MIRA
INFORM REPORT
|
Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
GEE SQUARE EXPORTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
522 Great Eastern Galleria, Plot No 20, Sector 4, Nerul(West), Navi
Mumbai – 400706, Maharashtra |
|
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
06.08.2003 |
|
|
|
|
Com. Reg. No.: |
141623 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.301 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51220MH2003PTC141623 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG13738E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG9883D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturers of boneless
buffalo meat, bone in buffalo meat, sheep carcass, sheep mutton cubes,
chicken meat, halal meat, ongue meat, raw tripe, frozen offal, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 99832 |
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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 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) |
|
|
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 : |
522 Great Eastern Galleria, Plot No 20, Sector 4, Nerul(West), Navi
Mumbai – 400706, Maharashtra |
|
Tel. No.: |
91-22-27719553/27719556 |
|
E-Mail : |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Ramaswamy Easwaran Laxminarayanapuram
|
|
Designation : |
Director |
|
Address : |
1-14, Pushpak, Sector – 21, Nerul East, Navi Mumbai – 400706,
Maharashtra, India |
|
Date of Birth/Age : |
05.06.1949 |
|
Date of Appointment : |
06.08.2003 |
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 |
U51220MH2003PTC141623 |
GEE SQUARE EXPORTS (INDIA)
PRIVATE LIMITED |
Director |
06/08/2003 |
06/08/2003 |
- |
Active |
NO |
|
2 |
U51101MH2009PTC198131 |
SPHYNX AGRO PRIVATE
LIMITED |
Director |
25/12/2009 |
25/12/2009 |
- |
Active |
NO |
|
Name : |
Mr. Venkatraman Subramanian
|
|
Designation : |
Director |
|
Address : |
A4, 301, Alaknanda, Lok Upavn Ph-1, Off. Pokhran Road #2, Thane (West),
Thane – 400601, Maharashtra, India |
|
Date of Birth/Age : |
22.05.1957 |
|
Date of Appointment : |
06.08.2003 |
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 |
U51220MH2003PTC141623 |
GEE SQUARE EXPORTS (INDIA)
PRIVATE LIMITED |
Managing director |
06/08/2003 |
06/08/2003 |
- |
Active |
NO |
|
2 |
U51101MH2009PTC198131 |
SPHYNX AGRO PRIVATE
LIMITED |
Director |
25/12/2009 |
25/12/2009 |
- |
Active |
NO |
|
3 |
U74900UP2010PTC040458 |
INDIAN AGRI PRODUCTS
PRIVATE LIMITED |
Director |
04/05/2010 |
04/05/2010 |
- |
Active |
NO |
|
Name : |
Ms. Nirmala Venkatraman
|
|
Designation : |
Director |
|
Address : |
A4, 301, Alaknanda, Lok Upavn Ph-1, Off. Pokhran Road #2, Thane
(West), Thane – 400601, Maharashtra, India |
|
Date of Birth/Age : |
25.08.1963 |
|
Date of Appointment : |
06.08.2003 |
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 |
U51220MH2003PTC141623 |
GEE SQUARE EXPORTS (INDIA)
PRIVATE LIMITED |
Director |
06/08/2003 |
06/08/2003 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Venkatraman Subramanian |
|
427500 |
|
Nirmala Venkatraman |
|
2400 |
|
Ramaswamy Easwaran Laxminarayanapuram |
|
100 |
|
Venkatraman Subramanian Joint Nirmala Venkatraman |
|
100 |
|
Total |
|
430100 |
AS ON 15.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of boneless
buffalo meat, bone in buffalo meat, sheep carcass, sheep mutton cubes,
chicken meat, halal meat, ongue meat, raw tripe, frozen offal, etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
The Federal Bank Limited, Ground Floor, Ed-El, Plot No 208, Central
Avenue Road, Chembur, Mumbai - 400071, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Jagdish Gopalkrishnan and Associates Chartered Accountant |
|
Address : |
C-44, Shrinagar C.H.S., P L Lokhande Marg, Chembur, Mumbai – 400089,
Maharashtra, India |
|
Tel No.: |
91-22-25288266 |
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|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
430100 |
Equity Shares |
Rs.10/- each |
Rs.4.301
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 |
4.301 |
4.301 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20.657 |
11.474 |
5.337 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24.958 |
15.775 |
5.437 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
38.173 |
31.684 |
28.420 |
|
|
2] Unsecured Loans |
39.700 |
22.200 |
12.200 |
|
|
TOTAL BORROWING |
77.873 |
53.884 |
40.620 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
102.831 |
69.659 |
46.057 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
83.014 |
45.051 |
43.314 |
|
|
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 |
14.337
|
14.522 |
0.000 |
|
|
Sundry Debtors |
8.366
|
12.926 |
0.930 |
|
|
Cash & Bank Balances |
3.114
|
0.350 |
0.361 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.497
|
2.125 |
2.102 |
|
Total
Current Assets |
31.314
|
29.923 |
3.393 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.859
|
4.467 |
0.000 |
|
|
Other Current Liabilities |
0.428
|
0.068 |
1.394 |
|
|
Provisions |
2.210
|
0.780 |
0.005 |
|
Total
Current Liabilities |
11.497
|
5.315 |
1.399 |
|
|
Net Current Assets |
19.817
|
24.608 |
1.994 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.749 |
|
|
|
|
|
|
|
|
TOTAL |
102.831 |
69.659 |
46.057 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
238.659 |
78.458 |
14.908 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.862 |
11.116 |
1.143 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.679 |
0.780 |
0.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9.183 |
10.336 |
1.137 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
3.85
|
13.17 |
7.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.51
|
14.83 |
7.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.70 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.29 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72
|
5.63 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U51220MH2003PTC141623 |
|
Name of the company |
GEE SQUARE EXPORTS (INDIA) PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
522
The Great Easterngalleria Plot
No-20 Sec-4, Navi Mumbai – 400706, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
The Federal Bank Limited |
|
Nature of instrument creating charge |
Letter In Lieu Of Redeposit |
|
Date of instrument Creating the charge |
23/04/2011 |
|
Amount secured by the charge |
Rs.60.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Extent and Operation of the charge There is no change in the limits
Sanctioned by the Bank to Sphynx Agro Private Limited Limit is Rs. 60.000 Millions.
However the heads under which the limits sanctioned have change and the same
is as under. to secure the said limit the company has extended the mortgage
created on its immovable property to cover the above mentioned limit . The
revised limits is as under -1) PCL Rs. 20.000 Millions ,(2) FDBP/
FUBP RS. 20.000 Millions ,(3) Adhoc PCL
Rs. 20.000 Millions Others The Company has created only one document
in respect of equitable mortgage extended for Rs. 58.100 Millions Sanctioned
to the Company and also Rs. 60.000 Millions Sanctioned to the Group company
Sphynx Agro Private Limited. The total limit cover is thus Rs.118.100 Millions. The Additional Adhoc PCL of Rs. 20.000 Millions
is in place of Existing FDBP limit under LC of Rs. 20.000 Millions ( During the pendency of Adhoc PCL of Rs.
20.000 Millions, the limit the limit of Rs . 20.000 Millions Sanctioned for
FDBP under LC will not be utilised) |
|
Short particulars of the property charged |
Factory Land and Building at Ratnagiri,
Maharashtra |
|
Particulars of the present modification |
There is no change in the limits
Sanctioned by the bank to Sphynx Agro Private Limited. The limit is Rs. 60.000 Millions. the limits are : 1) PLC Rs. 20.000 Millions (2) FDBP/FUBP
Rs. 20.000 Millions (3) Adhoc PCL Rs. 20.000 Millions. ( During the pendency
of Adhoc PCL of Rs. 20.000 Millions the limit of Rs. 20.000 Millions
sanctioned for FDBP under LC will not be utilised) |
Fixed Assets:
·
Building
·
Free hold Land
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Motor Car
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.49.17 |
|
|
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
|
45 |
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.