MIRA
INFORM REPORT
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Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GASA ENGINEERS PRIVATE LIMITED |
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Formerly Known As : |
GASA INVESTMENTS PRIVATE LIMITED |
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Registered Office : |
8809, Sector - C, Pocket - 8, Vasant Kunj, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
16.04.1990 |
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Com. Reg. No.: |
55-39866 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC039866 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG09769E |
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PAN No.: [Permanent
Account No.] |
AAACG4439J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on design engineering and process technology, manufacture,
procurement, supply, erection and commissioning of products of steel/
aluminium/ plastics, equipments, machinery for the process plants/
technology/ buildings and to undertake turn key project jobs of civil,
structural, mechanical, electricals and instrumentation thereof. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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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 69420 |
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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. 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.
LOCATIONS
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Registered Office : |
8809, Sector - C, Pocket - 8, Vasant Kunj, |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Jitendra Kumar Chopra |
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Designation : |
Director |
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Address : |
8809, Sector - C, Pocket - 8, Vasant Kunj, |
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Date of Birth/Age : |
05.05.1944 |
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Date of Appointment : |
16.04.1990 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U74899DL1990PTC039866 |
GASA ENGINEERS PRIVATE
LIMITED |
Director |
16/04/1990 |
16/04/1990 |
- |
Active |
NO |
|
2 |
U28132MP1992PTC007023 |
MALANPUR ENTECH PVT LTD |
Director |
29/03/1992 |
29/03/1992 |
- |
Active |
NO |
|
3 |
U72300DL2006PTC149238 |
GROUP FX (INDIA) PVT LTD |
Director |
27/05/2006 |
27/05/2006 |
- |
Active |
NO |
|
Name : |
Mrs. Kusum Chopra |
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Designation : |
Director |
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Address : |
8809, Sector - C, Pocket - 8, Vasant Kunj, |
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Date of Birth/Age : |
16.12.1944 |
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Date of Appointment : |
20.04.2005 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U28132MP1992PTC007023 |
MALANPUR ENTECH PVT LTD |
Director |
05/11/2011 |
01/01/2005 |
- |
Active |
NO |
|
2 |
U74899DL1990PTC039866 |
GASA ENGINEERS PRIVATE
LIMITED |
Director |
20/04/2005 |
20/04/2005 |
- |
Active |
NO |
|
3 |
U72300DL2006PTC149238 |
GROUP FX (INDIA) PVT LTD |
Director |
26/06/2007 |
26/06/2007 |
- |
Active |
NO |
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Name : |
Mr. Gaurav Chopra |
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Designation : |
Director |
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Address : |
8809, Sector - C, Pocket - 8, Vasant Kunj, |
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Date of Ceasing : |
20.04.2005 |
Other Directorship:
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S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U28132MP1992PTC007023 |
MALANPUR ENTECH PVT LTD |
Director |
01/01/2010 |
01/01/2010 |
- |
Active |
NO |
|
2 |
U74899DL1990PTC039866 |
GASA ENGINEERS PRIVATE
LIMITED |
Director |
01/04/2010 |
01/04/2010 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Jitendra Kumar Chopra |
|
246000 |
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Kusum Chopra |
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214000 |
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Saurav Chopra |
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20000 |
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Malanpur Entech Private Limited |
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20000 |
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Total |
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500000 |
AS ON 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies Corporate |
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4.00 |
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Directors
or relatives of directors |
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96.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on design engineering and process technology, manufacture,
procurement, supply, erection and commissioning of products of steel/
aluminium/ plastics, equipments, machinery for the process plants/
technology/ buildings and to undertake turn key project jobs of civil,
structural, mechanical, electricals and instrumentation thereof. |
GENERAL INFORMATION
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Bankers : |
State Bank of India, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Purushottaman Bhutani and Company Chartered Accountants |
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Address : |
3/ 11708, Sat Nagar, Karol Bagh, |
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Tel. No.: |
91-11-25786095/ 25817459/ 25854565/ 47513824 to 31 |
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Fax No.: |
91-11-25735384/ 25735386 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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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 |
10.750 |
9.952 |
8.201 |
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4] Subsidy from MP-Government |
1.605 |
1.480 |
0.000 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.355 |
16.432 |
13.201 |
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LOAN FUNDS |
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1] Secured Loans |
0.539 |
5.017 |
4.247 |
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2] Unsecured Loans |
0.000 |
3.714 |
3.261 |
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TOTAL BORROWING |
0.539 |
8.731 |
7.508 |
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DEFERRED TAX LIABILITIES |
0.471 |
0.481 |
0.493 |
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Others |
0.000 |
0.000 |
1.480 |
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TOTAL |
18.365 |
25.644 |
22.682 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.264 |
9.273 |
10.442 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.730 |
1.345 |
1.345 |
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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 |
2.692
|
5.875 |
2.964
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Sundry Debtors |
6.594
|
9.773 |
10.034
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Cash & Bank Balances |
0.945
|
0.329 |
0.169
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
4.924
|
5.236 |
4.152
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Total
Current Assets |
15.155
|
21.213 |
17.319 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000 |
0.000 |
0.000 |
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Other Current Liabilities |
0.800
|
0.617 |
2.523
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Provisions |
5.028
|
5.614 |
3.990
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Total
Current Liabilities |
5.828
|
6.231 |
6.513
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Net Current Assets |
9.327
|
14.982 |
10.806
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MISCELLANEOUS EXPENSES |
0.044 |
0.044 |
0.089 |
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TOTAL |
18.365 |
25.644 |
22.682 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL |
16.365 |
42.481 |
39.486 |
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EXPENSES |
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Consumption of Raw Material |
12.100 |
32.262 |
31.442 |
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Administrative and other Expenses |
2.130 |
6.434 |
3.626 |
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TOTAL |
14.230 |
38.696 |
35.068 |
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DEPRECIATION/
AMORTISATION |
1.008 |
1.168 |
1.358 |
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PROFIT BEFORE
TAX |
1.155 |
2.534 |
1.642 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
7.06
|
5.97 |
2.73
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.91 |
1.06
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Current Ratio (Current Asset/Current Liability) |
|
2.60
|
3.40 |
2.66
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10012576 |
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Corporate
identity number of the company |
U74899DL1990PTC039866 |
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Name of the
company |
GASA ENGINEERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
8809, Sector - C, Pocket - 8, Vasant Kunj, |
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Type of charge |
Immovable property Any interest in immovable property Book Debts Movable Property |
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Particular of
charge holder |
State Bank of E-Mail: sbi.08534@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. SME-1 Dt.
03.08.2007 Letter of Arrangement 2. SME-4 Dt.
03.08.2007 Supplemental Agreement of Loan Cum Hypothecation 3. SME-7 Dt.
03.08.2007 Memorandum for Recording of Equitable Mortgage |
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Date of
instrument Creating the charge |
03/08/2007 |
|
Amount secured by
the charge |
Rs.22.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
1% above SBAR
with a minimum of 13.75% on monthly basis. Terms of
Repayment: CC: Repayment on
Demand TL: as per
schedule Margin: RM and FG 25% SIP 100% BD 40% LC 25% Extent and
Operation of the charge: 100 % and first
charge |
|
Short particulars
of the property charged |
1. EM of factory
land and building at J-2B, Industrial Area Malanpur 2. EM of Flat No.
9845, IInd Floor, Sec-C, Pocket-9, Vasant Kunj, |
|
Date of latest
modification prior to the present modification |
28/06/2006 |
|
Particulars of
the present modification |
1.Cash Credit
from 6.000 millions to 7.500 millions 2. Letter of
Credit to 7.500 millions 3.Term was
Rs.7.500 millions (present outstanding 6.600 millions) |
FIXED ASSETS:
- Air Conditioner
- Vehicle
- Electric Installation
- Land
- Plant and Machinery
- Building
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.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
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.