MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GABA OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.09.1990 |
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Com. Reg. No.: |
05-031060 |
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CIN No.: [Company Identification
No.] |
U51909HR1990PTC031060 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Fabrics, Bed Cover, Yarn and Floor Covering |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 1454608 |
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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 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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-180-2666601 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
Village Karhans
Machhauli, G.T.Road, Panipat, Killa No.40/3, 4/1, 4/2, Situated At Village
Machhrauli, Distt. |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Kalu Ram Gaba |
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Designation : |
Director |
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Address : |
675 L, |
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Date of Birth/Age : |
14.03.1929 |
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Date of Appointment : |
01.01.1992 |
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Name : |
Mr. Rajesh Gaba |
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Designation : |
Director |
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Address : |
675 L, |
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Date of Birth/Age : |
14.03.1965 |
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Date of Appointment : |
01.01.1992 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
|
No. of Shares |
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Anil Gaba |
|
1277760 |
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Dinesh Gaba |
|
1458250 |
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Rajesh Gaba |
|
3135810 |
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Kalu Ram Gaba |
|
965130 |
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Anita Gaba |
|
1358990 |
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Neena Gaba |
|
1364870 |
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Dhruv Gaba |
|
533520 |
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Vrinda Gaba |
|
334030 |
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Divya Gaba |
|
144690 |
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Upasana Gaba |
|
529500 |
|
Liberty Fabrics Private Limited, Panipat |
|
484750 |
|
Gaba Hometex Private Limited, |
|
356000 |
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Gaba Fabrics Private Limited, |
|
465000 |
|
Kalu Ram Gaba and Sons, Panipat |
|
359300 |
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Hiti Gaba |
|
121400 |
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Nikita Gaba |
|
120700 |
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Harshit Gaba |
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301150 |
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Ritika Textiles Private Limited, |
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1315000 |
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Yash Pal |
|
12000 |
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Attar Shinup Limited, Panipat |
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393000 |
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Gee Textile Private Limited, Panipat |
|
340000 |
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Tejas Gaba |
|
469900 |
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Keshav Gaba |
|
390000 |
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Haryana Dyers and Finishers Private Limited, |
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300000 |
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Sindhwani Metal Engg Private Limited, |
|
10000 |
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Gaba Global Private Limited, |
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240000 |
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200000 |
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Mastercrafts |
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215000 |
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Total |
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17195750 |
AS ON 29.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
25.38 |
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Directors or relatives of Directors |
74.55 |
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Other top fifty shareholders |
0.07 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fabrics, Bed Cover, Yarn and Floor Covering |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Punjab National
Bank, Jatal Road, Panipat – 132103, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinod Grover and Associates Chartered Accountant |
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Address : |
26-27, Shakuntala Complex, 1st Floor, Palika Bazar, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16500000 |
Equity Shares |
Rs.10/- each |
Rs. 165.000Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000000 |
Equity Shares |
Rs.10/- each |
Rs.210.000Millions
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
171.957 |
152.257 |
130.367 |
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2] Share Application Money |
0.090 |
0.090 |
21.623 |
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3] Reserves & Surplus |
191.605 |
175.312 |
162.771 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
363.652 |
327.659 |
314.761 |
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LOAN FUNDS |
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1] Secured Loans |
572.306 |
561.227 |
446.808 |
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2] Unsecured Loans |
1.821 |
3.214 |
7.880 |
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TOTAL BORROWING |
574.127 |
564.441 |
454.688 |
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DEFERRED TAX LIABILITIES |
56.047 |
51.734 |
32.025 |
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TOTAL |
993.826 |
943.834 |
801.474 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
616.058 |
597.608 |
345.546 |
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Capital work-in-progress |
83.222 |
66.321 |
183.676 |
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INVESTMENT |
28.048 |
28.048 |
28.048 |
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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 |
91.230
|
53.687 |
99.759 |
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Sundry Debtors |
144.436
|
163.277 |
106.235 |
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Cash & Bank Balances |
57.784
|
20.242 |
32.423 |
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Other Current Assets |
31.994
|
36.764 |
29.071 |
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Loans & Advances |
8.124
|
2.437 |
2.051 |
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Total
Current Assets |
333.568
|
276.407 |
269.539 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
61.449
|
16.997 |
15.915 |
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Other Current Liabilities |
0.910
|
5.361 |
6.237 |
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Provisions |
4.798
|
2.342 |
3.395 |
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Total
Current Liabilities |
67.157
|
24.700 |
25.547 |
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Net Current Assets |
266.411
|
251.707 |
243.992 |
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MISCELLANEOUS EXPENSES |
0.087 |
0.150 |
0.212 |
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TOTAL |
993.826 |
943.834 |
801.474 |
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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 |
677.976 |
545.557 |
434.775 |
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Other Income |
0.000 |
0.869 |
0.000 |
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TOTAL (A) |
677.976 |
546.426 |
434.775 |
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Less |
EXPENSES |
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Administrative Expenses |
650.396 |
526.061 |
408.726 |
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Advertising Expenses |
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TOTAL (B) |
650.396 |
526.061 |
408.726 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.580 |
20.365 |
26.049 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.580 |
20.365 |
26.049 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
27.580 |
20.365 |
26.049 |
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Less |
TAX (I) |
11.286 |
22.158 |
13.125 |
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PROFIT AFTER TAX
(G-I) (J) |
16.294 |
(1.793) |
12.924 |
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Earnings Per
Share (Rs.) |
0.95 |
NIL
|
0.99 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.40
|
(0.32) |
2.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.06
|
3.73 |
5.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.90
|
2.33 |
4.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
6.21 |
8.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
1.79 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
|
4.96
|
11.19 |
10.55 |
LOCAL AGENCY FURTHER INFORMATION
Form : 8
|
Corporate
identity number of the company |
U51909HR1990PTC031060 |
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Name of the
company |
GABA OVERSEAS PVT
LTD |
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Address of the
registered office or of the principal place of business in |
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|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Any Interest in
immovable property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Punjab National
Bank, Jatal Road, Panipat – 132103, |
|
Nature of
instrument creating charge |
Hypothecation Of
Goods And Book Debts To Secure Cash Credit Facility Hypothecation Of Movable
Assets Forming Part Of Fixed/Block Assets Hypothecation Of
Current Assets |
|
Date of
instrument Creating the charge |
20/09/2010 |
|
Amount secured by
the charge |
Rs. 180.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest : 11.50% P.A With
Monthly Rests Plus Applicable Interest Tax Terms of repayment : Repayable On
Demand Margin : 25% Extent and operation of the charge : First And Exclusive
Charge On All Current Assets Of The Company Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
1.
Various
Raw Materials Viz Manufacturing Material, Raw Materials Including Excisable
Raw Materials, Stock In Process, Semi Finished Goods, Finished Goods 2.
Book
Debts Outstanding Decree, Money Receivables, Government Subsidies, Claims,
Bill Contracts And Investments 3.
Equitable
Mortgage Of 4.
And
Killa No.4/25, 5/1, 21, 7/1, 8/5, 6/2, 7/1, 4/24/2, 7/3, 7/2, 8,9,13/1,
7/7,1, 14/1, 7/2 5.
Out
Of This Land Measuring 15 Marla(0.09375 Acre) Donated |
|
Date of
instrument modifying the charge |
23/03/2009 |
|
Particulars of
the present modification |
Amount Of
Facility Increased From Rs. 140.000 millions
To Rs.180.000 millions As Follows- Cash Credit-Hyp.
Stock And Book Debts-Rs.180.000 millions By Enhancement From Rs. 140.000
millions (Existing) Packing Credit
And Fobp/Foubp/Fobnlc/Foubnlch Rs.10.000 Millions Each And Overall Limit Is
Rs. 180.000 millions |
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. 45.59 |
|
|
1 |
Rs. 72.31 |
|
Euro |
1 |
Rs. 60.73 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.