MIRA
INFORM REPORT
|
Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GURPREET GHALVANISING PRIVATE LIMITED |
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Registered
Office : |
Survey No.834, IDA Medchal (M), Tanga Reddy District – 501401, Andhra
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.09.1998 |
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Com. Reg. No.: |
030249 |
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Capital
Investment / Paid-up Capital : |
Rs.29.480
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U27109AP1998PTC030249 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Galvanisers of structures of any type. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an establishing company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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
|
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 |
|
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 |
LOCATIONS
|
Registered Office : |
Survey No.834, IDA Medchal (M), Tanga Reddy District – 501401, Andhra
Pradesh, India |
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Tel. No.: |
91-40-66333222 |
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Fax No.: |
91-40-66330360 |
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E-Mail : |
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Website : |
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Corporate Office : |
9-1-127/4, 6th Floor, Amsri Classic, S. D. Road, Secunderabad – 500003, Andhra Pradesh,
India |
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Tel No.: |
91-40-66333222 |
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Fax No.: |
91-40-66330360 |
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E-Mail : |
DIRECTORS
(AS ON 23.09.2010)
|
Name : |
Mr. Surya Narayana Kovuri |
|
Designation : |
Managing Director |
|
Address : |
Plot No.2, P and T Colony, Kharkana, Secunderabad – 500009, Andhra
Pradesh, India |
|
Date of Birth/Age : |
10.11.1960 |
|
Date of Appointment : |
28.09.1998 |
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DIN No.: |
01633660 |
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Name : |
Mr. Baldev Singh |
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Designation : |
Director |
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Address : |
15 Staff Road, Wallab Nagar, Secunderabad – 500009, Andhra Pradesh,
India |
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Date of Birth/Age : |
30.04.1956 |
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Date of Appointment : |
01.04.2004 |
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DIN No.: |
01572712 |
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Name : |
Mr. Sukanya Kovuri |
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Designation : |
Director |
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Address : |
Plot No.2, P and T Colony, Kharkana, Secunderabad – 500009, Andhra
Pradesh, India |
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Date of Birth/Age : |
15.11.1963 |
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Date of Appointment : |
31.05.1999 |
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DIN No.: |
01573057 |
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Name : |
Mr. Gurjender Singh |
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Designation : |
Director |
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Address : |
15 Staff Road, Wallab Nagar, Secunderabad – 500009, Andhra Pradesh,
India |
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Date of Birth/Age : |
01.01.1961 |
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Date of Appointment : |
01.04.2004 |
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DIN No.: |
01633490 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 23.09.2010)
|
Names of Shareholders |
|
No. of Shares |
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Kovuri Surya Narayana (ind) |
|
39950 |
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Baldev Singh |
|
7960 |
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K Surya Narayana (HUF) |
|
6740 |
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Nirmala Devi |
|
5000 |
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Kovuri Sukanya |
|
4800 |
|
Dinesh T. Shah |
|
4500 |
|
R. D. Shah |
|
4350 |
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Kovuri Suman |
|
3500 |
|
Jatinder Kaur |
|
3000 |
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Narender Singh |
|
3000 |
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Gurjender Singh |
|
2700 |
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Mummalal Bung (HUF) |
|
2500 |
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Naval Kishore Bung |
|
2500 |
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Jasbeer Kaur |
|
2000 |
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Goverdhan Das Diwan |
|
2000 |
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Kewalijit Kaur |
|
1600 |
|
Mohan Singh |
|
1100 |
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Vishnu Kumar |
|
1000 |
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Indrapreet Kaur |
|
800 |
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Surender Singh |
|
500 |
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Ram Kumar |
|
500 |
|
B. G. Steels Private Limited |
|
27800 |
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Vinayak Tubes Private Limited |
|
27000 |
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Mruth Prasad Goud |
|
70000 |
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Uppu Srinivas |
|
70000 |
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Total |
|
294800 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
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|
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Bodies corporate |
|
18.00 |
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Directors or relatives of directors |
|
29.00 |
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Other top fifty shareholders |
|
53.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Galvanisers of structures of any type. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India Balanagar Branch, Hyderabad – 500037, Andhra Pradesh, India · HDFC Bank · ICICI Bank · Kotak Mahindta Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sekhar and Suresh Chartered Accountant |
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Address : |
133/4, Rastrapathi Road, Secunderabad – 500003, Andhra Pradesh, India |
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Tel. No.: |
91-40-27533269/ 66323545 |
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Fax No.: |
91-40-27538204 |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Share |
Rs.100/- each |
Rs.40.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
294800 |
Equity Share |
Rs.100/- each |
Rs.29.480
Millions |
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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 |
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|
|
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|
1] Share Capital |
29.480 |
10.000 |
10.000 |
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|
2] Share Application Money |
10.005 |
24.005 |
17.505 |
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|
3] Reserves & Surplus |
133.545 |
118.906 |
102.842 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
173.030 |
152.911 |
130.347 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
79.853 |
100.324 |
78.565 |
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2] Unsecured Loans |
7.493 |
9.472 |
7.942 |
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TOTAL BORROWING |
87.346 |
109.796 |
86.507 |
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|
DEFERRED TAX LIABILITIES |
1.457 |
1.601 |
1.706 |
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|
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TOTAL |
261.833 |
264.308 |
218.560 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.690 |
36.040 |
29.922 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.400 |
0.400 |
0.400 |
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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 |
103.037
|
106.964 |
91.612 |
|
|
Sundry Debtors |
139.858
|
177.206 |
118.251 |
|
|
Cash & Bank Balances |
0.836
|
0.669 |
1.525 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
44.432
|
34.573 |
35.967 |
|
Total
Current Assets |
288.163
|
319.412 |
247.355 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
50.995
|
79.407 |
43.468 |
|
|
Other Current Liabilities |
1.566
|
2.822 |
0 |
|
|
Provisions |
7.859
|
9.315 |
15.649 |
|
Total
Current Liabilities |
60.420
|
91.544 |
59.117 |
|
|
Net Current Assets |
227.743
|
227.868 |
188.238 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
|
TOTAL |
261.833 |
264.308 |
218.560 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
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TOTAL |
603.000 |
600.926 |
685.577 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
NA |
NA |
NA |
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Less |
TAX |
NA |
NA |
NA |
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|
PROFIT AFTER TAX
|
14.639 |
17.301 |
29.167 |
|
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|
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|
Earnings Per
Share (Rs.) |
49.66 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.43
|
2.88 |
4.25 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
1.32 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.77
|
3.49 |
4.18 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS AND OUTLOOK
The Turnover of the Company including Job Work Receipts and
Other Income for the year under report was Rs.603.000 Millions as against Rs.600.926 Millions during the previous year. After providing the
Depreciation, Income Tax and other provisions for the said year, the Profit for
the current year was Rs.14.639
Millions. After considering the prior period adjustment the surplus of Rs.132.843 Millions was carried to Balance Sheet.
FORM
8:
|
Corporate
identity number of the company |
U27109AP1998PTC030249 |
|
Name of the
company |
Gurpreet
Ghalvanising Private Limited |
|
Address of the
registered office or of the principal place of business in |
Survey No.834, IDA
Medchal (M), Ranga Reddy Dist, Andhra Pradesh, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property Book Debts Movable Property (not being pledge) Floating Property |
|
Particular of
charge holder |
State Bank of
India Balanagar Branch,
Balanagar, Hyderabad - 500037, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
1) Supplemental
Agreement of Loan-Cum Hypothecation 2) Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced limits
and/or creation of equitable mortgage on additional properties for existing
limits and enhanced limits and additional facilities 3) Letter of
Arrangement |
|
Date of
instrument Creating the charge |
10.02.2011 |
|
Amount secured by
the charge |
Rs.140.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 1) Cash Credit:
At 2.15% above Base Rate, Base Rate = 8.00% p.a. with monthly rests. Terms of
Repayment: Working Capital: On
demand. Margin: 1) Stocks = 25% 2) Domestic
Receivables (Cover Period - 90 days) -
40% 3) Letters of
Credit and Bank Guarantees - 15% Extent and
operation of the charge: The charge
operates as security, inter alia, for the due repayment by the company to the
State Bank of India, Balanagar Branch, Hyderabad for its limits sanctioned
to the extent of Rs.140.000 Millions,
together with interest, additional interest, liquidated damages, commitment
charges, premia on prepayment or on redemption, costs, charges, expenses and
all other moneys payable by the Company to State Bank of India, Balanagar
Branch, Hyderabad. |
|
Particulars of
the property charged |
Hypothecation of
Exclusive first charge on all the current assets of the company namely
stocks, stores and spares not relating to Plant and Machinery (Consumable
stores and spares) Bills Receivables and book debts and all other current
assets of the borrower. Hypothecation of
the whole of the movable properties of the company (Fixed Assets) including its
movable Plant and Machinery whether attached to the earth or otherwise,
machinery spares, tools and accessories and others. EM of all that
part and parcel of the Agricultural land admeasuring Ac. 2.00 gts forming
part of Sy. No.834 at Medchal, RR Dist standing in the name of the Company. |
|
Particulars of
the present modification |
The existing
limits of Rs.147.500 Millions is revised to Rs.140.000 Millions. The details of the individual limits are as
under: 1) Cash Credit -
Rs.100.000 Millions 2) Letters of
Credit - Rs.20.000 Millions 3) Bank
Guarantees - Rs.20.000 Millions |
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Electrical Equipments
· Office Equipment
· Furniture and Fixture
· Vehicles
· Computers
· Cycle
WEBSITE DETAILS:
PROFILE:
Subject is manufacturers and Galvanisers of structures of
any type. They have started the business in 1998 with Galvanising and now
expanded their wings into total turnkey solutions for
Telecom Towers
Transmission Towers
Sub-station structures
Solar panel supporting structures
Wind mills etc.,
The main strength is the quality, on time delivery and
smooth execution of the project. They give utmost importance to schedules and
lot of comfort to the customer.
They have well experienced man power at every stage and they
deliver the goods professionally.
The capacity of fabrication per month is 1200MT and Galvanising capacity is
3000 MT.
The major customers in telecom are Indus, Aircel, WTTIL, Xccel telcom, Delta
telecom, HFCL, ITIL, HTC etc., and in Transmission are KPTCL, HVPNL, APTRANSCO.
Moreover they are approved vendors for Sub-station structures for Powergrid
Corporation of India.
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.44.94 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
47 |
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.