MIRA
INFORM REPORT
|
Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
GILARD ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
C-132, Phase VII Industrial Area, Sas Nagar, Mohali-160 071, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.05.1983 |
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Com. Reg. No.: |
16-12861 |
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CIN No.: [Company Identification
No.] |
U31909PB1983PTC012861 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PTLG10990A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Electronic Connectors, Switches: Toggle, Solenoid
Valves, Resistors, Air Heaters, Terminal Blocks, Relays, Current Sensing,
Relays, Flasher, Rocker Switches, Switches, Miniature etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 310000 |
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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 specialized in house technologies
items, customers need items 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
|
Registered Office : |
C-132, Phase VII Industrial Area, Sas Nagar, Mohali-160 071, |
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Tel. No.: |
91-172-5020511/5090771/772/5020514 |
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Fax No.: |
91-172-5020514 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Harmohan Singh Sethi |
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Designation : |
Managing Director |
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Address : |
House No.943/944, Phase-3B2, Mohali, |
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Date of Birth/Age : |
01.02.1930 |
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Date of Appointment : |
16.05.1983 |
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Name : |
Mr. Sukhjiv Singh Sethi |
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Designation : |
Director |
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Address : |
House No.943/944, Phase-3B2, Mohali, |
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Date of Birth/Age : |
23.10.1959 |
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Date of Appointment : |
27.06.1983 |
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Name : |
Mr. Khushjiv Singh Sethi |
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Designation : |
Director |
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Address : |
House No.943/944, Phase-3B2, Mohali, |
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Date of Birth/Age : |
16.07.1955 |
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Date of Appointment : |
27.06.1983 |
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Name : |
Mr. Sanjiv Singh Sethi |
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Designation : |
Director |
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Address : |
House No.943/944, Phase-3B2, Mohali, |
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Date of Birth/Age : |
06.09.1960 |
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Date of Appointment : |
12.04.1997 |
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Name : |
Ms. Satnam Kaur |
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Designation : |
Director |
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Address : |
House N.1059, Phase- V, Mohali-160 059, |
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Date of Birth/Age : |
08.08.1965 |
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Date of Appointment : |
02.04.2001 |
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Name : |
Ms. Guneet Kaur |
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Designation : |
Director |
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Address : |
House No.943/944, Phase-3B2, Mohali, |
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Date of Birth/Age : |
08.08.1965 |
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Date of Appointment : |
02.04.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Harmohan Singh Sethi |
|
11000 |
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Khushjiv Singh Sethi |
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4113 |
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Sukhjiv Singh Sethi |
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4113 |
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Sanjiv Singh Sethi |
|
6114 |
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Satnam Kaur |
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2450 |
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Jaspal Kaur |
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13714 |
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Herkiaran Kaur |
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2800 |
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Guneet Kaur |
|
223 |
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Gurmeet Kaur |
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2450 |
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Jasjiv Singh |
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223 |
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Bhupendra Kaur |
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1800 |
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Total |
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49000 |
As on 30.09.2010
|
Category |
Percentage |
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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 and Exporter of Electronic Connectors, Switches: Toggle,
Solenoid Valves, Resistors, Air Heaters, Terminal Blocks, Relays, Current
Sensing, Relays, Flasher, Rocker Switches, Switches, Miniature etc. |
GENERAL INFORMATION
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400 013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
K. B. Lal Chopra and Company Chartered Accountants |
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Address : |
1127, Phase – V, Mohali-160 059, |
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Tel. No.: |
91-172-4628452/4629452 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- Each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000 |
Equity Shares |
Rs.100/- Each |
Rs.4.900
Millions |
Note :
Paid up capital includes 11000 equity shares
allotted as fully paid Bonus Shares.
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 |
4.900 |
4.900 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.503 |
58.299 |
55.981 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.403 |
63.199 |
60.881 |
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LOAN FUNDS |
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1] Secured Loans |
0.183 |
1.060 |
3.073 |
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2] Unsecured Loans |
30.952 |
34.365 |
25.401 |
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TOTAL BORROWING |
31.135 |
35.425 |
28.474 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
108.538 |
98.624 |
89.355 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.561 |
31.575 |
26.039 |
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Capital work-in-progress |
0.000 |
0.000 |
2.498 |
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INVESTMENT |
47.329 |
29.341 |
26.342 |
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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 |
17.089
|
17.761 |
16.062 |
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Sundry Debtors |
25.680
|
23.251 |
27.900 |
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Cash & Bank Balances |
2.955
|
2.627 |
0.193 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
19.748
|
17.209 |
22.597 |
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Total
Current Assets |
65.472
|
60.848 |
66.752 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.729
|
4.692 |
8.742 |
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Other Current Liabilities |
11.080
|
10.342 |
10.322 |
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Provisions |
13.015
|
8.106 |
13.212 |
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Total
Current Liabilities |
30.824
|
23.140 |
32.276 |
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Net Current Assets |
34.648
|
37.708 |
34.476 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
108.538 |
98.624 |
89.355 |
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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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TOTAL |
146.889 |
132.132 |
140.771 |
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Less |
EXPENSES |
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TOTAL |
127.877 |
127.964 |
131.533 |
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PROFIT BEFORE
TAX |
19.012 |
4.168 |
9.238 |
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Less |
TAX |
4.909 |
1.441 |
2.518 |
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PROFIT AFTER TAX
|
14.103 |
2.727 |
6.720 |
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Earnings Per
Share (Rs.) |
287.81 |
55.65 |
137.15 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.60
|
1.09 |
4.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.66
|
4.51 |
9.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.07 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
0.93 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.63 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Operations:
Despite intense and fierce competition in market the company is
competing satisfactorily. During the financial year ended 31.03.2010. theirs companies
business activities resulted in generation of net cash accruals of Rs.23.229
millions as compared to Rs.9.157 millions in year ended 31.03.2009. Net Sales
of the company is Rs.128.246 millions as compared to Rs.116.105 millions in the
previous financial year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
U31909PB1983PTC012861 |
|
Name of the
company |
GILARD
ELECTRONICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
C-132, Phase VII Industrial Area, Sas Nagar, Mohali-160 071, |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400 013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum Recording
Past Transaction Of Creation Of Mortgage By Deposit Of Title Deeds. |
|
Date of
instrument Creating the charge |
20.08.2008 |
|
Amount secured by
the charge |
Rs.14.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On Demand Margin Company shall at
all times during the continuance of this security maintain the said debts of a sufficient amount to
provide the margin of security as may from time to time advised by the Bank. Extent and
Operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as stated under item No. 14 as security for the due
repayment of Rs.14.500 millions by M/s. Gilard Electronics Private Limited
including principal amount of the Facility, interest, liquidated damages,
costs, charges and expenses etc. |
|
Short particulars
of the property charged |
Immovable
property bearing at: Industrial Plot No. C-132, Phase VIII, Industrial Area,
Mohali, Measuring 6833.33 sq. Yrds. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Vehicle
·
Computer
·
Refrigerator
·
Office Equipments
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.44.67 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.63.09 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.