MIRA
INFORM REPORT
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Report Date : |
22.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOREAL FILTRATION SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Sumangal
Apartments, Flat No. 108, Lokamanya Colony, Kothrud, Pune - 411 038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.08.2004 |
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Com. Reg. No.: |
25-19590 |
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CIN No.: [Company
Identification No.] |
U29197PN2004PTC019590 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG05684A |
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PAN No.: [Permanent
Account No.] |
AACCG1950G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Coolant Filtration Systems, Chip Conveyors, Oil
Cooling Units, Filtration Equipments and Material Handling Equipments |
RATING &
COMMENTS
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MIRAs 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 12000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company and in the process of
establishing itself. Scale of operation is limited. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Sumangal Apartments,
Flat No. 108, Lokamanya Colony, Kothrud, Pune - 411 038, Maharashtra, India |
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Tel. No.: |
91-20-25459685 /
30923774 / 25456679 |
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Mobile No.: |
91-9371060180, 9850088530 |
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Fax No.: |
91-20-25456679 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Basvaraj H. Padeknur |
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Designation : |
Additional Director [w.e.f. 15.09.2004] Director [w.e.f. 17.10.2005] |
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Address : |
Taluka Basavanna, Bagewadi, Bijapur, Telagi 586216+ |
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Qualification : |
DME |
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Name : |
Mr. Sunil S. Sabnis |
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Designation : |
Director [w.e.f. 04.08.2004] Managing Director [w.e.f. 15.09.2004] |
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Address : |
23, Shweta Park, Shivtirth Nagar, Kothrud, Pune 411038, Maharashtra,
India |
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Qualification : |
B.E. (Elect.) |
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Name : |
Mr. Telgi Mallikarjun R. |
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Designation : |
Additional Director [w.e.f. 15.09.2004] Director (Operations) [w.e.f. 17.10.2005] |
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Address : |
A 5, Sambhavi Apartment, Hingne Home, Karvenagar, Pune 411052,
Maharashtra, India |
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Qualification : |
B.E. (Mech.) |
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Name : |
Mrs. Leena Sunil Sabnis |
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Designation : |
Additional Director [w.e.f. 25.08.2004] Director [w.e.f. 17.10.2005] |
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Address : |
23, Shweta Park, Shivtirth Nagar, Kothrud, Pune 411038, Maharashtra,
India |
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Qualification : |
B.Com., M.A. B. Ed. |
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Name : |
Mr. Pramod N Patre |
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Designation : |
Additional Director [04.08.2004] Director [w.e.f. 25.08.2004] |
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Address : |
Flat 8, Pratamesh Apartment, S Bhusari Colony, Kothrud, Pune 411038,
Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sabnis S Sunil |
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2850 |
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Sabnis S Leena |
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1900 |
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Padeknur H Basavaraj |
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3800 |
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Telgi R. Mallikarjun |
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950 |
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Total |
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9500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Coolant Filtration Systems, Chip Conveyors, Oil Cooling
Units, Filtration Equipments and Material Handling Equipments |
GENERAL
INFORMATION
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Bankers : |
Canara Bank Deccan Gimkhana Branch, Deccan, Pune 411005, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prashant S. Kulkarni and Company Chartered Accountants |
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Address : |
B 5, Seoul Co-operative Housing Society, S. No. 47/4B, Kothrud, Pune
411038, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9500 |
Equity Shares |
Rs. 100/- each |
Rs. 0.950
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.950 |
0.100 |
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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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2.086 |
0.211 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.036 |
0.311 |
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LOAN FUNDS |
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1] Secured Loans |
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8.185 |
5.594 |
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2] Unsecured Loans |
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1.954 |
2.804 |
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TOTAL BORROWING |
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10.139 |
8.398 |
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DEFERRED TAX LIABILITIES |
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0.003 |
0.124 |
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TOTAL |
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13.178 |
8.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.319 |
5.495 |
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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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0.205 |
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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14.028 |
2.999 |
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Sundry Debtors |
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5.758 |
2.557 |
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Cash & Bank Balances |
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0.094 |
0.003 |
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Other Current Assets |
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4.418 |
0.383 |
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Loans & Advances |
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4.332 |
0.514 |
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Total
Current Assets |
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28.630 |
6.456 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.421 |
2.830 |
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Provisions |
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0.616 |
0.364 |
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Total
Current Liabilities |
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23.037 |
3.194 |
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Net Current Assets |
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5.593 |
3.262 |
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MISCELLANEOUS EXPENSES |
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0.061 |
0.076 |
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TOTAL |
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13.178 |
8.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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34.105 |
8.931 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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34.105 |
8.931 |
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Profit/(Loss) Before Tax |
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1.889 |
0.366 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.889 |
0.366 |
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Expenditures : |
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Interest |
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1.078 |
0.264 |
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Depreciation & Amortization |
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0.732 |
0.366 |
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Other Expenditure |
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30.406 |
7.934 |
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Total Expenditure |
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32.216 |
8.564 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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5.53 |
4.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.53 |
4.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.25 |
3.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.62 |
1.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.93 |
37.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.24 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
GLOREAL
FILTRATION SYSTEMS PRIVATE LIMITED |
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Presented By |
GLOREAL FILTRATION
SYSTEMS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Common
Hypothecation Agreement dated 03.12.2004 Letter Evidencing
Deposit of title deeds dated 03.12.2004 Both the
agreement constitute a single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
2.5 % above the ongoing PLR with a minimum of 13.25 % p.a. Margin : 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Deccan Gimkhana Branch, Deccan, Pune 411005, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
common hypothecation agreement dated 25.06.2005 |
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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. |
By present supplemental
hypothecation agreement dated 25.06.2005 cash credit limit has been enhanced
from Rs. 2.100 Millions to Rs. 3.500 Millions, Bank Guarantee of Rs. 2.200
Millions has been cancelled, term loan remains unchanged and CDB of Rs. 0.500
Million has been granted, total limit has been reduced from Rs. 6.700
Millions to Rs. 6.400 Millions and security has been created as under : Prime Security
Hypothecation of
Stock, Present and future book debts Collateral
Security Computers and
Peripherals |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90087048 |
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Corporate
identity number of the company |
U29197PN2004PTC019590 |
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Name of the
company |
GLOREAL FILTRATION SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Sumangal
Apartments, Flat No. 108, Lokamanya Colony, Kothrud, Pune - 411 038,
Maharashtra |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Canara Bank Deccan Gimkhana Branch, Deccan, Pune 411005, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
common hypothecation agreement |
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Date of
instrument Creating the charge |
17.08.2007 |
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Amount secured by
the charge |
Rs. 22.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per specified
by the bank Terms of
repayment : As may be
specified by the bank Margin : As may be
specified by the bank Extent and
operation of the charge : Movable
properties of the Company |
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Short particulars
of the property charged |
Hypothecation of
stock and book debts less than 90 days. Existing machineries and new
machineries proposed to the purchased.
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Date of latest modification
prior to the present modification |
19.01.2007 |
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Particulars of
the present modification |
The total credit
facilities are enhanced from Rs. 20.900 Millions to Rs. 22.400 Millions i.e.
Cash Credit Limit enhanced from Rs. 7.500 Millions to Rs. 9.000 Millions.
Other facilities remaining the same. |
AS PER WEBSITE
Profile
They introduce themselves as an experienced manufacturer of
the equipments required to handle coolants as well as the swarf generated during
any metal working operations. They are group of professionals experienced in
the field of coolant and swarf handling filtration equipments, Oil cooling
systems for more than 14 years.
They have executed not only modular system but also the centralized
filtration projects for automobile, bearing industries. They have expertise in
design, manufacturing and successful erection/commissioning of Roll coolant
systems. Their product range covers requirements of Turning Centers, Machining
Centers, Grinding machines, Honing machines, etc.
They are preferred for their expertise in application
engineering in all kinds of industrial filtration, swarf handling, and cooling
systems. Their main intention is to give shop floor friendly designs, as space
constraint on shop floor is a common problem by any industry.
Products
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Magnetic
Separators: |
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Drum type magnetic separators |
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30 LPM to 250 LPM as a
single module. |
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Candle type magnetic
separators |
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30 LPM to 250 LPM as a single module. |
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Magnetic candles are specially designed for the application
where generation of ferrous dirt is more as compared to other foreign
particles. They are recommended for higher flow rates where more contact time
with coolant is necessary. The modules are recommended for coolant flow rates
from 500 LPM to 7000 LPM. |
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Paper
Band Filters: |
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Conveyor type paper band filters |
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Standard Horizontal type :
30 LPM to 1200 LPM. |
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Chip
Conveyors: |
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Scraper type Chip
Conveyors |
From 250 mm width to 1200 mm
width. |
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Mesh
Drum Filters: |
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Up Flow Filters : |
From 65 LPM to 3500 LPM. |
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Vacuum
Filters: |
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Hydraulic Vacuum
Filter : From 30 LPM to 2000 LPM. |
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Replaceable cartridge
element |
From
30 LPM to 1000 LPM. |
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Manual pre-coat filters |
From 65 LPM to 300 LPM. |
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Disc type oil
skimmers. |
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WEDGE
WIRE type self-cleaning filters: |
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Automatic Self Cleaning
Filters |
From 30 LPM to 10000 LPM up to
30 |
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Manual Type Self Cleaning
Filters |
From 30 LPM to 250 LPM |
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Spindle cooling units |
Services Offered
Design of
maintenance friendly, suitable and economical product.
Consultancy in:
Engineering of Centralised Coolant Filtration and Chip Handling.
Maintenance,
Reconditioning and solution to the recurring problems on the installed
filtration systems
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 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 Intl
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 companys 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.76.90 |
|
Euro |
1 |
Rs.57.27 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
33 |
This score serves as a reference to assess SCs 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 |
|