MIRA INFORM REPORT

 

 

Report Date :

25.11.2011

 

 

IDENTIFICATION DETAILS

 

Name :

GEEKAY WIRES PRIVATE LIMITED

 

 

Registered Office :

Flat No.1-609, Hissa No. 7-1-58/1/609, Divya Shakti Complex, Ameerpet, Hyderabad – 500 016, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

25.07.1989

 

 

Com. Reg. No.:

01-010271

 

 

Capital Investment / Paid-up Capital :

Rs.50.000 Millions

 

 

CIN No.:

[Company Identification No.]

U28999AP1989PTC010271

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDG00813B

 

 

PAN No.:

[Permanent Account No.]

AAACG7452M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Superior Cables and Wires Like Spring Steel Wire, Cable Armouring Wire, Galvanized Steel Wire, Earth Wire, etc

 

 

No. of Employees :

90 [In Office 10 + 80 In Factory] Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B [28]

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

Maximum Credit Limit :

USD 354000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some cautions.

 

 

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 – September 30, 2011

                                     

Country Name                       

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

 

 

 

 

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. D Shriniwas

Designation :

Senior Accountant

Contact No.:

91-40-23755082

Date :

17.11.2011

 

 

LOCATIONS

 

Registered Office / Factory 1 :

Flat No.1-609, Hissa No. 7-1-58/1/609, Divya Shakti Complex, Ameerpet, Hyderabad – 500 016, Andhra Pradesh, India

Tel. No.:

91-40-40037194 / 23755082 / 23755333 / 40203618

Fax No.:

91-40-23755931

E-Mail :

geekaywires@yahoo.co.in

Website :

www.geekaywires.com

Area :

800 Sq.ft.

Location :

Owned

 

 

Corporate Office  :

203/ 204, Classic Clinicsomaji Guda, Erramanzil Colony, Hyderabad – 500 016, Andhra Pradesh, India

 

 

Factory 2 :

Survey No. 300/ A, Isnapur Village, Medak District – 502 307, Andhra Pradesh, India

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Neeraj Agarwal

Designation :

Director

Address :

Flat No. S-2, Anantha Residency, Plot No.12, Road No.14, Banjara Hills, Hyderabad, Andhra Pradesh, India.

Date of Birth/Age :

01.12.1976

Date of Appointment :

05.08.2005

Pan No.:

AAXPA8513F

DIN :

01153429

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U27104OR1988PTC002103

SHAKTI ENGINEERS PRIVATE LIMITED

Director

20/01/1998

20/01/1998

31/12/2010

Active

NO

2

U28999AP1989PTC010271

GEEKAY WIRES PRIVATE LIMITED

Director

5/8/2005

5/8/2005

-

Active

NO

3

U28999AP1993PTC015672

S G WIRES PRIVATE LIMITED

Director

1/10/2006

1/10/2006

-

Active

NO

 

 

Name :

Mr. Rinku Agarwal

Designation :

Director

Address :

H. No. 896, Road No.46, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

08.12.1972

Date of Appointment :

01.06.2011

DIN :

03617301

 

 

KEY EXECUTIVES

 

Name :

Mr. D Shriniwas

Designation :

Senior Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

No. of Shares

Rukmini Devi Agarwal    

935495

Surendra Agarwal

250000

Manisha Agarwal          

165005

Rajesh Kumar Agarwal  

300000

Rinku Agarwal  

300000

Goodhope Software Private Limited

200000

Inchook Tracon Private Limited   

100000

Khusboo Bearing Private Limited

100000

Klapp Vyapaar Private Limited

100000

Paradise Garments Private Limited

300000

Rassika Garments Private Limited

50000

Silicon Hotel Private Limited

100000

Sparsh Hotel Private Limited

50000

Vairavi Electncals Private Limited

50000

Wrinkle Vimmay Private Limited 

100000

Utkal Intrade Private Limited

719500

Orissa Steels - Rourkela

1180000

Total

5000000

 

As on 30.09.2011

 

Equity Share Break Up

Category

Percentage

Bodies corporate

23.60

Directors or relatives of directors

39.01

Other top fifty shareholders

37.39

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Superior Cables and Wires Like Spring Steel Wire, Cable Armouring Wire, Galvanized Steel Wire, Earth Wire, etc

 

 

Products :
  • Earth Wires
  • ACSR Steel Core
  • Guy Strands
  • Barbed Wires
  • Spring Steel Wires
  • Patented Wires
  • Hot Dip Fine Galvanized Wires
  • XLPE Armour Wire
  • Solar Fencings
  • Stay Wires
  • Wires for Vibrating Screen

 

 

Exports :

 

Products :
  • Cable Wires

Countries :
  • Dubai

 

 

Imports :

 

Products :
  • Wires, Earth-Wire

Countries :
  • Korea
  • Dubai

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

PRODUCTION STATUS [As on 31.03.2010]

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

 

 

 

 

 

Galvanised 7 wires Steel Gystand, G.I. Wire and Earth Wire

TPA

NA

10800.000

3778.317

 

 

GENERAL INFORMATION

 

Customers :

Government

  • Sujana Towers Limited
  • Universal Iron Industries

·          Electricity Boards

·          APCPDCL

·          MSTCL

·          MSEDCL

  • Poly Cab Wires

 

 

No. of Employees :

90 [In Office 10 + 80 In Factory] Approximately

 

 

Bankers :
  • Punjab and Sind Bank, M.G. Road Bank, Park Lane, Secunderabad – 500 003, Andhra Pradesh, India
  • HDFC Bank Limited
  • UCO Bank
  • Citi Bank
  • The A.P. Mahesh Cooperative Urban Bank Limited, 6-3-989, Sherza Estate, 3rd Floor, Nizamshahi, Road, Hyderabad, Andhra Pradesh, India
  • State Bank of India, Hyderabad Public School Branch, Greenlands, Concourse Building, Opposite Meridian Plaza, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India
  • IndusInd Bank
  • ICICI Bank Limited
  • Axis Bank Limited
  • Standard Chartered Bank

 

 

Facilities :

Secured Loan

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Cash Credit Account – State bank of India [Hyderabad]

55.362

11.980

IndusInd Bank – Vehicle CBZ Loan

0.000

0.012

FITL Account – Punjab and Sind Bank

0.000

5.288

Total

55.362

17.280

 

Unsecured Loan

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Body Corporate

10.834

2.950

Total

10.834

2.950

 

 

 

Banking Relations :

--

 

 

Financial Institutions :

Reliance Capital Limited

"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India

 

 

Auditors :

 

Name :

Anjaneyulu and Company

Chartered Accountants

Address :

30, Bhagyalakshmi Nagar, Gandhi Nagar, Hyderabad – 500 080, Andhra Pradesh, India

PAN :

AAGFA1840E

 

 

Memberships :
  • IEEMA (Indian Electrical and Electronics Manufacturers Association)
  • CACMAI (Cables and Conductors Manufacturers Association of India)
  • EEPC (Engineering Export Promotion Council of India)

 

 

Associates/Subsidiaries :

Utkarsh Steel Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000,000

Equity Shares

Rs.10/- each

Rs.100.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000,000

Equity Shares

Rs.10/- each

Rs.50.000 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

50.000

50.000

50.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

53.553

53.553

53.553

4] (Accumulated Losses)

[14.877]

[18.077]

[24.433]

NETWORTH

88.676

85.476

79.120

LOAN FUNDS

 

 

 

1] Secured Loans

55.362

17.280

20.315

2] Unsecured Loans

10.834

2.950

6.491

TOTAL BORROWING

66.196

20.230

26.806

DEFERRED TAX LIABILITIES

4.025

2.886

2.742

 

 

 

 

TOTAL

158.897

108.592

108.668

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

80.143

69.868

67.543

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
20.069

5.915

8.931

 

Sundry Debtors
70.643

60.867

60.570

 

Cash & Bank Balances
12.248

7.433

4.771

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances
14.066

9.290

7.785

Total Current Assets
117.026

83.505

82.057

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
27.619

15.995

35.537

 

Other Current Liabilities
8.455

25.890

5.143

 

Provisions
2.323

3.036

0.252

Total Current Liabilities
38.397

44.921

40.932

Net Current Assets
78.629

38.584

41.125

 

 

 

 

MISCELLANEOUS EXPENSES

0.125

0.140

0.000

 

 

 

 

TOTAL

158.897

108.592

108.668

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

193.217

207.683

264.025

 

 

Other Income

5.102

6.585

2.519

 

 

TOTAL                                     (A)

198.319

214.268

266.544

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Material Consumed

152.542

170.523

228.860

 

 

Other Manufacturing Expenses

13.679

8.590

6.230

 

 

Employee Cost

8.900

2.685

1.899

 

 

Administrative and other Expenses

10.329

19.563

3.079

 

 

Increase / [Decrease] in Stocks

[2.347]

[2.433]

5.509

 

 

TOTAL                                     (B)

183.103

198.928

245.577

 

 

 

 

 

 

PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

15.216

15.340

20.967

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

6.635

4.095

3.576

 

 

 

 

 

 

PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

8.581

11.245

17.391

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2.219

2.009

2.003

 

 

 

 

 

 

PROFIT / [LOSS] BEFORE TAX (E-F)                 (G)

6.362

9.236

15.388

 

 

 

 

 

Less

TAX                                                                  (H)

3.163

2.880

[6.562]

 

 

 

 

 

 

PROFIT / [LOSS] AFTER TAX (G-H)                  (I)

3.199

6.356

21.950

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

[18.077]

[24.433]

[46.383]

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

[14.878]

[18.077]

[24.433]

 

 

 

 

 

 

Earnings/[Loss] Per Share (Rs.)

0.64

1.27

4.39

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover [Approximately]

 

 

380.000

 

Expected Sales (2011-2012) : Rs.450.000 millions

 

The above information has been parted by Mr. Shrinivas [Senior Accountant].

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.61

2.97

8.23

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.29

4.45

5.83

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.23

6.02

10.29

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.07

0.11

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.18

0.76

0.86

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.05

1.86

2.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Construction of the firm

Yes

Premises details

Yes

Type of Business

Yes

Line of Business

Yes

Promoters background

-

No. of Employees

Yes

Name of Person Contacted

Yes

Designation of contact person

Yes

Turnover of firm for last three years

Yes

Profitability for last two years

No

Reasons for variation <> 20%

-

Estimation for coming financial year

Yes

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

No

Major Customers

Yes

Payment Terms

Yes

Export / Import Details [If Applicable]

Yes

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

Yes

Banking Facility Details

No

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

No

Incorporation details, if applicable

-

Last accounts filed at ROC

-

Major Shareholders, if applicable

-

 

 

TRADE REFERENCES :

  • Sujana Towers Limited
  • Universal Iron Industries

 

FINANCIAL RESULTS

 

There was a marginal fall in the turnover due to recessionary conditions still prevailing globally. However the company could earn a profit before tax for the year was Rs.6.362 millions. After providing for Deferred Tax Liability and Current Year Tax, the balance Profit of Rs.3.199 millions was adjusted against the accumulated losses.

 

FUTURE OUTLOOK:

 

The Company expects a better profitability in the near future as the Company is planning to increase the resources by approaching the banks, which will result in increased production and sales and consequently profitability.

 

Note : Registered office address of the company has been shifted from Survey No. 300 / A, Isnapur Village, Medak District – 502 307, Andhra Pradesh, India to the present address w.e.f. 25.08.2010

 

FIXED ASSETS :

  • Land
  • Building
  • Plant and Machinery
  • Furniture and Fixtures
  • Computer
  • Office Equipments
  • Electrical Installations
  • Vehicles
  • D G Set

 

 

 

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.52.25

UK Pound

1

Rs.81.23

Euro

1

Rs.69.82

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

28

 

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.