MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUARNIFLON INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
203, Banaji House, 2nd Floor, Dr. D N Road, Flora Fountain,
Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.01.2006 |
|
|
|
|
Com. Reg. No.: |
159114 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24210MH2006PTC159114 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11377C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Plate Mounting adhesive tapes, PTFE Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 399044 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
had recorded some accumulated losses in the previous years. However with some
improvement in the financial position it has been successful in wiping off
its losses. Trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ashesh kaul |
|
Designation : |
Marketing head |
|
Contact No.: |
91-9227861835 |
|
Date : |
15.01.2011 |
LOCATIONS
|
Registered Office : |
203, Banaji House, 2nd Floor, Dr. D N Road, Flora Fountain,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-24080166 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000sq.fts (Approximately) |
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
C-8, Royal Residency, Gokul Vihar, Vapi – 396191, |
|
Tel. No.: |
91-260-5549398 |
|
Mobile No.: |
91-9820292536 (Mr. Ananth N Mani) |
|
|
|
|
Factory : |
S No.116/1 and 116/2 Village Kala, Amboli, Silvassa – 39230, Dadtra
and Nagar Haveli, |
|
Tel No.: |
91-260-2996150 |
|
Fax No.: |
91-260-2677550 |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. R Subramanian Venkata |
|
Designation : |
Director |
|
Address : |
E 13/21, Arjun Marg, DLF Qutab Enclave, Gurgaon – 122002, |
|
Date of Birth/Age : |
04.07.1965 |
|
Date of Appointment : |
20.01.2006 |
|
Date of Ceasing : |
11.01.2010 |
|
|
|
|
Name : |
Mr. Narayan Ananth Lakshmi |
|
Designation : |
Director |
|
Address : |
D 2/97, Karmakshetra Sion Koliwada, Mumbai – 400037, |
|
Date of Birth/Age : |
06.05.1962 |
|
Date of Appointment : |
20.01.2006 |
|
Date of Ceasing : |
19.11.2009 |
|
|
|
|
Name : |
Mr. Ananth Narayan Mani |
|
Designation : |
Director |
|
Address : |
D 2/97, Karmakshetra Sion Koliwada, Mumbai – 400037, |
|
Date of Birth/Age : |
15.06.1955 |
|
Date of Appointment : |
14.01.20009 |
|
|
|
|
Name : |
Mr. Carlo Cereda |
|
Designation : |
Director |
|
Address : |
VI A S |
|
Date of Birth/Age : |
25.11.1947 |
|
Date of Appointment : |
22.11.2009 |
|
|
|
|
Name : |
Mr. Fabio Pagani |
|
Designation : |
Director |
|
Address : |
VI A San Giuseppe N 61 Libero Castelli, Calepio BG Itabg, |
|
Date of Birth/Age : |
29.04.1977 |
|
Date of Appointment : |
06.01.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Ashesh kaul |
|
Designation : |
Marketing head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Carlo Cereda |
|
1 |
|
Fluorocarbons India Private Limited, |
|
8105999 |
|
Total |
|
8106000 |
AS ON 27.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plate Mounting adhesive tapes, PTFE Products. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
30 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Indusind Bank, Vapi Branch, |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountant |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, |
|
Tel. No.: |
91-22-22047722/23, 66338343-47 |
|
Fax No.: |
91-22-66338352 |
|
E-Mail : |
|
|
|
|
|
Holding Company : |
Fluorocarbons India Private Limited CIN No.: U24116MH2005PTC151877 |
|
|
|
|
Ultimate Holding Company: |
Guarniflon SpA |
|
|
|
|
Subsidiary of Ultimate Holding Company : |
Industrial Plastics and Machine Inc. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500000 |
Equity Shares |
Rs.10/- each |
Rs.95.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8106000 |
Equity Shares |
Rs.10/- each |
Rs.81.060 Millions |
|
|
|
|
|
(8106000 Equity
Shares of Rs.10/- each are held by Fluorocarbons India Private Limited, the Holding Company)
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 |
|
|
|
|
|
1] Share Capital |
81.060 |
81.060 |
2.000 |
|
|
2] Share Application Money |
13.243 |
13.243 |
91.953 |
|
|
3] Reserves & Surplus |
5.458 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(7.947) |
0.000 |
|
|
NETWORTH |
99.761 |
86.356 |
93.953 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
135.943 |
144.250 |
61.588 |
|
|
TOTAL BORROWING |
135.943 |
144.250 |
61.588 |
|
|
DEFERRED TAX LIABILITIES |
3.300 |
11.660 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
239.004 |
242.266 |
155.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
233.055 |
228.791 |
2.907 |
|
|
Capital work-in-progress |
54.258 |
36.933 |
201.899 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
80.544
|
81.943 |
24.512 |
|
|
Sundry Debtors |
22.652
|
2.063 |
0.000 |
|
|
Cash & Bank Balances |
6.556
|
6.396 |
3.688 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.295
|
7.635 |
0.297 |
|
Total
Current Assets |
114.047
|
98.037 |
28.497 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
61.399
|
22.589 |
66.308 |
|
|
Other Current Liabilities |
100.007
|
98.139 |
32.537 |
|
|
Provisions |
0.950
|
0.767 |
0.131 |
|
Total
Current Liabilities |
162.356
|
121.495 |
98.976 |
|
|
Net Current Assets |
(48.309)
|
(23.458) |
(70.479) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.0000 |
21.214 |
|
|
|
|
|
|
|
|
TOTAL |
239.004 |
242.266 |
155.541 |
|
Expected Sales (2010-2011) : Rs.200.000 Millions
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
149.671 |
72.105 |
|
|
|
Other Income |
|
5.246 |
0.089 |
|
|
|
TOTAL (A) |
|
154.917 |
72.194 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
126.255 |
54.516 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
28.662 |
17.677 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
5.840 |
2.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
22.822 |
15.518 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
16.827 |
11.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
5.995 |
4.480 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
(7.410) |
(3.467) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
13.405 |
(7.947) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(7.916) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
5.489 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
133.308 |
67.524 |
|
|
TOTAL EARNINGS |
|
133.308 |
67.524 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
83.985 |
90.280 |
|
|
|
Capital Goods |
|
26.649 |
22.877 |
|
|
TOTAL IMPORTS |
|
110.634 |
113.157 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.42 |
(2.27) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.65
|
(11.01) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.01
|
6.21 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.73
|
1.37 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.05 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
3.08 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70
|
0.81 |
0.29 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
Rs. In Millions 31.03.2010 |
Rs. In Millions 31.12.2009 |
Rs. In Millions 31.12.2008 |
|
Sundry Creditors |
59.396
|
21.943 |
66.308 |
|
Interest accrued but not due on term loans |
2.003
|
0.646 |
0.000 |
|
|
|
|
|
NOTE:
The registered office address of the company has been shifted from
D-2/97,
FIXED ASSETS:
- Plant and Machinery
- Computer Equipment
- Electrical Fittings
- Furniture and Fixtures
- Motor Vehicles
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.