MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
G K FOUNDERS PRIVATE LIMITED |
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Registered Office : |
Ranka House, Bail Bazar, Kurla (West), Mumbai – 400 070, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
11.10.1988 |
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Com. Reg. No.: |
11-049143 |
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Capital
Investment / Paid-up Capital : |
Rs.24.000 Millions |
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CIN No.: [Company
Identification No.] |
U27310MH1988PTC049143 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Aluminium Alloy Ingots. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 640000 |
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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 a moderate track record. The
company has moderate scale of operation with moderate financial position. The liquidity position remain stretched due to high utilization of
working capital. The company has recorded some loss in the third quarter of 2012. However, promoters appears to be experienced businessmen. 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. Profit and Loss Account of the company is not available. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
LONG TERM FUND BASED : ICRA BB- |
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Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation |
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Date |
December, 2012 |
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 : |
Ms. Sonal |
|
Designation : |
Account Manager |
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Contact No.: |
91-22-28614546 |
|
Date : |
27.02.2013 |
LOCATIONS
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Registered Office : |
Ranka House, Bail Bazar, Kurla (West), Mumbai – 400 070, |
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Tel. No.: |
91-22-32569042 / 25141266 / 25164684 / 25140824 / 28614546 / 28634546 |
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Mobile No.: |
91-9987168686 [Mr. Rahul Ranka] |
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Tele Fax No.: |
91-22- 25140824 / 25142078 |
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E-Mail : |
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Website : |
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Area : |
3200 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Survey No. 331/2, Plot 5/B, |
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Tel. No.: |
91-260-3290990 |
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Tele Fax No.: |
91-260-2631812 |
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Area : |
3000 sq. mtr. |
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Location : |
Owned |
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Factory 2 : |
Located at ·
Wadi, Maharashtra, India |
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Branch Office : |
Godavari Chambers, Office No.23, 2nd Floor, Above Seasonsw Hotel,
Junction of Jamnadas Adukia Road and S. V. Road, Kandivali (West), Mumbai –
400067, Maharashtra, India |
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Tel No.: |
91-22-28614546/47 |
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Fax No.: |
91-22-28614546/47 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Sohan Gheverchand Ranka |
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Designation : |
Director |
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Address : |
C/203, Hulasbasti, |
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Date of Birth/Age : |
02.09.1954 |
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Qualification : |
B.Com |
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Date of Appointment : |
11.10.1988 |
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DIN : |
00216297 |
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Name : |
Mr. Parvesh Sohan Ranka |
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Designation : |
Director |
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Address : |
C/203, Hulasbasti, |
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Date of Birth/Age : |
12.02.1979 |
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Qualification : |
B.Com |
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Date of Appointment : |
20.03.2008 |
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DIN : |
01712562 |
KEY EXECUTIVES
|
Name : |
Ms. Sonal |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Sohan Gheverchand Ranka |
121071 |
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Mahesh Gheverchand Ranka |
9004 |
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Stocknet International, India |
5800 |
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Badamibhai Gheverchand Ranka |
10000 |
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Shantidevi Sohan Ranka |
56875 |
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Pravesh Sohan Ranka |
250 |
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Rahul Sohan Ranka |
4000 |
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Computer Point(I) Limited |
10000 |
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Sampada Chemicals Limited |
23000 |
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Total |
240000 |
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
13.75 |
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Directors or relatives of directors |
86.25 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Alloy Ingots. |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
·
State Bank of India, Industrial Finance Branch, Near Chincholi Phatak, S.V.
Road, Malad West, Mumbai – 400064, Maharashtra, India ·
HSBC Limited ·
HDFC Bank ·
Citi Bank ·
ICICI Bank ·
IDBI Bank ·
Bank of Baroda |
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Facilities : |
Notes: · Term Loan is secured against Factory Land and Building and Plant and Machinery of the Company and further secured by Directors Residential and office premises and lien on Bank FD and by personal guarantee of Directors and Relatives. ·
SBI CC A/C and FCNR is secured against
Hypothecation of entire Current Asset of the Company and further secured by
Directors Residential and office premises and lien on Bank FD and by personal
guarantee of Directors and Relatives. |
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Banking
Relations : |
- |
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Financial Institution : |
SBI Factors and Commercial Services Private Limited Pune Branch, Tara Chambers, 2nd Floor, Wakdewadi,
Pune-Mumbai Highway, Pune – 411003, Maharashtra, India |
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Auditors : |
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Name : |
P H Dave and Company Chartered Accountants |
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Address : |
118, Andheri Industrial Estate, Off |
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PAN No.: |
AAHFP9194M |
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Associates/Subsidiaries : |
·
G K Castings Private Limited, Activity
:
Manufacturer Fluorolined Equipments ·
Disha Traders, ·
Veena Alloys
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
240000 |
Equity Shares |
Rs.100/- each |
Rs.24.000 Millions |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
24.000 |
21.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
135.161 |
98.015 |
72.988 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
159.161 |
119.015 |
92.988 |
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LOAN FUNDS |
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1] Secured Loans |
199.850 |
146.783 |
122.477 |
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2] Unsecured Loans |
0.234 |
0.245 |
0.018 |
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TOTAL BORROWING |
200.084 |
147.028 |
122.495 |
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DEFERRED TAX LIABILITIES |
0.666 |
0.159 |
0.000 |
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TOTAL |
359.911 |
266.202 |
215.483 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.704 |
29.079 |
15.145 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.798 |
1.415 |
1.738 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.811
|
36.912
|
31.758
|
|
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Sundry Debtors |
150.228
|
135.868
|
106.408
|
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Cash & Bank Balances |
28.926
|
20.305
|
16.761
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
129.011
|
63.062
|
61.151
|
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Total
Current Assets |
338.976
|
256.147
|
216.078
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
14.574 |
3.757 |
7.023 |
|
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Other Liabilities |
19.861 |
15.573 |
9.953 |
|
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Provisions |
2.132
|
1.109
|
0.502
|
|
Total
Current Liabilities |
36.567
|
20.439
|
17.478
|
|
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Net Current Assets |
302.409
|
235.708
|
198.600
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
359.911 |
266.202 |
215.483 |
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|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
765.200 |
720.000 |
The above information has been parted by Ms. Sonal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.26
|
1.24
|
1.32 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.27
|
12.53
|
12.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
- Due to Small and Micro Enterprises |
0.000 |
0.000 |
|
|
- Other than Small and Micro Enterprise |
14.574 |
3.757 |
|
|
Total |
14.574 |
3.757 |
7.023 |
|
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 two years |
Yes |
|
12] |
Profitability for last three years |
No |
|
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 |
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 |
Yes |
DETAILS OF
UNSECURED LOANS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
LONG TERM LOANS |
|
|
|
FROM
SHAREHOLDERS |
|
|
|
- Shantidevi Ranka |
0.200 |
0.200 |
|
- Bhavesh G Ranka |
0.018 |
0.018 |
|
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|
SHORT TERM LOANS
|
|
|
|
FROM DIRECTORS |
|
|
|
- Sohan Ranka |
0.016 |
0.027 |
|
Total |
0.234 |
0.245 |
FIXED ASSETS
·
Land
·
·
Plant and Machinery
·
Electrical Installations
·
Scale
·
Furniture and Fixtures
·
Air Conditioner
·
Computer
·
Office Premises
·
Tools and Equipments
·
Vehicles
·
Factory Shed
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.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.