MIRA
INFORM REPORT
|
Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GEECY ENGINEERING PRIVATE LIMITED |
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Registered Office : |
2, Land Mark, Ground Floor, Opposite Devidayal Road, Near Hot Plate,
Mulund (West), Mumbai-400080, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.06.1991 |
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Com. Reg. No.: |
11-62054 |
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CIN No.: [Company
Identification No.] |
U27100MH1991PTC062054 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG06493E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pharmaceutical and Chemical Machinery. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 360000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
2, Land Mark, Ground Floor, Opposite Devidayal Road, Near Hot Plate,
Mulund (West), Mumbai-400080, Maharashtra, India |
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Tel. No.: |
91-22-27782403 |
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E-mail: |
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Factory: |
Plot No.33-A, Mahapet, TTC, MIDC, Near Millenium Business Park, Navi
Mumbai-400709, Maharashtra, India |
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Tel. No.: |
91-22-27782403/ 55901381 |
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Fax No.: |
91-22-55901890 |
DIRECTORS
|
Name : |
Mr. Manoj Mulji Ruparel |
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Designation : |
Director |
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Address : |
2, Land Mark, Ground Floor, Opposite Devidayal Road, Near Hot Plate
Hotel, Mulund (West), Mumbai-400080, Mahrashtra, India |
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Date of Birth/Age : |
15.01.1953 |
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Date of Appointment : |
13.06.1991 |
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Name : |
Ms. Neeta Manoj Ruparel |
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Designation : |
Director |
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Address : |
2, Land Mark, Ground Floor, Opposite Devidayal Road, Near Hot Plate
Hotel, Mulund (West), Mumbai-400080, Mahrashtra, India |
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Date of Birth/Age : |
10.09.1956 |
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Date of Appointment : |
13.06.1991 |
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Name : |
Mr. Kamil Kutbuddin Adenwala |
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Designation : |
Director |
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Address : |
B-06/1302, Sea Breeze Palm Beach Road, Nerul (East), Navi Mumbai,
Maharashtra |
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Date of Birth/Age : |
19.06.1958 |
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Date of Appointment : |
13.06.1991 |
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Name : |
Mr. Vrajlal Motilal Brijlani |
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Designation : |
Director |
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Name : |
Ms. Darshana Jignesh Kothari |
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Designation : |
201, Sai Aangan, 609/A, Nahur Village Road, Next to Gaurav Apartment,
Mulund (West), Mumbai-400080, Maharashtra, India |
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Address : |
20.01.1983 |
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Date of Appointment : |
15.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
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No. of Shares |
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Mr. Ruparel Mulji Manoj |
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18400 |
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Ms. Ruparel Manoj Neeta |
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1000 |
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Mr. Brijlani Motilal Vrajlal |
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556 |
As on 31.03.2007
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Names of Shareholders |
|
Percentage of
Holding |
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Directors or relatives of directors |
|
99.00 |
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Other top 50 shareholders |
|
1.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceutical and Chemical Machinery. |
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Products : |
v Heat Exchanger v Pressure Vessel v Storage Tank v Reactor |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Bank of Baroda, Thane West Branch, Gokhale Road, Thane-400602,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhavesh R Dalal Chartered Accountants |
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Address : |
40, Geeta Building, 135/138, J P Road, Andheri (West), Mumbai-400058,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/-
each |
Rs.2.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
88.709 |
66.847 |
25.988 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
90.709 |
68.847 |
27.988 |
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LOAN FUNDS |
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1] Secured Loans |
6.700 |
0.000 |
4.063 |
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2] Unsecured Loans |
16.515 |
4.115 |
31.880 |
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TOTAL BORROWING |
23.215 |
4.115 |
35.943 |
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DEFERRED TAX LIABILITIES |
0.167 |
0.514 |
0.921 |
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TOTAL |
114.091 |
73.476 |
64.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.886 |
14.168 |
13.282 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.049 |
0.049 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
65.956
|
20.697 |
21.728 |
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Sundry Debtors |
28.722
|
27.205 |
26.131 |
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Cash & Bank Balances |
0.105
|
6.653 |
4.569 |
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Other Current Assets |
128.219
|
75.464 |
57.115 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
223.002
|
130.019 |
109.543 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.903
|
47.792 |
45.993 |
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Provisions |
36.753
|
22.987 |
12.089 |
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Total
Current Liabilities |
123.656
|
70.779 |
58.082 |
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Net Current Assets |
99.346
|
59.240 |
51.461 |
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MISCELLANEOUS EXPENSES |
0.809 |
0.019 |
0.060 |
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TOTAL |
114.091 |
73.476 |
64.852 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
253.042 |
266.892 |
266.336 |
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Total Income |
253.042 |
266.892 |
266.336 |
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Profit/(Loss) Before Tax |
35.352 |
62.929 |
21.770 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
35.352 |
62.929 |
21.770 |
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Expenditures : |
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Interest |
1.336 |
1.266 |
1.346 |
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Depreciation & Amortization |
3.123 |
3.093 |
1.556 |
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Other Expenditure |
213.231 |
199.604 |
201.664 |
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Total Expenditure |
217.690 |
203.963 |
204.566 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
13.97 |
23.57 |
8.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.97 |
23.57 |
8.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.92 |
43.64 |
17.74 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39 |
0.91 |
0.77 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.62 |
1.09 |
3.36 |
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Current Ratio (Current Asset/Current Liability) |
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1.80 |
1.84 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
GEECY
ENGINEERING PRIVATE LIMITED |
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Presented By |
Mr. Manoj M Ruparel, Director |
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1) Date and description of instrument creating the change |
Composite hypothecation agreement dated 22.05.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15.000 millions Working capital facilities Break up facilities
Company allowed to use bank guarantee limit up to Rs.12 millions against earmarking LC Limit |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stocks both present and future of raw materials, work in process semi finished goods and finished goods such as SS Plates, M S Plates, M S Pipes, Flanges and fittings electrodes, Packing materials and stores etc. Present and future book debts, monies receivable, claims bills etc. All tangible movable machinery and plant with spares, tolls and accessories both present and future and furniture and fittings etc. All tangible movable machinery and plant with spares, tools and accessories both present and future and fittings etc, lying A-33, MIDC, TTC Industrial Area, Mahape, Navi Mumbai and such other security more particularly specified in second schedule to the agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit – Rate of interest – 0.50% over PLR or minimum 11.5% p.a., Margin 25% on stocks and 50% on book debts. LC – Commission on import/ Inland LC as oer Banks FEDAI rules, Margin 25% Inland Bank Guarantee – Commission as per bank rules. Margin 25% Charge to cover all outstandings sums, interest, costs ad charges payable by the company to the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baorda, Thane (West) Branch Gokhale Road, Thane -400602 |
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6) Date and brief description of instrument modifying the charge |
Composite Hypothecation agreement dated 14.01.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this first modification the bank has provided additional facility to the extent of Rs.12.000 millions thereby increasing the overall charge from Rs.12.000 millions to Rs.27.000 millions Break up Facilities :
Company allowed to utilize bank guarantee limit upto Rs.24.000 millions against earmarking LC Limit. The above credit facility are further secured By Equitable mortgage of factory land and building at plot No.33A, TTC Industrial Area, Mahape, Navi Mumbai Hypothecation fo stocks, book debts, plant and machinery of the company. Personnel Guarantee of Mrs. Manoj M Ruparel and Mrs. Neeta M Ruparel Cash Credit – Rate of interest – 0.75% below PLR i.e. 9.75%, Margin 25% on stocks and 50% on book debts. LC- Commission import/Inland LC as er Banks rules, Margin 25 Cash margin % Inland Bank Guarantee – Commission as per bank rules, Margin 25% Cash margin Charge to cover all outstanding sums, Interest, costs and charges payable by the company to the bank. |
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This Form is for |
Modification of charge |
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Charge identification
number of the charge to be modified |
90231176 |
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Corporate
identity number of the company |
U27100MH1991PTC062054 |
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Name of the
company |
GEECY
ENGINEERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2, Land Mark, Ground Floor, Opposite Devidayal Road, Near Hot Plate,
Mulund (West), Mumbai-400080, Maharashtra |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Bank of Baroda Thane West
Branch, Gokhale Road, Thane [West], Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
memorandum of entry |
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Date of
instrument Creating the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 113.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge The charge is
created to secure the due repayment of Cash Credit limit of Rs. 6.000 Millions,
Bank Guarantee limit of Rs. 53.500 Millions and letter of credit limit of Rs.
53.500 Millions aggregating to Rs. 113.000 Millions together with interest,
compound interest, interest tax,
additional interest in case of default, penal interest, commission,
liquidated damages, premium on pre-payment or on redemption costs, charges,
expenses and other moneys payable by the company to the bank. |
|
Short particulars
of the property charged |
All that piece or
parcel of land known as Plot No. 33, TTC Industrial area, Mhape, Navi
Mumbai. Together with building and
structure constructed thereon along with plant and machinery embedded to earth erected to/be erected in future. |
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Date of latest
modification prior to the present modification |
20.06.2006 |
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Particulars of
the present modification |
The charge is
increased upto Rs. 113.000 Millions to cover cash credit limit of Rs. 6.000
Millions. Bank guarantee limit of Rs.
53.500 Millions and letter of credit limit of Rs. 53.500 Millions |
Website Details :
Subject is one of the
fabricators of petrochemical equipments such as pressure vessels, columns, heat
- exchangers, reactors, agitators, tanks, storage drums and other critical
process equipments associated with the chemical and petrochemical industry.
Geecy Engineering's
fabrication units are based at 2 works which carries out all the fabrication
work in house using all the latest techniques and processes.
Their shop floor
has been approved by all the leading inspection agencies in India such as :-
v
Llyods
Registrar Of Industries And Shipping
v
Bureau Veritas
Industrial Services
And have worked
under numerous leading Inspection Agencies In India such as :-
v
Llyods
Registrar Of Industries And Shipping
v
Bureau Veritas
Industrial Services
v
UHDE India
v
Toyo
Engineering India Limited
v
Chemtex Of
India Limited
v
Humphreys And
Glasgow
Their Highly Valued
Clients List Includes
v
Reliance
Industries Limited
v
Praxair
v
Waeschle Ideal
v
Nirma
v
Rallis India
v
MRPL
v
Herdillia
Chemicals
v
Kvaerner Power
Gas
v
Penwalt India
Limited
v
UHDE India
v
Toyo
Engineering
v
Bechtel
Geecy has also been
a fore runner in the manufacture of equipments using exotic or high advanced
materials such as
v
Clad Steel
v
HIC material
v
Duplex
Stainless steel etc.
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 records 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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|