MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
GARUDA CRANES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
704, Varun Vasant Leela Complex Kasar, Wadavali G B Road, Thane -
400607, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.09.2005 |
|
|
|
|
Com. Reg. No.: |
11-155873 |
|
|
|
|
Paid-up Capital
: |
Rs. 1.650 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29150MH2005PTC155873 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEG06117G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG4401A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Hot and Eot Cranes etc |
|
|
|
|
No. of Employees
: |
25 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company is under severe pressure. However,
trade relations are reported as fair. Business is active payments are
reported to be slow. The company can be considered for business dealings on a secured 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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. Madhusudan Ramchandran |
|
Designation : |
Director |
|
Contact No.: |
91-9769990012 |
|
Date : |
24.08.2011 |
LOCATIONS
|
Registered Office : |
704, Varun Vasant Leela Complex Kasar, Wadavali G B Road, Thane - 400607,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9769990012 (Mr. M. Ramchandran) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Office : |
Office No. 5, 1st Floor, Jupiter – 3, Cosmos Regency,
Waghbil Naka, Off Ghodbunder Road, Thane (West), Thane – 400607, Maharashtra,
India |
|
Tel. No.: |
91-22-25971651/67987955 |
|
Fax No.: |
91-22-25971651 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Wada, Thane, Mumbai, Maharashtra, India |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Madhusudan Haleshibum Srinivas Ramchandran |
|
Designation : |
Director |
|
Address : |
704, Varun, Vasant Leela Complex, Kasar Wadavali G B Road, Thane, Maharashtra,
India |
|
Date of Birth/Age : |
12.02.1959 |
|
Date of Appointment : |
05.09.2005 |
|
DIN No.: |
01279159 |
|
|
|
|
Name : |
Mrs. Laxmi Madhusaudan Ramchandran |
|
Designation : |
Director |
|
Address : |
704, Varun, Vasant Leela Complex, Kasar Wadavali G B Road, Thane,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1968 |
|
Date of Appointment : |
05.09.2005 |
|
DIN No.: |
00870654 |
|
|
|
|
Name : |
Mr. Prativadi Bhayankar Kannan |
|
Designation : |
Director |
|
Address : |
73, Padma Chhaya Cooperative Housing Society, Raghavendra Nagar,
Kharadi Road, Pune – 411014, Maharashtra, India |
|
Date of Birth/Age : |
20.12.1938 |
|
Date of Appointment : |
05.09.2005 |
|
DIN No.: |
01244385 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramchand Srinivas Madhusudhan |
|
15500 |
|
Madhusudhan Laxmi |
|
500 |
|
Kannan Bhayankar Prativadi |
|
500 |
|
Total |
|
16500 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Hot and Eot Cranes etc |
|
|
|
|
Products : |
·
Industrial Assemblies o
LT Assembly o
Crab Assembly o
Wheel Assembly o
Rope Drum Assembly o
Snatch Block Assembly ·
Industrial Cranes o
EOT Crane |
|
|
|
|
Exports : |
|
|
Products : |
·
Hot and Eot Cranes |
|
Countries : |
·
Tanzania |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
25 (approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Small Industries Development Bank of India – 1 and
2 Dhanlaxmi Residency, Near Hotel Tip Top Plaza, LBS Road, Thane - 400602,
Maharashtra, India ·
HDFC Bank ·
Kotak Mahindra Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Milind M. Dnyate Chartered Accountant |
|
Address : |
12, Navadarshan, Opposite Naupada Police Station, M.G. Road, Thane –
400602, Maharashtra, India |
|
Tel. No.: |
91-22-25400417 |
|
E-Mail : |
|
|
Pan No.: |
AAOPD1080F |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16500 |
Equity Shares |
Rs. 100/- each |
Rs. 1.650
Million |
|
|
|
|
|
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 |
1.650 |
1.650 |
0.150 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.903 |
|
|
4] (Accumulated Losses) |
(4.545) |
(3.560) |
0.000 |
|
|
NETWORTH |
(2.895) |
(1.910) |
1.053 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.254 |
2.452 |
0.122 |
|
|
2] Unsecured Loans |
0.993 |
1.816 |
1.219 |
|
|
TOTAL BORROWING |
3.247 |
4.268 |
1.341 |
|
|
DEFERRED TAX LIABILITIES |
0.067 |
0.067 |
0.067 |
|
|
|
|
|
|
|
|
TOTAL |
0.419 |
2.425 |
2.461 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.815 |
5.029 |
4.265 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.647 |
0.605 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.500
|
14.500 |
12.425 |
|
|
Sundry Debtors |
0.012
|
(5.502) |
(7.221) |
|
|
Cash & Bank Balances |
1.850
|
0.245 |
1.094 |
|
|
Other Current Assets |
0.125
|
0.282 |
1.292 |
|
|
Loans & Advances |
0.799
|
0.582 |
0.314 |
|
Total
Current Assets |
10.286
|
10.107 |
7.904 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.028
|
11.618 |
9.775 |
|
|
Other Current Liabilities |
1.666
|
1.737 |
0.355 |
|
|
Provisions |
0.000
|
0.018 |
0.200 |
|
Total
Current Liabilities |
14.694
|
13.373 |
10.330 |
|
|
Net Current Assets |
(4.408)
|
(3.266) |
(2.426) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.012 |
0.015 |
0.017 |
|
|
|
|
|
|
|
|
TOTAL |
0.419 |
2.425 |
2.461 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
TURNOVER |
43.088 |
34.497 |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
Deprecation |
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.985 |
(0.449) |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
59.70 |
(27.21) |
|
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
48.000 |
|
|
|
|
|
The above information has been parted by Mr. M. Ramchandran
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.52
|
(2.97) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34)
|
0.24 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(6.20)
|
(9.24) |
11.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70
|
0.76 |
0.77 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS
During the year the company has achieved a turnover of Rs. 43.088
millions. The company has made a loss of Rs. 0.985 million after providing for
taxation.
Form 8:
|
This form is for |
Creation of charge |
||||||
|
Corporate identity number of the company |
U29150MH2005PTC155873 |
||||||
|
Name of the company |
GARUDA CRANES PRIVATE LIMITED |
||||||
|
Address of the registered office or of the
principal place of business in |
704 Varun Vasant Leelacomplex Kasar Wadavali G B Road, Thane, Maharashtra, India |
||||||
|
Type of charge |
Book Debts Movable Property Immovable Property |
||||||
|
Particular of charge holder |
|
||||||
|
Nature of description of the instrument
creating or modifying the charge |
1. Loan Agreement 2. Deed Of Hypothecation
3.Entry No. 49 |
||||||
|
Date of instrument Creating the charge |
26.03.2009 |
||||||
|
Amount secured by the charge |
Rs. 2.500 Millions |
||||||
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest - 13.50% per annum Terms of Repayment - Working capital term
loan repayable immediately on call Margin - 40% Extent and Operation of the charge -
Working capital term loan repayable immediately on call |
||||||
|
Short particulars of the property charged |
All the
immovable and movable properties of the borrower pertaining to
projects of the borrower as described in the Loan Agreements, deed of
hypothecations & entry No. 49 and situated at places mentioned in
attached documents to this form including at Survey No. 8, village Torne,
Vashind Road, Tal. Wada, Dist. Thane-421303. and all present and future
properties of the company. |
Fixed Assets:
·
Air conditioners
·
Computers
·
Factory premises
·
Fan
·
Fax machine
·
Furniture
·
Generator
·
Invertor camera
·
Machinery
·
Mobile phone
·
Office premises
·
Printer
·
Software
·
U.P.S
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.46.02 |
|
|
1 |
Rs.75.43 |
|
Euro |
1 |
Rs.66.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
12 |
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.