MIRA
INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GEE GEE KAY PRIVATE LIMITED |
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Registered
Office : |
No. 96, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.02.2003 |
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Com. Reg. No.: |
18-50382 |
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CIN No.: [Company Identification
No.] |
U24119TN2003PTC050382 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEG06403F |
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PAN No.: [Permanent Account No.] |
AABCL8586D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Magnesium Sulphate Hept Hydrate. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 310000 |
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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 a well established 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 |
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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 |
LOCATIONS
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Registered Office : |
No. 96, |
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Tel. No.: |
91-44-23742121 |
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Mobile No.: |
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Fax No.: |
91-44-23743841 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Veluchamy Thevar Ghurumurthy |
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Designation : |
Managing Director |
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Address : |
5, Third |
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Date of Appointment : |
20.02.2003 |
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DIN No.: |
01624637 |
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Name : |
Mr. Madhan Ghurumurthy |
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Designation : |
Director |
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Address : |
AB 68 (New No. 5), |
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Date of Appointment : |
19.05.2005 |
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DIN No.: |
01624597 |
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Name : |
Mrs. Rajeswari Gurumurthy |
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Designation : |
Director |
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Address : |
AB 68 (New No. 5), |
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Date of Appointment : |
20.02.2003 |
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DIN No.: |
01624671 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
V Ghurumurthy |
|
1916550 |
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G Rajeswari |
|
466000 |
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G Madhan |
|
233000 |
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Total |
|
2615550 |
As on 14.02.2011
|
List of Allottees |
|
No. of Shares Allotted |
|
V Ghurumurthy |
|
1916550 |
|
G Rajeswari |
|
466000 |
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G Madhan |
|
233000 |
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Total |
|
2615550 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Magnesium Sulphate Hept Hydrate. |
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Products : |
·
Magnesium Nitrate Hexahydrate ·
Magnesium Sulphate Heptahydrate ·
Solphuric Acid |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Services: |
SBI Factors And Commercial Services Private Limited, 172, |
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Auditors : |
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Name : |
Mr. R Rjendran Chartered Accountant |
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Address : |
F-5, First Floor, RAMS, New No. 22, (Old No. 27), |
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Tel. No.: |
91-44-28542254/ 28551205/ 42697282 |
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Fax No.: |
91-44-28591233 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
700000 |
Equity Shares |
Rs. 100/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
523110 |
Equity Shares |
Rs. 100/-
each |
Rs. 52.311
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs. 100/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
261555 |
Equity Shares |
Rs. 100/-
each |
Rs. 26.156
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 |
26.156 |
26.156 |
26.156 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
50.971 |
37.850 |
26.696 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.127 |
64.006 |
52.852 |
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LOAN FUNDS |
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1] Secured Loans |
132.802 |
100.704 |
118.380 |
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2] Unsecured Loans |
0.225 |
0.469 |
2.888 |
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TOTAL BORROWING |
133.027 |
101.173 |
121.268 |
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DEFERRED TAX LIABILITIES |
0.322 |
0.439 |
0.404 |
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TOTAL |
210.476 |
165.618 |
174.524 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.198 |
49.420 |
29.353 |
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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 |
27.547
|
13.259 |
15.770 |
|
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Sundry Debtors |
160.969
|
100.834 |
101.443 |
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Cash & Bank Balances |
4.051
|
10.439 |
20.924 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
38.418
|
29.593 |
66.327 |
|
Total
Current Assets |
230.985
|
154.125 |
204.464 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
5.125
|
5.599 |
3.012 |
|
Total
Current Liabilities |
83.867
|
37.981 |
59.418 |
|
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Net Current Assets |
147.118
|
116.144 |
145.046 |
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MISCELLANEOUS EXPENSES |
0.160 |
0.054 |
0.125 |
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TOTAL |
210.476 |
165.618 |
174.524 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
|
|
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Income |
1422.332 |
|
923.605 |
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|
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Other Income (Income from Services) |
26.315 |
64.975 |
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TOTAL (A) |
1448.647 |
1431.473 |
923.605 |
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Less |
EXPENSES |
|
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|
|
|
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|
Cost of Material Sold |
1274.877 |
1279.270 |
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Employee cost to the company |
14.175 |
11.114 |
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Administrative and Selling Expenses |
118.186 |
101.944 |
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Preliminary Expenses |
0.020 |
0.070 |
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TOTAL (B) |
1407.258 |
1392.398 |
913.926 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41.389 |
39.075 |
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Less |
FINANCIAL
EXPENSES (D) |
13.663 |
15.118 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.726 |
23.957 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.452 |
7.168 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.274 |
16.789 |
9.679 |
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Less |
TAX (H) |
5.153 |
5.635 |
6.859 |
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PROFIT AFTER TAX
(G-H) (I) |
13.121 |
11.154 |
2.820 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
37.850 |
26.696 |
NA |
|
|
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|
|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
50.971 |
37.850 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
109.258 |
172.925 |
116.083 |
|
|
TOTAL EARNINGS |
109.258 |
172.925 |
116.083 |
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IMPORTS |
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Foreign Travelling Expenses |
0.292 |
0.234 |
0.636 |
|
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Others |
0.000 |
1.051 |
0.000 |
|
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TOTAL IMPORTS |
0.292 |
1.285 |
0.636 |
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|
Earnings Per
Share (Rs.) |
50.17 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.91
|
0.78 |
0.31 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.28
|
1.23 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.21
|
6.58 |
4.14 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.26 |
0.18 |
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.81
|
2.17 |
3.42 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
4.06 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
Business and
future prospects:
The company is carrying on its activities under stiff competition in the
industry and inspire of high competition, the company was able to achieve the desired
results due to its commitments in deliverables and in satisfying the needs of
the customers at large. However the directors are confident of putting a better
performance in the years to come by maintaining its quality and delivery
schedules.
Contingent
Liabilities
|
Particulars |
31.03.2010 Rs.
in Millions |
|
In respect of Bank Guarantees Executed |
15.307 |
|
In Respect of Corporate Guarantee given by the company |
2.500 |
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U24119TN2003PTC050382 |
|
Name of the
company |
GEE GEE KAY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 96, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10059179 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
The Karnataka Bank Limited, Kodambakkam Branch, Chennai-600024, |
|
Nature of
instrument creating charge |
Hypothecation
Agreement for OD facility and DP for Rs.70.000 Millions Hypothecation Agreement
for Post Shipment Credit and DP for Rs.45.000 Millions Hypothecation
Agreement for Pre Shipment Credit and DP for 12.500 Millions Hypothecation
Agreement for Bank Guarantee for Rs.40.000 Millions All above
mentioned documents dated 21/07/2010 |
|
Date of
instrument Creating the charge |
21.07.2010 |
|
Amount secured by
the charge |
Rs. 167.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest OD : PLR-2.00%
p.a. - presently 11.75% Terms of
Repayment On Demand Margin OD - 25% on
stocks and Book Debts BG - 15% Extent and
Operation of the charge Hypothecation of
Plant and Machinery, Vehicles, Stock-in-trade stored in company's office
premises at No. 96, Nelson Manickam Road, Chennai - 600 029 and Book Debts |
|
Date of
instrument modifying the charge |
27.10.2009 |
|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.70.000 Millions to 167.500
Millions Nature of limits OD – 70.000
Millions Pre Shipment
Credit – 12.500 Millions Post Shipment
Credit – 45.000 Millions Bank Guarantee –
40.000 Millions All other terms
and conditions of the original charge and subsequent modifications remain
unchanged |
Fixed Assets:
·
Land
·
Building
·
Furniture
·
Electrical Fittings
·
Plant and Machinery
·
Vehicles
·
Computers
AS PER WEBSITE
Introduction:
Gee Gee Kay is emerging as one of the most reliable and exciting players
among the chemical exporters across the globe. The exports cover a wide
spectrum of products ranging from agricultural micronutrients to heavy and fine
chemicals. Quality, Safety, Modern Packing and Pallatisation, Timely shipment,
personal attention and competitive pricing are the key factors that contribute
to the company’s success in the export market.
Gee Gee Kay has an ever-increasing clientele spread across
Gee Gee Kay also trades in imported chemicals and represents foreign
chemical manufacturers in
In all the endeavours, the
guiding philosophy has always been reliability, transparency in operations,
timely delivery, cost effectiveness resulting in long-lasting relationships.
News:
Gee Gee Kay has been marketing giant strides in chemicals trade since
its inception in 1980. A flag ship company of Gee Gee Kay Group, it has evolved
into a reliable and top-of-the mind chemicals supplying company for a host of
leading manufacturers. The Founder-Chairman, Mr. V. Ghurumurthy, conceived and
put into practice several innovative supply management solutions and practices
that accelerated growth and development of the organization. To sustain and
foster this growth Gee Gee Kay has young, qualified, talented, dedicated and
experienced personnel.
Being a dynamic and vibrant marketing organization, Gee Gee Kay
represents leading chemicals manufacturers like Indian Petrochemicals
Corporation Limited, Tamil Nadu Petroproducts Limited, Sterlite Industries
(India)Limited, Deepak Fertilisers and Petrochemicals Corporation Limited,
Smartchem Technologies Limited, Chemplast Sanmar Limited, The Fertilisers and
Chemicals Travancore Limited, Solaries Chemtech Limited, etc, for a variety of
chemicals. With its steadfast commitment to ‘to perform-beyond-expectations’
attitude and ‘customer-centered’ marketing approach, Gee Gee Kay is the most
preferred channel partner among its principals.
Gee Gee Kay has been expanding its horizon in the global market. The
company has been successful in making winning moves in exports through its
commitment to quality and impeccable service.
With an aim to consolidate the group’s operations, In 1994 GEE GEE KAY
commenced manufacturing activity of Magnesium Sulphate. The Company later added
Linear Alkyl Benzene Sulphonic Acid - the basic raw material for synthetic
detergents, Magnesium Nitrate – a micronutrient for plants, and Lab Chemicals
to its manufacturing activities. The success of the overseas operations is
attributed to our achievements in the production of these products.
On the anvil are many more innovative products with the emphasis on
import substitution and export potential, aimed at stabilization and higher
growth.
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.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.