MIRA
INFORM REPORT
|
Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
GARIMA VIKAS METALS PRIVATE LIMITED (w.e.f.18.09.2012) |
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Formerly Known
As : |
GARIMA VIKAS METALS LIMITED (w.e.f. 17.08.2012) GARIMA OVERSEAS LIMITED |
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Registered
Office : |
12-A, Shivaji Marg, New Delhi – 110015 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.01.2005 |
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Com. Reg. No.: |
55-239416 |
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Capital
Investment / Paid-up Capital : |
Rs.158.290 Millions |
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CIN No.: [Company Identification
No.] |
U27310DL2005PTC239416 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG14409D |
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PAN No.: [Permanent Account No.] |
AACCG3284D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile Casting. |
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No. of Employees
: |
300 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for 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.
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
|
Name : |
Mr. R. S. Shekawat |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-8003994207 |
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Date : |
27.10.2012 |
LOCATIONS
|
Registered Office : |
12-A, Shivaji Marg, New Delhi – 110015, India |
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Tel. No.: |
91-11-42070707 |
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Mobile No.: |
91-8003994207 (Mr. R. S. Shekawat) |
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Fax No.: |
91-11-25451004 |
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E-Mail : |
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Factory 1 : |
Located at ·
Rajasthan, India |
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Factory 2 : |
EPIP, B-146 to B-148 and F—157 to F-164 Neemrana District, Rajkot -
301705 Gujarat, India |
DIRECTORS
|
Name : |
Mr. Pravin Agarwal |
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Designation : |
Director |
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Name : |
Mr. Abhimanyu Sarof |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. S. Shekawat |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Dinesh Parasrampuria |
|
1570100 |
|
Rakesh Akar |
|
848600 |
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Rama Krishna |
|
415000 |
|
Veenit N Jain |
|
410000 |
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Kapil Parasrampuria |
|
192800 |
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Kavita Parasrampuria |
|
73500 |
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Khusbhoo Parasrampuria |
|
2500 |
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Surbhi Parasrampuria |
|
2500 |
|
Kavita Cement Private Limited |
|
250000 |
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Shanti Kripa Industries Limited |
|
250000 |
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Parasrampuria Rubber Private Limited |
|
1185000 |
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Parasrampuria Finvest Private Limited |
|
250000 |
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Parasrampuria Cement Private Limited |
|
200000 |
|
Gokulesh Commercial Private Limited |
|
3150000 |
|
Safal Investment Private Limited |
|
2800000 |
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Vishesh Plastics Private Limited |
|
2737300 |
|
Suvidha Securitas Private Limited |
|
1491700 |
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Total |
|
15829000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
78.00 |
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Directors or relatives of Directors |
22.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile Casting. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
300 (Approximately) (In Office + In Factory) |
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Bankers : |
· State Bank of Mysore, Tambi Tower, S. C. Road, Jaipur – 302001, Rajasthan, India · State Bank of Bikaner and Jaipur, New Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. K. Akar and Company Chartered Accountants |
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Address : |
1409, Akar Bhawan, Sangon Ka Rasta, Kishanpole Bazar, Jaipur 302 003, Rajasthan, India |
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PAN No.: |
AAEFR5990E |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.275.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.267.905 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,60,00,000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
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|
1,58,29,000 |
Equity Shares |
Rs.10/- each |
Rs.158.290 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 |
|
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|
|
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1] Share Capital |
158.290 |
140.000 |
140.000 |
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2] Share Application Money |
0.003 |
86.100 |
5.300 |
|
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3] Reserves & Surplus |
201.385 |
82.500 |
82.500 |
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4] (Accumulated Losses) |
(298.100) |
(234.988) |
(165.529) |
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NETWORTH |
61.578 |
73.612 |
62.271 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
318.738 |
300.223 |
312.535 |
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2] Unsecured Loans |
2.715 |
1.715 |
2.000 |
|
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TOTAL BORROWING |
321.453 |
301.938 |
314.535 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
380.031 |
375.550 |
376.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
301.349 |
307.077 |
311.053 |
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Capital work-in-progress |
4.536 |
4.209 |
1.352 |
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INVESTMENT |
0.103 |
0.103 |
0.103 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
38.656
|
31.269 |
34.521 |
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Sundry Debtors |
65.620
|
57.207 |
24.533 |
|
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Cash & Bank Balances |
4.690
|
2.578 |
2.902 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.088
|
11.114 |
20.966 |
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Total
Current Assets |
124.054
|
102.168 |
82.922 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
37.560
|
31.298 |
8.693 |
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Other Current Liabilities |
1.834
|
0.335 |
|
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Provisions |
8.059
|
7.262 |
11.265 |
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Total
Current Liabilities |
47.453
|
38.895 |
19.958 |
|
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Net Current Assets |
76.601
|
63.273 |
62.964 |
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MISCELLANEOUS EXPENSES |
0.442 |
0.888 |
1.334 |
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TOTAL |
380.301 |
375.550 |
376.806 |
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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 |
281.457 |
198.359 |
103.685 |
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Other Income |
0.093 |
1.014 |
2.778 |
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TOTAL (A) |
281.550 |
199.373 |
106.463 |
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Less |
EXPENSES |
|
|
|
|
|
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Consumption materials changes inventories |
199.361 |
148.546 |
120.815 |
|
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Manufacturing service costs |
56.955 |
42.966 |
|
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Employee related expenses |
25.052 |
18.729 |
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Administrative selling other expenses |
9.734 |
5.789 |
|
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TOTAL (B) |
291.102 |
216.030 |
120.815 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(9.552) |
(16.657) |
(14.352) |
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Less |
FINANCIAL
EXPENSES (D) |
37.936 |
37.573 |
39.313 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(47.488) |
(54.230) |
(53.665) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.625 |
15.228 |
14.707 |
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(63.113) |
(69.458) |
(68.372) |
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Less |
TAX (H) |
0.000 |
0.000 |
0.068 |
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|
PROFIT AFTER TAX
(G-H) (I) |
(63.113) |
(69.458) |
(68.440) |
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|
Earnings Per
Share (Rs.) |
(3.99) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(22.42)
|
(34.84) |
(64.29) |
|
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|
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|
|
Net Profit Margin (PBT/Sales) |
(%) |
(22.42)
|
(35.02) |
(65.94) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.09)
|
(16.97) |
(17.35) |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(1.02)
|
(0.94) |
(1.10) |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.99
|
4.63 |
5.37 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
2.63 |
4.15 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditor |
|
|
|
|
Small Micro Enterprises |
0.000 |
0.000 |
|
|
Others |
37.560
|
31.298 |
|
|
Total |
37.560
|
31.298 |
8.693 |
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
|
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8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three 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 |
No |
|
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 registered office address of the company has been shifted from
“Parasrampuria Chambers, Opposite Road No.1, Sikar Road, Vki Area, Jaipur –
302013, Rajasthan, India” to the present address w.e.f. 20.07.2012
OPERATION
During the financial year 2010-11, the sales and other income of the company has been increased from Rs.221.509 Millions to Rs.306.579 Millions but due to volatility in the prices of raw material and higher operating cost, the company could not turn around the profitability and incurred net loss of Rs. 63.113 Millions. In the current year, the company shall try to perform better.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U27310DL2005PTC239416 |
||||||||||
|
Name of the company |
GARIMA VIKAS METALS PRIVATE LIMITED |
||||||||||
|
Address of the registered office or of the principal place of business in India of the company |
12-A, Shivaji Marg, New Delhi – 110015, India E-mail Id : ussharda@yahoo.co.in |
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|
This form is for |
Modification of charge |
||||||||||
|
Charge identification (ID) number of the charge to be modified |
80058991 |
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|
Type of charge |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge |
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|
Particular of charge holder |
State Bank of Mysore, Tambi Tower, S. C. Road, Jaipur – 302001, Rajasthan, India E-mail Id : battuji@yahoo.in |
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|
Nature of instrument creating charge |
Sanction Letter, Board Resolution Guarantee Agreement S-64 D. P. Note D.P. note Delivery Letter, Form No. 1111 |
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Date of instrument Creating the charge |
08/02/2011 |
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Amount secured by the charge |
Rs.67.500 Millions |
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|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be charged @3.50 % above base rate present effective rate being 12 % p.a. at monthly rests, subject to change from time to time. Terms of Repayment Repayable on demand. Margin Raw Material 25% Stock in Process 30% Finished Goods 30% Stores/Components & Spares 30% Book Debts 40% FBP/FBD 10% Extent and Operation of the charge The Charge operates on first charge basis. Others The Limit Modified to Rs.67.500 Millions Detailed as (Rs. In Millions)
|
||||||||||
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
First Pari Passu charge by way of Hypothecation of Company's entire current assets i.e. raw materials, stock in process, finished goods, semi finished goods , spares present and future as security. First Pari Passu charge by way of Hypothecation of Company's entire current assets, Book Debts,Claims and receivables present and future as security. Equitable Mortgage extended over Factory land situated at B -145 to B 147 & F - 148 to F -155 EPIP ,RIICO , Industrial Area , Neemrana ,District Alwar. |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Electrical Fitting and Cables
·
Material Handling
Equipments
·
Furniture
·
Lab Equipments
·
Pollution Control
Equipments
·
Office Equipments
·
Computers
·
Vehicles
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 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.53.63 |
|
|
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
- |
7
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.