MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
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Name : |
GNET TRADE LINKS PRIVATE LIMITED |
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Registered Office : |
R- 724, MIDC, TTC Industrial Area, Rabale, Navi Mumbai- 400701, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.06.2000 |
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Com. Reg. No.: |
11- 127297 |
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CIN No.: [Company
Identification No.] |
U51900MH2000PTC127297 |
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IEC No.: |
0300028750 |
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PAN No.: [Permanent
Account No.] |
AABCG2249M |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Importer of Woods |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and repudiated company, having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported a usually made as per commitments. The company can be considered normal for business dealing 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 |
LOCATIONS
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Registered Office : |
R- 724, MIDC, TTC Industrial Area, Rabale, Navi Mumbai- 400701, |
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Tel. No.: |
91-22-27693528 |
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E-Mail : |
sreeeram.k@gnetimpex.net
/ sales@gnettradelinks.com / |
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Area : |
4100 Sq. Mtr. |
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Location : |
Rented |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Krishnagopal Babulal Modi |
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Designation : |
Director |
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Date of Birth/Age : |
18.03.1967 |
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Qualification : |
B. Com |
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Date of Appointment : |
29.05.2009 |
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DIN No : |
02662829 |
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Name : |
Mr. Kailash Sohanlal Gaur |
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Designation : |
Additional Director |
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Date of Birth/Age : |
11.11.1966 |
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Address : |
Flat No. 602, Yashashree Co.Operative Housing Society, Sector- 8A,
Plot- 55, Above Registrar Office, Airoli, Navi Mumbai- 400708, |
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Date of Appointment : |
12.08.2008 |
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Name : |
Mr. Manoj Haricharan Sharma |
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Designation : |
Director |
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Address : |
104, |
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Date of Birth/Age : |
26.01.1961 |
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Qualification : |
MBA |
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Date of Appointment : |
26.06.2000 |
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DIN No : |
00041703 |
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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Manoj H. Sharma |
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19 |
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Hindocha P. Dinesh, Netherlands |
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290680 |
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Sandeep Kumar Patawari |
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1 |
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Jay Deep Sethia |
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98500 |
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Total |
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389200 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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99.99 |
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Directors or relatives of directors |
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0.01 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of Woods |
GENERAL INFORMATION
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Bankers : |
v Canara Bank, 50,
Hill Road, Bandra (W), Mumbai-400050, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay Rungta and Company Chartered Accountant |
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Address : |
4/88, Nityanand Nagar 4, S.N Marg, Andheri (West), Mumbai- 400069,
Maharashtra, |
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Tel. No.: |
91-22-26836687/ 26843748 |
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Associates/Subsidiaries : |
v GNET Impex
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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389200 |
Equity Shares |
Rs. 10/- each |
Rs.3.892
millions |
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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 |
3.892 |
3.892 |
2.407 |
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2] Share Application Money |
0.000 |
5.000 |
0.000 |
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3] Reserves & Surplus |
23.479 |
21.455 |
5.884 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.371 |
30.347 |
8.291 |
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LOAN FUNDS |
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1] Secured Loans |
67.095 |
12.338 |
24.876 |
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2] Unsecured Loans |
0.434 |
14.242 |
29.439 |
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TOTAL BORROWING |
67.529 |
26.580 |
54.315 |
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DEFERRED TAX LIABILITIES |
0.016 |
0.029 |
0.016 |
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TOTAL |
94.916 |
56.956 |
62.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.479 |
0.744 |
0.654 |
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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 |
37.088
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27.835 |
43.813
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Sundry Debtors |
47.521
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16.422 |
22.927
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Cash & Bank Balances |
31.152
|
7.043 |
2.629
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
27.442
|
15.483 |
3.390
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Total
Current Assets |
143.203
|
66.783 |
72.759 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
41.651
|
7.581 |
9.073 |
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Other Current Liabilities |
4.947
|
1.399 |
2.145
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Provisions |
3.400
|
3.227 |
2.109
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Total
Current Liabilities |
49.998
|
12.207 |
13.327 |
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Net Current Assets |
93.205
|
54.576 |
59.432
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MISCELLANEOUS EXPENSES |
0.232 |
1.636 |
2.536 |
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TOTAL |
94.916 |
56.956 |
62.622 |
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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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SALES |
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Income |
275.692 |
107.475 |
95.422 |
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Other Income |
2.595 |
10.962 |
2.312 |
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TOTAL (A) |
278.287 |
118.437 |
97.734 |
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Less |
EXPENSES |
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Cost of Materials |
238.447 |
70.581 |
60.642 |
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Direct Expenses |
29.347 |
11.184 |
29.363 |
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Increase/(Decrease) in Finished Goods |
(9.193) |
15.979 |
(10.794) |
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Administrative Expenses |
10.760 |
10.771 |
9.109 |
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TOTAL (B) |
269.361 |
108.515 |
88.320 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.926 |
9.922 |
9.414 |
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Less |
FINANCIAL
EXPENSES (D) |
5.383 |
6.389 |
6.351 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.543 |
3.533 |
3.063 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.259 |
0.181 |
0.063 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.284 |
3.352 |
3.000 |
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Less |
TAX (H) |
1.260 |
1.147 |
1.131 |
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PROFIT AFTER TAX
(G-H) (I) |
2.024 |
2.205 |
1.869 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.683 |
3.477 |
1.608 |
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BALANCE CARRIED
TO THE B/S |
7.707 |
5.682 |
3.477 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.73
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1.86 |
1.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.19
|
3.12 |
3.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.56
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4.96 |
4.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.11 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.29
|
1.28 |
1.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.86
|
5.47 |
5.46 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporate
identity number of the company |
U51900MH2000PTC127297 |
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Name of the
company |
GNET TRADELINKS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
R- 724, MIDC, TTC Industrial Area, Rabale, Navi Mumbai- 400701,
Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property (not being pledge) Floating charge |
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Particular of
charge holder |
Canara Bank, 50, Hill Road, Bandra (West), Mumbai- 400050,
Maharashtra, India E-Mail- sjatechmumbai@vsnl.net
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Nature of
instrument creating charge |
Supplementary Common Hypothecation agreement |
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Date of
instrument Creating the charge |
19.04.2010 |
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Amount secured by
the charge |
Rs.200.000 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As
per earlier Supplemental Agreement Terms of
repayment As
per earlier Supplemental Agreement Margin As
per earlier Supplemental Agreement Extent and operation
of the charge As
per earlier Supplemental Agreement Other As
per earlier Supplemental Agreement |
|
Short particulars
of the property charged (Including location of the property) |
Stock
of imported MDF, Plastic Board, plywood, other raw material, work in process,
finished goods entire book debts arising out of genuine trade transactions |
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Charge
identification number of the charge to be modified |
10075880 |
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Date of
instrument modifying the charge |
27.10.2009 |
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Particulars of the
present modification |
The
limits are modified and enhanced to Rupees Twenty millions as follows 1)
Cash Credit / ODBD Rs. 50.000 millions 2)
Letter of Credit ( FLC ) Rs. 150.000 millions |
FIXED ASSETS
- Furniture and Fitting
- Air Conditioner
- Generator
- Computer
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.45.20 |
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|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.61.88 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.