MIRA
INFORM REPORT
|
Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GANAGE PRESSING
PRIVATE LIMITED |
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Registered Office : |
1102/C/3, Saivilla,
Lakaki Road, Model Colony, Pune – 411016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.04.1991 |
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Com. Reg. No.: |
11-61375 |
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CIN No.: [Company
Identification No.] |
U28910MH1991PTC061375 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG04612G |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer of
Automotive Pressing |
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 2300000 |
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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.
Financial position is good. Payments are usually correct and as per
commitments. . The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
1102/C/3,
Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
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Tel. No.: |
91-20-27472019 /
27477606 |
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Fax No.: |
91-20-27475390 |
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E-Mail : |
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Website : |
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Factory 1 : |
F-II/49 & 50 MIDC,
Pimpri, Pune – 411018, India |
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Tel. No.: |
91-20-30680202 /
05 / 06 / 27472134 / 27490137 / 27475390 |
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Fax No.: |
91-20-27475390 |
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E-Mail : |
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Factory 2 : |
J – 439, MIDC, Pimpri,
Pune – 411026 |
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Factory 3 : |
Gat No. 228 To
239, Namekwadi Chakan, Khed, Pune - 410501 |
DIRECTORS
|
Name : |
Mr. Shivaji
Devrao Ganage |
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Designation : |
Director |
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Address : |
1102/C/3, Saivilla,
Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
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Date of Appointment : |
24.04.1991 |
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Name : |
Ms. Pratibha
Shivaji Ganage |
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Designation : |
Director |
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Address : |
1102/C/3, Saivilla,
Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
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Date of Appointment : |
24.04.1991 |
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Name : |
Mr. Ramhari
Devrao Ganage |
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Designation : |
Director |
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Address : |
Plot No. 78, National
Housing Society Aundh, Pune – 411007 |
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Date of Appointment : |
24.04.1991 |
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Name : |
Ms. Sangeeta
Ramhari Ganage |
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Designation : |
Director |
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Address : |
Plot No. 78,
National Housing Society Aundh, Pune – 411007 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Naik Ram
Vinod |
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Designation : |
Director |
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Address : |
166/27,
Pradhikaran Nigdi, Pune – 411044 |
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Date of Appointment : |
01.12.2003 |
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Name : |
Mr. Satish
Kamalakar Godkar |
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Designation : |
Non- Executive
Director |
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Address : |
2/4, Vastu Udyog,
Pimpri, Pune – 411018, Maharashtra, India |
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Date of Birth : |
21.04.1971 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Shivaji
Devrao Ganage |
|
350000 |
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Ms. Pratibha
Shivaji Ganage |
|
350000 |
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Mr. Ramhari
Devrao Ganage |
|
300000 |
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Ms. Sangeeta
Ramhari Ganage |
|
100000 |
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Mr. Ganage
Shivaji Tushar |
|
350000 |
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Mr. Ganage
Shivaji Jitesh |
|
350000 |
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Mr. Ganage
Ramhari Rohan |
|
100000 |
|
Mr. Rohit
Ramahari Ganage |
|
100000 |
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TOTAL |
|
2000000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Automotive Pressing |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
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Automotive Parts |
MT |
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|
28000 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
800 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mohan Deshmukh
& Company Chartered
Accountant |
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Address : |
B – 306, Narayan Chambers,
Naraypan Peth, Pune – 411030, Maharashtra, India |
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Associates/Subsidiaries : |
Subsidiary
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 22.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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|
2] Share Application Money |
316.731 |
52.786 |
16.231 |
|
|
3] Reserves & Surplus |
242.836 |
233.813 |
224.261 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
579.567 |
306.599 |
260.492 |
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|
LOAN FUNDS |
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1] Secured Loans |
417.017 |
209.703 |
215.600 |
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2] Unsecured Loans |
124.328 |
67.899 |
45.273 |
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TOTAL BORROWING |
541.345 |
277.602 |
260.873 |
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DEFERRED TAX LIABILITIES |
37.569 |
44.645 |
48.171 |
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TOTAL |
1158.481 |
628.846 |
569.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
618.187 |
287.575 |
240.943 |
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Capital work-in-progress |
0.000 |
21.240 |
8.795 |
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INVESTMENT |
114.958 |
114.908 |
116.040 |
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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 |
91.083
|
113.549 |
87.795 |
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Sundry Debtors |
484.636
|
67.462 |
66.892 |
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|
Cash & Bank Balances |
11.859
|
2.378 |
2.693 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
198.388
|
258.843 |
189.463 |
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Total
Current Assets |
785.966
|
442.232 |
346.843 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
336.905
|
225.061 |
143.089 |
|
|
Provisions |
23.725
|
12.048 |
0.000 |
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Total
Current Liabilities |
360.630
|
237.109 |
143.089 |
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Net Current Assets |
425.336
|
205.123 |
203.754 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
1158.481 |
628.846 |
569.536 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Total Income |
1415.580 |
847.596 |
653.071 |
|
|
|
|
|
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Profit/(Loss) Before Tax |
15.142 |
13.545 |
14.727 |
|
Provision for Taxation |
0.000 |
0.000 |
5.870 |
|
Profit/(Loss) After Tax |
15.142 |
13.545 |
20.597 |
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|
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Total Expenditure |
1400.438 |
834.051 |
680.269 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.07
|
1.60 |
3.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.07
|
1.60 |
2.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.08
|
1.86 |
2.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.04 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.68 |
1.55 |
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Current Ratio (Current Asset/Current Liability) |
|
2.18
|
1.87 |
2.42 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Land
v
Plant &
Machinery
v
Furniture
& Fixture
v
Building
Since the Group believes in being proactive in its field, its
product range is extensive - Cars, Utility vehicles, Light Commercial Vehicles (LCV),
Heavy Commercial Vehicles (HCV), 2-wheelers,domestic vehicles - all are dealt
with in the same systematic and professional manner which has become the
hallmark of the Ganage Group.
Key Management personal of these concern are relative
of the directors of the company
v
Deoshesha
Industrial
v
Autopress
Engineer Private Limited
v
Sanmati
Sintered Metals & Alloyes Private Limited
Bankers Charges
Report as per Registry
|
Name of the company |
GANAGE
PRESSING PRIVATE LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Composite hypothecation agreement dated 02.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 20.000 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 |
Stock including raw material, work in progress semi finished goods and
finished goods such as dies and tools steel sheets and pressed components
packing materials and stores Book debts outstanding monies receivable, claims, bills and securities
Tangible movable machinery and plant and cranes boats and crafts and
the vehicles of the borrower together movable and furniture, fixture and
fitting and office |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin – 30% Rate of Interest – 2.5% over BPLR
|
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5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda, Senapati Bapat Road Branch, Pune |
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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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Name of the company |
GANAGE
PRESSING PRIVATE LIMITED |
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Presented By |
-- |
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1) Date and description of instrument creating the change |
Deed of mortgage dated – 22.11.2004 Loan Agreement Dated – 22.11.2004 Term loan agreement dated – 22.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Term Loan Facility – Rs. 30.000 Millions Working capital demand diamond – Rs. 50.000 Millions |
|
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 |
All the piece and parcel of land and building situated at Gat No. 227
to 243, 245, 248 at village nanekarwadi chakan, pune as well as the plant and
machinery affixed to the land |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Working capital demand loan facility Interest – PLR 13.25% 4.50% = 8.75% TENURE – 31.12.2005 Repayment – principal to be repaid in 12 eqated monthly instalments Personal guarantee of director – Mr. S D Ganage, Mr. R D Gange, Mrs.
Pratibha Ganage and Mrs. Sangeeta |
|
5) Name and Address and description of the person entitled to the
charge. |
Kotak Mahindra Bank Limited, 429/430 4th Floor, Sohrab
Hall, 21 Sasoon Road, Pune |
|
6) Date and brief description
of instrument modifying the charge |
Not Applicable |
|
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 |
|
|
|
|
Name of the company |
GANAGE
PRESSING PRIVATE LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Memorandum of deposit of title deeds dated 24.05.1993 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 4.998 millions |
|
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 |
Equitable mortgage of immoveable property situated at Factory |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
First Charge by way of equitable mortgage |
|
5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda, Senapati Bapat Road, Pune – 411016 |
|
6) Date and brief description
of instrument modifying the charge |
Memorandum of entry dated 8.12.2003 |
|
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. |
Original charge was modified 23.03.1994 to 21.952 Millions future on
08.05.1994 to Rs. 66.300 Millions future on 14.01.1997 to 109.329
Millions. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28910MH1991PTC061375 |
|
Name of the
company |
GANAGE PRESSING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1102/C/3, Saivilla,
Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Baroda,
Senapati Bapat Road, Pune – 411016 |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
29.01.2007 |
|
Amount secured by
the charge |
Rs. 17.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1 % over the BPLR
Terms of
Repayment On Demand Margin As per Bank’s
rule, if any. Extent and
Operation of the charge Cash credit and
Hoc Limit Rs. 17.000 millions |
|
Short particulars
of the property charged |
Stock of Raw
Materials, Work in Process, Semi Finished Goods and Finished Goods such as
Dies and Tools, Sheets, Pressed Components etc. Book Debts, Machinery at F II
49/50 M.I.D.C. Pimpri, Pune 18 and J – 439, MIDC Bhosari, Pune 26 |
As Per website Details
The Ganage Group is epitomised by healthy practises, good management and
dedication. Today with over 500 employees, the Ganage Group has created for itself
a strong sense of dependability amongst its customers and peers.
Located in a
sprawling area of 101000 sq.m at Pune, Maharashtra, and operating through 7
Press Lines and 6 Weld Lines, the Ganage Group is growing from strength to
strength.
Since the Group
believes in being proactive in its field, its product range is extensive -
Cars,Utility vehicles,Light Commercial Vehicles (LCV), Heavy Commercial
Vehicles (HCV), 2-wheelers,domestic vehicles - all are dealt with in the same
systematic and professional manner which has become the hallmark of the Ganage
Group.
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.41.38 |
|
UK Pound |
1 |
Rs.63.89 |
|
Euro |
1 |
Rs.80.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|