MIRA
INFORM REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
GRAVS APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
110 Padma Tower, II |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.09.1981 |
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Com. Reg. No.: |
55-012368 |
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CIN No.: [Company Identification
No.] |
U74899DL1981PTC012368 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG06287B/ DELG06543F |
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PAN No.: [Permanent Account No.] |
AABCG4664N |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Electrical Home Appliances like Mixer
Grinders, Juice Mixer Grinders, Food Processors, Room Heatersm, Dry Irons,
Electric Irons etc. |
RATING & COMMENTS
|
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 200000 |
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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 a well 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
|
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. Vimal Gupta |
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Designation : |
Director |
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Contact No.: |
91-9810399092 |
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Date : |
01.02.2011 |
LOCATIONS
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Registered Office : |
110 Padma Tower, II |
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Tel. No.: |
91-11-47511383/ 27017525/ 25719320 |
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Mobile No.: |
91-9810399092 (Mr. Vimal Gupta) |
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Fax No.: |
91-11-25719320 |
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E-Mail : |
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Area : |
2000 sq.ft. (Rented) |
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Factory : |
A-11, Mangalpuri Industrial Area, Phase-2, Delhi-110034, |
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Area : |
Owned |
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Factory 2 : |
Plot No. 24, EPTP Phase-II, Thane Baddi, |
DIRECTORS
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Name : |
Mr. Vimal Gupta |
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Designation : |
Director |
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Address : |
D-21, Pushpanjali Bijwasan, |
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Date of Birth/Age : |
19.07.1966 |
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Date of Appointment : |
28.11.1989 |
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Name : |
Mrs. Shipra Gupta |
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Designation : |
Director |
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Address : |
D-21, Pushpanjali Bijwasan, |
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Date of Birth/Age : |
15.07.1967 |
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Date of Appointment : |
31.03.2009 |
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Name : |
Mr. Girish Mohan Gupta |
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Designation : |
Director |
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Address : |
B-1/16B, Paschim Vihar, Delhi-110063, |
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Date of Birth/Age : |
10.04.1941 |
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Date of Ceasing |
01.04.2009 |
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Name : |
Mr. Rajendra Kumar Gupta |
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Designation : |
Director |
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Address : |
B-1/110, Paschim Vihar, New Delhi-110063, |
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Date of Birth/Age : |
14.03.1943 |
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Date of Ceasing |
01.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
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Names of Shareholders |
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No. of Shares |
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G.M. Gupta and Sons (HUF) |
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2000 |
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G. M. Gupta |
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11000 |
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Vimal Gupta |
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26050 |
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Shiprs Gupta |
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90 |
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Total |
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39140 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
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 : |
Manufacturer and Exporter of Electrical Home Appliances like Mixer Grinders,
Juice Mixer Grinders, Food Processors, Room Heatersm, Dry Irons, Electric
Irons etc. |
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Products : |
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Exports : |
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Products : |
Electrical Home Appliances |
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Countries : |
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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 : |
End Users ·
Bajaj ·
Morrphy Richards ·
Crompton Greaves |
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No. of Employees : |
Approximately 250 (Office 50, Factory 200) |
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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 : |
H L Madan and Company Chartered Accountant |
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Address : |
A-3/76, Sector -3, Rohini, Delhi-110085, |
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Tel. No.: |
91-11-27516281 |
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Memberships : |
Federation of Import Export Organization |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
40000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
39140 |
Equity Shares |
Rs. 100/-
each |
Rs. 3.914
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
3.914 |
3.914 |
3.914 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
48.579 |
36.244 |
26.232 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.493 |
40.158 |
30.146 |
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LOAN FUNDS |
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1] Secured Loans |
24.131 |
46.699 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
30.561 |
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TOTAL BORROWING |
24.131 |
46.699 |
30.561 |
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DEFERRED TAX LIABILITIES |
0.243 |
0.281 |
0.066 |
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TOTAL |
76.867 |
87.138 |
60.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.526 |
29.176 |
16.179 |
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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 |
19.744
|
17.117 |
11.565 |
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Sundry Debtors |
32.835
|
58.094 |
44.476 |
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Cash & Bank Balances |
30.203
|
27.678 |
16.860 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.865
|
3.417 |
7.070 |
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Total
Current Assets |
84.647
|
106.306 |
79.971 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
33.001
|
42.078 |
31.215 |
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Other Current Liabilities |
5.605
|
4.766 |
3.062 |
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Provisions |
1.700
|
1.500 |
1.100 |
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Total
Current Liabilities |
40.306
|
48.344 |
35.377 |
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Net Current Assets |
44.341
|
57.962 |
44.594 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.867 |
87.138 |
60.773 |
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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 |
219.403 |
195.082 |
164.051 |
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Other Income |
3.286 |
4.268 |
2.139 |
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TOTAL |
222.689 |
199.350 |
166.190 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
184.152 |
153.590 |
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Advertising Expenses |
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TOTAL |
202.255 |
184.152 |
153.590 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.434 |
15.198 |
12.600 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.261 |
2.532 |
1.729 |
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PROFIT BEFORE
TAX |
16.173 |
12.666 |
10.871 |
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Less |
TAX |
1.700 |
1.500 |
1.100 |
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PROFIT AFTER TAX
|
14.473 |
11.166 |
9.771 |
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Earnings Per Share
(Rs.) |
369.78 |
-- |
-- |
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Expected Sales (2010-2011) : Rs. 250.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.50
|
5.60 |
5.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.37
|
6.49 |
6.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.80
|
9.35 |
11.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.32 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
2.37 |
2.19 |
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Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.20 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Bajaj Electricals Limited
·
Merphy Richards
Performance:
During the year the Turnover was Rs. 219.403
Millions and Profit before Depreciation and Taxes was Rs. 20.433 Millions as
against Rs. 195.082 Millions and Rs. 15.198 Millions respectively during the
previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90055430 |
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Corporate
identity number of the company |
U74899DL1981PTC012368 |
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Name of the
company |
GRAVS APPLIANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
110 Padma Tower, II |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
Dena Bank, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation (Goods, Book Debts and Other Movable Assets to Secure multiple
facilities) |
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Date of
instrument Creating the charge |
19.06.2009 |
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Amount secured by
the charge |
Rs. 25.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR – 1.00% Terms of
Repayment On demand Margin 10% Extent and
Operation of the charge Extent and
Operation of the charge has been increased from Rs. 15.000 Millions to Rs. 25.000 Millions Others Other Term as per
agreement. |
|
Short particulars
of the property charged |
Not Applicable |
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Date of latest
modification prior to the present modification |
13.06.2006 |
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Particulars of
the present modification |
Total Limit /
Facilities Enhanced from Rs. 15.000 Millions to Rs. 25.000 Millions Rate of Interest
is BPLR- 1% Margin is 10% |
Fixed Assets:
·
·
Mozanine Floor
Construction
·
Land
·
Machinery
·
Fabricated Machinery
·
Lift
·
Conveyor
·
Fabricated Storage Rack
and Tables
·
Airconditioner
·
Tools, Dies and Moulds
·
Testing and Measuring
Equipments
·
Electrical Installation
·
Generator
·
Transformers
·
Fire Extinguishers
Equipments
·
Furniture and Fixtures
·
Cycle
·
Mobile Phone
·
Car
·
Computer
·
UPS
·
Stabilizer
·
Exhaust Fan
·
Fan and Cooler
·
Coffee Machine
·
Invertor
·
Refrigeration
·
Office Equipments
·
EPBX System
·
Typewriter
·
Motor Cycle
·
Scooter
·
Water Cooler
·
Weighing Scale
·
Office Construction
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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.