MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUNJAN ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
70/2, Municipal Plot, Opposite Anil Estate, Ajod Dairy Road, Rakhial,
Ahmedabad – 380 023, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.03.2005 |
|
|
|
|
Com. Reg. No.: |
04-45618 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27100GJ2005PTC045618 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG02750G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCG3161H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trader, Dealer and Distributor of Alloy Steel. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 1000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company in its field. Scale of activity
is limited. Trade relations are fair. Payments are reported as usually
correct and as per commitments. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vipul Patel |
|
Designation : |
Director |
|
Date : |
23.09.2008 |
LOCATIONS
|
Registered Office : |
70/2, Municipal Plot, Opposite Anil Estate, Ajod Dairy Road, Rakhial,
Ahmedabad – 380 023, Gujarat, India |
|
Tel. No.: |
91-79-22748600 / 22748700 / 22748800 |
|
Mobile No.: |
91-9727747202 (Mr. Vipul R Patel) |
|
Fax No.: |
91-79-22748800 |
|
E-Mail : |
|
|
Area : |
600 Sq. Mt.(Office + Warehouse) |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Sunil Manilal Patel |
|
Designation : |
Director |
|
Address : |
19, Manavseva Society, Opp. Balolnagar Society, Ranip, Ahmedabad – 382
480, Gujarat, India |
|
Date of Birth/Age : |
01.01.1967 |
|
Qualification : |
Arts Degree |
|
Date of Appointment : |
03.03.2005 |
|
|
|
|
Name : |
Mr. Sumant Narottambhai Patel |
|
Designation : |
Director |
|
Address : |
10, Nathalal Park Society, Near Gayatri Mandir, Nirnay Nagar Road,
Ranip, Ahmedabad – 382 480, Gujarat, India |
|
Date of Birth/Age : |
13.11.1964 |
|
Qualification : |
B.Com. |
|
Date of Appointment : |
03.03.2005 |
|
|
|
|
Name : |
Mr. Vipul Ramanlal Patel |
|
Designation : |
Director |
|
Address : |
9/B, Adwait Society, Radhaswami Road, Ranip, Ahmedabad – 382 480,
Gujarat, India |
|
Date of Birth/Age : |
03.04.1970 |
|
Qualification : |
Computer Science |
|
Date of Appointment : |
03.03.2005 |
|
|
|
|
Name : |
Mr. Kantilal Inshwarlal Patel |
|
Designation : |
Director |
|
Address : |
8/B, Dushyant Park Society,
Near Gayatri Mandir, Ranip, Ahmedabad – 382 480, Gujarat, India |
|
Date of Birth/Age : |
01.05.1946 |
|
Qualification : |
S.S.C. |
|
Date of Appointment : |
03.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment :-
|
Names of Allottee [s] (As on 31.03.2007) |
No. of Shares |
|
Mr. Kantibhai Inshwarlal Patel |
2300 |
|
Mr. Sumantbhai Narottambhai Patel |
3300 |
|
Mr. Sunilbhai Manilal Patel |
2900 |
|
Mr. Vipulbhai Ramanlal Patel |
1500 |
|
Total |
10000 |
Equity shares Breakup (percentage of total equity)
(As on
29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Dealer and Distributor of Alloy Steel. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
Customers : |
OEM’s |
|
|
|
|
No. of Employees : |
20 |
|
|
|
|
Bankers : |
·
Nutan Nagarik Sahakari Bank Limited Vora Chambers, Rakhiyal Branch, Rakhiyal,
Ahmedabad – 380 022, Gujarat, India ·
HDFC Bank ·
Standard Chartered Bank ·
ICICI Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Bharat H Shah Chartered Accountants |
|
Address : |
301, Anand Mangal II, B/h Omkar House, Near Swastik Char Rasta,
Navrangpura, Ahmedabad – 380 009, Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
A K Steels |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
RS.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.098 |
0.044 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.198 |
0.144 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.463 |
0.186 |
|
|
2] Unsecured Loans |
|
13.776 |
10.851 |
|
|
TOTAL BORROWING |
|
15.239 |
11.037 |
|
|
DEFERRED TAX LIABILITIES |
|
0.009 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.446 |
11.189 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.163 |
1.305 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.038 |
0.025 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
7.513 |
5.585 |
|
|
Sundry Debtors |
|
28.601 |
19.062 |
|
|
Cash & Bank Balances |
|
0.324 |
0.189 |
|
|
Other Current Assets |
|
0.057 |
0.004 |
|
|
Loans & Advances |
|
0.032 |
0.010 |
|
Total
Current Assets |
|
36.527 |
24.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
21.873 |
14.732 |
|
|
Provisions |
|
0.420 |
0.271 |
|
Total
Current Liabilities |
|
22.293 |
15.003 |
|
|
Net Current Assets |
|
14.234 |
9.847 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.011 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.446 |
11.189 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
8.463 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
8.463 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.064 |
|
Provision for Taxation |
|
|
0.010 |
|
Profit/(Loss) After Tax |
|
|
0.054 |
|
|
|
|
|
|
Total Expenditure |
|
|
8.399 |
Notes:-
The subject company was incorporated on March 3, 2005. It is mainly
engaged in the business of trading of alloy Steel Round Bars and Hot Work
Steel.
The turnover over figure i.e. Rs. 8.463 millions during the Financial
Year 2006- 07 is as per the Registry.
We have contacted Mr. Vipul Patel, director of the subject company on Mobile No.: 91-9727747202 and he has
confirmed that the turnover for the Financial Year 2006-07 was Rs. 84.630
millions and Rs. 50.140 millions for the Previous Year.
Revised Financials
as per the subject
Profit and Loss
A/C
For the year
Ending 31.03.2007 31.03.2006
(Rs. in millions)
Total Income 84.630 50.140
Sales 84.630 50.140
Net Profit 0.054 0.044
We have given the turnover figure as per registry records. The subject
is not ready to provide a copy of Profit and Loss. We have obtained the revised
financial turnover figure from the subject. Further, a copy of the Profit and
Loss would not be made available for us from the registry records as the
subject company is a Private Limited Company.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.64 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.76 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.17 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.32 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
189.56 |
180.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.64 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Jindal Steel - Anjhar
Form No. 8
|
Corporate
identity number of the company |
U27100GJ2005PTC045618 |
|
Name of the
company |
GUNJAN ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
70/2, Municipal plot, Opp. Anil Estate, Ajod Dairy Road, Rakhilal,
Ahmedabad – 380 023, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Nutan Nagarik Sahakari Bank Limited Vora Chambers, Rakhiyal Branch, Rakhiyal, Ahmedabad – 380 022,
Gujarat, India |
|
Nature of
instrument creating charge |
Hypothecation
Goods Agreement |
|
Date of
instrument Creating the charge |
20.03.2006 |
|
Amount secured by
the charge |
Rs.0.500 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Interest @ 11.5%
p.a. Margin 30% |
|
Description of
the property charged indicating whether it is a charged on |
Stock in trade |
|
Particulars of
the property charged |
All those
stocks/goods (both present and future) of the Borrowers being Alloy Steel
etc. lying at the godown of the Borrower at 70/2, Municipal Plot, Opp. Anil
Estate, Ajod Dairy Road, Rakhilal, Ahmedabad or any where else including the
goods in transit ate hypothecated to Bank by way of first charge. |
|
Corporate
identity number of the company |
U27100GJ2005PTC045618 |
|
Name of the
company |
GUNJAN ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
70/2, Municipal plot, Opp. Anil Estate, Ajod Dairy Road, Rakhilal,
Ahmedabad – 380 023, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Others Hypothecation Goods |
|
Particular of
charge holder |
Nutan Nagarik Sahakari Bank Limited Vora Chambers, Rakhiyal Branch, Rakhiyal, Ahmedabad – 380 022,
Gujarat, India |
|
Nature of
instrument creating charge |
Hypothecation
Goods Agreement dated 05.03.2008 |
|
Date of
instrument Creating the charge |
05.03.2008 |
|
Amount secured by
the charge |
Rs.3.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 12.50% per annum ·
Terms of
repayment Repayable on demand ·
Margin Margin : 30% ·
Extent and
operation of the charge First and exclusive charge on all the stock (present and future) to
secure the additional limits of Rs.2.000 millions along with interest,
accrued interest, penal interest, commissions, costs and charges etc. to
secure the limits aggregating to Rs.3.500 millions. ·
Others 1.
Personal
Guarantee of (1.01)
Narottambahi
V Patel (1.02)
Ramanlal
Ishwarlal Patel (1.03)
All
directors of the company 2.
Investment
in shares of the bank for an amount of Rs.0.088 million 3.
To create
equitable mortgage of immovable property situated at B/8, Dushyant Park,
Ranip, Ahmedabad as collateral security
|
|
Particulars of
the property charged |
Hypothecation of
stocks of Alloys Steel of the company (both present and future) lying and
being stored at the Borrower’s Godown at 70/2, Municipal Market, Opp. Anil
Estate, Ajod Dairy Road, Rakhilal, Ahmedabad – 23 |
|
Particulars of the
present modification |
The Bank has
sanctioned additional CC Limits of Rs.2.000 millions against hypothecation of
goods revising the existing CC limits from Rs.1.500 millions to Rs.3.500
millions. The existing hypothecation charge on all goods is modified and
increased from Rs.1.500 millions to Rs.3.500 millions. |
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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 |
|