MIRA INFORM REPORT

 

 

Report Date :

19.11.2012

 

IDENTIFICATION DETAILS

 

Name :

GABBAR INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

Plot No.3606, Shed No.1, Krishna Industrial Estate, G.I.D.C., Phase - 4, Ahmedabad – 382 445, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

30.08.2007

 

 

Com. Reg. No.:

04-051632

 

 

Capital Investment / Paid-up Capital :

Rs.6.300 millions

 

 

CIN No.:

[Company Identification No.]

U29100GJ2007PTC051632

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMG03835G

 

 

PAN No.:

[Permanent Account No.]

AACCG9167F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of jumbo bag for packing industries like fertilizers, sugar, rice, flour, cattle and powder milk etc.

 

 

No. of Employees :

12 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 35000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for small business dealings with some caution.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Minesh Manilal Panchal

Designation :

Director

Contact No.:

91-9879039000

Date :

16.11.2012

 

 

LOCATIONS

 

Registered Office/Factory :

Plot No.3606, Shed No.1, Krishna Industrial Estate, G.I.D.C., Phase - 4, Ahmedabad – 382 445, Gujarat, India

Tel. No.:

91-79-65256456/ 25840048/ 25840083

Mobile No.:

91-9879039000 (Mr. Minesh Panchal)

Fax No.:

91-79-40083226/ 25840083

E-Mail :

contact@gabbarindustries.com

accounts@gabbarindustries.com

Website :

http://www.gabbarindustries.com

Area :

1000 sq ft

Location :

Owned

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Minesh Manilal Panchal

Designation :

Director

Address :

8, Tapasvi Society, Behind Vandevi Society, Cadila Road, Ghodasar, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

13.10.1982

Date of Appointment :

30.08.2007

DIN No :

01468797

 

 

Name :

Mr. Manilal Hiralal Panchal

Designation :

Director

Address :

8, Tapasvi Society, Behind Vandevi Society, Cadila Road, Ghodasar, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

01.06.1952

Date of Appointment :

09.06.2011

DIN No :

03548614

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

 

No. of Shares

Minesh Panchal

 

180000

Manilal Panchal

 

180000

Taraben Panchal

 

180000

Riddhi Panchal

 

90000

Total

 

630000

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of jumbo bag for packing industries like fertilizers, sugar, rice, flour, cattle and powder milk etc.

 

 

Products :

Bag Closing Machines:

v      Automatic Pedestal Column with Bag in feed Device

v      Pedestal Column with Slat Conveyor

v      Belt Conveyor with Incorporated Pedestal Column

Jumbo Bag Making Machine:

v      Both Side Stitching and Cutting Machine for U-Panel Type Jumbo Bag

v      Automatic Belt Cutting with Twin Marking System for FIBC

v      Jumbo Bag Cutting Machine

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

Unit

Actual Production

Automotive Machinery and Assembly

No(s)

231

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers and Retailers

 

 

No. of Employees :

12 (Approximately)

 

 

Bankers :

v      Dena Bank, Branch Mani Nagar, Ahmedabad, Gujarat, India

v      HDFC Bank Limited, Branch Vatva, Ahmedabad, Gujarat, India

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Long Term Borrowings

 

 

Term Loans – From a Bank

0.264

0.000

Short Term Borrowings

 

 

Term Loans – From a Bank

0.138

0.000

Total

0.402

0.000

 

Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Short Term Borrowings

 

 

Loans and advances from Related Parties

3.630

0.000

Total

3.630

0.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P. Doshi and Associates

Chartered Accountants

Address :

306, Rajkamal Plaza-A, Opposite Old High Court, Ashram Road, Ahmedabad - 380 014, Gujarat, India

Income-tax PAN of auditor or auditor’s firm :

AATPD0977G

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

630000

Equity Shares 

Rs.10/- each

Rs.6.300 millions

 

 

 

 

 

A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period:

 

Particulars

Equity Shares

Number

(Rs. in millions)

Shares outstaying at the beginning of the year

630000

6.300

Shares issued during the year

--

--

Shares bought back during the year

--

--

Shares outstanding at the end of the year

630000

6.300

 

Details of shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

 

Name of Shareholders

As at 31.03.2012

No. of Shares held

% of Holding

Manilal Hiralal Panchal

180000

28.57

Minesh Manilal Panchal

180000

28.57

Taraben Manilal Panchal

180000

28.57

Riddhi Minesh Panchal

90000

14.29

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

6.300

6.300

6.300

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2.527

1.407

0.909

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

8.827

7.707

7.209

LOAN FUNDS

 

 

 

1] Secured Loans

0.402

0.000

0.000

2] Unsecured Loans

3.630

0.000

0.000

TOTAL BORROWING

4.032

0.000

0.000

DEFERRED TAX LIABILITIES

0.401

0.296

0.247

 

 

 

 

TOTAL

13.260

8.003

7.456

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.574

4.986

4.774

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
11.261
5.202
1.946

 

Sundry Debtors
1.463
1.154
2.099

 

Cash & Bank Balances
1.760
1.113
0.643

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
1.177
0.465
0.200

Total Current Assets
15.661
7.934
4.888

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
4.510
3.406
1.849

 

Other Current Liabilities
4.050
1.521
0.380

 

Provisions
0.415
0.034
0.065

Total Current Liabilities
8.975
4.961
2.294

Net Current Assets
6.686
2.973
2.594

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.044

0.088

 

 

 

 

TOTAL

13.260

8.003

7.456

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

NA

10.445

9.898

 

 

Other Income

 

 

 

 

 

TOTAL                                    

NA

10.445

9.898

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

NA

9.735

8.981

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

9.735

8.981

 

 

 

 

 

 

PROFIT BEFORE TAX

1.639

0.710

0.917

 

 

 

 

 

Less

TAX                                                     

0.520

0.212

0.209

 

 

 

 

 

 

PROFIT AFTER TAX

1.119

0.498

0.708

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports

0.181

0.000

0.000

 

TOTAL EARNINGS

0.181

0.000

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

0.066

0.000

0.000

 

TOTAL IMPORTS

0.066

0.000

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.78

0.79

1.12

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
NA
4.77
7.15

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.37
5.49
9.49

 

 

 
 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.19
0.09
0.13

 

 

 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 

1.47
0.64
0.32

 

 

 
 
 

Current Ratio

(Current Asset/Current Liability)

 

1.74
1.60
2.13

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last two years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Note:

The Company was a Partnership Firm established in the year 2004. It has being changed to Private Limited and the Incorporation Date August-2007. It has started its business from April-2008.

 

FINANCIAL RESULTS:

 

The Company has earned profit before tax of Rs.1.639 millions (Previous Year Rs.0.710 million). After providing for Rs.0.520 million (Previous Year Rs.0.212 million) for taxation including deferred tax the balance amount has been carried to Balance Sheet. The directors do not recommend any dividend.

 

FIXED ASSETS:

Tangible Assets

v      Land

v      Buildings

v      Plant and Equipment

v      Furniture and Fixtures

v      Vehicles

v      Office Equipment

Intangible Assets

v      Computer Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

 

26

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.