MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GEO-CHEM LABORATORIES PRIVATE LIMITED |
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Registered Office : |
94, Geo-Chem House, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.09.1964 |
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Com. Reg. No.: |
11-13022 |
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CIN No.: [Company
Identification No.] |
U74220MH1964PTC013022 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Testing and Calibration of Raw Materials, Agricultural Products,
Metals, Minerals, Organic and Inorganic Chemicals, Petroleum, Fertilizers and
Engineering Goods. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 1311000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Rupesh |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office : |
94, Geo-Chem House, |
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Head Office : |
294, Geo-Chem House, |
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Tel. No.: |
91-22-66383838 |
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Mobile No.: |
91-9833053320 (Mr. T. Vijay Kumar) |
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Fax No.: |
91-22-66383800/ 66383861 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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Mumbai Laboratory 1 : |
(For analytical work relates to Minerals and Ores, Metals,
Petroleum and petrochemicals, coal etc.) 36/ 37, Raja Industrial Estate, 1st Floor, P.K.
Marg, Mulund (W), Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-67974999 |
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Fax No.: |
91-22-67974616 |
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E-Mail : |
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Mumbai Laboratory 2/ Pharmaceutical Division : |
(For analytical work relates to agricultural products, feeds,
water, meats and sea foods, oils and fats dairy products, packaged foods
etc.) Pragati, Adjacent to Crompton Greaves, Kanjur Marg (East),
Mumbai-400042, |
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Tel. No.: |
91-22-61915100/ 66232323 |
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Fax No.: |
91-22-61915101/ 66232324 |
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E-Mail : |
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Tel No.: |
91-971-4-8867400 |
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Fax No.: |
91-971-4-8867401 |
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Email : |
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Office : |
Blk 47, Ayer Rajah Crescent, # 05-01, Ayer Rajah Industrial Estate, Singapore – 139947 |
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Tel No.: |
+65 67774620 |
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Fax No.: |
+65 67774650 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rajesh S. Bahl |
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Designation : |
Director |
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Address: |
16th Floor, 162-A, Jolly Maker Apartments, Cuffe Parade,
Colaba, Mumbai-400005, |
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Date of Birth/Age : |
31.08.1951 |
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Date of Appointment: |
01.09.1975 |
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E mail: |
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Name : |
Mr. Rajiv Sunderlal Bahl |
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Designation : |
Director |
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Address : |
Sunflower, Flat No. 94, 99- Cuffe Parade, Colaba, Mumbai-400005, Maharashtra,
India |
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Date of Birth/Age : |
29.01.1962 |
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Date of Appointment : |
09.11.1988 |
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Name : |
Mr. Anish D. Bahl |
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Designation : |
Director |
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Address: |
92-B, Jolly Maker-1, Cuffe Parade, Colaba, Mumbai-400005, |
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Date of Birth/ Age: |
15.05.1976 |
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Date of Appointment: |
01.04.2004 |
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Email : |
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Name : |
Mr. Neel Bahl |
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Designation : |
Director |
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Address: |
A-104, Prithvi Apartment, |
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Date of Birth/ Age: |
25.01.1979 |
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Date of Appointment: |
12.03.2007 |
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Email : |
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Name : |
Mr. Desoluza Joseph Adrian |
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Designation : |
Director |
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Address : |
61, Buena Vista, |
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Date of Birth/Age : |
16.08.1972 |
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Date of Appointment : |
01.04.2004 |
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Date of Ceasing: |
09.11.2009 |
KEY EXECUTIVES
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Name : |
Mr. Rupesh |
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Designation : |
Accounts Department |
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Name : |
Mr. Arjun |
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Designation : |
General Manager |
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Email: |
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Name : |
Mr. Jimmy John |
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Designation : |
Assistant General Manager |
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Email : |
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Name : |
Mr. T. Vijay Kumar |
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Designation : |
Assistant General Manager |
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Email : |
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KEY MANAGEMENT PERSONNEL - |
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Mumbai : |
Mr. Rajesh Bahl – Managing Director Email :- rajesh@geochemgroup.com
Director Email :- anish@geochemgroup.com Mr. Neel Bahl – Director E-mail: neel@geochemgroup.com |
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Mr. Rajiv Bahl – Managing Director Email :- rajiv@geochemgroup.com
Executive Director Email :- pradeep.gopal@geochem.ae |
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Mr. Kshitej Bahl – Managing Director Email :- kshitej@geochemgroup.com Mr. Arjun – General Manager Email :- arjun@geochemgroup.com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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De Souza F Joseph |
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8400 |
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De Souza J Bernice |
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1800 |
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Bahl Sunderlal Swarn |
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14460 |
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Bahl Sunderalal Rajesh |
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14460 |
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Bahl Sunderlal Rajiv |
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14460 |
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Bahl Dinesh Anish |
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4340 |
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Bahl Dinesh Kshitej |
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4340 |
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Bahl Dinesh Poonam |
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5780 |
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Total |
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68040 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
85.01 |
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Others |
14.99 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Testing and Calibration of Raw Materials, Agricultural Products,
Metals, Minerals, Organic and Inorganic Chemicals, Petroleum, Fertilizers and
Engineering Goods. |
GENERAL INFORMATION
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Customers : |
·
HDFC Bank ·
Axis Bank ·
HSBC Bank ·
Kotak Mahindra Bank ·
Development Credit Bank ·
ABN AMRO / RBS ·
IDBI Bank ·
IndusInd Bank ·
Standard Chartered Bank · DBS |
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No. of Employees : |
Information Declined |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dalal Doctor and Associates Chartered Accountant |
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Address : |
305, T. V. Estate, S. K. Ahire Marg, Worli, Mumbai – 400030, |
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Tel. No.: |
91-22-66625050 |
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Mobile No.: |
91-9867555050/ 9867555051 |
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Fax No.: |
91-22-66627890 |
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Email : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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68040 |
Equity Shares |
Rs.100/- each |
Rs.6.804 Millions |
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NOTE:
(Out of above 64638 Shares issued as Bonus
Shares by capitalisation of General Reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.804 |
6.804 |
6.804 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
321.001 |
267.676 |
205.236 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
327.805 |
274.480 |
212.040 |
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LOAN FUNDS |
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1] Secured Loans |
27.484 |
45.334 |
54.921 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
27.484 |
45.334 |
54.921 |
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DEFERRED TAX LIABILITIES |
1.351 |
9.182 |
11.993 |
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TOTAL |
356.640 |
328.996 |
278.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
138.660 |
142.947 |
139.382 |
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Capital work-in-progress |
48.969 |
21.043 |
1.019 |
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INVESTMENT |
5.675 |
56.773 |
4.987 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000
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0.000 |
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Sundry Debtors |
115.179
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99.272
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131.036 |
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Cash & Bank Balances |
63.612
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50.913
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50.159 |
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Other Current Assets |
11.827
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8.938
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9.577 |
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Loans & Advances |
48.942
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112.803
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77.028 |
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Total
Current Assets |
239.560
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271.926
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267.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
44.778
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35.688
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36.497 |
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Other Current Liabilities |
21.809
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23.768
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19.800 |
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Provisions |
9.637
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104.237
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77.937 |
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Total
Current Liabilities |
76.224
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163.693
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134.234 |
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Net Current Assets |
163.336
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108.233
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133.566 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
356.640 |
328.996 |
278.954 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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495.927 |
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444.096 |
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Other Income |
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4.175 |
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TOTAL |
495.927 |
498.271 |
448.271 |
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Less |
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Operating Expenses |
392.823 |
366.519 |
312.767 |
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Employees Remuneration and Benefit |
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Administrative Expenses |
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TOTAL |
392.823 |
366.519 |
312.767 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
103.104 |
131.752 |
135.504 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
27.593 |
29.255 |
29.824 |
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PROFIT BEFORE
TAX |
75.511 |
102.497 |
105.680 |
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Less |
TAX |
2.209 |
39.962 |
38.689 |
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PROFIT AFTER TAX |
53.421 |
62.535 |
66.991 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
223.573 |
161.037 |
NA |
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BALANCE CARRIED
TO THE B/S |
276.994 |
223.573 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Service Charges |
21.764 |
31.276 |
16.618 |
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Royalty |
0.482 |
2.061 |
0.000 |
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TOTAL EARNINGS |
22.246 |
33.337 |
16.618 |
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IMPORTS |
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Import Value |
12.972 |
26.396 |
20.943 |
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TOTAL IMPORTS |
12.972 |
26.396 |
20.943 |
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Earnings Per
Share (Rs.) |
785.81 |
919.10 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
10.77
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12.55
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14.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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23.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.96
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24.71
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25.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.37
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0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.32
|
0.76
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0.89 |
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Current Ratio (Current Asset/Current Liability) |
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3.14
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1.66
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1.99 |
LOCAL AGENCY FURTHER INFORMATION
PROSPECTS:
The Indian Economy Alongwith the Global Economy has successfully overcome
the crisis of recession looming over and now is expected to grow at a pace of
9% during the year 2010-11. This truly is good news to the company, which is
catering to almost all the sectors of the industry. The company being one of
the leading companies in the field of Inspection and survey of Commodities and
in analytical testing, the directors see that the company will upgrade its
performance in the current year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74220MH1964PTC013022 |
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Name of the
company |
GEO-CHEM LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
294, Geo-Chem House, |
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This form is for |
Creation of charge |
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Type of charge |
Book Debts Movable Property Floating Charges |
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Particular of
charge holder |
Citibank N.A., Trent House, 2nd Floor, G Block, Plot No. C-60,
Bandra Kurla Complex, Bandra (East), Mumbai-400051, |
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Nature of
instrument creating charge |
Secured Term Loan
Agreement where the security is by way of hypothecation of stocks and book
debts and plant and machinery |
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Date of instrument
Creating the charge |
06.09.2010 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests
: As per negotiable
rate Terms of
repayment: The loan to be
repayable in 3 years Extent and
Operation of the charge: As may be
stipulated by the bank from time to time Extent and
operation of the charge The hypothecated
goods, book debts and Plant and Machinery by way of first charge for payment
to the bank of all monies at any time due and payable by the borrower to the
Bank in respect of the credit facilities including balance of the credit
facilities, as also the monies due on bills of exchanges/ pro-notes/
negotiable instruments which bank may have discounted or become interested
together with interest, costs, charges and expenses and other monies payable
by the owner. |
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Short particulars
of the property charged |
All the goods and
all other tangible movable properties of the borrower such as raw materials,
stocks, spares, consumables stores, semi-finished goods and finished goods All the Borrowers
Plant and Machinery whether installed or not and whether lying loose or in
transit or as site described in general hereto lying and being at the borrower Al the borrowers
present and future book debts, outstanding monies, claims, bills, contracts,
engagements, securities, investments, rights, assets etc. |
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Corporate
identity number of the company |
U74220MH1964PTC013022 |
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Name of the company
|
GEO-CHEM LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
294, Geo-Chem House, |
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This form is for |
Creation of charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
·
The Saraswat Co-operative Bank |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of vehicle |
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Date of
instrument Creating the charge |
10.03.2008 |
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Amount secured by
the charge |
Rs.0.390 Million |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interests
: Interests as per
Bank rules Terms of
repayment: Monthly
Installment Rs.0.013 Million Extent and
Operation of the charge: Charge to the
extent of Rs,0.530 Million operating on security offered by the company |
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Particulars of
the property charged |
The Borrowing do
hereby hypothecation to and in favour of the bank the said motor car
registered with the regional transport office. |
FIXED ASSETS:
·
Land Leasehold
·
Land Freehold
·
Building
·
Laboratory Equipment
·
Wind Mill
·
Furniture and Fixture
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Office Equipment
·
Computer
·
Motor Vehicles
· Library Books
WEBSITE DETAILS:
PROFILE:
Subject is an International Independent Inspection, Testing
and Certification Company established in the year 1964. The core activity of
company is Inspection, monitoring of trade and shipments and Testing and
Certification of Raw Materials, Agricultural Products, Processed Food and
Beverages, Tea and Coffee, Metals and Minerals, Ores, Organic and Inorganic
Chemicals, Petroleum, Petro-Chemicals, Fertilizers, Dyes and Intermediates,
Drugs and Pharmaceuticals, Engineering Goods, Consumer Goods, Industrial
Equipment, Food and Dairy Products, Vegetable Oils and Fatty Acids, Waters,
Environmental Assessment, Etc.
In addition, specialized services are offered in
import/export verification, Industrial and marine investigation for P and I
Clubs and underwriters, loss minimization, stock management services, custodian
and warehousing services, damage assessment of marine vessels and equipments,
blending and introduction of additives/dye in marine liquid cargoes,
pre-erection and post-erection inspection of machinery, plants and industrial
equipment.
In the field of inspection and analysis they have remained
independent and factual and theirstandard of service is unrivaled, in spite of
stiff competition from other international giants.
Company has regional head quarters in Mumbai,
The Clients are updated regularly by most modern means of
communication, keeping in view their individual requirements and ensuring the
protection of their interest.
They are extremely pleased to offer dedicated professional
services in the fields of:-
• Inspection, Survey and Control including Insurance Surveys
• Laboratory Testing Services
• Loss Minimisation Services
• Stock Management Services
• Warehouse Control Services
• Technical and quality related consultations Services
Committed to stringent quality measures and standard,
company’s processes and services are maintained to the internationally accepted
ISO 9001:2000 and ISO 17025 standards.
Company adopts a focus approach to all their assignments and
maintains unbiased professionalism through high integrity, dedication and
strict confidentiality. They have reaffirmed the trust of all their clients
globally by successfully receiving 100% nominations from our clients.
Traders around the world have placed their trust in
company’s services repeatedly and exclusively as they have found them to be
their "eyes and hands" on their field of interest.
COLLATERAL
MANAGEMENT:
Company’s Collateral Management Services wing commenced in the year 2001. Over the years, its scope of activities has expanded and its network has grown with the growth of the product and services range.
Company believes that integrity, reliability and prompt service are of utmost importance to its clients and to its reputation.
The CMA activities of company have a workforce of 500+
professionals in more than 300 locations in 12 states. They have been chosen
for their expertise, drive and dedication to this business. Company aims to
maintain the highest possible standards and seeks for continuous improvement
and innovation to serve its clients.
Company achieves consistency and quality in its services
through internal quality assessment systems, extensive internal and external
training and exchange of know-how between offices.
The present volume of collateral managed by company is
approximately 6 lakh metric tonnes valued around 2000 crores.
Company’s CMA services together with its core expertise of
Inspection, Testing and Certification services provide banks/financiers opportunities
to perform its lending functions while company secures the goods.
Company also provides one-time quality and quantity
assessment job and independent third-party audits.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.