MIRA INFORM REPORT

 

 

Report No. :

350793

Report Date :

23.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GANAPATI PROJECTS PRIVATE LIMITED

 

 

Registered Office :

Plot No. 123, Road No. 17, MIDC, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-28228121

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.02.2005

 

 

Com. Reg. No.:

11-151302

 

 

Capital Investment / Paid-up Capital :

Rs. 1.080 Million

 

 

CIN No.:

[Company Identification No.]

U45200MH2005PTC151302

 

 

IEC No.:

Not Applicable (As claimed by company management that company does not export and import).

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Construction Activity

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 210000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2005. It has satisfactory track.

 

For the financial year ended 2014, the company has improved operational activity marked by decent top line growth along with profitability margins 4.3%.

 

The company possesses healthy financial base along with adequate net worth position.

 

Trade relations are fair. Business is active. Payment are slow but 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 – 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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vishvakarma

Designation :

Accountant

Contact No.:

91-22-28228121

Date :

21.11.2015

 

 

 

LOCATIONS

 

Registered Office :

Plot No. 123, Road No. 17, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-28228121

Fax No.:

91-22-28395170

E-Mail :

mail@ganapatiprojects.com

Website :

http://www.ganapatiprojects.com

Location :

Rented

Locality :

Commercial

 

 

Branch Office :

60/112, Hari Pada Dutta Lane, Golf Garden – B, Kolkata – 700033, West Bengal, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Pravin Kumar Kajaria

Designation :

Director

Address :

B-701, Sangam Apartments, Suchidham,, Filmcity Road, Malad (East), Mumbai - 400097, Maharashtra, India

Date of Appointment :

15.02.2006

DIN No.:

00667956

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U70100MH1995PTC085856

KAJARIA HOLDING PRIVATE LIMITED

Director

23/02/1995

23/02/1995

-

Active

NO

2

U45200MH2004PTC147005

Mahadevi Projects Private Limited

Director

17/06/2004

17/06/2004

-

Active

NO

3

U45200MH2005PTC151302

GANPATI PROJECTS PRIVATE LIMITED

Director

15/02/2005

15/02/2005

-

Active

NO

4

U17120MH2005PTC153456

GANPATI SMART COATS PRIVATE LIMITED

Director

05/12/2005

05/12/2005

05/03/2010

Active

NO

 

 

Name :

Pradip Kumar Kajaria

Designation :

Director

Address :

B-601, Sangam Apartments, Suchidham,, Filmcity Road, Malad (East), Mumbai - 400097, Maharashtra, India

Date of Appointment :

15.02.2006

DIN No.:

00667929

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U70100MH1995PTC085856

KAJARIA HOLDING PRIVATE LIMITED

Director

23/02/1995

23/02/1995

-

Active

NO

2

U45200MH2004PTC147005

Mahadevi Projects Private Limited

Director

17/06/2004

17/06/2004

-

Active

NO

3

U17120MH2005PTC153456

GANPATI SMART COATS PRIVATE LIMITED

Director

05/12/2005

05/12/2005

12/08/2009

Active

NO

4

U45200MH2005PTC151302

GANPATI PROJECTS PRIVATE LIMITED

Director

15/02/2006

15/02/2006

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishvakarma

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

% of Holdings

Pravin Kumar Kajaria

50000

46.30

Pradip kumar Kajaria

50000

46.30

Vandana Kajaria

2000

1.85

Vivek Kajaria

2000

1.85

Rachna Kajaria

2000

1.85

Kaushal Kajaria

2000

1.85

 

 

 

Total

108000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Construction Activity

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit

 

 

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 :

Payment Behaviour

Market Goodwill

Overall

 

 

 

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 :

Product Quality

Delivery Behaviour

Overall

 

 

 

Remark:

Not Divulged

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Banker Name

Corporation Bank

Branch Address

Andheri (East), Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-28260889

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

Oriental Bank of Commerce

  • Overseas Branch, Dalamal Towers, 211, Nariman Point, Mumbai - 400021, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Hypothecation of fixed assets

0.377

0.117

 

 

 

SHORT TERM BORROWING

 

 

Hypothecation of fixed assets

0.254

0.269

 

 

 

Total

0.631

0.386

 

Auditors :

 

Name :

K.K. Shah and Associates

Chartered Accountants

Address :

C-10, Parle Colony, Sahakar Road, Vile Parle East, Mumbai – 400057, Maharashtra, India

Tel. No.:

91-22-26825734/26838985

Mobile No.:

91-9820408058

E-Mail :

kkshah_ca@rediffmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

AAFPS7255Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs. 2.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

108000

Equity Shares

Rs.10/- each

Rs. 1.080 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1.080

0.108

0.108

(b) Reserves & Surplus

75.409

62.026

56.753

(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)

76.489

62.134

56.861

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

60.808

39.488

38.511

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(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)

60.808

39.488

38.511

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.255

0.269

0.000

(b) Trade payables

87.968

36.683

35.322

(c) Other current liabilities

6.855

1.229

5.353

(d) Short-term provisions

6.793

2.329

15.879

Total Current Liabilities (4)

101.871

40.510

56.554

 

 

 

 

TOTAL

239.168

142.132

151.926

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6.916

3.745

4.776

(ii) Intangible Assets

12.504

12.350

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

11.848

(c) Deferred tax assets (net)

0.302

0.390

0.314

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

81.002

52.891

52.253

Total Non-Current Assets

100.724

69.376

69.191

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

39.598

21.493

4.310

(c) Trade receivables

77.468

36.057

50.340

(d) Cash and cash equivalents

1.448

1.542

5.387

(e) Short-term loans and advances

19.930

13.664

22.698

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

138.444

72.756

82.735

 

 

 

 

TOTAL

239.168

142.132

151.926

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

Other Income

 

 

 

 

TOTAL                                    

331.222

116.403

264.446

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL                                    

308.659

107.587

241.879

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

22.563

8.816

22.567

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1.327

1.147

1.523

 

 

 

 

 

 

PROFIT BEFORE TAX

21.236

7.669

21.044

 

 

 

 

 

Less

TAX                                                                 

6.882

2.253

6.558

 

 

 

 

 

 

PROFIT AFTER TAX

14.354

5.416

14.486

 

 

 

 

 

 

Earnings Per Share (Rs.)

132.91

50.15

134.13

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

4.33

4.65

5.48

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.89

5.41

15.06

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.12

0.37

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.80

0.64

0.68

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.36

1.80

1.46

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.108

0.108

1.080

Reserves & Surplus

56.753

62.026

75.409

Share Application money pending allotment

0.000

0.000

0.000

Net worth

56.861

62.134

76.489

 

 

 

 

long-term borrowings

38.511

39.488

60.808

Short term borrowings

0.000

0.269

0.255

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

38.511

39.757

61.063

Debt/Equity ratio

0.677

0.640

0.798

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

264.446

116.403

331.222

 

 

-55.982

184.548

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

264.446

116.403

331.222

Profit

14.486

5.416

14.354

 

5.48%

4.65%

4.33%

 

 

 

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

Yes

17

Details of sister concerns

No

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

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan from Directors

15.985

7.552

Loan from member

20.842

9.999

Loan from others

23.604

21.820

 

 

 

Total

60.431

39.371

 

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10478196

06/01/2014

52,500,000.00

Oriental Bank of Commerce

Overseas Branch, Dalamal Towers, 211, Nariman Poi 
nt, Mumbai, Maharashtra - 400021, INDIA

B96644497

2

10019919

09/05/2006

1,615,000.00

ICICI LIMITED

C-15, BANDRA-KURLA COMPLEX,BANDRA (E),, MUMBAI-51 
., W.E.F. 1/4/99, Maharashtra - 400051, INDIA

A01319367

3

10006188

07/05/2006

1,572,000.00

ICICI LIMITED

C-15, BANDRA-KURLA COMPLEX,, BANDRA (EAST), MUMBA 
I, Maharashtra - 400051, INDIA

A01213750

 

* Date of charge modification

 

 

FIXED ASSETS

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.  66.09

UK Pound

1

Rs. 101.04

Euro

1

Rs. 70.85

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

 

--

 

 

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