MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
G. R. ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
HARIANI HOLDINGS PRIVATE LIMITED |
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Registered Office : |
Poonam Chambers, A Wing, 2nd Floor, Dr. A B Road, Worli,
Mumbai – 400 018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.10.1990 |
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Com. Reg. No.: |
11-58602 |
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CIN No.: [Company
Identification No.] |
U65990MH1990PTC058602 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG13231B |
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PAN No.: [Permanent
Account No.] |
AAACH8828G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Process Equipment – Coded Vessels, Reactors, Columns, Pressure
Vessels, Shell and Tube Exchangers, Horton Spheres, Mounded Bullets / Tanks,
Piping works. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 790 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Scale of activity
is limited. The management remained non-cooperative. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Shankar Shripad Shirolkar |
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Designation : |
Director in Finance |
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Date : |
16.12.2008 |
LOCATIONS
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Registered Office : |
Poonam Chambers, A Wing, 2nd Floor, Dr. A B Road, Worli,
Mumbai – 400 018, Maharashtra, India |
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Tel. No.: |
91-22-2496 0551/52/53/54/55 |
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Fax No.: |
91-22-24964532 |
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E-Mail : |
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Website : |
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Regional Office : |
529, Som Dut Chambers – II, 9, Bhikaji Cama Place, New Delhi – 110
066, Delhi, India |
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Tel. No.: |
91-11-2617 0252 / 2618 6779 |
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Fax No.: |
91-11-2619 2884 |
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E-Mail : |
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Workshop : |
G-14, MIDC Industrial Area, Tarapur – 401506, Maharashtra, India |
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Tel. No.: |
91-2525-272870 / 272970 |
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Fax No.: |
91-2525-273287 |
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E-Mail : |
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Shipping Division: |
5A/5B, Sapana Terraces, 1st Floor, Swatantra Path,
Vasco-Da-Gama, Goa - 403802. |
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Tel. No.: |
91-834-2512972 / 2512973 |
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Fax No.: |
91-834-2510415 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Daulatram P Hariani |
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Designation : |
Director |
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Address : |
401 Prabhu Kutir, Alta Mount Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
27.10.1926 |
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Date of Appointment : |
17.10.1990 |
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Election Commission Identity Card No. : |
MT / 04 / 024 / 3542566 |
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Name : |
Mr. Ramesh D Hariani |
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Designation : |
Director |
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Address : |
Row House No. 3, Grand Paradi Apartment, August Kranti Marg, Mumbai –
400 036, Maharashtra, India |
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Date of Birth/Age : |
11.10.1949 |
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Date of Appointment : |
17.10.1999 |
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Election Commission Identity Card No. : |
MT / 040 / 024 / 009562 |
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Name : |
Mr. Shankar Shripad Shirolkar |
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Designation : |
Director |
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Address : |
1st Floor, Apls Plaza, 15 Second Bhatwadi Girgaum, Mumbai –
400 004, Maharashtra, India |
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Date of Birth/Age : |
26.12.1938 |
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Date of Appointment : |
08.05.2008 |
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Name : |
Mrs. Parmeshwari Daulatram Hariani |
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Designation : |
Whole time Director |
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Address : |
401, Pabhu Kutir, Alta Mount Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
21.08.1929 |
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Date of Appointment : |
08.05.2008 |
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Name : |
Mrs. Chilamilika Lalini Hariani |
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Designation : |
Whole Time Director |
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Address : |
Bunglow No. 3, Grand Paradi Apartment, Dadi Seth Road, Mumbai-400036,
Maharashtra, India |
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Date of Birth/Age : |
06.08.1948 |
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Date of Appointment : |
08.05.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2008
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Names of Shareholders |
No. of Shares |
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Daulatram Pribhdas Hairani |
358900 |
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Parmeshari Daulatram Hariani |
446940 |
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Daulatram P Hariani |
96000 |
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Ramesh Daulatram Hariani |
2894840 |
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Chilamilika Lalni Hariani |
72000 |
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Gope Daulatram Hariani |
167520 |
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Jay Gope Hariani |
265984 |
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Neil F Hariani |
245440 |
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Gita H Zeigelbaur |
567176 |
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Shaun Paul Zeigelbaur |
160000 |
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Gil Paul Zeigelbaur |
160000 |
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Chander Pribhdas Hariani |
4800 |
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Total |
5439600 |
Equity share breakup (percentage of total equity)
(As on 30.09.2008)
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Category |
Percentage |
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Foreign Holdings (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident indian(s) or
Overseas corporate bodies or Others |
28.79 |
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Directors or relatives of directors |
71.21 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Process Equipment – Coded Vessels, Reactors, Columns, Pressure
Vessels, Shell and Tube Exchangers, Horton Spheres, Mounded Bullets / Tanks,
Piping works. |
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Products: |
·
Pressure Vessels ·
Horton Spheres ·
Heat Exchangers ·
Columns ·
Barges ·
Reactors |
GENERAL
INFORMATION
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Customers : |
Australian Water Corporation |
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Bankers : |
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Facility: |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Jitendra Sanghvi and Company Chartered Accountants |
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Address : |
405, Churchgate Chambers, 5, New Marine Lines, Mumbai – 400 020, Maharashtra,
India |
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Associates/Subsidiaries : |
· G R Shipping
Limited 5A/5B, Sapana Ter Swatantra Path, Goa –
403802, Maharashtra, India Tel
No. : 91-834-2512972 251 Fax
No. : 91-834-2510415 E-Mail
:
grgoa@grengg.com · G R
Infrastructure Private Limited 202, Poonam Chambers, Worli, Mumbai – 400
018, Maharashtra, India Tel
No. : 91-22-24960555 Fax
No.: 91-22-24964532 E-Mail: grinfrastructure@grengg.com |
CAPITAL STRUCTURE
As on 22.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0000 |
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3] Reserves & Surplus |
0.059 |
0.055 |
0.014 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.159 |
0.155 |
0.114 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.762 |
0.000 |
0.022 |
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TOTAL BORROWING |
0.762 |
0.000 |
0.022 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.921 |
0.155 |
0.136 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.143 |
0.000 |
0.100 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.006
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0.149 |
0.025 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.004
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0.000 |
0.000 |
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Total
Current Assets |
0.010
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0.149 |
0.025 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.001
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0.002 |
0.002 |
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Provisions |
0.005
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0.005 |
0.000 |
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Total
Current Liabilities |
0.006
|
0.007 |
0.002 |
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Net Current Assets |
0.004
|
0.142 |
0.023 |
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MISCELLANEOUS EXPENSES |
0.774 |
0.013 |
0.013 |
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TOTAL |
0.921 |
0.155 |
0.136 |
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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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0.048 |
0.010 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.048 |
0.010 |
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Profit/(Loss) Before Tax |
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0.046 |
0.008 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.046 |
0.008 |
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Total Expenditure |
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0.002 |
0.002 |
KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
NA
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95.83 |
80.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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95.83 |
80.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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30.87 |
32.00 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.30 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.83
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0.05 |
0.21 |
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Current Ratio (Current Asset/Current Liability) |
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1.67
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21.29 |
12.50 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
There has been no significant income generating activity and company’s
earning of Rs. 0.833 Million has resulted form Dividend received during the
current period (Previous year Rs. 0.013 Million)
Dividend:
As the Company did not have any activities nor any significant Profits /
Surplus, the Directors do not recommend any dividend for the period.
Expansion and
Diversification:
Pursuant to the scheme of arrangement between the company and G.R.
Engineering Works Limited, it was decided to transfer engineering activity of
the latter to the company. Accordingly application was filed with the Hon’ble
Bombay High Court which was approved by their order dated 11th
April, 2008.
As per this order engineering business would be operative in the company
effective 01st May, 2008.
To reflect property the business of the company, object clause and name
were also changed to “G.R. Engineering Private Limited”
For a smooth take over, Directors decided to extend the accounting
period to thirteen months ending on 30th April 2008.
Future Prospects:
In view of the rapid expansion in Refineries, Oil and Gas Sector the
company foresees future prospects for the Industry as whole. The company has
good order booked position and it will be able to maintain its growth rate.
Banking Finance:
The Directors would like to thank its bankers viz. Bank of Maharashtra,
Union Bank of India, Corporation Bank and ICICI Bank Limited for their
co-operative and support to meet the growing needs of finance.-
Bankers Charges Report
as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U65990MH1990PTC058602 |
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Name of the
company |
G. R. ENGINEERING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Poonam Chambers, A Wing, 2nd Floor, Dr. A B Road, Worli,
Mumbai – 400 018, Maharashtra, India |
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Type of charge |
Book Debts Movable Property Immovable
Property Any Interest in
immovable property |
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Particular of
charge holder |
Bank of Maharashtra, Worli Branch, Worli Naka, Mumbai-400018,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Bank Letter Dated
: 19.09.2008 |
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Date of
instrument Creating the charge |
19.09.2008 |
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Amount secured by
the charge |
Rs. 1.680
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipulated in Sanction
Letters of Consortium Member Banks Terms of
Repayment The Term of
Working Capital is one year however, Renewable at every year Margin WCDL/ Cash Credit
= 25% LC = Nil BG= Nil Extent and
Operation of the charge First Charge and
security by way of Equitable Mortgage by deposit of title deeds over the said
immovable properties for securing the payment of all principal amounts,
interest, penal interest, additional interest, liquidated damages,
compensation, commission, costs, charges, expenses and all outstanding
amounts whatsoever due or become due in favour consortium bankers. |
|
Short particulars
of the property charged |
1.
All that
piece and parcel of land bearing No. G-14, MIDC Tarapur Alongwith Buildings,
Shed s and Structures standing thereon situated in the village saraswati
palghar district. Thane Admg 20000 sq. mts. 2.
Present and
Future stock of raw material, Semi finished and finished, book debts
receivables and claims of the company 3.
plant and
machinery |
Web Details :
'They have highly
Qualified and Experienced Engineers in Design, Manufacturing, Safety,
Procurement and Logistic.' Its Chairman Mr. D. P. Hariani promoted the
company in 1966 at Mumbai and because of the space constraint, shifted 120 KM
north of Mumbai to Tarapur where full fledged works is located as on today
which caters to the fabrication of custom made equipments for process
industries like Petrochemicals, Chemicals, Fertilizer, Refineries and Oil and
Gas.
They also carry out fabrication at open yards for large diameter vessels
throughout India and abroad.
Within the group, they have a Shipping division located at Goa which
owns Iron Ore carrying barges and also builds Inland steam vessels besides
Coastal ships. On an average two Ore carrying barges are built in a year.
They own and operate IT-Tech Park at Bangalore (India). The IT-Tech Park
is of 1.2 million square feet where International Company are housed catering
to the IT service sector.
At Subject, fabrication of equipment in Carbon Steel etc. comes
naturally whereas it specializes in fabricating equipment of Grades of
Stainless Steel including low ferrite stainless steel in 316L and 304L grade,
low alloy and Duplex. Besides, they have also fabricated equipment in materials
such as pure Nickel, Cupro-Nickel, Hastelloy and Aluminium. Equipment of Clad
Steel material and other materials overlaid with Monel, Inconel and Stainless
Steel is also normal at company. Besides fabrication of equipment under ASME
Section VIII, Div. I and II, they have supplied critical equipments under
Section III for Nuclear Applications such as Calendria, Moderator Heat
Exchanger, Bleed Condenser, Bleed Cooler, Airlock Doors for 235MW as well as
500 MW nuclear power stations.
Improvement in design and technology is an ongoing process at company
which has enabled us to assimilate advanced fabrication technology.
They have experience in design and manufacturing as per most of the
Indian and International codes, such as :
· ASME
· British Standard
· Tema Class R, C
& B
·
IBR
· Australian Codes
·
DIN
They renders consultancy services for chemical plants in disciplines
such as Electrical, Piping, Civil Engineering as well as electrical power
distribution systems, Industrial electrifications and field of captive power
generation. These include detailed engineering services for projects from the
stage of inception to execution and commissioning, in the role of consultants,
as well as contractors for 'Turnkey' type projects.
Collaborations
ABB Lummus, US representatives have visited
the work shop and approved fabrication of Helical Baffle Heat Exchangers and
accordingly they have.
Entered into an agreement with M/s. ABB
Lummus for Helical Baffle Heat Exchangers Manufacture.
CIS - Ireland
They have exclusive agreement with CIS -
Ireland for design and engineering of Mounded storage systems.
Quality Standards
· The total quality management approach
ensures that deliveries are made to customer's entire satisfaction.
· The quality procedures guarantee that safety
and reliability of operations is built into the system and equipment delivered.
· They are an ISO 9001-2000 Certified Company
· The Tarapur shop is ASME certified and
authorized to use U stamp. The quality systems at Tarapur works right from
personnel training, vendor development to final equipment commissioning are
covered under ISO 9001 accreditation.
The quality systems are backed by latest facilities for radiography, ultrasonic,
magnetic and liquid penetrant examination, high pressure and high vacuum
testing, helium and freon gas detection, fracture and impact testing. In-house
testing laboratory for Destructive & Non-Destructive Testing ensures total
quality product.
Quality Policy
It is the endeavor to manufacture products complying with Customers'
requirements and are committed to attain International Leadership in
Engineering and Manufacturing.
They will achieve this through
· Meeting statutory and regulatory requirements
· By involvement of all employees in continual
quality improvements
· Establishing measurable quality objectives
and performance indicators at relevant functions and levels.
· A better level of in-built quality resulting
in safe and reliable performance
Health, Safety and
Environment Policy
They believe that safety and health environment at work place is
extremely essential for all individuals engaged at work. They believe that such
an environment will lead to overall quality improvement and growth of the
organization. In order to attain and maintain high standard of safety, health
and environment at work place, the same is ensured by:
· All employees are adequately instructed
about their duties and are trained in various aspects of safety, health and
environment.
· All individuals who work in factory premises
strictly adhere to safety manual.
· Safety, Health and Environment issues are
integrated in all management decisions, especially in selection procedure of
materials, machinery, equipment and also selection / placement of personnel
· Necessary personal protective equipment are
provided to employees and that are regularly used.
· All the relevant statutory requirements as
per various mandatory acts are met.
· Potential hazards are periodically assessed
and necessary precautionary measures taken proactively.
· Interest and enthusiasm in safety efforts
are promoted by recognition of good safety performance.
Inspection Facilities
· Radiography by
- X-RAY
- GAMMA RAY
- Cobalt 60
· Helium Leak
Detection
· Ultrasonic Flaw
Detector
· Magnetic Particle
Testing
· Testing Laboratory
Manufacturing
Subject is having fabrication facility at
Tarapur, 120 KM from Mumbai for fabrication of Pressure Vessels, Heat
Exchangers, Columns and this workshop has been provided with latest fabrication
machineries including CNC drilling machines, welding machines etc.,. The
plate-bending machine installed is capable of rolling shells up to 110 mm thickness
by cold rolling and dish ends can be pressed up to 120 mm with hydraulic press.
For heat exchangers, tube sheet drilling can be done up to 400 mm thickness.
Epc Jobs executed
by us recently:
They have recently executed following EPC contracts on LSTK basis
involving fabrication, erection of mechanical equipment, rotating equipments,
fabrication, erection of piping work including civil works, insulation,
painting and fire proofing for the following :
· Gas Authority of
India Limited, Usar – They have executed LPG storage facility with mounded
bullets along with associated piping, electrical, instrumentation and civil
work. Total order value is USD 2.36
million and DM 3.68 million = Indian Rupees 180 million. Year of Completion
-1998
· Gas Authority of
India Limited, Gandhar LPG storage facility with mounded bullets and associated
Piping, electrical, instrumentation, civil work. Total value of order is USD 3,384,000/- = Rs. 150 million. Year of
Completion - 2001.
· Indian Oil
Corporation Limited, Mathura which includes fabrication, erection of 3 nos.
spheres fabrication erection of piping, insulation, instrumentation, electrical
work, civil work including pile foundation, pavements etc.
Total value of order is USD 2.73
million=Rs.117 million. Year of Completion - 2002.
· For Shell
International Limited, Colombo, they have supplied 4 nos. Horton spheres of 20
mtr dia along with 4 nos. fire water conical roof tanks along with necessary
piping. Year of Completion - 2000
· For Indian
Molasses Company Limited (United Storage Tank and Terminals Limited) they have
executed a complete Butadiene Storage facility involving design, engineering, fabrication,
erection along with refrigeration system. This job also includes executing pile
foundation for the spheres, architectural work, cross country pipeline of 2.5
kms from jetty to terminal. Year of
Completion - 1994.
· They are one of
the top most companies in India who has supplied Horton spheres to various LPG
Bottling Plants and Refineries for storage of LPG. They have supplied on
turnkey basis including civil foundation, structural work, piping,
instrumentation etc. They have supplied 150 nos. of such system so far.
· They are the first
Company in India to fabricate and install Mounded Storage System for storage of
LPG, Propane and Butane on LSTK basis. They have supplied & completed so
far at 9 locations. This job involves civil, tank fabrication, erection,
piping, instrumentation, electrical including control room construction etc
· They have executed
on EPC basis for Indian Oil Corporation Ltd., Gujarat Refinery for storage of
Butene in mounded bullets. This job was on EPC basis which included complete
design and engineering of storage vessels, piping, design, engineering &
supply of instruments including DCS and PLC, design, engineering and laying of
above ground pipe line from bullet to pump house, flare line, vapour return
line etc
· They have
completed an order from Hindustan petroleum Corporation Ltd. (HPCL) Mahul
Refinery for fabrication, erection of sea water pipe line job for a Total value of Rs. 130 million = USD 3.02
million. The job involved complete design, engineering, procurement of
cement lined pipes and other pipes, nickel bronze valves, complete civil work,
laying of pipe line and hook up to the cooling water. The job was awarded on
the basis of LSTK.
· They have executed
an order from EIL for BPCL, Mahul HCU Plant, fabrication, supply and erection
of columns. The scope of involved complete fabrication of columns in 2/3
sections, transportation to site, mobilising tools and tackles including heavy lift crane 300 T capacity,
erection of the columns, in citu welding, NDT and hydro testing. Dia. of Column
- 6.7 meters. Weight - 270 MT.
Export
Until recently our thrust had been for supply within India but now they
have decided to cater a substantial portion of the products for export.
· They have fabricated & exported HIGH
PRESSURE FILTER VESSELS for OMAN FERTILIZER (OMAN) thru Peerless-Europe(UK).
· They have manufactured & exported,
Rubber Lined DUAL MEDIA FILTER VESSELS for Sea Water De-Salination Plant to
Australia thru DEGREMONT - France (MDJV). Client - Australian Water Corp. The
vessels were designed & fabricated as per Australian Design Code.
Each Vessel is having weight of 48 MT x Dia-4 meters x Length-15 meters.
There are 8 such vessels.
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.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|