MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
GIRNAR GEAR PRIVATE LIMITED |
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Registered
Office : |
Plot No.177, MIDC, Waluj,
Aurangabad – 431135, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.02.1997 |
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Com. Reg. No.: |
105849 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U29130MH1997PTC105849 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKG01354D |
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PAN No.: [Permanent Account No.] |
AABCG0522H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gears and Gear Boxes, Precission Machined Components
and Gears. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 45868 |
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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 a well 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.
INFORMATION PARTED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Director |
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Contact No.: |
91-9822038689 |
|
Date : |
27.05.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No.K-177, MIDC, Waluj, Aurangabad
– 431135, Maharashtra, India |
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Tel. No.: |
91-240-2554599 |
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Fax No.: |
91-240-2563198 |
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E-Mail : |
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Website : |
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Area : |
5000sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 21.06.2010
|
Name : |
Mr. Fulchand Nitin Patni |
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Designation : |
Director |
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Address : |
Flat No. 9, Govardhan Complex, Kharakuva, Aurangabad – 431001,
Maharashtra, India |
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Date of Birth/Age : |
21.01.1973 |
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Date of Appointment : |
14.02.1997 |
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|
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Name : |
Mr. Nitin Anupama Patni |
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Designation : |
Director |
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Address : |
Flat No. 9, Govardhan Complex, Kharakuva, Aurangabad – 431001,
Maharashtra, India |
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Date of Birth/Age : |
14.11.1975 |
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Date of Appointment : |
14.02.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Fulchand Nitin Patni |
|
49863 |
|
Nitin Anupama Patni |
|
87 |
|
Sukhlal Fulchand Patni |
|
50 |
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Total |
|
50000 |
AS ON 21.06.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Gears and Gear Boxes, Precission Machined Components
and Gears. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
20 |
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Bankers : |
Small Industries Development Bank of India, Jeevan Suman, Lic Building,
1st Floor, N-5, Cidco, Aurangabad - 431003,
Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Patil and Associates Chartered Accountant |
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Address : |
Veer Shanti, Kranti Chowk, Aurangabad – 431005, Maharashtra, India |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
40.000 |
Expected Sales (2011-2012) : Rs.50.000 Millions
The above information has been parted by Mr. Nitin Patni (Director).
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.967 |
8.473 |
6.164 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.467 |
8.973 |
6.664 |
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LOAN FUNDS |
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|
1] Secured Loans |
1.885 |
0.662 |
1.015 |
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2] Unsecured Loans |
1.686 |
1.559 |
1.591 |
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TOTAL BORROWING |
3.571 |
2.221 |
2.606 |
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DEFERRED TAX LIABILITIES |
0.207 |
0.432 |
0.429 |
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TOTAL |
15.245 |
11.626 |
9.699 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.047 |
7.358 |
8.149 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.203 |
0.182 |
0.182 |
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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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|
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Inventories |
0.509
|
0.455 |
0.561 |
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Sundry Debtors |
7.752
|
6.825 |
7.241 |
|
|
Cash & Bank Balances |
1.024
|
1.622 |
0.482 |
|
|
Other Current Assets |
0.501
|
1.670 |
1.470 |
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|
Loans & Advances |
0.779
|
1.652 |
0.697 |
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Total
Current Assets |
10.565
|
12.224 |
10.451 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
6.313
|
5.934 |
7.769 |
|
|
Provisions |
1.257
|
2.204 |
1.314 |
|
Total
Current Liabilities |
7.570
|
8.138 |
9.083 |
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|
Net Current Assets |
2.995
|
4.086 |
1.368 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.245 |
11.626 |
9.699 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
32.299 |
36.929 |
24.136 |
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Other Income |
0.189 |
0.270 |
0.407 |
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TOTAL |
32.488 |
37.199 |
24.543 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.547 |
4.524 |
3.848 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.273 |
1.128 |
1.237 |
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PROFIT BEFORE
TAX |
2.274 |
3.396 |
2.611 |
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Less |
TAX |
0.278 |
0.828 |
0.828 |
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PROFIT AFTER TAX
|
1.996 |
2.568 |
1.783 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.14
|
6.90 |
7.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.04
|
9.19 |
10.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.03
|
17.34 |
14.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.38 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.97
|
1.15 |
1.75 |
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Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.50 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
Sundry Creditors details are not available
FORM 8:
|
Corporate identity number of the company |
U29130MH1997PTC105849 |
|
Name of the company |
GIRNAR GEARS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
PLOT NO.K-177, MIDC, Waluj, Aurangabad –
431133, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property Movable Property Others |
|
Particular of charge holder |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
|
Nature of instrument creating charge |
01. Entry No. 126. 02. Loan Agreement 03. Deed of Hypothecation. |
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Date of instrument Creating the charge |
08/11/2010 |
|
Amount secured by the charge |
Rs.9.800 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 10% with monthly rests. Terms of Repayment 60 monthly installment of Rs. 0.130
Million Margin 25% Extent and Operation of the charge Exclusive First Charge By Way of
Hypothecation In Favour of Sidbi on All The Movable Assets of The Company
Including Plant, Machinery, Equipments, Spares, Tools, Accessories,
Furniture, Fixtures and Fittings, Office Equipments, Computers And Other
Movables Assets Present And Future Under The Projects / Scheme Financed By
Sidbi. |
|
Short particulars of the property charged |
All those piece and parcel of Land,
admeasuring 800 sq. mtrs., bearing Plot No. K-177, in the Waluj Industrial
Area, within the village limits of Ranjangaon and outside limits of
Aurangabad Municipal Corporation in the rural area, Tq. & Registration
Sub-District Gangapur, Dist. and Reg. Dist. Aurangabad Together with all
building and structure thereon and plant & machinery attached to earth or
permanently fastened to anything attached to earth. Exclusive First Charge on
Ace-CNC Lathe Supper Jobber, 3Axes CNC Cam Lobe Grinding Machine, CNC Cam
Milling Machine, Measuring Instrument, Voltage Stablizer, CNC- Verticle
Machining Center, acquired from Bharat Fritz Werner Limited. |
|
Date of instrument modifying the charge |
24/07/2009 |
|
Particulars of the present modification |
Rs. 2.000 Millions Term Loan I Rs. 7.800 Millions Fresh Term Loan II --------------------- Rs. 9.800 Millions ============ |
TRADE REFERENCES:
·
Greaves Limited
·
International Combustion
Limited
·
Premium Energy
Transmission Limited
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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.