MIRA
INFORM REPORT
|
Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GARTECH EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
S. No. 137/138, Chale, Mulshi, Pune-412108, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.06.2001 |
|
|
|
|
Com. Reg. No.: |
11-016213 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.0.500 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2001PTC016213 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporters of Poultry Equipments like Cages, Pan
Feeding, Fans, Foggers, etc |
|
|
|
|
No. of
Employees: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mahesh Bhatkar |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-9822545658 |
|
Date : |
04.11.2011 |
LOCATIONS
|
Registered Office/Factory : |
S. No. 137/138, Chale, Mulshi, Pune-412108, |
|
Tel. No.: |
91-20-65101438 / 24479119 / 24101438 / 64104374 |
|
Mobile No.: |
91-9822545658 (Mr. Mahesh Batkar) |
|
Fax No.: |
91-20-27290586 / 22933675 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3 Acres |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Gartech House", No 128/4, |
|
Tel. No.: |
91-20-6510 1438 / 6510 4374 |
|
Fax No.: |
91-20-2729 0586 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Vijay Sahardchandra Salvekar |
|
Designation : |
Director |
|
Address : |
524, Sind Co-op Society, |
|
Date of Birth/Age : |
02.02.1972 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
07.06.2001 |
|
DIN No : |
00388010 |
|
|
|
|
Name : |
Mr. Devendra Harish Garware |
|
Designation : |
Director |
|
Address : |
G-28, Chidananad Co-op Housing Society, Pashan, Pune-411021, |
|
Date of Birth/Age : |
12.09.1984 |
|
Qualification : |
Marketing MBA |
|
Date of Appointment : |
03.070.2004 |
|
DIN No : |
00388098 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Bhatkar |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Devendra Harish Garware |
|
38599 |
|
Vijay Savalekar |
|
7401 |
|
Sridhar Madhav Apte |
|
4000 |
|
|
|
|
|
Total |
|
50000 |
Equity Share Breakup
(AS ON 30.09.2011)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Poultry Equipments like Cages, Pan
Feeding, Fans, Foggers, etc |
|
|
|
|
Products : |
·
Cage Systems ·
Floor Management Systems ·
Nest systems ·
Environment Control Systems ·
Egg Handling and Processing Systems ·
Feeding Systems ·
Manure Handling systems |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash / Credit (30 Days) |
|
|
|
|
Purchasing : |
L/C / Cash / Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEM’s |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
80 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Central Bnak of India, Pune Camp Branch, 317, M.
G. Road, Pune-411001, Maharashtra, India · Bank of Maharashtra, 364/365, Shrirang House, 2nd Floor, J M Road, Shivaji Nagar, Pune – 411005, Maharashtra, India ·
The Saraswat
Co-operative Bank Limited, ·
Axis Bank, Baner, Pune, ·
Bank of ·
The Saraswat
Co-operative Bank Limited, Hinjwadi Branch, Pune-411019, ·
Standard Chartered Bank, Shrirang House, 2nd
Floor, 364/365, Janglee Maharaj Road, Shivaji Nagar, Pune-411 005,
Maharashtra, India ·
ICICI Bank ·
HSBC
Bank ·
State
Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
in millions) (Rs.
in millions)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S P C M and Associates Chartered Accountant |
|
Address : |
1211-B, Shukrawar Peth, Lane No. 4, Shubhash Nagar, Pune-411002, |
|
Tel. No.: |
91-20-24479119 |
|
Fax No.: |
91-20-24486663 |
|
E-Mail : |
|
|
Income-tax PAN of auditor or auditor’s firm : |
AABFB8864C |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.400 |
0.400 |
|
|
2] Share Application Money |
1.080 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.802 |
15.815 |
12.033 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.382 |
16.215 |
12.433 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
56.628 |
35.300 |
37.011 |
|
|
2] Unsecured Loans |
2.490 |
2.489 |
2.490 |
|
|
TOTAL BORROWING |
59.118 |
37.789 |
39.501 |
|
|
DEFERRED TAX LIABILITIES |
3.714 |
2.972 |
2.128 |
|
|
|
|
|
|
|
|
TOTAL |
90.214 |
56.976 |
54.062 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.705 |
42.692 |
40.095 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.094 |
0.094 |
0.094 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
30.658
|
23.178
|
21.814
|
|
|
Sundry Debtors |
23.790
|
33.440
|
15.771
|
|
|
Cash & Bank Balances |
18.356
|
6.894
|
1.122
|
|
|
Other Current Assets |
0.000
|
0.000
|
1.338
|
|
|
Loans & Advances |
27.508
|
11.846
|
7.777
|
|
Total
Current Assets |
100.312
|
75.358
|
47.822
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
34.912
|
17.222
|
25.890
|
|
|
Other Current Liabilities |
23.400
|
41.374
|
7.386
|
|
|
Provisions |
4.727
|
3.303
|
1.506
|
|
Total
Current Liabilities |
63.039
|
61.899
|
34.782
|
|
|
Net Current Assets |
37.273
|
13.459
|
13.040
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.142 |
0.731 |
0.833 |
|
|
|
|
|
|
|
|
TOTAL |
90.214 |
56.976 |
54.062 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
TURNOVER |
264.483 |
120.073 |
134.690 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14.922 |
5.578 |
1.548 |
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
264.400 |
120.000 |
The above information has been parted by Mr. Mahesh Bhatkar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.82
|
4.72
|
1.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.34
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.46
|
6.33
|
5.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.21
|
1.37
|
LOCAL AGENCY FURTHER INFORMATION
Notes:
Registered Office of
the company has been shifted from SNC 140/3 Behind Tube Investments Lo Tathawade,
Pune-411033, Maharashtra, India shifted to present registered address w.e.f
01.08.2007.
|
Check List by
Info Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
|
3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
Background |
--------- |
|
8) No. of
Employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last three year |
Yes |
|
12)
Profitability for last three years |
Yes |
|
13) Reasons for
variations <> 20% |
No |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
Sister concern |
No |
|
17) Major
Suppliers |
No |
|
18) Major
Customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
Information |
--------- |
|
22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
Yes |
|
25) Conduct of
the banking account |
--------- |
|
26) Buyer visit
details |
--------- |
|
27) Financials,
if provided |
No |
|
28)
Incorporation details, if applicable |
---------- |
|
29) Last account
field at ROC |
---------- |
|
30) Major
Shareholders, if available |
---------- |
FINANCIAL RESULTS:
The Company is mainly engaged in the
business of manufacturing of Poultry Equipments. During the year, the
Company has achieved a turnover/receipts of Rs.264.483 millions against Rs.120.073
millions in the previous year, showing a decrease of 120.27 % over the previous year. The Company's profit before tax for the year recorded a increase of 167.51
% to Rs.14.922 millions as compare to last year Rs.5.578 millions. During the year the
company has recorded export sale amounting to Rs.126.884 millions and is having good export orders in hand.
The company looks forward for a bright future in the coming years, since the company
possesses ample resources, technical know-how and expertise in this industry and full-fledged ready to offer best of it, the
Company will try to continue on it's strategy to offer best products in the
field of Poultry Equipments,
In view of future plans of expansion and diversification,
the directors decided not to recommend any dividend for the year and wish to
plough back the profit for future expansion of the business.
FORM 8:
|
Corporate identity number of the company |
U29299PN2001PTC016213 |
|
Name of the company |
GARTECH EQUIPMENTS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
S. No. 137 / 138, Chale, Mulshi,
Pune-412108, Maharashtra, India E-Mail Id: jain_mr75@yahoo.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the charge
to be modified |
10282946 |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
Central Bank Of India, Pune Camp Branch,
317, M G Road, Pune-411001, Maharashtra, India E-Mail Id: agmpune0658@centralbank.co.in
|
|
Nature of instrument creating charge |
Memorandum Of Entry No. In The Matter Of
Mortgage By Deposit Of Title Deeds. |
|
Date of instrument Creating the charge |
a)
Rate
of Interest
As Determined By Bank. b)
Terms
of Repayment
As Determined By Bank c)
Margin
As Determined By Bank d)
Extent
and operation of the charge The charge covers the sanctioned credit
facilities along with the interest, penal interest and other charges. |
|
Short Particulars of the property charged |
i)
Immovable
properties situated at Gat. No. 137 and 138 Chale Road,Near Paud
Village,Taluka Mulshi,District Pune. ii)
Immovable
properties situated at Gat. No.132 and 135 Chale Road, Mouje Chale ,Taluka
Mulshi,District Pune. iii)
Immovable
properties situated at Gat. No.127 and 128 Mouje Chale ,Taluka
Mulshi,District Pune. |
|
Particulars of the present modification |
The Original charge was created on 23/03/2011
of Rs.62.000 millions inclusive of Cash Credit (CC) of Rs.10.000 millions,
Letters of Credit of Rs.5.000 millions, Term Loan of Rs. 35.000 millions and
Credit Cum Export Bills of Rs.12.000 millions. By this First Modification
term loan was increased by Rs.1.000 million making Total Term Loan of Rs.
36.000 millions. The Grand Total becomes Rs.63.000 millions-.(Term Loan - Rs.
36.000 + CC - Rs 10.000+ PC Cum EBP 1200.0+ Letter of credit 5.000). |
FIXED ASSETS:
·
Computers
·
Building
·
Vehicles
·
Plant and Machinery
·
Furniture and Fixture
·
Electronic Equipment
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.50.28 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.