MIRA
INFORM REPORT
|
Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GEETA PLYBOARDS PRIVATE LIMITED |
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Registered Office : |
# 7-65, 1st Floor, Haripriya Complex, Habsiguda “X” Road,
Hyderabad – 500007, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.1999 |
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Com. Reg. No.: |
01-31862 |
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CIN No.: [Company
Identification No.] |
U45400AP1999PTC031862 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG00724D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and importer of Plyboards, Wooden Door Panels and other wooden
items. |
RATING &
COMMENTS
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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 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
# 7-65, 1st Floor, Haripriya Complex, Habsiguda “X” Road,
Hyderabad – 500007, Andhra Pradesh, India |
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Tel. No.: |
91-40-27173015 / 27155667 |
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Mobile No.: |
91-9866008830 |
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Fax No.: |
91-40-27177261 / 27177276 |
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E-Mail : |
kutchtechnology.com |
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Website : |
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Factory : |
Yamnampet Village, Ghatkesar Mandal, Hyderabad, Andhra Pradesh,
India |
DIRECTORS
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Name : |
Mr. Ambalal Patel |
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Designation : |
Managing Director |
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Address : |
Plot No. 6, Street No. 3, Bhavani Nagar, Nacharam, Hyderabad – 500076 |
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Date of Birth/Age : |
25.10.1961 |
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Date of Appointment : |
08.06.1999 |
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Name : |
Mr. Pokar Praveen Kumar Patel |
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Designation : |
Director |
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Address : |
H. No. 3-1-105/13, Shatavahana Nagar, L. B. Nagar, Hyderabad – 500074 |
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Date of Birth/Age : |
05.09.1975 |
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Date of Appointment : |
08.06.1999 |
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Name : |
Mrs. Jammula Kiranmaye |
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Designation : |
Director |
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Address : |
19/2RT, Ligh, Vijaya Nagar Colony, Hyderabad – 500052 |
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Date of Birth/Age : |
19.05.1969 |
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Date of Appointment : |
08.06.1999 |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Ambalal Patel |
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11000 |
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Praven Kumar Patel |
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11000 |
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J. Kiranmayee |
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11000 |
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Gopal Patel |
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9000 |
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Ladharam Bhai Patel |
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16000 |
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Mohan Patel |
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9000 |
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J Krishna Reddy |
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16000 |
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Chandulal Patel |
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7000 |
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Total |
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90000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 and importer of Plyboards, Wooden Door Panels and other wooden
items. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bajaranjlal Jhawar and Company Chartered Accountants |
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Address : |
409, Sherza Estate, 5-3-989, Nizamshahi Road, Hyderabad – 500095,
Andhra Pradesh, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
90,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.900 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.900 Million |
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 |
0.900 |
0.900 |
0.900 |
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2] Share Application Money |
1.245 |
2.285 |
2.585 |
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3] Reserves & Surplus |
1.799 |
1.329 |
1.223 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.543] |
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NETWORTH |
3.944 |
4.514 |
4.165 |
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LOAN FUNDS |
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1] Secured Loans |
1.475 |
2.066 |
1.407 |
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2] Unsecured Loans |
6.067 |
3.006 |
1.182 |
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TOTAL BORROWING |
7.542 |
5.072 |
2.589 |
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DEFERRED TAX LIABILITIES |
0.414 |
0.570 |
0.756 |
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TOTAL |
11.900 |
10.156 |
7.510 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.895 |
4.357 |
4.469 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
3.410
|
2.794 |
1.632 |
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Sundry Debtors |
6.369
|
5.929 |
2.791 |
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Cash & Bank Balances |
0.070
|
0.016 |
0.020 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.117
|
1.065 |
1.075 |
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Total
Current Assets |
11.966
|
9.804 |
5.518 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
2.803
|
3.653 |
2.439 |
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Provisions |
1.158
|
0.352 |
0.038 |
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Total
Current Liabilities |
3.961
|
4.005 |
2.477 |
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Net Current Assets |
8.005
|
5.799 |
3.041 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.900 |
10.156 |
7.510 |
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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 |
29.839 |
21.049 |
18.097 |
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Other Income |
0.057 |
0.249 |
0.155 |
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Total Income |
29.896 |
21.298 |
18.252 |
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Profit/(Loss) Before Tax |
0.791 |
0.682 |
0.872 |
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Provision for Taxation |
0.321 |
0.033 |
0.063 |
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Profit/(Loss) After Tax |
0.470 |
0.649 |
0.809 |
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Expenditures : |
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Depreciation & Amortization |
0.588 |
0.560 |
0.568 |
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Other Expenditure |
28.517 |
20.056 |
16.810 |
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Total Expenditure |
29.105 |
20.616 |
17.378 |
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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 |
(%) |
1.57
|
3.05 |
4.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.65
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3.24 |
0.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.99
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4.82 |
8.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20
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0.15 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.92
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2.01 |
1.22 |
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Current Ratio (Current Asset/Current Liability) |
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3.02
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2.45 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90126169 |
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Corporate
identity number of the company |
U45400AP1999PTC031862 |
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Name of the
company |
GEETA PLYBOARDS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
# 7-65, 1st Floor, Haripriya Complex, Habsiguda “X” Road,
Hyderabad – 500007, Andhra Pradesh, India |
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Type of charge |
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Particular of
charge holder |
State Bank of India, Nacharam Industrial Area Branch, Nacharam Ida,
Hyderabad – 500007, Andhra Pradesh, India
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
10.04.2007 |
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Amount secured
by the charge |
Rs. 11.800
Millions |
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Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
Cash Credit @ 2
% above State bank advance rate with a minimum of 14.25 % Terms of
Repayment Repayable on
demand Margin Raw materials 25
%, semi finished 25 %, finished – 25 % , domestic receivables 40 % and
letters of credit 20 % Extent and
Operation of the charge Charge operates
as security for the repayment of loan amounts payable to State Bank of India
along with interest, additional interest, penal interest and other charges
payable by the company to the bank. First charge on present and future fixed
assets and current assets of the company.
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Short
particulars of the property charged |
Charge is
secured by hypothecation of raw material, stock, receivables and extension
of mortgage factory land and building at survey no. 90/E, Yamnampet [v],
Ghatkesar mandal, R. R. District |
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Date of latest
modification prior to the present modification |
14.03.2006 |
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Particulars of
the present modification |
CC limit
enhanced from Rs. 1.800 Millions to Rs. 4.800 Millions and letter of credit
limits enhanced from Rs. 4.000 Millions to Rs. 7.000 Millions |
AS PER WEBSITE
Company Profile
Subject is a group with two decades of experience in Timber
and its by-products. With vide experience behind them they have diversified
their line & established highly sophisticated and state of the art factory
to manufacture high quality Flush Doors, Plywood, Block Boards, Panel Doors,
Door Frames etc. All the products are manufactured as per the norms laid down
by IS : Standards.
All the mechanism is controlled by their expert technicians
and skilled workers. Their purpose of Selection of Timber, Klin Seasoning,
Chemical Treatment, Planning, Fabrication, Pressing, Glue Application,
Finishing and Despatching are well checked at every inch to ensure best
results and only after going through the rest and observations of experts, the
goods are okayed for despatch.
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.40.26 |
|
UK Pound |
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.61.26 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
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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 |
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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 |
|
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 |
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