MIRA
INFORM REPORT
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Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GAURAV CONTAINERS LIMITED |
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Registered Office : |
1412, Maker Chambers V, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06-11-1986 |
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Com. Reg. No.: |
11-41500 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of plastic pet jars and containers for industries, food
bags and food products. |
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 219088 |
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Status : |
Satisfactory |
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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. Trade relations
are fair. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1412, Maker Chambers V, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22872623 |
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Fax No.: |
91-22-22875705 |
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Area : |
800 sq. ft. (Industrial Area) |
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Location : |
Owned |
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Head Office : |
Keni Nagar, Road No.34, Wagle Estate, Thane – 400604, Maharashtra,
India |
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Tel. No.: |
91-22-66987983 |
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Fax No.: |
91-22-66987984 |
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E-Mail : |
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Administrative Office/ Sales Office : |
78, Virwani Industrial Estate, Off Western Express Highway, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-28711388 |
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Fax No.: |
91-22-28741545 |
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E-Mail : |
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Factory 1: |
17/2, Kudus-Uchat Road, Near Bhiwandi- Wada Road, Village Vardha, Post
Uchat, Taluka Wada, District- Thane, India |
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Tel. No.: |
91-2526-220538 |
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Fax No.: |
91-2526-221239 |
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Area : |
20000 sq. ft. |
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Location : |
Owned |
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Factory 2: |
Somnath Co-operative Industrial Society Limited, Opp. Dairy Somnath
Road, Dabhel, Daman – 396210, India |
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Tel. No.: |
91-260-252752/ 252143 |
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Fax No.: |
91-260-2242143 |
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Area : |
16000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ramawatar Saraogi |
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Designation : |
Chairman Cum Managing Director |
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Address : |
121 Maker Tower K, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
22.08.1955 |
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Name : |
Mrs. Bimla R. Saraogi |
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Designation : |
Director |
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Name : |
Mr. Pravin Mayekar |
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Designation : |
Director |
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Name : |
Mr. Kanhaiyalal Mundhra |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007 Equity Shares)
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Names of Shareholders |
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No. of Shares |
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Mr. Ramawatar Saraogi |
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135310 |
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Mrs. Bimla R. Saraogi |
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225095 |
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Mr. Pravin Mayekar |
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12100 |
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Mr. Ramawatar and Sons (HUF) |
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45000 |
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Plato Plaskon Private Limited |
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331745 |
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Mr. Gaurav R. Saraogi |
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30 |
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Mr. Vaibhav R Saraogi |
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30 |
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Total |
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749310 |
(As on 31.03.2007 Preference Shares)
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Names of Shareholders |
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No. of Shares |
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Mr. Ramawatar Saraogi |
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120000 |
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Mrs. Bimla R. Saraogi |
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150000 |
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Mr. Ramawatar and Sons (HUF) |
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180000 |
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Mr. Pravin Mayekar |
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50000 |
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Total |
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500000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of plastic pet jars and containers for industries, food
bags and food products. |
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Products : |
· Plastic pet jars · Containers · Food bags · Food products |
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Brand Name : |
GAURAV |
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Terms : |
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Selling : |
Cash (30 days), Contract |
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Purchasing : |
Cash (30 days), Contract |
PRODUCTION STATUS
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Particulars |
Unit |
Actual
Production |
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PET Performs |
- |
- |
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PET Jars/ Bottles |
Kgs. |
72858 |
GENERAL
INFORMATION
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Customers : |
· Manufacturer · Wholesalers · Retailers |
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Supploiers : |
· Reliance
Industries Limited · Indian
Petrochemical Corpn. Limited |
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No. of Employees : |
44 (Plant Workers – 40 and Directors – 4) |
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Bankers : |
· State Bank of
Indore Indore – 452003, India (Hypothecation Rs.3.400 Millions dated 29.10.1990) · State Bank of
India Mumbai – 400064, Maharashtra, India (Hypothecation Rs.10.000 Millions dated 04.11.2000 and Rs.12.200 Millions Dated 31.12.2003) · Corporation Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vindo S. Mehta and Company Chartered Accountant |
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Address : |
114, Jolly Maker – I, 10 New Marine Lines, Mumbai – 400020,
Maharashtra, Idnia |
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Associates/Subsidiaries : |
· Ramawatar and
Sons · Plato Plaskon
Private Limited |
CAPITAL STRUCTURE
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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500000 |
Preference Shares |
Rs.10/-each |
Rs.5.000 Millions |
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Total |
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Rs.12.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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749310 |
Equity Shares |
Rs.10/- each |
Rs.7.493 Millions
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500000 |
Preference Shares |
Rs.10/-each |
Rs.5.000
Millions |
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Total |
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Rs.12.493 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.493 |
12.493 |
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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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42.279 |
30.875 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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54.772 |
43.368 |
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LOAN FUNDS |
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1] Secured Loans |
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2.927 |
6.108 |
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2] Unsecured Loans |
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0.275 |
1.500 |
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TOTAL BORROWING |
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3.202 |
7.608 |
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DEFERRED TAX LIABILITIES |
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0.906 |
1.919 |
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TOTAL |
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58.880 |
52.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.639 |
28.892 |
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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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7.472 |
7.472 |
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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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6.389 |
7.740 |
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Sundry Debtors |
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10.643 |
11.786 |
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Cash & Bank Balances |
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2.874 |
1.412 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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17.291 |
2.843 |
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Total
Current Assets |
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37.197 |
23.781 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.340 |
5.358 |
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Provisions |
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6.088 |
1.892 |
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Total
Current Liabilities |
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9.428 |
7.250 |
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Net Current Assets |
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27.769 |
16.531 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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58.880 |
52.895 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
60.000 (Estimated) |
56.206 |
59.533 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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56.206 |
59.533 |
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Profit/(Loss) Before Tax |
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14.587 |
13.757 |
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Provision for Taxation |
NA |
3.379 |
1.160 |
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Profit/(Loss) After Tax |
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11.208 |
12.597 |
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Total Expenditure |
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41.619 |
45.776 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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19.94 |
21.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
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25.95 |
23.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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23.98 |
26.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.23 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
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3.94 |
3.28 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.64 |
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UK Pound |
1 |
Rs.83.00 |
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Euro |
1 |
Rs.66.00 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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48 |
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 |
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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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