MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
GIRDHARS INTERNATIONAL PRIVATE LIMITED |
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|
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Registered
Office : |
F-16, Udhyog Nagar, Peera Garhi, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.03.1998 |
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Com. Reg. No.: |
55-093040 |
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Capital
Investment/ Paid-up Capital: |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U18101DL1998PTC093040 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Undisputed
Classic Variety of Wax Candles |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Financial
company is performing well. Trade relations are reported as fair. Business is
active. Payment are reported to be regular and as per commitments. The company can be considered for normal 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
F-16, Udhyog Nagar, Peera Garhi, New Delhi 110041, India |
|
Tel. No.: |
91-11-25531678/ 25475058/ 25477431 |
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Fax No.: |
91-11-25505467/ 25473121 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 24.09.2011
|
Name : |
Mr. Raj Kumar Mahajan |
|
Designation : |
Managing Director |
|
Address : |
M-129, Vikas Puri, New Delhi – 110018, India |
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Date of Birth/Age : |
01.01.1965 |
|
Date of Appointment : |
31.03.1998 |
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DIN No.: |
01094230 |
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|
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|
Name : |
Mr. Lokesh Kumar Mahajan |
|
Designation : |
Director |
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Address : |
M-129, Vikas Puri, New Delhi – 110018, India |
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Date of Birth/Age : |
26.03.1972 |
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Date of Appointment : |
31.03.1998 |
|
DIN No.: |
01094038 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Raj Kumar Mahajan |
|
275000 |
|
Lokesh Kumar Mahajan |
|
225000 |
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|
|
|
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Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Undisputed
Classic Variety of Wax Candles |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Canara Bank, International Banking Branch, Kirti Nagar, New Delhi -
110015, Delhi, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.K. Dhingra and Company Chartered Accountants |
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Address : |
501,Kirti Shikhar, District Centre, Janakpuri, New Delhi – 110058,
India |
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Tel. No.: |
91-11-25505467 |
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Fax No.: |
91-11-25531678 |
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E-Mail : |
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PAN No.: |
AAIPD4828R |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs10.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
152.103 |
145.131 |
143.461 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
157.103 |
150.131 |
148.461 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.112 |
0.707 |
1.036 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
10.112 |
0.707 |
1.036 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
167.215 |
150.838 |
149.497 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
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|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.935 |
42.492 |
45.720 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
40.815
|
19.873 |
2.579 |
|
|
Sundry Debtors |
9.551
|
14.912 |
25.957 |
|
|
Cash & Bank Balances |
65.987
|
72.237 |
56.121 |
|
|
Other Current Assets |
1.664
|
1.659 |
2.616 |
|
|
Loans & Advances |
6.768
|
4.048 |
30.181 |
|
Total
Current Assets |
124.785
|
112.729 |
117.454 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2.349
|
2.638 |
4.895 |
|
|
Other Current Liabilities |
7.306
|
1.932 |
9.007 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
9.655
|
4.570 |
13.902 |
|
|
Net Current Assets |
115.130
|
108.159 |
103.552 |
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|
MISCELLANEOUS EXPENSES |
0.150 |
0.187 |
0.225 |
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|
|
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|
|
|
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TOTAL |
167.215 |
150.838 |
149.497 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SALES |
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Income |
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|
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Other Income |
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TOTAL (A) |
125.815 |
35.377 |
214.506 |
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
112.536 |
29.133 |
167.782 |
|
|
|
TOTAL (B) |
112.536 |
29.133 |
167.782 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.279 |
6.244 |
46.724 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.846 |
0.510 |
0.680 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.433 |
5.734 |
46.044 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.861 |
3.583 |
3.848 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
8.572 |
2.151 |
42.196 |
|
|
|
|
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|
|
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Less |
TAX (H) |
1.600 |
0.332 |
5.206 |
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|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
6.972 |
1.819 |
36.990 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.931 |
1.761 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.500 |
2.500 |
35.000 |
|
|
|
|
|
|
|
|
Less |
PREVIOUS YEAR
ADJUSTMENT |
0.000 |
0.149 |
0.229 |
|
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
0.403 |
0.931 |
1.761 |
|
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
115.140 |
14.482 |
213.285 |
|
|
TOTAL EARNINGS |
115.140 |
14.482 |
213.285 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.94 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.54
|
5.14 |
17.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.85
|
1.39 |
25.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.01 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.04 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.92
|
24.67 |
8.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
TURNOVER AND PROFITS
Gross receipts during the period was Rs.125.815 Millions. This includes Rs 6.861 Millions being the amount of interest earned on FDR's. Profit before tax for the year was Rs 8.572 Millions. The company continued its efforts to achieve economy in operating expenses by controlling the avoidable expenditure and cutting cost wherever possible. With a view to conserve the resources of the company the directors do not proposed to recommend any dividend.
CURRENT YEAR
PERFORMANCES AND PROSPECTS
The prospects of the current year are appearing to be bright. The company is in the process of establishing the contacts with the major buyers and stores of USA and Europe. Considering the present position of orders in hand and the future trend they expect that the company's turnover during the current year may exceed last year turnover.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U18101DL1998PTC093040 |
|
Name of the
company |
GIRDHARS
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
F-16 Udhyog
Nagar, Nagarpeera Garhi,, New Delhi – 110041, India E-mail: s.k.dhingra@vsnl.com |
|
This form is for |
Creation
of charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Canara Bank, International Banking Branch, Kirti Nagar, New Delhi -
110015, Delhi, India E-mail: akandco@hotmail.com |
|
Nature of
instrument creating charge |
Common
Hypothecation Agreement dated 28-06-2010 |
|
Date of
instrument Creating the charge |
28.06.2010 |
|
Amount secured by
the charge |
Rs.10.000 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 9.50% p.a. Terms of
Repayment Payable on
demand. Margin As per sanctioned
terms. Extent and
Operation of the charge 100% Others To secure all
amounts payable under Packing Credit Limit of Rs. 10.000 Millions granted to the Company together with all
interests, costs, charges, expenses etc. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
paid stocks of raw materials, work in process, finished goods, stores and
spares and all plant and machinery, spares and stores, vehicles, tools and
accessories, computer, furniture and fixture of the company stored/to be
stored at F-16, Udyog Vihar, Rohtak Road, Peera Garhi, New Delhi or at such
other place including those in transit. |
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.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.