MIRA
INFORM REPORT
|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
GEECY ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Plot No.33-A, Mahapet TTC, MIDC, Navi Mumbai – 400701, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
13.06.1991 |
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Com. Reg. No.: |
11-062054 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company
Identification No.] |
U27100MH1991PTC062054 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG06493E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of engineering items such as heat exchangers,
pressure vessel, etc. |
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No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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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 970000 |
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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. The
company has recorded a better increase in its sales turnover and
profitability. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Jignesh Kothari |
|
Designation : |
Senior Manager |
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Contact No.: |
91-22-27782403 |
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Date : |
19.07.2012 |
LOCATIONS
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Registered Office/ Factory: |
Plot No.33-A, Mahapet, TTC, MIDC, Near |
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Tel. No.: |
91-22-27782403 / 04 / 05 / 55901381 |
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Mobile No.: |
91-9820036335 (Mr. Manoj
Ruparel) |
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Fax No.: |
91-22-55901890 / 27780093 |
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E-mail: |
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Website : |
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Area : |
17000 Sq. ft. |
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Location: |
Leased |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Manoj Mulji Ruparel |
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Designation : |
Director |
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Address : |
2, Land Mark, Ground Floor, |
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Date of Birth/Age : |
15.01.1953 |
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Date of Appointment : |
13.06.1991 |
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Pan No.: |
ACYPR6427L |
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DIN : |
01724577 |
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Name : |
Ms. Neeta Manoj Ruparel |
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Designation : |
Director |
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Address : |
2, Land Mark, Ground Floor, |
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Date of Birth/Age : |
10.09.1956 |
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Date of Appointment : |
13.06.1991 |
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Pan No.: |
AAQPR9455E |
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DIN : |
01724612 |
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Name : |
Mr. Moiz Kutbuddin Adenwala |
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Designation : |
Director |
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Address : |
B-06/1302, |
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Date of Birth/Age : |
19.06.1958 |
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Date of Appointment : |
01.04.1944 |
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Pan No.: |
AAIPA3338B |
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DIN : |
01724689 |
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Name : |
Ms. Darshana Jignesh Kothari |
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Designation : |
201, Sai Aangan, 609/A, |
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Address : |
20.01.1983 |
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Date of Appointment : |
15.01.2007 |
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Pan No.: |
ACWPR0135M |
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DIN : |
02070840 |
KEY EXECUTIVES
|
Name : |
Mr. Jignesh Kothari |
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Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Ruparel Mulji Manoj |
48800 |
|
Ruparel Manoj Neeta |
2000 |
|
Brijlani Motilal Vrajlal |
1112 |
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Ruparel Mulji Jamnaben |
2 |
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Ruparel Dugarshi Mulji |
2 |
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Ruparel Dugarshi Mulji - HUF |
2 |
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Ruparel Mukesj Jyoti |
2 |
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Manek R.S. |
2 |
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Jain Abhishek |
2 |
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Joshi Balmukund Harsha |
2 |
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Yadava Premji Dilip |
2 |
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Jain K Sanjay |
2 |
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Shah L Ketan |
2 |
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Manek Bharat Hardik |
2 |
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Jain Pawan |
2 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
99.00 |
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Other top fifty shareholders |
1.00 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of engineering items such as heat exchangers,
pressure vessel, etc. |
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Products : |
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Exports : |
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Countries : |
·
Germany ·
Thailand ·
Saudi Arabia ·
Belgium ·
Egypt ·
Brazil |
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Imports : |
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Products : |
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Countries : |
·
South Korea ·
Spain ·
Belgium |
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Terms : |
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Selling : |
Credit, CAD |
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Purchasing : |
L/C, CAD |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
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Tubes |
Nos. |
4 |
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Heat Exchanger |
Nos. |
2 |
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Pressure Vessel |
Nos. |
169 |
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Fittings |
Nos. |
7016 |
GENERAL INFORMATION
|
Suppliers : |
·
A G Sales( India ) ·
A.K. Enterprisas (Phenyl Party) ·
Balaji Crane Services ·
Bhavesh R Dalal and Company ·
Carol Petroleum Private Limited ·
Chaudhary Hammer Works Limited ·
Crystal Industrial Syndicate Private Limited ·
Dharmaraj Trading Company ·
Famous Machine Tools ·
Geecy Industrial Services Private Limited (Crs.) ·
Gujarat Engineering Company ·
Haridas Instruments and Equipments Company ·
Harilal and Company ·
Indo Therm Engireers Private Limited ·
Infant J and Sus Solutions ·
Jai Santoshi Mata Tempo Service ·
Mahalaxmi ( Jai Maharashtra) Restaurant ·
Durgesh Logistics (Import) · Knauf A M F Gmbh and Company KG, Germany (Trading Division) |
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Customers : |
Wholesalers and Retailers ·
Bharat Petroleum Corporation Limited ·
De-Smet Chemfood Engg. Private Limited ·
Mcc Pla India Corporation Private Limited ·
National Peroxide Limited ·
Spic Petroleum Limited ·
Toyo Engineering India Limited ·
Uhde GMBH Germany ·
WF Limited ·
Shreee Rang Rasayan |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhavesh R Dalal and Company Chartered Accountants |
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Address : |
40, |
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Tel. No.: |
91-22-26774681 / 26287633 |
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PAN No.: |
AABPD4208N |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
239.907 |
178.761 |
153.258 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
244.907 |
183.761 |
155.258 |
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LOAN FUNDS |
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1] Secured Loans |
46.572 |
2.098 |
40.373 |
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2] Unsecured Loans |
8.203 |
3.323 |
18.284 |
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TOTAL BORROWING |
54.775 |
5.421 |
58.657 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
299.682 |
189.182 |
213.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.402 |
37.223 |
42.328 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.141 |
21.541 |
0.049 |
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DEFERREX TAX ASSETS |
2.988 |
2.126 |
0.811 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
46.574
|
64.512
|
106.383 |
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Sundry Debtors |
135.322
|
72.661
|
71.070 |
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Cash & Bank Balances |
8.856
|
11.052
|
3.206 |
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Other Current Assets |
204.484
|
126.912
|
139.427 |
|
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Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
395.236
|
275.137 |
320.086 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
|
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Sundry Creditors |
36.362
|
20.532 |
21.924 |
|
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Other Current Liabilities |
43.313
|
106.815
|
74.726 |
|
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Provisions |
57.850
|
19.654
|
52.854 |
|
Total
Current Liabilities |
137.525
|
147.001 |
149.504 |
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Net Current Assets |
257.711
|
128.136
|
170.582 |
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MISCELLANEOUS EXPENSES |
0.440 |
0.156 |
0.145 |
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TOTAL |
299.682 |
189.182 |
213.915 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
512.576 |
349.854 |
304.134 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
411.360 |
295.389 |
258.742 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
101.216 |
54.465 |
45.392 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
9.523 |
11.078 |
7.240 |
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PROFIT BEFORE
TAX |
91.693 |
43.387 |
38.152 |
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Less |
TAX |
30.547 |
15.884 |
15.104 |
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PROFIT AFTER TAX
|
61.146 |
27.503 |
23.048 |
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|
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|
Earnings Per
Share (Rs.) |
1223.00 |
550.06 |
1152.38 |
|
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
340.000 |
|
|
|
|
[Export order
postpone] |
Expected Sales (2012-2013) : Rs. 400.000 Millions
The above information has been parted by Mr. Jignesh Kothari.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.93
|
7.86
|
7.58 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.29
|
13.80
|
10.50 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.24
|
0.25 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
0.83
|
1.34 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.87
|
1.87
|
2.14 |
|
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LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
Yes |
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18. Major customers |
Yes |
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19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
|
|
|
|
|
Creditors |
36.362 |
20.532 |
21.924 |
|
TOTAL |
36.362 |
20.532 |
21.924 |
SUNDRY CREDITORS
[PARTIAL DETAILS]
(Rs.
in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
A
G Sales( India ) |
0.011 |
0.011 |
|
|
A.K.
Enterprisas (Phenyl Party) |
0.005 |
0.002 |
|
|
Balaji
Crane Services |
0.000 |
0.016 |
|
|
Bhavesh
R Dalal and Company |
0.364 |
0.315 |
|
|
Carol
Petroleum Private Limited |
0.000 |
0.026 |
|
|
Chaudhary
Hammer Works Limited |
0.000 |
0.314 |
|
|
Crystal
Industrial Syndicate Private Limited |
0.155 |
0.020 |
|
|
Dharmaraj
Trading Company |
0.030 |
0.016 |
|
|
Famous
Machine Tools |
0.177 |
0.038 |
|
|
Geecy
Industrial Services Private Limited ( Crs.) |
0.126 |
0.152 |
21.924 |
|
Gujarat
Engineering Company |
0.094 |
0.094 |
|
|
Haridas
Instruments and Equipments Company |
0.025 |
0.004 |
|
|
Harilal
and Company |
0.159 |
0.114 |
|
|
Indo
Therm Engireers Private Limited |
0.038 |
0.272 |
|
|
Infant
J and sus Solutions |
0.005 |
0.005 |
|
|
Jai
Santoshi Mata Tempo Service |
0.042 |
0.005 |
|
|
Mahalaxmi
( Jai Maharashtra) Restaurant |
0.024 |
0.023 |
|
|
Durgesh
Logistics (Import) |
0.088 |
0.251 |
|
|
Knauf
A M F Gmbh and Company KG, Germany (Trading Division) |
3.606 |
4.161 |
|
NOTE
Registered office is shifted from 2, Land Mark, Ground Floor, Near Hotel Plate, Mulund (West), Mumbai-400080, India to Plot No.33-A, Mahapet TTC, MIDC, Navi Mumbai – 400701, Maharashtra, India.
COMMERCIAL
ACTIVITY
The company is manufacturing Heat Exchanger and Pressure Vessel.
FORM 8
|
Corporate
identity number of the company |
U27100MH1991PTC062054 |
|
Name of the
company |
GEECY ENGINEERING
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90231176 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of |
|
Nature of instrument
creating charge |
Supplemental
Memorandum of Entry |
|
Date of
instrument Creating the charge |
04.05.2011 |
|
Amount secured by
the charge |
Rs.257.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest to be charged as per sanction/review of the account from time to
time. Extent and
Operation of the charge - The charge is modified and increased up to Rs.257.000
millions to cover Line of Credit (CC-cum-LC) - Rs.87.000 millions {sub-limit
Inland DA/DP LC up to 90 days - Rs.75.000 millions, Import DA/DP LC up to 180
days - Rs.15.000 millions}, Bank Guarantee Rs.170.000 millions {sub-limit
Advance Payment Guarantee - Rs.20.000 millions} together with interest,
compound interest, interest tax, additional/further interest in case of
default, penal interest, commission, liquidated damages, costs, charges, expenses, money etc.
payable to Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that piece or
parcel of land known as Plot No. 33, TTC Industrial Area, Mahape, Navi
Mumbai, together with building and structures constructed thereon along with
plant and machinery embedded to earth to be erected in future. |
|
Date of
instrument modifying the charge |
26.12.2008 |
|
Particulars of
the present modification |
The charge is
modified and increased up to Rs.257.000 millions to cover Line of Credit
(CC-cum-LC) - Rs.87.000 millions {sub-limit Inland DA/DP LC up to 90 days -
Rs.75.000 millions, Import DA/DP LC up to 180 days - Rs.15.000 millions},
Bank Guarantee Rs.170.000 millions {sub-limit Advance Payment Guarantee -
Rs.20.000 millions}. |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture
·
Office Equipments
·
Electrical Installations
·
Fan
·
Vehicles
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. 55.38 |
|
|
1 |
Rs. 86.74 |
|
Euro |
1 |
Rs. 68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
47 |
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 |
|
s56-70 |
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.