MIRA
INFORM REPORT
|
Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOLDEN PRECISION PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
51, Manoj Industrial Estate, Wadala, Mumbai – 400 031, Maharashtra. |
|
|
|
|
Country: |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
29.07.2006 |
|
|
|
|
IEC No.: |
0304035823 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCG6543R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of the widest range of Electromagnetic Clutches and
Brakes |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 74685 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Harmindar Singh |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9820022514 |
|
Date : |
31.10.2008 |
LOCATIONS
|
Registered Office : |
51, Manoj Industrial Estate, Wadala, Mumbai – 400 031, Maharashtra,
India. |
|
Tel. No.: |
91-22-24151680 / 24151681 /
24151682 |
|
Mobile No.: |
91-9820022514 |
|
Fax No.: |
91-22-24151679 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
750 Sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
246, Khupri Village, Bhiwandi – Wada Road, Thane. |
|
Tel. No.: |
91-9525-26222021 |
|
Fax No.: |
91-9525-222021 |
|
E-Mail : |
|
|
Area : |
3800 Sq.ft |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at: Delhi |
|
Tel. No.: |
91-11-241718188 |
|
E-Mail : |
|
|
Area : |
400 Sq.ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Harminder Singh |
|
Designation : |
Director |
|
Address : |
601, Pushpagriha, 16th Road, Bandra, Mumbai – 400 050. |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.Com, DBM |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. Rajdeep Singh |
|
Designation : |
Director |
|
Address : |
601, Pushpagriha, 16th Road, Bandra, Mumbai – 400 050. |
|
Date of Birth/Age : |
25 Years |
|
|
|
|
Name : |
Mr. Manoj Singh |
|
Designation : |
Director |
|
Address : |
601, Pushpagriha, 16th Road, Bandra, Mumbai – 400 050. |
|
Date of Birth/Age : |
21 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of the widest range of Electromagnetic Clutches and
Brakes |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
“Golden” |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Plates |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
On Credit |
|
|
|
|
Purchasing : |
On Credit |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 105 |
|
|
|
|
Bankers : |
Bank of India, Chakala Branch, Mumbai – 400 093 |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
|
|
|
Associates/Subsidiaries : |
Golden Engineering Company 51, Manoj Industrial Estate, G.D Ambedkar Marg, Wadala, Mumbai –
400.031, India. Activity: Marketing |
CAPITAL STRUCTURE
Capital Investment: Rs.3.810 Millions.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.810 |
2.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
11.127 |
3.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
14.937 |
5.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
50.146 |
0.000 |
|
|
2] Unsecured Loans |
|
3.433 |
0.000 |
|
|
TOTAL BORROWING |
|
53.579 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.942 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
69..458 |
5.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
47.590 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.045 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
8.060 |
0.000 |
|
|
Sundry Debtors |
|
1.289 |
0.126 |
|
|
Cash & Bank Balances |
|
9.870 |
0.000 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
7.080 |
4.792 |
|
Total
Current Assets |
|
26.299 |
4.918 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
4.559 |
0.010 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
4.559 |
0.010 |
|
|
Net Current Assets |
|
21.740 |
4.908 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.083 |
0.092 |
|
|
|
|
|
|
|
|
TOTAL |
|
69.458 |
5.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2008 |
|
|
Sales Turnover |
|
|
26.147 |
|
|
Other Income |
|
|
0.020 |
|
|
Total Income |
|
|
26.167 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.241 |
|
|
Provision for Taxation |
|
|
0.068 |
|
|
Profit/(Loss) After Tax |
|
|
0.173 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
20.697 |
|
|
Manufacturing Expenses |
|
|
3.129 |
|
|
Administrative Expenses |
|
|
2.284 |
|
|
Raw Material Consumed |
|
|
2.212 |
|
|
Purchases made for re-sale |
|
|
0.336 |
|
|
Increase/(Decrease) in Finished Goods |
|
|
3.775 |
|
|
Depreciation & Amortization |
|
|
1.037 |
|
Total Expenditure |
|
|
25.926 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
|
0.7 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.9 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.3 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.1 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.3 |
0.002 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.7 |
491.8 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
|
|
|
|
|
Excise Registration No.: AACCG6843RXM001
w.e.f. 06.07.2007 |
|
|
VAT / TIN : 27560632177V w.e.f.
12.11.2007 |
|
|
IEC Code : 0304035823 |
|
|
|
|
|
PAN / TAN : AACCG6543R |
|
|
|
|
|
Bank Name : Bank of India |
|
|
Bank Address : Chakala, Andheri
East, Mumbai – 400 093 |
|
|
Bank A/c. No.: 006730110000024 |
|
|
Account Since : February 2006 |
|
|
|
|
Web Details
Subject founded in 1993, promoted by Mr. Harmindar Singh who has
been in the field of Electromagnetic Clutches and Brakes, Clutch Plates (Discs)
and Telescopic Brushes with the experience of 25 years.
Subject is a Manufacturer of the widest range of Electromagnetic
Clutches and Brakes (Multi-Disc and Single Disc), Tooth Clutches, Fail Safe
Brakes, Mechanical Clutches, Clutch Plates (Steel and Sintered) And Telescopic
Brushes equivalent to almost all leading International manufacturers.
Subject products have proved their worth for many years, in the most
varied areas of applications like Machine Tools, Textile, Packaging,
Pharmaceuticals and Special Purpose Machine manufacturers, etc and the subject has gained a reputation both
at home and abroad.
Subject has a well established manufacturing production unit ISO
9001:2000 certified, located near Mumbai with all latest facilities and testing
in house and a wide marketing network all over India.
Subject quality are been approved by RINA , ITALY
ISO 9001:2000 quality standards
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|