MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
Note:
Correct name of the company is “GOKULDAS K. UDESHI
INVESTMENTS PRIVATE LIMITED.”
IDENTIFICATION DETAILS
|
Name : |
GOKULDAS K. UDESHI INVESTMENTS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
“Akhandanand”, 38, Marol Co-Operative Industrial Estate, Off |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.03.1977 |
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Com. Reg. No.: |
11-019582 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
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CIN No.: [Company Identification
No.] |
U67120MH1977PTC019582 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08465C |
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PAN No.: [Permanent Account No.] |
AAACG1252D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Investment Company |
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No. of Employees
: |
Not Available |
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 227000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. It’s scale of activities
are limited. However, trade relations are reported as fair. Payments are reported
to be slow. The company can be considered for business dealings with some caution.
|
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 DECLINED BY
|
Name : |
Mr. Kapadia |
|
Designation : |
Company Secretary |
|
Date : |
06.06.2011 |
LOCATIONS
|
Registered Office : |
“Akhandanand”, 38, Marol Co-Operative Industrial Estate, Off |
|
Tel. No.: |
91-22-40271300 |
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Fax No.: |
91-22-40271399 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Hemant Vithaldas Udeshi |
|
Designation : |
Director |
|
Address : |
13 AB, Sett Minar, 16-A, |
|
Date of Birth/Age : |
20.09.1957 |
|
Date of Appointment : |
14.03.2003 |
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DIN No.: |
00529329 |
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|
|
|
Name : |
Mr. Vikram Vijaysinh Udeshi |
|
Designation : |
Director |
|
Address : |
Hicons Classic 1, Flat No.1101, 11th Floor, Near Beams Hospital,
Dr. Ambedkar Road, Khar (West), Mumbai – 400 052, Maharashtra, India |
|
Date of Birth/Age : |
04.07.1967 |
|
Date of Appointment : |
14.03.2003 |
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DIN No.: |
00355713 |
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|
|
|
Name : |
Mr. Hitesh Jayraj Udeshi |
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Designation : |
Director |
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Address : |
502, 5th Floor, Godavari Worli Sagar CHS Limited, Sir
Pochkhanwala Road, Worli, Mumbai – 400 025, |
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Date of Birth/Age : |
19.10.1973 |
|
Date of Appointment : |
14.03.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Kapadia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Varun Leasing and Finance Private Limited, |
|
500 |
|
Innovative Micro Systems Private Limited, |
|
500 |
|
Total
|
|
1000 |
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Investment Company |
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|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
T.P. Ostwal and Associates Chartered Accountants |
|
Address : |
Bharat House, 4th Floor, 104, Mumbai Samachar Marg, Mumbai
– 400 001, |
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Tel. No.: |
91-22-40693939 |
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Fax No.: |
91-22-40693999 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs.100/- each |
Rs.0.200 million |
|
8000 |
8% Preference Shares |
Rs.100/- each |
Rs.0.800 million |
|
|
Total |
|
Rs.1.000 million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100
million |
|
|
|
|
|
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
56.737 |
55.721 |
55.419 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
56.837 |
55.821 |
55.519 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
1.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
56.837 |
55.821 |
56.519 |
|
|
|
|
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|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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INVESTMENT |
10.511 |
11.953 |
16.402 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
4.913
|
2.544 |
0.620 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
41.936
|
41.631 |
39.775 |
|
Total
Current Assets |
46.849
|
44.175 |
40.395 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.059
|
0.059 |
0.030 |
|
|
Other Current Liabilities |
0.004
|
0.004 |
0.004 |
|
|
Provisions |
0.460
|
0.244 |
0.244 |
|
Total
Current Liabilities |
0.523
|
0.307 |
0.278 |
|
|
Net Current Assets |
46.326
|
43.868 |
40.117 |
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
56.837 |
55.821 |
56.519 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Share of Income in Contributory Trust |
0.942 |
0.000 |
0.000 |
|
|
|
Dividend Income |
0.605 |
0.698 |
0.990 |
|
|
|
Interest Income |
0.001 |
0.002 |
0.312 |
|
|
|
Gain on Sales of Investment (Long Term) |
0.000 |
0.000 |
0.396 |
|
|
|
Speculation Income |
0.000 |
0.000 |
0.205 |
|
|
|
Gain on Sales of Investment (Short Term) |
0.000 |
0.000 |
0.056 |
|
|
|
TOTAL |
1.548 |
0.700 |
1.959 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Long Term Capital Loss |
0.301 |
0.357 |
0.000 |
|
|
|
Operational and Other Expenses |
0.042 |
0.041 |
0.046 |
|
|
|
Loss on Dealing on Derivatives |
0.000 |
0.000 |
0.145 |
|
|
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TOTAL |
0.343 |
0.398 |
0.191 |
|
|
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|
|
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PROFIT BEFORE
TAX |
1.205 |
0.302 |
1.768 |
|
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|
|
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|
|
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|
Less |
TAX |
0.216 |
0.000 |
0.126 |
|
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|
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|
|
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|
PROFIT AFTER TAX |
0.989 |
0.302 |
1.642 |
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.221 |
50.919 |
49.277 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
52.210 |
51.221 |
50.919 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
989.18 |
301.99 |
1642.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
63.89
|
43.14 |
83.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
127.92
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.57
|
0.68 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.01
|
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
89.58
|
143.89 |
145.31 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
During the year, the profit after tax of the Company for the year ended
31st March 2010 is Rs.1.205 millions as against profit of Rs.0.302
million in the previous year. The total income is Rs.1.548 millions as against
Rs.0.700 million in the previous year.
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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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.