MIRA
INFORM REPORT
|
Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
D AND G METAL INC |
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Registered Office : |
16, Chandra Kiran, |
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Country : |
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Financials (as on) : |
31.03.2008 [Estimated] |
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Date of Incorporation : |
17.11.2003 |
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IEC No.: |
2403004995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTD01062F |
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PAN No.: [Permanent
Account No.] |
AADFD9824E |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer, Importer and Exporter of Brass Electrical Components and
Precion Turned Parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Partners
are reported as experienced, respectable and having satisfactory means. Trade relations are fair. No complaints
have been heard. It would be advisable to take adequate securities while dealings with
the subject. |
INFORMATION PARTED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Export – Manager |
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Contact No.: |
91-9930221054 |
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Date : |
24.12.2008 |
LOCATIONS
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Registered Office / Administrative Office : |
16, Chandra Kiran, |
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Tel. No.: |
91-22-28634743 |
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Mobile No.: |
91-9930221054 |
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Fax No.: |
91-22-28622093 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory 1 : |
109/110 G.I.D.C., Phase 2, Dared bay Pass, |
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Tel. No.: |
91-288-2730218 / 022-28634743 |
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Mobile No.: |
91-9820267270 |
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Fax No.: |
91-288-2730545 / 28622093 |
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E-Mail : |
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Area : |
2000 sq. ft. [Owned] |
PARTNERS
|
Name : |
Mr. Dinesh Rathod |
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Designation : |
Partner |
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Address : |
207, New Girnar, Malad [West], Shanti Nagar, |
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Date of Birth/Age : |
15.08.1969 |
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Qualification : |
S.S.C. |
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Experience : |
20 Years |
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Name : |
Mr. Girdhar Rathod |
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Designation : |
Partner |
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Address : |
207, New Girnar, Malad [West], Shanti Nagar, |
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Date of Birth/Age : |
18.04.1972 |
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Qualification : |
F. Y. B. Com |
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Experience : |
15 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Brass Electrical Components and
Precion Turned Parts |
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Products : |
v
Brass
Electrical Wiring Accessories. v
Brass
Lamp Holders v
Brass
Electrical Component v
Brass neutral
link & Connector |
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Exports : |
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Products : |
Brass Electrical Parts |
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Countries : |
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Imports : |
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Products : |
Brass Scrape |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit [30-60 days] |
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Purchasing : |
Credit [30-60 days] |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Brass Electrical Parts |
Tones / Months |
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20 |
15 |
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GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
52 [In Office : 07; In Factory : 45] |
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Bankers : |
Corporation Bank, |
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Facilities : |
From Corporation Bank
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamlesh Rathod and Associates Chartered Accountants |
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Address : |
408-409, |
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Tel. No.: |
91-288-2673555 / 2679555 |
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Fax No.: |
91-288-2533274 |
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E-Mail : |
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Associates/Subsidiaries : |
Jisckon International |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 43.094 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 43.094 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 [Estimated] |
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
43.094 |
23.466 |
11.552 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.094 |
23.466 |
11.552 |
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LOAN FUNDS |
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1] Secured Loans |
15.000 |
6.440 |
1.836 |
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2] Unsecured Loans |
2.500 |
2.105 |
3.146 |
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TOTAL BORROWING |
17.500 |
8.545 |
4.982 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.594 |
32.011 |
16.534 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.404 |
2.825 |
3.160 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.500 |
1.197 |
1.140 |
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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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Cash & Bank Balances |
0.642
|
0.199 |
0.132 |
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Current Assets |
57.237
|
28.759 |
13.016 |
|
Total
Current Assets |
57.879
|
28.958 |
13.148 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.189
|
0.969 |
0.914 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
1.189
|
0.969 |
0.914 |
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Net Current Assets |
56.690
|
27.989 |
12.234 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.594 |
32.011 |
16.534 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 [Estimated] |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
103.784 |
56.903 |
51.624 |
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Profit/(Loss) Before Tax |
23.571 |
15.291 |
6.354 |
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Provision for Taxation |
1.000 |
0.276 |
0.493 |
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Profit/(Loss) After Tax |
22.571 |
15.015 |
5.861 |
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Expenditures : |
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Cost of Goods Sold |
74.975 |
39.160 |
42.333 |
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Selling, General and Administrative Expenses
|
4.113 |
1.863 |
2.310 |
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Interest |
1.125 |
0.589 |
0.628 |
|
Total Expenditure |
80.213 |
41.612 |
45.271 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
21.75
|
26.39 |
82.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
22.71
|
0.27 |
12.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
39.10
|
48.11 |
38.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.65 |
0.55 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.40 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
|
48.68
|
29.88 |
14.39 |
LOCAL AGENCY FURTHER INFORMATION
INSURANCE DETAILS
|
Unit’s Assets covered |
Policy No. /
Cover Note |
Validity |
Sum Assured |
Risk covered |
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Machinery / Stocks |
212200/11/07/11/00001958 |
17.01.2009 |
Rs. 12.000 Millions |
Machinery / Stocks |
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Surety : |
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Name of the Guarantor [s] |
Mrs. Tejiben Rathod Mr. Dinesh Rathod Mr. Girdhar Rathod |
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Background : |
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Comment on the experience of the applicant the line of trading
activity and on their market reputation. In the case of existing client comment
on the conduct of the account. A brief description of any other matter of
importance for considering he proprietor |
The group has completed three successful
year of its establishment and has earned net profit of Rs. 6.396 Millions and
Rs. 15.085 Millions in F. Y. 2006-07. also the firm has achieved a turnover
of Rs. 51.600 millions and Rs. 56.900 Millions respectively. During the year
firm has targeted to achieved a turnover of Rs. 100.000 Millions in the
current financial year and till date has already reached to the turnover of
Rs. 85.000 Millions |
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Working Results : |
Rs in Millions |
||||
|
Performance
Parameters |
For the year ended / ending and as on |
||||
|
Audited |
Audited |
Estimate |
Estimate |
Estimate |
|
|
2005-06 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
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|
Net Sales |
51.624 |
56.903 |
103.784 |
159.194 |
185.727 |
|
% Of growth in net sales |
142.65 % |
10.23 % |
82.39 % |
53.39 % |
16.67 % |
|
Purchases |
35.683 |
40.143 |
75.160 |
117.188 |
135.469 |
|
Purchase as % of Sales |
69.12 % |
70.55 % |
72.42 % |
73.61 % |
72.94 % |
|
Gross Profit |
9.291 |
17.744 |
28.809 |
37.810 |
42.423 |
|
Gross Profit / Turnover Ratio |
18.00 % |
31.18 % |
27.76 % |
23.75 % |
22.84 % |
|
Net Profit After Tax |
5.861 |
15.015 |
22.571 |
27.241 |
31.245 |
|
Net Profit / Turnover Ratio |
11.35 % |
26.39 % |
21.75 % |
17.11 % |
16.82 % |
|
Cash Accruals |
6.521 |
15.523 |
22.992 |
27.599 |
31.550 |
|
Stock Retention Period |
2 |
5 |
5 |
5 |
5 |
|
S. Debtors to Sales [days] |
2 |
1 |
2 |
2 |
2 |
|
Creditors to Purchases [Days] |
0 |
0 |
0 |
0 |
0 |
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|
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|
Comments on Turnover / Profitability : Promotor is having 30 years successful track record in this line of business and have explored Export Market and to sustain in export market they have started An 100 % Export oriented unit. During its, first three year of operation has achieved a profit of Rs. 3.400 Millions and Rs. 6.397 Millions and Rs. 15.085 Millions which is tax free profit. |
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FINANCIAL INDICATORS
Rs in Millions
|
|
For the year ended / ending and as on |
||
|
Estimate |
Estimate |
Estimate |
|
|
2007-08 |
2008-09 |
2009-10 |
|
|
Sources of long
Term funds |
|
|
|
|
Capital |
43.094 |
57.891 |
71.635 |
|
Tangible Net Worth |
43.094 |
57.891 |
71.635 |
|
Unsecured Loans |
2.500 |
0.000 |
0.000 |
|
Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Total |
45.594 |
57.891 |
71.635 |
|
|
|
|
|
|
Application of
Funds |
|
|
|
|
Fixed Assets |
2.404 |
7.046 |
6.741 |
|
Non-Current Assets |
1.500 |
1.500 |
1.500 |
|
Net Working Capital |
56.690 |
89.345 |
103.393 |
|
Total |
60.593 |
97.891 |
111.635 |
|
|
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|
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|
Current Assets |
|
|
|
|
Cash and Bank Deposits |
0.642 |
0.974 |
0.991 |
|
Stock in hand |
39.139 |
58.709 |
68.494 |
|
Receivables |
17.297 |
26.532 |
30.954 |
|
Trade Advances |
0.800 |
5.000 |
5.000 |
|
Total |
57.879 |
91.216 |
105.439 |
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
Bank Borrowings |
15.000 |
40.000 |
40.000 |
|
Sundry Creditors |
1.189 |
1.870 |
2.046 |
|
Advance From Customers |
0.00 |
0.00 |
0.00 |
|
Other Current Liabilities |
0.00 |
0.00 |
0.00 |
|
Total |
16.189 |
41.870 |
42.046 |
|
|
|
|
|
|
Current Ratio
including Bank Borrowing |
3.58 |
2.18 |
2.51 |
|
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Rs in Millions
|
Nature Of Current
Assets / Liabilities |
Actual level of holding as on |
||
|
Estimated |
|||
|
2007-08 |
2008-09 |
2009-10 |
|
|
|
|
|
|
|
Stock – In – Trade |
39.139 |
58.709 |
68.494 |
|
[Month’s Cost of Sales] |
0.531 |
0.511 |
0.533 |
|
Receivables |
17.297 |
26.532 |
30.954 |
|
[Month’s Sales] |
0.206 |
0.206 |
0.206 |
|
Advances Paid To Suppliers |
0.00 |
0.00 |
0.00 |
|
[Actual Amount] |
|
|
|
|
Creditors |
1.189 |
1.870 |
2.046 |
|
[Month’s Purchases] |
0.017 |
0.017 |
0.017 |
|
Advances From Customers |
0.00 |
0.00 |
0.00 |
|
[Actual Amount] |
|
|
|
Rs in Millions
|
Computation |
|
|
Estimated Sales |
159.194 |
|
Estimated Purchases |
117.188 |
|
% of Sales based on past performance |
74 % |
|
|
|
|
Current Assets |
58.709 |
|
Stock [4 month’s cost of sales] |
26.532 |
|
Receivables [3 months sales] |
5.000 |
|
Advance paid to suppliers |
|
|
|
|
|
Less |
|
|
Creditors [2 month’s purchases] |
1.870 |
|
Advance from customers |
0 |
|
Other current liabilities |
0 |
|
Working Capital Gap |
88.371 |
|
|
|
|
Less |
22.093 |
|
Margin [25 % of WCG / actual net working capital whichever is higher] |
|
|
|
|
|
Max. Permissible Bank Finance |
66.278 |
|
|
|
|
Permissible Bank finance for Inventory |
|
|
Stock [4 month’s cost of sales] |
58.709 |
|
Less |
|
|
Creditors [2 month’s Purchases] |
1.870 |
|
Less |
|
|
[as per the margin norms] |
56.839 |
|
Permissible inventory limit |
|
|
|
|
|
Permissible bank finance for receivables |
|
|
|
|
|
Debtors [3 month’s sales] |
26.532 |
|
Creditors [debtors o/s for less than 90 days] |
|
|
|
|
|
Less |
5.306 |
|
Margin |
|
|
Permissible Receivables Limit |
21.226 |
PARTICULARS OF INDIVIDUAL / PROPRIETOR / JOINT FAMILY MEMBERS / PARTNERS
/ DIRECTORS / TRUSTEE
|
Name |
Net Worth as per statement [Rs in Millions] |
|
|
|
|
Mr. Dinesh Rathod |
17.588 |
|
|
|
|
Mr. Girdhar Rathod |
19.560 |
BUSINESS FIGURES FOR THE LAST THREE YEARS
Rs in Millions
|
Parameter |
Year 2005 |
Year 2006 |
Year 2007 |
|
|
|
|
|
|
Sales |
21.275 |
51.624 |
56.903 |
|
Exports, if any |
19.622 |
40.080 |
56.283 |
|
Purchases |
18.518 |
36.943 |
51.837 |
|
Gross Profit |
5.504 |
9.291 |
17.744 |
|
Net Profit |
3.430 |
5.861 |
15.085 |
|
Capital |
5.636 |
11.552 |
23.466 |
|
Reserves |
N.A. |
N.A. |
N.A. |
DETAILS OF CREDIT LIMIT [S] SOUGHT
|
Nature of Facility |
Amount Rs in Millions |
Purpose |
|
|
|
|
|
Packing Credit Facilities |
20.000 |
Working Capital |
|
Foreign Bill Discounting |
20.000 |
Working Capital |
|
|
|
|
DETAILS OF SECURITY PRIME AS WELL AS COLLATERAL OFFERED
|
Types of Security |
Name of the owner / title holder / insured |
Location of the property |
|
|
|
|
|
Immovable Property |
Mrs. Tejiben Rathod |
Flat No. 207, B – Wing, New Girnar
Apartment, |
|
|
|
|
Guarantor Proposed
Rs in Millions
|
Name of the
Guarantor [s] |
Age |
Occupation |
Annual Income |
Net Worth as per
statement |
|
|
|
|
|
|
|
Mr. Dinesh Rathod |
35 |
Business Income |
7.713 |
17.588 |
|
Mr. Girdhar Rathod |
33 |
Business Income |
7.738 |
19.560 |
|
Mr. Tejiben Rathod |
57 |
Household and Agriculture |
0.500 |
5.311 |
STATEMENT OF ASSETS AND
LIABILITIES
D AND G METAL INC.
Annual Income
|
Source |
Annual Income Rs in Millions |
|
|
|
|
Business |
15.085 |
Deposits Held With Banks
Rs in Millions
|
Sr. No. |
Name of the Bank |
Nature of Deposits held |
Amount of Deposits |
|
|
|
|
|
|
1 |
Corporation Bank |
FDR |
1.197 |
Other Assets
|
Sr. no. |
Nature / Details of Assets |
Market value as
on 31.03.2007 Rs in Millions |
|
|
|
|
|
1 |
As per Balance Sheet |
28.959 |
|
2 |
Plant and Machinery |
2.825 |
|
|
Total |
31.784 |
Total Assets : Rs. 32.981 Millions
Liabilities
|
Name of the Institution / Bank |
Details of
Nature and Extent of credit limits / facilities enjoyed |
|
|
Nature of Credit
Facilities |
Extent Rs in
Millions |
|
|
|
|
|
|
Corporation Bank |
PCL |
6.441 |
Borrowings from others
|
Name of the Lender |
Amount Borrowed [Rs in Millions] |
|
|
|
|
As per balance |
2.105 |
Other Liabilities
Rs in Millions
|
Nature of liability |
Extent of liability as on 31.03.2007 |
|
|
|
|
Creditors for goods and expenses |
0.969 |
Total Liabilities : Rs. 9.515 Millions
Net Worth : Rs. 23.466 Millions
MR. DINESH RATHOD
Annual Income
|
Source |
Annual Income Rs in Millions |
|
|
|
|
Business |
7.713 |
Details of assets owned
Investment in Business Capital
Rs in Millions
|
Sr. No. |
Name of the Company / firm / concern in which investment is made |
Amount of
Deposit |
|
|
|
|
|
1 |
Balance of Capital account in Partnership
concern M/s D and G Metal Inc. |
10.988 |
|
2 |
Balance in Capital Account of Dinesh Kumar
and Brother |
0.250 |
|
3 |
Balance in Capital Account of Jisckon
International |
0.100 |
|
|
Total |
11.338 |
Life Insurance Policies
|
Policy No. |
Surrender value as on [Rs in Millions] |
|
813936703 |
0.100 |
|
810397527 |
0.035 |
|
810397777 |
0.050 |
|
810349352 |
0.085 |
|
Total |
0.270 |
Immovable Properties
|
Sr. No. |
Name of Owner |
Description of
Property |
Location / address
of property |
|
1 |
2 |
3 |
4 |
|
1 |
Mr. Dinesh Rathod |
Industrial Plot |
Plot No. 109 and 110, GIDC, Phase - II |
|
|
|
|
|
|
2 |
Mr. Dinesh Rathod |
Industrial Plot |
Plot No. 502, GIDC, Phase – II, Dared, |
|
|
|
|
|
|
Extent of land |
Extent of
Building Area constructed |
Type of Property |
Original
purchase cost [Rs in Millions] |
Present Market
Value Rs in Millions |
|
5 |
6 |
7 |
8 |
9 |
|
|
|
|
|
|
|
8752.41 sq.ft. |
7532 sq.ft. |
Industrial Plot |
0.450 |
2.790 |
|
|
|
|
|
|
|
4199.41 sq. ft. |
2000 sq.ft. |
Industrial Property |
-- |
1.900 |
Other Assets
Rs in Millions
|
Nature / details of Assets |
Market value as
on 31.03.2007 Rs in Millions |
|
|
|
|
Gold ornaments |
1.015 |
|
Car |
0.050 |
|
Other Assets |
0.150 |
|
Cash on hand |
0.075 |
|
Total |
1.290 |
Total Assets : Rs. 17.588 Millions
Net Worth : Rs. 17.588 Millions
MR. GIRDHAR RATHOD
Annual Income
Rs in Millions
|
Source |
Annual Income |
|
|
|
|
Business |
7.738 |
Details of assets owned
Investment in Business Capital
Rs in Millions
|
Sr. No. |
Name of the Company / firm / concern in which investment is made |
Amount of
Deposit |
|
|
|
|
|
1 |
Balance of Capital account in Partnership concern
M/s D and G Metal Inc. |
12.478 |
|
2 |
Balance in Capital Account of Jayshree
Industrial Corporation |
0.130 |
|
3 |
Balance in Capital Account of Jisckon
International |
0.100 |
|
|
Total |
12.708 |
Life Insurance Policies
|
Policy No. |
Surrender value as on [Rs in Millions] |
|
810370173 |
0.100 |
|
810387788 |
0.044 |
|
810335003 |
0.010 |
|
810349353 |
0.085 |
|
Total |
0.239 |
Immovable Properties
|
Sr. No. |
Name of Owner |
Description of
Property |
Location /
address of property |
|
1 |
2 |
3 |
4 |
|
1 |
Mr. Girdhar Rathod |
Industrial Plot |
Plot No. 109 and 110, GIDC, Phase - II |
|
|
|
|
|
|
2 |
Mr. Girdhar Rathod |
Residential |
A-11, Shantinagar Society, Janta Society, |
|
|
|
|
|
|
Extent of land |
Extent of
Building Area constructed |
Type of Property |
Original
purchase cost [Rs in Millions] |
Present Market
Value Rs in Millions |
|
5 |
6 |
7 |
8 |
9 |
|
|
|
|
|
|
|
8752.41 sq. ft. |
7532 sq.ft. |
Industrial Plot |
0.450 |
2.790 |
|
|
|
|
|
|
|
3319.40 sq. ft. |
1400 sq.ft. |
Residential Property |
|
2.420 |
|
|
|
|
|
|
|
|
|
Residential Property |
|
|
|
|
|
|
|
5.210 |
Other Assets
Rs in Millions
|
Nature / details of Assets |
Market value as
on 31.03.2007 |
|
|
|
|
House Hold Articles |
0.100 |
|
Gold ornaments |
1.203 |
|
Cash on hand |
0.100 |
|
Total |
1.403 |
Total Assets : Rs. 19.560 Millions
Net Worth : rs. 19.560 Millions
MRS. TEJIBEN
RATHOD
Annual Income
|
Source |
Annual Income Rs in Millions |
|
|
|
|
Agriculture |
0.400 |
|
ST Capital Gain |
0.100 |
Details of assets owned
Investment in Business Capital
Rs in Millions
|
Sr. No. |
Name of the Company / firm / concern in which investment is made |
Amount of
Deposit |
|
|
|
|
|
1 |
Investment made in D and G Metal Inc. |
0.580 |
Immovable Properties
|
Sr. No. |
Name of Owner |
Description of
Property |
Location / address
of property |
|
1 |
2 |
3 |
4 |
|
1 |
Mrs. Tejiben Rathod |
Shop |
|
|
|
|
|
|
|
|
|
Flat |
Flat No. 207, B – Wing, New Girnar Apartment, |
|
Extent of land |
Extent of
Building Area constructed |
Type of Property |
Present Market
Value Rs in Millions |
|
5 |
6 |
7 |
9 |
|
|
|
|
|
|
214 sq. ft. |
214 sq. ft. |
Shop |
2.355 |
|
|
|
|
|
|
400 sq. ft. |
400 sq. ft. |
Flat |
1.301 |
|
|
|
|
3.656 |
Other Assets
Rs in Millions
|
Nature / details of Assets |
Market value as
on 31.03.2007 |
|
|
|
|
Gold ornaments |
0.500 |
|
Other Assets |
0.550 |
|
Cash on hand |
0.025 |
|
Total |
1.075 |
Total Assets : Rs. 19.560 Millions
Net Worth : Rs. 19.560 Millions
PROJECTIONS OF
PERFORMANCE, PROFITABILITY AND REPAYMENT
[Rs in Millions]
|
Sr. No. |
Particulars |
31.03.2009 [Projection] |
31.03.2010 [Projection] |
|
|
|
|
|
|
|
Installed Capacity [Qty. in M.T. ] |
4200.00 |
4200.00 |
|
|
|
|
|
|
A |
Production during the year [Quantity] |
114.796 |
133.929 |
|
|
[% of utilization of installed capacity] |
0.27 |
0.32 |
|
B |
Sales |
|
|
|
1 |
Sales including all miscellaneous receivable |
159.194 |
185.727 |
|
2 |
Less : Excise duty |
0.00 |
0.00 |
|
3 |
Net Sales |
159.194 |
185.727 |
|
|
% of rise / fall in sales |
53 % |
17 % |
|
|
|
|
|
|
C |
Cost of Production |
|
|
|
|
i Raw materials consumed |
117.188 |
135.469 |
|
|
ii Power and fuel |
2.244 |
2.244 |
|
|
iii Direct labour |
3.366 |
3.366 |
|
|
Iv Consumables and Stores |
2.805 |
2.805 |
|
|
v Repairs and Maintenance |
0.561 |
0.561 |
|
|
vi Other manufacturing Expenses |
2.244 |
2.244 |
|
|
vii Depreciation |
0.358 |
0.304 |
|
|
viii Total cost of Production |
128.767 |
146.995 |
|
|
ix Opening Stock – in – process and finished
goods |
14.764 |
22.147 |
|
|
|
|
|
|
|
|
143.531 |
169.141 |
|
|
x Closing Stock – in – process and finished
goods |
22.147 |
25.838 |
|
|
xi Sub – total |
121.385 |
143.303 |
|
|
|
|
|
|
D |
Cost of sales |
121.385 |
143.303 |
|
|
|
|
|
|
E |
Gross Profit |
37.810 |
42.423 |
|
|
|
|
|
|
F |
Interest |
|
|
|
|
Term Loans |
0.00 |
0.00 |
|
|
Working Capital |
3.00 |
3.00 |
|
|
Other Loans, if any |
0.00 |
0.00 |
|
|
|
|
|
|
G |
Selling, general and Administrative Expenses |
6.469 |
7.078 |
|
|
|
9.469 |
10.078 |
|
|
|
|
|
|
H |
Profit before taxes |
28.341 |
32.345 |
|
|
|
|
|
|
I |
Provision for Taxation |
1.100 |
1.100 |
|
|
|
|
|
|
J |
Net Profit |
27.241 |
31.245 |
|
|
|
|
|
|
K |
Depreciation add back |
0.358 |
0.304 |
|
|
|
|
|
|
L |
Net Cash Accruals |
27.599 |
31.550 |
|
|
|
|
|
|
M |
Repayment obligation |
0.00 |
0.00 |
|
|
Towers Term Loan |
0.00 |
0.00 |
|
|
Towers Other Loan |
3.00 |
3.00 |
|
|
|
|
|
|
N |
Debt Service Ratio |
1.020 |
1.152 |
PROJECTED BALANCE SHEET
Rs in Millions
|
Particulars |
31.03.2009 [Projection] |
31.03.2010 [Projection] |
|
|
|
|
|
Liabilities |
|
|
|
Share Capital |
57.891 |
71.635 |
|
|
|
|
|
Reserve and Surplus |
0.00 |
0.00 |
|
|
|
|
|
Cash Credit Limit |
0.00 |
0.00 |
|
|
|
|
|
Bank Borrowing for working capital |
40.000 |
40.000 |
|
|
|
|
|
Unsecured Loans |
0.00 |
0.00 |
|
|
|
|
|
Other Liabilities |
1.870 |
2.046 |
|
|
|
|
|
Total Liabilities |
99.761 |
113.681 |
|
|
|
|
|
Assets |
|
|
|
Gross Block |
10.192 |
10.192 |
|
Depreciation |
[3.146] |
[3.450] |
|
Net Block |
7.046 |
6.741 |
|
|
|
|
|
Investment |
1.500 |
1.500 |
|
|
|
|
|
Current Assets |
90.242 |
104.448 |
|
|
|
|
|
Cash and Bank Balance |
0.974 |
0.991 |
|
|
|
|
|
Total Assets |
99.761 |
113.681 |
CASH FLOW STATEMENT
Rs in Millions
|
Sr. No. |
Particulars |
31.03.2009 [Projection] |
31.03.2010 [Projection] |
|
|
|
|
|
|
A |
SOURCES OF FUNDS |
|
|
|
|
|
|
|
|
1 |
Cash Accruals |
31.341 |
35.345 |
|
|
|
|
|
|
2 |
Increases in capital |
0.00 |
0.00 |
|
|
|
|
|
|
3 |
Depreciation |
0.358 |
0.304 |
|
|
|
|
|
|
4 |
Increase in long term loan / debentures |
0.00 |
0.00 |
|
|
|
|
|
|
5 |
Increased in creditors |
0.681 |
0.176 |
|
|
|
|
|
|
6 |
Increase in unsecured loans / deposits |
0.00 |
0.00 |
|
|
|
|
|
|
7 |
Increase in bank borrowings for working |
25.00 |
0.00 |
|
|
|
|
|
|
8 |
Sales of fixed assets / investments |
0.00 |
0.00 |
|
|
|
|
|
|
9 |
Others [Specify] |
0.00 |
0.00 |
|
|
|
|
|
|
|
Total Sources [a] |
57.380 |
35.826 |
|
|
|
|
|
|
B |
DISPOSITION OF FUNDS |
|
|
|
|
|
|
|
|
1 |
Withdrawals from capital |
12.444 |
17.501 |
|
|
|
|
|
|
2 |
Increased in Capital Expenditure |
5.000 |
0.000 |
|
|
|
|
|
|
3 |
Increase in Current Assets |
|
|
|
|
Inventories |
19.570 |
9.785 |
|
|
Debtors |
9.235 |
4.422 |
|
|
Others |
4.200 |
0.00 |
|
|
|
|
|
|
4 |
Decrease in long term loans / debentures |
0.00 |
0.00 |
|
|
|
|
|
|
5 |
Decrease in Unsecured Loans |
2.500 |
0.00 |
|
|
|
|
|
|
6 |
Increase in Investment |
0.00 |
0.00 |
|
|
|
|
|
|
7 |
Interest |
3.00 |
3.00 |
|
|
|
|
|
|
8 |
Taxation |
1.100 |
1.100 |
|
|
|
|
|
|
9 |
Dividend |
0.00 |
0.00 |
|
|
|
|
|
|
10 |
Other Expenses [Specify] |
0.00 |
0.00 |
|
|
Total Disposition [b] |
57.048 |
35.808 |
|
|
|
|
|
|
C |
Opening Balance |
0.642 |
0.974 |
|
|
|
|
|
|
D |
Net Surplus |
0.331 |
0.018 |
|
|
|
|
|
|
E |
Closing Balance |
0.974 |
0.991 |
|
|
|
|
|
ANALYTICAL
AND COMPARATIVE RATIO
Rs in Millions
|
Particulars |
31.03.2009 [Projection] |
31.03.2010 [Projection] |
|
|
|
|
|
Net Sales |
159.194 |
185.727 |
|
|
|
|
|
%age rise [+] or fall [-] |
53 % |
17 % |
|
|
|
|
|
Profit Before Tax |
28.341 |
31.288 |
|
|
|
|
|
Profit After Tax |
27.297 |
30.244 |
|
|
|
|
|
Equity Dividend Declared |
0.00 |
0.00 |
|
|
|
|
|
Rate % of [a] |
0.00 |
0.00 |
|
|
|
|
|
Retained Profit |
27.297 |
30.244 |
|
|
|
|
|
Retained / Net
Profit % |
100 % |
100 % |
|
|
|
|
|
Imported Raw Materials, Stores |
36.563 |
42.656 |
|
[Month’s Consumption] |
0.339 |
0.362 |
|
|
|
|
|
Finished Goods |
22.147 |
25.838 |
|
[Month’s Sales] |
0.172 |
0.172 |
|
|
|
|
|
Sundry Debtors / Export receivable |
26.532 |
30.954 |
|
[Month’s Sales] |
0.206 |
0.206 |
|
|
|
|
|
Sundry Creditors |
1.870 |
2.046 |
|
[Month’s Purchases] |
0.017 |
0.017 |
|
|
|
|
|
Net Working Capital |
89.345 |
103.393 |
|
|
|
|
|
Current Ratio |
48.77 |
51.52 |
|
|
|
|
|
Tangible net worth |
57.891 |
71.635 |
|
|
|
|
|
A] Total Outside Liabilities / Tangible Net
Worth |
0.35 |
0.28 |
|
B] Total Term Liabilities / Tangible Net Worth |
0.35 |
0.28 |
|
|
|
|
A 100 % EXPORT
ORIENTED UNIT
1 Projected revenues and cost of production @ 100 % capacity
Rs in Millions
|
Projected Revenue |
Year 4 |
Year 5 |
Year 6 |
|||
|
|
Projected |
|||||
|
|
200 % |
200 % |
300 % |
300 % |
350 % |
350 % |
|
Export Sales |
570 |
100,851,880 |
855 |
154,795,908 |
998 |
180,595,226 |
|
|
|
|
|
|
|
|
|
Process Loss |
98 |
0 |
146 |
0 |
171 |
0 |
|
|
|
|
|
|
|
|
|
Local Sales |
20 |
2,405,813 |
29 |
3,608,719 |
34 |
4,210,172 |
|
|
|
|
|
|
|
|
|
By Products Rejection / Scrap Sales |
176 |
526,500 |
263 |
789,750 |
307 |
921,375 |
|
|
|
|
|
|
|
|
|
Closing Stock of Finished Goods |
112 |
14,764,438 |
168 |
22,146,658 |
196 |
25,837,767 |
|
|
975 |
118,548,631 |
1463 |
181,341,035 |
1,706 |
211,564,540 |
|
Total Sales |
|
103,784,192 |
|
159,194,377 |
|
185,726,773 |
|
|
|
|
|
|
|
|
|
Quality Tally |
Year 4 |
Year 5 |
Year 6 |
|||
|
|
Projected |
|||||
|
Raw Material Consumption |
200 % |
200 % |
300 % |
300 % |
350 % |
350 % |
|
Opening Stock |
203 |
15,234,375 |
325 |
24,375,000 |
488 |
36,562,500 |
|
Purchases |
1,097 |
82,265,625 |
1,625 |
121,875,500 |
1,788 |
134,062,500 |
|
Total |
1,300 |
97,500,000 |
1,950 |
146,250,000 |
2,275 |
170,625,000 |
|
Closing Stock |
325 |
24,375,000 |
488 |
36,562,500 |
1,706 |
164,531,250 |
|
Raw Material for Consumption |
975 |
88,359,375 |
1,463 |
134,062,500 |
1,706 |
164,531,250 |
|
|
|
|
|
|
|
|
|
Finished Goods Production |
683 |
|
1,024 |
|
1,194 |
|
|
Opening Stock of Finished Goods |
70 |
9,227,774 |
912 |
14,764,438 |
1,026 |
22,146,658 |
|
Production for the year |
612 |
|
912 |
|
1,194 |
|
|
Total |
683 |
|
1,024 |
|
1,194 |
|
|
|
|
|
|
|
|
|
|
Closing Stock of Finished Goods |
112 |
|
168 |
|
196 |
|
|
Physical Export |
112 |
14,764,438 |
168 |
22,146,658 |
196 |
25,837,767 |
|
|
112 |
14,764,438 |
168 |
22,146,658 |
196 |
25,837,767 |
|
|
|
|
|
|
|
|
|
Export Sales |
570 |
|
855 |
|
998 |
|
|
Sales in value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Export - Brass Parts |
570 |
100,851,880 |
855 |
154,795,908 |
998 |
180,595,226 |
|
|
570 |
100,851,880 |
855 |
154,795,908 |
998 |
180,595,226 |
|
|
|
|
|
|
|
|
|
Process Loss / Burning Loss / Wastage |
98 |
0 |
146 |
0 |
171 |
0 |
|
|
|
|
|
|
|
|
|
Local Sales [Rejection] |
|
|
|
|
|
|
|
Brass Parts |
20 |
2,405,813 |
29 |
3,608,719 |
34 |
4,210,172 |
|
|
20 |
2,405,813 |
29 |
3,608,719 |
34 |
4,210,172 |
|
By Products / Rejection / Scrap sale in Qty. |
|
|
|
|
|
|
|
Turning Scrap / Sizing / Triming / Slag |
0 |
0 |
0 |
0 |
0 |
0 |
|
Turning Scrap / Sizing / Triming |
0 |
0 |
0 |
0 |
0 |
0 |
|
Turning Scrap / Sizing / Triming / Slag |
0 |
0 |
0 |
0 |
0 |
0 |
|
Wastage, Iron Scrap, Rubber Scrap, Dust etc. |
176 |
526,500 |
263 |
789,750 |
307 |
921,375 |
|
|
176 |
526,500 |
263 |
789,750 |
307 |
921,375 |
|
Quality Tally |
975 |
|
1,463 |
|
1,706 |
|
VALUATION REPORT
VALUE / ESTIMATE
|
Name of bank / Financial Institution : |
The Corporation Bank, |
|
|
|
|
Name of Owner : |
Girdhar Brass Products Proprietor Rathod Girdharbhai Becharbhai |
|
|
|
|
Address of Property : |
Girdhar Brass Products Plot No. 110, ‘GIDC Phase – 2 [Dared]’, Okhala- Rajkot Bye-pass, |
|
|
|
|
Address of Owner : |
Girdhar Brass Products Plot No. 110, ‘GIDC Phase – 2 [Dared]’, Okhala- Rajkot Bye-pass, |
|
|
|
|
Purpose of valuation |
To assess fair Market Value for Mortage to The Corporation Bank – |
|
|
|
|
Use of Property : |
Industrial |
|
|
|
|
Date of Valuation : |
22.11.2008 |
|
|
|
|
Value of Property : |
Rs. 2.381 Millions as Fair Market Value |
|
|
|
|
GENERAL : |
|
|
|
|
|
Purpose for which valuation is made |
To assess Fair Market Value for Mortgage to The Corporation Bank – |
|
|
|
|
Date as on which valuation is made |
22nd November, 2008 |
|
|
|
|
Name of the owner / owners |
Girdhar Brass Products Proprietor Rathod Girdharbhai Becharbhai |
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If the property is under joint ownership / co-ownership, share of each
such owner are the undivided |
Ownership |
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Brief description of the property |
The property under valuation is a industrial building consist r.c.c.
framed / land bearing construction @ ground floor and first floor as shown in
plan. |
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Location, street, ward no |
Girdhar Brass Products Plot No. 110, ‘GIDC Phase – 2 [Dared]’, Okhala- Rajkot Bye-pass, |
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Survey / plot no. of land |
Plot No. 110, ‘GIDC Phase – 2, Survey No – 1169 / 2 |
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It the property situated in residential / commercial / mixed area /
industrial area |
Industrial area |
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Classification of locality : High Class / Middle Class / Poor Class |
Higher Middle Class |
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Proximity to civic amenities like schools hospitals, offices, market,
cinemas etc. |
Such amenities are not so far. |
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Means and proximity to surface communication by which the locality is
served. |
Road vehicles |
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Land : |
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Area of land supported by documentary proof, shape dimension and
physical features |
The land area is 423.13 sq. mt. The rectangle shaped with wide
frontage, North side opened, well located, well dimensioned plot. |
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Roads, street or lanes on which the land is abutting |
12.0 mt. wide road on front [North] side are then connected to 20.00
mt wide road of industrial are known as Main road of the industrial Estate. North – 12.0 mt. wide road South – Plot No. 121 East – Plot No 109 West – Plot No. 111 |
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Is it free – hold or lease – hold land / Property |
Free – Hold [Long time lease and Transferable] |
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is there any restrictive covenant in regard to use of land ? |
To be used for Industrial Purpose |
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IMPROVEMENTS |
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What is the Floor Space Index permissible and percentage actually
utilized |
The permissible F.S.I. is 1.80 as poor local D. C. R. and 1.126
Utilized. |
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COST OF CONSTRUCTION |
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Year of commencement of construction and year of completion |
Constructed / Completed in 1992 / 1993 |
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Condition of Structure : The property under reference are fifteen year old, looking to the maintenance
workmanship etc. present condition of structure is sound and future life may
be estimated as 45 years for r.c.c. framed structure and 25 years for A. C.
Sheet roof structure as a fair. Land Cost : Taking in to account location, size and shape of plot, type of soil
under land, depth of water table, type of industrial developed nearby, also
taking into account prevailing market rate of land in surrounding area etc. a
rate for this type of land as per below is fair and reasonable in my opinion and
same is adopted for valuation. |
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423.13 sq. mt. |
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Land rate from open market |
Rs. 3750.00 per sq. mt. |
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Land rate adopted |
Rs. 3500.00 per sq. mt. |
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Land cost |
423.13 X 3500.00 = Rs. 1.481 Millions |
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Name of Applicant : Girdhar Brass Products
Plot No. 110, ‘GIDC Phase – 2 [Dared]’, Okhala- Rajkot Bye-pass,
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1 |
Nos. of Floor and Height of each floor |
Ground Floor and First Floor – as shown in plan |
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2 |
Plinth area floor wise as per IS 3861 [1966] |
296.59 sq. mt. @ Ground Floor and First Floor |
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3 |
Year of construction |
1993 |
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4 |
Estimated future life |
45/2 years |
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5 |
Type of construction – Land bearing walls / RCC frame / Steel frame |
RCC framed / L- B |
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6 |
Type of foundations |
Coln. Foundation / U. C. R. masonry |
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7 |
Walls [a] basement and plinth |
U.C.R. masonry |
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[b] Ground Floor |
B. B. masonry in cement mortar |
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[c] First Floor |
B. B. masonry in cement mortar |
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[c] Second Floor |
---------------------- |
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8 |
Partitions |
B. B. masonry in cement mortar |
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9 |
Doors and Windows [a] Ground Floor |
Rolling Shutters / steel windows |
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[b] First Floor |
Rolling Shutters / steel windows |
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[c] Second Floor |
------------------------ |
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10 |
Flooring [a] Ground Floor |
IPS Flooring |
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[b] First Floor |
IPS Flooring |
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[c] Second Floor |
IPS flooring @ terrace |
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11 |
Finishing [a] Ground Floor |
Cement Plaster |
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[b] First Floor |
Cement Plaster |
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[c] Second Floor |
------------------------ |
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12 |
Roofing and terracing |
R. C. C. Slab / AC sheet roofing |
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13 |
Special architral or decorative features, if any |
Normal Elevation |
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14 |
Internal wiring – surface / Conduit |
Surface / Conduit |
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Class of fitting – |
Medium |
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15 |
Sanitary appliances |
-- |
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16 |
Compound wall [a] Height and plinth |
3.00 mt. High with 0.45 mt. plinth |
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[b] Type of construction |
B. B. Masonry |
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17 |
No. of lifts and capacity |
------------- |
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18 |
Underground sump – Capacity and type of construction |
4000.00 ltrs. Of bk. Masonry |
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19 |
Over head tank |
1000.00 ltrs. |
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20 |
Pump nos. and their horse – power |
----------- |
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21 |
Roads and paving within the compound approximate area and type of
construction |
----------- |
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22 |
Sewage disposal – whether connection to public sewers, if septic tanks
provided, no. |
Septic tank and then connected to public sewer. |
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.47.89 |
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1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.37 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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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
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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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