MIRA INFORM REPORT
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Report No. : |
306988 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GARTECH EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
S. No. 137/138, Chale, Mulshi, Pune - 412108, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.06.2001 |
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Com. Reg. No.: |
11-016213 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1.500
Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2001PTC016213 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEG07565F |
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PAN No.: [Permanent Account No.] |
AABCG4360K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Poultry Equipments. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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 PARTED BY
|
Name : |
Mr. Ketan Datir |
|
Designation : |
Export Officer |
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Contact No.: |
91-9764390525 |
|
Date : |
05.02.2015 |
LOCATIONS
|
Registered Office/ Factory : |
S. No. 137/138, Chale, Mulshi, Pune - 412108, Maharashtra, India |
|
Tel. No.: |
91-20-65101438/ 24479119/ 24101438/ 64104374 |
|
Mobile No.: |
91-9822545658 (Mr. Ketan Datir) |
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Fax No.: |
91-20-27290586/ 22933675 |
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E-Mail : |
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Website : |
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Corporate Office : |
No.128/4, Devika Garden, Baner Road, Baner, Pune-411045, Maharashtra,
India |
DIRECTORS
As on 27.09.2014
|
Name : |
Mr. Vijay Sharadchandra Salvekar |
|
Designation : |
Director |
|
Address : |
G-28, Chidananad Co-operative Housing Society, Pashan, Pune - 411021,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1972 |
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Date of Appointment : |
19.06.2001 |
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DIN No.: |
00388010 |
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|
|
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Name : |
Mr. Devendra Harish Garware |
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Designation : |
Director |
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Address : |
524, Datta Sudha, Lane No. 4, Sind Co-operative Society, Baner Road,
Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
12.09.1984 |
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Date of Appointment : |
03.07.2004 |
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DIN No.: |
00388098 |
KEY EXECUTIVES
|
Name : |
Mr. Ketan Datir |
|
Designation : |
Export Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Sahardchandra Salvekar |
|
1 |
|
Devendra Harish Garware |
|
36749 |
|
Rekha Harish Garware |
|
36750 |
|
Harish Garware |
|
76500 |
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Total |
|
150000 |
As on 27.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Poultry Equipments. |
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Products : |
· Cage Systems · Floor Management Systems · Nest systems · Environment Control Systems · Egg Handling and Processing Systems · Feeding Systems · Manure Handling Systems |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Poultry Equipments |
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Countries : |
· Africa · Nigeria · Ghana · Nepal · Bangladesh · Malaysia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Taiwan · Germany · Malaysia |
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Terms : |
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Selling : |
Cash, Credit and Advance Payment |
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Purchasing : |
Cash, Credit and Advance Payment |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
90 (Approximately) |
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Bankers : |
· Standard Chartered Bank |
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Facilities : |
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Auditors : |
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Name : |
S P C M and Associates Chartered Accountants |
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Address : |
1211/B, Shukrawar Peth, Subhash Nagar, Lane No.4, Pune – 411002, Maharashtra, India |
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Tel. No. : |
91-20-24479119 |
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Fax No. : |
91-20-24486663 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFB8864C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
150,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1.500 |
1.500 |
0.500 |
|
(b) Reserves & Surplus |
78.705 |
58.058 |
39.315 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2)
Share Application money pending allotment |
0.000 |
0.307 |
1.080 |
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Total
Shareholders’ Funds (1) + (2) |
80.205 |
59.865 |
40.895 |
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
51.925 |
57.045 |
70.270 |
|
(b) Deferred tax liabilities (Net) |
12.596 |
9.865 |
6.636 |
|
(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) |
64.521 |
66.910 |
76.906 |
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
18.659 |
17.417 |
17.119 |
|
(b) Trade
payables |
77.835 |
42.603 |
42.118 |
|
(c) Other
current liabilities |
49.994 |
129.718 |
95.036 |
|
(d) Short-term provisions |
13.986 |
11.575 |
7.476 |
|
Total Current
Liabilities (4) |
160.474 |
201.313 |
161.749 |
|
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|
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TOTAL |
305.200 |
328.088 |
279.550 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
128.283 |
132.690 |
124.627 |
|
(ii)
Intangible Assets |
0.461 |
0.527 |
0.078 |
|
(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 |
0.080 |
0.080 |
0.046 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.616 |
0.598 |
0.590 |
|
(e) Other
Non-current assets |
0.528 |
0.733 |
0.938 |
|
Total Non-Current
Assets |
129.968 |
134.628 |
126.279 |
|
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
82.476 |
50.911 |
70.081 |
|
(c) Trade
receivables |
16.665 |
99.101 |
37.676 |
|
(d) Cash and
cash equivalents |
26.110 |
28.345 |
18.830 |
|
(e)
Short-term loans and advances |
30.610 |
4.723 |
18.615 |
|
(f) Other
current assets |
19.371 |
10.380 |
8.069 |
|
Total
Current Assets |
175.232 |
193.460 |
153.271 |
|
|
|
|
|
|
TOTAL |
305.200 |
328.088 |
279.550 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
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TURNOVER |
525.716 |
445.522 |
378.768 |
|
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EXPENSES |
NA |
NA |
NA |
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GROSS PROFIT |
108.111 |
94.186 |
78.389 |
|
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PROFIT BEFORE
TAX |
32.648 |
29.047 |
20.960 |
|
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|
TAX |
12.093 |
9.733 |
(18.354) |
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PROFIT AFTER TAX |
20.555 |
19.314 |
39.314 |
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Earnings / (Loss) Per Share (Rs.) |
137.04 |
-- |
-- |
Expected Sales (2014-15) : Rs.600.000 Millions
The above information has been parted by Mr. Ketan Datir (Export Officer).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.91 |
4.34 |
10.38 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.70 |
8.86 |
7.50 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.49 |
0.51 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.88 |
1.24 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.96 |
0.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.500 |
1.500 |
1.500 |
|
Reserves & Surplus |
39.315 |
58.058 |
78.705 |
|
Share Application money
pending allotment |
0.000 |
0.307 |
1.080 |
|
Net
worth |
39.815 |
59.865 |
81.285 |
|
|
|
|
|
|
long-term borrowings |
70.270 |
57.045 |
51.925 |
|
Short term borrowings |
17.119 |
17.417 |
18.659 |
|
Total
borrowings |
87.389 |
74.462 |
70.584 |
|
Debt/Equity
ratio |
2.195 |
1.244 |
0.868 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales Turnover |
378.768 |
445.522 |
525.716 |
|
|
|
17.624 |
18.000 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales Turnover |
378.768 |
445.522 |
525.716 |
|
Profit |
39.314 |
19.314 |
20.555 |
|
|
10.38% |
4.34% |
3.91% |
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 |
No |
|
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 |
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 |
Note:
The Registered Office of
the company has been shifted from SNC 140/3, Behind Tube Investments Lo Tathawade,
Pune - 411033, Maharashtra, India shifted to present registered address w.e.f
01.08.2007.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10282946 |
03/06/2011 * |
63,000,000.00 |
CENTRAL BANK OF INDIA |
PUNE CAMP BRANCH, 317, M G ROAD, PUNE, Maharashtra - 411001, INDIA |
B16735318 |
|
2 |
10272181 |
25/01/2011 |
12,100,000.00 |
STANDARD CHARTERED BANK |
B-2, THE CEREBRUM I T PARK, SURVEY NO. 13/14, KUMAR CITY,
VADGAONSHERI, KALYANI NAGAR, PUNE, Maharashtra - 411014, INDIA |
B08173205 |
|
3 |
10168564 |
28/07/2009 |
3,350,000.00 |
STANDARD CHARTERED BANK |
SHRIRANG HOUSE, 2ND FLOOR, 364-365, JANGLEE MAHARAJ ROAD, SHIVAJI
NAGAR, PUNE, Maharashtra - 411005, INDIA |
A66706359 |
|
4 |
10098851 |
26/03/2008 |
21,500,000.00 |
Standard Chartered Bank |
364/365, Shrirang House,, 2nd Floor, J M Road, Shivaji Nagar, Pune,
Maharashtra - 411005, INDIA |
A36533172 |
* Date of charge modification
FINANCIAL RESULTS AND
PERFORMANCE OF THE COMPANY
The Company is mainly engaged in the business of manufacturing of Poultry Equipments. During the year the Company has achieved turnover/receipts of Rs.525.716 Millions against Rs. 445.522 Millions in the previous year, showing a increase of 18 % over the previous year. The company's profit before tax for the year recorded a increase of 12.40 % to Rs.32.649 Millions as compare to last year Rs. 29.047 Millions. During the year the company has recorded export sale amounting to Rs.203.842 Millions and is having good export orders in hand.
The company looks forward for a bright future in the coming years, since the company possesses ample resources, technical know-how and expertise in this industry and full-fledged ready to offer best of it. The company will try to continue on its strategy to offer best products in the field of Poultry Equipments.
ln view of future plans of expansion and diversification, the directors decided not to recommend any dividend for the year and wish to plough back the profit for future expansion of the business.
FIXED ASSETS
v
Tangible
Assets
· Land
· Building
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Computers
· Electronic Equipments
v
Intangible
Assets
· 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.61.87 |
|
|
1 |
Rs.94.06 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
48 |
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.