT of factory land and building situated at 4/316 VOC Street, opposite Nehru Old Mahabalipuram Road, Chennai – 600 096, Tamil Nadu vide plot No. 8 and BA in S. No. 278/4 A, 278/4 B, 278/4B, 278/1B, 278/10 to the total extent of 36 cents in No. 141 Kottivakkam Village of Ayarsub registration district in Saidapet registration district valued at Rs. 10.013 millions · Hypothecation of machineries valued at Rs. 93.69 WDV · Deposits – 13 KDRs. With the value of Rs. 1.897 million and RD with a present balance of Rs. 0.150 million which is inclusive of margin on BG and FLC limits. |
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Corporate
identity number of the company |
U27203TN1998PTC041300 |
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Name of the
company |
GRAVITY DIE
CASTERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
4/316, voc Street,
Opposite Nehru Nagar, Old Mahabalipuram Road, Chennai – 600 096, Tamil Nadu,
India |
|
This form is for |
Modification of
charge |
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Type of charge |
· Book Debts · Movable Property · Floating Charge · Others |
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Particular of
charge holder |
Canara Bank,
Perungudi SME Branch, Perungudi, Chennai – 600 096, Tamil Nadu, India E-Mail: chn2617@canbank.co.in |
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Nature of
instrument creating charge |
Supplemental
common hypothecation agreement |
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Date of
instrument Creating the charge |
28.04.2008 |
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Amount secured by
the charge |
Rs. 22.450
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As per the
document (Rate of interest is subject to change by the bank from time to
time). Terms of Repayment : As per the
document Margin : As per the
document Extent and Operation of the charge : Exclusive First
charge Others : All other terms
and conditions are as per the document. |
|
Short Particulars
of the property charged |
Whole of the
existing securities including those acquired and or to be acquired out of
modified credit limits more fully described in he agreement enclosed. This is
in addition to all existing securities. |
Website DETAILS:-
Company Profile:-
Subject is a
leading manufacturer of High Quality Gravity Permanent Mould and Low Pressure Die
Casting based in Chennai, India. Backed by 28 years experience, they produce
quality Aluminium castings for customers in India and abroad.
·
1979 Founded by Mr. K.V. Sundaram
who has 40 years experience in Aluminium foundry.
·
1980 Die Manufacturing Facility
added.
·
1982 Initial development of SF6
Circuit Breaker Castings for M/s. ABB - India.
·
1985 Developed 15 different types
of Castings for M/s. ABB - India.
·
1987 Moved to current location of
approx 10,000 Sq ft. and added Heat Treatment facility.
·
1992 Development of Circuit Breaker
Castings for M/s. NGEF (AEG, SACE) and M/s. BHEL (Siemens).
·
1995 Low Pressure Die Casting
Machine added.
·
1999 CNC Facility added.
·
2000 Merchant Exports of Fully
machined Castings to U.S.A. started.
·
2001 Spectrometer for Raw Material
Analysis added.
·
2002 Direct Exports to M/s.
Indimet, U.S.A. end user M/s. Stanley Fastening Systems, Rhode Island, U.S.A.
·
2003 SF6 Switchgear castings for VA
TECH - Italy developed.
·
2005 Development of castings for
M/s FLOWSERVE FLOW control(U.K) Limited.
·
2006 Development of castings for
M/s SIEMENS PTD FRANCE.
· 2007 Development of castings for M/s ABB USA and ABB Switzerland. EEPC award for outstanding export performance in SME category.
ISO 9001 : 2000 Certified by M/s. TUV.
Mr. Sundaram is a Diploma
in Mechanical Engineering and was trained in an aluminium foundry in the UK.
He founded the company in 1979 and has 45 years experience in aluminium foundry
covering design, manufacture of dies and productionising of gravity and low
pressure die castings.
He has to his credit development of pressure tight SF-6 circuit breaker
castings for leading switchgear manufacturers in Indian and abroad.
He is widely travelled and has visited leading foundries in Europe and USA.
Mr. Raghuvir holds a Bachelors degree in Mechanical Engineering and is involved in major activities of the company like design, development and manufacture and machining of castings.
He has 18 years experience in Aluminium casting industry.
He has widely travelled and has visited leading foundries in Europe and other
countries.
Facility:-
Foundry: 200 kg bale out crucible furnaces, 300 kg Tiltable bulk melting furnaces, Nitrogen degassing equipment, low pressure die casting machines, dies with pneumatic, hydraulic and mechanical operating arrangement, 2 shell core machines, bandsaw machines
Heat Treatment
Resistance heated forced air circulating solution treatment furnace 2 Nos, with water quench tank, electric ageing furnace, brinell hardness testing machine.
Temper designation as per customer requirement
Machining
CNC turning, Vertical machining and horizontal machining centers and complete set of measuring instruments, customized fixtures and gauges.
LEAK TESTING
Air, hydraulic and helium gas leak testing as per customer requirements.
Quality
The company strives for customer satisfaction and
building long term relationship. Subject uses standard and specified fixtures
for first piece Inspection, prepare customer layout reports and to continuously
monitor critical dimensions on production parts
Their facility include spectrometer to ensure metal quality, other laboratory services are available for assuring that mechanical properties meet specification, surface roughness tester, high Pressure component cleaning equipment to ensure high degree of cleanliness of machined parts.
They operate and maintain self certified status with their
customer. The company is ISO 9001: 2000 Certified by TUV.
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. 43.72 |
|
UK Pound |
1 |
Rs. 81.45 |
|
Euro |
1 |
Rs. 64.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|