1. Summary Information
|
Reference
# |
135-315737-01-020(20120314060) |
Country |
|
|
Company Name |
GEVAS ELEVATOR PRIVATE LIMITED |
Principal Name 1 |
Mr. Girish Vilas Mhatre |
|
Status |
Moderate |
Principal Name 2 |
Mr. Vikram Vilas Mhatre |
|
Our Reference # |
173459 |
Registration # |
11-196586 |
|
Street Address |
Building 6/313, Jogani Industrial Estate Complex, V.N. Purav Marg,
Chunabhatti (East), Mumbai-400022, |
||
|
Established Date |
21.10.2009 |
SIC Code |
-- |
|
Telephone# |
Not Available |
Business Style 1 |
Manufacture |
|
Fax # |
Not Available |
Business Style 2 |
Service Provider |
|
Homepage |
-- |
Product Name 1 |
Car Elevators |
|
# of employees |
Not Available |
Product Name 2 |
Home Elevators |
|
Paid up capital |
Rs.100,000/-
|
Product Name 3 |
, Industrial Elevators |
|
Shareholders |
Bodies corporate 56.00%, Directors or relatives of
directors 42.00%, Other top fifty shareholders 2.00% |
Banking |
Not Available |
|
Public Limited Corp. |
No |
Business Period |
2 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ca (11) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
-- |
Gevas Holdings Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,149,000 |
Current Liabilities |
2,980,000 |
|
Inventories |
252,000 |
Long-term Liabilities |
4,088,000 |
|
Fixed Assets |
2,938,000 |
Other Liabilities |
193,000 |
|
Deferred Assets |
000 |
Total Liabilities |
7,261,000 |
|
Invest& other Assets |
61,000 |
Retained Earnings |
000 |
|
|
|
Net Worth |
(1,861,000) |
|
Total Assets |
5,400,000 |
Total Liab. & Equity |
5,400,000 |
|
Total Assets (Previous Year) |
2,104,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
9,279,000 |
Net Profit |
(1,852,000) |
|
Sales(Previous yr) |
1,000,000 |
Net Profit(Prev.yr) |
(108,000) |
|
Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GEVAS ELEVATOR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Building 6/313, Jogani Industrial Estate Complex, V.N. Purav Marg,
Chunabhatti (East), Mumbai-400022, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.10.2009 |
|
|
|
|
Com. Reg. No.: |
11-196586 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29241MH2009PTC196586 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG14509F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCG5871H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Service Provider of Car Elevators, Home Elevators,
Industrial Elevators etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having moderate track. There
appears huge accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Building 6/313, Jogani Industrial Estate Complex, V.N. Purav Marg,
Chunabhatti (East), Mumbai-400022, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Head Office : |
5/304, Jogani Industrial Estate, Dr. V.N. Purav Marg, Sion-chunabhatti
(East), Mumbai-400022, |
|
Tel No.: |
91-22-24053091 |
|
Fax No.: |
91-22-24053093 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Girish Vilas Mhatre |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
5/285, |
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Date of Birth/Age : |
13.07.1968 |
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Date of Appointment : |
21.10.2009 |
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Din No.: |
02769815 |
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|
Other Directorship:
|
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|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vikram Vilas Mhatre |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
5/285, |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.02.1974 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
21.10.2009 |
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|
Din No.: |
01624775 |
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|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vilas Janardan Mhatre |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
5/285, |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.10.1940 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
21.10.2009 |
||||||||||||||||||||||||||||||||
|
Din No.: |
02756999 |
||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Tanay Anand Bandekar |
||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
13, Velhal Nivas, |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
27.11.1988 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
21.10.2009 |
||||||||||||||||||||||||||||||||
|
Din No.: |
02780335 |
||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Girish Vilas Mhatre Vilas Janardan Mhatre |
|
1000 |
|
Vikram Vilas Mhatre Vilas Janardan Mhatre |
|
100 |
|
Vilas Janardan Mhatre Janardan Shankar Mhatre |
|
100 |
|
Tanay Anand Bandekar Anand Shantaram Bandekar |
|
3000 |
|
Gevas Holdings Private Limited, |
|
5600 |
|
Smita Mahendra Pandya Mahendra Shivshankar Pandya |
|
100 |
|
Foram Pankaj Pandya Pankaj M. Pandya |
|
100 |
|
|
|
|
|
Total |
|
10000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
56.00 |
|
Directors
or relatives of directors |
|
42.00 |
|
Other
top fifty shareholders |
|
2.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Service Provider of Car Elevators, Home Elevators,
Industrial Elevators etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Not Available |
|||||||||
|
|
|
|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
C.K. Shanbhag and Company Chartered Accountants |
|
Address : |
Chheda Bhavan, Room No. 3, 3rd Floor, 98, |
|
Tel. No.: |
91-22-65943229/25205053 |
|
Fax No.: |
91-22-25205053 |
|
Pan No.: |
ADFPS2177Q |
|
|
|
|
Holding Company: |
Gevas Holdings Private Limited [U65993MH2010PTC202921] |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(1.961) |
(0.108) |
|
|
NETWORTH |
|
(1.861) |
(0.008) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
4.088 |
1.211 |
|
|
TOTAL BORROWING |
|
4.088 |
1.211 |
|
|
DEFERRED TAX LIABILITIES |
|
0.193 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.420 |
1.212 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.938 |
0.132 |
|
|
Capital work-in-progress |
|
0.021 |
0.797 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.252 |
0.140 |
|
|
Sundry Debtors |
|
1.286 |
0.000 |
|
|
Cash & Bank Balances |
|
0.693 |
0.913 |
|
|
Other Current Assets |
|
0.051 |
0.022 |
|
|
Loans & Advances |
|
0.119 |
0.054 |
|
Total
Current Assets |
|
2.401 |
1.129 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.808 |
0.401 |
|
|
Other Current Liabilities |
|
2.172 |
0.491 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
2.980 |
0.892 |
|
|
Net Current Assets |
|
(0.579) |
0.237 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.040 |
0.046 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.420 |
1.212 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
GROSS TURNOVER |
|
9.279 |
1.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
(1.668) |
(0.100) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.184 |
0.008 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(1.852) |
(0.108) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.108) |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(1.960) |
(0.108) |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(185.20) |
-- |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(31.24) |
(7.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.90 |
12.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(3.80) |
(262.88) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.81 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE:
During the period, the company has achieved a turnover of Rs.9.279
millions as compared to Rs.1.000 millions last year. The company in order to
compete and make a breakthrough in the elevator industry had set low and
competitive margins during the year. In addition due to low volumes, the
purchases were done at higher prices than what could be acquired in bulk deals.
These circumstances and the low business of first year were insufficient to
absorb the full year’s overhead costs resulting in net loss for the year.
OPERATIONS:
The company has successfully executed installation and commissioning of
11 elevators of which 7 were auto door and 4 were manual door.
Apart from that the company also carried out five lift repairs and
renovation jobs during the year.
Currently the company is pursuing similar and larger jobs and also
exploring scope for Gearless and Hydraulic Elevators which holds good potential
in urban cities with new high rise building like Mumbai, Thane and Navi Mumbai.
FIXED ASSETS:
Tangible Assets:
·
Gala Renovations
·
Plant and Machinery
·
Computer Systems
·
Books
·
Air Conditioner
·
Mobile Phone
·
Furniture and Fixtures
Intangible Assets:
·
Elevator Design and Technical Know How (Auto Door)
·
Elevator Design and Technical Known How (Manual
Door )
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.50.529 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.67.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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.