|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GEAROCK FORGE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
143-B-8, Bommasandra Industrial Area, Anekal Taluk, Bangalore –
560099, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.12.1999 |
|
|
|
|
Com. Reg. No.: |
08-026145 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28991KA1999PTC026145 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Rocker Arms, Gear Shifter Forks, Connecting Rods and Crank
Shafts for Two and Four Wheeler Vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
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 but delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Sansera Engineering Private Limited’. It
is a company having a moderate track record. There appear huge accumulated losses which has completely eroded the
net worth. There also appear huge external borrowings recorded by the
company. The financial situation of the company is weak. However, business is active. Payment terms are slow but delayed. 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) |
|
|
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.
LOCATIONS
|
Registered Office : |
143-B-8, Bommasandra Industrial Area, Anekal Taluk, Bangalore –
560099, Karnataka, India |
|
Tel. No.: |
91-80-27831720/ 27835647/ 27835648 |
|
Fax No.: |
91-80-27831719 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Fatheraj R. Singhvi |
|
Designation : |
Director |
|
Address : |
Shanthi No.232, Vishranti Enclave, Doddakalasandra Village, Kanakapura
Road, Bangalore – 560062, Karnataka, India |
|
Date of Birth/Age : |
14.04.1955 |
|
Date of Appointment : |
29.12.1999 |
|
DIN No.: |
00233146 |
|
|
|
|
Name : |
Mr. Subramonia Sekhar Vasan |
|
Designation : |
Director |
|
Address : |
Oriental Homes No.51, Ranga Roa Road, Basavanagudi, Bangalore – 560004,
Karnataka, India |
|
Date of Birth/Age : |
02.03.1953 |
|
Date of Appointment : |
29.12.1999 |
|
DIN No.: |
00361245 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Fatheraj R. Singhvi Address: Shanthi No.232, Vishranti Enclave, Doddakalasandra Village,
Kanakapura Road, Bangalore – 560062, Karnataka, India |
|
5000 |
|
Subramonia Sekhar Vasan Address: Oriental Homes No.51, Ranga Roa Road, Basavanagudi, Bangalore
– 560004, Karnataka, India |
|
5000 |
|
Sansera Engineering Private Limited 261/C, BIA, Anekal Taluk, Bangalore – 562158, Karnataka, India |
|
890000 |
|
|
|
|
|
Total |
|
900000 |
(AS ON 29.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
98.89 |
|
Directors or relatives of directors |
|
1.11 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rocker Arms, Gear Shifter
Forks, Connecting Rods and Crank |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Forgings |
No. |
NA |
NA |
744667 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Electronic City Branch, 26/A, Hosur Road, Bangalore – 560100,
Karnataka, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Abraham Mathews and Master Chartered Accountant |
|
Address : |
No.11/1, New No.67, Nandidurga Road, Jayamahal Extension, Bangalore – 560046,
Karnataka, India |
|
PAN No.: |
ABVPM0614N |
|
|
|
|
Holding Company : |
· Sansera Engineering Private Limited CIN No.: U34103KA1981PTC004542 |
CAPITAL STRUCTURE
(AS ON 29.09.2012)
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 |
|
|
|
|
|
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000
Millions |
|
|
|
|
|
NOTE:
The company has issued only a single class of
equity shares. All equity shares carry similar voting rights 1:1 and similar
dividend rights.
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 |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
6.068 |
|
|
4] (Accumulated Losses) |
(26.360) |
(17.620) |
0.000 |
|
|
NETWORTH |
(17.360) |
(8.620) |
15.068 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.380 |
20.750 |
33.146 |
|
|
2] Unsecured Loans |
267.230 |
217.820 |
179.574 |
|
|
TOTAL BORROWING |
273.610 |
238.570 |
212.720 |
|
|
DEFERRED TAX LIABILITIES |
14.710 |
14.520 |
15.328 |
|
|
|
|
|
|
|
|
TOTAL |
270.960 |
244.470 |
243.116 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
200.820 |
179.590 |
185.652 |
|
|
Capital work-in-progress |
25.680 |
29.340 |
18.709 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.250
|
44.740 |
23.307 |
|
|
Sundry Debtors |
16.590
|
15.230 |
18.673 |
|
|
Cash & Bank Balances |
0.630
|
0.640 |
1.394 |
|
|
Other Current Assets |
30.040
|
24.920 |
0.000 |
|
|
Loans & Advances |
0.500
|
0.190 |
21.204 |
|
Total
Current Assets |
90.010
|
85.720 |
64.578 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
33.320
|
40.510 |
20.989 |
|
|
Other Current Liabilities |
11.290
|
8.730 |
3.574 |
|
|
Provisions |
0.940
|
0.940 |
1.260 |
|
Total
Current Liabilities |
45.550
|
50.180 |
25.823 |
|
|
Net Current Assets |
44.460
|
35.540 |
38.755 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
270.960 |
244.470 |
243.116 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Gross Income |
300.780 |
243.480 |
147.533 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
16.390 |
(0.500) |
12.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
24.930 |
24.000 |
21.692 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(8.540) |
(24.500) |
(9.492) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.200 |
(0.810) |
1.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(8.740) |
(23.690) |
(10.527) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17.620) |
6.070 |
16.595 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(26.360) |
(17.620) |
6.068 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumables, Spares and Tools |
0.910 |
2.620 |
2.984 |
|
|
|
Capital Goods |
0.000 |
0.240 |
5.373 |
|
|
TOTAL IMPORTS |
0.910 |
2.860 |
8.357 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9.71) |
(26.32) |
(11.70) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.94)
|
(9.23) |
3.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
2.84 |
(0.63) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(15.76)
|
(27.68) |
14.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.71 |
2.50 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Loans from Holding Company |
267.230 |
217.820 |
|
|
|
|
|
Total |
267.230 |
217.820 |
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80004180 |
|
Corporate
identity number of the company |
U28991KA1999PTC026145 |
|
Name of the company
|
Gearock Forge
Private Limited |
|
Address of the
registered office or of the principal place of business in |
143-B-8,
Bommasandra Industrial Area, Anekal Taluk, Bangalore – 560099, Karnataka,
India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of
India Electronic City
Branch, 26/A, Hosur Road, Bangalore – 560100, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Closure letter -
Term Loan of Rs.100.000 Millions. |
|
Date of
instrument Creating the charge |
12/05/2012 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest As per banking
terms Terms of
Repayment Repayable on
demand. Margin As Applicable Extent and
Operation of the charge The charge on the
assets being charged shall operate to the extent of Rs.10.000 Million plus
interest, costs, commission, expenses and other charges thereon. Others |
|
Short particulars
of the property charged |
Hypothecation of
all present and Future Goods, Book Debts and all other Movable Assets of the
Borrower including Documents of Title To Goods, Outstanding Monies,
Receivables including receivables by way of cash assistance and/or cash
incentives under the cash incentive scheme or any other scheme, claims,
including claims by way of refund of customs/excise duties under the duty
draw back credit scheme or any other scheme, Bills, Invoices, Documents,
Contracts, Insurance Policies, Guarantees. |
|
Particulars of the
present modification |
The credit limits
has been reduced from Rs.110.000 Millions to Rs.10.000 Millions by way of
closure of Term Loan - Rs.100.000 Millions and existing CC limits - Rs.5.000
Millions and BG - Rs.5.000 Millions remains unchanged. All other terms,
conditions and security to continue to operate. |
FIXED ASSETS:
· Freehold Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Electrical Installation
· Office Equipment
· Vehicles
· Computers
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 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.54.44 |
|
|
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
17 |
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.