MIRA
INFORM REPORT
|
Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GABBAR INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 3606, Shed No.1, Krishna Industrial Estate, GIDC, Phase-4,
Ahmedabad-380045, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.08.2007 |
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Com. Reg. No.: |
04-051632 |
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Capital
Investment/ Paid-up Capital: |
Rs.6.300 millions |
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CIN No.: [Company Identification
No.] |
U29100GJ2007PTC051632 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG03835G |
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PAN No.: [Permanent Account No.] |
AACCG9167F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of jumbo bag for packing industries like fertilizers,
sugar, rice, flour, cattle and powder milk etc. |
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No. of
Employees: |
10 (Approximately) (Office 4 + Factory 6) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 30000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Profitability of the company
appears to be low. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for small business dealings with some
caution. |
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 |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Minesh Panchal |
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Designation : |
Director |
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Contact No.: |
91-9879039000 |
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Date : |
12.11.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 3606, Shed No.1, Krishna Industrial Estate, Vatva Gidc Phase-4,
Ahmedabad-380045, Gujarat, India |
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Tel. No.: |
91-79-65256456 / 25840048 / 25840083 |
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Mobile No.: |
91-9879039000 (Mr. Minesh Panchal) |
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Fax No.: |
91-79-40083226 / 25840083 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Minesh Manilal Panchal |
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Designation : |
Director |
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Address : |
8, Tapasvi society, B/h. Vandevi Society, Cadila Road, Ghodasar,
Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
13.10.1982 |
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Date of Appointment : |
30.08.2007 |
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DIN No : |
01468797 |
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Name : |
Mr. Manilal Hiralal Panchal |
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Designation : |
Director |
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Address : |
8, Tapasvi society, B/h. Vandevi Society, Cadila Road, Ghodasar,
Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
01.06.1952 |
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Date of Appointment : |
09.06.2011 |
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DIN No : |
03548614 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
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Names of Shareholders |
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No. of Shares |
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Minesh Panchal |
|
180000 |
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Manilal Panchal |
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180000 |
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Taraben Panchal |
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180000 |
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Riddhi Panchal |
|
90000 |
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Total |
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630000 |
Equity Share Breakup
(AS ON 30.09.2011)
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of jumbo bag for packing industries like fertilizers,
sugar, rice, flour, cattle and powder milk etc. |
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Products : |
·
Bag Closing Systems ·
Automatic Pedestal Column ·
Pedestal Column With Slat Conveyor ·
Belt Conveyor With Incorporated Pedestal Column ·
Jumbo Bag Making Machine ·
Both Side Stitching and Cutting Machine for
u-panel Type Jumbo Bag ·
Automatic Belt Cutting With twin Marking System
for Fibc ·
Jumbo Bag Cutting Machine ·
Pedestal Collumn ·
Conveyor ·
Cutting Machine
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Actual
Production |
|
Automative Machinery and Assembly |
No(s) |
231 |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
10 (approximately) (Office 4 + Factory 6) |
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Bankers : |
·
Dena Bank, Branch Mani Nagar, Ahmedabad, ·
HDFC Bank, Branch Vatva, Ahmedabad, Gujarat,
India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P Doshi and Associates Chartered Accountants |
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Address : |
306, Rajkamal Plaza-A, Opposite Old High Court, Ashram Road,
Ahmedabad-380014, Gujarat, India |
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Income-tax PAN
of auditor or auditor’s firm : |
AATPD0977G |
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Enterprise controlled by Key Management : |
·
Gabbar Engineering Company ·
Girnar Machinery Manufacturing Company ·
Ash Tech Engineering Company |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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630000 |
Equity Share |
Rs.10/- each |
Rs.6.300
millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.300 |
6.300 |
6.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.407 |
0.909 |
0.202 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.707 |
7.209 |
6.502 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.180 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.180 |
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DEFERRED TAX LIABILITIES |
0.296 |
0.247 |
0.188 |
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TOTAL |
8.003 |
7.456 |
6.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.986 |
4.774 |
4.856 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
5.202
|
1.946
|
1.631 |
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Sundry Debtors |
1.154
|
2.099
|
0.175 |
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Cash & Bank Balances |
1.113
|
0.643
|
1.184 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
0.465
|
0.200
|
0.297 |
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Total
Current Assets |
7.934
|
4.888
|
3.287 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
3.406
|
1.849
|
1.266 |
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Other Current Liabilities |
1.521
|
0.380
|
0.089 |
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Provisions |
0.034
|
0.065
|
0.051 |
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Total
Current Liabilities |
4.961
|
2.294
|
1.406 |
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Net Current Assets |
2.973
|
2.594
|
1.881 |
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MISCELLANEOUS EXPENSES |
0.044 |
0.088 |
0.133 |
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TOTAL |
8.003 |
7.456 |
6.870 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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TURNOVER |
10.445 |
9.898 |
4.262 |
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Less |
EXPENSES |
9.735 |
8.982 |
3.884 |
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PROFIT BEFORE
TAX |
0.710 |
0.917 |
0.378 |
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Less |
TAX |
0.212 |
0.209 |
0.120 |
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PROFIT AFTER TAX |
0.498 |
0.708 |
0.258 |
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Earnings Per
Share (Rs.) |
0.79 |
1.12 |
0.41 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.80
|
7.15
|
6.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.49
|
9.49
|
4.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.13
|
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.32
|
0.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.60
|
2.13
|
2.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
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3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
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6) Line of
Business |
Yes |
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7) Promoter’s
Background |
--------- |
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8) No. of
Employees |
Yes |
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9) Name of
person contacted |
Yes |
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10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last two year |
Yes |
|
12)
Profitability for last three years |
No |
|
13) Reasons for
variations <> 20% |
No |
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14) Estimation
for coming financial year |
No |
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15) Capital in the
business |
Yes |
|
16) Details of
Sister concern |
--------- |
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17) Major
Suppliers |
No |
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18) Major
Customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
--------- |
|
21) Market
Information |
--------- |
|
22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
No |
|
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 has earned
Profit before Tax of Rs.0.710 million. After providing for Rs. 0.213 million
for taxation including deferred tax the balance amount Rs. 1.407 millions being profit
after tax and including balance Profit as per last year has been carried to
Balance Sheet. The directors do not recommend any dividend.
NOTE:
The Company was a Partnership Firm established in the year 2004. It has
being changed to Private Limited and the Incorporation Date Aug-2007. It has
started its business from April-2008.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Research Development
- Electrification
- Computers
- Vehicles
- Air condition
- Fingerprint time and attendance sys
- Fast Dome Camera
- Furniture
TRADE REFERENCES:
·
Plastiblends India Limited
·
Jasubhai Engineering Private 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.50.08 |
|
|
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.