MIRA
INFORM REPORT
|
Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GILCO AGRO PRIVATE LIMITED |
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Registered
Office : |
Village Tajpur, P.O. Khassi Kalan, District |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.09.1990 |
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Com. Reg. No.: |
16-010697 |
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Capital Investment
/ Paid-up Capital : |
Rs.6.000
millions |
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CIN No.: [Company Identification
No.] |
U15419PB1990PTC010697 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Wheat Flour, Maida, Daliya, Sooji, etc. |
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No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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
|
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 |
|
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
|
Name : |
Mr. Dharminder Singh Gill |
|
Designation : |
Director |
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Contact No.: |
91-8146100404 |
|
Date : |
04.08.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Village Tajpur, P.O. Khassi Kalan, District |
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Tel. No.: |
91-161-2824400 |
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Mobile No.: |
91-8146100404 (Mr. Dharminder Singh Gill) |
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Fax No.: |
91-161-2824700 |
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E-Mail : |
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Website : |
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Area : |
3 Acres |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Sarjinder Kaur Gill |
|
Designation : |
Director |
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Address : |
Village Tajpur, P.O. Khassi Kalan, District |
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Date of Birth/Age : |
22.09.1940 |
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Date of Appointment : |
19.09.1990 |
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DIN No.: |
01110592 |
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Name : |
Mr. Dharminder Singh Gill |
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Designation : |
Director |
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Address : |
Village Tajpur, P.O. Khassi Kalan, District |
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Date of Birth/Age : |
25.03.1975 |
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Qualification : |
B.Com |
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Date of Appointment : |
09.03.1996 |
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DIN No.: |
01110692 |
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Name : |
Mr. Satinderpal Jagdev Singh |
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Designation : |
Managing Director |
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Address : |
H.No.83, Village Tajpur, |
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Date of Ceasing : |
13.11.2006 |
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DIN No.: |
01110736 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sarjinder Kaur Gill |
|
20928 |
|
Dharminder Singh Gill |
|
39072 |
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Total |
|
60000 |
As on 23.03.2011
|
Names of Allottees |
|
No. of Shares |
|
Sarjinder Kaur |
|
6000 |
|
Dharminder Singh Gill (HUF) |
|
4500 |
|
Harpriya Gill |
|
4500 |
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Total |
|
15000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Wheat Flour, Maida, Daliya, Sooji, etc. |
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Products : |
v
Wheat Flour v
Maida v
Daliya v
Sooji v
Chakki Atta, etc. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
45 (Approximately) |
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Bankers : |
v
HDFC Bank Limited, HDFC bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
Punjab National Bank, Industrial Area, v
ICICI Bank Limited v
State Bank of v
Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Punjab Financial Corporation, Bank Square
95-98, Sector 17-B, |
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Auditors : |
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Name : |
Garg S. Kumar and Company Chartered Accountants |
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Address : |
S.C.O.-14, 1st Floor, |
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Tel. No.: |
91-161-2542464 |
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Mobile No.: |
91-9417221070 |
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E-Mail : |
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PAN No.: |
AAAFG9741Q |
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Memberships : |
v Hazard Analysis Critical Control Point (HACCP) v Financial Services Skills Council (FSSC) |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500
millions |
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|
|
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.100/- each |
Rs.9.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000
millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
6.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.761) |
(2.853) |
(3.716) |
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NETWORTH |
4.239 |
3.147 |
2.284 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
3.025 |
3.081 |
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2] Unsecured Loans |
1.575 |
1.877 |
2.142 |
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TOTAL BORROWING |
1.575 |
4.902 |
5.223 |
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DEFERRED TAX LIABILITIES |
0.038 |
0.000 |
0.000 |
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TOTAL |
5.852 |
8.049 |
7.507 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.030 |
3.998 |
2.512 |
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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 |
19.770
|
2.455 |
2.746 |
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Sundry Debtors |
13.376
|
10.547 |
10.163 |
|
|
Cash & Bank Balances |
3.900
|
2.195 |
1.200 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
1.666
|
1.036 |
0.314 |
|
Total
Current Assets |
38.712
|
16.233 |
14.423 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
34.413
|
10.358 |
9.092 |
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Other Current Liabilities |
4.253
|
1.776 |
0.324 |
|
|
Provisions |
0.224
|
0.048 |
0.012 |
|
Total
Current Liabilities |
38.890
|
12.182 |
9.428 |
|
|
Net Current Assets |
(0.178)
|
4.051 |
4.995 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
5.852 |
8.049 |
7.507 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
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Income |
192.280 |
140.817 |
110.010 |
|
|
|
Other Income |
|
|
2.278 |
|
|
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TOTAL (A) |
192.280 |
140.817 |
112.288 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
190.350 |
|
105.610 |
|
|
|
Manufacturing Expenses |
|
|
2.469 |
|
|
|
Personnel Expenses |
|
|
0.150 |
|
|
|
Managerial Remuneration |
|
|
0.324 |
|
|
|
Administration & Other Expenses |
|
|
1.474 |
|
|
|
Auditor’s Expenses |
|
|
0.020 |
|
|
|
Selling & Distribution Expenses |
|
|
1.307 |
|
|
|
TOTAL (B) |
190.350
(including financial expenses) |
139.547
(including financial expenses) |
111.354 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
0.934 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.930 |
1.270 |
0.811 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.596 |
0.359 |
0.283 |
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|
|
|
|
|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.334 |
0.911 |
0.528 |
|
|
|
|
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|
|
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|
Less |
TAX (H) |
0.242 |
0.048 |
0.015 |
|
|
|
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|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
1.092 |
0.863 |
0.513 |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.853) |
(3.716) |
(4.229) |
|
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|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1.761) |
(2.853) |
(3.716) |
|
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|
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|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
18.21 |
14.38 |
8.56 |
|
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
310.000 |
|
|
|
|
|
Expected Sales (2011-2012): Rs.400.000 millions
The above information has been parted by Mr. Dharminder Singh Gill
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.57
|
0.61 |
0.46 |
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.48 |
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
4.50 |
3.12 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.29 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.55
|
5.43 |
6.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.33 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULT:
During the year sales has come increase by 36.55% in comparison to the
last year.
FORM 8:
|
Corporate identity
number of the company |
U15419PB1990PTC010697 |
|
Name of the
company |
GILCO AGRO PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Tajpur, P.O. Khassi Kalan, District E-Mail: gargs.kumar@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10216009 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Letter of Hypothecation. |
|
Date of
instrument Creating the charge |
27.06.2011 |
|
Amount secured by
the charge |
Rs.63.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of Repayment: Working Capital
facility shall be payable on demand. Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: Hypothecation by
way of First Charge on Company's Stocks, Book Debts, Plant and Machinery and Vehicles
etc., to secure as a continuing
security for the repayment of Rs.63.500 millions, together with interest, costs, charges,
expenses and other moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties. All the debts,
that is, all the book debts, outstandings, monies receivables, claims, bills,
invoice documents, contracts, guarantees, and rights. The movable plant
and machinery and vehicles, which may now or at any time hereafter belong to
the Borrower or come to the Borrower's disposal any of the. |
|
Date of latest
modification prior to the present modification |
09.04.2010 |
|
Particulars of
the present modification |
The charge shall
now stand increased form Rs.39.500 millions to Rs.63.500 millions, in favour
of the Bank against the security of Stocks, Book Debts, Plant and Machinery
and Vehicles of the Company. |
FIXED ASSETS:
v
Building
v
Car
v
Computer
v
Electric Installation
v
Laboratory Equipment
v
Land
v
Land Development
v
Miscellaneous Fixed Assets
v
Mobile Phone
v
Office Furniture
v
Pager
v
Plant and Machinery
v
Scooter
v
Trucks
v
Tubewell
v
Weighing Scale
v
Wooden Krate
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.44.42 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.