MIRA
INFORM REPORT
|
Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLOBAL TECH INDIA PRIVATE LIMITED |
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Registered Office : |
404, White House, Tilak Road, Sadashiv Peth, Pune 411030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.03.2000 |
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Com. Reg. No.: |
25-14691 |
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CIN No.: [Company
Identification No.] |
U72200PN2000PTC014691 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG01284D |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Providing Engineering Solutions for Imported Machinery to Indian Manufacturing Industry |
RATING &
COMMENTS
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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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Maximum Credit Limit : |
USD 12000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having steady business. Trade relations are
fair. Payments are reported as slow
but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
404, White House, Tilak Road, Sadashiv Peth, Pune 411030, Maharashtra,
India |
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Tel. No.: |
91-20-24470085 / 24452892-93 |
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Fax No.: |
91-20-24470086 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Hitendra Bhowanji Patel |
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Designation : |
Managing Director |
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Address : |
A/4-703, Karishma
Building, Near Sangam Press, Karve Road, Kothrud, Pune – 411029, Maharashtra,
India |
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Date of Birth : |
28.03.1961 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mrs. Anju Patel |
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Designation : |
Director |
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Address : |
A/4-703, Karishma
Building, Near Sangam Press, Karve Road, Kothrud, Pune – 411029, Maharashtra,
India |
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Date of Birth : |
14.11.1964 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Mrs. Vimal Kumar Kalariya |
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Designation : |
Director |
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Address : |
E 91, Padmavati
Nagar Society, Dhankawadi, Pune – 411037, Maharashtra, India |
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Date of Birth : |
30.12.1971 |
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Date of Appointment : |
30.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Hitendra B. Patel |
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3500 |
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Anju Patel |
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1000 |
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Bhovanji Patel |
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500 |
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Hemkuvar Patel |
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500 |
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Bhovanji Patel HUF |
|
300 |
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Vimal Kalaria |
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1600 |
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Preeti Kalaria |
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200 |
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Pragjibhai Kalaria |
|
200 |
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Ketan R. Patel |
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1000 |
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Haribhai Patel |
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1200 |
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Total |
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10000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Engineering Solutions for Imported Machinery to Indian Manufacturing Industry |
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Imports : |
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Countries : |
UK, France, Germany, USA, Italy, Switzerland and Singapore |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Ø
IDBI Bank Laxmi Road
Branch, Budhwar Peth, Pune 411002, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sarvesh Nandlal Joshi Chartered Accountants |
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Address : |
1106, Rameshwar Chowk, Budhawar Peth, Pune 411002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.054 |
1.487 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.054 |
2.487 |
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LOAN FUNDS |
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1] Secured Loans |
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3.215 |
2.196 |
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2] Unsecured Loans |
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5.872 |
10.265 |
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TOTAL BORROWING |
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9.087 |
12.461 |
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DEFERRED TAX LIABILITIES |
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0.065 |
0.071 |
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TOTAL |
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12.206 |
15.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.826 |
1.929 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.226 |
5.306 |
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Sundry Debtors |
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8.876 |
18.238 |
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Cash & Bank Balances |
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0.901 |
1.270 |
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Other Current Assets |
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0.394 |
0.497 |
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Loans & Advances |
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6.852 |
1.647 |
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Total
Current Assets |
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21.249 |
26.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.228 |
11.791 |
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Provisions |
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2.641 |
2.077 |
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Total
Current Liabilities |
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10.869 |
13.868 |
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Net Current Assets |
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10.380 |
13.090 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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12.206 |
15.019 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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|
10.000 |
KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.53 |
10.58 |
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Current Ratio (Current Asset/Current Liability) |
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1.95 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
GLOBAL TECH
INDIA PRIVATE LIMITED |
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Presented By |
Mr. Patel
Hirendra Bhavanji |
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1) Date and description of instrument creating the change |
Agreement of hypothecation dated 27.04.2004 hypothecation of stock and
book debts. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 2.000
Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
A] all tangible
movable properties and assets of whatsoever nature of the borrower both present
and future and including but without prejudice to the generality of the
foregoing all stocks plant and machinery B] all present
and future book debts, outstanding monies, receivables, claims, demands and
bills |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest rate
12.50% p.a. with monthly rests, Margin 25% on stocks and 40% on Book Debts |
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5) Name and Address and description of the person entitled to the
charge. |
IDBI Bank, Pune |
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6) Date and brief description
of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the details
of the modification. |
NA |
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Corporate
identity number of the company |
U72200PN2000PTC014691 |
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Name of the
company |
GLOBAL TECH
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
404, White House, Tilak Road, Sadashiv Peth, Pune 411030, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
IDBI Bank Laxmi Road Branch,
Budhwar Peth, Pune 411002, Maharashtra, India |
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Nature of
instrument creating charge |
NA |
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Date of
instrument Creating the charge |
NA |
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Amount secured by
the charge |
Rs. 5.250
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
1.
Cash Credit
facility – Rs. 3.500 Millions. Packing credit facility Rs. 1.750 Millions 2.
Rate of
Interest – Cash Credit – 12.75% p.a. Packing Credit – 12.50% p.a. at monthly
rests 3.
margin 75%
against stores, goods in process, 75% against book debts outstanding upto
three months and 60% against book debts outstanding for more than three
months but less than six months 4.
period 15
months |
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Description of
the property charged |
Ø
Stock in
trade Ø
Book debts |
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Particulars of
the property charged |
Stores, good in
process, book debts |
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Charge
identification number of the charge to be modified |
90086796 |
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Brief description
of the instrument modifying the charge under section 135 |
Agreement of hypothecation
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Particulars of
the present modification |
The cash credit
facility of Rs. 2.000 Millions was enhanced to Rs. 3.500 Millions. Fresh packing credit of Rs. 1.750 Millions
is also granted vide this agreement |
AS PER WEBSITE DETAILS:
PROFILE
Subject
is one of India’s leading marketing and servicing organization, focused on
providing perfect engineering solutions for Imported Machinery to Indian
manufacturing industry. Global-Tech has gained a vast experience in a decade,
by fulfilling exact needs of manufacturing companies across a wide spectrum.
Subject
is an ISO 9001:2000 Certified engineering organization, employing highly
experienced engineers and marketing professionals. They provide their customers
what they really deserve… and what they really need. This has given them
credibility, respect and success around the world. They do not just sell
machines; they totally satisfy their customer’s needs, making them a success
story.
Subject
has undertaken several initiatives through its Business Excellence Model, with
the aim of achieving substantial growth and long term perspective. With
Global-Tech’s Business Excellence Model, they are consistently focusing on
improving internal operational efficiency and satisfaction of important
stakeholders like Customers, Principles and Employees.
Subject
has a wide sales network covering all over India for easy accessibility to
customers. Many of these key locations are also equipped with Service teams to
ensure quick response to customers service needs. They have their own
warehousing facility at Tathawade near Pune for easy accessibility to their
customers.
Their
strength is their Associates, who have more than 15 years of International Engineering
Experience, fully operational offices and warehousing facility at Europe And
USA.
SERVICES:
Subject
will be at the service whenever and wherever you want them to be. They offers a
wide range of services to their valuable customers as
- They provide renowned quality products
at Competitive Prices.
- They offer credit facilities to special
customers (subject to conditions)
- They offer currency flexibility in
order placements (Indian currency / Foreign currency )
- By clubbing the shipments, they save in
lead time for shipments .
- They offer single window sourcing for
multiple suppliers.
- By maintain inventory of the fast
moving items they can provide faster deliveries
- They offer before & after sales
support through Service Engineers trained by Principals.
- All products sold carry the standard
Warranty / Guarantee offered by Principals.
- They offer the best before & after
sales support.
- They offer flexibility for the
customers in order placements.
- They have best professional service
Engineers. These highly trained individuals perform a complete range of
services before and after sales to ensure a smooth functioning at
customers end.
As
their customer, you also benefit from their vast experience in this domain
& valuable database where technical services are concerned.
OUTSOURCING:
Subjects
Export Division gives innovative outsourcing solutions for industries in Europe
and Africa. They believe in delivering reliable solutions at competitive price
with fewer resources in shorter timescale.
The
recent survey shows off-shore outsourcing of manufacturing companies has
increased from 17.4% to 25 %, and it also states that it will increase to 52%
over the next five years. So, to cater this growing demand Global-Tech started
Export division to provide common platform for buyers and suppliers.
Their
aim is to build committed relationship and understanding between both parties
involved with realization of great quality and value addition after outsource
relationship begin.
They
have the best sourcing team, which gives them edge in locating buyers /
sellers. So that they can provide customized solutions for customers.
They
first upon analyze the proposal then provide the solution at competitive price
without compromising on quality.
They
are exporting many products to European and African Companies, some are as
follows:
- Material Handling Equipment
- Transmission Products
- Industrial hand , cutting &
Precision tools
- Industrial valves
- Finished & Semi finished ferrous
& non-ferrous components
- Agricultural Equipments
- Sealing & Packaging Material
- Electronics & Electrical equipments
- Industrial Bearings
- Weighing scales
- Chemical Pigments
- Construction Material
THEIR NETWORK IN
INDIA
Ø
Pune
Ø
Mumbai
Ø
Hyderabad
Ø
New Delhi
Ø
Bangalore
Ø
Chennai
Ø
Kolkata
Ø
Baroda
INTERNATIONAL
NETWORK
Ø
United Kingdom
Ø
United States of America
Ø
Germany
Ø
Italy
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.38 |
|
UK Pound |
1 |
Rs. 77.48 |
|
Euro |
1 |
Rs. 58.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|