MIRA
INFORM REPORT
|
Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
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Name : |
GANDHI AUTOMATIONS PRIVATE LIMITED |
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Formerly Known
As : |
GANDHI ENTRANCE AUTOMATIONS PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, Chawda Commercial Centre, Chincholi Bunder, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.11.2003 |
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Com. Reg. No.: |
11-143240 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 million |
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CIN No.: [Company Identification
No.] |
U31909MH2003PTC143240 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08978E |
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PAN No.: [Permanent Account No.] |
AACCG0522G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Importing, Distributing and Installing
Entrance Automation
Systems and Warehouse Equipments. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 248000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct 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.
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
|
Registered Office/ Factory : |
2nd Floor, Chawda Commercial Centre, Chincholi Bunder, |
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Tel. No.: |
91-22-66720200/ 66720300 (200 lines)/ 66720234 (Direct) |
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Fax No.: |
91-22-66720201 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: v Pune v Kolkata v
v Ahmedabad v Chennai v
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Samir Sureshchandra Gandhi |
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Designation : |
Whole Time Director |
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Address : |
E-1501, Kukreja Palace II, |
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Date of Birth/Age : |
05.10.1968 |
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Date of Appointment : |
21.11.2003 |
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DIN No.; |
00040981 |
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Name : |
Mr. Kartik Sureshchandra Gandhi |
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Designation : |
Whole Time Director |
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Address : |
E-1301, Kukreja Palace II, |
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Date of Birth/Age : |
10.09.1974 |
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Date of Appointment : |
21.11.2003 |
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DIN No.: |
00055915 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Samir Sureshchandra Gandhi Kartik Sureshchandra Gandhi |
25000 |
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Samir Sureshchandra Gandhi Nishita Samir Gandhi |
20000 |
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Nishita Samir Gandhi Samir Sureshchandra Gandhi |
5000 |
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Kartik Sureshchandra Gandhi Samir Sureshchandra Gandhi |
25000 |
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Kartik Sureshchandra Gandhi Hiral Kartik Gandhi |
20000 |
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Hiral Kartik Gandhi Kartik Sureshchandra Gandhi |
5000 |
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Total |
100000 |
As on 19.09.2011
|
Names of Allottees |
No. of Shares |
|
Samir Sureshchandra Gandhi Kartik Sureshchandra Gandhi |
22500 |
|
Nishita Samir Gandhi Samir Sureshchandra Gandhi |
30000 |
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Kartik Sureshchandra Gandhi Samir Sureshchandra Gandhi |
22500 |
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Hiral Kartik Gandhi Kartik Sureshchandra Gandhi |
30000 |
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Ansuya Sureshchandra Gandhi Samir Sureshchandra Gandhi Kartik Sureshchandra Gandhi |
45000 |
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Total |
150000 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Importing, Distributing and Installing
Entrance Automation
Systems and Warehouse Equipments. |
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|
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Products : |
v Dock Levelers v Dock Shelters v Doors v Gates v Boom Barriers v Lift Tables v Rolling Shutters v Tail Lift |
GENERAL INFORMATION
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No. of Employees : |
90 (Approximately) |
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Bankers : |
v
Bank of Maharashtra, R.B. Mehta Marg,
Ghatkopar (East), Mumbai – 400 077, v
Citi Bank, v Axis Bank, Goregaon v ICICI Bank v HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Malde and Sheth Chartered Accountants |
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Address : |
63, Ram Bhuvan, 108/110, |
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Tel No.: |
91-22-24113711/ 24114442/ 24114914 |
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PAN No.: |
AAAFM3690G |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital : Rs.5.000 millions
Issued, Subscribed & Paid-up Capital : Rs.5.000
millions
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs.10/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs.10/- each |
Rs.1.000 million |
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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 |
|
|
|
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.050 |
42.727 |
33.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.050 |
43.727 |
34.700 |
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LOAN FUNDS |
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1] Secured Loans |
69.875 |
81.861 |
48.100 |
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2] Unsecured Loans |
7.023 |
11.851 |
17.786 |
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TOTAL BORROWING |
76.898 |
93.712 |
65.886 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
138.948 |
137.439 |
100.586 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.336 |
50.302 |
45.553 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.592 |
0.003 |
0.265 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
66.655
|
64.027
|
53.094
|
|
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Sundry Debtors |
40.723
|
37.706
|
34.699
|
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Cash & Bank Balances |
2.226
|
2.352
|
1.511
|
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Other Current Assets |
16.245
|
5.446
|
3.227
|
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Loans & Advances |
11.415
|
4.320
|
21.108
|
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Total
Current Assets |
137.264
|
113.851
|
113.639 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
27.784 |
19.868 |
23.035
|
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Other Liabilities |
24.046
|
6.161
|
11.157
|
|
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Provisions |
6.414
|
0.688
|
24.679
|
|
Total
Current Liabilities |
58.244
|
26.717
|
58.871 |
|
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Net Current Assets |
79.020
|
87.134
|
54.768 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
138.948 |
137.439 |
100.586 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
330.035 |
289.207 |
239.760 |
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EXPENSES |
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NA |
284.773 |
237.215 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
284.773 |
237.215 |
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PROFIT BEFORE
TAX |
28.924 |
17.120 |
22.013 |
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Less |
TAX |
10.601 |
7.951 |
9.873 |
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PROFIT AFTER TAX |
18.323 |
9.169 |
12.140 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.727 |
33.700 |
21.560 |
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BALANCE CARRIED
TO THE B/S |
61.050 |
42.727 |
33.700 |
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EARNINGS IN FOREIGN
CURRENCY |
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Commission Received |
24.268 |
49.099 |
41.767 |
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|
Target Bonus Received |
0.000 |
1.120 |
1.124 |
|
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TOTAL EARNINGS |
24.268 |
50.219 |
42.891 |
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IMPORTS VALUE |
88.261 |
82.172 |
65.750 |
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|
Earnings Per
Share (Rs.) |
183.23 |
91.69 |
121.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.71
|
10.43
|
13.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.39
|
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
2.75
|
3.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
4.26
|
1.93 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for Goods |
4.960 |
6.089 |
6.960 |
|
Sundry Creditors
for Expenses |
17.424 |
13.779 |
16.075 |
|
Sundry Creditors
for Fixed Assets |
5.400 |
0.000 |
0.000 |
|
Total |
27.784 |
19.868 |
23.035 |
Note:
The registered office of the company has been shifted from 22, Nirman
Industrial Estate, Chincholi Bunder Link Road, Malad (West), Mumbai – 400 064,
Maharashtra to the present address w.e.f. 22.09.2008.
FINANCIAL RESULTS:
The Company has achieved good results during the financial year ended
31.03.2010. The turnover during the year is Rs.330.035 millions as against
turnover of Rs.289.207 millions during the earlier year. After providing for
depreciation and income tax including deferred tax liability, the net profit
comes to Rs.18.323 millions as against the net profit of Rs.9.169 millions in
the previous year. After adding the brought forward profit of Rs.42.727
millions from the earlier year the total surplus comes to Rs.61.050 millions
which has been carried to Balance Sheet.
FORM 8:
|
Corporate
identity number of the company |
U31909MH2003PTC143240 |
|
Name of the
company |
GANDHI AUTOMATIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, Chawda Commercial Centre, Chincholi Bunder, E-Mail: jayanti@geapl.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80002118 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of Maharashtra, R.B. Mehta Marg, Ghatkopar (East),
Mumbai – 400 077, E-Mail: bom228@mahabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Composite deed of
hypothecation for all facilities and memorandum of record of equitable
mortgage - collateral |
|
Date of
instrument Creating the charge |
19.09.2011 |
|
Amount secured by
the charge |
Rs.195.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For Cash Credit -
Base Rate + 2.25% presently @ 12.75 % p.a. with monthly rests. Terms of
Repayment: As per
arrangement with the Bank. Margin: BG - 10%, Import LC - 10% and
CC - 25% Extent and
Operation of the charge: Due repayment to
the bank on demand all the monies due under or in respect of the working
capital facilities and to repay all the amounts the bank may be required to
pay under the nonfund facilities such as import letter of credit and bank
guarantee limit together with agreed interest, additional interest, penal
interest, commission, costs, charges and other expenses. |
|
Short particulars
of the property charged |
First and
exclusive charge by way of hypothecation over the present and future movable
plants and machineries, equipments, vehicles, stock, book debts (cash credit)
and stock under L/C. Equitable
Mortgage by deposit of title deeds in respect of Unit No.105, 204, 205, 206,
207, 208, 2, Gala No.5, 6 and 7 situated at Chawda Industrial Estate,
Chincholi Bunder Road, Malad (West), Mumbai – 400 064 |
|
Date of latest
modification prior to the present modification |
17.07.2010 |
|
Particulars of
the present modification |
Bank Guarantee
Limit enhanced to Rs.40.000 millions from the Existing Limit of Rs.30.000
millions, L.C. Limit enhanced to Rs.35.000 millions from the Existing Limit
of Rs.20.000 millions and C.C. Limit enhanced to Rs.120.000 millions from the
Existing Limit of Rs.70.000 millions aggregating to a total of Rs.195.000
millions. |
|
Corporate
identity number of the company |
U31909MH2003PTC143240 |
|
Name of the
company |
GANDHI
AUTOMATIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, Chawda Commercial Centre, Chincholi Bunder, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Maharasahtra, R B Mehta Marg, Ghatkopar (East), Mumbai – 400
077, |
|
Nature of
instrument creating charge |
Composite Deed of
Hypothecation for all facilities dated 19.03.2011. |
|
Date of
instrument Creating the charge |
19.03.2011 |
|
Amount secured by
the charge |
Rs.12.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
paid as and when applied by the Bank. Terms of
Repayment Short Term Loan
to be repaid within 90 days from date of disbursement. Margin Minimum Margin of
25% Extent and
Operation of the charge For due repayment
of loan with interest due at applicable rates. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge by
way of hypothecation on all the goods and other movable articles such as
plant, machinery, goods, stock of Raw Materials, semi-finished and finished,
goods in process, stock-in-trade. Movables in
transit and present and future tangible and intangible assets, vehicles,
goodwill, trademark, copyright, patent and all the right title interest and
benefit of the borrower. Claims, bills,
Book Debts due to borrower. |
FIXED ASSETS:
v Air Conditioner
v Computers and Accessories
v Furniture and Fixtures
v Plant and Machinery
v Office Equipments
v Telephone EPABX
v Motor Bikes
v Mobile Phones
v Office Premises
v Motor Cars
v Electrification
v Capital WIP (Flat)
v Capital WIP (Electrical Generator)
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.