MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHUNILAL PRANJIVANDAS COTTON COMPANY PRIVATE LIMITED |
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Registered Office : |
6th floor, Globe Chambers, 142 Walchand Hirachand Marg, Mumbai
400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.08.1997 |
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Com. Reg. No.: |
11-110041 |
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CIN No.: [Company
Identification No.] |
U51491MH1997PTC110041 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC07022B |
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PAN No.: [Permanent
Account No.] |
AAACC5496M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers and Distributors of Raw Cotton, Cotton Waste and all kinds of
fabrics |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established Company having moderate track
records. It has some accumulated losses, which might take some time to be
wiped off. Payments are reported as
slow but correct. The Company can be considered for small to mediocre business dealing
with slight cautions initially. |
LOCATIONS
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Registered Office : |
6th floor, Globe Chambers, 142 Walchand Hirachand Marg,
Mumbai 400001, Maharashtra, India |
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Tel. No.: |
91-22-22616035 |
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Fax No.: |
91-22-22610532 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Deepam Bhikhubhai Thanawala |
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Designation : |
Director |
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Address : |
103, Ashoka Apartments, 68, Nepeansea Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
12.09.1965 |
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Date of Appointment : |
13.08.1997 |
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Name : |
Mrs. Sonali Deepam Thanawala |
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Designation : |
Director |
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Address : |
103, Ashoka Apartments, 68, Nepeansea Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
19.03.1964 |
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Date of Appointment : |
13.08.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Deepam B. Thanawala Joint with Sonali D. Thanawala |
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375000 |
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Sonali D. Khandwala Joint with Deepam B. Thanawala |
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124900 |
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Chandrakant P. Shah Joint with Sohini C. Shah joint with Monali C.
Shah |
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100 |
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Total |
500000 |
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Equity Share
Break-up |
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Percentage
of Holdings |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers and Distributors of Raw Cotton, Cotton Waste and all kinds of
fabrics |
GENERAL INFORMATION
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Bankers : |
Union Bank of
India Mumbai Samachar
Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai 400023 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamalesh Jhaveri Associates Chartered Accountants |
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Address : |
3rd floor, 454/458 Kalbadevi Road, Popatwadi Corner, Mumbai
400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(3.732) |
(4.437) |
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NETWORTH |
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1.268 |
0.563 |
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LOAN FUNDS |
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1] Secured Loans |
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11.373 |
3.990 |
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2] Unsecured Loans |
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3.644 |
2.644 |
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TOTAL BORROWING |
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15.017 |
6.634 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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16.285 |
7.197 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.021 |
0.005 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.284 |
6.532 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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2.933 |
0.059 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.784 |
0.833 |
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Total
Current Assets |
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23.001 |
7.424 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.661 |
0.237 |
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Provisions |
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0.079 |
0.000 |
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Total
Current Liabilities |
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6.740 |
0.237 |
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Net Current Assets |
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16.261 |
7.187 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.005 |
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TOTAL |
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16.285 |
7.197 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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35.346 |
35.372 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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35.346 |
35.372 |
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Profit/(Loss) Before Tax |
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0.788 |
(0.991) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.788 |
(0.991) |
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Expenditures : |
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Depreciation & Amortization |
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0.004 |
0.002 |
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Interest |
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0.239 |
0.182 |
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Other Expenditure |
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34.314 |
36.179 |
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Total Expenditure |
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34.557 |
36.363 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.22 |
(2.80) |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.22 |
(2.80) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.42 |
(13.34) |
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Return on Investment (ROI) (PBT/Networth) |
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0.62 |
(1.76) |
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Debt Equity Ratio (Total Liability/Networth) |
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5.31 |
0.42 |
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Current Ratio (Current Asset/Current Liability) |
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2.44 |
30.32 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of Charge |
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Charge
identification number of the charge to be modified |
10031493 |
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Corporate
identity number of the company |
U51491MH1997PTC110041 |
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Name of the
company |
CHUNILAL PRANJIVANDAS
COTTON COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
6th floor, Globe Chambers, 142 Walchand Hirachand Marg,
Mumbai 400001, Maharashtra |
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Type of charge |
Others |
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Particular of
charge holder |
Union Bank of
India Mumbai Samachar
Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai 400023, Maharashtra,
India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of Hypothecation
of Bills |
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Date of
instrument Creating the charge |
01.11.2007 |
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Amount secured by
the charge |
Rs.100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest interest at the
rate of 9.25% up to 90 days and 12% beyond 90 days [b] Terms of
repayment On Demand [c] Margin as per sanction
terms [d] Extent and
operation of the charge To secure the FDBP
]under L/C] limit of Rs. 100 Millions granted by the Bank to the Company. |
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Short particulars
of the property charged |
[1] Purchase from
or negotiate a bill or Bills of Exchange drawn or accepted or endorsed
against goods and/or merchandise or
shipping or other documents and/or hold such or any other bill or bills of
exchange and/or documents for collection on the borrowers account under lien
to the Bank. [2] Export Bills
Covering shipment of cotton under L/C. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
The FDBP under
L/C limit has enhanced from Rs. 32.500 Millions to Rs.100 Millions against
the security as stated in column 14 |
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Name of the company |
CHUNILAL
PRANJIVANDAS COTTON COMPANY PRIVATE LIMITED |
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Presented By |
Union Bank of
India – Mumbai Samachar Marg Branch |
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1) Date and description of instrument creating the change |
Letter of hypothecation dated 21.11.1997 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.3.000 Millions
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Purchase from or
negotiate a bill or bills of exchange drawn or accepted or endorsed against
goods and /or merchandise or shipping or other documents and/or hold such or
any other bill or bills of exchange and/or documents for collection on the
borrower’s account under lien to the bank. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest as per
FEDAI rules for FDBP [L/C] limit of Rs. 3.000 Millions granted by the bank to
the Company. |
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5) Name and Address and description of the person entitled to the
charge. |
Union Bank of
India Mumbai Samachar
Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai 400023 |
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6) Date and brief description
of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
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 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.39.39 |
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UK Pound |
1 |
Rs.78.02 |
|
Euro |
1 |
Rs.56.77 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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