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MIRA
INFORM REPORT
|
Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED |
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Registered Office : |
A-22, MIDC, Growth Centre, Post: Tadali, District : Chanderpur -
442406, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.04.1988 |
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Com. Reg. No.: |
46932 |
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CIN No.: [Company
Identification No.] |
U74300MH1988PTC046932 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPG01095D |
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PAN No.: [Permanent
Account No.] |
AACCG0988N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sponge Iron |
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 1992000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
reported as slow. The company can be considered normal for business dealings at usual
trade terms and conditions. We spoke to Mr. Harpreet Singh, General Manager of the company.
Initially he was found non – co – operative. Atlast after a lot of
pursuasions, he has assured to part with some general information. If he
provides the same, we will send a. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hitesh Parmar |
|
Designation : |
Assistant Account Manager |
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Date : |
14.11.2008 |
LOCATIONS
|
Registered Office : |
A-22, MIDC, Growth Centre, Post:Tadali, District : Chanderpur - 442406,
Maharashtra, India |
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Tel. No.: |
91-7172-237706 / 8 / 9 / 883 / 237710 / 23436949 |
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Fax No.: |
91-7172 – 237707 / 23401361 |
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E-Mail : |
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Website : |
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Location : |
Leased (99 years by MIDC) |
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Factory : |
310 Loha Bhawan, 3rd Floor,
D’mello Road, Carnac Bunder, Mumbai – 400 009, Maharashtra |
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Tel No.: |
91-22-2346949 |
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E-Mail : |
jgopani@hotmail.com
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Corporate Office : |
Uttam House, Office No.2, Ground Floor, P. D’Mello Road, Carnac
Bunder, Mumbai – 400 009, Maharashtra, India |
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Tel. No.: |
91-22-23480949 |
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Fax No.: |
91-22-23481361 |
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Area : |
500 sq ft |
|
Location : |
Rented |
DIRECTORS
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Name : |
Mr. Jignesh G Gopani |
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Designation : |
Director |
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Address : |
604 – C Laxmi Apartments, Block No. 1, Lady Jahangir Road, Mumbai –
400 014, Maharashtra |
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Date of Birth/Age : |
09.03.1975 |
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Date of Appointment : |
10.09.2000 |
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Name : |
Mrs. Nagin C Gopani |
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Designation : |
Director |
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Address : |
310, Loha Shawan, Carnac Bunder, Mumbai – 400 009 |
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Date of Birth/Age : |
18.02.1949 |
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Date of Appointment : |
10.09.2000 |
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|
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Name : |
Mr. Paresh C Gopani |
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Designation : |
Director |
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Address : |
37, LLyods House, Baroda Street, Carnac Bunder, Mumbai – 400 009 |
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Date of Birth/Age : |
27.10.1965 |
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Date of Appointment : |
10.09.2000 |
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Name : |
Mr. Alkesh M Gopani |
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Designation : |
Director |
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Address : |
37, LLyods House, Baroda Street, Carnac Bunder, Mumbai – 400 009 |
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Date of Birth/Age : |
18.06.1963 |
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Date of Appointment : |
03.06.2002 |
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Name : |
Mr. Joseph Benjamin Chiraparambil |
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Designation : |
Director |
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Address : |
A/14, Geesee Apartments, Vidyanagari Marg, Kalina, Santacruz, Mumbai –
400 098 |
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Date of Birth/Age : |
25.12.1941 |
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Date of Appointment : |
10.10.2005 |
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|
|
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Name : |
Mr. Vinod Kumar Subkaran Jatia |
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Designation : |
Director |
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Address : |
Damodar Bhawan, 3rd Floor, Bhulabhai Desai Marg, Mumbai –
400 026, Maharashtra |
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Date of Birth/Age : |
02.04.1957 |
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Date of Appointment : |
10.10.2005 |
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|
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Name : |
Mr. Jayant Shah |
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Designation : |
Director |
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Address : |
Plot No.9 -11, Sujay Garden, 12, Mukund Nagar, Gultekdi, Pune –
411037, Maharastra |
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Date of Birth/Age : |
09.11.1960 |
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Date of Appointment : |
27.06.2006 |
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Directorship in other company: |
Name of the company: Heena Builders Private Limited Designation: Director CIN of the company: U45202PN2002PTC016808 Name of the company: Hiraj Exports Private Limited Designation: Director CIN of the company: U51909MH1996PTC097911 Name of the company: J H Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016814 Name of the company: Jairaj Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016809 Name of the company: Jaison Construction Private Limited Designation: Director CIN of the company U45202PN2002PTC016813 Name of the company: Jayant Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016783 Name of the company: Jayhira Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016784 Name of the company: Kanchan Developers Private Limited Designation: Director CIN of the company: U45202PN2002PTC016811 . Name of the company: Kohinoor Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016807 Name of the company: Malav Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016810 Name of the company: Pune Promoters Private Limited Designation: Director CIN of the company: U45202PN2002PTC016812 Name of the company: Sujay Developers Private Limited Designation: Director CIN of the company: U45101PN2000PTC014744 Name of the company: Suyog Geographic Information Systems Private Limited Designation: Director CIN of the company: U72200PN2000PTC014517 Name of the company: White Flint Realty Private Limited Designation: Director CIN of the company: U70101MH1997PTC106895 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev B. Mishra |
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Designation : |
Company Secretary |
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Address : |
M – 6, 3rd Floor, West Patel Nagar, New Delhi – 110 008,
India |
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Date of Birth/Age : |
17.06.1983 |
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Date of Appointment : |
01.07.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Alkesh M Gopani |
|
2100 |
|
Paresh G Gopani |
|
2100 |
|
Jignesh G Gopani |
|
6000 |
|
Gopani International Private Limited |
|
18214800 |
|
Shree Global Tradefin Limited |
|
6075000 |
|
Total |
|
24300000 |
As on 29.09.2007
Equity Share Break up (Percentage of Total Equity):
|
Category |
Percentage of
Holding |
|
Bodies corporate |
99.94 |
|
Directors or relatives of Directors |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sponge Iron |
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Terms : |
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Selling : |
Credit 30 days |
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Purchasing : |
Credit |
GENERAL
INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
414 [In office – 14, In factory – 400 (Contract Workers – 200)] |
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Bankers : |
Email ID: pnbbradyhouse@rediffmail.com
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod S Mehta and Company Chartered Accountants |
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Address : |
114, Jolly Bhavan – 1, 10, New Marine Lines , Mumbai – 400 020,
Maharashtra, India |
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Associates/Subsidiaries : |
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Holding Company: |
GOPANI INTERNATIONAL PRIVATE LIMITED Line of Business: Trading of Sponge Iron. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24500000 |
Equity shares |
Rs.10/- each |
Rs.245.000 millions |
|
50000 |
Preference shares |
Rs.100/- each |
Rs.5.000 millions |
|
|
Total |
|
Rs.250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24300000 |
Equity shares |
Rs.10/- each |
Rs.243.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008
(Approximately) |
|
Sales Turnover (Estimated) |
|
|
1890 |
|
|
|
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Expected Sales (2008-09): Rs.3000 millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
243.000 |
243.000 |
162.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
155.312 |
101.910 |
53.892 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
398.312 |
344.910 |
216.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
148.475 |
40.023 |
0.000 |
|
|
2] Unsecured Loans |
57.820 |
53.561 |
56.547 |
|
|
TOTAL BORROWING |
206.295 |
93.584 |
56.547 |
|
|
DEFERRED TAX LIABILITIES |
59.755 |
52.668 |
25.131 |
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|
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|
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TOTAL |
664.362 |
491.162 |
298.170 |
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|
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
384.450 |
430.019 |
320.235 |
|
|
Capital work-in-progress |
65.746 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
2.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
90.924
|
70.685
|
36.230 |
|
|
Sundry Debtors |
310.386
|
69.057
|
22.839 |
|
|
Cash & Bank Balances |
1.602
|
1.100
|
1.104 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
96.486
|
58.346
|
41.331 |
|
Total
Current Assets |
499.398
|
199.188 |
101.504 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
259.388
|
124.746
|
117.851 |
|
|
Provisions |
28.800
|
14.700
|
7.100 |
|
Total
Current Liabilities |
288.188
|
139.446 |
124.951 |
|
|
Net Current Assets |
211.210
|
59.744 |
(23.447) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.956 |
1.401 |
1.382 |
|
|
|
|
|
|
|
|
TOTAL |
664.362 |
491.162 |
298.170 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1323.190 |
747.593 |
392.557 |
|
|
Other Income |
12.626 |
0.885 |
0.753 |
|
|
Total Income |
1335.816 |
748.478 |
393.310 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
74.589 |
83.155 |
86.676 |
|
|
Provision for Taxation |
(80.723) |
(18.755) |
32.784 |
|
|
Profit/(Loss) After Tax |
155.312 |
101.910 |
53.892 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Materials |
1160.480 |
591.068 |
267.976 |
|
|
Administrative Expenses |
35.717 |
21.428 |
13.532 |
|
|
Financial Expenses |
0.000 |
1.569 |
0.052 |
|
|
Loss on Sale of Assets |
0.111 |
1.094 |
0.000 |
|
|
Preliminary Expenses written off |
0.445 |
0.445 |
0.352 |
|
|
Depreciation & Amortization |
64.474 |
49.719 |
24.722 |
|
Total Expenditure |
1261.227 |
665.323 |
306.634 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.63
|
13.62
|
13.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.64
|
11.12
|
22.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.84
|
13.22
|
20.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.24
|
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
0.68
|
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.43
|
0.81 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U74300MH1988PTC046932 |
|
Name of the company |
GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED |
|
Address |
A-22, MIDC, Growthcentre, Post Tadali,
Chanderpur – 442 406, Maharashtra, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
Immovable property |
|
Particular of the charge holder
|
Punjab National Bank, Brady House, Fort, Mumbai
– 400 001, Maharashtra Email ID: pnbbradyhouse@rediffmail.com |
|
Nature or description of the instrument creating charge |
Deed of Hypothecation to secure various
credit facilities dated : 26/06/2006 |
|
Date of the instrument creating charge |
26.03.2007 |
|
Amount Secure by the charge |
Rs.300.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
v Rate
of Interest: Punjab National Bank
11.75% P.A. minimum Union Bank of
India14.50 P.A. v Terms
of Payment: Repayment as per
sanction Letter v Margin:
Margin as per
Sanction Letter v Extent
and operation of the charge: The charge is
operative till repaid. |
|
Particulars of the Property charged
|
As Per Agreement Supplemental Memorandum
of Entry dated:26.06.2006 |
|
Particulars of the present modification |
1)The total combined Limits stands
increased from Rs.200.000 millions to Rs.300.000 millions. 2) The company offered additional security
as mentioned in part III of schedule B of the supplemental memorandum of
entry dated 26.03.2007 pertaining to plot no. D – 16, MIDC, Chandrapur (
Tadeli), Maharashtra. |
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified
|
10008972 |
|
Corporate
identity number of the company |
U74300MH1988PTC046932 |
|
Name of the
company |
GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
A-22, MIDC, Growth Centre, Post Tadali,
Chanderpur – 442 406, Maharashtra, India |
|
Type of charge |
Immovable
Property Others (All the Block
of Assets-Machinery, Equipments etc.) |
|
Particular of
charge holder |
Punjab National Bank Brady House, Fort, Mumbai – 400 001,
Maharashtra, India Email ID: pnbbradyhouse@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
29.03.2007 |
|
Amount secured by
the charge |
Rs.950.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per Sanction Letter Terms of
Repayment: As per Sanction Letter Margin: 33% Extent and
Operation of the charge: The Charge will operate till whole of the Term Loan
of Rs.650 millions and Rs.300 millions of other credit facilities is repaid. |
|
Short particulars
of the property charged |
All the Block of
Assets i.e. Machinery, Equipments and Other Fixed Assets of the Borrower. |
|
Date of latest
modification prior to the present modification |
29.03.2007 |
OPERATIONS:
The company has taken up Power Project at Chandrapur of 15 MW. The Project
is under implementation and is expected be completed by September, 2008. All
the necessary clearances from the respective authorities have been obtained.
The company has also secured tender from ONGC for supplying Pipes of approximately
Rs.500 millions. The supply of the same has already started.
During the year, the company has achieved total income of Rs.1335.816
millions against Rs.748.478 millions in previous year.
In terms of profitability also, the company has fared well and achieved
a net profit after tax of Rs.53.900 millions as against Rs.47.858 millions.
The board is of the view that the Company will perform better during the
current year.
DIVIDEND:
To conserve the resources of the company and in view of ongoing
expansion and Project implementation, the Board has decided not to recommend
any dividend for the year ended March 31, 2007.
WEBSITE DETAILS:
HISTORY:
The promoters of Subject are currently involved in business
of manufacturing Steel and Trading. They were involved in the
business of trading of steel since last 40 years. The plant
acquired land of 2,83,630 sq. mtr. on lease for 99 years from M.I.D.C. Plot no.
A-22,D-15,andD-16, at M. I. D. C. Growth centre, post -
Tadali, district Chandrapur for setting up Sponge Iron and
Power Plant. Presently subject has set up 4 x 100 TPD kilns
which are produsing 1,20,000 Ton/Annum. Subject has well qualified
Board of Directors who have long years of experiance in Steel Industry, A team
of qualified professionals having vast experiance in
managerial position provide day to day support in management of
Plant.
PLANS:
- Phase
- I, 15 MW Power plant from Waste heat recovery boilers.
- Phase
- I, Coal Washery for producing 150MT / hour of Washed Coal.
- Phase
- II, 4 x 100 TPD Kiln and 15 MW Power Plant.
- Phase
- III, Palletisation plant to produce 1.25 Million of Pallets using Iron
Ore Fines
Hence, subject now plans to produce 2,40,000 MT of sponge
Iron, 30 MW Power and 3,00,000 of Pallets by 2008.
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.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|