MIRA
INFORM REPORT
|
Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
GEECO ENERCON PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D/C-6, SIDCO Industrial Estate, Thuvakudy, Tiruchirapalli – 620 015, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
01.06.1999 |
|
|
|
|
Com. Reg. No.: |
18-042587 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920TN1999PTC042587 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Air Pre-Heaters and Heating Elements. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 160000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D/C-6, SIDCO Industrial Estate, Thuvakudy, Tiruchirapalli – 620 015, |
|
Tel. No.: |
91-431-2501234/ 2501239/ 2501312 |
|
Fax No.: |
91-431-2500705 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Pudupatti,
Muthandipatti (Post), Sengipatti (Via), Thanjavur - 613 402, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajagopal Venugopal |
|
Designation : |
Managing Director |
|
Address : |
No.100, Fourth Cross, Bhelpur, Tiruverumbur, Tiruchirapalli – 620 013,
|
|
Date of Birth/Age : |
06.05.1949 |
|
Date of Appointment : |
25.09.2003 |
|
DIN No.: |
00822288 |
|
|
|
|
Name : |
Mr. Gunasekaran Chinnapparaja |
|
Designation : |
Whole Time Director |
|
Address : |
No.86, Fourth Cross, Bhelpur, Tiruverumbur, Tiruchirapalli – 620 013, |
|
Date of Birth/Age : |
14.06.1960 |
|
Date of Appointment : |
01.06.1999 |
|
DIN No.: |
00822310 |
KEY EXECUTIVES
|
Name : |
J. Albert Jeyachander |
|
Designation : |
Deputy General Manager / Commercial |
|
|
|
|
Name : |
R. Shivakumar |
|
Designation : |
Deputy General Manager / Services |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
V. Rajagopal |
|
31513 |
|
C. Gunasekaran |
|
52817 |
|
S. Rajagopalachari |
|
1 |
|
R. Chandra |
|
1 |
|
S. Mythily(alias) Mahathy |
|
1 |
|
C. Kamalaveni |
|
1 |
|
NN. Janakiraman |
|
2 |
|
Total |
|
84336 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Air Pre-Heaters and Heating Elements. |
|
|
|
|
Products : |
Engineering Products
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Keerthirajan S. Chartered Accountants |
|
Address : |
II Floor, |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
76670 |
Equity Shares |
Rs.100/- each |
Rs.7.667
millions |
|
7666 |
Bonus Shares |
Rs.100/- each |
Rs.0.767
millions |
|
|
Total |
|
Rs.8.434 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.434 |
8.434 |
7.667 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.488 |
22.074 |
16.094 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.922 |
30.508 |
23.761 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
86.853 |
50.907 |
33.133 |
|
|
2] Unsecured Loans |
14.185 |
12.091 |
4.791 |
|
|
TOTAL BORROWING |
101.038 |
62.998 |
37.924 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
140.960 |
93.506 |
61.685 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
35.438 |
27.959 |
20.329 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.349
|
20.470 |
7.147 |
|
|
Sundry Debtors |
97.104
|
76.102 |
45.068 |
|
|
Cash & Bank Balances |
1.822
|
0.109 |
0.027 |
|
|
Other Current Assets |
27.532
|
18.331 |
15.140 |
|
|
Loans & Advances |
1.459
|
(2.171) |
(1.382) |
|
Total
Current Assets |
139.266
|
112.841 |
66.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
29.420
|
45.625 |
19.472 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
4.324
|
1.672 |
5.178 |
|
Total
Current Liabilities |
33.744
|
47.297 |
24.650 |
|
|
Net Current Assets |
105.522
|
65.544 |
41.350 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
140.960 |
93.506 |
61.685 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
Income |
239.632 |
183.550 |
156.826 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
239.632 |
183.550 |
156.826 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
224.816 |
173.016 |
144.254 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
224.816 |
173.016 |
144.254 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14.816 |
10.534 |
12.572 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.403 |
3.787 |
4.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9.413 |
6.747 |
8.236 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Through Export Sales |
45.127 |
59.427 |
NA |
|
|
|
Through Export Services |
8.268 |
10.379 |
NA |
|
|
TOTAL EARNINGS |
53.395 |
69.806 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
112.00 |
80.00 |
107.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
3.93
|
3.68 |
5.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.48
|
7.48 |
14.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.35 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.38
|
3.62 |
2.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.13
|
2.39 |
2.68 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
FOR THE YEAR:
The gross income of the Company has increased to Rs.239.632 millions
(Previous year Rs.183.550 millions) registering 31% growth as against the
growth of 17% in the previous year. Correspondingly the total expenditure also
has increased to Rs.224.816 millions as against Rs.173.016 millions in the
previous year, the break-up of which could be seen from the schedules forming
part of the audited statements of account. The net profit of the company before
provision for Income-tax has amounted to Rs.14.816 millions (Rs.10.534 millions
in the Previous Year). After providing for taxes, the profit of the year
carried over to Balance Sheet is Rs.9.413 millions (Rs.6.747 millions in the
previous year).
The Company’s Paid-up capital continues to be Rs.8.434 millions. The
cumulative Reserves and Surplus excluding “Share Premium amount of Rs.3.066
millions” as on 3 1/03/2009 is Rs.28.422 millions.
As the company is in need of more working capital, consequent upon
accelerated growth in the business, no dividend is recommended to the
shareholders.
As could be seen from the Balance Sheet, the secured loan has been
availed to the extent of Rs.86.853 millions (previous year Rs.50.907 millions)
and unsecured Loan has also been availed to the extent of Rs.14.185 millions
(Previous Year Rs.12.091 millions).
The Directors are taking earnest efforts to improve further the business
of the company and create new records.
FORM 8:
|
Corporate
identity number of the company |
U28920TN1999PTC042587 |
|
Name of the
company |
GEECO ENERCON PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D/C-6, SIDCO Industrial Estate, Thuvakudy, Tiruchirapalli – 620 015, E-Mail: geeco@geeco.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90286432 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of E-Mail: rajan.kn@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan - Cum - Hypothecation Letter of Confirmation
For Extension Of Mortgage By Deposit of Title Deeds Covering Enhanced Limits
(Three Nos.) [Date of Deposit - 03-01-2011] Supported by
Sanction Letter |
|
Date of
instrument Creating the charge |
03/01/2011 |
|
Amount secured by
the charge |
Rs.190.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Working Capital -
6.75% margin above the Base Rate. Present effective rate - 14.35% p.a. EPC Limits-
9.10%. Terms of Repayment: Working capital
facilities- repayable on demand Margin: 25% Extent and
Operation of the charge: Total Limits
revised from Rs.181.200 millions to Rs.190.000 millions to meet the working
capital requirements. Others: The break-up
details of the existing and revised limits are as follows: limits Existing Revised [Rs. in millions] CC 47.500 50.000
[CC, DDP (CHQ) and EPC Limits merged as CC Limit] DDP [CHQ] 2.500
NIL EPC 20.000 NIL BG 30.000 30.000 LC 10.000 10.000 T. L. 0.300 NIL Adhoc CC 40.000
NIL Adhoc BG 30.900
NIL EPC NIL 20.000 FDBN NIL 80.000 TOTAL 181.200
190.000 |
|
Short particulars
of the property charged |
All securities
viz., hypothecation of entire current assets, plant and machinery,
receivables Extension of
E.M.:- All that piece and parcel of land bearing Plot No.D/C 6 and 7 at
Thuvakudi Industrial Estate, Trichy Taluka and Trichy Dt., and measuring
about 84942 Sq.ft comprised in S. No. 702(P)and 709(P) of thuvakudi village
and situated within the sub regn of Thiruverumbur and Regn Dt of Trichy out
of this Plot bearing D/C No.6 measruing 0.983 Acres Land situated at
Thanjavur Dt, Boodhalur SubDt, Thanjavur Taluka, Pudukudi vadapathy village,
measuring extends S. NO. 59/2-0.95
Cents, S.No. 71/2B-1.22 Cents, S.No. 71/2A-1.03 Cents, S.No.59/1-0.39 Cents,
S.No. 59/3-0.06 Cents. Total Ext 3.65
acres All that piece and
parcel of land marked as plot No.E-9, Valavanthankottai Phase II, SIDCO
Industrial Estate, Valavanthankottai, Trichy and measuring about 3.00 acres
comprised in S. No.194 part and 195 part of All the existing
securities will hold good for the revised limits. |
|
Date of latest
modification prior to the present modification |
17/06/2010 |
|
Particulars of
the present modification |
Total Limits
revised from Rs.181.200 millions to Rs.190.000 millions. The break-up details
of the revised limits are as follows:- LIMITS Revised Limits (Rs. in millions) CC 50.000 BG 30.000 LC 10.000 EPC 20.000 FDBN 80.000 TOTAL 190.000 |
FIXED ASSETS:
·
Lands
·
·
Building under Construction
·
·
Machinery
·
Electrical and Fittings
·
Office Equipments
·
Tools
·
Computers
·
Furniture and Fittings
·
Bi-Cycle
·
Vehicle
·
Cars
WEBSITE DETAILS:
HISTORY:
1987 Established ‘Geetha Engineering
Works’ for manufacturing Boiler Components at Ranipet.
1991 Formation of ‘Geetha Engineering
Company’ for manufacturing Air preheater components at Ranipet.
1995 Expanded as ‘GEECO Power Engineering’
at Tiruchirapalli.
1999 Formation of ‘GEECO Enercon
Private Limited’ at Tiruchirapalli.
2001 Order for complete replacement parts
for rotor assy. for 210 MW boilers
2002 Executed full R and M job for 210 MW.
2004 Received Export Orders from
2004 Executed Orders for
2005 Executed Orders for
2006
·
Conducted Air preheater Seminar at
Tiruchirapalli for Foreign and Indian Customers
·
Supplied And Installed Full Set of Heating
Elements and Seals in 500 MW Boiler in
·
Executed orders for DEWA,
·
Executed Full R and M Job for 110 MW
·
Received and Executed Orders for 700 MW Air
Preheaters
2007
·
Received direct order from
·
Service Done for Rothemuhle Type Air Heater.
·
Assessment Done at
·
Received Orders for DUAL MEDIA Air Preheater
Cleaning system from
·
Assessment Done at Paiton – Indonesia Power
Plants Air preheaters and Gas to Gas Heaters.
·
Supplied Heating Elements and Spares to 700 MW
Boiler
2008 Conducted Second International Air
preheater Seminar at Tiruchirapalli for Foreign and Indian Customers.
PROFILE:
The organization, in the name of ‘Geetha Engineering Works’
was started in the year 1987 as the manufacturers of boiler components. In
1992, an exclusive organization for Air Preheaters was started in the name of
‘GEETHA ENGINEERING COMPANY (GEECO)’ under the leadership of Mr. V.Rajagopal
who has worked in Air Preheater engineering, manufacturing and field
engineering since 1975, including the service at BHEL, ABB and Alstom Power. As
the customers are growing, a private limited company has been formed in the
name of “GEECO Enercon Private Limited” in the year 1999.
ABOUT THE MANAGEMENT
Mr. V. Rajagopal, Chairman and Managing Director
Mr. V. Rajagopal, a Post Graduate Engineer and the Managing Director of the
company has a long history with Air preheaters beginning with his acquaintance
with BHEL where he worked for 10 years and underwent training in CE Air
Preheater Corporation,
Mr. C. Gunasekaran, Director
Mr.C. Gunasekaran is holding an engineering Industry since
1982 for manufacturing boiler components with “Indian Boiler Regulation
Authority” certification. Also manufacturing components for cement and steel
plants.
Shri M. Amirthalingam, Executive Director
Since Gratuation in 1969 served with
Served for 37 years in various fields like Manufacturing, Materials Management,
Planning, Commercial, Marketing and Project Management.
Assumed Charge as Executive Director since September 2007
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
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 |
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 |
|
49 |
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.