MIRA
INFORM REPORT
|
Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GALA BRUSH LIMITED |
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Registered Office : |
Gala No. 1174, Ground Floor, Hindustan Kohinoor, Industrial Complex,
Ground Floor, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.01.1995 |
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Com. Reg. No.: |
084469 |
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CIN No.: [Company
Identification No.] |
U25200MH1995PLC084469 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG03984B |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturer and Exporters of Household Cleaning Brooms, Brushes and
Cleaning Liquids. |
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 293170 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and progressive company having
satisfactory track. Trade relations are fair. Financial position is
satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Gala No. 1174, Ground Floor, Hindustan Kohinoor, Industrial Complex, Ground
Floor, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
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Tel. No.: |
91-22-25771150 / 25771159 / 25771168 |
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Fax No.: |
91-22-25771314 |
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E-Mail : |
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Website : |
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Head Office : |
National Highway No. 8/, Near Samarkha Chowkdi, Gamdi, Anand – 388001,
Gujarat |
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Unit 1.: |
91-2692 – 251433 / 254790 |
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Fax No.: |
91-2692 – 240433 |
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E-Mail : |
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Unit 2 : |
Survey No. 46, Plot No. 2 and 3, Agra Road, Village Asangaon, Taluka
Shahpur, District Thane – 421601, Maharashtra |
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Tel. No.: |
91-2527-272760 / 272866 |
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Fax No.: |
91-2527-271496 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chandrakant L. Gala |
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Designation : |
Director |
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Address : |
14 / 1, Agarwal Nagar, Dr. Ambedkar Road, Matunga (C.R.), Mumbai |
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Date of Birth/Age : |
25.05.1957 |
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Date of Appointment : |
08.08.1996 |
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Name : |
Mr. Jatin T. Gala |
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Designation : |
Director |
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Address : |
B - 21, Krishna Jyot, 105, Garodia Nagar, Ghatkoper (East), Mumbai – 400077 |
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Date of Birth/Age : |
11.09.1972 |
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Date of Appointment : |
01.06.1996 |
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Name : |
Ms. Chaitali C. Gala |
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Designation : |
Director |
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Address : |
4 / 1, Agarwal Nagar, Dr. Ambedkar Road, Matunga (C.R.), Mumbai |
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Date of Birth/Age : |
09.02.1980 |
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Date of Appointment : |
15.05.2004 |
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Name : |
Mr. Mayur l. Gala |
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Designation : |
Director |
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Address : |
Dhanlaxmi, Shriji Colony, Behind Mahavir Society, Anand, Gujarat |
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Date of Birth/Age : |
28.09.1960 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Kirti Lakshmashi Gada |
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Designation : |
Director |
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Address : |
B – 9, Azad Nagar, R.A.K. Raod, Wadala (West), Mumbai – 400031 |
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Date of Birth/Age : |
23.05.1974 |
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Date of Appointment : |
02.10.1996 |
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Name : |
Mr. Tarachand Talakshi Gala |
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Designation : |
Director |
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Address : |
B - 21, Krishna Jyot, 105, Garodia Nagar, Ghatkoper (East), Mumbai – 400077 |
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Date of Birth/Age : |
08.10.1945 |
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Date of Appointment : |
31.12.2003 |
KEY EXECUTIVES
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Name : |
M/s Sunil Agarwal and Company |
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Designation : |
Company Secretary |
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Address : |
A-203, Kaavyaa, Bageshree Park, Shiv Sena Gali, Bhayander (West),
Thane – 401 101, Maharashtra, India. |
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Tel. No.: |
91-22-28145589 |
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Mobile No.: |
91-9821355692 |
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E-Mail : |
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Name : |
Mr. Chandrakant
Gala |
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Designation : |
Export and Administration |
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Name : |
Mr. Mayur Gala |
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Designation : |
Production and R & D |
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Name : |
Mr. Jatin Gala
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Designation : |
Marketing and R & D |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 14.12.1994
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Names of Shareholders |
|
No. of Shares |
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Mr. Chandrakant L. Gala |
|
100 |
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Mr. Jatin T. Gala |
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100 |
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Mr. Mayur l. Gala |
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100 |
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Mrs. Mayur Gala |
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100 |
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Mr. Dhanbai Lalji Gala |
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100 |
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Mr. Lalji K. Gala |
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100 |
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Mr. Chandan C. Gala |
|
100 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
|
Category |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Household Cleaning Brooms, Brushes and
Cleaning Liquids |
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Products : |
© Car Brushes © Floor Mop Brushes © General Brushes © Floor Scrubbing © Floor Wiper © Kitchen Scrubber © Kitchen Sink © Kitchen Wipe © Kitchen General © Toilet Brushes © Floor Sweeping © Cloth Brushes © Body Brushes © Export
Brushes |
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Exports : |
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Countries : |
Worldwide, Middle East, Africa, Europe, United Sates, South Africa and
Australia |
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Imports : |
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Countries : |
Italy China |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
Prabhadevi Branch,
1st Floor, Aman Chambers, Veer Sawarkar Marg, Prabhadevi, Mumbai –
400025, Maharashtra, India. E-Mail: avmcompanysecretaries@gmail.com
Jolly Maker
Chambers II, Nariman Point, Mumbai – 400021, Maharashtra, India.
Mandvi Branch,
Kanoor House, 281/ 287, Narsi Natha Street, Mumbai – 400009, Maharashtra,
India.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Navin and Associates Chartered Accountants |
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Address : |
13, Vasant Breezes Chambers, Opp. Maheshwari Udhyan, Matunga C.R.,
Mumbai – 400019, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1218000 |
Equity Shares |
Rs.10/- each |
Rs.12.180
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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1] Share Capital |
12.180 |
12.180 |
12.180 |
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2] Share Application Money |
8.600 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.854 |
34.528 |
26.659 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
58.634 |
46.708 |
38.839 |
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LOAN FUNDS |
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1] Secured Loans |
106.132 |
38.414 |
31.579 |
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2] Unsecured Loans |
8.697 |
6.129 |
8.407 |
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TOTAL BORROWING |
114.829 |
44.543 |
39.986 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
173.463 |
91.251 |
78.825 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.798 |
27.001 |
16.481 |
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Capital work-in-progress |
0.517 |
0.000 |
0.000 |
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INVESTMENT |
5.317 |
0.005 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
91.738
|
68.585 |
38.175 |
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Sundry Debtors |
53.586
|
33.567 |
46.032 |
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Cash & Bank Balances |
1.332
|
2.781 |
1.945 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.456
|
4.052 |
2.632 |
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Total
Current Assets |
170.112
|
108.985 |
88.784 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
34.410
|
43.985 |
26.110 |
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Provisions |
2.908
|
0.800 |
0.380 |
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Total
Current Liabilities |
37.318
|
44.785 |
26.490 |
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Net Current Assets |
132.794
|
64.200 |
62.294 |
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MISCELLANEOUS EXPENSES |
0.037 |
0.045 |
0.050 |
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TOTAL |
173.463 |
91.251 |
78.825 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover (including other income) |
NA |
157.407 |
123.599 |
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Profit/(Loss) Before Tax |
5.002 |
3.031 |
1.920 |
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Provision for Taxation |
1.433 |
0.800 |
0.000 |
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Profit/(Loss) After Tax |
3.569 |
2.231 |
1.920 |
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Expenditures : |
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Interest |
NA |
2.579 |
2.607 |
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Depreciation & Amortization |
NA |
2.459 |
2.627 |
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Other Expenditure |
NA |
154.376 |
121.679 |
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Total Expenditure |
NA |
159.414 |
126.913 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
1.42 |
1.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.93 |
1.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.37
|
2.23 |
1.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.06 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.59
|
1.91 |
1.71 |
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Current Ratio (Current Asset/Current Liability) |
|
4.56
|
2.43 |
3.35 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U25200MH1995PTC084469 |
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Name of the
Company |
GALA BRUSH LIMITED |
|
Address |
Gala No. 1174, Ground Floor, Hindustan Kohinoor, Industrial Complex, Ground
Floor, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Movable property
(not being pledge) |
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Particulars of
the charge holder |
Oriental Bank of
Commerce Prabhadevi
Branch, 1st Floor, Aman Chambers, Veer Sawarkar Marg, Prabhadevi,
Mumbai – 400025 E-Mail: avmcompanysecretaries@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Term
Loan |
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Date of
Instrument creating the charge |
09.03.2007 |
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Amount secured by
the charge |
Rs.4.400 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest rate on minimum
of 12.25% p.a. with mly rest or such other rate as may be decided by the bank
from time to time. Penal Interest of 2.00%p.a. in additional to the agreed
rate in case of default Terms of
Repayments: Repayments of
terms loan in 52 monthly installments of Rs.0.250 million commencing from
21.03.2007 (interest to be services separately) Margin: As per loaning
documents executed by the borrower company with the bank. Extent and
operation of the charge: At the request of
the borrower company, the bank has sanctioned term loan of Rs.4.400 millions.
To secure due repayment of the term loan and for all costs, interest and
other cost thereon first charge and hypothecation over plant and machineries
of the company at factory premises at Asangaon Sahapur or elsewhere located
(both present and future) |
|
Short particulars
of the property charged |
At the request of
borrower company, the bank has sanctioned term loan of Rs.4.400 millions. To
secure due repayment of the term loan and for all costs, interest and other
cost thereon first charge and hypothecation over plant and machinery of the
company at factory premises at Asangaon Sahapur or elsewhere located (both
present and future) |
As Per Web Details
Company Profile:
Subject cleaning equipments have been gifting a world of cleanliness with its high quality range of sleek, innovative and attractive cleaning equipments designed to care for every part of the home. Be it for sparkling kitchen, a tidy living room, a fragment bedroom or a spic and span toilet. Subject has a cleaning solution that is appropriate for each of the requirement. Helping you make cleanliness and healthy living a part of the daily life.
Subject
is in the business of 'Cleaning' with more than 130 cleaning helps/aids for
floor, toilets/commode, kitchen, sink, utensil, windows, bathrooms, furniture,
carpets, bottles, car, body, ceilings, vegetables, etc.
Various
kinds of brushes, brooms, wipers, squeegees, mops, wipes, scrubbers, etc. To
satisfy the customers needs for 'Quality and Useful' cleaning solution at a
reasonable price.
Awarded the 'Top Exporters Award' in the brush category by the "Plastic and Linoleum Export Promotion Council" from the years 1993-94... till date.
REACHING THE WORLD
Through a committed countrywide distribution
network of 220 stockist and 12 C and F agents and superstockists, Subject
products are available at organized retails chains, supermarkets, general
stores, plastic and utensils shop.
Subject'
popularity today extends not only in the domestic market, but to the world over
and is the only brand in its category to export its product to over 20
countries worldwide.
Over
the years, it has received many accolades for its outstanding quality and
innovativeness. A two time award winner of "BEST PRODUCTION UNIT" and
winner of government of India's "TOP EXPORTER AWARD" in brush
category from 12 consecutive years since 1993.
Subject
has created a niche for itself in the segment of housecleaning equipments…
making it today, the undisputed brand leader in the Indian household cleaning
equipment market
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.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|