MIRA
INFORM REPORT
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Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
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Name : |
GURU RAJENDRA METALS PRIVATE LIMITED |
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Registered
Office : |
Office No.1004, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.11.2004 |
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Com. Reg. No.: |
04-045063 |
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Capital
Investment / Paid-up Capital : |
Rs.4.579
millions |
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CIN No.: [Company Identification
No.] |
U27100GJ2004PTC045063 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG02710B |
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PAN No.: [Permanent Account No.] |
AACCG2504N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Aluminium Products. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 114000 |
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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.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
Office No.1004, |
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Tel No : |
91-79-27653469/ 27561640 |
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Mobile No : |
91-9979511222 (Mr. Jayant B. Jain) |
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Fax No : |
91-79-27561640 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. (Approximately) |
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Location : |
Owned |
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Factory : |
613/1, Behind Nirma Chemicals, G.S.F.C., Chhatral, Taluka Kalol,
District Gandhi Nagar, |
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721, Khatri Pole, |
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Tel
No.: |
91-79-22141528/ 22111528 |
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Fax
No.: |
91-79-22111527 |
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Email : |
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Godown No.15, No.465, Shankar Tekri, Udyognagar, |
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Tel
No.: |
91-288-2566063 |
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Fax
No.: |
91-288-2560152 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Babulal Dhanraj Jain |
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Designation : |
Director |
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Address : |
684, Nanibrahmpuri Pole, Khadia Charrasta, |
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Date of Birth/Age : |
16.02.1955 |
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Date of Appointment : |
30.11.2004 |
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DIN No : |
01618777 |
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Other Directorship :
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Name : |
Mr. Jayant Babulal Jain |
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Designation : |
Director |
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Address : |
684, Nanibrahmpuri Pole, Khadia Charrasta, |
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Date of Birth/Age : |
21.07.1978 |
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Date of Appointment : |
30.11.2004 |
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DIN No : |
00914338 |
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Other Directorship :
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Name : |
Mr. Shailash Kumar Babulal Jain |
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Designation : |
Director |
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Address : |
684, Nanibrahmpuri Pole, Khadia Charrasta, |
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Date of Birth/Age : |
20.05.1986 |
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Date of Appointment : |
15.06.2007 |
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DIN No : |
00914467 |
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Other Directorship :
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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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Babulal Dhanraj Jain |
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165600 |
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Jayant Babulal Jain |
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76500 |
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Sushilaben Babulal Jain |
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102800 |
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Meghna Mehta |
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33000 |
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Kaushik J. Dalal |
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50000 |
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Manisha B. Jain |
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15000 |
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Mamta B. Jain |
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15000 |
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Total |
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457900 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Products. |
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Products : |
Aluminium
Products v
Ingots v
Notch Bar/ Stick v
Cubes/ Granulates v
Shots v
Wire Rod Brass Products v
Hardware and Valve Parts v
Sanitations and Valve Parts v
Lock and Gas Parts v
Pen and ball Pen Parts v
Electronics Parts |
GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v
Axis Bank Limited, Trishul, 3rd Floor,
Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmadabad – 380 006,
Gujarat, India v
Oriental Bank of Commerce, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J.R. Purohit and Company Chartered Accountants |
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Address : |
168, 2nd Floor, New Cloth Market, |
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Tel. No.: |
91-79-22167459/65218913 |
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Mobile No.: |
91-9426078913/ 9376078913 |
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Fax No.: |
91-79-22167459 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADFJ1967F |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.10.000 millions
Issued, Subscribed & Paid-up Capital : Rs.4.579
millions
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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457900 |
Equity Shares |
Rs.10/- each |
Rs.4.579
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.579 |
3.132 |
3.132 |
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2] Share Application Money |
2.300 |
0.000 |
0.000 |
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3] Share Warrant |
2.000 |
3.735 |
0.000 |
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4] Reserves & Surplus |
19.716 |
10.690 |
9.036 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.595 |
17.557 |
12.168 |
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LOAN FUNDS |
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1] Secured Loans |
55.295 |
36.209 |
43.653 |
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2] Unsecured Loans |
18.567 |
21.542 |
32.713 |
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TOTAL BORROWING |
73.862 |
57.751 |
76.366 |
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DEFERRED TAX LIABILITIES |
2.124 |
0.000 |
0.000 |
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TOTAL |
104.581 |
75.308 |
88.534 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.860 |
19.147 |
14.551 |
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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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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.948
|
20.847
|
10.940 |
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Sundry Debtors |
79.718
|
29.565
|
39.933 |
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Cash & Bank Balances |
1.389
|
8.519
|
1.807 |
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Other Current Assets |
0.320
|
0.024
|
0.534 |
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Loans & Advances |
18.880
|
15.704
|
22.417 |
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Total
Current Assets |
115.255
|
74.659
|
75.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.293 |
21.009 |
0.655 |
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Other Current Liabilities |
0.782
|
(2.877)
|
0.968 |
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Provisions |
2.459
|
0.393
|
0.079 |
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Total
Current Liabilities |
31.534
|
18.525
|
1.702 |
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Net Current Assets |
83.721
|
56.134
|
73.929 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.027 |
0.054 |
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TOTAL |
104.581 |
75.308 |
88.534 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
482.559 |
390.512 |
295.057 |
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Other Income |
3.104 |
0.335 |
2.658 |
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TOTAL (A) |
485.663 |
390.847 |
297.715 |
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Less |
EXPENSES |
|
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Material Consumption |
427.338 |
344.378 |
258.134 |
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Direct Expenses |
26.218 |
16.563 |
20.481 |
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Administrative & Other Expenses |
15.314 |
15.674 |
9.199 |
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TOTAL (B) |
468.870 |
376.615 |
287.814 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.793 |
14.232 |
9.901 |
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Less |
INTEREST & FINANCIAL
EXPENSES (D) |
9.722 |
11.615 |
8.923 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.071 |
2.617 |
0.978 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.816 |
0.623 |
0.429 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.255 |
1.994 |
0.549 |
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Less |
TAX (H) |
3.618 |
0.340 |
0.060 |
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PROFIT AFTER TAX
(G-H) (I) |
2.637 |
1.654 |
0.489 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.220 |
1.566 |
NA |
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BALANCE CARRIED
TO THE B/S |
5.857 |
3.220 |
NA |
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|
Earnings Per
Share (Rs.) |
5.76 |
5.28 |
1.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.54 |
0.42
|
0.16
|
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Net Profit Margin (PBT/Sales) |
(%) |
1.30 |
0.51
|
0.19
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.60 |
2.13
|
0.61
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.11
|
0.04
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.69 |
4.34
|
0.14
|
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Current Ratio (Current Asset/Current Liability) |
|
3.65 |
4.03
|
52.98
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from 721, Khatri
Pole, Opposite Padapole Gandhi Road, Ahmadabad – 380 001, Gujarat, India to
present w.e.f. 12.05.2009.
REVIEW OF BUSINESS:
Increase in the
turnover and registering profit after tax of Rs.2.637 millions which was made
possible through inserting capital equipment last year and better production
planning. Directors are exploring various other opportunities to further
improve the working results during the current year.
FORM 8
|
Corporate
identity number of the company |
U27100GJ2004PTC045063 |
|
Name of the
company |
GURU RAJENDRA METALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Office No.1004, E-Mail: jayant@grmetal.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10187838 |
|
Type of charge |
Immovable
Property Book Debts Others (Goods,
Current Assets) |
|
Particular of
charge holder |
CIN No.: L65110GJ1993PLC020769 Axis Bank Limited, Trishul, 3rd Floor, Opposite
Samartheshwar Temple, Law Garden, Ellisbridge, Ahmadabad – 380 006, Gujarat,
India E-Mail: cmchead.ahmedabad@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
of hypothecation dated 06.09.2011 |
|
Date of
instrument Creating the charge |
06.09.2011 |
|
Amount secured by
the charge |
Rs.97.741
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per agreement Terms of
Repayment: As per agreement Margin: As per agreement Extent and
Operation of the charge: Collateral -
exclusive first charge on the movable fixed assets of the company. Both
present and future. Primary-
exclusive first charge by way of hypothecation on the entire current assets
of the company both present and future. |
|
Short particulars
of the property charged |
Hypothecation of
entire current assets of the company exclusive first charge on the movable
fixed assets of the company, both present and future. |
|
Particulars of
the present modification |
The charge amount
enhanced from Rs.95.000 millions to Rs.97.741 millions with Supplemental Deed
dated 06.09.2011 |
|
Corporate
identity number of the company |
U27100GJ2004PTC045063 |
|
|
Name of the
company |
GURU RAJENDRA METALS PRIVATE LIMITED |
|
|
Address of the
registered office or of the principal place of business in |
Office No.1004, |
|
|
This form is for |
Modification of charge |
|
|
Type of charge |
Immovable property |
|
|
Particular of
charge holder |
Axis Bank Limited, Trishul, 3rd Floor, Opposite
Samartheshwar Temple, Law Garden, Ellisbridge, Ahmadabad – 380 006, Gujarat, India E-mail : cmchead.ahmedabad@axisbank.com
|
|
|
Nature of
instrument creating charge |
Memorandum of entry |
|
|
Date of
instrument Creating the charge |
27.10.2010 |
|
|
Amount secured by
the charge |
Rs.95.000 millions |
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per agreement Terms of repayment As per agreement Margin As per agreement Extent and operation of the charge The
Charge Modified On Immovable Properties of The Company |
|
|
Short particulars of the property charged (Including location of the
property) |
No
agricultural freehold land being S.R. No. 613/1, part Hissa no. 2/b and 3 totally
adm. 4446.78 sq. mtrs and construction of about 1270.07 sq. Mtrs. At Mouje :
Chhatral Taluka Kalol In District Gandhinagar Properties
of Babulal D. Shah (Jain) at S.R. No. 1086 in khadia ward 1 Properties
of Jayant Jain at Flat no. B/101 adm. 66 sq. Yards, flat no. B/102 adm. 50
sq. Yards on the third floor, flat no. B/103 adm. 66 sq. Yardson the third
year All
the know as "G.R. Apartments" at khaida in Properties
of Shushilaben Jain flat no. 301 adm. 150 sq. Yards on the third floor, as
"Padmavat apartment" situated at Usmanpura Taluka and district No
agricultural freehold land being plot no. 3323/1 adm. 721.50 s.q. Mtrs in
Chhatral Industrial estate of GIDC at Mouje : Chhatral Taluka Kalol in dist.
Gandhinagar |
|
|
Whether any of the property or interest therein under reference is not
registered in the name of the company. |
Yes |
|
|
If yes, in whose name it is registers |
Babulal D. Jain Jayant Jain Sushilaben Jain. |
|
|
Charge identification number of the charge to be modified |
10201205 |
|
|
Particulars of the present modification |
The
charge amount increased for Rs.69.000 millions to Rs.95.000 millions |
|
FIXED ASSETS
v
v M S. Scrap Tank
v Hand Cart
v Bag Sewing Machine
v Furnace (Fire, Coal, Rotary)
v Telephone / Fax / EPABX
v Weighment Bar
v Shredder
v Spectro Machine
v
v Crane
v Cutter Machine
v Metering Skid
v Metal Detector
v Gas Connection
v Fan
v Generator
v Weighting Scale
v Welding Machine
v Water Pump
v Pollution System Machinery
v Dies and Mould
v GIDC Plot Electrification
v Electrification at 613/1 Factory
v Briquette Breaking Machine
v Briquette Making Machine
v Shots Machine
v Mobile Phone
v Camera
v Vehicles
v Computers and Allied Instruments
v Computers
v Furniture and Fixtures
v
v
v
v Plant and Machinery
v
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.50.33 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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.