MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBE SCOTT MOTORS PRIVATE LIMITED |
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Registered
Office : |
C/o. Agarwal Singhal and Associates, 8, Satyanarayan Bhavan, S. V.
Road, Borivali (West), Mumbai – 400092, Maharashtra. |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.05.1985 |
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Com. Reg. No.: |
036216 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U32109MH1985PTC036216 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of PMDC Motor, Rotary Point
Machine Motor, Electrical Lifting Barrier, Gear Box etc. |
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No. of Employees
: |
46 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 19000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record.
Financial position of the company is improving. Trade relations are reported as
fair. Business is active. Payment are reported to be slow but correct. The company can be considered 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
|
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
|
Name : |
Mr. Swapnil |
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Designation : |
Accountant |
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Contact No.: |
91-260-2370306 |
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Date : |
26.05.2011 |
LOCATIONS
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Registered Office : |
C/o. Agarwal Singhal and Associates, 8, Satyanarayan Bhavan, |
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Tel. No.: |
91-260-2373538 |
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Fax No.: |
91-260-2370852 |
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E-Mail : |
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Factory: |
A1/19, G.I.D.C. Industrial Estate, Killa Pardi, Valsad-396125, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Dinuben Cangi |
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Designation : |
Director |
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Address : |
6/32, Iskat street, Machhiwad Moti, Daman-396220 |
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Date of Birth/Age : |
23.03.1969 |
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Date of Appointment : |
06.06.1999 |
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DIN: |
00668677 |
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Name : |
Mr. Cangi Calan |
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Designation : |
Director |
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Address : |
6/32, Iskat street, Machhiwad Moti, Daman-396220 |
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Date of Birth/Age : |
23.01.1959 |
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Date of Appointment : |
06.06.1999 |
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DIN: |
00668725 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mrs.Dinuben Cangi |
|
9400 |
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Mr.Cangi Calan |
|
14100 |
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Anup Raghuveer Desai |
|
200 |
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Sharad Jayantilal Sheth |
|
50 |
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Priyanka Cangi |
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132 |
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Niyatee Gangi |
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131 |
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Gajari Calan |
|
986 |
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Pranay A Shah |
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1 |
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TOTAL |
25000 |
As on 25.03.2010
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Names of Allotees |
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No. of Share
Allotted |
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Mr. Cangi Calan |
|
7000 |
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Mrs. Dinuben Calan |
|
2000 |
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TOTAL |
|
9000 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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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, Exporter and Supplier of PMDC Motor, Rotary Point
Machine Motor, Electrical Lifting Barrier, Gear Box etc. |
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Products : |
PMDC Motor Rotary Poing Machine Motor Electrical Lifting Barrier Gear Box |
Production Status :
(As on 30.09.2010)
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Description |
Units |
Installed Capacity |
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Permanent Magnet Motors |
Nos. |
6000 |
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Air-conditioning System |
Nos. |
500 |
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Electronic Controllers |
Nos. |
100 |
GENERAL INFORMATION
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No. of Employees : |
46 Approximately |
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Bankers : |
§
Indusind Bank Limited, 2401 GEN Thimmayya Road,
Cantonment, Pune-411001, Maharashtra, India. §
Indusind Bank Limited, Shop No. 7-10, Megh Rachana
Tower, Sheela Park, Tithal Road, Valsad-396001, Gujarat, India. §
HDFC Bank |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Manesh Mehta and Association Chartered Accountant |
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Address : |
611, Centre Point, |
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Pan: |
AAFFM6500Q |
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Memberships : |
CRISIL and National Small Industries Corporation |
CAPITAL
STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Share |
Rs.
1 0 0/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Share |
Rs. 100/-
each |
Rs. 2.500
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 |
2.500 |
1.600 |
1.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.363 |
0.304 |
0.301 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.474) |
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NETWORTH |
4.863 |
1.904 |
1.427 |
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LOAN FUNDS |
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1] Secured Loans |
3.010 |
2.063 |
2.521 |
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2] Unsecured Loans |
1.568 |
1.893 |
2.190 |
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TOTAL BORROWING |
4.578 |
3.956 |
4.711 |
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DEFERRED TAX LIABILITIES |
0.311 |
0.131 |
0.292 |
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TOTAL |
9.752 |
5.991 |
6.430 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.004 |
3.287 |
2.329 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.800 |
0.800 |
1.305 |
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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 |
8.887
|
5.479 |
5.658 |
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Sundry Debtors |
12.807
|
4.934 |
2.403 |
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Cash & Bank Balances |
0.540
|
0.000 |
0.392 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.857
|
0.825 |
0.974 |
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Total
Current Assets |
23.091
|
11.238 |
9.427 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.991
|
8.788 |
6.462 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.152
|
0.546 |
0.169 |
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Total
Current Liabilities |
18.143
|
9.334 |
6.631 |
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Net Current Assets |
4.948
|
1.904 |
2.796 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.752 |
5.991 |
6.430 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
59.546 |
NA |
27.897 |
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EXPENSES |
57.947 |
NA |
27.369 |
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PROFIT BEFORE
TAX |
2.432 |
NA |
0.527 |
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Less |
TAX |
0.823 |
NA |
0.287 |
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PROFIT AFTER TAX
|
1.609 |
NA |
0.240 |
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Earnings Per
Share (Rs.) |
NA |
NA |
15.02 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.97
|
NA |
4.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
NA |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.67
|
NA |
7.94 |
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Current Ratio (Current Asset/Current Liability) |
|
1.27
|
NA |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Registered office of the company has been shifted from Prem Sagar
7,
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Corporate
identity number of the company |
U32109MH1985PTC036216 |
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Name of the
company |
Globe Scott Motors Private Limited |
|
Address of the
registered office or of the principal place of business in |
C/o. Agarwal Singhal and Associates, 8, Satyanarayan Bhavan, S. V.
Road, Borivali (West), Mumbai – 400092, Maharashtra. |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10022474 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Name: Indusind Bank
Limited Address: Shop No. 7-10, E-Mail: vlaxman@vsnl.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement for Hypothecation of Stock, Book Debts, Receivables, ETC. (For
Enhancement in Limits) |
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Date of instrument
Creating the charge |
23.04.2010 |
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Amount secured by
the charge |
Rs.5.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest at Prime Lending Rate, which is presently 16.75% p.a. subject to
minimum of 16.75% p.a. with applicable interest tax at monthly/ quarterly
rests. Terms of
Repayment : On Demand Margin: As may be
stipulated by Bank from time to time. Extent and
Operation of the charge : Hypothecation of Assets as described under Item
No.15 as security for repayment of Cash Credit facility of Rs.5.000 Millions,
together with all interest, costs, charges, expenses and other monies due and
payable under the said facilities granted by the Bank to the company. |
|
Short particulars
of the property charged |
All stocks
including finished goods and raw materials and other work in progress, book
debts and other receivables and other current assets. |
|
Particulars of
the present modification |
The Bank has
agreed to granted additional limit of Rs.2.500 Millions, thereby the charge
shall now stand increased from Rs.2.500 Millions to Rs.5.000 Millions in
favor of the Bank. |
FIXED ASSETS:
§
Air Conditioners LG
§
Building
§
Computers
§
Die
§
Electrical Instillations
§
EP ABX System
§
Furniture and Fixture
§
Lease Hold Land
§
Measuring Instruments
§
Office Equipments
§
Plant and Machinery
§
Motor Car- Vema
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 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.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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.