MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE GR EXPORTS PRIVATE LIMITED |
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Registered Office : |
Mica House, 2A Pretoria Street, Kolkata – 700 071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.08.1993 |
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Com. Reg. No.: |
21-59700 |
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CIN No.: [Company
Identification No.] |
U51909WB1993PTC059700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS06546B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Mica and Mica products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 36000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. General financial position is satisfactory. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
Mica House, 2A Pretoria Street, Kolkata – 700 071, West Bengal, India |
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Tel. No.: |
91 - 33 - 2282 0072 / 2282 3078 |
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Fax No.: |
91 - 33 - 2282 7575 |
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E-Mail : |
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Website : |
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Factory : |
Giridih Works Tundi Road, Giridih - 815301,
Jharkhand, India Jhumri Telaiya Works Larabad, Jhumri Telaiya -
825409, Koderma District, Jharkhand, India |
DIRECTORS
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Name : |
D.K. Rajgarhia |
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Designation : |
Chairman cum Director |
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Address : |
2 Pretoria Street, kolkata – 700 071, West Bengal, India |
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Date of Birth/Age : |
14.01.1953 |
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Date of Appointment : |
05.11.1996 |
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Name : |
Alok Rajgarhia |
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Designation : |
Director |
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Address : |
2 Pretoria Street, kolkata – 700 071, West Bengal, India |
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Date of Birth/Age : |
29.07.1960 |
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Date of Appointment : |
30.08.1993 |
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Name : |
Ratnabh Rajgarhia |
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Designation : |
Director |
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Address : |
2 Pretoria Street, kolkata – 700 071, West Bengal, India |
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Date of Birth/Age : |
12.08.1974 |
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Date of Appointment : |
30.08.1993 |
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Name : |
Amitabh Rajgarhia |
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Designation : |
Director |
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Address : |
2 A Pretoria Street Kolkata – 700 071, West Bengal, India |
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Date of Birth/Age : |
27.12.1976 |
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Date of Appointment : |
21.06.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) |
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No. of Shares |
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Mr. Rajgarhia Ritambara |
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5000 |
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Mr. Dilip Rajgarihia |
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2000 |
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Mrs. Kumkum Rajgarhia |
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4000 |
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Mrs. Shivani Rajgarhia |
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2200 |
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Mrs. Ruchika Rajgarhia |
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3100 |
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Mr. Alok Rajgarhia |
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1100 |
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Mrs. Ratnabh Rajgarhia |
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4000 |
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Mr. Amitabh Rajgarhia |
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3000 |
Equity Shares Breakup (Percentage of Total Equity): [As on 31.03.2007]:-
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
33.00 |
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2 |
Directors or relative of directors |
67.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Mica and Mica products |
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Products : |
· Processed Mica · Fabricated Mica · Micanite · Ground Mica · Mica paper |
GENERAL
INFORMATION
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Bankers : |
United Bank of India, Park Street Branch, 24, Park Street, Kolkata -
700016, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Roy Subodh and Associates Chartered Accountants |
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Address : |
9/12, Lal Bazar Street, Mercantile , 2nd Floor, Block – E,
Kolkata – 700 001, West Bengal, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.600
million |
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 |
0.600 |
0.500 |
0.244 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.296 |
5.538 |
5.596 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.896 |
6.038 |
5.840 |
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LOAN FUNDS |
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1] Secured Loans |
9.906 |
8.985 |
6.000 |
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2] Unsecured Loans |
7.828 |
4.508 |
1.600 |
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TOTAL BORROWING |
17.734 |
13.493 |
7.600 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.630 |
19.531 |
13.440 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.795 |
0.498 |
0.463 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.352 |
2.969 |
0.543 |
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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 |
2.310
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5.849 |
2.031 |
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Sundry Debtors |
18.299
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11.456 |
9.339 |
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Cash & Bank Balances |
1.974
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0.812 |
1.043 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.035
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6.519 |
3.991 |
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Total
Current Assets |
30.618
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24.636 |
16.404 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.550
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8.084 |
3.609 |
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Provisions |
0.585
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0.488 |
0.361 |
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Total
Current Liabilities |
7.135
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8.572 |
3.970 |
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Net Current Assets |
23.483
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16.064 |
12.434 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.630 |
19.531 |
13.440 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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2.80
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3.65 |
1.98 |
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Current Ratio (Current Asset/Current Liability) |
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4.29
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2.87 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U99999WB1993PTC059700 |
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Name of the company |
SHREE GR EXPORTS PRIVATE LIMITED |
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Address |
Mica House, 2A Pretoria Street, Kolkata – 700 071, West Bengal, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Book Debts · Movable Property · Floating Charge · Others |
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Particular of the charge holder
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United Bank of India Address: Park Street Branch, 24, Park Street,
Kolkata – 700 016, West Bengal, India Email Id: ubipark@vsnnl.net |
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Nature or description of the instrument creating charge |
· Sanction Advice dated 27.04.2007 · Board Resolution dated 07.05.2007 · PC cum FBP Agreement dated 07.06.2207 · Letter of continuity of dated 07.06.2007 · Letter of hypothecation general (bill purchased ) dated 07.06.2007 · Hypothecation of goods dated 07.06.2007 · Hypothecation of debts and movables assets dated 07.06.2007 · Hypothecation of movable Plant and Machinery dated 07.06.2007 · Letter of lien dated 07.06.2007 · Agreement for Cheque / bill purchase |
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Date of the instrument creating charge |
07.06.2007 |
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Amount Secure by the charge |
Rs. 20.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: PC upto 180 days) Varies from 8.25% to 9.75% depending upon business
routing and backed by LC or not Post shipment (>90 Days and upto 108 days) varies from 8.75% to
10.75% . Depending upon business routing and backed by LC or not The rate of interest is subject to change as per HO / RBI guidelines
from time to time. Terms of repayment: On demand /12 months Margin: PC – 10% FBP / FBD – Nil Extent and operation of the
charge: charges operate in favour of the bank as security under the said
facility as per the terms and condition of the sanction letter advice dated
27.04.2007 Others: Funds Drawn under export bills should be liquidated within 6 months of
their being drawn by negotiating the relative export bills. |
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Short particulars of the Property charged |
Primary : hypothecation of Current Assets
like stocks in trade and packing materials Export bills drawn on reputed buyers accompanied with shipping
documents hypothecation of debts and movable assets Additional lien of TD of Rs. 0.130 millions (AV) but having FV Rs.
1.429 millions 1% of the proceeds of the bills in each occasion is to be kept in the
form of term deposit and TD to be kept under lien to bank. Corporate
guarantee of M/s Gunpatroy Private Limited backed by extension of EM on
office space (in its name) of 1500 sq.fts. |
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Particulars of the present modification |
By this modification, the overall limit enhanced from Rs. 10.000
millions to Rs. 20.000 millions PC – Rs. 15.000 millions FBP / FBD – Rs. 5.000 millions (With 100% interchangeability between PC and FBP / EBD). |
WEBSITE DETAILS:
The parent company Gunpatroy Private Limited traces inception back to its antecedents and is as old as the mica industry. Their predecessor firm Gunpatrai and Company was originally founded in 1885 by Late Gunpatrai Rajgarhia which marked the beginning of mica evolution in India. A new legal entity was incorporated under the Indian Companies Act on February 5th, 1930 in the name and style of Gunpatroy Private Limited. Their subsidiary concern Shree GR Exports Private Limited was established on August 6th, 1993 with a view to diversify part of the mica business and to meet the pressing demands of modern industry. More than 120 years of progress and leadership means reputation built of tradition, patient labour and helpful advise to customers the world over. Today, under generations of the famed Rajgarhia family, their companies still carry the simple but honourable statement “Service To Satisfy” and their Directors, Managers and Workers all strive to that purpose.
Other Details:
Gunpatroy Private Limited was incorporated on February 05, 1930.
Head office is located in the city of Kolkata (Calcutta) in West Bengal State. Exports are made through prominent Kolkata (Calcutta) and Haldia ports in the eastern coast of India.
Factory and works are located in the towns of Giridih and Jhumri Telaiya in the Indian State of Jharkhand (formerly Bihar State). It is placed about 400 Kms away from Kolkata (Calcutta) and advantageously situated in the heart of core mica mining belts.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.45 |
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UK Pound |
1 |
Rs.82.25 |
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Euro |
1 |
Rs.63.20 |
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 |
6 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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61 |
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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