MIRA
INFORM REPORT
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Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
GILCO STEELS LIMITED |
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Registered
Office : |
Plot No. 652, Industrial Area – I, Chandigarh 160001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.10.2008 |
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Com. Reg. No.: |
031407 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 millions |
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CIN No.: [Company Identification
No.] |
U27107CH2008PLC031407 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLG15520B |
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PAN No.: [Permanent Account No.] |
AADCG6068J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Exporter of Electric Poles, Highway Road Berms, Side
Guards, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (11) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 new company having moderate track. Profitability of the
company is low. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 : |
Plot No. 652, Industrial Area – I, Chandigarh 160001, India |
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Tel. No.: |
91-172-5087801- 803 |
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Fax No.: |
91-172-5089127 |
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E-Mail : |
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Factory : |
Village Singan, Tehsil Haroli, District
Una, Himachal Pradesh, India |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Ramesh Walia |
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Designation : |
Director |
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Date of Birth/Age : |
01.09.1950 |
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Date of Appointment : |
20.12.2010 |
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Name : |
Mr. Saral Gill |
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Designation : |
Director |
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Date of Birth/Age : |
29.09.1950 |
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Date of Appointment : |
29.10.2008 |
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Name : |
Mr. Surinder Gill |
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Designation : |
Director |
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Date of Birth/Age : |
10.02.1956 |
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Date of Appointment : |
29.10.2008 |
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Name : |
Mr. Sahir Gill |
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Designation : |
Director |
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Date of Birth/Age : |
10.05.1987 |
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Date of Appointment : |
29.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Ramesh Walia |
1500 |
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Mr. Saral Gill |
1144500 |
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Mr. Surinder Gill |
1110000 |
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Mr. Sahir Gill |
1103500 |
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Mrs. Satwant Gill |
675500 |
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Mrs. Sukhvir Gill |
710000 |
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Mr. Rajinder Dhillon |
5000 |
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Gurpreet Slungh s/o Sh Gurdial Singh |
250000 |
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Total |
5000000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Electric Poles, Highway Road Berms, Side
Guards, etc. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
UCO Bank, Sai Road, Baddi, Solan 173205, Himachal Pradesh, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nagpal Aman and Associates Chartered Accountant |
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Address : |
65 Industrial Area, Tahliwal 174301, Himachal Pradesh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10 each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10 each |
Rs.50.000 millions |
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AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10 each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10 each |
Rs.0.500 millions |
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Share Application Money |
|
Rs.24.845
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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24.845 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.010) |
0.000 |
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NETWORTH |
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25.335 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
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73.316 |
0.000 |
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2] Unsecured Loans |
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10.900 |
3.672 |
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TOTAL BORROWING |
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84.216 |
3.672 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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109.551 |
4.172 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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82.110 |
0.000 |
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Capital work-in-progress |
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0.061 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.972 |
0.000 |
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Sundry Debtors |
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0.172 |
0.000 |
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Cash & Bank Balances |
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4.087 |
0.006 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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37.043 |
4.235 |
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Total
Current Assets |
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42.274 |
4.241 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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14.964 |
0.000 |
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Other Current Liabilities |
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0.339 |
0.135 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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15.303 |
0.135 |
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Net Current Assets |
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26.971 |
4.106 |
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MISCELLANEOUS EXPENSES |
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0.409 |
0.030 |
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AMOUNT TRANSFER TO PRE-OPERATIVE ACCOUNT |
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0.000 |
0.036 |
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TOTAL |
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109.551 |
4.172 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
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0.170 |
0.000 |
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Other Income |
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0.000 |
0.000 |
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TOTAL (A) |
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0.170 |
0.000 |
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Less |
EXPENSES |
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Audit Fees |
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0.005 |
0.005 |
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Rates Fees and
Taxes |
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0.000 |
0.017 |
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Office Expenses |
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0.001 |
0.000 |
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Printing and
Stationer;' |
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0.000 |
0.007 |
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Travelling and
Conveyance |
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0.000 |
0.002 |
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Salary' to Staff |
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0.001 |
0.000 |
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Telephone
Expenses |
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0.000 |
0.001 |
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Depreciation |
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0.007 |
0.000 |
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GROSS
PROFIT |
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0.005 |
0.000 |
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NET LOSS
TRANSFERRED TO BALANCE SHEET |
|
(0.010) |
(0.000) |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.92
|
7.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.76
|
31.41 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
FUTURE OUTLOOK
The company has started commercial production this year and has done sales
of Rs. 0.170 million only during the year and the profit during the year was
just meager of Rs. 0.005 million.
FIXED ASSETS:
·
Computers
·
Building
·
Electrical Fitting
·
Furniture and Fixture
·
Land
·
Office Equipments
·
Plant and Machinery
·
Tools and Dies
FORM 8
|
Corporate
identity number of the company |
U27107CH2008PLC031407 |
|
Name of the
company |
GILCO STEELS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 652, Industrial Area – I, Chandigarh 160001, India |
|
This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Movable property
(not being pledge) |
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Particular of
charge holder |
UCO Bank, Sai Road, Baddi, Solan 173205, Himachal Pradesh, India Email: ucobankbaddi@yahoo.in
|
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Nature of
instrument creating charge |
Agreement relating
to Term Loan Deed of
Hypothecation of Movable
and Mach for
securing Term Loan |
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Date of
instrument Creating the charge |
08.10.2010 |
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Amount secured by
the charge |
Rs. 184.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC 13.75%
PA , Term
Loan 14.25% PA Terms of repayment CC Repayable
On Demand Term Loan Repayable
in 60 EMIS
w.e.f. October 2010 Margin 25% against
CC and Term
Loan Extent and operation of the charge 100% |
|
Short particulars
of the property charged (Including location of the property) |
All the
stocks of ZINK in
the Zink plant and
stores, pipes , raw
material , WIP , finished goods, stores and
spares at VPO Singha, Tehsil Haroli, Distt Una
HP Two tube
Mills, One Zink plant,
Tools and Dies
etc. All the
existing Land and
Building in the
name of the company already
mortgaged with the
bank for the
existing credit facilities |
|
Date of
instrument modifying the charge |
31.03.2010 |
|
Particulars of
the present modification |
There is
an additional term
loan of Rs. 12.000 millions sanctioned
and the total
charge comes to
Rs. 184.000 millions. Rate of
interest on additional
term loan is 6.80 % pa over
bank rate with minimum
of Rs. 15.30% pa.
Additional Loan is
repayable in 60
EMIs w.e.f. January
2011. Interest as and
when levied. |
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.44.87 |
|
|
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
-- |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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.