MIRA INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
GMMCO LIMITED |
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Registered Office : |
9/1, R.N. Mukherjee Road, Kolkata – 700001, West Bengal |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.12.1966 |
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Com. Reg. No.: |
026980 |
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Capital
Investment / Paid-up Capital : |
Rs. 48.673 Millions |
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CIN No.: [Company
Identification No.] |
U35202WB1966PLC026980 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG00206D |
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PAN No.: [Permanent
Account No.] |
AABCG0949C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Marketing (Including Rental) of Earthmoving, Mining and
Construction Equipments, Accessories and Spare Parts. Assembling and
Marketing (Including Rental) of Engines and Generating Sets, Accessories and
Spare Parts |
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|
|
|
No. of Employees : |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 12636800 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
Position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular 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 |
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Risk Category |
ECGC
Classification |
|
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 : |
9/1, |
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Tel. No.: |
91-33-39181710 |
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Fax No.: |
91-33-39181706 |
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E-Mail : |
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Website : |
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Regional Office / Rental Stores / Workshops : |
6, GST Road, ST. Thomas Mount, Chennai – 600016, |
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Tel. No.: |
91-44-30686000 |
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Fax No.: |
91-44-30686330 / 40 / 50 / 60 / 70 |
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Regional Offices : |
Mumbai Maker Bhavan No. 2, 18, New Marine Line, 2nd Floor, Mumbai
– 400020, Tel No.: 91-22-22000728 / 22000729 / 22001512 / 22057411 Fax No.: 91-22-22053921 Opp, Tel No.: 91-832-3911822 / 832 Fax No.: 91-832-3911809 38/5, Tel No.: 91-80-25496391 / 92 / 93 Fax No.: 91-80-25496394 Ahmedabad 704, Sakar IV, Opp. Town Hall Ellisbridge, Ashram Road, Ahmedabad –
380006, Gujarat, India Tel No.: 91-79-30041600 / 01 / 02 Fax No.: 91-79-30041620 |
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Regional Office / Rental Stores / Workshops : |
Plot No. G – 15, MIDC, Industrial Area, |
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Tel. No.: |
91-7104-232601 / 02 / 03 / 04 / 05 |
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Fax No.: |
91-7104-237851 |
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Branches : |
Located at: Gandhidham, Rajkot, Bhavnagar, Vapi, Surat, Panvel, Pune, Hubli,
Bijapur, Hospet, Anantpur, Mangalore, Mysore, Malappuram, Aluva, Cochin,
Madurai, Tirunelveli, Nellur, Vijayawada, Bailadila, Chandrapur, Ranchi,
Jabalpur |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Manohar Lal Pachisia |
|
Designation : |
Director |
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Address : |
8 / 12, |
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Date of Birth/Age : |
06.11.1944 |
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Date of Appointment : |
20.11.1996 |
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Name : |
Mr. Prasad Kashi Chaudhary |
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Designation : |
Director |
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Address : |
Flat No. 5, 9th Floor, |
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Date of Birth/Age : |
05.01.1941 |
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Date of Appointment : |
05.12.1997 |
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Name : |
Mr. Jagdish Prasad Chhaochharia |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.11.1931 |
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Date of Appointment : |
08.02.2001 |
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Name : |
Mr. Hariharan Jayaram |
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Designation : |
Director |
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Address : |
Flat No. 11, |
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Date of Birth/Age : |
15.05.1956 |
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Date of Appointment : |
16.07.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Satya Kam Bathwal |
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Designation : |
Secretary |
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Address : |
29 A, |
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Date of Birth/Age : |
09.02.1956 |
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Date of Appointment : |
22.02.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Equity Share
Breakup |
Percentage of
Holding |
|
Category |
|
|
Public finance companies |
0.18 |
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Bodies corporate
|
99.76 |
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Other top fifty shareholders |
0.01 |
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Others |
0.05 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Marketing (Including Rental) of Earthmoving, Mining and
Construction Equipments, Accessories and Spare Parts. Assembling and
Marketing (Including Rental) of Engines and Generating Sets, Accessories and
Spare Parts |
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Products : |
Generic Names of principal Products of Company
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PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
Actual
Production 2010 |
Licensed
Capacity |
Installed
Capacity |
Actual
Production 2009 |
|
Diesel Generating Sets |
Nos. |
946 |
-- |
900 |
846 |
|
Caustic Soda (Excluding Flake conversion) |
MT |
-- |
77930 |
52340 |
13131 |
|
Chlorine Gas (By-Product) Derivative converted from Chlorine Gas |
MT |
-- |
68578 |
46059 |
15269 |
|
|
|
|
|
|
|
|
Liquid Chlorine |
MT |
-- |
58200 |
|
11123 |
|
Calcium Hypochlorite |
MT |
-- |
7200 |
46059 |
1556 |
|
Hydrochloric Acid |
MT |
-- |
29440 |
|
7913 |
|
Sodium Hypochlorite |
MT |
-- |
2310 |
-- |
-- |
|
Compressed Hydrogen |
MT |
-- |
1000000 |
-- |
-- |
|
Caustic Soda |
MT |
-- |
-- |
-- |
4097 |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
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Financial Institutions : |
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Facilities : |
Note: Cash Credit Account are secured by hypothecation of stocks, Book-debts
and other current Assets of the company. Term Loan from HDFC Bank amounting to Rs. 293.750 Millions is secured
by way of 1st charge by deposit of title deed of the company’s
immovable property at Chennai. Term Loan from others amounting to Rs. 7.165 Millions are secured
against hypothecation of specific rented assets purchased against the said
loans. Other secured Loan amounting to Rs. 33.851 Million is secured against
specific rented assets against which such credits have been obtained. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
Singhi and Company, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12500000 |
Equity Shares |
Rs. 10 /- each |
Rs.125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4867275 |
Equity share of Rs 10/- Each Fully Paid up |
Rs. 10 /- each |
Rs. 48.673 Millions |
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|
Note:-
(*) Includes
128075 (128167) Equity Share (After Buyback)
of Rs. 10/- each alloted as fully paid up to the share holder of Erstwhile Hulumchand
Jute and Industries Limited to approved scheme of Amalgamation without payment
being received in cash.
4665200 (5175200) Equity Shares (After
Buyback) alloted as fully paid up Bonus Share by Capitalisation of General
Reserve.
(**) After adjusting Rs. 5100920/- (Rs.
5372090/-) towards buyback of 510092 (537209) equity shares.
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 |
48.673 |
53.774 |
59.146 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3110.534 |
2686.240 |
2282.158 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3159.207 |
2740.014 |
2341.304 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
464.043 |
686.043 |
777.386 |
|
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2] Unsecured Loans |
480.550 |
783.845 |
64.548 |
|
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TOTAL BORROWING |
944.593 |
1469.888 |
841.934 |
|
|
DEFERRED TAX LIABILITIES |
67.600 |
85.800 |
32.300 |
|
|
|
|
|
|
|
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TOTAL |
4171.400 |
4295.702 |
3215.538 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
803.689 |
1531.609 |
1492.928 |
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Capital work-in-progress |
639.022 |
1.954 |
42.576 |
|
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|
|
|
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INVESTMENT |
360.644 |
81.827 |
128.495 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1791.382
|
2511.504
|
1263.977 |
|
|
Sundry Debtors |
1124.555
|
1074.800
|
1306.732 |
|
|
Cash & Bank Balances |
636.012
|
175.049
|
178.914 |
|
|
Other Current Assets |
135.392
|
130.926
|
91.435 |
|
|
Loans & Advances |
181.080
|
200.363
|
139.967 |
|
Total
Current Assets |
3868.421
|
4092.642 |
2981.025 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1430.076
|
1297.250
|
1333.709 |
|
|
Provisions |
70.300
|
115.080
|
96.373 |
|
Total
Current Liabilities |
1500.376
|
1412.330
|
1430.082 |
|
|
Net Current Assets |
2368.045
|
2680.312
|
1550.943 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.596 |
|
|
|
|
|
|
|
|
TOTAL |
4171.400 |
4295.702 |
3215.538 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10742.899 |
10623.918 |
10157.753 |
|
|
|
Other Income |
123.121 |
149.908 |
89.953 |
|
|
|
TOTAL (A) |
10866.020 |
10773.826 |
10247.706 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease)
in Finished Goods |
811.773 |
(1248.024) |
|
|
|
|
Purchase Made for Re |
6175.559 |
8087.528 |
|
|
|
|
Cost of Raw Material |
1075.698 |
987.843 |
8947.904 |
|
|
|
Payment to and Provision for Employees |
521.573 |
529.216 |
|
|
|
|
Operating and Other Expenses |
992.567 |
1143.372 |
|
|
|
|
Excise Duty |
0.000 |
2.082 |
|
|
|
|
TOTAL (B) |
9577.170 |
9502.017 |
8947.904 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1288.850 |
1271.804 |
1299.802 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
69.904 |
103.862 |
71.274 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1218.946 |
1167.942 |
1228.528 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
187.130 |
184.172 |
152.824 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1031.816 |
983.770 |
1075.704 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
355.400 |
439.875 |
374.159 |
|
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|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
676.416 |
543.895 |
701.545 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
630.430 |
536.915 |
124.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
700.000 |
400.000 |
250.00 |
|
|
|
Dividend |
48.673 |
43.019 |
35.487 |
|
|
|
Tax on Dividend |
8.084 |
7.311 |
6.031 |
|
|
BALANCE CARRIED
TO THE B/S |
550.139 |
630.480 |
536.915 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
6.22 |
5.05 |
6.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.49 |
9.26 |
10.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
26.67 |
17.49 |
24.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.36 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47 |
1.05 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57 |
2.90 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Business
Activities:
Main Division:
The Performance of the company has been quite satisfactory considering
impact of global meltdown on Indian economy and the consequent depressed market
conditions for almost 3 quarters of the financial year. During the year supply
of 22 Nos. 240 Ton Dump Trucks (Largest in
Chennai Division:
In terms of approval of the shareholders at court common general meeting
of the shareholders of the company held on 05.01.2009 and order of the Hon’ble
Calcutta High Court dated 23.02.2009 approving the Scheme of Arrangement,
Chennai Division of the company was transferred to Orient Paper and Industries
Limited (OPIL) from the appointed date. Production of Caustic Soda during the
first six months was 17220 M.T.
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Software
- Furniture and
Fixture
- Office
Equipments
- Vehicles
Form 8:
|
Corporate
identity number of the company |
U35202WB1966PLC026980 |
|
Name of the
company |
GMMCO LIMITED |
|
Address of the
registered office or of the principal place of business in |
9/1, R.N. Mukherjee road, Kolkata – 700001, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
HDFC BANK
LIMITED, LOWER PAREL, MUMBAI – 400013, |
|
Nature of
instrument creating charge |
Letter of
Hypothecation of Stocks and Book Debts dated 31.7.2010. |
|
Date of
instrument Creating the charge |
31.07.2010 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As may be mutually agreed upon. Terms of
Repayment :On demand Margin :
Inventory : Uniform margin of 30% on all components of inventory. Book debts :
Margin 25%. Debtors ageing more than
90 days to be excluded. Extent and
Operation of the charge : First pari-passu charge by way of hypothecation on
all the stocks & book debts of the company both present & future. |
|
Short particulars
of the property charged |
First pari-passu
charge by way of hypothecation on all the stocks & book debts of the
company both present & future. |
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.74.31 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
yes |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
no |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
60 |
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.