MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Goldseal House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.08.1997 |
|
|
|
|
Com. Reg. No.: |
11-110354 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 36.231
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1997PTC110354 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of EPDM Rubber Weather Strip Application for Vehicles. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Maximum Credit Limit : |
USD 260000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The company has incurred a loss during the financial year 2013. Reserves of the company is low. Borrowings of the company are also
huge. However, trade relations are reported as fair. Business is active.
Payment terms 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its status
as the favourable venture capital investors in 2013. Pakistan has temporarily
banned gold imports for the second time in six months, as it tries to stem
smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 DECLINED BY
|
Name : |
Mr. Kalpesh |
|
Designation : |
Junior Executive of MIS |
|
Contact No.: |
91-22-67370303/ 332 |
|
Date : |
24.02.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Goldseal House,
Village Road, Bhandup, Mumbai – 400078, Maharashtra, India |
|
Tel. No.: |
91-22-67370336/ 25663498/
67370303 |
|
Fax No.: |
91-22-67370303/ 67370304 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Daulet Abad, Daman Patalia Road, Bhimpore, Daman – 396210, Daman and
Diu (U.T.), India |
|
Tel. No.: |
91-260-2220043/ 2221043/ 44 |
|
Fax No.: |
91-260-2221410 |
|
|
|
|
Branch Office : |
Sanand – Jakhwada Highway, Block No.
425, Jakhwada, Ahmedabad, Gujarat,
India |
DIRECTORS
AS ON 25.09.2013
|
Name : |
Cyrus Hoshang Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerser House, Off Warden Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
24.11.1955 |
|
Date of Appointment : |
29.08.1997 |
|
Voter ID No.: |
MT/04/024/270034 |
|
DIN No.: |
00284019 |
|
|
|
|
Name : |
Khursheed Cyrus Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerser House, Off Warden Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
21.03.1982 |
|
Date of Appointment : |
20.02.2004 |
|
DIN No.: |
00283874 |
|
|
|
|
Name : |
Urvaksh Cyrus Aga |
|
Designation : |
Alternate director |
|
Address : |
51, Sommerser House, Off Warden Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
21.03.1980 |
|
Date of Appointment : |
29.03.2007 |
|
DIN No.: |
00283926 |
|
|
|
|
Name : |
Dieter Hermann Raschke |
|
Designation : |
Director |
|
Address : |
Olmuhlweg 15B Konigstein Germany 61462 |
|
Date of Birth/Age : |
06.08.1953 |
|
Date of Appointment : |
29.05.2006 |
|
DIN No.: |
01860255 |
|
|
|
|
Name : |
Michael Ralph Lorig |
|
Designation : |
Director |
|
Address : |
Munchen Gunthestr Germany |
|
Date of Birth/Age : |
25.02.1968 |
|
Date of Appointment : |
03.12.2009 |
|
DIN No.: |
02845664 |
|
|
|
|
Name : |
Darius Cyrus Aga |
|
Designation : |
Director |
|
Address : |
51, Sommerser House, Off Warden Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
29.09.1985 |
|
Date of Appointment : |
01.07.2012 |
|
DIN No.: |
05331383 |
|
|
|
|
Name : |
Mr. Sudhir Kapur |
|
Designation : |
Director |
|
Address : |
C-49, Gulmohor Park, New Delhi – 110049, India |
|
Date of Birth/Age : |
18.02.1955 |
|
Date of Appointment : |
25.09.2013 |
|
DIN No.: |
00150127 |
|
|
|
|
Name : |
Nadine Jost |
|
Designation : |
Alternate director |
|
Address : |
Robert - Schuman, Allee 71, Trier 54296 Germany |
|
Date of Birth/Age : |
16.02.1981 |
|
Date of Appointment : |
01.07.2012 |
|
DIN No.: |
06480902 |
|
|
|
|
Name : |
Ralf Bickel |
|
Designation : |
Alternate director |
|
Address : |
Rubengarten 23, Beckingen 66701 Germany |
|
Date of Birth/Age : |
17.04.1964 |
|
Date of Appointment : |
01.07.2012 |
|
DIN No.: |
06487968 |
|
|
|
|
Name : |
Pilloo Cyrus Aga |
|
Designation : |
Alternate director |
|
Address : |
51, Sommerser House, Off Warden Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
16.09.1955 |
|
Date of Appointment : |
01.07.2012 |
|
DIN No.: |
00284093 |
KEY EXECUTIVES
|
Name : |
Mr. Kalpesh |
|
Designation : |
Junior Executive of MIS |
\
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Cyrus Hoshang Aga Pilloo Cyrus Aga |
|
9847 |
|
Pilloo Cyrus Aga Cyrus Hoshang Aga |
|
10 |
|
Pilloo Cyrus Aga Cyrus Hoshang Aga Urvaksh Cyrus Aga |
|
124990 |
|
Pilloo Cyrus Aga Cyrus Hoshang Aga Khursheed Cyrus Aga |
|
113873 |
|
Urvaksh Cyrus Aga Cyrus Hoshang Aga Pilloo Cyrus Aga |
|
232359 |
|
Khursheed Cyrus Aga Cyrus Hoshang Aga Pilloo Cyrus Aga |
|
210327 |
|
Darius Cyrus Aga Cyrus Hoshang Aga Pilloo Cyrus Aga |
|
232359 |
|
Cyrus Hoshang Aga Pilloo Cyrus Aga |
|
605569 |
|
Pilloo Cyrus Aga Cyrus Hoshang Aga |
|
144831 |
|
Pilloo Cyrus Aga Cyrus Hoshang Aga Urvaksh Cyrus Aga |
|
124511 |
|
Pilloo Cyrus Aga Cyrus Hoshang Aga Darius Cyrus Aga |
|
21185 |
|
Jal Edil Katrak Maharukh Edil Katrak |
|
48725 |
|
Edil Jal Katrak |
|
10591 |
|
Maharukh Edil Katrak Edil Jal Katrak |
|
12710 |
|
Vansati Investments and Holdings Private Limited, India |
|
371188 |
|
CQLT SaarGummi Technologies S.a.r.l., Germany |
|
2360065 |
|
|
|
|
|
Total |
|
4623140 |
AS ON 13.11.2013
|
Names of Allottees |
|
No. of Shares |
|
CQLT SaarGummi Technologies S.a.r.l., Germany |
|
165626 |
|
Goldseal Engg. Products Private Limited, India |
|
159103 |
|
|
|
|
|
Total |
|
324729 |
AS ON 25.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
51.05 |
|
Bodies
corporate |
8.03 |
|
Directors
or relatives of directors |
40.92 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of EPDM Rubber Weather Strip Application for Vehicles. |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Installed Capacity |
Unit |
31.03.2012 |
|
|
|
|
|
Capacity |
|
|
|
Licensed capacity |
Mtrs |
21600000 |
|
Installed capacity (as certified by the Management and not verified by
the Auditors as it is a technical matter) Extrusion |
Mtrs |
21600000 |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
· Bajaj Auto Limited Mahindra and Mahindra CNH Ford Man Force Trucks Private Limited Force Motors Limited Samsonite Industries Limited General Motors India Limited Tata Motors Indo Farm VIP John Deere Visteon Larsen and Toubro Limited Volkswagen |
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|
No. of Employees : |
Not Divulged |
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|
|||||||||||||||||||||
|
Bankers : |
· The Zoroastrian Co-Operative Bank Limited Nirlon House, 5th Floor, Dr. Annie Besant Road, Worli, Mumbai - 400030, Maharashtra, India · Bank Of India Ghatkopar (East) Branch, Kiran Niketan, Tilak Road,
Ghatkopar (East), Mumbai - 400077, Maharashtra, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins And Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith, Off. Ashram
Road, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-27582542/ 27582543 |
|
Fax No.: |
91-79-27582551 |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Holding Company : |
Saargummi Technologies S.a.r.l, Germany |
|
|
|
|
Ultimate Holding
Company : |
Chongqing Light Industry and Textile Holding (Group) Company Limited |
|
|
|
|
Company in which KMP/ Relatives of KMP can exercise significant
influences : |
· Goldseal Engineering Products Private Limited Permaseal Auto Products Private Limited Goldseal Avon Polymers Private Limited Aga Holdings and Agencies Private Limited Vansati Investments and Holdings Private Limited SG International GmbH |
CAPITAL STRUCTURE
AFTER 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 57.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,947,869 |
Equity Shares |
Rs. 10/- each |
Rs. 49.479
Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,700,000 |
Equity Shares |
Rs. 10/- each |
Rs. 37.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,623,140 |
Equity Shares |
Rs. 10/- each |
Rs. 36.231
Millions |
|
|
|
|
|
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 |
36.231 |
31.884 |
31.884 |
|
(b) Reserves & Surplus |
29.954 |
22.163 |
22.059 |
|
(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) |
66.185 |
54.047 |
53.943 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
49.764 |
6.539 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
17.506 |
10.006 |
9.136 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.208 |
0.892 |
0.954 |
|
Total Non-current
Liabilities (3) |
68.478 |
17.437 |
10.090 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
105.147 |
110.149 |
97.405 |
|
(b)
Trade payables |
99.504 |
83.319 |
48.267 |
|
(c) Other
current liabilities |
18.950 |
12.870 |
16.907 |
|
(d) Short-term
provisions |
1.954 |
2.282 |
1.659 |
|
Total Current
Liabilities (4) |
225.555 |
208.620 |
164.238 |
|
|
|
|
|
|
TOTAL |
360.218 |
280.104 |
228.271 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
173.166 |
90.087 |
78.113 |
|
(ii)
Intangible Assets |
0.565 |
0.631 |
0.000 |
|
(iii)
Capital work-in-progress |
1.002 |
0.715 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.057 |
5.286 |
5.286 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
181.890 |
96.819 |
83.399 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
36.222 |
27.417 |
14.346 |
|
(c)
Trade receivables |
70.966 |
102.816 |
102.743 |
|
(d) Cash
and cash equivalents |
10.000 |
2.965 |
2.791 |
|
(e)
Short-term loans and advances |
60.963 |
49.979 |
24.976 |
|
(f)
Other current assets |
0.177 |
0.108 |
0.016 |
|
Total
Current Assets |
178.328 |
183.285 |
144.872 |
|
|
|
|
|
|
TOTAL |
360.218 |
280.104 |
228.271 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
642.568 |
638.601 |
443.863 |
|
|
|
Other Income |
5.640 |
0.038 |
0.213 |
|
|
|
TOTAL (A) |
648.208 |
638.639 |
444.076 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
477.809 |
306.795 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
on trade |
|
(6.639) |
3.089 |
|
|
|
Employee benefit Expenses |
|
43.148 |
29.204 |
|
|
|
Other Expenses |
|
96.041 |
74.942 |
|
|
|
TOTAL (B) |
668.570 |
610.359 |
414.030 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
28.280 |
30.046 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
12.678 |
8.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
15.602 |
21.358 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
9.081 |
7.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(20.362) |
6.521 |
13.824 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.499 |
2.686 |
5.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(27.861) |
3.835 |
8.454 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
11.206 |
11.391 |
14.978 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.290 |
0.850 |
|
|
|
Interim Dividend |
0.000 |
3.730 |
11.191 |
|
|
BALANCE CARRIED
TO THE B/S |
(16.655) |
11.206 |
11.391 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12.894 |
15.451 |
13.386 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
19.113 |
10.587 |
11.634 |
|
|
|
Stores & Spares |
0.000 |
0.051 |
0.159 |
|
|
|
Capital Goods |
48.128 |
4.056 |
0.000 |
|
|
TOTAL IMPORTS |
67.241 |
14.694 |
11.793 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(8.32) |
1.20 |
2.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.30)
|
0.60 |
1.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.17)
|
1.02 |
3.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.67)
|
2.33 |
6.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.31)
|
0.12 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.34
|
2.16 |
1.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.88 |
0.88 |
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 |
31.884 |
31.884 |
36.231 |
|
Reserves & Surplus |
22.059 |
22.163 |
29.954 |
|
Net
worth |
53.943 |
54.047 |
66.185 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
6.539 |
49.764 |
|
Short term borrowings |
97.405 |
110.149 |
105.147 |
|
Total
borrowings |
97.405 |
116.688 |
154.911 |
|
Debt/Equity
ratio |
1.806 |
2.159 |
2.341 |
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) |
|
SALES |
443.863 |
638.601 |
642.568 |
|
|
|
43.873 |
0.621 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
443.863 |
638.601 |
642.568 |
|
Profit |
8.454 |
3.835 |
(27.861) |
|
|
1.90% |
0.60% |
(4.34%) |
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 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10374216 |
18/07/2012 |
40,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
NIRLON HOUSE, 5TH FLOOR, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400030, MAHARASHTRA, INDIA |
B57141855 |
|
2 |
10299310 |
06/07/2011 |
17,500,000.00 |
THE ZOROASTRIAN CO-OP BANK LIMITED |
NARGIS, GROUND FLOOR, EDULJEE ROAD, CHARAI, THANE (W), THANE - 400601, MAHARASHTRA, INDIA |
B17716754 |
|
3 |
10295202 |
24/07/2012 * |
3,000,000.00 |
THE ZOROASTRIAN CO-OPERATIVE BANK LIMITED |
NARGIS, GROUND FLOOR, EDULJEE ROAD, CHARAI, THANE (W), THANE - 400601, MAHARASHTRA, INDIA |
B57933111 |
|
4 |
10197829 |
24/12/2009 |
5,818,540.00 |
VOLKSWAGEN INDIA PRIVATE LIMITED |
E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIGOJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE - 410501, MAHARASHTRA, INDIA |
A76094465 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From Others (Saargummi Technologies) |
29.269 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
72.164 |
79.977 |
|
|
|
|
|
Total |
101.433 |
79.977 |
CORPORATE
INFORMATION
Subject was incorporated in the year 1997. The Company has entered into
a Joint Venture with SAARGUMMI Technologies (Germany). GSSG manufactures of
EPDM Rubber Weather Strip application for Vehicles manufactures, Industrial and
AfterMarket. GSSG has manufacturing operation at Daman and Mumbai.
GSSG supplies to Indian Original Equipment Manufacturer customers like
Volkswagen, General Motors, Mahindra and Mahindra, Bajaj Auto, Tata Motors, Man
Force, Force Motors etc.
PROGRESS OF THE
COMPANY
During the year, the Company reported Sales of Rs. 642.568 Millions in
comparison to Rs. 638.106 Millions of Previous year and the Loss during the
year of Rs. 20.361 Millions in comparison to Rs. 6.520 Millions of previous
year.
The Board is making extra efforts to enhance sales in the current year
whilst minimizing the operating cost, to enhance profitability.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
Liability pursuant to compounding of offence application filed by the
company with ROC |
0.100 |
0.000 |
|
|
|
|
FIXED ASSETS:
· Buildings
Plant
and Equipment
Electrical
Installation
Dies
and Moulds
Data
Processing Equipments
Furniture
and Fixtures
Vehicles
Office
Equipments
Computer
Software
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. 62.16 |
|
|
1 |
Rs. 103.44 |
|
Euro |
1 |
Rs. 85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTERS |
|
|
|
--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.