MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GALLAY INDIA PRIVATE LIMITED |
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Registered Office : |
12-A, Shivaji Marg, New Delhi – 110015 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.03.1993 |
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Com. Reg. No.: |
55-052660 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC052660 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of Sheet Metal Parts, Draw Components, Injection Moulding Components,
Electronic Components, Tools, Dies, Moulds. |
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 70000 |
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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 well established company having satisfactory track
records. Trade relations are fair. Payments are reported as slow but correct.
The company can be considered good for normal business dealings at
usual trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
12-A, Shivaji Marg, New Delhi – 110015, India |
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Tel. No.: |
91-11-25119021 |
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Mobile No.: |
91-9313460003 |
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Fax No.: |
91-11-25451004 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. A-8, Village Jhar Saintly, Sector – 59 [Opposite JCB India
Limited], Ballabhgarh, Faridabad – 121004, Haryana, India |
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Tel. No.: |
91-129-2309220 / 2309221 /
2309223 / 2309224 / 2309225 |
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Fax No.: |
91-129-4113839 / 4113849 |
DIRECTORS
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Name : |
Mr. Praveen Agarwal |
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Designation : |
Director |
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Address : |
89 Sunder Nagar, New Delhi – 110003 |
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Date of Birth/Age : |
03.09.1953 |
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Date of Appointment : |
12.11.1998 |
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Name : |
Mr. Sanjay Agarwal |
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Designation : |
Director |
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Address : |
418-B, Hamilton Court, DLF City Phase – IV, Gurgaon – 122022, Haryana,
India |
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Date of Birth/Age : |
03.04.1961 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Mr. Dinesh Nandan Jain |
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Designation : |
Director |
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Address : |
70 F-26 Sector – 7, Rohini, Delhi – 110085, India |
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Date of Birth/Age : |
03.04.1954 |
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Date of Appointment : |
03.05.1998 |
KEY EXECUTIVES
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Name : |
Neeraj Gupta and Associates |
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Designation : |
Company Secretary |
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Address : |
16/681 Gawari Bhawan, Main Faij Road, Karol Bagh, New Delhi – 110005 |
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Mobile No. : |
91-9810478804 |
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Email : |
SHAREHOLDING
PATTERN
AS ON 30.09.2007
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Bodies corporate |
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38.87 |
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Directors or relatives of directors |
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60.80 |
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Other top fifty shareholders |
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0.33 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of Sheet Metal Parts, Draw Components, Injection Moulding Components,
Electronic Components, Tools, Dies, Moulds. |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
Around 90 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N Narasimhan and Company Chartered Accountants |
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Address : |
211-Hans Bhawan Bahadur Shah, Zafar Marg, Delhi – 110002, India |
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Memberships : |
FIA |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.500
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.500
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
7.500 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.940 |
4.933 |
6.048 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.440 |
12.433 |
9.048 |
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LOAN FUNDS |
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1] Secured Loans |
7.284 |
4.750 |
4.265 |
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2] Unsecured Loans |
1.730 |
1.730 |
2.830 |
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TOTAL BORROWING |
9.014 |
6.480 |
7.095 |
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DEFERRED TAX LIABILITIES |
1.381 |
1.183 |
1.313 |
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TOTAL |
27.835 |
20.096 |
17.456 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.262 |
13.792 |
12.488 |
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Capital work-in-progress |
6.636 |
0.008 |
0.237 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.132
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4.571 |
4.657 |
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Sundry Debtors |
6.155
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7.421 |
6.717 |
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Cash & Bank Balances |
7.038
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2.337 |
1.420 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.570
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2.846 |
2.689 |
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Total
Current Assets |
20.895
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17.175 |
15.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.769
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8.968 |
9.133 |
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Provisions |
2.189
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1.911 |
1.619 |
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Total
Current Liabilities |
14.958
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10.879 |
10.752 |
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Net Current Assets |
5.937
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6.296 |
4.731 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.835 |
20.096 |
17.456 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover including Other Income |
85.912 |
63.363 |
61.043 |
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Total Income |
85.912 |
63.363 |
61.043 |
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Profit/(Loss) Before Tax |
7.309 |
5.228 |
4.743 |
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Provision for Taxation |
2.302 |
1.843 |
1.813 |
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Profit/(Loss) After Tax |
5.007 |
3.385 |
2.912 |
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Import Value |
2.463 |
NA |
NA |
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Expenditures : |
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Financial Charges |
0.916 |
0.579 |
0.861 |
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Depreciation & Amortization |
1.053 |
1.394 |
1.653 |
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Other Expenditure |
76.634 |
56.162 |
53.786 |
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Total Expenditure |
78.603 |
58.135 |
56.300 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.83
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5.34 |
4.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.51
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8.25 |
7.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.21
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16.88 |
16.96 |
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Return on Investment (ROI) (PBT/Networth) |
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0.42
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0.42 |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.37
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1.40 |
1.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.40
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1.58 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The company has shifted its production unit from 49, DLF, Industrial
Estate – I, 14th Milestone Mathura Road, Faridabad, Haryana to A –
8, Village Jhar Saintly, Sector – 59, Faridabad, Haryana
Form 8:
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Name of the
company |
GALLAY INDIA PRIVATE LIMITED |
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Presented By |
Dinesh N Jain,
Director |
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1) Date and description of instrument creating the change |
Hypothecation of
Assets Agreement for cash credit facility dated 18th January 2002,
between Gallay India Private Limited and Oriental Bank of Commerce, Old
Rajinder Nagar, New Delhi |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500
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 |
First Charge on
Raw Materials, Work in process, finished goods, stores, spares and
receivable, present as well as future lying in the company’s factories, Godown
or in transit. First charge on
entire fixed assets of the company lying w.d.v. of Rs. 7.285 Millions as on
30.09.2001 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Company shall
pay interest @ 3.5 % p.a. over PLR with a minimum of 15 % to be charged at
quarterly rests. In case of
default in making payment, the bank shall be entitled to charge penal
interest at the rate of 2 % p.a. with agreed rests over the above the agreed
rate of interest. Margin shall be
25 % for stock of raw materials and finished goods. Margin shall be
40 % for receivables. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Old Rajinder
Nagar, New Delhi |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80029221 |
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Corporate
identity number of the company |
U74899DL1993PTC052660 |
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Name of the
company |
GALLAY INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
New Delhi –
110015, India |
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Type of charge |
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Particular of
charge holder |
Oriental Bank of
Commerce 104, Old Rajinder
Nagar, New Delhi – 110060, India |
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Nature of
description of the instrument creating or modifying the charge |
Loan Doc 13 :
Supplemental Agreement to secure credit / loan facilities Loan Doc – 1,
Agreement of Hypothecation of Assets |
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Date of
instrument Creating the charge |
17.04.2007 |
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Amount secured by
the charge |
Rs. 12.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.50 % below PLR
with monthly rests. Penal interest @ 2 % p.a. over and above the rate on
overdrawn portion. Margin 25 % on stocks
and receivables Extent and
Operation of the charge Hypothecation of
stocks and receivables. |
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Short particulars
of the property charged |
Hypothecation of
stocks and receivables present and future lying in the company’s factories,
Godown or in transit. First charge on the entire fixed assets of the
company |
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Particulars of
the present modification |
Amount of cash
credit enhanced from Rs. 7.500 Millions to Rs. 12.500 Millions |
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 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.42.86 |
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UK Pound |
1 |
Rs.83.58 |
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Euro |
1 |
Rs.66.17 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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 |
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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 |
|
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 |
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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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