MIRA INFORM REPORT

 

 

Report Date :

13.07.2011

 

IDENTIFICATION DETAILS

 

Name :

GEETA PLYBOARDS PRIVATE LIMITED

 

 

Registered Office :

7-65, 1st Floor, Haripriya Complex, Habsiguda “X” Road, Hyderabad – 500007, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

08.06.1999

 

 

Com. Reg. No.:

01-31862

 

 

Capital Investment / Paid-up Capital :

Rs.1.100 Millions

 

 

CIN No.:

[Company Identification No.]

U45400AP1999PTC031862

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDG00724D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Wooden items.

 

 

No. of Employees :

20 (in office) Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

 

 

 

Maximum Credit Limit :

USD 27000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct.

 

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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Amit

Designation :

Accounts Department

Date :

11.07.2011

 

 

LOCATIONS

 

Registered Office :

7-65, 1st Floor, Haripriya Complex, Habsiguda “X” Road, Hyderabad – 500007, Andhra Pradesh, India

Tel. No.:

91-40-27173015 / 27155667

Fax No.:

91-40-27177261 / 27177276

E-Mail :

geetaply@rediffmail.com / info@geetaplyboard.com  / kutchtechnology.com

Website :

http://www.geetaply.com

Area :

600 Sq. Ft.

Location :

Rented

 

 

Factory :

Yamnampet Village, Ghatkesar Mandal, Hyderabad, Andhra Pradesh, India

Area :

2 Acres

Location :

Owned

 

 

DIRECTORS

 

As on 23.09.2010

 

Name :

Mr. Ambalal Patel

Designation :

Managing Director

Address :

H. No.4-9-100, Street No. 3, HMT Nagar, Nacharam, Hyderabad – 500076, Andhra Pradesh, India

Date of Birth/Age :

25.10.1961

Date of Appointment :

08.06.1999

DIN :

00443939

 

 

Name :

Mr. Pokar Praveen Kumar Patel

Designation :

Director

Address :

H. No. 3-1-105/13, Shatavahana Nagar, L. B. Nagar, Hyderabad – 500074

Date of Birth/Age :

05.09.1976

Date of Appointment :

08.06.1999

DIN :

00480180

 

 

Name :

Mrs. Jammula Kiranmaye

Designation :

Director

Address :

19/2RT, Ligh, Vijaya Nagar Colony, Hyderabad – 500052

Date of Birth/Age :

19.05.1969

Date of Appointment :

08.06.1999

DIN :

00449655

 

 

Name :

Mr. Gopal Patel Pokar

Designation :

Additional Director

Address :

H No.9-100, HMT Nagar Colony, Nacharam, Hyderabad- 500076, Andhra Pradesh, India

Date of Birth/Age :

12.02.1967

Date of Appointment :

06.02.2009

DIN :

02530704

 

 

KEY EXECUTIVE

 

Name :

Mr. Amit

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 23.09.2010

 

Names of Shareholders

 

No. of Shares

Ambalal Patel

 

16500

Praven Kumar Patel

 

16500

J. Kiranmayee

 

40500

Gopal Patel

 

13500

Ladharam Bhai Patel

 

36000

Mohan Patel

 

13500

Laxmiben L Patel

 

9000

Chandulal Patel

 

19500

 

 

 

Total

 

165000

 

As on 23.09.2010

 

Category

 

Percentage of Holding

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Wooden items.

 

 

Products :
  • Flush Door
  • Block Board
  • Ply Wood
  • Panel Doors
  • Door Frames

 

 

Imports :

 

Products :

Skins of Door

Countries :
  • China
  • Taiwan
  • Ireland
  • Malaysia 

 

 

Terms :

 

Selling :

Cash / Credit

 

 

Purchasing :

L/C / Credit

 

 

PRODUCTION STATUS as on 31.03.2010

 

Particulars

 

 

 

Actual Production

Flush Doors in SMT

 

 

 

41326.29

Black Board in SMT

 

 

 

7679.49

Moulded Panel Doors in SMT

 

 

 

28494.16

Fire Rated Doors in SMT

 

 

 

171.43

Fire Rated Frames in SMt

 

 

 

0.000

Licensed Capacity in SMT

45000

Installed Capacity in SMT

45000

 

 

GENERAL INFORMATION

 

Customers :

Dealer

 

 

No. of Employees :

20 (in office) Approximately

 

 

Bankers :

State Bank of India, Nacharam Industrial Area Branch, Nacharam Ida, Hyderabad – 500007, Andhra Pradesh, India   

 

 

Facilities :

Secured Loan [Rs. in million]

31.03.2010

31.03.2009

Cash credit with State Bank of India, Nacharam Branch, Hyderabad.

3.361

3.131

SME Credit Plus with State Bank of India, Nacharam Branch, Hyderabad.

(secured by equitable mortgage of factory land and building and guaranteed by the Promoter Directors and their relatives in their personal capacity)

0.810

0.800

SBI Bank car loan

(secured by hypothecation of car)

0.382

0.593

Total

4.553

4.524

 

Unsecured Loan [Rs. in million]

31.03.2010

31.03.2009

From Directors and their relatives

3.337

2.042

From Others

0.000

0.345

From Relatives of Directors and Shareholders

4.481

4.225

Total

7.818

6.612

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bajaranglal Jhawar and Company

Chartered Accountants

Address :

409, Sherza Estate, 5-3-989, Nizamshahi Road, Hyderabad – 500095, Andhra Pradesh, India

Tel No.:

91-40-24613469

PAN No.:

AANPJ4434E

 

 

Associates/Subsidiaries :
  • Geeta Timber Mart
  • Geeta Wood Industries
  • Geeta Wood Products
  • Om Interior Gallery
  • Geeta Impex

Address : L.B Nagar, Hyderabad

  • Craftsmen Products Private Limited

Address : Nalgonda District

 

 

CAPITAL STRUCTURE

 

As on 23.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200,000

Equity Shares

Rs.10/- each

Rs. 2.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

165,000

Equity Shares

Rs.10/- each

Rs.1.650 Millions

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200,000

Equity Shares

Rs.10/- each

Rs. 2.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

110,000

Equity Shares

Rs.10/- each

Rs.1.100 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.100

1.100

0.900

2] Share Application Money

0.040

0.605

0.845

3] Reserves & Surplus

5.610

4.731

2.361

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

6.750

6.436

4.106

LOAN FUNDS

 

 

 

1] Secured Loans

4.553

4.524

4.513

2] Unsecured Loans

7.818

6.612

5.708

TOTAL BORROWING

12.371

11.136

10.221

DEFERRED TAX LIABILITIES

0.412

0.359

0.424

CST & Vat Differment of Tax

3.222

4.607

3.172

 

 

 

 

TOTAL

22.755

22.538

17.923

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.462

5.250

4.381

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

2.080

2.080

2.080

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
6.844
8.412

6.672

 

Sundry Debtors
10.639
7.864

7.703

 

Cash & Bank Balances
0.015
0.102

0.187

 

Other Current Assets
0.510
0.241

0.000

 

Loans & Advances
1.982
2.454

1.784

Total Current Assets
19.990
19.073

16.346

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
4.022
2.297

3.586

 

Other Current Liabilities
0.688
0.378

0.382

 

Provisions
2.067
1.190

0.916

Total Current Liabilities
6.777
3.865

4.884

Net Current Assets
13.213
15.208

11.462

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

22.755

22.538

17.923

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

37.830

32.470

30.108

 

 

Other Income

0.547

0.374

0.093

 

 

TOTAL                                    

38.377

32.844

30.201

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

2.179

1.584

1.452

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.900

0.695

0.616

 

 

 

 

 

 

PROFIT BEFORE TAX

1.279

0.889

0.836

 

 

 

 

 

Less

TAX                                                                 

0.400

0.319

0.274

 

 

 

 

 

 

PROFIT AFTER TAX

0.879

0.570

0.562

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

12.123

13.669

13.245

 

TOTAL IMPORTS

12.123

13.669

13.245

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.99

5.18

6.24

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

40.000

 

 

 

 

 

The above information has been parted by Mr. Amit [Accounts Department]

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.29
1.73

1.86

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
3.38
2.74

2.78

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.66
3.65

4.03

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.19
0.14

0.20

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.84
2.33

3.68

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.95
4.93

3.35

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS :

 

During the year, the sales have increased from Rs.32.470 millions to Rs.37.830 millions as compare to last year. The Company has recorded Profit before Tax of Rs.1.279 millions during the year as compare to last year of Rs.0.889 million. The Company could maintain its share in the market due to its quality conscious and the management is confident about its increasing share domestically

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U45400AP1999PTC031862

Name of the company

GEETA PLYBOARDS PRIVATE LIMITED

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

This form is for

Modification of charge

Charge identification number of the modified 

90126169

Type of charge
  • Immovable Property
  • Book Debts
  • Floating Charge

Particular of charge holder

State Bank of India

Nacharam Industrial Area Branch, Nacharam Ida, Hyderabad – 500007, Andhra Pradesh, India 

E-Mail : sa.03098@sbi.co.in

Nature of description of the instrument creating or modifying the charge

  • Letter of arrangement
  • Guarantee Agreement
  • Supplemental agreement of loan – cum – hypothecation
  • Memorandum for recording extension of mortgage by deposit of title deeds 

Date of instrument Creating the charge

17.09.2010

Amount secured by the charge

Rs.14.700 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest - for CC 5.75% above Base Rate (Present Base Rate 7.50%) with effective rate of Interest 13.25% p.a. at monthly rests.

 

Terms of Repayment - Repayable on demand

 

Margin –

Raw Material Domestic - 25%,

Sip - 25%,

Fg - 25%,

Receivables - 40%

Letter Of Credit - 20%.

 

Extent and Operation of the charge - Charge Operates As Security For Due Repayment Of Loan Amounts Aggregating Rs. 14.700 millions To State Bank Of India Along With Interest, Additional Interest, Penal Interest, Prepayment Charges And Reimbursement Of Expenses Incurred In Terms Of Loan Agreements.

 

Others –

Nature Of The Limit           Amount (Rs. In millions)

1) FBWC - CC (HYP)            -    6.000

2) SME CR+                          -   1.200

3) LC                                      -   7.500

 

Total                                      -   14.700

Short particulars of the property charged

Hypothecation Of All Chargeable Current Assets Of The Company

 

EM Of Land And Building Constructed Thereon In Sy.No.90(E) Situated At Yamnampet, Ghatkesar, R.R. Dist.

Date of latest modification prior to the present modification

21.04.2009

Particulars of the present modification 

Fund Based Limited Enhanced From Rs. 5.600 millions To Rs. 7.200 millions And Non-Fund Based Limits Increased From Rs.7.000 millions To Rs. 7.500 millions, Thereby Overall Limits Enhanced From Rs. 12.600 millions To Rs. 14.700 millions.

 

Fixed Assets 

 

  • Air Conditioner
  • Building
  • Computer
  • Fax Machine
  • Generator
  • Land
  • Plant and Machinery
  • Scooter
  • Telephone
  • Tools and Spares
  • Motor Car
  • Motor Cycle
  • UPS

 

 

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.44.68

UK Pound

1

Rs.70.87

Euro

1

Rs.62.25

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

44

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.