MIRA
INFORM REPORT
|
Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
GALA PRECISION ENGINEERING PRIVATE LIMITED |
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|
Registered
Office : |
A-59, Road No. 10, Wagle Industrial Estate, Thane-400604, |
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Country : |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.02.2009 |
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Com. Reg. No.: |
11-190522 |
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Capital
Investment / Paid-up Capital : |
Rs. 35.237 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29268MH2009PTC190522 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and seller of Disc Springs and washers and machines and
washing systems. |
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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. Profitability of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active.
Payment terms are 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.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating : (BB) |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
December 13, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating : (A4+) |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
December 13, 2013 |
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-25821321
LOCATIONS
|
Registered Office / Corporate Office : |
A-59, Road No. 10, Wagle Industrial Estate, Thane-400604, Maharashtra,
India |
|
Tel. No.: |
91-22-25821321/25800252/41410404/25821232/25820252 |
|
Fax No.: |
91-22-25820771 |
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E-Mail : |
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Website: |
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Factory 1 : |
Plot No. 295, Village Vadavali at Post Met, Masurne Road,
Bhiwandi-Wada Highway, Taluka Wada, Thane-421312, Maharashtra, India |
|
Tel. No.: |
91-2526-220155 |
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Fax No.: |
91-2526-220577 |
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Factory 2 : |
No. 4 Workshop, 1669 Hu Hang Road, Fengxian District, Shanghai, China |
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E-Mail : |
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Germany Branch Office : |
Niederlassung Deutschland, 1st Floor, Lyoner Strasse 14,
60528 Frankfurt am Main Germany |
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Tel. No.: |
+49 69 66 55 41 58 (Ashish Thosar) |
|
Fax No.: |
+49 69 66 55 41 59 |
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E-Mail : |
DIRECTORS
AS ON : 30.09.2013
|
Name : |
Mr. Kirit Vishanji Gala |
|
Designation : |
Managing Director |
|
Address : |
161/162, Tarangan Complex, Shahid Mangal Pande Road, Thane-400606,
Maharashtra, India |
|
Date of Birth/Age : |
25.08.1962 |
|
Date of Appointment : |
01.06.2009 |
|
DIN No.: |
01540274 |
|
|
|
|
Name : |
Mrs. Taramati Vishanji Gala |
|
Designation : |
Director |
|
Address : |
161/162, Tarangan I, Shahid Mangal Pande Road, Thane-400606, Maharashtra,
India |
|
Date of Birth/Age : |
02.07.1944 |
|
Date of Appointment : |
23.02.2009 |
|
DIN No.: |
01540332 |
|
|
|
|
Name : |
Mr. Vishanji Harshi Gala |
|
Designation : |
Director |
|
Address : |
161/162, Tarangan Complex, Shahid Mangal Pande Road, Thane-400606,
Maharashtra, India |
|
Date of Birth/Age : |
28.11.1936 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
01540359 |
|
|
|
|
Name : |
Mr. Balkishan Shyamsunder Jalan |
|
Designation : |
Director |
|
Address : |
1304, 20A, NTPC Complex, Shankar Charya, Marg Powai, Mumbai-100076,
Maharashtra, India |
|
Date of Birth/Age : |
23.08.1970 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02876873 |
|
|
|
|
Name : |
Mr. Satish Dayaldas Kotwani |
|
Designation : |
Director |
|
Address : |
C-5/502, Madhav Srishti, Kahdak Pada, Kalyan (West), Thane-421301,
Maharashtra, India |
|
Date of Birth/Age : |
17.07.1973 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03154231 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2013
Shareholders details file Attached
Equity
Share Break up (Percentage of Total Equity)
AS ON : 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
94.54 |
|
Other top fifty shareholders |
5.46 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and seller of Disc Springs and washers and machines and
washing systems. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Commercial Branch, Swastik Chambers,
Sion-Trombay, Road, Chembur, Mumbai-400071, Maharashtra, India |
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Facilities : |
Note : SHORT TERM
BORROWINGS Cash credit and overdraft facilities from State Bank of
India carries rate of interest of 13.50% to 15.00% per annum, computed on a
monthly basis on the actual amount utilised,and are repayable on demand.
These are secured by hypothecation of inventories of raw materials and
finished goods and book debts, both present and future and Pledge of
Promoters shares (728,000 shares of face value of Rs.10 each) valued at
Rs.49,500,000 and personal guarantee of directors. |
|
Auditors : |
|
|
Name : |
M. M. Nissim and Co Chartered Accountants |
|
Address : |
Barodawala Mansion, B - Wing, 3rd Floor, 81, Dr. Annie Besant Road,
Worli, Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AAAFM5103E |
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|
|
|
Parties where control exists - Wholly- owned subsidiary |
Gala Precision Components (Shanghai) Private Limited |
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|
|
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Entity in which
Directors having substantial interest : |
Gala Springs Private Limited |
CAPITAL STRUCTURE
AS ON : 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
7000000 |
Preferences Shares |
Rs.10/- each |
Rs. 70.000 Millions |
|
|
Total |
|
Rs. 180.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2023716 |
Equity Shares |
Rs.10/- each |
Rs. 20.237 Millions |
|
1500000 |
Preferences Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
Total |
|
Rs. 35.237
Millions |
|
|
|
|
|
Note :
31 March 2013
|
Particulars |
Number |
Amount |
|
Equity shares |
|
|
|
At the
commencement of the period |
1.738 |
17.380 |
|
Shares issued |
0.285 |
2.857 |
|
At the end of the
period |
2.023 |
20.237 |
|
6%
Non-cumulative compulsorily convertible preference
shares |
|
|
|
At the
commencement of the period |
1.500 |
15.000 |
|
Shares issued |
-- |
-- |
|
At the end of the
period |
1.500 |
15.000 |
Rights, preferences and restrictions attached to equity shares:
The company has a single class of equity
shares. Accordingly, all equity shares rank equally with regard to dividends
and share in the company’s residual assets. The equity shares are entitled to
receive dividend as declared from time to time subject to payment of dividend
to preference shareholders. The voting rights of an equity shareholder on a
poll (not on show of hands) are in proportion to its share of the paid-up
equity capital of the company. Voting rights cannot be exercised in respect of
shares on which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the
shares.
On winding up of the company, the holders of
equity shares will be entitled to receive the residual assets of the company,
remaining after distribution of all preferential amounts in proportion to the
number of equity shares held.
Rights, preferences and restrictions attached
to preference shares:
1,500,000 6% non-cumulative compulsorily convertible preference shares
(CCPS) of Rs. 10 each, fully paid-up were privately placed with Gala Springs
Private Limited.
The CCPS are convertible after the term of seven years from the date of
issue to 38% of equity share capital post conversion without any downward protection.
The CCPS carries a
preferential right as to dividend over equity shareholders. Where dividend is
not declared for a financial year, the entitlement for that year lapses. The CCPS
are entitled to one vote per share at meetings of the Company on any
resolutions of the company directly affecting their rights. In the event of
liquidation, preference shareholders have a preferential right over equity
shareholders to be repaid to the extent of capital paid-up and dividend in
arrears on such shares
Particulars of shareholders
holding more than 5% shares of a class of shares
31 March 2013
|
Particulars |
Number |
%
of total shares in the class |
|
Equity shares Rs.
10each, fully paid-up |
|
|
|
Kirit Vishanji Gala |
603,372 |
29.82 |
|
Vishanji Harshi Gala |
411,200 |
20.32 |
|
Rumie Kirit Gala |
311,772 |
15.41 |
|
Taramati V Gala |
260,900 |
12.89 |
|
6%
Non-cumulative compulsorily convertible preference shares
of Rs. 10 each, fully paid-up held up |
|
|
|
Gala Springs Private Limited |
1,500,000 |
100.00 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
35.237 |
35.237 |
32.380 |
|
(b) Reserves & Surplus |
220.753 |
217.590 |
152.765 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
255.990 |
252.827 |
185.145 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
12.422 |
22.161 |
28.725 |
|
(b) Deferred tax liabilities (Net) |
1.237 |
0.603 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
11.842 |
11.216 |
9.834 |
|
Total Non-current Liabilities (3) |
25.501 |
33.980 |
38.559 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
207.684 |
194.620 |
224.278 |
|
(b) Trade payables |
37.398 |
45.684 |
71.086 |
|
(c) Other current
liabilities |
42.628 |
29.868 |
20.331 |
|
(d) Short-term provisions |
3.004 |
5.169 |
20.113 |
|
Total Current Liabilities (4) |
290.714 |
275.341 |
335.808 |
|
|
|
|
|
|
TOTAL |
572.205 |
572.148 |
559.512 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
150.446 |
148.492 |
143.724 |
|
(ii) Intangible Assets |
14.497 |
11.216 |
5.176 |
|
(iii) Capital
work-in-progress |
18.428 |
4.803 |
4.282 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
101.928 |
103.017 |
59.049 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.941 |
11.139 |
6.350 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
295.240 |
278.667 |
218.581 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
140.591 |
150.529 |
140.675 |
|
(c) Trade receivables |
110.271 |
117.464 |
160.556 |
|
(d) Cash and cash
equivalents |
3.518 |
2.979 |
6.781 |
|
(e) Short-term loans
and advances |
22.337 |
22.366 |
32.859 |
|
(f) Other current
assets |
0.248 |
0.143 |
0.060 |
|
Total Current Assets |
276.965 |
293.481 |
340.931 |
|
|
|
|
|
|
TOTAL |
572.205 |
572.148 |
559.512 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
415.776 |
551.946 |
412.484 |
|
|
|
Other Income |
18.038 |
18.783 |
5.038 |
|
|
|
TOTAL |
433.814 |
570.729 |
417.522 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
430.016 |
548.996 |
399.463 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.798 |
21.733 |
18.059 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.634 |
4.051 |
0.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3.164 |
17.682 |
17.113 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
223.545 |
291.557 |
177.113 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
24.657 |
80.353 |
46.959 |
|
|
|
Capital Goods |
0.000 |
0.161 |
2.680 |
|
|
TOTAL IMPORTS |
24.657 |
80.514 |
49.639 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
0.90 |
10.17 |
9.85 |
|
|
|
Diluted |
0.90 |
5.94 |
6.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.73 |
3.10
|
4.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.91
|
3.94
|
4.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.84 |
4.68
|
3.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.08
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.86
|
0.86
|
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
2.99
|
2.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
32.380 |
35.237 |
35.237 |
|
Reserves & Surplus |
152.765 |
217.590 |
220.753 |
|
Net
worth |
185.145 |
252.827 |
255.990 |
|
|
|
|
|
|
long-term borrowings |
28.725 |
22.161 |
12.422 |
|
Short term borrowings |
224.278 |
194.620 |
207.684 |
|
Total
borrowings |
253.003 |
216.781 |
220.106 |
|
Debt/Equity
ratio |
1.367 |
0.857 |
0.860 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Income |
412.484 |
551.946 |
415.776 |
|
|
|
33.810 |
(24.671) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Income |
412.484 |
551.946 |
415.776 |
|
Profit/(Loss) After Tax |
17.113 |
17.682 |
3.164 |
|
|
4.15% |
3.20% |
0.76% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
19.778 |
17.291 |
12.127 |
|
|
|
|
|
|
Total |
19.778 |
17.291 |
12.127 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
UNSECURED LOAN :
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from Shareholders |
52.000 |
46.200 |
|
Inter-corporate deposits |
0.750 |
0.000 |
|
Total |
52.750 |
46.200 |
|
Note: The loan
from Shareholders carries rate of interest of 12.00% to 13.00% per annum and
is repayable on demand. |
||
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10165862 |
18/05/2012 * |
253,200,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, 118-121, SWASTIK CHAMBERS, SION-TOMBAY ROAD, CHEMBUR, MUMBAI,
MAHARASHTRA - 400071, INDIA |
B41794140 |
* Date of charge
modification
COMPANY OVERVIEW :
The Company was incorporated in 2009. The Company purchased
discspring and massfinishing solution business from Gala Precision Technology
Private Limited under Business Transfer Agreement dated 26 May 2009 with effect
from 1 June 2009. The Company has its production unit at Wadain Thane District,
Maharashtra.
OPERATIONS:
India Operations : (April 2012 to March 2013)
During the year 2012-13, the company has achieved gross turnover
of Rs 4600.18 lakhs. This above turnover excludes Inter-Unit Sale. There is no
impact on profit and loss as the Inter-unit sale took place at Cost and
accordingly matching cost was excluded from expenses side. During this period
we have achieved Exports Sales of Rs
223.546 Millions.
During the current year the Export Sales have decreased as
compared to the Previous year from Rs
291.818 Millions to Rs 223.546 Millions i.e decline by 23.40% . The reduction
in Export Sales is due to global recession.
China Operations :-
The 100% WOS in china which was earlier part of Gala Precision
Technology private Limited and the same has been taken over by us as a part of
BTA and applications to RBI under Automatic route is made and is under process.
The 100% WOS in China has achieved a gross turnover of Rs.55.164 Millions (RMB
6.371 Millions) during the financial year ended on 31st December 2012 as
compared to the previous year of Rs 90.299 Millions (RMB 10.586 Millions)
registering a decline of 39.82% in RMB. The above sales consist of only DS
product. The Directors are confident that their China Operations will pick up
in the coming years considering the restructuring of business done.
Business
Development :
The company is expecting increase in growth by utilising the
capacity to the maximum and matching the
customer orders. Market development efforts are
further continuing in this direction to achieve higher growth in
2013-14.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Bank guarantees |
9.099 |
4.115 |
|
Letters of credit |
6.152 |
8.535 |
|
|
|
|
|
Total |
15.251 |
12.650 |
FIXED ASSETS:
- Development
Cost
- Bore Well
- Freehold Land
- Leasehold
Land
- Factory
Building
- Plant and
Machinery
- Electrical
Installation
- Computers
- Vehicles
- Office
Equipments
- Dies and
Moulds
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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.60.44 |
|
|
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
28 |
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.