MIRA INFORM REPORT

 

 

Report Date :

04.01.2014

 

IDENTIFICATION DETAILS

 

Name :

GORANTLA GEOSYNTHETICS PRIVATE LIMITED

 

 

Registered Office :

No. 3, 1st Floor, Saraswathi Street, Mahalingapuram, Chennai – 600034, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

20.06.2006

 

 

Com. Reg. No.:

18-060276

 

 

Capital Investment / Paid-up Capital :

Rs.1.000 Million

 

 

CIN No.:

[Company Identification No.]

U51909TN2006TC060276

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEG07884C

 

 

PAN No.:

[Permanent Account No.]

AACCG6068M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Geosynthetics Products.

 

 

No. of Employees :

20 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 90508

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Profitability of the company seems to be very low. Reserves of the company appears to be insufficient.

 

However, trade relations are fair. Business is active. Payment terms are slow but correct.

 

The company can be considered for business dealing 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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Praveen Kumar

Designation :

Director

Contact No.:

91-9840283983

Date :

04.12.2013

 

 

LOCATIONS

 

Registered Office :

No. 3, 1st Floor, Saraswathi Street, Mahalingapuram, Chennai – 600034, Tamilnadu, India

Tel. No.:

91-44-45036481

Mobile No.:

91-9840283983 (Mr. Praveen Kumar)

Fax No.:

91-44-28171317

E-Mail :

praveenkumar@gorantlageos.com

praveenggpl@yahoo.co.in

Website :

www.geosynthetics.in

Area :

2500 Sq. Ft

Location :

Owned

 

 

DIRECTORS

 

As on: 27.09.2013

 

Name :

Mr. Praveenkumar Gorantla

Designation :

Director

Address :

No. 3, Sarawathi Street, Mahalingapuram, Chennai – 600034, Tamilnadu, India

Date of Birth/Age :

06.01.1979

Date of Appointment :

20.06.2006

DIN No. :

00273548

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U01210TN1985PTC012089

GF IMPEX PRIVATE LIMITED

Director

31/05/2006

31/05/2006

28/08/2009

Active

NO

2

U51909TN2006PTC060276

GORANTLA GEOSYNTHETICS PRIVATE LIMITED

Director

20/06/2006

20/06/2006

-

Active

NO

 

 

Name :

Mrs. Sangeetha Lakshmi Balaji

Designation :

Additional Director

Address :

No. 165, “Sumesri”, Sambandam Road Wesl, Coimbatore – 642102, Tamilnadu, India

Date of Birth/Age :

25.07.1975

Date of Appointment :

23.11.2009

DIN No. :

00273548

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U01210TN1985PTC012089

GF IMPEX PRIVATE LIMITED

Director

31/05/2006

31/05/2006

28/08/2009

Active

NO

2

U51909TN2006PTC060276

GORANTLA GEOSYNTHETICS PRIVATE LIMITED

Director

20/06/2006

20/06/2006

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 27.09.2013

 

Names of Shareholders

 

No. of Shares

G. R. Praveen Kumar

 

9550

B. Sangeetha Lakshmi

 

450

 

 

 

Total

 

10000

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2013

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Geosynthetics Products.

 

 

Products :

 

 

Exports :

 

Products :

Geosynthetics Products

Countries :

African Country

 

 

Imports :

 

Products :

Raw Material

Countries :

Malaysia

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Jumbobag Limited

 

 

Customers :

End Users

·         GMR Infrastructure Limited

 

 

No. of Employees :

20 (Approximately)

 

 

Bankers :

·         Indian Bank – Chetput Branch, 860 Poonamallee High Road, Chennai – 600010, Tamilnadu, India

·         Karnataka Bank – 6B, Second Main Road, United India Colony, Kodambakkam, Chennai – 600024, Tamilnadu, India

 

 

Facilities :

SECURED LOAN

 

Rs. In Millions

31.03.2013

Rs. In Millions

31.03.2012

Term Loans

 

 

From Banks

0.646

0.010

 

 

 

Loans repayable on demand

 

 

From banks

9.602

7.695

 

 

 

TOTAL

10.248

7.705

 

 

 

UNSECURED LOAN

 

Rs. In Millions

31.03.2013

Rs. In Millions

31.03.2012

Loans and advances from related parties

6.925

5.771

 

 

 

TOTAL

6.925

5.771

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. Purushottam and Company

Chartered Accountants

Address :

Flat No. 3-D, “Pioneer Homes”, North Boag Road, T. Nagar, Chennai – 600017, Tamilnadu, India     

Pan No. :

AADFB9589N

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs.1.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.100/- each

Rs.1.000 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1.000

1.000

1.000

(b) Reserves & Surplus

0.198

0.299

0.102

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

1.198

1.299

1.102

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

7.571

5.781

5.494

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

7.571

5.781

5.494

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

9.602

7.696

8.728

(b) Trade payables

1.833

1.841

1.444

(c) Other current liabilities

2.259

0.967

0.792

(d) Short-term provisions

0.164

0.223

0.094

Total Current Liabilities (4)

13.858

10.727

11.058

 

 

 

 

TOTAL

22.627

17.807

17.654

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3.532

2.934

3.282

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.559

0.521

0.434

Total Non-Current Assets

4.091

3.455

3.716

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1.741

1.710

1.051

(c) Trade receivables

11.775

11.058

11.660

(d) Cash and cash equivalents

1.932

0.141

0.015

(e) Short-term loans and advances

0.089

0.437

0.420

(f) Other current assets

2.999

1.006

0.792

Total Current Assets

18.536

14.352

13.938

 

 

 

 

TOTAL

22.627

17.807

17.654

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

 

 

TURNOVER

50.663

43.137

46.900

 

 

 

 

 

 

NET PROFIT/ LOSS

0.062

0.421

0.599

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.75

0.75

0.80

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.33

1.33

1.26

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

---

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

NOTE:

 

The Registered office of the company has been shifted from No. 46, Halls Road Kilpauk, Chennai – 600010, Tamilnadu, India to the present address w.e.f 23.11.2009.

 

 

TRADE REFERENCES:

 

·         Jumbobag Limited, Chennai

·         GMR Infrastructure Limited

 

 

FORM 8:

 

Corporate identity number of the company

U51909TN2006PTC060276

Name of the company

GORANTLA GEOSYNTHETICS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

NO.3, 1st Floor, Saraswathi Street, Mahalingapuram, Chennai – 600034, Tamilnadu, India

E-mail : praveenkumar@gorantlageos.com

This form is for

Creation of charge

Type of charge

·         Book Debts

·         Movable Property

Particular of charge holder

Indian Bank, Chetput Branch, 860 Poonamallee High Road, Chennai – 600010, Tamilnadu, India

Email : chetput@indianbank.co.in

Nature of instrument creating charge

Agreement of Hypothecation of Movables

Date of instrument Creating the charge

07.02.2011

Amount secured by the charge

Rs. 0.950 Million

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest –

15.75% Per Annum with monthly rest.

 

Terms of Repayment –

ADHOC Limit (75 Days)

 

Margin –

25% Margin

 

Extent and Operation of the charge –

Within Six Months.

Particulars of the property charged

Goods, Produce, Nerchandise, Stock or to be stored from time to time in premises At No3, Saraswathi Street, Mahalingapuram, Chennai -  600031.

 

Book debts up to 90 days.

 

Corporate identity number of the company

U51909TN2006PTC060276

Name of the company

GORANTLA GEOSYNTHETICS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

NO.3, 1st Floor, Saraswathi Street, Mahalingapuram, Chennai – 600034, Tamilnadu, India

E-mail : praveenkumar@gorantlageos.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10199744

Type of charge

·         Book Debts

·         Movable Property

Particular of charge holder

Indian Bank, Chetput Branch, No. 812 EVR High Road, Chennai – 600010, Tamilnadu, India

Email : chetput@indianbank.co.in

Nature of instrument creating charge

1) Agreement of Hypothecation of Movables. (D 101)

2) Agreement for Open Cash Credit (Stocks / Book Debts) (D 105)

3) Agreement for Hypothecation of goods received under advance payment guarantees / Lcs. (D-73)

 

All letter dated 20th Apr 2013

Date of instrument Creating the charge

20.04.2013

Amount secured by the charge

Rs. 20.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Sec OD : Interest at the rate of 12.20% p.a. with monthly rests.

 

Terms of Repayment

Working Capital Repayable On Demand.

 

Margin

25% against the securities hypothecated in case of OCC/Overdraft account.

 

Extent and Operation of the charge

as per agreement

 

Others

--

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of Stock and Book Debts.

Particulars of the present modification

By the present modification,

 

Overall credit facilities enhanced from Rs.9.500 Millions to Rs.20.000 millions

 

Nature of Facility             Amount

Sec OD                     Rs.15.000 Millions (increased from 

                                 Rs.9.500 millions)

LC                             Rs.5.000 millions (fresh sanction)

Total                          Rs.20.000 millions

 

 

FIXED ASSETS:

 

  • Plant and machinery
  • Office equipments
  • Furniture
  • Computer
  • Vehicles

 

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 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 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. 62.40

UK Pound

1

Rs.102.53

Euro

1

Rs.85.19

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

NLM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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.