MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GHIYA EXTRUSIONS PRIVATE LIMITED |
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Registered Office : |
18-A Kamldeep Industrial Estate, Village Khatraj Taluka Kalol,
Gandhinagar-382721, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.07.2006 |
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Com. Reg. No.: |
48752 |
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CIN No.: [Company
Identification No.] |
U25199GJ2006PTC048752 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG03138C/ AHMG00686A |
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PAN No.: [Permanent
Account No.] |
AACCG6247J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Display, Printing and Packaging Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. General financial position is
satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
18-A Kamldeep Industrial Estate, Village Khatraj Taluka Kalol,
Gandhinagar-382721, Gujarat, India |
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Tel. No.: |
91-2764-281030/ 281548 |
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Fax No.: |
91-2764-281030 |
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E-Mail : |
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Website : |
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Representative : |
Located at:-
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International Business: |
Mr, Jayesh Dave ( 91-9825066530) |
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Customer
Co-ordination: |
Mr. Mohit Parikh ( 91-9825304883) |
DIRECTORS
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Name : |
Mr. Nakul Deepak Ghiya |
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Designation : |
Director |
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Address : |
63, Buena Vista Behind Jhanvi Restaurant, Near Radha Krishna Marg, Ahmedabad-380015,
Gujarat, India |
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Date of Birth/Age : |
25.08.1966 |
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Name : |
Mrs. Monali Nakul Ghiya |
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Designation : |
Director |
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Address : |
63, Buena Vista Behind Jhanvi Restaurant, Near Radha Krishna Marg,
Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
29.09.1970 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Nakul Ghiya |
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780000 |
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Monali Ghiya |
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170000 |
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Total |
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950000 |
Equity Share Breakup (Percentage of Total Equity)
As on29.09.2007
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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 : |
Manufacturer of Display, Printing and Packaging Products |
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Products : |
GEcell®* EPE Capseals
GEcell® EPE foam
sheet, pieces, reel GEcell®*
Laminated – EPECapseal
GEWineSeal
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GENERAL
INFORMATION
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No. of Employees : |
About 40 |
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Bankers : |
Dena Bank, Ashram Road Branch, Ahmedabad-380009, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh and Majmudar Chartered Accountant |
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Address : |
204-5-6, Harsh Avenue, Navjeevan Press Road, Opposite Old Gujarat High
Court, Ahmedabad-380014, Gujarat, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/-
each |
Rs.10.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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10.995 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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20.995 |
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LOAN FUNDS |
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1] Secured Loans |
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33.166 |
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2] Unsecured Loans |
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6.294 |
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TOTAL BORROWING |
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39.460 |
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DEFERRED TAX LIABILITIES |
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4.419 |
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TOTAL |
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64.874 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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32.604 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.933 |
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Sundry Debtors |
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24.946 |
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Cash & Bank Balances |
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0.889 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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3.434 |
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Total
Current Assets |
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39.202 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.932 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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6.932 |
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Net Current Assets |
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32.270 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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64.874 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.21 |
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Current Ratio (Current Asset/Current Liability) |
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5.66 |
LOCAL AGENCY
FURTHER INFORMATION
History:
This Deed of Partnership is made and entered into at Ahmedabad on this 1st
Day of July, 2006 by and between:
(01) Mr. Nakul D Ghiya
Adult, occupation business, residing at 63, Beuna Vistga, next to Kashiram
hall, Dr. Radhikrishnan Marg, Amabawadi, Ahmedabad-380015 (herein after
referred to as the party of part)
(02) Mrs. Monali N.
Ghiya Adult, occupation business, residing at 63, Beuna Vista, next to Kashiram
hall, Dr. Radhkrishnan Marg, Ambawadi, Ahmedabad-380015 (hereinafter referred
to as the party of the Second part)
(03) Mrs. Renuka D
Ghiya, Adult, Occupation Business, residing at 63, Beuna Vista, next to
Kashiram hall, Dr. Radhakrishnan Marg, Ambewadi, Ahmedabad-380015 (hereinafter
reffered to as the party of the Third part)
(04) Ms. Niketa D
Ghiya, Adult, residing at 63, Beuna Vista, next to Kashiram hall, Dr.
Radhakrishnan Marg, Amabawadi, Ahmedabad-380015 (hereinafter referred to as the
party of the Fourth part)
(05) Mr. Anil H Shah,
Adult, occupation Business residing at 44, Swapnalok Appartments, Near Gajjar
Hall, Opposite Tirthbhoomi Flat, Ahmedabad (hereinafter referred to as the
party of the fifth part)
(06) Mrs. Bharti A
Shah, Adult, House wife residing at 44, Swapnalok Apartments, Near Gajjar Hall,
Oppostie Tirthbhoomi Flat, Ahmedabad (hereinafter referred tol as the party of
the sixth part)
(07) Mr. Darshan A
Shah, Adult, Occupation Business residing at 44, Swapnlok Aprtments, Near Gajjar
Hall, Opposite Tirthbhoomi Flat, Ahmedabad (hereinafter referred to as the
party of the Seventh part)
And Whereas the parties hereto have been carrying on the partnership
business under the name and style of M/s Ghiya Extrusions at 18/A, Kamaldeep Industrial
Estate, Khatraj, Ta. Kalol, District Gandhinagar its principal place of
business at Ahmedabad and or any where on the terms and conditions contained in
the duly executed deed of partnership dated 21st January, 1997 as
modified by the supplementary deed dated 1st April 1998, 1st
January 2002, 1st April, 2003, 3rd September, 2005 and 30th
September 2005 and 1st April 2006
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10029276 |
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Corporate
identity number of the company |
U25199GJ2006PTC048752 |
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Name of the
company |
GHIYA EXTRUSIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
18-A Kamldeep Industrial Estate, Village Khatraj Taluka Kalol,
Gandhinagar-382721, Gujarat, India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Dena Bank, Ashram Road Branch, Ahmedabad-380009, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandom of Eighth Modification of Hypothecation Agreement Dated 17th
January 2008 Limit Increased From Rs. 449.445 Millions to Rs. 55.017 Millions Extension of
Existing mortgage by constructive deposite of title deed dated 17th
January, 2008 Limit increased from Rs. 49.445 Millions to Rs. 55.017 Millions |
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Date of
instrument Creating the charge |
17.01.2008 |
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Amount secured by
the charge |
Rs. 55.017
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit :
Concessional Rate of Interest at 1% below the applicable rate of interest of
BPLR + 0.50% under credit rating “A”, Presently effective rate of interest
would be BPLR-1, i.e. 12.25% p.a. For Term Loan
BPLR+ 0.5% (Term Premium), Presently 12.75% For Corporate
loan: Concessional Rate of interest At 1% below the Applcable rate of
interest of BPLR + 0.50% under credit rating “A”, Presently effective rate of
interest would be BPLR-1 i.e. 12.25% p.a Terms of Repayment Cash Credit : On
Demand Term Loan: Repayable
in 20 Equal Quarterly installments Corporation Loan:
Repayable in 8 Equal Quarterly installments of Rs. 0.500 Million each after
moratorium period of 12 months from date of disbursement of disbursement or
January, 2009 which ever is earlier. Margin Book Debts up to
90 days : 25%] 91 to 120 Days:
40% 121 to 180 Days :
50% Beyond 180 Days :
100% Extent and
Operation of the charge Hypothecation of
Stock, Book Debts and Plant and Machinery, and Other Movable property of the company,
equitable mortgage of immovable property of the company, equitable mortgage
of the NA Land belonging to the Company. |
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Short particulars
of the property charged |
Hypothecation of Stock,
Book Debts Plant and Machinery and other movable assets of the company,
equitable mortgage of N.A. Land situated 18/A Kamaldeep Industrial Estate,
Village Khatrja Ta Kalol District Gandhinagar having Total Area of 1358 sq
mrt and construction there on as well as equitable mortgage of N.A. land
situated at 18/B Kamaldeep Industrial Estate Village Khatraj Taluka Kalol,
District Gandhinagar Admeasuring about 1403.75 sq. Mtrs. |
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Date of latest
modification prior to the present modification |
07.11.2006 |
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Particulars of
the present modification |
The Original
charge was registered for Rs. 35.410 Millions which was modified on
07.11.2006 for Rs. 49.445 Millions which is now being modified for additional
limit making total limit of Rs, 55.017 Millions |
AS PER WEBSTIE:
Profile:
Cap seals has moved from conventional cork to
more efficient materials to meet ever changing requirements of end users.
Producing quality
seals not only require sophisticated capital intensive machineries and
production facilities but also knowledge and effective applications of
technology.
Today, Ghiya
Extrusions has won the trust of large segments of aluminium and plastic cap / closure
manufacturers that cater to pharmaceutical, liquor, wine, cosmetics and
chemical sectors not only in India but to various markets across the globe.
1987
The promoter
had the privilege of introducing EPE capseals in Indian market with technical
support and buy back arrangement with Indian conglomerate M/s Larsen &
Toubro for providing superior and cost effective sealing solutions for
various end applications such as pharmaceuticals, liquor and cosmetics.
1998
Ghiya
Extrusions Private Limited was established and started producing chemical
foaming technology.
2004
Converted the
process into physical foaming for enhancing product quality and meeting global
standards.
Advanced
Co-Extrusion technology gave on edge to the product – PE / PE foam / PE. Also
added high speed punching presses with matching capacity.
2005
Enhanced
capacity to meet the growing demand for quality capseals in domestic and global
market.
2006
Expanded again
because of demand from increasing numbers of customers, making Ghiya
Extrusions probably the leading market player in physically foamed EPE capseal
market in India.
This year
saw the introduction of GEcell laminated- EPE capseals with different facings
to cater to specific end applications, giving extra edge to Ghiya Extrusions in
further expanding the user segment.
- They shall always strive to exceed their
customers’ expectations through :
- insight into
their customers’ needs,
- innovation in
products and services,
- involvement
of their employees and suppliers,
- integrity in
their approach
Achieve effective
interdependence and become the market leader in respective product segment.
- Ghiya Extrusions has its quality system as assessed in accordance
to the standard ISO 9001 : 2000 in the year 2004.
- Ghiya Extrusions also implemented HACCP standards in the year 2006.
Ghiya Extrusions today boasts an in-house
testing laboratory to carry out quality checks and tests. Variety of performance
and conformance tests are carried out by qualified inspectors to keep all the
parameters and properties under check.
- Pharmaceuticals
- Liquor
- Wine (Still/Sparkling)
- Cosmetics
- Food & Beverages
- Hot filled food, Juice
GE Wins
seal:
The secret of success of the screw cap lies under the surface of its
aluminum outer !
Invisible to the world, wineseal fulfils the most important role of providing
positive seal and the barrier to the transfer of gases and the liquid.
GEWineseal is ideal in all respects as it is dimensionally stable,
odorless, inert, possessing excellent water proof characteristics, having good
compression/recovery and specific gas barrier properties.
Advantages
GEWineseal is a series of liners designed specifically to meet demanding
wine requirements.
They call it extraordinary seal as different layers are bonded to GEcell
- EPE Seal to ensure different barrier.
It is better substitute to conventional cork as it is organoleptic
neutral.
- controls wine oxygenation
- ensures wine to be perennial
- ensures wine maturing yet retains freshness and
flavor
- ensures no contamination
- is more economical than cork
|
Wine Type |
Facing |
Description |
Advantage |
|
Still/ |
Saranex* |
Saranex/EPE/Saranex |
Additional barrier against oxygen, moisture |
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Still/ |
Polyester |
Polyester/PE/Alu/EPE |
Broad compatibility range with excellent gas barrier resistance and
advantage of metal foil |
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Still |
Polyester |
PVDC/Polyester/EPE |
Broad compatibility range with excellent gas barrier resistance |
|
Still |
Saran |
Saran/Tin/Paper/EPE |
Soft tin foil shows all the advantage of metal foils with excellent
barrier properties of Saran foil |
* Saranex is a registered trade mark of DOW Chemical Company
Creating different wines through subtle
changes in permeability offers a whole new world of creativity to wine makers !
Production:
Co-Extrusion
System :
The Unique co-extrusion system extrudes tons of foam every
month. The two lines produce foams in a variety of densities and thickness.
Co-extruded or laminated mother roll, blocks, EPE capseal, reel or disc finds
variety of applications.
Punching System :
Sophisticated high speed punching presses and accurate on
line counting of EPE capseal facility ensures huge production in loose or tube
form of final packaging
Recycling System :
High output sophisticated granulator ensures speedy recovery
of extruded trimmed sides and puched skeleton into ready to use clean granules
form.
Quality Assurance System :
The EPE forms go through number of stringent quality control
and checks to ensure required specifications before it leaves the factory.
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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|