MIRA INFORM REPORT

 

 

Report No. :

331224

Report Date :

14.07.2015

 

IDENTIFICATION DETAILS

 

Name :

GALLANTT METAL LIMITED

 

 

Registered Office :

1, Crooked Lane, Second Floor, Room No. 222 & 223, Kolkata - 700 069, West Bengal

Tel. No.:

91- 33-40642189

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

07.02.2005

 

 

Com. Reg. No.:

21-101553

 

 

Capital Investment / Paid-up Capital :

Rs.813.223 Million

 

 

CIN No.:

[Company Identification No.]

L27109WB2005PLC101553

 

 

IEC No.:

0205004733

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RKTG00912C

 

 

PAN No.:

[Permanent Account No.]

AACCG2934J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturers of Sponge Iron, M. S. Billets and Re-Rolled Products.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Maximum Credit Limit :

USD 8000000

 

 

Status :

Good

 

 

Payment Behavior :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having fine track record.

 

Financial position of the company seems to be sound.

 

The rating also takes into consideration experience of its promoters in the steel industry.

 

Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual traded 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BBB +

Rating Explanation

Have moderate degree of safety

Date

05.12.2014

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A2

Rating Explanation

Have strong degree of safety and low credit risk.

Date

05.12.2014

 

 

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 31-03-2013.

 

INFORMATION DENIED BY

 

Name :

Mr. Sandeep Agarwal

Designation :

Account Manager

Contact No.:

91-9327717000

Date :

08.07.2015

 

 

LOCATIONS

 

Registered Office :

1, Crooked Lane, Second Floor, Room No. 222 & 223, Kolkata - 700 069, West Bengal, India

Tel. No.:

91- 033-40642189

Mobile No.:

91-9327717000 (Mr. Sandeep Agarwal)

Fax No.:

91- 033 - 22312429

E-Mail :

gml@gallantt.com

nitesh@gallantt.com

rajesh@gallantt.com

Website :

www.gallantt.com

 

 

Head Office :

Bank Road, Gorakhpur - 273 001, Uttar Pradesh, India

Fax No.:

91-551 -2205175

E-Mail :

cityoffice@gallantt.com

 

 

Factory 1 :

Near Toll Gate, Village Samakhyali, Taluka Bhachau, Kutch, Gujarat, India

Tel. No.:

91-2387-283555/ 238557

Fax No.:

91-2387-267307 / 283690

E-Mail :

gml@gallantt.com

 

 

Factory 2 :

Sector - 23, GIDA, Sahjanwa, Gorakhpur - 273209 Uttar Pradesh, India

Tel. No.:

91-551-2700302

Fax No.:

91-551-2700320

E-Mail :

gil@gallantt.com

 

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Chandra Prakash Agarwal

Designation :

Chairman cum Managing Director

DIN No.:

01814318

 

 

Name :

Mr. Nitin M Kandoi

Designation :

Director

DIN No.:

01979952

 

 

Name :

Mr. Dinesh Kumar R. Agarwal

Designation :

Whole Time Director

Date of Birth/Age :

13.12.1967

Qualification :

B-Com

Experience :

25 years

Date of Appointment :

07.02.2005

DIN No.:

01017125

Other Directorship.:

 

  • Ganesh Laxmi Processor Private Limited
  • G. L. Sarees Private Limited
  • Kadodara Power Private Limited
  • G. L. Steel & Power Limited
  • G. L. Minerals Private Limited
  • G. L. Overseas Private Limited

 

 

Name :

Mr. Jyotirindra Nath Dey

Designation :

Director

Date of Birth/Age :

05.06.1937

Qualification :

Electrical Engineer

Experience :

44 years in industry, management and engineering, development of technology, banking and commerce. He is a member of various professional bodies viz. Association of Consulting Engineer (I), Indian Society of Lighting Engineering, Arbitration any many more.

Date of Appointment :

30.11.2005

PAN No.:

00180925

Other Directorship.:

 

  • Gallantt Ispat Limited
  • Saheli Goods Private Limited
  • Concrete Credit Limited
  • Woodland Tradelink Private Limited
  • Nilgiri Vanijya Private Limited
  • Prestine Dealer Private Limited
  • Primelink Dealer Private Limited

 

 

Name :

Mr. Rajesh Kumar Jain

Designation :

Director

Date of Birth/Age :

10.01.1968

Qualification :

B.Com., Chartered Accountant

Experience :

46 years

Date of Appointment :

30.11.2005

PAN No.:

02113164

Other Directorship.:

 

  • Gallantt Ispat Limited

 

Name :

Mr. Prasant Kankrania

Designation :

Director

Date of Birth/Age :

23.07.1986

Qualification :

B.Com., Chartered Accountant

Experience :

28 years

Date of Appointment :

29.03.2012

DIN No.:

05241947

 

 

Name :

Mr. Prashant Jalan

Designation :

Director- Plant Operation

DIN No.:

06619739

 

 

Name :

Mr. Ramesh Kumar Choudhary

Designation :

Director

Date of Birth/Age :

20.02.1976

Qualification :

B.Com., Chartered Accountant

Experience :

Commerce Graduate and a qualified Chartered Accountant. He possesses a rich experience of over nine years in the field of Accounts, Taxation, Finance, Company Affairs and Legal & Compliances, etc. He is a partner in VKR & Co., Chartered Accountant.

Date of Appointment :

12.08.2013

DIN No.:

00558707

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajesh Upadhyaya

Designation :

Company secretary

 

 

Name :

Mr. Sandeep Agarwal

Designation :

Account Manager

 

 

Audit Committee:

(As On : 31.03.2014)
  • Mr. Virendra Kumar Keshari – Chairman
  • Mr. Rajesh Kumar Jain
  • Mr. Jyotirindra Nath Dey

 

 

Share Transfer and Shareholders’ / Investors Grievance Committee:

(As On : 31.03.2014)
  • Mr. Rajesh Kumar Jain – Chairman
  • Mr. Virendra Kumar Keshari
  • Mr. Jyotirindra Math Dey

 
  •  

Remuneration Committee:

(As On : 31.03.2014)
  • Mr. Jyotirindra Nath Dey – Chairman
  • Mr. Virendr Kumar Keshari
  • Mr. Rajesh Kumar Kain

 

 

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares held in Dematerialized Form

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

6554611

8.06

http://www.bseindia.com/include/images/clear.gifBodies Corporate

37862895

46.56

http://www.bseindia.com/include/images/clear.gifSub Total

44417506

54.62

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

44417506

54.62

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

27153590

33.39

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

3553526

4.37

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

4634443

5.70

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1562726

1.92

http://www.bseindia.com/include/images/clear.gifTrusts

5000

0.01

http://www.bseindia.com/include/images/clear.gifClearing Members

309495

0.38

http://www.bseindia.com/include/images/clear.gifNRIs/OCBs

1248231

1.53

http://www.bseindia.com/include/images/clear.gifSub Total

36904285

45.38

Total Public shareholding (B)

36904285

45.38

Total (A)+(B)

81321791

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

81321791

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Sponge Iron, M. S. Billets and Re-Rolled Products.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

 

(As On : 31.03.2014)
  • State Bank of India
  • Bank of Baroda
  • State Bank of Mysore
  • State Bank of Travancore
  • State Bank of Patiala
  • ICICI Bank
  • HDFC Bank

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term Loans -from Bank

NA

62.638

 

 

 

Short-term borrowings

 

 

Working Capital Loan from Bank

NA

395.867

 

 

 

Total

NA

458.505

 

SECURED LOANS (As On : 31.03.2014)

 

Long-term Borrowings

 

Terms of repayment for secured borrowings

Term Loan amounting to Rs. 215.238 Million (P.Y. Rs.  316.100 Million) is repayable in 14 quarterly installments commencing from June 2012. Last installment is due in September 2015. Rate of interest 13.25% P.A as at the year end (P.Y. 12.95% P.A).

 

Nature of Security for secured borrowing

The above term loans are secured by first pari pasu charge on all the fixed assets (present and future) and second pari pasu charge on current assets of the plant situated in Kutch, Gujarat.

 

The above term loans are secured by equitable mortgage of house property of Sri S.K. Agrawal, relative of director and collateral security by pledge of 5,10,500 (P.Y. 5,10,500) equity share of the company held by promoters.

 

The above term loans has been guaranteed by the corporate guarantee of M/s. Gallantt Udyog Limited. to the extent of shares pledged aggregating 1,46,50,000 equity shares of Rs.  10/- each and corporate guarantee of M/s Hipoline Commerce Private Limited

 

The above term loans has been guaranteed by the personal guarantee of Sri C.P. Agrawal, Sri Dinesh R Agarwal, Sri Nitin Kandoi Director of the company and Mr. S.K.Agrawal relative of the director.

 

Deffered sales tax loan is interest free and payable in 6 equal yearly installment of Rs. 0. 489 Million payable from 2011-12.

 

 

Short-term borrowings

 

The above working capital loan from bank is secured by first charge on all the current assets and second charge on fixed assets of the plant situated in Kutch, Gujarat bearing interest @ 11.70% P.A (P.Y. 10.20% ) on Cash Credit Account and @ 10% P.A. (P.Y. Nil ) on e-VFS Account at the end of the year.

 

The working capital loan from bank is secured by equitable mortgage of house property of Sri S.K.Agrawal, relative of director and collateral security by pledge of 5,10,500 (P.Y. 5,10,500) equity share of the company held by promoters.

 

The working capital loans is guaranteed by the corporate guarantee of M/s. Gallantt Udyog Ltd. to the extent of shares pledged aggregating 1,46,50,000 equity shares of Rs. 10/- each and corporate guarantee of M/s Hipoline Commerce Private Limited.

 

The above working capital loan is guaranteed by the personal guarantee of Sri C.P. Agrawal, Sri Dinesh R Agarwal, Sri Nitin Kandoi director of the company and Mr. S.K. Agrawal relative of the director.

 

 

 

Auditors :

 

Name :

A K Meharaja and Associates

Chartered Accountants

 

 

Cost Auditors :

 

Name :

U. Tiwari and Associates

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate Company

 

(As On : 31.03.2014)
  • Gallantt Ispat Limited
  • Ganesh Laxmi Processors Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital :  Rs. 813.223 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

83000000

Equity Shares

Rs.10/- each

Rs. 830.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

81322324

Equity Shares

Rs.10/- each

Rs.813.223 Million

 

 

 

 

 

 

Terms/ rights attached to equity shares

 

The company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders except in the case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts in proportion of their shareholding.

 

 

Details of shareholders holding more than 5% shares in the company

 

Particulars

31.03.2014

Name of the Shareholder

No. of shares

%  of Holding

Gallantt Udyog Limited

24113127

29.65

Hipoline Commerce Private Limited.

11767179

14.47

Lexi Export Private Limited

11977179

14.73

Elara India Opportunities Fund Limited.

5000000

6.15

AAR Commercial Company Limited

6439182

7.92

 

 

 

ABRIDGED BALANCE SHEET

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

813.223

813.223

813.223

(b) Reserves & Surplus

2001.818

1662.330

1511.776

(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)

2815.041

2475.553

2324.999

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

63.127

216.767

(b) Deferred tax liabilities (Net)

235.219

206.987

196.803

(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)

235.219

270.114

413.570

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

910.913

1058.986

265.508

(b) Trade payables

6.966

84.545

740.589

(c) Other current liabilities

104.633

289.801

216.386

(d) Short-term provisions

170.664

173.745

169.199

Total Current Liabilities (4)

1193.176

1607.077

1391.682

 

 

 

 

TOTAL

4243.436

4352.744

4130.251

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2166.487

 

 

2066.764

1928.512

(ii) Intangible Assets

0.000

0.000

(iii) Capital work-in-progress

67.648

90.128

(iv) Intangible assets under development

0.000

0.000

(b) Non-current Investments

426.037

426.037

426.037

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.874

3.879

3.954

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

2596.398

2564.328

2448.631

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

856.648

847.632

790.847

(c) Trade receivables

235.579

427.936

299.449

(d) Cash and cash equivalents

59.710

40.239

174.363

(e) Short-term loans and advances

163.353

217.816

194.214

(f) Other current assets

331.748

254.793

222.747

Total Current Assets

1647.038

1788.416

1681.620

 

 

 

 

TOTAL

4243.436

4352.744

4130.251

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

7203.346

6699.045

6627.351

 

 

Other Income

17.162

13.469

46.729

 

 

TOTAL                                    

7220.508

6712.514

6674.080

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

5611.480

5516.492

5555.317

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

36.968

(19.363)

(99.070)

 

 

Employees benefits expense

144.047

118.016

73.145

 

 

Other expenses

774.598

651.876

549.679

 

 

TOTAL                                    

6567.093

6267.021

6079.071

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

653.415

445.493

595.009

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

117.025

113.359

103.338

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

536.390

332.134

491.671

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                    

168.626

171.343

159.196

 

 

 

 

 

 

PROFIT BEFORE TAX

367.764

160.791

332.475

 

 

 

 

 

Less

TAX                                                                 

28.275

10.237

14.970

 

 

 

 

 

 

PROFIT AFTER TAX

339.489

150.554

317.505

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

NA

11.703

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

738.824

2306.846

 

Components and Stores parts

NA

0.261

0.067

 

Capital Goods

NA

2.489

1.515

 

TOTAL IMPORTS

NA

741.574

2308.428

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.17

1.85

3.90

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

153.089

102.267

Cash generated from operating Activities

NA

(408.331)

914.998

Net Cash generated from operating Activities

NA

(440.482)

843.689

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

PAT / Total Income

(%)

4.71

2.25

4.79

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

9.07

6.65

8.98

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.63

4.17

9.20

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.06

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.32

0.52

0.25

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.38

1.11

1.21

 

 

STOCK PRICES

 

Face Value

Rs. 10.00/-

Market Value

Rs. 24.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

813.223

813.223

813.223

Reserves & Surplus

1511.776

1662.330

2001.818

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

2324.999

2475.553

2815.041

 

 

 

 

long-term borrowings

216.767

63.127

0.000

Short term borrowings

265.508

1058.986

910.913

CURRENT MATURITIES OF LONG-TERM DEBTS

102.267

153.089

0.000

Total borrowings

584.542

1275.202

910.913

Debt/Equity ratio

0.251

0.515

0.324

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6627.351

6699.045

7203.346

 

 

1.082

7.528

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6627.351

6699.045

7203.346

Profit

317.505

150.554

339.489

 

4.79%

2.25%

4.71%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

Yes

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from Ashyana’ 29C, Bentick Street, Mizzen Floor, Kolkata-700069, West Bengal, India the present address.

 

 

PERFORMANCE REVIEW (As On : 31.03.2014)

 

During the year the Company has reported a turnover of Rs. 6699.045 Million. The operating profit stood at Rs. 4454.93 Million. The Profit before Tax and Profit after Tax remains Rs. 160.791 Million and Rs. 150.554 Million respectively. Despite adverse Global as well as Indian economy, the Company performed moderately and Gallantt Metal looks ahead to a hopeful further systematic robustness in the business and operation. The Directors continue to identify opportunities to leverage and introduce technology to improve their performance, be

it in operations, people management, and knowledge management and to strengthen proactive stakeholder relations.

 

 

BUSINESS ENVIRONMENT (As On : 31.03.2014)

 

The global economic scenario in fiscal 2013-14 remained challenging with output growth estimated at 3.0% - lower than the 3.2% growth recorded in 2012. Economic environment remained challenging with growth slowing down globally. The Indian economy underwent yet another challenging environment in 2013-14 driven by subdued domestic growth, extreme volatility in the exchange rate and a much higher than expected spike in inflation rates. While domestic GDP growth did show a marginal improvement from 4.5% (YoY) in FY13 to 4.7% in FY14 (estimated), most of the increase can be attributed to an increase in agricultural growth from 1.4% to 4.2%. Growth in both the industrial sector and service sector remained lackluster on the back of weakness in both consumption and investment demand. A major problem for the economy in First Half of Fiscal 2013-14 was a very aggressive and disorderly bout of currency depreciation. The Indian rupee weakened to its lowest level against the greenback driven by concerns about the domestic macroeconomic landscape that made investors somewhat circumspect of investing in domestic assets. To counter pressures of currency depreciation, the RBI introduced a series of emergency measures so as to tighten domestic liquidity in order to push short term rates higher so as to provide the Indian Rupees with some yield advantages. However, in Last Quarter of Fiscal 2013-14 there were some signs of an improvement in the overall domestic macroeconomic landscape that in turn provided some stability to the Indian Rupees. Hence, the fiscal year ended 31st March 2014 proved to be a challenging year with the Indian economy witnessing sustained slowdown across sectors. While the economic growth for the year is expected to have marginally improved to 4.9% from the lows of 4.5% witnessed in 2012-13, it is still a far cry from the above 8% growths witnessed during most part of 2004 to 2011.

 

FUTURE OUTLOOK (As On : 31.03.2014)

 

The macro economic environment has shown offshoots of recovery, specifically in the second half of 2013-14. Most of the indicators in the developed markets point to growth stability, which in turn should support the developing and emerging markets. Even in India, there are signs that the growth has bottomed out with the marginal improvement recorded in the later half of 2013-14. Going forward, the key to a sustainable recovery would be reviving the investments especially in the private sector through continued efforts to clear the stalled projects. It would be interesting to watch out for the key policy actions from the new Central Government as this would be crucial for reviving the critical growth drivers in the economy.

 

In 2013-14, particularly, their efforts at focusing on optimising cost of production yielded positive results. Faced as they were, with raw material shortages and poor quality supplies accentuated by the prevailing uncertainty in the regulatory environment, they succeeded in reigning in costs through various measures of cost-efficiency in their production processes. Constant monitoring of processes resulted in enhanced yields.

 

REPORT ON THE FINANCIAL STATEMENTS (As On : 31.03.2014)

 

They have audited the accompanying financial statements of GALLANTT METAL LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Deferred Sales Tax Loan

NA

0.489

 

 

 

Short-term borrowings

 

 

Foreign Currancy Loans - Buyers credit

NA

51.778

e-VFS from State Bank of India

NA

611.341

Total

NA

663.608

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

80008909

29/09/2011 *

1381000000

STATE BANK OF INDIA

CORPORATE ACCOUNT GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA

B32047094

2

80035052

29/01/2014 *

1788000000

STATE BANK OF INDIA

CORPORATE ACCOUNT GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA

B97347314

 

 

CONTINGENT LIABILITIES:

 (Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

Curtailing the assured benefit of exemption granted to New Industrial unit in

Kutch, Gujarat. The Company is entitled to exemption for 100% of the duty paid in Cash after utilization of CENVAT Credit for 5 years from the date of Commercial

Production. Hon’ble High Court of Gujarat has granted the verdict in favor of Company, Department preferred appeal in Supreme Court.

NA

59.596

Customs / Excise duty on Capital Goods imported / purchased under EPCG Scheme, against which export obligation is to be fulfilled.

NA

9.576

Disputed liability in respect of sales tax (out of which Rs. 4.200 Million has already been paid).

NA

8.004

Wealth Tax demand from A.Y 2006-07 to 2007-08.

NA

0.304

Claim against the company not acknowledged debt in respect of disputed liability of freight with railway. Case is pending in Hon'ble High Court, Gujarat.

NA

16.145

Hon'ble High court of Gujarat has declared collection of green cess by the State Act ultra vires the constitution and the same is therefor void and ordered to refund the green cess collected. We had applied for refund.

NA

2.556

Income Tax (A.Y. -2010-11) demand raised by Addl. CIT and have filed appeal before the Commissioner Income Tax, Appeal (out of demand amount deposited Rs. 4.100 Million)

NA

13.920

Benefit on import of coal from AIFTA Preferential Tariff denied by the Kandla

Customs. We have preferred appeal to Commissioner of Customs.

NA

3.903

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Miscellaneous Fixed Assets
  • Computer
  • Furniture and Fixture
  • Office Equipments
  • Vehicles
  • C.I. Mould
  • Rolls

 

 

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.63.49

UK Pound

1

Rs.98.19

Euro

1

Rs.69.72

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DDD

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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 unfavorable 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.