MIRA
INFORM REPORT
|
Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
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Name : |
G M MODULAR PRIVATE LIMITED |
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Registered
Office : |
202 Valeram Darashan, No. 5, Malad East, Mumbai-400064, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
25.06.1999 |
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Com. Reg. No.: |
11-120544 |
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Capital
Investment / Paid-up Capital : |
Rs.11.062
Millions |
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CIN No.: [Company Identification
No.] |
U31900MH1999PTC120544 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG09482E |
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PAN No.: [Permanent Account No.] |
AABCG3313Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Switches and Sockets Relays. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 210000 |
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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 an established company having moderate track. The
management of the company has not filed its latest financial with the government
departments. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 DECLINED BY
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Name : |
Ms. Stella |
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Designation : |
Operator |
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Date : |
13.09.2011 |
LOCATIONS
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Registered Office/ Factory : |
202 Valeram Darashan, No. 5, Malad East, Mumbai-400064, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Head Office : |
14/15, Bokadia Industrial Estate, |
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Tel. No.: |
91-22-66790624 |
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Fax No.: |
91-22-66790623 |
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E-Mail : |
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Website: |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Jayantilal Otmal Jain |
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Designation : |
Director |
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Address : |
A/503, |
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Date of Birth/Age : |
04.09.1968 |
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Date of Appointment : |
25.06.1999 |
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01711790 |
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Other Directorship:
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Name : |
Mr. Kishankumar Jugraj Jain |
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Designation : |
Director |
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Address : |
A-302, Vastu Park, Evershine Nagar, Link Road, Malad (West),
Mumbai-400064, Maharashtra, India |
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Date of Birth/Age : |
02.08.1978 |
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Date of Appointment : |
25.06.1999 |
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Din No.: |
01728981 |
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Other Directorship:
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Name : |
Mr. Aakash Ramesh Kumar Jain |
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Designation : |
Director |
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Address : |
D. No. 11-7-4, Varre Ramana ST, Vijayawada-520001, Andhra Pradesh,
India |
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Date of Birth/Age : |
01.08.1988 |
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Date of Appointment : |
01.12.2009 |
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Din No.: |
02803813 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
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Jayantilal O Jain |
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125600 |
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Kishan J Jain |
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85500 |
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Jayantilal O Jain (HUF) |
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35000 |
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Praveen Kumar O Jain (HUF) |
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35000 |
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Fancydevi Ramesh Kumar |
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20000 |
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Jugraj Otmal Jain (HUF) |
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35000 |
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Anju Devi Praveen Kumar |
|
43000 |
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Ramesh Kumar Otmal Jain (HUF) |
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35000 |
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Jugraj Otmal Jian |
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37000 |
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Praveen Kumar O Jain |
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12000 |
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Chayya Gupta |
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100 |
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Pushpadevi Jugraj Jain |
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1000 |
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M Praveen |
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100 |
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P Anju |
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100 |
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Ramesh Kumar Otmal Jain |
|
12500 |
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Nav Marketing Enterprises |
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200 |
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Kumarpal B Banda |
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100 |
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Bishan J Jain |
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12500 |
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Madanlal O Jain |
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2000 |
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Kapil Jain |
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19500 |
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Pinky Jain |
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155000 |
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Sikha Finance and Leasing Limited |
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30000 |
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Umang Housing Private Limited |
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30000 |
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White Lane Shares Private Limited |
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30000 |
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Alka Diamond Industries Limited |
|
50000 |
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Hema Trading Company Private Limited |
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30000 |
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Kush Hindustan Entertainment Limited |
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30000 |
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Real gold Trading Company Private Limited |
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40000 |
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Everframe Trading Company Private Limited |
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42000 |
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44000 |
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Newtree Merchantile Company Private Limited |
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40000 |
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Starview Merchantile Company Private Limited |
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36000 |
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Super House Trading Company Private Limited |
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38000 |
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Total |
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1106200 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Bodies
corporate |
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39.78 |
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Directors
or relatives of directors |
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37.48 |
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Other
top fifty shareholders |
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22.74 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Switches and Sockets Relays. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Oriental Bank of Commerce, Borivali East Branch,
Mumbai-400066, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sanjay and Vijay Associates Chartered Accountant |
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Address : |
23, Kesar Building, Opposite Geeta Bhavan Hotel, 201/211, Princess Street,
Marine Lines, Mumbai-400002, Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1106200 |
Equity Shares |
Rs.10/- each |
Rs.11.062
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.062 |
11.062 |
11.062 |
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2] Share Application Money |
25.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.810 |
18.891 |
19.071 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.872 |
29.953 |
30.133 |
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LOAN FUNDS |
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1] Secured Loans |
4.732 |
6.869 |
5.688 |
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2] Unsecured Loans |
14.682 |
16.959 |
4.049 |
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TOTAL BORROWING |
19.414 |
23.828 |
9.737 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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OTHERS |
0.000 |
0.000 |
0.037 |
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TOTAL |
72.286 |
53.781 |
39.907 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.949 |
24.956 |
19.050 |
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Capital work-in-progress |
0.000 |
1.290 |
1.023 |
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INVESTMENT |
10.000 |
10.000 |
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 |
42.015
|
23.036 |
11.334 |
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Sundry Debtors |
19.335
|
10.129 |
10.867 |
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Cash & Bank Balances |
10.645
|
5.331 |
0.198 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.555
|
1.706 |
6.019 |
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Total
Current Assets |
73.550
|
40.202 |
28.418 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
22.335 |
8.372 |
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Other Current Liabilities |
35.908
|
22.429 |
0.010 |
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Provisions |
0.305
|
0.240 |
0.206 |
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Total
Current Liabilities |
36.213
|
22.669 |
8.588 |
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Net Current Assets |
37.337
|
17.533 |
19.830 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.004 |
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TOTAL |
72.286 |
53.781 |
39.907 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PROFIT / LOSS
BEFORE TAX |
(2.011) |
(0.100) |
0.349 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.04)
|
(0.15) |
0.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.00 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
1.55 |
0.61 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.77 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year under report the company earned net loss before tax of
Rs.2.011 millions.
Bankers Charges
Report as per Registry
|
Name of the company |
G M MODULAR PRIVATE LIMITED |
|
Presented By |
Oriental Bank of Commerce, Borivali East Branch,
Mumbai-400066, |
|
1) Date and description of instrument creating the change |
24th
December 2005 1) Agreement of
term loan for Rs.4.279 million 2) Agreement for
term loan for immovable property for Rs.2.484 million [Both the
documents constitute a combined charge for Rs.6.763 millions] |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.763 millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
At the request of
the borrower, the bank has sanctioned term loan of Rs.6.763 millions to
purchase Gala No. 8, 9, 14 and 15 in the Bokadia Industrial Estate Situated
at Village Valliv, Taluka Vasai, District Thane and for the acquisition of
the plant and machineries and other movable assets in the name of the
company. To secure the due
repayment of the term loan and for all costs interest and other charges
thereon, first charge and hypothecation on 3 injection moulding machine,
power generator DAD with accessories, mould temperature controller. Other
machineries of the company and other movable assets of the company both
present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate of
10.50 p.a. with monthly rest or such other rate as may be decided by the bank
from time to time. Penal interest of
2.00% p.a. in addition to the above rate in case of default. Repayment of term
loan in 60 monthly installments of Rs.0.097 million and Rs.0.057 million each
commencing from April 2006 |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Borivali (East) Branch, 5 to 8 Krishna CHS Limited, Ground Floor,
Shantivan, Shree Krishna Nagar, Borivali (East) Mumbai-400066, |
Fixed Assets:
- Air
Conditioner
- Computer
- Machinery
- Weighing
Scale
- Furniture and
Fixtures
- Dies and
Modules
- Office
Equipments
- Motor Cycle
- Vehicles
As per website
details:
Corporate Profile:
Subject is a company that has redefined switch manufacturing
in
Founded in the year 2002, they have always been in the forefront of innovative home electrical solutions that have exceeded market requirements and expectations.
Their innovations are the result of a strong R and D team which is further complimented by an equally dedicated and capable product design team. Their state-of-the-art manufacturing facilities spread across the country ensure international quality of each and every product that carries the GM logo.
Their excellent sales team works closely with some of the
country’s leading architects, professional installers and also with their
distributors and regular dealers across
Subject is headquartered in Mumbai, the financial capital of
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.47.84 |
|
|
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--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 |
|
27 |
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.