MIRA INFORM REPORT

 

 

Report Date :

13.01.2014

 

IDENTIFICATION DETAILS

 

Name :

GLAMPTECH AGRO PROCESS PRIVATE LIMITED

 

 

Registered Office :

105, 110, 111, Charishma Centre, 19th Road, Chembur, Mumbai – 400071, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

04.01.1991

 

 

Com. Reg. No.:

11-059672

 

 

Capital Investment / Paid-up Capital :

Rs.2.200 Millions

 

 

CIN No.:

[Company Identification No.]

U29253MH1991PTC059672

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMG08233B

 

 

PAN No.:

[Permanent Account No.]

AAACG1857E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Technical Services for Erection of Turnkey Projects and Trading in Machinery Items.

 

 

No. of Employees :

22 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 230000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is well-established company having a satisfactory track record.

 

Profitability of the company seems to be fair.

 

Trade relations are fair. Business is active. Payment terms are reported to be usual correct.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ 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. Moreshwar Raghunath Lawate

Designation :

Director

Contact No.:

91-9820136304

Date :

30.12.2013

 

 

LOCATIONS

 

Registered Office/ Factory / Warehouse :

105, 110, 111, Charishma Centre, 19th Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-22-25286319/ 25280626 / 25280757/ 25288138

Mobile No.:

91-9820136304 (Mr. Moreshwar Raghunath Lawate)

91-9820308902 (Mr. Ashok Kumar Garg)

91-9820503146 (Mr. Prakash Waghmare)

91-9821131489 (Mr. Dinabandhu Agarwal

Fax No.:

91-22-25283211/ 25280626

E-Mail :

lawate@glamptech.com

acctsgap@gmail.com

gap@bom3.vsnl.in

ya_jay@rediffmail.com

glampkchnoagro@rediffmail.com 

Website :

http://www.glamptech.com

 

 

DIRECTORS

 

(AS ON 26.09.2013)

 

Name :

Mr. Prakash Ramchandra Waghmare

Designation :

Director

Address :

502, Sonarica CHS Limited, Off M V Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

24.05.1946

Qualification :

D.M.E

Date of Appointment :

04.01.1991

DIN No.:

01066327

 

 

Name :

Mr. Ashok Kumar Ratanlal Garg

Designation :

Director

Address :

3A/ 2 Nityanand Baug CHS, Mahul Road, Chembur, Mumbai – 400074, Maharashtra, India 

Date of Birth/Age :

15.09.1947

Qualification :

B E (Mechanical)

Date of Appointment :

04.01.1991

DIN No.:

01229735

 

 

Name :

Mr. Moreshwar Raghunath Lawate

Designation :

Director

Address :

2/3, Chandrasekhar Society, Swami Nityanand Road, Andheri (East) , Mumbai – 400 069, Maharashtra, India

Date of Birth/Age :

05.09.1940

Qualification :

B E (Mech)

Date of Appointment :

04.01.1991

DIN No.:

01066244

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 26.09.2013)

 

Names of Shareholders

 

 

No. of Shares

 

 

 

Moreshwar Raghunath Lawate

 

73350

Prakash Ramchandra Waghmare

 

73300

Ashok  Ratanlal Garg

 

73350

 

 

 

Total

 

 

220000

 

 

(AS ON 30.09.2013)

Equity Shares Break – up

 

Category

 

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Technical Services for Erection of Turnkey Projects and Trading in Machinery Items.

 

 

Products :

·         Preparatory Section

·         Meal Conditioning Section

·         Solvent Extraction Plant

·         Expander Section

·         Bleaching Section

·         Dewaxing Section

·         Continuous Deodorising and Physical Refining (CPO)

·         Fractionation Plant

·         Vanaspati (Hydrogenation Plant)

·         Bakery Shortening and Margarine Plant

·         Acid Oil Plant

·         Filtration Plant

·         Effluent Treatment Plant

 

 

Exports :

 

Products :

Machinery Items

Countries :

·         Australia

·         South Africa

·         South America

·         Bangladesh Egypt

·         Nigeria

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

·         Satguru Agro Industries       

·         Alfa Laval (India) Limited

·         Rajdeep Oil Refineries Private Limited           

·         Prabhat Solvent Limited

·         Habib Agro Industries          

·         Parakh Foods Limited

·         Poona Dal and Oils Inds. Limited      

·         Roshanlal Oils Mills Limited

·         Kamani Oil Industries Limited                       

·         Maharashtra Soya Industries

·         Godrej Foods Limited          

·         MK Agrotech Private Limited

·         Amrut Extraction Private Limited      

·         Natraj Proteins Limited

·         Soya Udyog Limited

·         MBR Agro Industries Private Limited

·         Rajan Refineries Private Limited       

·         Goyal Proteins Limited

·         Trisuns Solvex        

·         Agrobel Industries Limited

·         Prime Solvent Extraction     

·         Tron Hermanos M S,A, DE C,V, Mexico

·         Abou Seada Oil and Soap Factory, Egypt     

·         Premier Oil Mills Limited, Kenya

·         Sunseed Nigeria, PLC., Nigeria        

·         Adamjee Extractions Private Limited, Sri Lanka

·         T K Group of Industries., Bangladesh

·         Fadel Trading Company, Syria

 

 

No. of Employees :

22 (Approximately)

 

 

Bankers :

·         IDBI Bank Limited

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V. V. Karnik and Company

Chartered Accountants

Address :

2/4, Mahadev Bhavan, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

PAN No.:

ABBPK4122C

Mobile No.:

91-9869910112/ 9004789439

 

 

Associates :

·         Glamptech Engineering Private Limited

·         Glamptech Engineers

·         Unitron Engineers

·         Unitech System

·         Unique Enterprises

·         Maps Process Techniques

 

 

CAPITAL STRUCTURE

 

(AS ON 26.09.2013)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300000

Equity Shares

Rs.10/- each

Rs.3.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

220000

Equity Shares

Rs.10/- each

Rs.2.200 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

2.200

2.200

2.200

(b) Reserves & Surplus

54.302

49.807

48.442

(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)

56.502

52.007

50.642

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.310

0.253

0.198

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.310

0.253

0.198

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

74.313

42.367

38.010

(c) Other current liabilities

45.435

22.552

30.419

(d) Short-term provisions

3.410

5.465

7.405

Total Current Liabilities (4)

123.158

70.384

75.834

 

 

 

 

TOTAL

179.970

122.644

126.674

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5.167

5.312

5.535

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

1.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

29.053

27.311

27.880

(e) Other Non-current assets

0.000

0.000

0.029

Total Non-Current Assets

34.220

27.311

34.444

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

11.421

4.242

7.664

(c) Trade receivables

102.075

62.766

61.332

(d) Cash and cash equivalents

16.778

12.285

15.999

(e) Short-term loans and advances

15.476

10.726

7.235

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

145.750

90.019

92.230

 

 

 

 

TOTAL

179.970

122.644

126.674

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Sales and Other Income

358.266

243.380

227.464

 

 

TOTAL                                    

358.266

243.380

227.464

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

351.016

240.634

223.556

 

 

 

 

 

 

PROFIT BEFORE TAX

7.250

2.746

3.908

 

 

 

 

 

Less

TAX                                                     

2.755

1.381

1.347

 

 

 

 

 

 

PROFIT AFTER TAX

4.495

1.365

2.561

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

24.832

23.467

21.906

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.000

1.000

 

BALANCE CARRIED TO THE B/S

29.327

24.832

23.467

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

56.898

23.131

315.555

 

TOTAL EARNINGS

56.898

23.131

315.555

 

 

 

 

 

 

Earnings Per Share (Rs.)

20

6

11.64

 

 

Expected Sales (2013-14): Rs.400.000 Millions

 

The above information has been parted by Mr. Moreshwar.

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

1.25

0.56

1.13

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.03

2.24

3.11

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.05

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.18

1.28

1.22

 


 

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

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

Yes

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

No

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

SUMMARIZED FINANCIAL RESULTS

 

During the year 2012-2013, the company has continued its business of trading on engineering goods and providing technical consultancy services, erecting and commissioning. The company has accepted projects at fixed contractual process keeping a reasonable profit margin. The directors are expecting a good growth in business in the current financial year.

 

The company has made a sales turnover including other income of Rs.358.266 Millions as compared to Rs,243.380 Millions in the previous year. The company has net profit after of Rs.4.495 Millions as against net profit of Rs.21.365 Millions in the previous year, after making provision for Tax.

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

FIXED ASSETS:

 

·         Air Conditioner

·         Office Premises

·         Type Writer

·         Furniture and Fixture

·         Office Equipments

·         Computer

·         Electric Equipment and Fax Machine

·         Tools and Equipment

·         Staff Quarter

·         Motor car

·         Weighing Scales   

 

 


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 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.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

NIT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.