MIRA
INFORM REPORT
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Report Date : |
26.12.2008 |
IDENTIFICATION DETAILS
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Name : |
GREEN GOLD TIMBERS PRIVATE LIMITED |
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Registered Office : |
Survey No. 187, N H No. 8, Amithi Rohar, Gandhidham, Kutch – 370 201, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.10.1998 |
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Com. Reg. No.: |
04-34826 |
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CIN No.: [Company
Identification No.] |
U20200GJ1998PTC034826 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTG00080D |
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PAN No.: [Permanent
Account No.] |
AAACG7875Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of Timber |
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 90000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaint |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Trade
relations fair. Business is active. No complaints have been heard. The company can be considered for business dealings with slight
caution, initially. |
INFORMATION PARTED BY
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Name : |
Mr. Dehiman |
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Designation : |
Accounts (Branch Office) |
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Date : |
24.12.2008 |
LOCATIONS
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Registered Office : |
Survey No. 187, N H No. 8, Amithi Rohar, Gandhidham, Kutch – 370 201, |
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Tel. No.: |
91-2836-286485 / 486 |
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E-Mail : |
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Corporate Office : |
Government Industrial Estate, Patel Nagar, Dehradun – 248 001, |
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Tel. No.: |
91-135-2722541 / 2657481 |
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Fax No.: |
91-135-2723404 |
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Factory : |
Survey No. 36, Village Padana N H 8A, Gandhidham, Kutch – 370 201, |
DIRECTORS
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Name : |
Mr. Akhilesh Manglik |
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Designation : |
Chairman cum Managing Director |
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Address : |
Plot No. 54, Sector 3, Gandhidham – 370 201, |
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Date of Birth/Age : |
64 Years |
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Date of Appointment : |
15.10.1998 |
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Name : |
Mr. Mudit Manglik |
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Designation : |
Director |
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Address : |
Plot No. 54, Sector 3, Gandhidham – 370 201, |
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Date of Birth/Age : |
36 Years |
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Date of Appointment : |
15.10.1998 |
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Name : |
Mr. Anuj Manglik |
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Designation : |
Director |
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Address : |
Plot No. 54, Sector 3, Gandhidham – 370 201, |
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Date of Birth/Age : |
34 Years |
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Date of Appointment : |
15.10.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 27.09.2007)
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Names of Shareholders |
No. of Shares |
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Akhilesh Manglik |
150800 |
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Ankit Manglik |
100 |
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Anuj Manglik |
202300 |
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Mudit Manglik |
117000 |
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Archana Manglik |
269000 |
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Rita Manglik |
100 |
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Rashi Manglik |
90000 |
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Mudit Manglik (HUF) |
170100 |
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Madhu Jain |
100 |
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Rakesh Sagar Jain |
100 |
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Sahu Ram |
100 |
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Lalaram FI and IN Private Limited |
100 |
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Asha Rani Gupta |
80000 |
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Green Gold Tree Far. |
100000 |
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Dinesh Gupta |
80000 |
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Mukesh Gupta |
80000 |
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Ramu Gupta |
80000 |
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Sakshi Finance Service Private Limited |
100 |
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Sparkling ING ( |
100 |
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Umesh Gupta |
80000 |
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Total |
1500000 |
Equity share
breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies corporate |
0.02 |
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Directors or relatives of directors |
99.98 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Timber |
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Imports : |
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Products : |
Timbers |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days / 60 days) |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Suppliers : |
·
Shiv Shakti Impex ·
Integrity Enterprises ·
Sanjay Chemical Industries ·
Camlin, Pune ·
Hotel Taj ·
ICI India Limited ·
Adaik International ·
S G Trading Company |
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Customers : |
·
Wholesalers ·
Viren K and Company ·
Jay Wood Industry ·
Pankaj Industries, Mumbai ·
Desai Construction ·
Parmeshwar Sawmill ·
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Kiran and Company ·
B D Industries Jaipur |
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No. of Employees : |
100 |
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Bankers : |
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Union Bank of Main Branch, 19-B, ·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Hiranandani and Company Chartered Accountant |
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Address : |
“Banke Bihari”, Plot No. 16, Ward 10-B(C), Gandhidham – 370 201, |
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Associates/Subsidiaries : |
Green Gold Tree Farmers |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.086 |
2.765 |
2.695 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.086 |
17.765 |
17.695 |
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LOAN FUNDS |
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1] Secured Loans |
2.644 |
3.104 |
2.753 |
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2] Unsecured Loans |
12.952 |
15.656 |
15.046 |
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TOTAL BORROWING |
15.596 |
18.760 |
17.799 |
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DEFERRED TAX LIABILITIES |
0.578 |
0.701 |
0.790 |
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TOTAL |
34.260 |
37.226 |
36.284 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.456 |
11.747 |
11.400 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
2.182 |
2.202 |
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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 |
59.498
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47.337 |
37.527 |
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Sundry Debtors |
52.178
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48.681 |
45.255 |
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Cash & Bank Balances |
0.398
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0.749 |
2.835 |
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Deposits |
0.429
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0.000 |
0.000 |
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Loans & Advances and Other Current Assets |
3.364
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5.098 |
1.062 |
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Total
Current Assets |
115.867
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101.865 |
86.679 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
91.065
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78.383 |
63.788 |
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Provisions |
0.998
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0.185 |
0.209 |
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Total
Current Liabilities |
92.063
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78.568 |
63.997 |
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Net Current Assets |
23.804
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23.297 |
22.682 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.260 |
37.226 |
36.284 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
296.636 |
251.391 |
259.739 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
296.636 |
251.391 |
259.739 |
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Profit/(Loss) Before Tax |
0.551 |
0.260 |
1.196 |
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Provision for Taxation |
0.354 |
0.280 |
0.209 |
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Profit/(Loss) After Tax |
0.197 |
(0.020) |
0.987 |
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Imports : |
122.384 |
NA |
NA |
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Total Expenditure |
296.085 |
251.131 |
258.543 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.07
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(0.01) |
0.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.19
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0.10 |
0.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.44
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0.23 |
1.22 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.01 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.95
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5.48 |
4.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.26
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1.30 |
1.35 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Jay Wood Industries, Mumbai
·
Jaiprakash Associates,
Form No. 8
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Corporate
identity number of the company |
U20200GJ1998PTC034826 |
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Name of the
company |
GREEN GOLD TIMBERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Survey No. 187, N H No. 8, Amithi Rohar, Gandhidham, Kutch – 370 201, |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, |
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Nature of
instrument creating charge |
Letter of
Hypothecation |
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Date of
instrument Creating the charge |
28.04.2008 |
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Amount secured by
the charge |
Rs.100.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Interest at the rate as may be communicated by the Bank from time to
time. ·
Terms
of repayment On Demand ·
Margin Company shall at all times during the continuance of this security
maintain the said debts of a sufficient amount to provide the margin of
security as may from time to time advised by the Bank. ·
Extent
and operation of the charge Hypothecation by way of First Charge on Company’s Stocks, Book Debts
etc., to secure as a continuing security ·
Others Nil |
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Particulars of
the property charged |
Hypothecation by
way first charge on ·
All
the stock in trade both present and future consisting of raw materials, finished
goods, goods in process of manufacturing and other merchandise, fixed assets
and whatsoever being movable properties ·
All
present and future book debts |
During the year no fresh shares have been
issued and paid up share capital of the company remains same at Rs.15.000
millions. However an amount of Rs.1.000 million has been received towards share
application.
The companies working results for the year
ended 31st March 2007, have been satisfactory. The total turnover
stood at 296.636 millions during the year and the company has made a net profit
of Rs.0.551 million. The Directors recommend that after making a provision for
current and deferred tax, the balance be carried forward.
In the current year company has some good
contracts on hand and Directors hope to show better results but for unforeseen
circumstances.
Fixed Assets
·
Luna
·
Motor Cycle
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Bajaj Scooter
·
Tractor
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.99 |
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1 |
Rs.72.49 |
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Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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37 |
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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