%20PRIVATE%20LIMITED%20-%20154216%2019-Sep-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
GEEP INDUSTRIES (INDIA) PRIVATE LIMITED (w.e.f. 22.10.2010) |
|
|
|
|
Formerly Known
as: |
GEEP BATTERIES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
AB/5, Nandanvan Industrial Estate, Opposite Eternity Mall, Near Teen
Hath Naka, Thane – 400604, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
15.11.2002 |
|
|
|
|
Com. Reg. No.: |
137887 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.300.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31400MH2002PTC137887 |
|
|
|
|
Legal Form : |
Private limited liability Company |
|
|
|
|
Line of Business
: |
Manufacture
of dry cell battery and the torch products |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 382352 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge 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
caution. |
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/Factory : |
AB/5, Nandanvan Industrial Estate, Opposite Eternity Mall, Near Teen
Hath Naka, Thane – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-4112786 |
|
Fax No.: |
91-22-4112765 |
|
E-Mail : |
DIRECTORS
AS ON 25.09.2010
|
Name : |
Mr. Jainuddin T Thanawala |
|
Designation : |
Director |
|
Address : |
602, Giriga Tower, Naupada, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1938 |
|
Date of Appointment : |
15.11.2002 |
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 |
U31400MH2002PTC137887 |
GEEP INDUSTRIES (INDIA)
PRIVATE LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
|
2 |
U24246MH1990PTC056518 |
CHARM COSMETICS PRIVATE
LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Strike off |
NO |
|
3 |
U29299MH1986PTC041023 |
WINCO FABRICATORS PVT LTD |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
|
|
Name : |
Mr. Murtuza J Thanawala |
|
Designation : |
Director |
|
Address : |
603, Giriga Tower, Naupada, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1972 |
|
Date of Appointment : |
15.11.2002 |
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 |
U31400MH2002PTC137887 |
GEEP INDUSTRIES (INDIA)
PRIVATE LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
|
2 |
U24246MH1990PTC056518 |
CHARM COSMETICS PRIVATE
LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Strike off |
NO |
|
3 |
U29299MH1986PTC041023 |
WINCO FABRICATORS PVT LTD |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
|
Name : |
Ms. Razia J Thanawala |
|
Designation : |
Director |
|
Address : |
602, Giriga Tower, Naupada, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1949 |
|
Date of Appointment : |
15.11.2002 |
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 |
U31400MH2002PTC137887 |
GEEP INDUSTRIES (INDIA)
PRIVATE LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
|
2 |
U24246MH1990PTC056518 |
CHARM COSMETICS PRIVATE
LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Strike off |
NO |
|
3 |
U29299MH1986PTC041023 |
WINCO FABRICATORS PVT LTD |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
|
Name : |
Mr. Shabbir Jainuddin Thanawala |
|
Designation : |
Director |
|
Address : |
602, Giriga Tower, Naupada, Thane – 400602, Maharashtra, India |
|
Date of Appointment : |
15.11.2002 |
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 |
U31400MH2002PTC137887 |
GEEP INDUSTRIES (INDIA) PRIVATE
LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
|
2 |
U24246MH1990PTC056518 |
CHARM COSMETICS PRIVATE
LIMITED |
Director |
15/11/2002 |
15/11/2002 |
- |
Strike off |
NO |
|
3 |
U29299MH1986PTC041023 |
WINCO FABRICATORS PVT LTD |
Director |
15/11/2002 |
15/11/2002 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jayeebali Thanawala |
|
12500000 |
|
Jainuddin T Thanawala |
|
5000000 |
|
Jainuddin Thanawala |
|
8500000 |
|
Shabbir Jainuddin Thanawala |
|
4000000 |
|
Total |
|
30000000 |
AS ON 25.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
of dry cell battery and the torch products |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
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Bankers : |
·
HDFC Bank Limited, House Senapati Bapat Marg,
Lower Parel W, Mumbai - 400013, Maharashtra, India ·
The Saraswat Co. Op. Bank Limited, Jambli Naka,
Thane Branch, Thane - 400602, Maharashtra, India |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
JSS and Associates Chartered Accountant |
|
Address : |
103A Sathe Modgi Aptts, Opp Idbi Bank, Veer Sawar- Kar Road, Jambli
Naka, Thane West, Thane – 400601, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 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 |
300.000 |
300.000 |
300.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.00 |
0.000 |
|
|
4] (Accumulated Losses) |
(204.412) |
(25.033) |
(171.026) |
|
|
NETWORTH |
95.588 |
274.967 |
128.974 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.170 |
64.055 |
63.707 |
|
|
2] Unsecured Loans |
158.287 |
268.138 |
205.549 |
|
|
TOTAL BORROWING |
205.457 |
332.193 |
269.256 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
301.045 |
607.160 |
398.230 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
159.463 |
256.171 |
264.958 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.023 |
0.023 |
0.023 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
121.348
|
155.484 |
126.501 |
|
|
Sundry Debtors |
26.870
|
35.078 |
23.911 |
|
|
Cash & Bank Balances |
9.331
|
5.349 |
29.854 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.419
|
14.172 |
18.812 |
|
Total
Current Assets |
165.968
|
210.083 |
199.078 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.877
|
10.801 |
52.846 |
|
|
Other Current Liabilities |
5.674
|
8.093 |
6.562 |
|
|
Provisions |
2.858
|
6.148 |
6.633 |
|
Total
Current Liabilities |
24.409
|
25.042 |
66.041 |
|
|
Net Current Assets |
141.559
|
185.041 |
133.037 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.212 |
|
|
|
|
|
|
|
|
TOTAL |
301.045 |
607.160 |
398.230 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
499.800 |
598.882 |
529.581 |
|
|
|
Other Income |
97.200 |
1.516 |
6.799 |
|
|
|
TOTAL (A) |
597.000 |
600.398 |
536.380 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
435.900 |
398.823 |
386.574 |
|
|
|
Selling, Administrative and Others
Expenses |
128.100 |
147.523 |
127.251 |
|
|
|
TOTAL (B) |
564.000 |
546.346 |
513.825 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.000 |
54.052 |
22.555 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.300 |
9.090 |
8.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.700 |
44.962 |
14.337 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.200 |
15.009 |
13.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
AMORTIZATION OF TAX |
8.500 |
29.953 |
0.605 |
|
|
|
|
|
|
|
|
|
|
AMORTIZATION OF
TRADEMARK AND DISTRIBUTION NETWORK |
22.000 |
22.000 |
22.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(13.500) |
7.953 |
(21.395) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
NA |
0.428 |
0.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
NA |
7.525 |
(22.064) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.25 |
(4.11) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.70
|
1.33 |
(4.04) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
1.71 |
(4.61) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.03 |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.40
|
1.30 |
2.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.80
|
8.39 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company
23/24 Rajdeep Co-operative Housing Society, Opposite Income Tax, Office Naupada,
Thane (West), Thane – 400602, Maharashtra, India to present w.e.f.01.01.2011
FORM 8:
|
Corporate identity number of the company |
U31400MH2002PTC137887 |
|
Name of the company |
GEEP BATTERIES ( INDIA ) PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
23/24 Rajdesep Co-Op Housingsoc Opp Income
Tax, Office Naupada, Thane (West), Thane – 400602, Maharashtra, India |
|
This form is for |
Creation of charge Modification of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
HDFC Bank Limited |
|
Nature of instrument creating charge |
Supplemental Memorandum relating to Hypothecation
of Stocks, Book Debts and Machinery. |
|
Date of instrument Creating the charge |
06/01/2010 |
|
Amount secured by the charge |
Rs.80.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest at the rate as may be
communicated by the Bank from time to time. Terms of Repayment On demand Margin As may be stipulated by the Bank from time
to time. Extent and Operation of the charge Hypothecation by way of First charge on
Company's Stocks, Book Debts and Machinery, to the Company secure as a
continuing security as mentioned in Column No.15 below for the repayment of
Rs.80.000 Millions together with interest, costs, charges, expenses and other
moneys due and payable by the Company to the Bank. |
|
Short particulars of the property charged |
Hypothecation of First charge over the Stocks, Book Debts
and Machinery of the Company. |
|
Particulars of the present modification |
The charge shall stand reduced from
Rs.140.000 Millions to Rs.80.000 Millions (Comprising : Cash Credit of
Rs.80.000 Millions, Letter of Credit (Sub
limit of CC) of Rs.45.000 Millions, Bank Guarantee (Sub limit of CC)
of Rs.10.000 Millions), against the
security of Stocks, Book Debts and
Machinery. |
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.47.46 |
|
|
1 |
Rs.74.95 |
|
Euro |
1 |
Rs.65.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.