MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GANAGE PRESSINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Third Floor, “Symphony”, A
Building, Range Hills Corner, Bhosle Nagar, Pune – 411020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.04.1991 |
|
|
|
|
Com. Reg. No.: |
11-061375 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910MH1991PTC061375 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive Pressing and Steel Metal Component. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
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 1100000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management has Failed to fail its financial after 2010. Mr. Shodhan the Senior Finance Manager has confirmed the sales
turnover for the current year which is not verified. However, trade relations are reported to be fair. Business is active.
Payments are unknown. 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.
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. Shodhan Ligam |
|
Designation : |
Senior Manager finance |
|
Contact No.: |
91-9922944402 |
|
Date : |
24.05.2013 |
LOCATIONS
|
Registered Office : |
3rd Floor, “Symphony”,
A Building, Range Hills Corner, Bhosle Nagar, Pune – 411020,
Maharashtra |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9922944476 (Mr. Kulkarni) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
F-II/ 49 and 50
MIDC, Pimpri, Pune – 411018, India |
|
Location : |
Owned |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Satish
Kamalakar Godkar |
|
Designation : |
Director |
|
Address : |
2/4, Vastu Udyog, Pimpri, Pune – 411018, India |
|
Date of Birth/Age : |
01.07.1969 |
|
Date of Appointment : |
14.04.2007 |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
Flot No. 78,
National Housing Society Aundh, Pune – 411007
|
|
Date of Birth/Age : |
07.09.1957 |
|
Date of Appointment : |
24.04.1991 |
|
DIN No.: |
00243340 |
|
|
|
|
Name : |
Mr. Tushar
Shivaji Ganage |
|
Designation : |
Director |
|
Address : |
S. No.1102, Flat No. 6, Sai Villa, Lakaki Road, Shivaji Nagar, Pune –
411004, India |
|
Date of Birth/Age : |
03.03.1980 |
|
Date of Appointment : |
01.07.2006 |
|
DIN No.: |
00243635 |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
S. No. 118/124, Plot No.78, National Hosing Society, Aundh, Pune –
411007, India |
|
Date of Birth/Age : |
01.07.1968 |
|
Date of Appointment : |
01.08.2001 |
|
DIN No.: |
002829991 |
|
|
|
|
Name : |
Mr. Shivaji
Deorao Ganage |
|
Designation : |
Director |
|
Address : |
Sr No. 1102, Flat No. 6, Sai Villa, Lakaki Road, Shivaji Nagar, Pune –
411004, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1951 |
|
Date of Appointment : |
24.04.1991 |
|
DIN No.: |
00243517 |
|
|
|
|
Name : |
Mrs. |
|
Designation : |
Director |
|
Address : |
Sr No 1102, Flat
No. 6, Sai Villa, Lakkaki Road, Shivaji Nagar, Pune – 411004, Maharashtra,
India |
|
Date of Birth
: |
30.06.1961 |
|
Qualification : |
MBA |
|
Experience : |
17 Years |
|
Date of
Appointment : |
24.04.1991 |
|
DIN No.: |
00243591 |
KEY EXECUTIVES
|
Name : |
Mr. Shodhan Ligam |
|
Designation : |
Sr. Manager finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shivaji Deorao Ganage |
|
350000 |
|
Pratibha Shivaji Ganage |
|
350000 |
|
Ramhari D Ganage |
|
300000 |
|
Sangeeta R Ganage |
|
100000 |
|
Tushar S Ganage |
|
350000 |
|
Jitesh S Ganage |
|
350000 |
|
Rohan R Ganage |
|
100000 |
|
Rohit R Ganage |
|
100000 |
|
|
|
|
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Pressing and Steel Metal Component. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Korea |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Automobile PArts |
M.T |
NA |
28000 |
13987.86 |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
500 (Approximately) |
|
|
|
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Bankers : |
|
|
|
|
|
Facilities: |
|
|
Secured
Loan |
31.03.2010 (Rs. in
Millions) |
31.03.2009 (Rs. in
Millions) |
|
Abhyudaya Co-Operative Bank Limited Term
Loan |
210.999 |
0.000 |
|
Term Loan From IDBI Bank (Installments due in next 12 months Rs.
16.338 Millions (Previous Year Rs.123.325 Millions) |
117.225 |
123.325 |
|
Cash Credit from bank of Baroda |
67.662 |
63.872 |
|
Abhyudaya Co-Operative Bank Limited Cash
credit |
64.889 |
0.000 |
|
Tem Loan From IREDA Installment due in next 12 Months
Rs.14.010 Millions (Previous Year Rs.14.820 Millions) |
14.010 |
20.411 |
|
Kotak Mahindra Bank Limited Car Loan Installment due in next 12 Months Rs.2.086
Millions |
2.085 |
0.000 |
|
Term Loan From HDFC Bank (Due within nest 12 months Rs.0.594
Million (Previous Year Rs.0.594 Million) |
0.594 |
1.185 |
|
Corporate Loans from Kotak Mahindra Bank Limited |
0.000 |
24.167 |
|
Pre-Shipment Loan From Kotak Mahindra Bank Limited |
0.000 |
52.964 |
|
Term Loan from Kotak Mahindra Bank Limited |
0.000 |
93.086 |
|
Term Loan From Tata Motors Finance Limited
|
0.000 |
0.156 |
|
Tata Capital Limited - Term Loans |
0.000 |
7.461 |
|
Kotak Mahindra Bank Limited Buyers Credit
A/c |
0.000 |
32.134 |
|
Interst Accured on the above but not due |
4.133 |
4.133 |
|
|
|
|
|
Total |
481.597 |
422.894 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mohan Deshmukh and Company Chartered Accountants |
|
Address : |
B-306, Narayan Chambers, 555 Narayan Peth,Pune – 411030, Maharashtra,
India |
|
PAN No.: |
ABDPD7455J |
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|
|
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Associates: |
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Subsidiaries: |
|
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital : Rs.102.500 Millions
Issued, Subscribed & Paid-up Capital : Rs.69.000
Millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs.22.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Share s |
Rs.10/- each |
Rs.20.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
26.472 |
20.552 |
0.000 |
|
|
3] Reserves & Surplus |
247.194 |
246.845 |
268.078 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
293.666 |
287.397 |
288.078 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
481.597 |
422.894 |
482.768 |
|
|
2] Unsecured Loans |
442.018 |
265.024 |
358.139 |
|
|
TOTAL BORROWING |
923.615 |
687.918 |
840.907 |
|
|
DEFERRED TAX LIABILITIES |
51.147 |
50.104 |
44.316 |
|
|
|
|
|
|
|
|
TOTAL |
1268.428 |
1025.419 |
1173.301 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
705.869 |
596.844 |
673.772 |
|
|
Capital work-in-progress |
70.854 |
100.212 |
79.230 |
|
|
|
|
|
|
|
|
INVESTMENT |
115.458 |
114.958 |
114.958 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
154.943
|
140.315 |
130.329 |
|
|
Sundry Debtors |
239.652
|
371.301 |
281.061 |
|
|
Cash & Bank Balances |
25.773
|
16.332 |
18.818 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
205.684
|
172.231 |
253.097 |
|
Total
Current Assets |
626.052
|
700.179 |
683.305 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96.068
|
261.105 |
204.898 |
|
|
Other Current Liabilities |
148.319
|
201.047 |
150.841 |
|
|
Provisions |
5.418
|
24.622 |
22.225 |
|
Total
Current Liabilities |
249.805
|
486.774 |
377.964 |
|
|
Net Current Assets |
376.247
|
213.405 |
305.341 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1268.428 |
1025.419 |
1173.301 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
628.284 |
1365.042 |
1619.734 |
|
|
|
Other Income |
8.215 |
14.339 |
21.266 |
|
|
|
TOTAL |
636.499 |
1379.381 |
1641.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
632.495 |
1365.882 |
1604.831 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
4.004 |
13.499 |
36.169 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.202 |
8.185 |
11.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.802 |
5.314 |
24.210 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
229.333 |
228.983 |
233.144 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
00.17 |
NA |
NA |
|
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
3600.000 |
3500.000 |
3250.000 |
Expected Sales (2013-2014): Rs.4000.000 Millions
The above information has been parted by Mr. Shodhan Ligam - Senior
Manager finance
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.13
|
0.39 |
1.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.64
|
0.99 |
2.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
1.93 |
5.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.05 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.15
|
2.39 |
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
1.44 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
96.068
|
261.105 |
204.898 |
|
Total |
96.068
|
261.105 |
204.898 |
|
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 six 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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
OPERATIONS:
In this year the company has achieved a turnover of Rs. 636.499 Millions
as compared to the previous year Rs.1379.381 Millions. They expect that the
company will achieve a higher turnover in the year 2010-11.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
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.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT / DPH |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
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.