MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GRAS IMPEX PRIVATE LIMITED |
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Registered Office : |
Shop No. 2, Sunder Ville, S V Road, Santacruz (W), Mumbai-400054,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.08.1995 |
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Com. Reg. No.: |
11-092122 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company
Identification No.] |
U51900MH1995PTC092122 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG05504C |
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PAN No.: [Permanent
Account No.] |
AACG8073G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of LLumar Window Films. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 64000 |
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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 an 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office / Head Office : |
Shop No. 2, Sunder Ville, |
|
Tel. No.: |
91-22-26611051/52/53 |
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Fax No.: |
91-22-25611054 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Warehouse : |
Located at Bhivandi |
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Branches : |
Kolkata Address : Nigam Centre Room No. 216, 2nd Floor, 155, Lenin
Sarani, Kolkata-700013, West Bengal, Tel. No. 91-40-32937613/28310641 New Delhi Address : 406, Gurungad Bhavan, 71, Tel. No. : 91-11-6411999/24525364 25/1, Shamrao Compound, Tel. No. : 91-80-22107338/9 |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mrs. Binita Sanjiv Zaveri |
|
Designation : |
Director |
|
Address : |
603, Prime Avenue, |
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Date of Birth/Age : |
04.01.1966 |
|
Date of Appointment : |
09.11.1998 |
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PAN No. : |
AAAPZ1499G |
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|
|
|
Name : |
Mr. Sanjiv Surakant Zaveri |
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Designation : |
Director |
|
Address : |
603, Prime Avenue, |
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Date of Birth/Age : |
07.12.1967 |
|
Date of Appointment : |
09.11.1998 |
|
PAN No.: |
AACPZ5312Q |
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|
|
|
Name : |
Mr. Suryakant P Zaveri |
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Designation : |
Director |
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Address : |
4/B, Suresh Colony, |
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Date of Birth/Age : |
16.06.1931 |
|
Date of Appointment : |
18.12.2003 |
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PAN No.: |
AAEPZ0682K |
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Name : |
Mrs. Meeta S Zaveri |
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Designation : |
Director |
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Address : |
A/1, Anand Bhavan, 45, |
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Date of Birth/Age : |
21.02.1962 |
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Date of Appointment : |
19.02.2004 |
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PAN No.: |
AAEPZ9746N |
KEY EXECUTIVES
|
Name : |
Mr. Pandey |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanjiv S Zaveri |
|
2500 |
|
Binita S Zaveri |
|
2500 |
|
Suryakant P Zaveri |
|
2500 |
|
Meeta S Zaveri |
|
2500 |
|
Total |
|
10000 |
AS ON 30.09.2010
|
Equity share
breakup |
|
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of LLumar Window Films. |
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Products : |
Ř
Window Films/ Acrylic Sheet Ř
Car Accessories |
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Imports : |
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Products : |
LLumar Window Films |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users, OEM’s |
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Bankers : |
Ř
The Saraswat Co-operative Bank Limited, Andheri (E)
Branch, Raja Shopping Centre, New Nagardas Road, Andheri(E), Mumbai-400069,
Maharashtra, India. Ř
Bank
of Ř
The Saraswat Co-operative Bank Limited, Bholanath
Co-Operative Housing Society, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Damji Merchant and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-22-22663819/22660359 |
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Fax No.: |
91-22-22620650 |
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E-Mail : |
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PAN No.: |
AAAFD0616R |
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Associates/Subsidiaries : |
[As On
31.03.2009] Ř
Bhavi Motors Private Limited Ř
Bhavi Traders Ř
Bhavi Decorators |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- Each |
Rs. 0.500 Million |
|
|
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|
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Issued, Subscribed & Paid-up Capital :
|
|
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Share |
Rs.10/- Each |
Rs. 0.100
Million |
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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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.912 |
15.980 |
16.165 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.012 |
16.080 |
16.265 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
29.297 |
21.757 |
14.375 |
|
|
2] Unsecured Loans |
1.584 |
5.031 |
1.304 |
|
|
TOTAL BORROWING |
30.881 |
26.788 |
15.679 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
49.893 |
42.868 |
31.944 |
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
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|
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|
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FIXED ASSETS [Net Block] |
3.958 |
4.954 |
4.125 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.025 |
|
|
DEFERREX TAX ASSETS |
0.361 |
0.116 |
0.052 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.236 |
29.605 |
18.939 |
|
|
Sundry Debtors |
34.622 |
16.678 |
17.501 |
|
|
Cash & Bank Balances |
4.472 |
2.547 |
3.838 |
|
|
Other Current Assets |
1.223 |
2.122 |
1.304 |
|
|
Loans & Advances |
7.309 |
8.123 |
7.832 |
|
Total
Current Assets |
71.862 |
59.075 |
49.414 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
21.760 |
15.798 |
14.276 |
|
|
Provisions |
4.553 |
5.504 |
7.396 |
|
Total
Current Liabilities |
26.313 |
21.302 |
21.672 |
|
|
Net Current Assets |
45.549 |
37.773 |
27.742 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
49.893 |
42.868 |
31.944 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
Total Income |
141.313 |
116.629 |
105.417 |
|
|
|
|
|
|
|
|
|
Less |
Total Expenditure |
136.844 |
116.100 |
97.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.469 |
0.529 |
7.492 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.420 |
0.714 |
2.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.049 |
(0.185) |
4.495 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.130 |
14.315 |
10.436 |
|
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
0.305 |
0.000 |
NA |
|
|
|
Appropriations |
0.116 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
16.758 |
14.130 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
38.118 |
34.044 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
305 |
(185) |
449 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.16 |
(0.16)
|
4.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.89 |
0.83
|
13.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.03
|
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.01 |
2.99
|
2.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.73 |
2.77
|
2.28 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The business of the company is that of trading and installation of films
and Acrylic sheets which are to be used in Architectural and Automotive use.
The company has also started dealing
into car Accessories during the year.
NOTE:
The registered office of the company has been shifted from 1, Parasrampuria
Apartstps 6, Santacruz (W), Mumbai-400054,
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
Gras Impex
Private Limited |
|
Presented
By |
Bank Of |
|
1) Date and description of instrument creating the change |
Hypothecation of
tangible movable property dated 25.03.2003. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock of flat glass
films of various types used in automotive industry. Construction industry and
various other industries including therein the stocks thereof for the time
being whether raw or manufactured or in process of manufacture. And also all
producers goods and any an every tangible movable property of the borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
@2.06% p.a. BOIPLR Minimum @1% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank Of |
|
6) Date and brief description of instrument modifying the charge |
Dated 12.05.2005 Supplemental
Agreement of Hypothecation |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Past modification dated 12.05.2004 Original charge
was created of 25.03.2003 registered on 20.05.2003 under doc no 25. The
charge is enhanced from Rs.0.500 million to Rs.1.500 million by an additional
limit of Rs.0.500 million registered on 07.06.2004 under doc no 32. Present Modification By the present
modification dated 12.05.2005 the charge is enhanced from Rs.1.500 million to
Rs.3.000 million by an additional limit of Rs.1.500 million. |
|
Corporate
identity number of the company |
U51900MH1995PTC092122 |
|
Name of the
company |
GRAS IMPEX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
SHOP NO. 2, SUNDER VILLE, S. V. ROAD, SANTACRUZ (WEST), MUMBAI
-400054, Maharashtra, INDIA |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10014022 |
|
Type of charge |
·
Book debts ·
Movable property ·
Floating charge |
|
Particular of
charge holder |
The Saraswat Cooperative Bank Limited SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile
Parle East, Mumbai -400057, Maharashtra, INDIA |
|
Nature of
instrument creating charge |
Deed of Hypothecation for Additional Advances (Supplementary Deed) |
|
Date of
instrument Creating the charge |
22.09.2010 |
|
Amount secured by
the charge |
Rs. 45.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% p.a. or at such rate as maybe determined by the bank from time to
time Terms of repayment On demand Margin 30% in bank's favour Extent and operation of the charge
This is cash credit facility |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of stock ,debtors
tangible movable property (both present and future) belonging to the
borrowers and lying and being at the borrowers place of business at Shop no 2,
Sundervilla, S.V. Road, Santacruz West, Mumbai and gala no C1 to C5
Globcomplex Owali Village Valpada Dapoda
or whereverelse the same maybe. Hypothecation of bookdebts,
monies, receivable, outstandings, claims and bills. |
|
Date of
instrument modifying the charge |
31.10.2009 |
|
Particulars of
the present modification |
The cash credit limit is enhanced from
Rs 30.000 Millions to Rs 45.000 Millions (additional Rs 15.000
Millions) |
FIXED ASSETS:
- Office Equipments
- Telephone
- Computer Systems
- Electrical Installations
- Motor Car
- Furniture and Fixtures
AS PER WEB DETAILS:
Company Profile:
Subject is a concern incorporated in Oct., 1995 and operational since 1999, has been into marketing of glass treatment films (polyester based) solution to automobile car owners and building industry to fulfill their need of lowering solar heat as well as beautifying the interiors i.e. decorative films to enhance interior glass looks.
They in fact are the pioneers in providing solutions to customers who are looking out for securing their car or building windows through their unique offering – high impact resistant security films.
The four promoter directors are true professionals and have vast experience in marketing varied kind of products. Their combined marketing experience of over 60 years is strikingly impressive. In fact the whole idea of forming a company dedicated to marketing of polyester based films was conceived during the earlier years of their being together. The idea being a dedicated company with proper time devotion and managed by professionals would have a much better focus on marketing and would deliver the desired results.
Their first brand launch in 1999 was Solar Guard; from
The national market hitherto dominated by Local manufacturers or smuggled low quality brands. In spite of the daunting situation, the reasonably great success of an international brand in such a short period of time gave the directors enough faith, confidence in themselves and their team to approach on the world leading manufacture of polyester based film products- CP Films USA.
Subject has their head office in Mumbai with three branch
offices in
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.