|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GANESH LOCO COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
27-Section 7, New Power House Road, Jodhpur-342003, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.09.1990 |
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Com. Reg. No.: |
17-005598 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.500 millions |
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CIN No.: [Company Identification
No.] |
U34109RJ1990PTC005598 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Casting, Stainless Steel Components. |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21000 |
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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 record. The
company recorded the modest scale of business operation and the borrowing of
the company appears to be huge. However, there appears some improvement in the financial condition.
Trade relations are reported as 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.
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 |
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Restricted |
C2 |
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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. Mahendra |
|
Designation : |
Account Manager |
|
Contact No.: |
91-291-2432227 |
|
Date : |
21.01.2013 |
LOCATIONS
|
Registered Office : |
27-Section 7, New |
|
Tel. No.: |
91-291-2432227 |
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Fax No.: |
91-291-2433774 |
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E-Mail : |
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|
Website : |
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|
Area : |
4800 sq. ft. |
|
Location : |
Owned |
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|
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Factory : |
E-5, Phase II, RIICO Industrial Area, Boranada, |
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Tel. No.: |
91-291-2432227 / 91-2931-281149 |
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Fax No.: |
91-291-2433774 |
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Area : |
4000 Sq.ft. |
|
Location : |
Leased |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Birbal Bishnoi |
|
Designation : |
Director |
|
Address : |
27-Sector 7, New |
|
Date of Birth/Age : |
25.01.1942 |
|
Date of Appointment : |
18.09.1990 |
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DIN No.: |
00982417 |
|
] |
|
|
Name : |
Mr. Ram Kishore Bishnoi |
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Designation : |
Director |
|
Address : |
27-Sector 7, New |
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Date of Birth/Age : |
01.05.1966 |
|
Date of Appointment : |
18.09.1990 |
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DIN No.: |
01713914 |
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|
|
|
Name : |
Mr. Surendra Kumar Bishnoi |
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Designation : |
Director |
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Address : |
27-Sector 7, New |
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Date of Birth/Age : |
19.01.1977 |
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Date of Appointment : |
03.04.2001 |
|
DIN No.: |
00982449 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Birbal Bishnoi |
|
46800 |
|
Ram Kishore Bishnoi |
|
44700 |
|
Surendra Kumar Bishnoi |
|
24300 |
|
Ankit Bishnoi |
|
1500 |
|
Champa Devi Bishnoi |
|
28500 |
|
Sunita Bishnoi |
|
2000 |
|
Rameshwri Bishnoi |
|
2000 |
|
Ram Niwas Bishnoi |
|
8400 |
|
Shanker Lal Bishnoi |
|
8400 |
|
Ram Chandra Bishnoi |
|
8400 |
|
Sukhdeo |
|
10000 |
|
Bhagirath |
|
4500 |
|
Jogaram |
|
11000 |
|
Chanaram |
|
4500 |
|
Baksharam |
|
4500 |
|
Hazarimal |
|
4500 |
|
Nenuram |
|
4500 |
|
Chanaram |
|
4500 |
|
Bakshram |
|
4500 |
|
Budharam |
|
4500 |
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Sukharam |
|
4500 |
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Poonam Chand |
|
4500 |
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Ramakishan |
|
4500 |
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Pemaram |
|
4500 |
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Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
70.00 |
|
Other top fifty shareholders |
30.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Casting, Stainless Steel Components. |
||||||||
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Products : |
o
Hammers o
Jaw Plates
o
Liners o
Cement Liners o
Jaw Casting
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
Licensed Capacity:
Nil
Installed
Capacity: Special Alloy Steel and CI Casting – 1200 MT P.A.
|
Particulars |
Unit |
Purchases/use/mfg.
|
|
FINISHED GOODS |
|
|
|
CI Casting |
MT |
198.6800 |
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Special Alloy |
MT |
573.6610 |
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S.S. Casting |
MT |
39.3270 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
80 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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|
Name : |
Mertia and Company Chartered Accountants |
|
Address : |
Vatsalya, 244, Kamla Nehru Nagar, Opposite Prakratik Chikitsa Kendra,
Chopasni Road Jodhpur-342003, Rajasthan, India |
|
Tel No.: |
91-291-2760694/95 |
|
Fax No.: |
91-291-2760696/97 |
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Email : |
|
|
PAN No.: |
AAVPM3318C |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions
|
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|
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|
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 |
2.500 |
2.500 |
2.500 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.833 |
1.880 |
0.935 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.458) |
|
|
NETWORTH |
5.333 |
4.380 |
2.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.799 |
7.974 |
7.539 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
11.799 |
7.974 |
7.539 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.076 |
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|
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|
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TOTAL |
17.132 |
12.354 |
10.592 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.542 |
7.419 |
7.657 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.006 |
0.006 |
0.006 |
|
|
DEFERRED TAX ASSETS |
0.081 |
0.168 |
0.076 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.981
|
7.740
|
2.812 |
|
|
Sundry Debtors |
11.006
|
6.870
|
5.424 |
|
|
Cash & Bank Balances |
0.413
|
0.136
|
0.156 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1.645
|
2.006
|
1.227 |
|
Total
Current Assets |
23.045
|
16.752 |
9.619 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.902
|
10.388
|
5.474 |
|
|
Other Current Liabilities |
1.190
|
1.133
|
1.018 |
|
|
Provisions |
0.450
|
0.470
|
0.274 |
|
Total
Current Liabilities |
13.542
|
11.991 |
6.766 |
|
|
Net Current Assets |
9.503
|
4.761 |
2.853 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.132 |
12.354 |
10.592 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
TURNOVER |
63.223 |
51.317 |
47.135 |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
49.611 |
44.744 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
1.706 |
1.658 |
|
|
|
|
|
|
|
|
TAX |
NA |
0.760 |
0.274 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.952 |
0.946 |
1.385 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.81 |
3.78 |
6.64 |
Expected Sales (2012-2013): Rs. 60.000 Millions
The above information has been parted by Mr. Mahendra.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
7.06
|
9.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.39
|
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.75
|
4.56
|
4.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.40
|
1.42 |
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 |
Yes |
|
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) |
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34109RJ1990PTC005598 |
|
Name of the
company |
GANESH LOCO
COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
27-Secton 7, New |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10171213 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank Limited, MCMC Email : Deepak.khanna@axisbank.com |
|
Nature of
instrument creating charge |
Supplemental Deep
of Hypothecation Dated. 22.12.2011 Memorandum of
Enter Dated.22.12.2011 Term Loan
Agreement Dated. 22.12.2011 Board Resolution
Dated. 22.12.2011 To Secure term Loan
Under Business Mpower Scheme of Rs.4.300 Millions |
|
Date of
instrument Creating the charge |
22.12.2011 |
|
Amount secured by
the charge |
Rs.12.300
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate Plus 4%
i.e. 14% at Present on Term Loan under Business Empower Scheme Base Rate Plus
4.50% i.e. 14.50% at Present on On Demand under Business Empower Scheme Terms of Repayment OD – On Demand Term Loan-
Repayment shall be by way EMI of Rs.0.100 Million for a Period of 60 Months.
The Repayment Shall Start form 31st January 2012 Margin NA Extent and Operation of the charge 100% Others Personal
Guarantee of Mr. Surendra Bishnoi, Mr. Birbal Bishnoi, Mr. Ram Kishore
Bishnoi |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
Fresh term Loan
under Business Mpower Scheme of Rs.4.300 Millions has been Sanctioned Total
Credit Facility Now Stands for
Rs.12.300 Millions |
OPERATION
The turnover of the company stood at Rs.63.223 Millions
during the financial year as against Rs.51.317 Millions achieved last year. The
company earned a net profit of Rs.0.952 Millions as against a net profit of
Rs.0.946 Millions in the immediately preceding previous year. There was increase in turnover but the
profitability of the company declined during the year due to tough competition
in the field. The current year trends appear satisfactory and are
hopeful of achieving improved financial results during the year.
FIXED ASSETS
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.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.