MIRA
INFORM REPORT
|
Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GCI EXPORTS PRIVATE LIMITED |
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Registered Office : |
98 B and C, 2nd Phase, Jigani Industrial Area, Anekal Taluk,
Bangalore – 562106, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.01.1993 |
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Com. Reg. No.: |
013944 |
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CIN No.: [Company
Identification No.] |
U27101KA1993PTC013944 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG03471G BLRG00434A |
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PAN No.: [Permanent
Account No.] |
AAACG7365F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter of Pallet and Headers, Box Culvert and Form
Equipments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 420000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Harish |
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Designation : |
Administrative Manager |
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Contact No.: |
91-9986148062 |
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Date : |
30.06.2008 |
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Name : |
Mr. Ravi Kumar |
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Designation : |
Finance Head |
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Contact No.: |
91-9845210253 |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
98 B and C, 2nd Phase, Jigani Industrial Area, Anekal
Taluk, Bangalore – 562106, Karnataka, India |
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Tel. No.: |
91-80-2782612/ 27826013 |
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Mobile No.: |
91- 9845070670 |
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Fax No.: |
91-80-27825636 |
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E-Mail : |
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Website : |
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Area : |
30000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kiran P. Giri |
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Designation : |
Managing Director |
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Address : |
4317 W 132 ND. ST. Leawood, Kansas 66209 USA |
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Date of Birth/Age : |
16.08.1952 |
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Date of Appointment : |
29.01.1993 |
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Name : |
Mr. Laxmi Giri |
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Designation : |
Director |
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Address : |
4317 W 132 ND. ST. Leawood, Kansas 66209 USA |
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Date of Birth/Age : |
20.10.1924 |
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Date of Appointment : |
11.09.1998 |
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Name : |
Mr. Anil Khanna |
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Designation : |
Director |
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Address : |
No.175/20 S. N. Roy Road, New Extension, Alipore, Kolkata – 700038,
West Bengal, India |
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Date of Birth/Age : |
11.08.1952 |
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Date of Appointment : |
12.07.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
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Names of Shareholders |
|
No. of Shares |
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Mr. Kiran P. Giri |
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353699 |
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Mr. Anil Khanna |
|
100 |
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Mr. P. G. Shankar Giri |
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1000 |
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Mr. P. V. Prasad Giri |
|
1000 |
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Mr. Laxmi Giri |
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1000 |
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Total |
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356799 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter of Pallet and Headers, Box Culvert and Form
Equipments. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
70 |
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Bankers : |
M. G. Road, Bangalore – 560001, West Bengal, India
Benson Town
Branch, Bangalore – 560046, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
M. K. Manohar and Company Chartered Accountant |
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Address : |
No.18, 2nd Floor, Chord Road Plaza, No.403/404, 20th
Main, Rajajinagar, 1st Block, Bangalore – 560010, Karnataka, India
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Associates/Subsidiaries : |
No.66 P, 67-68, 2nd Phase, Jigani Industrial Area,
Bangalore - 562106, India (Manufacturing unit)
USA, Sales Office |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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356799 |
Equity Shares |
Rs.10/- each |
Rs.3.568
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.568 |
3.568 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
81.056 |
77.929 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
84.624 |
81.497 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.954 |
0.685 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.954 |
0.685 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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85.578 |
82.182 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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49.333 |
50.855 |
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Capital work-in-progress |
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0.629 |
0.106 |
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INVESTMENT |
|
10.511 |
0.011 |
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DEFERREX TAX ASSETS |
|
0.156 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
8.232 |
3.235 |
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Sundry Debtors |
|
8.898 |
14.221 |
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Cash & Bank Balances |
|
11.043 |
11.707 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
6.347 |
6.605 |
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Total
Current Assets |
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34.520 |
35.768 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.417 |
4.442 |
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Provisions |
|
0.153 |
0.152 |
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Total
Current Liabilities |
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9.570 |
4.594 |
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Net Current Assets |
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24.949 |
31.174 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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85.578 |
82.182 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
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Sales Turnover (Estimated) |
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|
70.000 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.12 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
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3.61 |
7.78 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART :
|
Parameters |
Details |
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Statutory
Approvals |
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Income Tax Registration |
AAACG7365F |
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Central Sales Tax Registration |
11875859 |
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VAT/ TIN Registration |
29500066085 |
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Name of Bank |
ING Vysya Bank |
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Current Account Number |
204011012051 |
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Account Since |
1 years |
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Credibility
Factors |
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IndiaMART Client Since |
New Members |
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Trade Affiliations |
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SSI Registration |
Yes |
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Export Promotion Council |
Yes |
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Chambers of Commerce Membership |
Yes |
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Standards &
Certifications |
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Quality Management Systems |
Yes |
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Environment Management Systems |
No |
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Safety Certificates |
No |
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Product Certificates |
No |
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Other Cerficates |
ISO – 9001:2001 |
Trade Reference:
- Lasarge, Canada
- Cretex, Canada
- Geneva Pipe Company
- Amcor
- Avcentech Incorporation, Canada
Form 8: Bankers
Charges Report as per Registry
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Name of the company |
GCI EXPORTS PRIVATE LIMITED |
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Presented By |
Canara Bank Benson Town
Branch, Bangalore – 560046, India |
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1) Date and description of instrument creating the change |
29.11.1995 Deed of
Hypothecation Re: Machineries Agreement Re: Collateral
security Machinery, Vehicles (Both document
related to single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.650 Million |
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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
plant and machinery as per schedule enclosed. Collateral security on
company’s plant and Machinery as per schedule A enclosed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests and
margin as applicable from time to time. Repayment in 60
month installment with a repayment holiday of six months as per schedule C |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Benson Town
Branch, Bangalore – 560046, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U27101KA1993PTC013944 |
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Name of the
company |
GCI EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
98 B and C, 2nd Phase, Jigani Industrial Area, Anekal
Taluk, Bangalore – 562106, Karnataka, India |
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This form is for |
Modification of
charge |
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Type of charge |
Floating Charge |
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Particular of
charge holder |
22, M. G. Road, Bangalore – 560001, West Bengal, India |
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Nature of instrument
creating charge |
General
Hypothecation Agreement |
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Date of
instrument Creating the charge |
01.03.2007 |
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Amount secured by
the charge |
Rs.23.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: PSL: IVRR minus :
5.5% (upto 90 days) and IVRR minus 5% beyond 90 days) EBRD: LIBOR+1% PCFC/PCL (Sub
Limit EBRD/PSL) PCL: IVRR minus
5.5% (upto 90 days) PCFC : LIBOR +1% Terms of
Repayment: On Demand Margin: EBRD/PSL: Nil PCFC/PCL (Sub
Limit EBRD/PSL): 25% Extent and
operation of the charge: First charge on
stock of raw materials, work in progress, finished goods and materials meant
for export, full set of export bills with title to goods issued against goods
exported. |
|
Particulars of
the property charged |
Entire stock of
raw materials, work in progress, finished goods and materials meant for
export, full set of export bills with title to goods issued against goods
exported both present and future stored at unit II, 98B and C, 2 Phase,
Jagani Industrial Area, Anekal Taluk, Bangalore or else where. |
|
Particulars of
the present modification |
The total
exposure of Rs.23.000 Millions now additional secured by hypothecation All other terms
and conditions. |
Website details:
Profile:
Subject is an ISO-9001 company certified by TUV, established
in 1995 at Bangalore, India. It has 30,000 sq. ft. of modern manufacturing
facility 5,000 sq. ft. of office space. Subject is the engineering and
manufacturing division of GCI Pipe Products, Inc., head quartered in Kansas
City, USA.
Pallets
and Headers Division:
Company "Pallet and Headers Division (PHD)” designs and
manufactures moulding dies called "Pallets and Headers" used to form
the two ends of the concrete Pipe. The pipes are used for Sanitary Sewers and
Storm drains. Dies are made from cast iron, Ductile Iron, Steel and Aluminium.
The dies are manufactured from 12"-144" in size and joints are
designed to suit customer requirements.
Form
equipment division:
Subject "Form equipment division (FED)" involved
in heavy fabrication of steel form equipments, used to manufacture Concrete Box
Culverts. These Box Culvert Steel forms vary from 6'x3' to 12'x12' in size and
are modular in construction by 1 foot increments. This division is also in the
process of developing products from concept to prove-out stage as per customer
requirements.
Subject has a state-of-art manufacturing plant, equipped
with 2 and 4 axes CNC machines, captive Pattern shop, Heavy Fabrication shop,
Quality foundries tie-up, CAD tools for design and CAM operations.
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.43.30 |
|
UK Pound |
1 |
Rs.86.13 |
|
Euro |
1 |
Rs.68.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|