MIRA INFORM REPORT
|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
GESSWEIN TRADING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B – 41, Nand Bhuvan Industrial Premises, 21, Mahakali Caves Road,
Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.06.2005 |
|
|
|
|
Com. Reg. No.: |
11-153662 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.617 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2005PTC153662 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11381G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG4160C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader, Exporter and Importer of Machinery and Consumable tools
related to jewellery. |
|
|
|
|
No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in profitability during the current year recorded by
the company. However, general financial position of the company appears to be good.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. Note: Banker denied to disclose any detail of the subject to us. |
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. Sanjay |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-28291641 |
|
Date : |
02.02.2013 |
LOCATIONS
|
Registered Office : |
B – 41, Nand Bhuvan Industrial Premises, 21, Mahakali Caves Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-28291641 |
|
Fax No.: |
91-22-28291643 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Branches : |
GJ07, SDF7 Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India |
|
Tel. No.: |
91-22-28291641/28291642/28291643 |
|
Fax No.: |
91-22-28291643 |
|
Email: |
|
|
Location : |
Rented |
DIRECTORS
As on: 10.09.2012
|
Name : |
Mr. Roger Hudson Gesswein |
|
Designation : |
Director |
|
Address : |
3, |
|
Date of Birth/Age : |
01.01.1943 |
|
Date of Appointment : |
01.06.2005 |
|
DIN No.: |
02848665 |
|
|
|
|
Name : |
Mrs. Fariden Sharifi Gesswein |
|
Designation : |
Director |
|
Address : |
71, |
|
Date of Birth/Age : |
26.03.1953 |
|
Date of Appointment : |
01.06.2005 |
|
DIN No.: |
02848665 |
|
|
|
|
Name : |
Mr. Kaushal Vishwambharlal Khetan |
|
Designation : |
Director |
|
Address : |
101, Salasar Residency, Plot No-258, Sher-E-Punjab, Andheri (East),
Mumbai – 400093, |
|
Date of Birth/Age : |
10.11.1968 |
|
Date of Appointment : |
30.01.2006 |
|
DIN No.: |
00271343 |
|
|
|
|
Name : |
Mrs. Amita Kaushal Khetan |
|
Designation : |
Director |
|
Address : |
Kaushal, 6, New India Co-operative Housing Society, 12th
Road, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1972 |
|
Date of Appointment : |
11.06.2007 |
|
DIN No.: |
01588194 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 10.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Roger Gesswein |
|
193796 |
|
Farideh Gesswein |
|
2455 |
|
Kaushal Vishwambharlal Khetan |
|
60317 |
|
Amita Khetan, Khaushal Khetan |
|
5100 |
|
Total |
|
261668 |
Equity Share Break up (Percentage of Total Equity)
As on: 10.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Machinery and Consumable tools
related to jewellery. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Machinery and Consumable tools related to jewellery. |
|
Countries : |
Dubai |
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|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
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|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Manufacturers |
|
|
|
|
No. of Employees : |
15 (Approximately) |
|
|
|
|
Bankers : |
Bank of India, Seepz Branch, Andheri (East), Mumbai, Maharashtra,
India Tel No.: 91-251-2602529 |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C. B. Chhajed and Company Chartered Accountant |
|
Address : |
88-C, DGP House, Ground Floor, Old Prabhadevi Road, Mumbai – 400025,
Maharashtra, India |
|
PAN.: |
AAAFC3565E |
|
|
|
|
Enterprises over
which Key Management Personnel and their relatives exercise significant influence
or control: |
|
CAPITAL STRUCTURE
As on: 10.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
261668 |
Equity Shares |
Rs.10/- each |
Rs. 2.617 Millions |
|
|
|
|
|
Reconciliation of
equity shares outstanding
|
Particular |
Number of Shares |
Amount |
|
As at the beginning of the year |
261668 |
Rs. 2.617 Millions |
|
Add: |
|
|
|
Issued during the year |
|
|
|
Issued as bonus shares during the year |
|
|
|
Less: |
|
|
|
Bought back during the year |
|
|
|
As at the end of
the year |
261668 |
Rs. 2.617 Millions |
Details of
Shareholders holding more than 5% shares of the Company
|
Name of Shareholder |
No. of Shares |
% |
|
Roger Hudson Gesswein |
193796 |
74.06 |
|
Kaushal V Khetan |
60317 |
23.05 |
Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10/- Per share. Each holder of equity shares is entitled to one vote per share and dividend in Indian rupees, if proposed by the Board of Directors, which is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
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 |
2.617 |
2.617 |
2.617 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.333 |
29.359 |
20.848 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.950 |
31.976 |
23.465 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.443 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.443 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38.950 |
31.976 |
23.908 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.783 |
0.922 |
0.781 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.174 |
0.000 |
0.000 |
|
|
OTHER NON CURRENT ASSETS |
0.514 |
0.095 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.754
|
37.525
|
32.745
|
|
|
Sundry Debtors |
15.780
|
13.252
|
10.323
|
|
|
Cash & Bank Balances |
2.174
|
2.263
|
5.428
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1.249
|
1.790
|
6.278
|
|
Total
Current Assets |
62.957
|
54.830
|
54.774
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.472 |
21.618 |
20.747 |
|
|
Other Current Liabilities |
0.369
|
0.995
|
5.163
|
|
|
Provisions |
0.637
|
1.258
|
5.737
|
|
Total
Current Liabilities |
25.478
|
23.871
|
31.647
|
|
|
Net Current Assets |
37.479
|
30.959
|
23.127
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
38.950 |
31.976 |
23.908 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
122.778 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
139.312 |
122.778 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
126.100 |
114.123 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
13.212 |
8.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
4.700 |
2.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
7.127 |
8.512 |
5.926 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
2.088 |
3.175 |
5.508 |
|
|
|
Freight |
0.075 |
0.074 |
0.007 |
|
|
TOTAL EARNINGS |
2.163 |
3.249 |
5.515 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
97.568 |
112.143 |
107.322 |
|
|
TOTAL IMPORTS |
97.568 |
112.143 |
107.322 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.25 |
32.53 |
22.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
6.11 |
4.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
23.69 |
15.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.42 |
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.29 |
1.73
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
(Rs
in Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors for Goods |
|
|
20.210 |
|
Sundry Creditors for Expenses |
24.472 |
21.618 |
0.537 |
|
Total |
24.472 |
21.618 |
20.747 |
|
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
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 |
OPERATING AND
FINANCIAL RESULTS
The Financial result of the company shows a net profit after tax of Rs.7.127 Millions which the directors propose to retain for business purposes.
CONTINGENT
LIABILITIES:
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against the company not acknowledged as debt |
Nil |
Nil |
|
Guarantees |
Nil |
Nil |
|
Other money for which the company is contingently liable |
Nil |
Nil |
FIXED ASSETS:
- Computer hardware
- Furniture and Fixtures
- Air Conditioner
- Electrical Fittings
- Office Equipment
- Vehicles
- Godrej Safe
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. 53.32 |
|
|
1 |
Rs. 84.60 |
|
Euro |
1 |
Rs. 72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.