MIRA
INFORM REPORT
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Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
GALVA DECO PARTS PRIVATE LIMITED |
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Registered Office : |
394 – D, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
20.07.2007 |
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Com. Reg. No.: |
11-172549 |
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Capital Investment
/ Paid-up Capital : |
Rs.15.434 Millions |
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CIN No.: [Company
Identification No.] |
U74999MH2007PTC172549 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG12580B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Plastic Products. |
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No. of Employees
: |
200 (Approximately) ( In Office + In Factory) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 260000 |
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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 company
has incurred a loss in the current year. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Umakant Jadhav |
|
Designation : |
Development Member |
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Contact No.: |
91-9227750625 |
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Date : |
02.02.2012 |
LOCATIONS
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Registered Office : |
394 – D, |
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Tel. No.: |
91-22-40252445/ 32969177 |
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Mobile No.: |
91-9821158598 (Mr. Vipul Bhai – Finance) 91-9227750625 (Mr. Umakant Jadhav) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
600 Sq Ft |
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Location : |
Owned |
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Administrative and Head Office : |
Plot No.80, Sector 23, CIDCO Industrial Area, Turbhe Naka,
Navi Mumbai – 400 705, |
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E-Mail : |
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Factory : |
Plot No.1702/ A, 111 Phase, GIDC, Vapi, Valsad – 396 195, |
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Tel. No.: |
91-260-3244972 |
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Area : |
5000 Sq Mtr |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Hardik Bhawanji Chheda |
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Designation : |
Director |
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Address : |
394 – D, |
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Date of Birth/Age : |
06.04.1979 |
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Date of Appointment : |
20.07.2007 |
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DIN No.: |
01627700 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U74999MH1998PTC116362 |
Bhavi Plating
Systems Private Limited |
Director |
28-08-98 |
28-08-98 |
Active |
NO |
|
2 |
U74999MH2007PTC172549 |
Galva Deco Parts
Private Limited |
Director |
20-07-07 |
20-07-07 |
Active |
NO |
|
3 |
U25203MH2010PTC202306 |
Galva Refine
Autoparts Private Limited |
Director |
22-04-10 |
22-04-10 |
Active |
NO |
|
Name : |
Mr. Bhawanji Karamshi Chheda |
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Designation : |
Director |
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Address : |
394 – D, |
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Date of Birth/Age : |
30.08.1952 |
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Date of Appointment : |
20.07.2007 |
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DIN No.: |
01476811 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74999MH1998PTC116362 |
Bhavi Plating
Systems Private Limited |
Director |
28-08-98 |
28-08-98 |
- |
Active |
NO |
|
2 |
U74999MH2007PTC172549 |
Galva Deco Parts
Private Limited |
Director |
20-07-07 |
20-07-07 |
- |
Active |
NO |
|
3 |
U25203MH2010PTC202306 |
Galva Refine
Autoparts Private Limited |
Director |
22-04-10 |
22-04-10 |
- |
Active |
NO |
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Name : |
Mr. Vinod Shrivastava |
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Designation : |
Director |
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Address : |
D – 301, |
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Date of Birth/Age : |
15.07.1951 |
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Date of Appointment : |
20.07.2007 |
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DIN No.: |
01449193 |
KEY EXECUTIVES
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Name : |
Mr. Vipul Bhai |
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Designation : |
Finance Controller |
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Name : |
Mr. Umakant Jadhav |
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Designation : |
Development Member |
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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Hardik Bhawanji Chheda |
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941785 |
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Bhawanji Karamsi Chheda |
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283665 |
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Vinod Shrivastava |
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7500 |
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Mahendra Vora |
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33333 |
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Tarla Bhawanji Chheda |
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185880 |
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Bhawanji Chheda HUF |
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16785 |
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Hardik K. Chheda HUF |
|
2990 |
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Bhavi Plating Systems Private Limited, |
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71000 |
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Dhawani Hardik Chheda |
|
475 |
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Total |
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1543413 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
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Percentage of Holding |
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Bodies corporate |
|
4.60 |
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Directors
or relatives of directors |
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95.40 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plastic Products. |
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Products : |
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Exports : |
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Products : |
Plastic Products |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Actual
Production |
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Plated Component (MFZ) |
Kg. |
3498984 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
200 (Approximately) ( In Office + In Factory) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D L Vora and Associates Chartered Accountants |
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Address : |
28/1, A Wing, |
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Tel. No.: |
91-22-24115257 / 24155301 / 32469477 |
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E-Mail : |
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PAN No.: |
AAAPV8006B |
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Associates/Subsidiaries : |
Shree Hardik
Plating Technology Address: Manufacturer and Exporter of Plastic Products Line of
Business: 394 – D, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4800000 |
Equity Shares |
Rs.10/- each |
Rs.48.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1543413 |
Equity Shares |
Rs.10/- each |
Rs.15.434
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 |
15.434 |
13.934 |
0.500 |
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2] Share Application Money |
0.000 |
0.053 |
0.000 |
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3] Reserves & Surplus |
50.261 |
38.926 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(2.475) |
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NETWORTH |
65.695 |
52.913 |
(1.975) |
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LOAN FUNDS |
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1] Secured Loans |
175.274 |
107.870 |
16.986 |
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2] Unsecured Loans |
11.160 |
5.109 |
16.238 |
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TOTAL BORROWING |
186.434 |
112.979 |
33.224 |
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DEFERRED TAX LIABILITIES |
6.968 |
0.587 |
0.563 |
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TOTAL |
259.097 |
166.479 |
31.812 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
205.229 |
135.853 |
16.101 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
30.387
|
12.407
|
10.536
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Sundry Debtors |
35.557
|
26.703
|
15.792
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Cash & Bank Balances |
1.426
|
5.340
|
2.376
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
32.996
|
15.215
|
3.818
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Total
Current Assets |
100.366
|
59.665
|
32.522
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
46.606 |
26.616 |
16.894 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000
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Provisions |
0.000
|
2.539
|
0.042
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Total
Current Liabilities |
46.606
|
29.155
|
16.936
|
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Net Current Assets |
53.760
|
30.510
|
15.586
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MISCELLANEOUS EXPENSES |
0.008 |
0.016 |
0.025 |
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TOTAL |
259.097 |
166.479 |
31.812 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
157.332 |
95.056 |
45.688 |
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Other Income |
3.353 |
1.466 |
0.104 |
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TOTAL |
160.685 |
96.522 |
45.792 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
157.997 |
84.068 |
42.755 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.688 |
12.454 |
3.037 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
14.973 |
2.540 |
2.532 |
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PROFIT BEFORE
TAX |
(12.285) |
9.914 |
0.505 |
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Less |
TAX |
6.380 |
2.196 |
0.606 |
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PROFIT AFTER TAX |
(18.665) |
7.718 |
(0.101) |
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TOTAL IMPORTS |
NA |
1.986 |
0.000 |
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Earnings Per
Share (Rs.) |
(12.09) |
9.10 |
(2.02) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(11.62)
|
8.00 |
(0.22) |
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Net Profit Margin (PBT/Sales) |
(%) |
(7.81)
|
10.43 |
1.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.02)
|
5.07 |
1.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
0.19 |
(0.26) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.55
|
2.69 |
(25.40) |
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Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.05 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for |
|
|
|
|
Capital Goods |
10.863 |
4.220 |
1.071 |
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Expenses and
Other |
35.743 |
22.396 |
15.823 |
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Total |
46.606 |
26.616 |
16.894 |
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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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 |
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11) Turnover of firm for last three years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
No |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
No |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
Note:
The registered office of the company has been shifted from Plot No.80, Sector 23, CIDCO Industrial Area, Turbhe Naka, Navi Mumbai – 400 705, Maharashtra to the present address w.e.f. 01.12.2008.
Operations:
The total turnover
during the year was Rs.157.300 Millions as against Rs.95.000 Millions in the
previous year. However, due to start up expenses and depreciation, the Company
incurred losses during the year of Rs.12.200 Millions as against profit of
Rs.7.700 Millions in the previous year.
Form 8:
|
Corporate identity number of the company |
U74999MH2007PTC172549 |
|
Name of the company |
GALVA DECO PARTS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
394 – D, E-Mail : hardik.chheda@galvadecoparts.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of charge holder |
The Cosmos Co-Operative Bank Limited, Vile Parle East Branch, Pratik
Avenue, Nehru Road, Opposite Shiv Sagar Hotel, Vile Parle (East), Mumbai – 400
057, Maharashtra, India E-Mail: njbhatia@rediffmail.com
|
|
Nature of description of the instrument creating or modifying the
charge |
Hypothecation of tangible goods/ movable property to secure a demand
cash credit account/ demand overdraft account/demand loan account. |
|
Date of instrument Creating the charge |
14.10.2011 |
|
Amount secured by the charge |
Rs.5.000 Millions |
|
Brief particulars of the principal terms an conditions and extent and operation
of the charge |
Rate of Interest 17.5% p.a or at such rate as maybe fixed by bank from time to time Terms of Repayment 90 days Margin: 25% Extent and Operation of the charge This is adhoc cash credit facility |
|
Short particulars of the property charged |
Hypothecation of goods of the borrower namely stocks and debtors every
tangible movable property of the borrower whether new lying or at any time
hereafter during the continuance of this securities lying and being at
borrowers place of business at Plot No.1702/A, Area Phase III, Plot No.
A2/6015, Phase IV, GIDC Industrial Area, Vapi, |
FIXED ASSETS:
- Furniture and Fixture
- Vehicles
- Air Conditioner
- Electronic Weighing Scale
- Mobile Phone
- Mould
- Moulding Machinery
- Plating Plant and ETP Plant
- Plating Thickness Tester
- Computer
- Ventilation AHU Moulding
- Security Camera
- Lab Equipments
- Electric Installation
- Water Tank
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.49.13 |
|
|
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.