MIRA
INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GEETA PUMPS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
B 17, MIDC, Shiroli, Kolhapur-416122, Maharashtra |
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Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
20.02.1989 |
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|
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Com. Reg. No.: |
11.050728 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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|
|
CIN No.: [Company Identification
No.] |
U28912MH1989PTC050728 |
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|
|
|
Legal Form : |
Private Limited Liability Company
|
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|
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|
Line of Business
: |
Manufacturer of Automobile Components |
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|
No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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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.
INFORMATION PARTED BY
|
Name : |
Mr. N. M. Pillai |
|
Designation : |
Director |
|
Contact No.: |
91-9860742940 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office / Factory : |
B 17, MIDC, Shiroli, Kolhapur-416122, Maharashtra, India |
|
Tel. No.: |
91-231-2469821 |
|
Mobile No.: |
91-9860742940 (Mr. N. M. Pillai) |
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Fax No.: |
91-231-2469819 |
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E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Madhavan Nanu Pillai |
|
Designation : |
Director |
|
Address : |
17, Geetanjali Samrat Ngar, Rajarampuri, Kolhapur-416008, Maharashtra,
India |
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Date of Birth/Age : |
24.10.1944 |
|
Date of Appointment : |
20.02.1989 |
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DIN No.: |
01100508 |
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|
|
|
Name : |
Ms. Pillai Madhavan Meena |
|
Designation : |
Director |
|
Address : |
17, Geetanjali Samrat Ngar, Rajarampuri, Kolhapur-416008, Maharashtra,
India |
|
Date of Birth/Age : |
17.11.1944 |
|
Date of Appointment : |
20.02.1989 |
|
DIN No.: |
01100673 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Madhavan Nanu Pillai |
2750 |
|
Pillai Madhavan Meena |
2250 |
|
Total |
5000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Components |
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Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Ashok Leyland |
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|
|
|
Customers : |
Wholesalers and Retailers ·
Mahindra and Mahindra |
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|
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No. of Employees : |
120 (Approximately) |
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|
|
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Bankers : |
·
State Bank of India, Shiroli, MIDC Area, Kolhapur
Branch, Kolhapur-416122, Maharashtra, India ·
Small Industries Development Bank of India,
Jeevan Shree Building, Ground Floor, S. No. 1109, Ganeshkind Road,
Shivajinagar, Pune-411005, Maharashtra, India |
|
|
|
|
Facilities : |
Cash Credit Limit Rs. 5.000 Millions |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sushant Phadnis and Company Chartered Accountant |
|
Address : |
Phadnis Chambers, 613 E, Shahupuri, Kolhapur-416001, Maharashtra,
India |
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Pan No.: |
ABLPP1725D |
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|
|
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Sister Concern : |
Neeta Instrument |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.950 |
0.950 |
0.752 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.450 |
1.450 |
1.252 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.183 |
16.078 |
8.153 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
13.183 |
16.078 |
8.153 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Others |
115.700 |
97.316 |
90.896 |
|
|
|
|
|
|
|
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TOTAL |
130.333 |
114.844 |
100.301 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
29.728 |
22.437 |
12.985 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
INVESTMENT |
72.747 |
66.944 |
61.995 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.776
|
5.559 |
3.391 |
|
|
Sundry Debtors |
40.876
|
42.534 |
21.152 |
|
|
Cash & Bank Balances |
2.494
|
1.673 |
0.140 |
|
|
Other Current Assets |
6.305
|
3.669 |
5.856 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
55.451
|
53.435 |
30.539 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.022
|
25.134 |
5.218 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
4.571
|
2.838 |
0.000 |
|
Total
Current Liabilities |
27.593
|
27.972 |
5.218 |
|
|
Net Current Assets |
27.858
|
25.463 |
25.321 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
130.333 |
114.844 |
100.301 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
137.315 |
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|
|
Other Income |
|
|
|
|
|
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TOTAL |
206.489 |
137.696 |
137.315 |
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|
|
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|
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|
Less |
EXPENSES |
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|
|
|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
184.892 |
125.076 |
115.756 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX |
21.597 |
12.620 |
21.559 |
|
|
|
|
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|
|
|
|
Less |
TAX |
3.212 |
6.201 |
5.644 |
|
|
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|
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PROFIT AFTER TAX
|
18.385 |
6.419 |
15.915 |
|
|
|
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|
|
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|
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|
Earnings Per
Share (Rs.) |
367.69 |
-- |
-- |
|
Expected Sales (2011-2012) : Rs. 220.000 Millions
The above information has been parted by Mr. N. M. Pillai.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.90
|
4.66 |
11.59 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.35
|
16.63 |
49.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
14.89
|
8.70 |
17.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
28.12
|
30.38 |
10.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.91 |
5.85 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
------ |
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8. No. of Employees |
Yes |
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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 |
|
12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
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18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
------- |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
NOTE
Sundry Creditors
details are not available.
OPERATIONS
During the year the
Company achieved a turnover (including other Income) of Rs. 206.489 millions
(previous year Rs.137.696 millions) from manufacturing and Sale of Submersible
Pumps, After providing all the operating expenses, Depreciation, Provision for
Taxation and other Expenses the Company made Profit Rs. 18.385 millions
(Previous year Profit of Rs. 6.419 millions)
FORM 8
|
Corporate
identity number of the company |
U28912MH1989PTC050728 |
|
Name of the
company |
GEETA PUMPS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B 17, MIDC, Shiroli, Kolhapur-416122, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Small Industries Development Bank of India, Jeevan Shree Building, Ground Floor, S. No. 1109, Ganeshkind Road, Shivajinagar, Pune-411005, Maharashtra, India |
|
Nature of
instrument creating charge |
1. Deed of
Hypothecation Dtd. 21-10-2009. 2. Loan Agreement
Dtd. 21-10-2009. Both the
Documents creates a single charge. |
|
Date of
instrument Creating the charge |
21.10.2009 |
|
Amount secured by
the charge |
Rs. 8.600
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Fixed rate of
9.75% p. a. with monthly rests. Terms of repayment In 36 monthly
installments comprising 35 installments of Rs. 0.238 Million each and last
installment of Rs. 0.270 Million
commencing after a moratorium of 6 months from the date of first
disbursement. Margin Internal accruals
of Rs. 2.963 Millions as per the terms and conditions of Agreement. Extent and operation of the charge First Charge in
favour of SIDBI to secure due repayment and discharge to SIDBI of its Term
Loan of Rs. 8.600 Millions together with interest, further interest, penal
interest, cost charges, expenses and other monies due and payable in
accordance with the provisions of the Loan Agreement. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Machinery, machinery spares, tools, accessories to be purchased i.e. ACE make
CNC-HMC Machine, One SPM Fachine and Boring Machine, One SPM Duplex Milling
Machine and one cold box Core Shooter and one Sand Mixture Machine etc.
acquired, to be acquired under the scheme and situated at Plot No. B-17
and/or at Plot No. W-9 MIDC Shiroli, Kolhapur - 416122. Lien in favour of
SIDBI of Fixed Deposit receipt of State Bank of India, having face value of
not less than Rs. 5.000 Millions |
TRADE REFRENCES:
·
Mahindra and
Mahindra
·
Ashok Leyland
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. 50.02 |
|
|
1 |
Rs. 79.31 |
|
Euro |
1 |
Rs. 66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.