MIRA INFORM REPORT
|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
G. T. FRUITECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D-1A, Mahendru Enclave, G.T. Karnal Road, Delhi-110033 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.11.2007 |
|
|
|
|
Com. Reg. No.: |
55-170895 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.600 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140DL2007PTC170895 |
|
|
|
|
IEC No.: |
0509051677 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Importer and Distributor of Fresh Fruit. |
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|
|
|
No. of Employees
: |
31 (Approximately) [In Office:15, In Factory:10 and In Branch:6] |
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 |
|
Maximum Credit Limit : |
USD 10000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. The
profitability of the company appears to be low. However, performance capability of the company is improving. 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. Note: Due to technical error in the government sites, we hereby
provide you the report with available details and we would provide you with a
on the same company as soon as we get the additional information. |
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
|
Name : |
Mr. Amit Gidwani |
|
Designation : |
Business Manager |
|
Contact No.: |
91-9873121111 |
|
Date : |
05.02.2013 |
LOCATIONS
|
Registered Office : |
D-1A, Mahendru Enclave, G.T. Karnal Road, Delhi-110033, India |
|
Tel. No.: |
91-11-27243949 |
|
Mobile No.: |
91-9899199199 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory / Corporate : |
B-153, New Fruit Market, Azadpur, Delhi-110033, India |
|
Tel. No.: |
91-11-27677333 / 27677444 / 222 |
|
Fax No.: |
91-11-27677222 |
|
Area : |
2500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch : |
J-403, APMC Fruit Market, Vashi, Navi Mumbai, India |
|
Tel. No.: |
91-22-41230015 |
|
E-Mail : |
prashant@gtfruitech.com |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Harichand Gidwani |
|
Designation : |
Director |
|
Address : |
AK-96, Shalimar Bagh, Delhi-110088, India |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
Graduate |
|
Experience : |
40 Years |
|
|
|
|
Name : |
Mr. Shrichand Gidwani |
|
Designation : |
Director |
|
Address : |
D-1A, Mahendra Enclave, Delhi-110009 |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
Graduate |
|
Experience : |
34 Years |
|
|
|
|
Name : |
Mr. Dharamdas Gidwani |
|
Designation : |
Director |
|
Address : |
D-13/3, Model Town, Delhi-110009, India |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
Graduate |
|
Experience : |
34 Years |
KEY EXECUTIVES
|
Name : |
Mr. Amit Gidwani |
|
Designation : |
Business Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Harichand Gidwani |
|
5000 |
|
Bhavesh Gidwani |
|
5000 |
|
Amit Gidwani |
|
5000 |
|
Sumit Gidwani |
|
5000 |
|
Prashant Gidwani |
|
5000 |
|
Shrichand Gidwani |
|
5000 |
|
Dharamdas Gidwani |
|
5000 |
|
Hemant Gidwani |
|
5000 |
|
Ritesh Gidwani |
|
5000 |
|
Total |
|
45000 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Distributor of Fresh Fruit. |
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|
|
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Imports : |
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Products : |
Fresh Fruits |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
31 (Approximately) [In Office:15, In Factory:10 and In Branch:6] |
|
|
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Bankers : |
HDFC Bank, A4 Panchwati, Adarsh Nagar, New Delhi-110033, India Tel. No: 91-11-61606161 |
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|
|
|
Facilities : |
Credit Limit – Rs. 50.000 Millions |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Jain and Anand Chartered Accountants |
|
Address : |
310, Kumar Tower, 15 Wazirpur Community Centre, Delhi-110052, India |
|
Tel. No.: |
91-11-27373075 |
|
E-Mail : |
|
|
|
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Associates/Subsidiaries : |
Gangaram Tikamdas Address: B-153, New Fruit Market, Azadpur, Delhi-110033, India Line of Business: Wholesale and Trading Domestic Fruits. |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 Million |
|
|
|
|
|
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 |
0.600 |
0.501 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.863 |
0.897 |
0.090 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.463 |
1.398 |
0.590 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
55.208 |
46.893 |
0.000 |
|
|
2] Unsecured Loans |
|
|
15.217 |
|
|
TOTAL BORROWING |
55.208 |
46.893 |
15.217 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57.671 |
48.291 |
15.807 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.811 |
4.720 |
0.056 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.142 |
0.053 |
0.003 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.664
|
|
18.297 |
|
|
Sundry Debtors |
39.783
|
32.154 |
|
|
|
Cash & Bank Balances |
3.898
|
5.565 |
|
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
8.455
|
3.918 |
|
|
Total
Current Assets |
58.800
|
49.464 |
18.297 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.154
|
|
2.602 |
|
|
Other Current Liabilities |
0.594
|
0.595 |
|
|
|
Provisions |
1.334
|
1.021 |
|
|
Total
Current Liabilities |
7.082
|
5.946 |
2.602 |
|
|
Net Current Assets |
51.718
|
43.518 |
15.695 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.053 |
|
|
|
|
|
|
|
|
TOTAL |
57.671 |
48.291 |
15.807 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
434.169 |
200.934 |
38.100 |
|
|
|
Other Income |
2.781 |
0.060 |
0.004 |
|
|
|
TOTAL (A) |
436.950 |
200.994 |
38.104 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of stock-in-trade |
413.762 |
|
37.351 |
|
|
|
Employee benefits expenses |
3.642 |
2.902 |
|
|
|
|
Other expenses |
8.004 |
3.017 |
|
|
|
|
Changes in inventories |
1.163 |
(7.368) |
|
|
|
|
TOTAL (B) |
426.571 |
196.269 |
37.351 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
10.379 |
4.725 |
0.753 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.886 |
2.876 |
0.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.493 |
1.849 |
0.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.093 |
0.586 |
0.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1.400 |
1.263 |
0.197 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.434 |
0.456 |
0.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
0.966 |
0.807 |
0.135 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.897 |
0.090 |
(0.045) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.863 |
0.897 |
0.090 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
16.10 |
16.11 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.22
|
0.40 |
0.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.32
|
0.63 |
0.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.17
|
2.33 |
1.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.90 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
22.41
|
33.54 |
25.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.30
|
8.32 |
7.03 |
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 |
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
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 |
Yes |
|
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 |
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 |
TRADE REFERENCE
- Gajumal
Mulchand Fruits Private Limited, Ahmedabad
Mr. Lakhmichand
Wadhwa (91-9879761377)
- CVFC,
Hyderabad
Mr. Veera
(91-9160099441)
- Shri Duga
Fruit, Kanpur
Mr. Raju
(91-9415126495)
- Thai
Moogambigai Agro Private Limited
Mr. Senthil Natrajan
(91-9944677777)
PROFILE
Their company has been dealing in fresh fruits
since more than 60 years which gives us a prominent place in the market, having
a strong distribution network in India, they have been importing fruits from
around the globe to meet our requirements. Their distribution network consists
of Super Markets, Semi – wholesalers and retailers throughout the country. They
believe in keeping a diversified profile of customers later than depending on
few major customers. In future their company plans to set up its own logistics
and cold storage facilities with the latest technologies as most part of these
utilities will be consumed by company itself.
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
NO |
|
--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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.