|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GULJAG INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
19, Prem Court Jamshed Tata Road, 199 Backbay Reclamation, Mumbai –
400020, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.05.1981 |
|
|
|
|
Com. Reg. No.: |
024439 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.123.041 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1981PLC024439 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08299E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG1267E |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and Exporters of Alum,
Sulphuric Acid, Aluminum Sulphate, Sulfamic Acid, Water Treatment Plants |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1040652 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 concern 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
19, Prem Court Jamshed Tata Road, 199 Backbay Reclamation, Mumbai –
400020, Maharashtra, India |
|
Tel. No.: |
91-022-22833603, 22833651 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
City Office : |
Nahata Bhawan,
Chopasani Road, Jodhpur - 342 003, Rajasthan, India |
|
Tel. No.: |
91-0291-2435581, 3290403 |
|
|
|
|
Administration Office/Factory : |
Village Palari
Khichiyan, Baijnath Road, Jodhpur - 342 304, Rajasthan, India |
|
Tel. No.: |
91-0291-2114222, 5131316 |
|
Fax No.: |
91-0291-2114209 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Narendra Dhoot |
|
Designation : |
Director |
|
Address : |
19, Prem Court, Jamshed Tata Road, 199 Backbay Reclamation, Mumbai –
400020, Maharashtra, India |
|
Date of Birth/Age : |
10.12.1958 |
|
Date of Appointment : |
21.05.1981 |
|
|
|
|
Name : |
Mr. Umesh Dhoot |
|
Designation : |
Director |
|
Address : |
19, Prem Court, Jamshed Tata Road, 199 Backbay Reclamation, Mumbai –
400020, Maharashtra, India |
|
Date of Birth/Age : |
23.11.1963 |
|
Date of Appointment : |
21.05.1981 |
|
|
|
|
Name : |
Mr. Pundrik R Mankad |
|
Designation : |
Director |
|
Address : |
4-B, Amee Society, Old Padra Road, Baroda – 390015, Gujarat, India |
|
Date of Birth/Age : |
14.07.1937 |
|
Date of Appointment : |
01.11.2000 |
|
Date of Ceasing: |
31.01.2011 |
|
|
|
|
Name : |
Mr. Nilesh Dhoot |
|
Designation : |
Director |
|
Address : |
19, Prem Court, Jamshed Tata Road, 199 Backbay Reclamation, Mumbai – 400020,
Maharashtra, India |
|
Date of Birth/Age : |
24.05.1986 |
|
Date of Appointment : |
17.07.2006 |
|
|
|
|
Name : |
Mr. Vijay Narayan Bansode |
|
Designation : |
Director |
|
Address : |
19, Prem Court, Jamshed Tata Road, 199 Backbay Reclamation, Mumbai –
400020, Maharashtra, India |
|
Date of Birth/Age : |
20.03.1943 |
|
Date of Appointment : |
29.01.2007 |
|
|
|
|
Name : |
Mr. Dhiren Dhoot |
|
Designation : |
Director |
|
Address : |
19, Prem Court, Jamshed Tata Road, 199 Backbay Reclamation, Mumbai –
400020, Maharashtra, India |
|
Date of Birth/Age : |
30.06.1988 |
|
Date of Appointment : |
09.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Guljag Hotels Private Limited, Mumbai |
|
230000 |
|
Guljag Health Care Private Limited, Mumbai |
|
868800 |
|
Vivesh Properties and investment Private Limited, Mumbai |
|
445360 |
|
Guljag Properties and Leasing Private Limited, Mumbai |
|
159200 |
|
Shyam Sunder Dhoot |
|
4212380 |
|
Narendra Dhoot |
|
994600 |
|
Narendra Dhoot (Rep. NUD Shot HUF) |
|
117000 |
|
Usha Dhoot |
|
1064740 |
|
Dinesh Dhoot |
|
2500 |
|
Dinesh Dhoot (Representing Dinesh Dhoot HUF) |
|
30100 |
|
Mudit Dhoot |
|
39200 |
|
Umesh Dhoot (Representing Umesh Dhoot HUF) |
|
234000 |
|
Nilesh Dhoot |
|
275000 |
|
Dhiren Dhoot |
|
175000 |
|
Narendra Dhoot (Representing Narendra Dhoot HUF) |
|
136000 |
|
Umesh Dhoot |
|
906300 |
|
Umesh Dhoot (Representing Hiren Dhoot) |
|
190000 |
|
Shyam Sunder Dhoot (Representing S S Dhoot HUF) |
|
50000 |
|
Renu Dhoot |
|
769600 |
|
Kusum Shyam Sunder jhawar Family Trust, Mumbai |
|
100100 |
|
Narendra Dhoot (Representing Firm Nilesh Enterprises) |
|
100 |
|
Uma Jain |
|
10 |
|
Umesh Dhoot |
|
1304100 |
|
Vimal Daga (Representing Firm R V Fabrics) |
|
10 |
|
Total |
|
12304100 |
AS ON 28.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
10.60 |
|
Directors or relatives of Directors |
75.56 |
|
Other top fifty shareholders |
13.84 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Alum,
Sulphuric Acid, Aluminum Sulphate, Sulfamic Acid, Water Treatment Plants |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Tata Capital Limited, One Forbes, Dr V B Gandhi Marg,Fort, Mumbai -
400001, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.S. Bhansali and Company Chartered Accountant |
|
Address : |
672, 12th C Road, Sardarpura, Jodhpur – 342003, Rajasthan, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14100000 |
Equity Shares |
Rs.10/- each |
Rs.141.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12304100 |
Equity Shares |
Rs.10/- each |
Rs.123.041
Millions |
|
|
|
|
|
(Including 1248000 shares of face value of
Rs.10/- each issued as Bonus shares out of Capitalisation of Revaluation Reserve
of Rs.9.000 Millions and balance out of General Reserve in the year 1994 )
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 |
123.041 |
123.041 |
123.041 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
137.122 |
114.295 |
90.602 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
260.163 |
237.336 |
213.643 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
185.240 |
182.227 |
185.429 |
|
|
2] Unsecured Loans |
149.995 |
145.101 |
142.269 |
|
|
TOTAL BORROWING |
335.235 |
327.328 |
327.698 |
|
|
DEFERRED TAX LIABILITIES |
63.999 |
65.627 |
64.331 |
|
|
|
|
|
|
|
|
TOTAL |
659.397 |
630.291 |
605.672 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
361.626 |
374.578 |
357.964 |
|
|
Capital work-in-progress |
8.427 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.836 |
3.336 |
3.937 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
118.530
|
88.690 |
76.712 |
|
|
Sundry Debtors |
213.673
|
243.792 |
243.000 |
|
|
Cash & Bank Balances |
41.637
|
65.581 |
50.427 |
|
|
Other Current Assets |
34.226
|
21.429 |
13.883 |
|
|
Loans & Advances |
57.980
|
41.037 |
30.465 |
|
Total
Current Assets |
466.046
|
460.529 |
414.487 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
130.415
|
183.244 |
151.182 |
|
|
Other Current Liabilities |
48.179
|
22.755 |
19.534 |
|
|
Provisions |
0.944
|
2.153 |
0.000 |
|
Total
Current Liabilities |
179.538
|
208.152 |
170.716 |
|
|
Net Current Assets |
286.509
|
252.377 |
243.771 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
659.397 |
630.291 |
605.672 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1291.867 |
1531.596 |
1590.384 |
|
|
|
Other Income |
11.441 |
2.838 |
2.126 |
|
|
|
TOTAL (A) |
1303.308 |
1534.434 |
1592.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1106.643 |
1328.670 |
1378.946 |
|
|
|
Manufacturing service costs |
25.018 |
21.017 |
39.243 |
|
|
|
Employee related expenses |
36.214 |
35.600 |
31.159 |
|
|
|
Administrative selling other expenses |
49.485 |
62.192 |
76.201 |
|
|
|
TOTAL (B) |
1217.360 |
1447.479 |
1525.549 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.948 |
86.955 |
66.961 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.359 |
28.279 |
19.727 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.589 |
58.676 |
47.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.040 |
28.536 |
25.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
26.549 |
30.140 |
21.687 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.722 |
6.447 |
30.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
22.827 |
23.693 |
(9.215) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.75
|
1.54 |
(0.57) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.05
|
1.97 |
1.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.20
|
3.61 |
2.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
2.25 |
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
2.21 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U51900MH1981PLC024439 |
|
Name of the company |
GULJAG INDUSTRIES LIMITED |
|
Address of the registered office or of the
principal place of business in |
19 Prem Court Jamshedji Tata Road, 199
Backbay Reclamation, Mumbai – 400020, Maharashtra, India |
|
This form is for |
Creation of charge Modification of charge |
|
Type of charge |
Movable Property |
|
Particular of charge holder |
Tata Capital Limited |
|
Nature of instrument creating charge |
Loan Cum Hypothecation Cum Guarantee
Agreement Dated 25.07.2011 |
|
Date of instrument Creating the charge |
25/07/2011 |
|
Amount secured by the charge |
Rs.35.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Long Term Lending Rate (LTLR) @ 13.50% p.a Rate of Interest @ 3.5% p.a below LTLR. Terms of Repayment Principal and Interest amount to be repaid
in 60 months Margin Margin @ 27.5 % for the initial disbursal
towards for machines from Triveni Engineering & Industries Ltd and
overall margin of 33 % to be maintained Extent and Operation of the charge The Charge extends to the due repayment of
the principal amount of Rs 35.000 Millions including Interest, Additional
Interest, Charges, Costs, Expenses and all other monies payable under the
Loan Agreement dated 25.07.2011 In case of default in payment of interest,
principal or monies payable under the Loan Agreement from the due date additional interest @ 4% p.a. as penal
interest |
|
Short particulars of the property charged |
1. Steam Turbine 2. Erection Cost Turbine 3. Rotary Vaccum Drum Filter 4. Cooling Tower 5. Peeler Centrifuse 6. Plate Heat Exchanger 7. Oil Purification Systems 8. Orifice Based Steam Flow Meter 9.Pump (65x 50 16 Mssh) Boiler Feed Water 10. Eot Crane 11. Pressure Reducing Cum Desuperheater 12. Kirloskar Main Pump 13. Plate Heat Exchanger More Particularly Described In Equipments |
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.51.30 |
|
|
1 |
Rs.81.36 |
|
Euro |
1 |
Rs.67.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
4 |
|
--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 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.