MIRA INFORM REPORT
|
Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GANGA INDUSTRIAL CORPORATION LIMITED (w.e.f 19.11.1992) |
|
|
|
|
Formerly Known
As : |
GANGA INDUSTRIAL CORPORATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1A, S.V.C.I.E.I.D.E, Jeedimetla, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
16.12.1988 |
|
|
|
|
Com. Reg. No.: |
01-009396 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.421.338
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29219AP1988PLC009396 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG02873D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG7474K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Iron and Steel and also Manufacturer of Tower Parts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
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 : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management has failed to file its financial for the year 2011 and 2012 with the
government department. As per it 2010 there appears huge accumulated losses recorded by the
company. The liquidity position seems to be weak. However, business is active. Payments are reported to be unknown. The company can be considered for business dealings on a safe and
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 – 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. Gouse |
|
Designation : |
Account Assistant Manager |
|
Contact No.: |
91-9849422230 |
|
Date : |
10.04.2013 |
LOCATIONS
|
Registered Office : |
Plot No. 1A, S.V.C.I.E.I.D.E, Jeedimetla, |
|
Tel. No.: |
91-40-55993497 |
|
Mobile No.: |
91-9849422230 [Mr. Gouse] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No. 11B, Survey No. 172, IDA, Bollaram Village, Jinaram Nandal
Mutrajpalli, (P.O.) District Medak-502325, Andhra Pradesh, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Srinivas R. Reddy |
|
Designation : |
Director |
|
Address : |
3-1-85911, Barkatpura, |
|
Date of Birth/Age : |
26.04.1966 |
|
Date of Appointment : |
10.07.2001 |
|
DIN No.: |
01622995 |
|
|
|
|
Name : |
Mr. Ramakrishna Gadde |
|
Designation : |
Director |
|
Address : |
98/C Sanjeeva Reddy Nagar, |
|
Date of Birth/Age : |
01.03.1959 |
|
Date of Appointment : |
11.11.1999 |
|
DIN No.: |
01623698 |
|
|
|
|
Name : |
Mr. Nageswar Reddy Lingareddy |
|
Designation : |
Director |
|
Address : |
F-No-102, |
|
Date of Birth/Age : |
29.12.1971 |
|
Date of Appointment : |
08.06.2009 |
|
DIN No.: |
02661420 |
KEY EXECUTIVES
|
Name : |
Mr. Gouse |
|
Designation : |
Account Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ch. Jawahar Babu |
|
729900 |
|
M. Ravinder Reddy |
|
1650030 |
|
Ramakrishna Gadde |
|
1962750 |
|
N Narendra Babu |
|
300 |
|
Narasimha Rao |
|
800 |
|
Anjaneyulu |
|
700 |
|
Bhagyanagar Investments and Trading Private Limited, India |
|
17789381 |
|
Swain Finance and Trading Private Limited, India |
|
20000000 |
|
|
|
|
|
TOTAL
|
|
42133861 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
89.69 |
|
Directors
or relatives of directors |
|
9.00 |
|
Other
top fifty shareholders |
|
1.31 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Iron and Steel and also Manufacturer of Tower Parts. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ungalvanised Tower Parts |
MT |
40000 |
43095.490 |
GENERAL INFORMATION
|
Customers : |
End Users and Others |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
State Bank of India, Main Branch, Koti, Hyderabad, Andhra Pradesh,
India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. V. Suryanarayana Murthi Chartered Accountant |
|
Address : |
B-166, Sanjeeva Reddy Nagar Colony, |
|
Tel. No.: |
91-40-66828975 |
|
Mobile No.: |
91-9866644480 |
|
PAN No: |
ADFPK5497D |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42500000 |
Equity Shares |
Rs.10/- each |
Rs.425.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42133861 |
Equity Shares |
Rs.10/- each
|
Rs.421.338
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
421.338 |
43.445 |
43.445 |
|
|
2] Share Application Money |
0.000 |
377.894 |
0.034 |
|
|
3] Reserves & Surplus |
0.696 |
0.696 |
0.696 |
|
|
4] (Accumulated Losses) |
(719.055) |
(603.204) |
(389.426) |
|
|
NETWORTH |
(297.021) |
(181.169) |
(345.251) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(297.021) |
(181.169) |
(345.251) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.688 |
5.006 |
5.290 |
|
|
Capital work-in-progress |
1.139 |
1.139 |
1.139 |
|
|
|
|
|
|
|
|
INVESTMENT |
70.865 |
70.865 |
55.071 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
30.896
|
89.571
|
52.219 |
|
|
Sundry Debtors |
1243.133
|
656.904
|
555.843 |
|
|
Cash & Bank Balances |
2.493
|
2.024
|
2.619 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2808.793
|
1737.549
|
553.886 |
|
Total
Current Assets |
4085.315
|
2486.048
|
1164.567 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4168.580
|
1982.329
|
356.293 |
|
|
Other Current Liabilities |
290.145
|
761.898
|
1215.023 |
|
|
Provisions |
0.304
|
0.000
|
0.000 |
|
Total
Current Liabilities |
4459.029
|
2744.227
|
1571.316 |
|
|
Net Current Assets |
(373.713)
|
(258.179)
|
(406.751) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(297.021) |
(181.169) |
(345.251) |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
7848.846 |
4568.397 |
2528.101 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
7829.585 |
4791.557 |
2589.885 |
|
|
|
Administrative and Selling Expenses |
75.705 |
27.266 |
2.990 |
|
|
|
Increase/Decrease in Stocks |
58.674 |
(37.352) |
(45.130) |
|
|
|
TOTAL |
7963.964 |
4781.471 |
2547.745 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(115.118) |
(213.074) |
(19.644) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.733 |
0.700 |
0.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(115.851) |
(213.774) |
(20.424) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.004 |
0.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(115.851) |
(213.778) |
(20.431) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(603.204) |
(389.426) |
(368.995) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(719.055) |
(603.204) |
(389.426) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
0.000 |
15.147 |
0.000 |
|
|
|
Export Earnings |
0.000 |
5.867 |
224.367 |
|
|
TOTAL |
0.000 |
21.014 |
224.367 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.75) |
(49.20) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.47)
|
(4.67) |
(0.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.83)
|
(8.58) |
(1.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
1.17 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
0.91 |
0.74 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
COMPANY PERFORMANCES:
During the period the company has achieved a turnover of Rs.7848.846 millions (Previous Year Rs4568.397 millions) and incurred a Net Loss of Rs.603.204 millions (Previous year Rs.389.426 millions) after providing all expenses. The Directors are hopeful to project better financial results in the forth coming years.
FIXED ASSETS:
- Land
- Factory
Building
- Plant and
machinery
- Electrical
installations
- Furniture and
fixtures
- Office
equipment
- 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.54.53 |
|
|
1 |
Rs.83.60 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.