MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GEEKAY WIRES PRIVATE LIMITED |
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Registered Office : |
Survey No. 300/ A, Isnapur Village, Medak District – 502 307, 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 : |
25.07.1989 |
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Com. Reg. No.: |
01-010271 |
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CIN No.: [Company
Identification No.] |
U28999AP1989PTC010271 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG00813B |
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PAN No.: [Permanent
Account No.] |
AAACG7452M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Superior Cables and Wires Like Spring Steel Wire,
Cable Armouring Wire, Galvanized Steel Wire, Earth Wire, etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 133000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Unknown |
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Comments : |
Subject is an established company having moderate track. Payments are
reported as slow and delayed. Financial position of the company is poor having accumulated losses. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Survey No. 300/ A, Isnapur Village, Medak District – 502 307, Andhra
Pradesh, India. |
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Tel. No.: |
91-8455-226381 |
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Mobile No.: |
91-9849479248 Mr. Neeraj Agarwal (Director) 91-9849017855 Mr. Rajesh Agarwal (Director) |
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Fax No.: |
91-8455-225423 |
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E-Mail : |
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Website : |
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Factory : |
1-609, Divya Shakti Complex, Ameerpet, Hyderabad – 500 016, Andhra
Pradesh, India. |
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Tel. No.: |
91-40-40037194 |
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Fax No.: |
91-40-23755931 |
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Corporate Office : |
203/ 204, Classic Clinicsomaji Guda, Erramanzil Colony, Hyderabad –
500 016, Andhra Pradesh, India. |
DIRECTORS
|
Name : |
Mr. Vikas Passary |
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Designation : |
Director |
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Address : |
201, Ramkrishna Residency, Road No.12, Banjara Hills, Hyderabad,
Andhra Pradesh, India. |
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Date of Birth/Age : |
23.05.1970 |
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Date of Appointment : |
01.10.2001 |
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Date of Ceasing : |
28.12.2005 |
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Pan No.: |
AASPP6266F |
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Name : |
Mr. R.K Gupta |
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Designation : |
Director |
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Address : |
126, AK Citizen Co-Op. Housing Society, Versova, Link Road, Andheri
(West), Mumbai – 400 043, Maharashtra, India. |
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Date of Birth/Age : |
21.06.1960 |
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Date of Appointment : |
01.10.2000 |
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Date of Ceasing : |
01.10.2005 |
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Name : |
Mr. Surender Agarwal |
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Designation : |
Director |
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Address : |
401, Vandana Apartments, Janaki Kutir, Juhu, Mumbai, Maharashtra,
India. |
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Date of Birth/Age : |
28.05.1965 |
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Date of Appointment : |
03.01.2000 |
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Pan No.: |
AAXPA8519R |
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Name : |
Mr. Neeraj Agarwal |
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Designation : |
Director |
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Address : |
Flat No. S-2, Anantha Residency, Plot No.12, Road No.14, Banjara
Hills, Hyderabad, Andhra Pradesh, India. |
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Date of Birth/Age : |
01.12.1976 |
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Date of Appointment : |
05.08.2005 |
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Pan No.: |
AAXPA8513F |
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Name : |
Mr. K Gopala Rao |
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Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. K. Phani |
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Designation : |
Company Secretary |
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Address : |
Flat No. 301, Sri Sai Towers, H.No. 1-3-307-307/2, Near Sai Baba
Temple, Gandhi Nagar, Hyderabad – 500 080, Andhra Pradesh, India. |
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Tel. No. : |
91-40-27538972 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Ms. Manisha Agarwal |
165005 |
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Ms. Manju Devi Agarwal |
125000 |
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Mr. Narayan Prasad Agarwal |
184845 |
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Mr. Pawan Kumar Agarwal |
200000 |
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Mr. Rajesh Kumar Agarwal |
300000 |
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Ms. Rinku Agarwal |
100000 |
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Ms. Rukmani Devi Agarwal |
150250 |
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Mr. Surender Agarwal |
250000 |
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Mr. Vikas Passary |
25000 |
|
Carwin Textiles Private Limited |
20000 |
|
Cygnet Advertising Technics Private Limited |
36000 |
|
Stale Delcom Private Limited |
52000 |
|
Guruji Dealers Private Limited |
28000 |
|
Builcon Textiles Private Limited |
60000 |
|
Jasmine Apartments Private Limited |
20000 |
|
Stalk Tracome Private Limited |
48000 |
|
Verma Commercial Private Limited |
22000 |
|
Rivergrove Distributors Private Limited |
74000 |
|
Gitco Trading Company |
40000 |
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Sri Lakshmi Finvest Company Private Limited |
20000 |
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Shree Agro Industries Private Limited |
24000 |
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Sri Lakshmi Advertisement Services Private Limited |
6000 |
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Total |
1950100 |
As on 10.08.2007
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
|
Bodies corporate |
23.00 |
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Directors or relatives of directors |
22.00 |
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Other top fifty shareholders |
55.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Superior Cables and Wires Like Spring Steel
Wire, Cable Armouring Wire, Galvanized Steel Wire, Earth Wire, etc |
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Products : |
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GENERAL
INFORMATION
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Customers : |
·
Electricity Boards ·
APCPDCL ·
MSTCL ·
MSEDCL ·
Poly Cab Wires |
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No. of Employees : |
About 300 |
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Bankers : |
M.G. Road Bank, Park Lane, Secunderabad – 500 003, Andhra Pradesh,
India.
6-3-989, Sherza Estate, 3rd Floor, Nizamshahi, Road,
Hyderabad. |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Chartered
Accountants Address: 30, Bhagyalakshmi Nagar, Gandhi Nagar, Hyderabad – 500 080,
Andhra Pradesh, India.
Chartered
Accountants Address: 201, Gupta Estate, 5-9-58, Basheerbagh, Hyderabad – 500 004,
Andhra Pradesh, India. |
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Memberships : |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1950500 |
Equity Shares |
Rs.10/- Each |
Rs.19.505
Millions |
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[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 |
19.505 |
19.505 |
19.505 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.553 |
6.750 |
6.750 |
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4] (Accumulated Losses) |
(46.383) |
(49.151) |
(47.179) |
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NETWORTH |
26.675 |
(22.896) |
(20.924) |
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LOAN FUNDS |
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1] Secured Loans |
27.492 |
43.110 |
38.171 |
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2] Unsecured Loans |
35.695 |
35.000 |
4.895 |
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TOTAL BORROWING |
63.187 |
78.110 |
43.066 |
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DEFERRED TAX LIABILITIES |
9.308 |
7.570 |
8.073 |
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TOTAL |
99.170 |
62.784 |
30.215 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
68.970 |
23.622 |
21.294 |
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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 |
22.832
|
16.297 |
16.851 |
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Sundry Debtors |
51.683
|
56.818 |
45.596 |
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Cash & Bank Balances |
2.343
|
10.143 |
0.597 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
41.820
|
23.032 |
3.939 |
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Total
Current Assets |
118.678
|
106.290 |
66.983 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
88.478
|
67.128 |
58.062 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
88.478
|
67.128 |
58.062 |
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Net Current Assets |
30.200
|
39.162 |
8.921 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.170 |
62.784 |
30.215 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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ther Income |
|
0.430 |
4.830 |
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Total Income |
|
162.130 |
137.040 |
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Profit/(Loss) Before Tax |
|
4.550 |
(2.770) |
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Provision for Taxation |
|
1.780 |
(0.800) |
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Profit/(Loss) After Tax |
|
2.770 |
(1.970) |
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Export Value |
|
21.450 |
NA |
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Import Value |
|
17.740 |
NA |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
0.000 |
2.880 |
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Depreciation & Amortization |
|
1.800 |
1.790 |
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Other Expenditure |
|
155.780 |
135.140 |
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Total Expenditure |
|
157.580 |
139.810 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.71
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(2.02) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.81
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(1.49) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.42
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(2.13) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.69
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(6.34) |
(4.83) |
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Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.58 |
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90115694 |
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Corporate
identity number of the company |
U28999AP1989PTC010271 |
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Name of the
company |
GEEKAY WIRES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
203/ 204, Classic Clinicsomaji Guda, Erramanzil Colony, Hyderabad –
500 016, Andhra Pradesh, India. |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Punjab and Sind Bank, M.G. Road Bank, Park Lane, Secunderabad – 500 003, Andhra Pradesh,
India E-Mail: secunderabad@psb.co.in |
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Nature of
description of the instrument creating or modifying the charge |
For Rs.12.000
Millions
For Rs.7.000
Millions
|
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Date of
instrument Creating the charge |
10.07.2007 |
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Amount secured by
the charge |
Rs.34.313
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
13.50% p.a. with monthly rests. Terms of
Repayment: One year Margin: Cash
Credit – 25% Book Debts – 35% Extent and
Operation of the charge: The charge operates as a security for repayment of
credit facility availed the company together with the payment of interest and
any charges, costs and expenses payable to or incurred by the bank. |
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Date of latest
modification prior to the present modification |
14.06.2006 |
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Particulars of the present modification |
The existing
limits are revised as follows:
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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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
-- |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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 |
|