MIRA INFORM REPORT
|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Pirojsha nagar,
Vikhroli, Mumbai – 400079, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.03.1932 |
|
|
|
|
Com. Reg. No.: |
11-001828 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 66.291 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28993MH1932PLC001828 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG06742B MUMG05774G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG1395D |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing and Marketing of Consumer Durables, Office
Equipments and Industrial Products. |
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|
|
|
No. of Employees
: |
10000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 92900000 |
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|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established and a reputed Godrej group company having fine track. It is reported that Mr. J N Godrej, chairman of the board of directors and the managing directors of the company was conferred the “Padma Bhushan” award in recognition of his distinguished service of high order to the nation in the field of trade and economic activity. Financial position of the company appears to be sound. Trade relations are reported as fair. Directors are reported to be experienced and respectable businessmen. Payments are 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Pirojsha Nagar, Vikhroli, Mumbai - 400079, Maharashtra, India |
|
Tel. No.: |
91-22-67961300/ 67965106/ 67965656-5959 |
|
Mobile No.; |
91-9545553955 (Mr. V.V.V. Shivdas) |
|
Fax No.: |
91-22-67961518/ 67961509 |
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E-Mail : |
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|
Website : |
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Factory 2 : |
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Branch Office : |
Located at: ·
Mumbai ·
Ahmedabad ·
·
·
Bhubaneshwar ·
Kolkata ·
·
·
·
·
·
Guwahati ·
·
·
·
Jaipur ·
·
·
·
Chennai ·
·
·
Pune ·
·
·
·
|
DIRECTORS
As on 27.09.2012
|
Name : |
Mr. Jamshyd Naoroji Godrej
|
|
Designation : |
Chairman and Managing Director |
|
Address : |
40-D, B.G. Kher Marg, Malabar Hill, Mumbai - 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
24.01.1949 |
|
Qualification : |
B.S., (Mech.Engg.) (Illinois Institute of Technlogy, Chicago) |
|
Date of Appointment : |
01.04.2011 |
|
Voter ID No.: |
MT/04/024/099982 |
|
DIN No.: |
00076250 |
|
|
|
|
Name : |
Mr. Ardeshir Burjorji Godrej |
|
Designation : |
Director |
|
Address : |
Godrej House, 67H, Walkeshwar Road, Opposite Birla Public School,
Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
03.04.1942 |
|
Qualification : |
B.S., M.S. (Engg. and Indl. Mgmt.) (MIT, USA) |
|
Date of Appointment : |
30.04.1973 |
|
Voter ID No.: |
MT/04/024/273279 |
|
DIN No.: |
00065964 |
|
|
|
|
Name : |
Mr. Nadir Burjorji Godrej |
|
Designation : |
Director |
|
Address : |
40-D, B.G. Kher Marg, Malabar Hill, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
26.08.1951 |
|
Qualification : |
B.S. (Chem.Engg) (MIT, USA); M.S. (Chem.Engg.) (Stanford, USA) M.B.A. (Harvard, USA) |
|
Date of Appointment : |
27.09.1990 |
|
Voter ID No.: |
MT/04/024/099721 |
|
DIN No.: |
00066195 |
|
|
|
|
Name : |
Mr. Vijay Mohan Crishna |
|
Designation : |
Whole-time director |
|
Address : |
A-261, Grand parade Apts. Off August Kranti Marg, Mumbai – 400026,
Maharashtra, India. |
|
Date of Birth/Age : |
08.03.1945 |
|
Qualification : |
B.A. (Economics) (Hons.) |
|
Date of Appointment : |
01.04.2011 |
|
Voter ID No.: |
MT/04/024/009615 |
|
DIN No.: |
00066267 |
|
|
|
|
Name : |
Mr. Kavas Noshirwan Petigara |
|
Designation : |
Director |
|
Address : |
801, Citadel, 18-B, Ruparel Marg, Maharashtra, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
10.07.1948 |
|
Qualification : |
B.S, S.M. (Ch.E.) (MIT, USA) |
|
Date of Appointment : |
29.09.1988 |
|
Voter ID No.: |
MT/04/024/108029 |
|
DIN No.: |
00066162 |
|
|
|
|
Name : |
Mr. Phiroze Dinshaw Lam
|
|
Designation : |
Whole-time director |
|
Address : |
21/23 Mistry Park, 77 B Desai Road, Mumbai – 400 036, Maharashtra,
India |
|
Date of Birth/Age : |
06.03.1945 |
|
Qualification : |
B.A., LLB, Solicitor |
|
Date of Appointment : |
01.04.2011 |
|
Voter ID No.: |
MT/04/024/240827 |
|
DIN No.: |
00066218 |
|
|
|
|
Name : |
Mr. Kyamas Ardeshir Palia |
|
Designation : |
Whole-time director |
|
Address : |
7C, Wadia Street, Tardeo, Mumbai – 400 034, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1945 |
|
Qualification : |
M.Com., D.M.A., FCA, FICWA, Ph.D. (USA) |
|
Date of Appointment : |
01.04.2011 |
|
Voter ID No.: |
MT/04/024/465963 |
|
DIN No.: |
00281971 |
|
|
|
|
Name : |
Mr. Pradip Panalal Shah |
|
Designation : |
Director |
|
Address : |
72-A, Embassy Apartments, 46 Napean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
07.01.1953 |
|
Qualification : |
B.Com., C.A., ICWA, M.B.A. (Harvard, USA) |
|
Date of Appointment : |
10.08.2004 |
|
Voter ID No.: |
JRW 1344530 |
|
DIN No.: |
00066242 |
|
|
|
|
Name : |
Mrs. Anita Ramchandran |
|
Designation : |
Director |
|
Address : |
2401-2402, ‘A’ Wing, Raheja Atlantis, Ganpatrao Kada, M Marg, Worli
Naka, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1955 |
|
Qualification : |
B.Com., M.B.A. |
|
Date of Appointment : |
10.09.2007 |
|
DIN No.: |
00118188 |
|
|
|
|
Name : |
Mr. Anil Kumar Verma |
|
Designation : |
Whole time Director |
|
Address : |
902-B, Fantasia, Raheja garden, LBS Road, Thane – 400 604,
Maharashtra, India |
|
Date of Birth/Age : |
22.06.1957 |
|
Qualification : |
B.Tech (Elec.) PGDBM (IIM, Ahmedabad) |
|
Date of Appointment : |
01.04.2011 |
|
Voter ID No.: |
ZMH3498706 |
|
DIN No.: |
02366334 |
|
|
|
|
Name : |
Mr. Navroze Jamshyd Godrej |
|
Designation : |
Director |
|
Address : |
40-D, B.G. Khar Marg, Malabar Hill, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
10.06.1982 |
|
Qualification : |
B.A. (Mass Comm. and French) |
|
Date of Appointment : |
23.08.2010 |
|
DIN No.: |
03049821 |
|
|
|
|
Name : |
Mr. Keki Manchersha Elavia |
|
Designation : |
Additional director |
|
Address : |
2A, Anand Bhavan, 36th Road, Bandra West, Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
09.04.1946 |
|
Date of Appointment : |
00003940 |
|
Voter ID No.: |
MT/08/036/0322815 |
|
DIN No.: |
01.05.2012 |
KEY EXECUTIVES
|
Name : |
Percy Erach Fouzdar |
|
Designation : |
Secretary |
|
Address : |
B-13, Godrej Baug, Off Napeansea Road, Mumbai-400026, Maharashtra,
India |
|
Date of Birth/Age : |
17.06.1956 |
|
Date of Appointment : |
22.11.1994 |
|
PAN No.: |
AAAPF2250R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2012
Note: Major Shareholders File Attached
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2012
|
Category |
Percentage |
|
Bodies corporate |
26.77 |
|
Directors or relatives of Directors |
49.47 |
|
Other top fifty shareholders |
23.76 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Consumer Durables, Office Equipments
and Industrial Products. |
||||
|
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|
||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
PARTICULARS |
Unit |
Installed Capacity |
Actual production |
|
|
|
|
|
|
Steel Furniture |
Tonnes |
60000 |
49476 |
|
Security Equipment |
Tonnes |
21000 |
14353 |
|
Typewriters |
Nos. |
40000 |
-- |
|
Locks |
Nos. |
4740000 |
1199377 |
|
Home Appliances |
Nos. |
2100000 |
1396395 |
|
Furniture and Fixtures [primarily of metal] |
Nos. |
1050000 |
248719 |
|
Press Tools, Jigs, Fixtures, Gauges, Dies, Cutting Tools, etc. |
Rs. ‘000 |
1000000 |
1508920 |
|
Process Plant and Equipment |
Rs. ‘000 |
4000000 |
3579752 |
|
Forklift Trucks |
Nos. |
2400 |
2234 |
|
Electric Motors |
Nos. |
1520000 |
73950 |
|
Ready Mix Concrete |
M3 |
334500 |
219412 |
NOTES:
1. Installed
Capacity is as certified by the Management and accepted by the Auditors.
2. Unless otherwise
stated, actual production is inclusive of quantities used internally.
3. For Electric
Motors (item 10 above), Actual Production does not include production of motor
parts/components and production on job work basis.
4. The production of
Typewriters has been discontinued since October 2009.
5. The production
of Furniture and Fixtures (primarily of metal) in a new industrial undertaking
set up by the Company, commenced from 17th November 2009.
6. Figures in brackets pertain to the previous year.
GENERAL INFORMATION
|
No. of Employees : |
10000 (Approximately) |
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|
Bankers : |
Housing
Development Finance Corporation Limited Ramon House,
169,Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India Export-Import
Bank of India, Centre One Building, Floor 21, World Trade Centre Complex,
Cuffe parade, Mumbai – 400 005, Maharashtra, India |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwala and Mistry Chartered Accountants |
|
Address : |
|
|
Address : |
AAAFK7554R |
|
|
|
|
Direct
Subsidiaries (with the Company’s direct equity holdings in excess of 50%) :: |
|
|
|
|
|
Step-down subsidiaries
(where the Company’s subsidiaries listed in A above, hold more than 50% of
the equity share capital): |
Subsidiary of
Godrej (Malaysia) Sdn. Bhd.: GandB Enterprises (Mauritius) Private Limited (incorporated in
Mauritius) Subsidiary and
sub-subsidiary of Godrej (Singapore) Pte. Limited (GSPL): Subsidiary of
GSPL:
Subsidiary of
JTDPL
Subsidiaries of
Veromatic International BV:
Subsidiaries and
Sub-subsidiaries of Godrej Industries Limited (GIL) : Subsidiaries of
GIL :
(Godrej International Limited
(incorporated in the Isle of Man)
Subsidiaries of
GAVL :
Subsidiaries of
GPL :
With effect from
1st April, 2011, Godrej Oil Palm Limited, Cauvery Palm Oil Limited and Godrej
Gokarna Oil Palm Limited merged with Godrej Agrovet Limited |
|
|
|
|
Joint Venture
Company: |
Godrej Efacec Automation and Robotics Limited |
|
|
|
|
Other
Associates: |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs.100/- each |
Rs. 110.000 Millions |
|
900000 |
Cumulative Redeemable Preference Shares |
Rs 100/- each |
Rs. 90.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 200.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
662910 |
Equity Shares |
Rs.100/- each |
Rs. 66.291 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
66.291 |
66.291 |
66.291 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23162.820 |
14776.334 |
11735.435 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23229.111 |
14842.625 |
11801.726 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3693.304 |
6682.730 |
2496.000 |
|
|
2] Unsecured Loans |
3511.243 |
2436.476 |
2227.940 |
|
|
TOTAL BORROWING |
7204.547 |
9119.206 |
4723.940 |
|
|
DEFERRED TAX LIABILITIES |
423.881 |
432.581 |
517.981 |
|
|
|
|
|
|
|
|
TOTAL |
30857.539 |
24394.412 |
17043.647 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11226.485 |
8480.693 |
5542.948 |
|
|
Capital work-in-progress |
929.628 |
1476.679 |
2470.410 |
|
|
|
|
|
|
|
|
INVESTMENT |
4611.960 |
4713.078 |
4575.577 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10660.036
|
12258.944
|
9059.687 |
|
|
Sundry Debtors |
13334.015
|
12389.959
|
8384.506 |
|
|
Cash & Bank Balances |
336.261
|
60.015
|
490.603 |
|
|
Other Current Assets |
9237.816
|
1307.020
|
0.000 |
|
|
Loans & Advances |
3464.989
|
2636.653
|
2108.648 |
|
Total
Current Assets |
37033.117
|
28652.591
|
20043.444
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9960.540
|
8618.458
|
8137.674 |
|
|
Other Current Liabilities |
11260.301
|
8944.764
|
6206.843 |
|
|
Provisions |
1722.810
|
1365.407
|
1244.215 |
|
Total
Current Liabilities |
22943.651
|
18928.629
|
15588.732
|
|
|
Net Current Assets |
14089.466
|
9723.962
|
4454.712
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30857.539 |
24394.412 |
17043.647 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
62145.328 |
55337.288 |
43621.790 |
|
|
|
Other Income |
968.508 |
889.078 |
1124.024 |
|
|
|
TOTAL (A) |
63113.836 |
56226.366 |
44745.814 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
22898.160 |
|
39006.749 |
|
|
|
Purchases of stock-in-trade |
14617.681 |
14996.151 |
|
|
|
|
Employee benefit
expense |
7518.906 |
6308.607 |
|
|
|
|
Other expenses |
10861.615 |
9467.067 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
2240.430 |
(2327.468) |
|
|
|
|
Exceptional
Items |
(7559.992) |
(14.484) |
|
|
|
|
TOTAL (B) |
50576.800 |
50068.656 |
39006.749 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12537.036 |
6157.710 |
5739.065 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1059.231 |
655.330 |
525.657 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11477.805 |
5502.380 |
5213.408 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
675.415 |
581.902 |
536.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10802.390 |
4920.478 |
4676.806 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1255.330 |
930.725 |
1314.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9547.060 |
3989.753 |
3362.539 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10198.211 |
7557.312 |
5193.010 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
473.263 |
340.000 |
|
|
|
Dividend |
|
795.492 |
596.619 |
|
|
|
Tax on Dividend |
|
80.099 |
61.618 |
|
|
BALANCE CARRIED
TO THE B/S |
3085.156 |
10198.211 |
7557.312 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
2991.554 |
4257.555 |
3741.509 |
|
|
|
Dividend |
0.903 |
2.637 |
2.198 |
|
|
|
Royalty |
0.000 |
0.000 |
3.356 |
|
|
|
Others |
92.699 |
203.325 |
78.780 |
|
|
TOTAL EARNINGS |
3085.156 |
4463.517 |
3825.843 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3223.630 |
3019.755 |
2416.418 |
|
|
|
Stores & Spares |
68.892 |
70.824 |
40.086 |
|
|
|
Capital Goods |
584.283 |
943.267 |
218.876 |
|
|
|
Others |
4009.953 |
4814.465 |
2858.659 |
|
|
TOTAL IMPORTS |
7886.758 |
8848.311 |
5534.039 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14402.00 |
6019.00 |
5072.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.13
|
7.10
|
7.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.38
|
8.89
|
10.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.38
|
13.25
|
18.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.33
|
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
1.89
|
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.51
|
1.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U28993MH1932PLC001828 |
|
Name of the company |
GODREJ AND BOYCE MANUFACTURING COMPANY LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Pirojsha nagar,
Vikhroli, Mumbai – 400079, Maharashtra, India Email: info@godrej.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10123585 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Export-Import Bank of India, Centre One Building, Floor 21, World Trade
Centre Complex, Cuffe parade, Mumbai – 400 005, Maharashtra, India Email: eximwrro@eximbankindia.in
|
|
Nature of instrument creating charge |
Letter of Confirmation dated
September 25, 2012 executed by Godrej and Boyce Manufacturing Company
Limited ("the Borrower") in
favour of Export-Import Bank of India ("Exim Bank") accepting the
renewal of working capital limit of
Rs. 680 crores for a further
period of one year and further confirming that the security created by
Borrower shall continue in favour of Exim Bank for the renewed period. |
|
Date of instrument Creating the charge |
25/09/2012 |
|
Amount secured by the charge |
Rs. 6800.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest With respect to Rupee disbursements @11% p.a., payable with monthly
rests; with respect to Dollar disbursements
or in other currencies: to be ascertained at the time of making
disbursements Terms of Repayment 1)Each disbursement relating to pre-shipment credit shall be repaid by
the Borrower within 360 days from the date of such disbursement or out of
export proceeds or disbursement under st shipment credit whichever is
earlier. 2)Each disbursement relating to post-shipment credit shall be repaid
by the Borrower within 180 days from the date of such disbursement or out of
export proceeds whichever is earlier. Margin NIL Extent and Operation of the charge The charge created under the Mortgage dated 29th September 2008 in
favour of Exim Bank for the fund based facility and non fund based facility
(the facilities) for the due repayment of the facilities aggregating Rs.680 crore
together with interest and all other monies payable by the Borrower to Exim
Bank under the Facilities Agreement dated 6th August 2008, shall be
valid,subsisting and continuing as first charge in favour of Exim Bank. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All those pieces and parcels of leasehold land at Vikhroli i.e. Plant No. 3 (admeasuring 33,220.48 sq.mt.),
Survey No. 35(pt), CTS No.31/7
together with all buildings and structures thereon. All those pieces and parcels of leasehold land at Vikhroli i.e. Plant
No. 5 (admeasuring 35,817.20 sq.mt.), Survey No. 35(pt), CTS No. 31
(pt), together with all buildings and
structures thereon. All those pieces and parcels of leasehold land at Vikhroli i.e. Plant No. 8 (admeasuring 8,471 sq.mt.),
Survey No. 35(pt), CTS No.31/2
together with all buildings and structures thereon. All those pieces and parcels of leasehold land at Vikhroli i.e. Plant
No. 12 (admeasuring 23,382 sq.mt.), Survey No.56(pt), 57(pt), CTS No. 7(pt),
together with all buildings and structures thereon. |
|
Date of instrument modifying the charge |
25.06.2011 |
|
Particulars of the present modification |
Charge created vide mortgage dt 29.09.2008 for fund based and non-fund
based facilities aggregating Rs.6800.000 millions shall continue to secure
the renewed facilities for a further period of one year as mentioned in the
Letter of Confirmation dated 25th September 2012. |
CONTINGENT
LIABILITIES
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(a) Guarantees
given by the Company’s Bankers against counter-guarantees given by the Company
Rs. 7532.881 millions
(b) Guarantees
given by the Company’s Bankers on behalf of subsidiary/associate companies
against counter-guarantees given by the Company: Rs. 183.105 millions
(c) Guarantees
given by Export-Import Bank of India, against the security of first equitable
mortgage of specified immovable properties situated at Vikhroli, Mumbai: Rs.
524.224 millions
(d) Excise
Duty/Service Tax/Sales Tax demands in dispute and pending at various stages of
appeal: Rs. 510.459 millions
(e) The State of
Maharashtra has filed a suit against the Company, being Suit No. 679 of 1973,
in the High Court of Judicature at Bombay, claiming ownership of part of the
Company’s lands at Vikhroli, Mumbai. In the said Suit, which is still pending,
various claims have been raised, which are undetermined and not acknowledged as
debts due by the Company. According to the Company’s legal advisers, the
Company has a complete defence against the plaintiff in the said Suit, and the
said Suit is not sustainable.
(f) Claims against
the Company under the Industrial Disputes Act, 1947 - amount indeterminate.
(g) Disputed
Provident Fund liability for the period March 1996 to September 1997 arising on
account of disapproval of infancy benefit: Rs. 3.156 millions. The Supreme
Court of India has allowed the Company’s appeal and set aside the judgment of
the High Court of Punjab and Haryana; the matter has been remanded to the
Regional Provident Fund Commissioner for a fresh decision in accordance with
law after hearing the parties concerned, expeditiously.
(h) Other Claims against the Company not acknowledged as debt: Rs.
123.800 millions
Fixed Assets:
·
·
· Freehold Buildings
· Leasehold Buildings
· Staff and Workmen Quarters
· Machinery
· Vehicles
· Furniture and Fixtures
· Other Equipments
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 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.55.09 |
|
|
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
67 |
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.