MIRA
INFORM REPORT
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Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VEER GURJAR ALUMINIUM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Plot No. K – 250/2, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139867 |
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CIN No.: [Company
Identification No.] |
U27203MH2003PTC139867 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Trader of Aluminum Ingots. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1060000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Premchand Jha |
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Designation : |
Import Incharge |
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Contact No.: |
91-9922937160 |
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Date : |
29.04.2011 |
LOCATIONS
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Registered Office/Factory: |
Plot No. K – 250/2, |
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Tel. No.: |
91-240-2553350 |
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Mobile No.: |
91-9922937160 (Mr. Premchand
Jha) |
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Fax No.: |
91-240-2553351 |
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E-Mail : |
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Area : |
1 Acre |
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Location : |
Owned |
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Factory : |
Tal Gangapur, Village Jikphan, Waluj, Aurangabad-431133, |
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Tel. No. : |
91-2433-225745 |
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Branches : |
Located at |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Babulal Vardhaji Gurjar |
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Designation : |
Director |
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Address : |
Plot No. 37, N - 5 , Town, Centre (TC), CIDCO ,Aurnabad, |
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Date of Birth/Age : |
09.05.1963 |
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Date of Appointment : |
03.04.2003 |
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Name : |
Ms. Sovanibai B. Gurjar |
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Designation : |
Director |
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Address : |
Plot No. 37, N - 5 , Town, Centre (TC), CIDCO ,Aurnabad, |
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Date of Birth/Age : |
01.06.1966 |
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Date of Appointment : |
03.04.2003 |
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Name : |
Mr. Avinash Anant Joglekar |
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Designation : |
Director |
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Address : |
Flat No 1 9 ,
Vandanshr, Eeapts , Rambaugcolo, |
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Date of Birth/Age : |
13.05.1960 |
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Date of Appointment : |
19.12.2008 |
KEY EXECUTIVE
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Name : |
Mr. Premchand Jha |
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Designation : |
Import Incharge |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Balulal V. Gurjar |
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236364 |
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Sovanibai B. Gurjar |
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5503 |
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Total |
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241867 |
As on : 30.09.2010
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Category |
Percentage |
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Directors or
relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Trader of and Aluminum Ingots. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
Australia ·
USA ·
Dubai ·
Germany ·
European Countries |
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Terms : |
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Selling : |
Cash, Credit ( 30, 60 days) |
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Purchasing : |
Cash, Credit ( 30, 60 days) |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Aluminum Ingots |
MT |
-- |
70800 |
8137.289 |
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GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
550 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Bangad and Company Chartered Accountant |
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Address : |
1st floor, Tapadia Terraces, |
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Tel. No.: |
91-22-2333140/2328467/2363165 |
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E-Mail : |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.100/- each |
Rs.75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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241867 |
Equity Shares |
Rs.100/- each |
Rs.24.186 Millions |
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(Out of the above 148277 shares have been issued for consideration other wise than in cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
24.186 |
24.187 |
75.227 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
240.157 |
247.416 |
134.203 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
264.343 |
271.603 |
209.430 |
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LOAN FUNDS |
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1] Secured Loans |
1098.542 |
737.740 |
229.017 |
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2] Unsecured Loans |
28.136 |
33.438 |
2.569 |
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TOTAL BORROWING |
1126.678 |
771.178 |
231.586 |
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DEFERRED TAX LIABILITIES |
11.110 |
2.570 |
3.073 |
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TOTAL |
1402.131 |
1045.351 |
444.089 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
600.342 |
57.219 |
62.967 |
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Capital work-in-progress (Jikthan Project) |
88.328 |
545.371 |
108.058 |
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INVESTMENT |
1.492 |
1.178 |
1.178 |
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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 |
446.068
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253.992
|
204.826 |
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Sundry Debtors |
207.216
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166.294
|
128.548 |
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Cash & Bank Balances |
2.636
|
2.165
|
0.362 |
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Other Current Assets |
0.000
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0.000
|
0.000 |
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Loans & Advances |
215.667
|
138.065
|
49.793 |
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Total
Current Assets |
871.587
|
560.516
|
383.529 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
|
0.000
|
0.000 |
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Sundry Creditors |
113.560 |
100.437 |
73.070 |
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Provisions |
46.364
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18.851
|
39.010 |
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Total
Current Liabilities |
159.924
|
119.288
|
112.080 |
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Net Current Assets |
711.663
|
441.247
|
271.449 |
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MISCELLANEOUS EXPENSES |
0.306 |
0.336 |
0.437 |
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TOTAL |
1402.131 |
1045.351 |
444.089 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER AND
OTHER INCOME |
763.157 |
769.290 |
1071.309 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
761.616 |
736.014 |
991.400 |
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Interest |
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Depreciation |
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TOTAL |
761.616 |
736.014 |
991.400 |
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PROFIT BEFORE
TAX |
1.541 |
33.276 |
79.909 |
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Less |
TAX |
8.780 |
12.658 |
28.329 |
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Less |
PRIOR PERIOD
EXPENDITURE |
0.000 |
0.015 |
0.153 |
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PROFIT AFTER TAX
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(7.239) |
20.603 |
51.427 |
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IMPORTS |
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C.I.F. Value of Import |
402.806 |
212.900 |
111.253 |
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TOTAL IMPORTS |
402.806 |
212.900 |
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Earnings Per
Share (Rs.) |
(30) |
137 |
344.51 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
770.000 |
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Expected Sales (2011-2012) : Rs. 780.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.94) |
2.68
|
4.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.10 |
5.38
|
17.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.12
|
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.86 |
3.27
|
1.64 |
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Current Ratio (Current Asset/Current Liability) |
|
5.45 |
4.69
|
3.42 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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For Goods and Expenses |
98.608 |
61.858 |
56.929 |
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For Capital Goods (Jikthan) |
14.952 |
38.579 |
16.141 |
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Total |
113.560 |
100.437 |
73.070 |
PERFORMANCE
The Company has achieved
turnover of Rs. 763.157 millions during the year as against turnover of Rs.
769.290 millions in the previous year showing a slight decrease of 0.80%. The
Company has incurred loss Rs. 7.239 millions during the year as against profit
of Rs. 20.603 millions in the previous year. The decrease in Profit during the
year is mainly on account of increase in Depreciation, Financial, Selling and
Distribution Overheads and Manufacturing expenses. The company has shifted its
machineries from its existing plant at Waluj to its new plant at Jikthan. Due
to consolidation of production set up, realignment of machineries and teething
troubles at new plant, the manufacturing, selling and distribution expenses
have increased.
The directors have decided to plough back the entire profit in the
business and do not recommend any dividend during the year.
Directors hope to achieve better results in the current year.
BUSINESS OUTLOOK
The Company has become
one of preferred suppliers of Aluminum ingots to major players in Automobile
component industry. The company has shifted its entire production activities at
its new factory at Jikthan. The production process is streamlined and the
company is in process of expanding its output, taking benefit of its new set up
at Jikthan.
The company is
expecting favorable market situation in current fiscal year. The Company hopes
to achieve higher turnover and better profitability during the current year.
FINANCE
The Company has
been generally regular in repaying the interest and principal amounts due
against Term Loans on due dates. The company has negotiated with Lender Banks
for reschedulement of term loan installments as
per mutually agreed terms.
FIXED ASSETS:
- Lands and Plots
- Other Building
- Plant and Machinery
- Furniture and Fixture
- Computer
- Office Equipment
- Motor car and Vehicle
Form 8:
|
Corporate
identity number of the company |
U27203MH2003PTC139867 |
|
Name of the
company |
VEER GURJAR ALLUMINIUM INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No K-250/2m
I D C Area, Walunj |
|
This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property |
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Particular of
charge holder |
Indian Overseas
Bank, Pune Cantonment Branch, Wonderland, 7, M.G. Road, Pune – 411001,
Maharashtra, INDIA |
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Nature of
instrument creating charge |
Letter of
Hypothecation (For securing Machineries/Vehicles/Goods/Book-Debts) |
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Date of
instrument Creating the charge |
22/01/2011 |
|
Amount secured by
the charge |
Rs. 1153.400
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per sanctions of respective banks Terms of repayment As per sanctions of respective banks Margin As per sanctions of respective banks Extent and operation
of the charge 1st Pari Passu Charge on the entire current assets, Accepted Hundies with other consortium members. 1st Pari Passu Charge on entire block assets with other consortium members. For more information refer the schedule of securities attached herewith. Others Total Credit Facilities of Rs. 531.800
millions sanctioned by Indian Overseas Bank consists of: Cash Credit:-
125.000 millions Bills
Discounting:- 150.000 millions Funded Interest
Term Loan:- 14.800 millions Working Capital Term
Loan:-100.000 millions Term Loan:-
142.000 millions |
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Short particulars
of the property charged (Including location of the property) |
1. 1st Pari Passu Charge on the entire current assets, Accepted Hundies with other consortium members. 1st Pari Passu Charge on entire block assets with other consortium members. 2. For
more information refer the schedule of securities attached herewith. |
|
Particulars of
the present modification |
By present modification the Credit facilities granted by Indian Overseas Bank have been revised / renewed / enhanced from Rs. 434.300 millions to Rs. 531.800 millions, the limits sanctioned by other Consortium bank being same. The amount of Consortium charge has increased to Rs. 1153.400 millions. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 44.38 |
|
|
1 |
Rs. 73.87 |
|
Euro |
1 |
Rs. 65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.