MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GYRO LABORATORIES PRIVATE LIMITED |
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Registered Office : |
8 Gazdar Street, Chira Bazar, Mumbai – 400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.08.1955 |
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Com. Reg. No.: |
11-9619 |
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CIN No.: [Company
Identification No.] |
U31900MH1955PTC009619 |
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IEC No.: |
0388015110 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08308G |
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PAN No.: [Permanent
Account No.] |
AABCG1390B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Transformers and Other Testing Equipments. |
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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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 having satisfactory
track. Directors or relatives of directors are reported as experienced,
respectable and having satisfactory means of their own. Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Venkit |
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Designation : |
Manager Account |
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Contact No.: |
91-9892783990 |
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Date : |
09.09.2008 |
LOCATIONS
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Registered Office : |
8 Gazdar Street, Chira Bazar, Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-22080846/ 22057655/ 22015002 |
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Mobile No.: |
91-9892171825 |
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Fax No.: |
91-22-2057655 |
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E-Mail : |
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Website : |
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Area : |
400 sq. ft. |
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Location : |
Rented |
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Factory : |
Plot No.33, Phase II, MIDC, Central Road, Andheri (E), Mumbai –
400093, Maharashtra, India |
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Tel. No.: |
91-22-66625050/ 7891/ 7982/ 28378870/ 28301650 |
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Fax No.: |
91-22-28371247/ 66923775 |
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Area : |
14746 sq. ft. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Ricky C. Mukund |
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Designation : |
Managing Director |
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Address : |
23, Dariya Mahal, 80 Nepeansea Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
03.06.1963 |
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Qualification : |
Graduate |
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Experience : |
20 years |
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Date of Appointment : |
01.09.1989 |
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Name : |
Mrs. Vidya Ricky Mukund |
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Designation : |
Whole Time Director |
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Address : |
23, Dariya Mahal, 80 Nepeansea Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
10.10.1970 |
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Qualification : |
MBA |
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Experience : |
3 years |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. C. K. Mukund |
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Designation : |
Director |
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Address : |
23, Dariya Mahal, 80 Nepeansea Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
02.04.1926 |
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Date of Appointment : |
02.08.1955 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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C. K. Mukund |
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259230 |
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Ricky C. Mukund |
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240100 |
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Prasanna Haresh Mehta |
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670 |
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Total |
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500000 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Transformers and Other Testing Equipments. |
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Products : |
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Brand Name : |
GYRO |
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Exports : |
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Products : |
Transformers |
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Countries : |
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Terms : |
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Selling : |
60 days |
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Purchasing : |
60 days |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Transformers |
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6438 |
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OM- Meter |
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908 |
GENERAL
INFORMATION
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Customers : |
Wholesalers
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No. of Employees : |
75 (Office – 12 and Factory – 63) |
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Bankers : |
Kalbadevi Round Building, Shomoldas Gandhi Road, Mumbai – 400002,
India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. P. Katdhare and Company Chartered Accountant |
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Address : |
167-E, Poona Wadi, Dr. Ambedkar Road, Dadar T.T, Mumbai – 400014,
Maharashtra, India |
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Tel. No.: |
91-22-24142591 |
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Fax No.: |
91-22-24154047 |
CAPITAL STRUCTURE
(As on 31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Note:
a)
1500 Share are allotted as fully paid pursuant
to a contract without payment having been received in cash and
b)
100000 Equity Shares as fully paid Bonus
Shares by capitalization of General Reserve in the year 1993-94.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.659 |
7.850 |
3.665 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.659 |
12.850 |
8.665 |
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LOAN FUNDS |
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1] Secured Loans |
9.465 |
10.518 |
6.296 |
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2] Unsecured Loans |
16.665 |
16.301 |
17.502 |
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TOTAL BORROWING |
26.130 |
26.819 |
23.798 |
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DEFERRED TAX LIABILITIES |
0.311 |
0.241 |
0.300 |
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TOTAL |
45.100 |
39.910 |
32.763 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.510 |
8.224 |
6.441 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
15.307
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13.665
|
12.112 |
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Sundry Debtors |
22.691
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19.593
|
11.487 |
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Cash & Bank Balances |
11.019
|
9.279
|
8.607 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
6.634
|
3.128
|
3.972 |
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Total
Current Assets |
55.651
|
45.665
|
36.178 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.861
|
13.979
|
9.856 |
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Provisions |
2.200
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0.000
|
0.000 |
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Total
Current Liabilities |
21.061
|
13.979
|
9.856 |
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Net Current Assets |
34.590
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31.686
|
26.322 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.100 |
39.910 |
32.763 |
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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 |
98.351 |
60.332 |
45.648 |
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Other Income |
1.121 |
0.848 |
1.861 |
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Total Income |
99.472 |
61.180 |
47.509 |
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Profit/(Loss) Before Tax |
8.179 |
4.125 |
(4.770) |
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Provision for Taxation |
2.370 |
(0.059) |
0.408 |
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Profit/(Loss) After Tax |
5.809 |
4.184 |
(5.179) |
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Export Value |
0.317 |
NA |
1.042 |
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Expenditures : |
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Selling and Distribution Expenses |
1.592 |
0.585 |
1.577 |
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Raw Material Consumed |
63.441 |
39.483 |
32.611 |
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Increase/(Decrease) in Finished Goods |
0.925 |
0.349 |
4.268 |
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Payment to Personnel |
9.485 |
6.586 |
5.774 |
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Interest |
2.074 |
1.119 |
0.955 |
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Operating Expenses |
12.271 |
8.520 |
5.856 |
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Depreciation & Amortization |
1.505 |
1.111 |
1.238 |
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Total Expenditure |
91.293 |
57.055 |
52.279 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
5.84
|
6.84 |
(10.90) |
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Net Profit Margin (PBT/Sales) |
(%) |
8.32
|
6.84 |
(10.45) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.36
|
7.65 |
(11.19) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.32 |
(0.55) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.53
|
3.17 |
3.88 |
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Current Ratio (Current Asset/Current Liability) |
|
2.64
|
3.27 |
3.67 |
LOCAL AGENCY
FURTHER INFORMATION
- DIVIDENDS:
The directors do not recommend any dividend for the year.
- OPERATIONS:
The Performance of the company during the years is
satisfactory. They could achieve a turnover of Rs.98.351 Millions as against
Rs.60.332 Millions in the previous years.
- FINANCE:
The Credit Facilities from Bank of India are continuing.
NOTE
ON ACCOUNTS:
- The company’s assessments of sales tax upto 31st March
2005 are c7ompleted.
- The company’s Income Tax Assessments are completed upto assessment
year 2005-06 Wealth Tax Assessments are completed upto assessment year
1991-92
- The company has opted a new scheme for conversing Employees
Gratuity. The new scheme is introduced by Life Insurance Corporation of
India and it is known as ‘Group Gratuity-Cum-Cash Accumulation (GGCA). The
GGCA is insuring 100% Gratuity payable to employees leaving the company.
Under this scheme company is fully free from any liability in respect of
Gratuity payable to employees leaving the company.
SALES:
|
Class
of Goods |
Oty. (In Nos.) |
Value (Rs. In Millions) |
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Transformers |
6258 |
92.649 |
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Meter Test Bench |
1 |
0.245 |
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Relay Test Set |
- |
- |
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Miscellaneous (Including resale of certain Instrument) |
- |
5.457 |
TRADE
REFERENCE:
- ABB Limited,
Plot No.79, MIDC, Arun Satpur, Nashik – 422007, India
Mr. Nilesh Pagare
- Shreem expeditions Private Limited,
Plot No.43/46 Industrial Estate, Jaysingpur – 416144, India
Mr. S. S. Patole
- Megtawin Switehgam Private Limited,
Plot No.18/19, Alagapuram, Salem – 636004, India
FIXED
ASSETS:
- Tenancy Rights
- Leasehold Land
- Building
- Ownership Premises
- Plant and Machinery
- Mould Dyes Punches
- Furniture and Fixture
- Vehicles
- Electrical Installation and Fittings and Office Equipment
- Computer
CONSOLIDATED BALANCE SHEET (RS. IN MILLIONS)
|
Liabilities |
2008-2009 (Projected) |
2009-2010 (Projected) |
2010-2011 (Projected) |
2011-2012 (Projected) |
2012-2013 (Projected) |
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Sources of Funds |
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Share Capital |
18.970 |
18.970 |
18.970 |
18.970 |
18.970 |
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Reserve and Surplus |
21.774 |
39.520 |
71.068 |
109.874 |
155.276 |
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Secured Loans – Term Loans |
41.500 |
31.125 |
20.750 |
10.375 |
0.000 |
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Working Capital |
15.000 |
24.500 |
29.500 |
32.000 |
33.500 |
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Unsecured Loans |
16.000 |
16.000 |
16.000 |
11.000 |
5.000 |
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Deferred Tax Liability |
0.350 |
0.400 |
0.450 |
0.500 |
0.500 |
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Total |
113.594 |
130.516 |
156.738 |
182.719 |
213.246 |
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Application of Funds |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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Fixed
Assets |
65.880 |
59.762 |
52.044 |
44.226 |
36.408 |
|
-Fixed Deposits/ Investments |
|
|
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|
15.497 |
16.861 |
35.032 |
60.197 |
94.965 |
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Current Assets, Loans and Advances |
|
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Inventories |
15.800 |
30.701 |
39.752 |
42.610 |
45.897 |
|
Receivables |
22.917 |
33.820 |
40.678 |
45.509 |
47.711 |
|
Cash and Bank Balance |
3.500 |
3.500 |
4.500 |
5.000 |
5.500 |
|
Loans and Advances |
7.000 |
8.000 |
8.700 |
9.400 |
9.000 |
|
Total of Current Assets |
49.217 |
76.022 |
93.631 |
102.519 |
108.107 |
|
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Current Liabilities and Provisions |
17.000 |
22.129 |
23.968 |
24.223 |
26.234 |
|
Total of Current Liabilities |
17.000 |
22.129 |
23.968 |
24.223 |
26.234 |
|
|
|
|
|
|
|
|
Net Current Assets |
32.217 |
53.893 |
69.662 |
78.296 |
81.873 |
|
|
|
|
|
|
|
|
Total |
113.594 |
130.516 |
156.738 |
182.719 |
213.246 |
PROFIT AND LOSS ACCOUNT
(RS IN MILLIONS)
|
Particular |
2008-2009 (Projected) |
2009-2010 (Projected) |
2010-2011 (Projected) |
2011-2012 (Projected) |
2012-2013 (Projected) |
|
|
|
|
|
|
|
|
Gross Sales |
126.000 |
139.000 |
153.000 |
168.500 |
168.500 |
|
Less: Excise Duty |
16.000 |
17.500 |
19.000 |
20.500 |
20.500 |
|
Net Sales |
110.000 |
121.500 |
134.000 |
148.000 |
148.000 |
|
|
|
|
|
|
|
|
Other Income |
1.200 |
1.300 |
1.400 |
1.500 |
1.500 |
|
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|
|
|
|
|
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Total |
111.200 |
122.800 |
135.400 |
149.500 |
149.500 |
|
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|
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Expenditure |
|
|
|
|
|
|
Cost of Goods
Sold |
71.921 |
79.270 |
87.400 |
96.207 |
96.207 |
|
Operating Expenses |
4.685 |
5.175 |
5.665 |
6.160 |
6.160 |
|
Payments to Personnel |
13.200 |
14.600 |
15.800 |
17.000 |
17.000 |
|
Administrative and Selling Expenses |
7.325 |
8.355 |
9.385 |
10.415 |
10.145 |
|
Total Expenses |
97.131 |
107.400 |
118.250 |
129.782 |
129.7 |
|
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|
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|
EBITDA |
14.069 |
15.400 |
17.150 |
19.718 |
19.718 |
|
|
|
|
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Interests |
1.650 |
1.650 |
1.650 |
1.650 |
1.650 |
|
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|
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|
|
EBDTA |
12.419 |
13.750 |
15.500 |
18.068 |
18.068 |
|
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|
|
|
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Depreciation |
1.600 |
1.700 |
1.800 |
1.900 |
1.900 |
|
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|
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EBT |
10.819 |
12.050 |
13.700 |
16.168 |
16.168 |
|
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Taxation |
2.705 |
3.013 |
3.425 |
4.042 |
4.042 |
|
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|
Net Profit |
8.115 |
9.038 |
10.275 |
12.126 |
12.126 |
COST
OF PROJECT – NASIK
|
Particulars |
Total (Rs.
In Millions) |
|
|
|
|
Cost
of Project |
|
|
Land at Sinnar |
9.000 |
|
Building |
16.000 |
|
Plant and Machinery |
20.388 |
|
Office Furniture, Fittings |
2.500 |
|
Type Testing Authority Expenses |
2.500 |
|
Computer |
1.000 |
|
Pre-operative Interests |
1.400 |
|
Sub-Total |
52.788 |
|
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|
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Contingencies |
2.682 |
|
Total |
55.470 |
|
|
|
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Means
of Finance |
|
|
Promoters |
13.970 |
|
Bank Finance |
41.500 |
|
Total |
55.470 |
PROFITABILITY PROJECTIONS - NASIK
(RS IN MILLIONS)
|
Particular |
2008-2009 (Projected) |
2009-2010 (Projected) |
2010-2011 (Projected) |
2011-2012 (Projected) |
2012-2013 (Projected) |
|
|
|
|
|
|
|
|
Gross Sales |
118.004 |
177.006 |
203.556 |
234.090 |
234.090 |
|
Less: Excise Duty |
14.492 |
21.738 |
24.998 |
28.748 |
28.748 |
|
Net Sales |
103.512 |
155.268 |
178.558 |
205.342 |
205.342 |
|
|
|
|
|
|
|
|
Other Income |
0.200 |
0.300 |
0.400 |
0.500 |
0.500 |
|
|
|
|
|
|
|
|
Total |
103.712 |
155.568 |
178.958 |
205.842 |
205.842 |
|
|
|
|
|
|
|
|
Expenditure |
|
|
|
|
|
|
Cost of Goods
Sold |
61.472 |
92.208 |
106.040 |
121.946 |
121.946 |
|
Operating Expenses |
3.075 |
4.105 |
4.564 |
4.664 |
4.664 |
|
Payments to Personnel |
6.937 |
7.911 |
8.942 |
10.036 |
10.036 |
|
Administrative and Selling Expenses |
7.615 |
10.582 |
12.316 |
14.182 |
14.182 |
|
Total Expenses |
79.100 |
114.806 |
131.862 |
150.828 |
150.828 |
|
|
|
|
|
|
|
|
EBITDA |
24.612 |
40.762 |
47.096 |
55.014 |
55.014 |
|
|
|
|
|
|
|
|
Interests |
5.082 |
4.481 |
3.604 |
2.728 |
2.205 |
|
|
|
|
|
|
|
|
EBDTA |
19.530 |
36.281 |
43.492 |
52.286 |
52.809 |
|
|
|
|
|
|
|
|
Depreciation |
7.918 |
7.918 |
7.918 |
7.918 |
7.918 |
|
|
|
|
|
|
|
|
EBT |
11.612 |
28.363 |
35.573 |
44.368 |
44.891 |
|
|
|
|
|
|
|
|
Taxation |
2.903 |
7.091 |
8.893 |
11.092 |
11.223 |
|
|
|
|
|
|
|
|
Net Profit |
8.709 |
21.272 |
26.680 |
33.276 |
33.668 |
BALANCE SHEET - NASIK (RS. IN MILLIONS)
|
Liabilities |
2008-2009 (Projected) |
2009-2010 (Projected) |
2010-2011 (Projected) |
2011-2012 (Projected) |
2012-2013 (Projected) |
|
|
|
|
|
|
|
|
Promoters Funds |
13.970 |
13.970 |
13.970 |
13.970 |
13.970 |
|
Reserve and Surplus |
- |
8.709 |
29.981 |
56.662 |
89.937 |
|
|
|
|
|
|
|
|
Secured Loans – Term Loans |
41.500 |
31.125 |
20.750 |
10.375 |
0.000 |
|
Working Capital Finance |
- |
8.500 |
12.500 |
14.000 |
15.500 |
|
|
|
|
|
|
|
|
Total Liabilities |
55.470 |
62.304 |
77.202 |
95.007 |
119.407 |
|
|
|
|
|
|
|
|
Fixed
Assets |
|
|
|
|
|
|
Gross Block |
55.470 |
55.470 |
55.470 |
55.470 |
55.470 |
|
Add:
Additions |
|
|
|
|
|
|
Less:
Depreciation |
- |
7.918 |
15.836 |
23.755 |
31.673 |
|
Closing Balance |
55.470 |
47.552 |
39.634 |
31.716 |
23.798 |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Inventories |
- |
12.701 |
19.052 |
21.910 |
25.197 |
|
Receivables |
- |
8.508 |
12.762 |
14.676 |
16.877 |
|
Others |
- |
0.500 |
0.700 |
0.900 |
0.500 |
|
Total of Current Assets |
- |
21.709 |
32.514 |
37.486 |
42.574 |
|
|
|
|
|
|
|
|
Current Liabilities and Provisions |
|
|
|
|
|
|
Total of Current Liabilities |
- |
7.629 |
11.468 |
13.223 |
15.234 |
|
|
|
|
|
|
|
|
Net Current Assets |
- |
14.081 |
21.046 |
24.263 |
27.340 |
|
|
|
|
|
|
|
|
Cash and Bank Balance |
- |
0.672 |
16.522 |
39.028 |
68.270 |
|
|
|
|
|
|
|
|
Miscellaneous Expenses |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Total |
55.470 |
62.304 |
77.202 |
95.007 |
119.407 |
DEBT SERVICES COVERAGE RATIO - NASIK (RS. IN
MILLIONS)
|
|
2009-2010 (Projected) |
2010-2011 (Projected) |
2011-2012 (Projected) |
2012-2013 (Projected) |
|
SERVICES |
|
|
|
|
|
Net Profit |
8.709 |
21.272 |
26.680 |
33.276 |
|
Depreciation |
7.918 |
7.918 |
7.918 |
7.918 |
|
Interests On Term Loans |
3.947 |
2.806 |
1.664 |
0.523 |
|
|
|
|
|
|
|
Total |
20.574 |
31.996 |
36.263 |
41.717 |
|
|
|
|
|
|
|
COVER |
|
|
|
|
|
Repayment of Term Loans |
10.375 |
10.375 |
10.375 |
10.375 |
|
Interests on Term Loans |
3.947 |
2.806 |
1.664 |
0.523 |
|
|
|
|
|
|
|
Total |
14.322 |
13.181 |
12.039 |
10.898 |
|
|
|
|
|
|
|
DSCR |
0.144 |
0.243 |
0.301 |
0.383 |
SALES
(F. Y. 2008-09) (RS. IN MILLIONS)
|
Month |
Net Turnover |
Gross Turnover |
|
|
|
|
|
April 08 |
0.431 |
0.509 |
|
May 08 |
8.124 |
9.517 |
|
Jun 08 |
7.578 |
8.892 |
|
July 08 |
7.721 |
9.233 |
|
August 08 |
3.123 |
3.702 |
|
|
|
|
|
Total |
26.977 |
31.853 |
(RS. IN MILLIONS)
|
Liabilities |
|
|
|
Loan From
Mr. C K Mukund |
|
1.000 |
|
Bank of
Maharashtra Vehicles Loans |
|
0.567 |
|
Total |
|
1.567 |
|
|
|
|
|
Net Worth |
|
|
|
Assets- Liabilities |
|
31.126 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
Moveable Property |
|
|
|
Vehicles |
|
0.573 |
|
PPF with
BOB |
|
0.321 |
|
|
|
|
|
Cash and Bank Balance |
|
|
|
Cash On
Hand |
0.047 |
|
|
Corporation
Bank A/C 101830 |
0.189 |
0.236 |
|
|
|
|
|
Jewellery |
|
0.150 |
|
FD with
Corporation Bank |
|
3.380 |
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
Liabilities |
|
|
|
Ricky
Mukund Loan |
|
1.000 |
|
|
|
|
|
Net Worth |
|
|
|
Assets- Liabilities |
|
3.659 |
STATEMENT
of ASSETS AND LIABILITIES OF MR. RICKY MUKUND AS ON 31.03.2008
|
ASSETS |
|
|
|
CASH AND BANK BALANCE |
|
|
|
Cash on
Hand |
0.065 |
|
|
Saving
Accounts with |
|
|
|
Bank of
India A/C 5078 |
0.009 |
|
|
Bank of
Maharashtra |
0.105 |
|
|
CITI Bank
A/C No.78098007 |
0.059 |
|
|
CITI Bank
A/C No. 55746525019 |
0.191 |
|
|
Corporation
Bank |
0.231 |
|
|
Vijaya Bank |
0.001 |
|
|
S.C.B. Bank |
0.253 |
0.914 |
|
|
|
|
|
Shares In
GYRO Laboratories Private Limited (At Cost) |
4.993 |
|
|
Shares In
GYRO Power Systems Private Limited (At Cost) |
0.090 |
|
|
Others |
3.205 |
8.288 |
|
|
|
|
|
Immovable Assets |
|
|
|
Flat at Madras |
0.472 |
|
|
Flat at
Pune |
1.591 |
|
|
Flat at
Vileparle |
2.650 |
|
|
Flat at
Nepensea Road |
0.950 |
|
|
Land at
Hosur |
0.722 |
6.386 |
|
|
|
|
|
Deposit
with GYRO Power Systems and Communication Private Limited |
6.864 |
|
|
Fixed
Deposit with BOI |
1.207 |
|
|
Flexi Bond
with ICICI Bank |
0.030 |
|
|
GYRO
Laboratories Private Limited Current Account |
0.979 |
|
|
Deposits
with Vidya R. Mukund |
1.000 |
|
|
Deposits
with Sagr Teer Co-op |
0.040 |
|
|
Deposits
with Jayantilal Khandwal and Sons |
0.745 |
|
|
Deposits
with GYRO Laboratories Private Limited |
3.802 |
|
|
PPF with
Bank of India |
0.322 |
14.990 |
|
|
|
|
|
Vehicles |
|
|
|
Scorpio |
0.606 |
|
|
Toyota
Innova |
1.052 |
|
|
Wagon R. |
0.425 |
|
|
Others |
|
|
|
Computer |
0.032 |
2.115 |
|
|
|
|
|
Total |
|
32.693 |
VALUATION
REPORT OF FIXED ASSETS
Name of Approved Valuer: Mr. H. C. Goyal
Empanelled By BOI: MSZ/ C and IC/ CCG/ GK/ 2003-2004/ 001863
Date 13.08.2003
Part 1 General
|
Purpose for which valuation is made |
For assessment of current market value of fixed assets
including Land and Building, Machinery and other moving assets |
|
|
|
|
Date as on which valuation is made |
21.07.2008 |
|
|
|
|
Name of the LESSEES |
GYRO Laboratories Private Limited |
|
|
|
|
Name of the LESSORS |
MIDC |
|
|
|
|
Ownership, Share of each such owner |
As above |
|
|
|
|
Brief description of the property |
Fixed Assets – Including Land and Building and Plant and
Machinery etc. |
|
|
|
|
Location of Factory Premises |
Plot No.33, MIDC, Marol, Central Road, Near Tunga
Paradise, Near Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra,
India |
|
|
|
|
Is the property situated in residential Industrial Area |
MIDC Industrial Area |
|
|
|
|
Means and Proximity to surface communication by which the
locality is |
4 KM Andheri Railway Station 5 Minutes Distance from seepz
near Mahakali Caves |
|
|
|
|
|
|
|
LAND |
|
|
|
|
|
Area of Land supported by documentary |
Plot Area = 1000 sq. mts |
|
|
|
|
Roads, Streets, or lanes on which the land is abutting |
Internal Road |
|
|
|
|
Is It Freehold or Leasehold Land? |
Leasehold Land |
|
|
|
|
If Lease Hold the name of lessor/ Lessee, Nature of lease,
dates of commencement |
Lessor – MIDC Lessee – GYRO Laboratories Private Limited |
|
|
|
|
Is there any restrictive covenant in regard to Use of
land? It so attach a copy of covenant |
MIDC Industrial Lease Hold Land |
|
|
|
|
Does the land fall in area in any Town Planning plan of
government or any statutory body/ If so give particulars. |
Under MIDC Development Plan |
|
|
|
|
BUILDINGS
(CONSTRUCTION COST) |
|
|
|
|
|
Furnish Technical details of all the building on a
separate annexure |
Furnished |
|
|
|
|
Is the Building owner – occupied/ Tenanted/ both? |
Occupied by GYRO Laboratories Private Limited |
|
|
|
|
Name of Tenants/ Lessees/ Licensees etc |
Lessees: GYRO Laboratories Private Limited |
|
|
|
|
Give details of water and electricity charges, if any, to
be borne by the owner |
GYRO Laboratories Private Limited |
|
|
|
|
Has the tenant to bear the whole or part of the cost of
repairs and maintenance |
Lessees: GYRO Laboratories Private Limited |
|
|
|
|
If a lift is installed, who is to bear the cost of
maintenance and operations |
GYRO Laboratories Private Limited |
|
|
|
|
If a pump is installed, who has to bear the cost of
maintenance and operations |
GYRO Laboratories Private Limited |
|
|
|
|
Who has to bear the cost of electricity charges for
lighting of common space |
GYRO Laboratories Private Limited |
|
|
|
|
What is the amount of property tax? Who is to bear it?
Give details of documentary proof |
Borne by GYRO Laboratories Private Limited |
|
|
|
|
Land rate adopted in this valuation |
As per Valuation |
|
|
|
|
If sale instances are not available, the basis of arriving
at the land rate |
As per Valuation |
|
|
|
|
Year of commencement of construction and years of
completion |
1976/77 |
TECHNICAL
DETAILS: FACTORY/ OFFICE BUILDING
|
No. of Floors and height of each floor |
Basement + GF+MF+FF+SF |
|
|
|
|
Plinth Area |
1000 sq. mts |
|
|
|
|
Year of Construction |
1976/77 |
|
|
|
|
Age of Buildings |
31/32 years |
|
|
|
|
Estimated Future/ Residual Life |
30/35 years (Renovated) |
|
|
|
|
Type of Construction |
RCC Structure |
|
|
|
|
Type of Foundations |
RCC Footings |
|
|
|
|
Flooring |
IPS/ Mosaic Flooring |
|
|
|
|
Compound wall |
Providing all around the plot |
|
|
|
|
No. of lifts and capacity |
One |
|
|
|
|
Sewage disposal, whether connected to public sewers |
Connected to septic tank and soakage pit |
VALUATION
VALUATION
OF IMMOVABLE ASSETS: LAND AND BUILDINGS:
(A)
DETAILS OF LAND:
The lease hold MIDC Industrial land, bearing Plot No.33,
admeasuring 1000 sq. mts plot area, marol, MIDC Industrial Area, Central Road,
Near Tunga Paradise, Andheri (East), Mumbai – 4000093, was allotted to GYRO Laboratories Private Limited and
lease deed registered on 12.02.1976 by Maharashtra Industrial Development
Corporation (MIDC)
(B)
DETAILS OF FACTORY BUILSINDS: AS UNDER
|
Sr.
No. |
Particulars |
Type of Construction |
Year of Construction |
Built up Area sq. ft. |
|
|
|
|
|
|
|
1 |
Basement |
R.C.C. |
1976-76 |
3780 |
|
2 |
Ground Floor |
R.C.C. |
1976-76 |
3780 |
|
3 |
Mezanine Floor |
R.C.C. |
1976-76 |
1522 |
|
4 |
First Floor |
R.C.C. |
1976-76 |
3780 |
|
5 |
Second Floor |
R.C.C. |
1976-76 |
1502 |
|
6 |
Balconies |
R.C.C. |
1976-76 |
160 |
|
7 |
Stair Case |
R.C.C. |
1976-76 |
222 |
|
8 |
Compound Wall |
R.C.C. |
1976-76 |
- |
|
|
|
|
|
|
|
|
Total |
|
|
14746 |
The Buildings have been renovated recently and maintained
well in good conditions.
(C)
LAND RATE
As per MIDC notification, current Industrial land rate for
MIDC leased industrial land at Marol is intimated @Rs15000/- per sq. mtr.
As per Stamp Duty Reckoner 2008, Rate of developed land in
Village Mulgaon, Near MIDC, near Mahakali Caves, under Zone 41/212, is
Rs.22000/- sq. mtr.
VALUATION
OF FACTORY BUILDINGS AS PER STAMP DUTY RECKONER 2008:
CONSTRUCTION
COST OF BUILDINGS:
The cost of construction for factory buildings, is based on
type of structure, quality of materials, availability of infrastructure
facilities, communication transport etc and is estimated @ Rs.10000/- per sq.
mtr for western suburbs as per stamp Duty reckoner 2008
Rate of Industrial Property (Land + Buildings) under
valuation in Village Mulgaon, MIDC, Marol, Near Mahakali Caves, under zone
41/212 as per stamp Duty reckoner
2008, is reported @ Rs.60000/- per se mtr.
Depreciates rate of 31-32 years old buildings after 40%
depreciation of construction cost @ Rs.10000/- per sq. mtr = Rs.60000 – Rs.4000
= Rs.56000/- per sq mtr = Rs.5203/- per sq ft of Built up area for industrial
buildings.
Basement as per stamp Duty reckoner 2008, is valued @ 60% of
rate applicable of Rs.523/- per sq. ft = 0.60 x Rs.5203 per sq. ft. = Rs.3122
per sq. ft of basement area
Mezanine Floor (MF) as per stamp Duty reckoner 2008, is = 0.70 X Rs.5203 per sq. ft.
= Rs.3642 per sq. ft. of mezzanine floor area
VALUATION
OF FACTORY BUILDINGS (LAND + BUILDING): AS PER STAMP DUTY RECKONER 2008
|
Sr.
No. |
Particulars |
Type of Construction |
Built up Area sq. ft. |
Rate Applicable Rs./ sq. ft. |
Current Fair Value (Millions) |
|
|
|
|
|
|
|
|
1 |
Basement |
R.C.C. |
3780 |
3122 |
11.801 |
|
2 |
Ground Floor |
R.C.C. |
3780 |
5203 |
19.667 |
|
3 |
Mezanine Floor |
R.C.C. |
1522 |
3642 |
5.543 |
|
4 |
First Floor |
R.C.C. |
3780 |
5203 |
19.667 |
|
5 |
Second Floor |
R.C.C. |
1502 |
5203 |
7.815 |
|
6 |
Balconies |
R.C.C. |
160 |
5203 |
0.833 |
|
7 |
Stair Case |
R.C.C. |
222 |
5203 |
1.155 |
|
8 |
Compound Wall |
R.C.C. |
- |
Lump
Sum |
0.500 |
|
|
|
|
|
|
|
|
|
Total |
|
14746 |
|
66.981 |
On enquiry, prevailing market rates for similar MIDC lease
hold Industrial Land with well maintained similar Building in the Vicinity, is
reported around Rs.6000 per sq. ft. (but no authentic document in this regard
is available) and the current assessed value for 13746 sq. ft. BUA works out to
Rs.88.476 Millions.
In View of above, Rs.66.991 (Minimum of above two valuations),
Valued on the basis of authentic document - Stamp Duty Reckoner 2008, is
considerate as current fair and reasonable market value of the MIDC Lease hold
Industrial Land with Building.
VALUATION
OF PLANT AND MACHINERY
During the course of inspection, discussions were held with the senior
managers/officers of the company, regarding (i) Quality of equipment, its
productivity, and the present condition of plant and machineries for
manufacture and inspection/ quality (which were found in good condition and
well maintained) , (2) The Original cost, present working condition of plant
and machineries, its age and estimated residual life and the extent of
technological obsolescence etc.
PRINCIPLE
OF VALUATION OF PLANT AND MACHINERY:
(a)
It is recognized that the old equipments are generally not likely to be
available currently due to technical advancement and improved design. Hence to
evaluated the old equipment on the basis of the present day availability,
“technological obsolescence” factor is considered.
(b)
Further to evaluate for wear and tear i.e. aging of the equipment after
long years of service, a “residual life” factor is considered, which in other
words gives the depreciated value.
(c)
After survey and inspection, they have applied their judgment in determining
the obsolescence cum life factors.
(d)
The details of plant and machineries and other assets have been
incorporated and evaluated on information and details furnished by the company.
VALUATION
OF PLANT AND MACHINERY:
Considering all the above aspects, they have assessed to the best of
their ability and knowledge, the assessed current market value of plant and
machinery, including electrical installations, electrical equipment etc, as per
details enclosed.
(1)
Original Cost/ Gross Block : Rs.9.222 Millions
(2)
Net Block/ WDV : 9.222 Millions
(3)
Current fair market value : Rs.7.521 Millions
(4)
Current realizable value : Rs.6.769 Millions
VALUATION
OF OTHER ASSETS:
Other than land and building plant and machinery, written down
depreciated value as per balance sheet on 31.03.2008 on the basis f yearly
depreciation rate item wise. Of items like Furniture and Fixtures, Computers,
Vehicles, Electrical Installations and Fittings, Office Equipment, etc (which
were not checked) has been considered fair and reasonable and valued as
Realisable Value
SUMMARY OF VALUATION OF FIXED ASSETS (RS.
IN MILLIONS)
|
Particulars |
Gross Block/ Original Cost as on
31.03.2008 |
Net Depreciated Block as on
31.03.2008 |
Current assessed fair market value |
Current Assessed Realizable Value |
|
|
|
|
|
|
|
Lease Hold Land |
0.071 |
0.048 |
- |
- |
|
Building Factory |
3.038 |
0.099 |
- |
- |
|
Immovable Assets (Land and Buildings) |
3.109 |
0.147 |
66.981 |
60.283 |
|
Plant and Machinery |
9.222 |
4.419 |
7.521 |
6.769 |
|
Others
Assets |
|
|
|
|
|
Moulds and Dies |
0.171 |
0.068 |
0.076 |
0.068 |
|
Computers |
1.832 |
0.405 |
0.450 |
0.405 |
|
Furniture and Fixture |
0.758 |
0.473 |
0.525 |
0.473 |
|
Electrical Installation |
1.288 |
0.526 |
0.584 |
0.526 |
|
Vehicles |
6.580 |
2.617 |
2.900 |
2.617 |
|
Ownership Premises/ |
0.095 |
0.027 |
NA |
NA |
|
Tenancy Rights |
0.004 |
0.004 |
NA |
NA |
|
|
|
|
|
|
|
Total |
23.060 |
10.510 |
79.037 |
71.141 |
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Subject was
established in 1955 by Electrical Engineers having rich experience in the field
of design and manufacture of current and potential transformers, special type
of transformers, multi ratio current transformers, dual purpose current
transformers, summation current transformers, phase shifting transformers, high
voltage transformers etc.
During the last 42 years, the company has developed in house
technology, successfully designed/produced many products as per requirements of
indoor and outdoor switchgear industries confirming to Indian and International
Standards.
Infrastructure
The works of the company is located at Plot No 33, MIDC,
Marol, Andheri East, Bombay 400 093, 5 kms away from Sahar International
Airport an 9 kms away from Mumbai Airport, occupying and area of 17500 sq. ft
marketing and administrative office operate from 8, Gazdar Street, Chira
Bazaar, Mumbai.
The company is equipped with all equipments for
manufacturing current and potential transformers and other special type
transformers.
Equipments for Manufacturing Include
- Vacuum Plant with a mixing capacity 100 kgs, with necessary oven.
- Vacuum Impregnation plant
- Toroidal Coil Winding Machine
- Coil winding machine
- Jigs and fixtures, mould and material handling equipment.
- Workshop Machineries
- Oil filtration plant
Products Profile
Range of products manufactured by them epoxy resin cast
indoor current transformers and voltage transformers to cover entire range upt0
33 KV system voltage available in wound primary/bar primary type, low voltage
auxilary CTs, auxiliary VTs, Interposing CTs, Summation CTs, Core Balancing
CTs, Phase Shifting Transformers, Loading Transformers, High Voltage
Transformers, Special Type Transformers as per customers requirement.
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.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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 |
|