MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
GORADIA INNOVATIVE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
“Subhaag” B-15/16 Ramin Park old |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.01.1998 |
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Com. Reg. No.: |
04-033618 |
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CIN No.: [Company
Identification No.] |
U36942GJ1998PTC033618 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Dental Care Products |
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 221895 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a established company having moderate track records. Trade
relations are fair. Payments are reported as slow. However, the company can be considered for small to mediocre business dealings
at normal trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
“Subhaag” B-15/16 Ramin Park old |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Cyrus Jehanbux Driver |
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Designation : |
Director |
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Address : |
303, Surbhi Flat, Opp. Dinesh |
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Date of Birth/Age : |
12.04.1950 |
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Date of Appointment : |
24.12.2001 |
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Name : |
Mr. Nilesh Jayantbhai Shukla |
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Designation : |
Director |
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Address : |
6-Amrapali Society, B/H. Mental Hospital, Karelibaug, Vadodara-390018,
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Date of Birth/Age : |
15.05.1957 |
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Date of Appointment : |
17.11.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On :29.09.2006
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Names of Shareholders |
No. of Shares |
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Mrs. Geeta Amit Goradia |
571974 |
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Amigo Securities Private Limited |
250741 |
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Mrs. Mona Apoorva Vyas |
2228 |
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Mr. Manda Mahendra Vyas |
37125 |
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Mrs. Suhrud Amit Goradia |
117480 |
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Mr. Subir Amit Goradia |
117486 |
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Mr. Jehanbux Driver |
5 |
As On :29.09.2006
Equity Share breakup (percentage of total equity)
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Sr. No. |
Category |
Percentage |
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1 |
Bodies Corporate |
23.00 |
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2 |
Other top fifty (50) shareholders |
77.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dental Care Products |
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GENERAL INFORMATION
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Suppliers : |
·
Proth Industrial Company Limited ·
Shreeji Coporation ·
Technovation Control and Power Systems ·
Kuehne And Nagel Limited ·
L And T Demag Plastic Machinery Private Limited ·
Udit Design ·
Absolute Solutions ·
Amigo Brushes Private Limited ·
H. M. Parikh ·
H. M. Parikh and Company ·
Ferromatik Milacron ·
B. T. Dharamsi and Company ·
Amit Goradia ·
K K Engineers ·
Haribhakti and Company ·
Jewel Brushes Private Limited ·
Manoj Patel and associates ·
Saurabh Soparkar ·
Unident Brushes Private Limited ·
Chaudhary Enterprises ·
Nila and Company ·
Vikrant Transport Corporation ·
Rahul Parikh |
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Customers : |
·
Amigo Brushes Private Limited ·
Rose Packers ·
Tulip Processors ·
Bvk Enterprises ·
Denta Brushes ·
Coronet Products Private Limited ·
Jewel Brushes Private Limited ·
Unident Brushes Private Limited |
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Bankers : |
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City Bank ·
IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe
Parade, Mumbai-400005, |
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Facilities : |
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Term Loan From Citibank ·
Term Loan From IDBI Bank Limited Of Rs.2.605 millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Harshad M. Parikh Charter Accountant |
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Address : |
A/135, Rajlaxmi Complex, |
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Associates/Subsidiaries : |
No. |
CAPITAL STRUCTURE
As On : 31.03.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1097039 |
Equity Shares |
Rs.10/- each
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Rs.10.970
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.970 |
10.970 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.409 |
32.937 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
44.379 |
43.907 |
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LOAN FUNDS |
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1] Secured Loans |
2.605 |
15.472 |
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2] Unsecured Loans |
10.512 |
19.880 |
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TOTAL BORROWING |
13.117 |
35.352 |
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DEFERRED TAX LIABILITIES |
6.753 |
9.805 |
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TOTAL |
64.249 |
89.064 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.425 |
56.850 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
7.232 |
6.800 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.076
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0.069 |
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Sundry Debtors |
3.557
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20.081 |
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Cash & Bank Balances |
0.008
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0.277 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
13.165
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18.073 |
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Total
Current Assets |
16.806
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38.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.355
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2.834 |
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Provisions |
5.872
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10.297 |
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Total
Current Liabilities |
9.227
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13.131 |
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Net Current Assets |
7.579
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25.369 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.045 |
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TOTAL |
64.249 |
89.064 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
16.547 |
23.878 |
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Other Income |
0.174 |
0.000 |
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Total Income |
16.721 |
23.878 |
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Profit/(Loss) Before Tax |
0.024 |
0.705 |
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Provision for Taxation |
0.000 |
5.642 |
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Profit/(Loss) After Tax |
0.152 |
(5.700) |
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Expenditures : |
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Operating Expenses |
2.079 |
1.102 |
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Preliminary Expenses |
0.016 |
0.016 |
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Administrative Expenses |
0.248 |
0.769 |
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Salaries, Wages, Bonus, etc. |
0.615 |
0.243 |
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Interest |
1.742 |
3.956 |
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Depreciation & Amortization |
11.981 |
17.061 |
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Other Expenditure |
0.016 |
0.026 |
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Total Expenditure |
16.697 |
23.173 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.90
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23.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.14
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2.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
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0.74 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.50
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1.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.82
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2.93 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS :
·
Land
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Building
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Plant and Machinery
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Material Handling Equipments
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Furniture and Fixtures
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Electrical Installation
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Fire Extinguishers
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Office Equipments
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Computers
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Computer Software
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Vehicle
FORM 8
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This form is for |
Creation of
charge |
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Charge
identification number of the modified |
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Corporate
identity number of the company |
U36942GJ1998PTC033618 |
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Name of the
company |
GORADIA
INNOVATIVE TECHNOLOGIES PRIVATE LIMITED LIABILITY |
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Address of the
registered office or of the principal place of business in |
Subhag B |
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Type of charge |
Movable
Property |
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Particular of
charge holder |
L65190Mh2004GOI148838 Industrial
Development Bank Of India Limited, IDBI Towerwtc Complex, Cuff Parade,
Mumbai-400005, |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Plant And Machinery for credit of Rs.35.000 millions granted
by IDBI Limited to M/s Unident Brushes Limited |
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Date of
instrument Creating the charge |
28.09.2006 |
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Amount secured by
the charge |
Rs.35.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR-0.50%,
Presentaly 11.00% p.a. rate of interest Terms of
Repayment Funds based Term
Loan of Rs.25.000 millions Repayment in 24 monthly installments after 12
month moratorium. For Non funds based limit of Rs.10.000 millions as
stipulated in sanction letter. Margin Nil. Extent and
Operation of the charge All Present And Future
movable Fixed Assets of the company hypothecated as guarantor for credit
facility of Rs.35.000 millions granted by IDBI Limited to Unident Brushes
Limited. Others Nil. |
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Short particulars
of the property charged |
First Pari-Passu
charge on all movable fixed assets (present and future) of the company. |
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Date of latest
modification prior to the present modification |
- |
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Particulars of
the present modification |
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·
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.03 |
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1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
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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 |
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29 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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