MIRA
INFORM REPORT
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Report Date : |
20.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
KHIMJI VISRAM AND SONS |
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Registered Office : |
21, Mittal Chambers, 228, Nariman Point, Mumbai-400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1870 |
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Com. Reg. No.: |
12722 |
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IEC No.: |
0388031654 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK00345C |
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PAN No.: [Permanent
Account No.] |
AAAFK4773G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Traders of Raw Cotton |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2750000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established and reputed concern in cotton business.
Financial position is excellent. Payments are always correct and as per
commitments. Trade relations are fair. The concern is favourably spoken in
the market. It can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
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Registered Office : |
21, Mittal Chambers, 228, Nariman Point, Mumbai-400021, Maharashtra,
India |
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Tel. No.: |
91-22-22021874 |
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Fax No.: |
91-22-22822753 |
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E-Mail : |
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Area : |
5200 Sq.ft. |
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Location : |
Rented (Owned by associate concern) |
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Branches : |
703/704, Shilp, 7th Floor, C.G.Road, Navrangpura,
Ahmedabad, Gujarat, India |
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Area : |
1085 Sq.ft. |
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Location : |
Rented (Owned by Associate Concern) |
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Branches : |
Dhanmandi, Srigonganagar, Rajasthan, India |
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Location : |
Owned by Associate Concern |
PARTNERS
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Name : |
Mr. Navinchandra R. Mirani |
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Designation : |
Partner |
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Address : |
21-A, Meherina, 51-C, Nepean Sea Road, Mumbai-400006 |
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Date of Birth/Age : |
72 years |
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Qualification : |
B.Com. |
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Experience : |
33 years |
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Name : |
Mr. Kishorsinh R. Mirani |
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Designation : |
Partner |
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Address : |
81/83, Vllabh Apartments, 87, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Birth/Age : |
66 years |
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Qualification : |
Inter. Com. |
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Experience : |
40 years |
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Name : |
Mr. Nayankumar C. Mirani |
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Designation : |
Partner |
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Address : |
Sagar Mahal Bunglow, 51-J, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Birth/Age : |
46 years |
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Qualification : |
B.Com. |
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Experience : |
25 years |
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Name : |
Mr. Virendra C. Mirani |
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Designation : |
Partner |
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Address : |
Sagar Mahal Bunglow, 51-J, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Birth/Age : |
41 years |
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Qualification : |
B.Com. |
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Experience : |
20 years |
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Name : |
Mr. Sunil P. Mirani |
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Designation : |
Partner |
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Address : |
D-9, Anantha Apartments, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Birth/Age : |
40 years |
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Qualification : |
B.E. (Electrical) |
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Experience : |
15 years |
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Name : |
Mr. Manish K. Mirani |
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Designation : |
Partner |
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Address : |
81/83, Vllabh Apartments, 87, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Birth/Age : |
38 years |
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Qualification : |
Inter. Com. |
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Experience : |
12 years |
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Name : |
Mr. Rahul C. Mirani |
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Designation : |
Partner |
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Address : |
Sagar Mahal Bunglow, 51-J, Bhulabhai Desai Road, Mumbai-400026 |
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Date of Birth/Age : |
35 years |
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Qualification : |
B.Com. |
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Experience : |
10 years |
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Name : |
Mr. Madhav N. Mirani |
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Designation : |
Partner |
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Address : |
21-A, Meherina, 51-C, Nepean Sea Road, Mumbai-400006 |
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Date of Birth/Age : |
34 years |
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Qualification : |
B.Com. |
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Experience : |
10 years |
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Name : |
Mr. Arvind C. Mehta |
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Designation : |
Partner |
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Address : |
24-A, Carmiecheal Road, Thakker House, Mumbai-400026 |
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Date of Birth/Age : |
57 years |
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Qualification : |
B.Com, LLB |
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Experience : |
25 years |
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Name : |
Mr. Pravin Jethalal Thakker |
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Designation : |
Partner |
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Address : |
24-A, Carmiecheal Road, Thakker House, Mumbai-400026 |
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Date of Birth/Age : |
57 years |
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Qualification : |
Inter. Com. |
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Experience : |
25 years |
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Name : |
Mr. Hitesh Laxmidas Motiwala |
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Designation : |
Partner |
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Address : |
5, Heera House, sir Bhalchandra Road, Mumbai-400019 |
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Date of Birth/Age : |
38 years |
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Qualification : |
B.Com. |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Traders of Raw Cotton |
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Exports : |
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Products : |
Raw Cotton Bales |
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Countries : |
Belgium, United Kingdom, Hong Kong, Turkey and Pakistan |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Suppliers : |
v Arihant Ginning
Factory v B.N. Ginning
& Pressing v Fathe Guru
Govind Singh & Company v J.K.Quality
cotton Industries v Mahavgir Agro Industires v Ajmani Agro
Industries v Akansha Trading
Company v Ankur Ginning
Factory v Babasaheb
Chandrashekar Dhule v Bansal Cot
Marketing v Bhagyalaxmi
Traders v Chetan
Enterprises v Dhanshri Trading
Company v Gajanan Ginning
and Pressing Factory v Girdharlal
Nanelal Industries v Gupta Trading
Company v Jagdish &
Company v Jitendra Kumar
Babulal v Juneja Cotton
Industries v Kamal Trading
Company v Mahavir Udhyog v Manohar Kumar
Bansal v Mayur Trading
Company v Om Trading
Company v Pradeep Fibres
Private Limited v Puneet Ginning
Factory v Puneet Oil
Products v Pushpa Cot v Radha Jeening
Factory v Radheshyam
Harigopal Ginning Factory v Raj Ginning
& Shubham Pressing Factory v Rajaram
Jagannath Rathod v Rajat Cot v Ruchi Oil
Industries v Saloni Cottons v Yashodeep Cotton |
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Customers : |
v Well Brothers
& Stern Limited v Albrecht Muller
Pearse & Company, Hong Kong v Albrecht Muller
Pearse & Company, GMBH & Company |
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No. of Employees : |
16 |
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Bankers : |
v Union Bank of
India, Mumbai Samachar Marg, Mumbai v Bank of India, Mumbai
Overseas Branch, Mumbai |
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Facilities : |
(Rs. In
millions) Secured Loans :
Unsecured Loans
:
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Alexander & Company Chartered Accountants |
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Address : |
Jeevan Udyog, 2nd Floor, 278, Dr. D.N. Road, Mumbai-400001,
Maharashtra |
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Tel. No.: |
91-22-22071332/ 22074687/ 22070674 |
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Fax No.: |
91-22-22073842 |
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E-Mail : |
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Associates/Subsidiaries : |
K.V. Cotton Ginning & Pressing Company Private Limited, 21, Mittal
Chambers, 228, Nariman Point, Mumbai-400021 Line of Business : Trading of raw cotton, Ginning and Pressing of
cotton |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.94.300 millions |
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Borrowed : |
Rs.618.200 millions |
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Total : |
Rs.715.200 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
96.917 |
37.639 |
36.890 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96.917 |
37.639 |
36.890 |
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LOAN FUNDS |
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1] Secured Loans |
411.152 |
115.859 |
119.933 |
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2] Unsecured Loans |
59.435 |
31.780 |
6.260 |
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TOTAL BORROWING |
470.587 |
147.639 |
126.193 |
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DEFERRED TAX LIABILITIES |
0.031 |
0.000 |
0.000 |
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TOTAL |
567.535 |
185.278 |
163.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.738 |
2.637 |
2.217 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
507.951
|
156.249 |
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Sundry Debtors |
85.396
|
46.311 |
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Cash & Bank Balances |
10.813
|
1.117 |
192.493 |
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Other Current Assets |
14.784
|
0.345 |
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Loans & Advances |
107.429
|
9.707 |
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Total
Current Assets |
726.373
|
213.729 |
192.493 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
120.856
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|
31.627 |
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Provisions |
42.720
|
9.786 |
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Total
Current Liabilities |
163.576
|
31.088 |
31.627 |
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Net Current Assets |
562.797
|
182.641 |
160.866 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
567.535 |
185.278 |
163.083 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
2995.447 |
338.732 |
1080.604 |
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Other Income |
63.694 |
16.154 |
0.000 |
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Total Income |
3059.141 |
354.886 |
1080.604 |
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Profit/(Loss) Before Tax |
91.091 |
5.647 |
14.676 |
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Provision for Taxation |
32.726 |
2.350 |
0.000 |
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Profit/(Loss) After Tax |
58.365 |
3.297 |
14.676 |
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Export Earning |
1062.100 |
254.900 |
2555.700 |
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Expenditures : |
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Cost of Goods Sold |
2768.593 |
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Manufacturing Expenses |
164.048 |
21.351 |
1065.928 |
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Administrative Expenses |
21.030 |
11.720 |
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Other Expenditure |
13.685 |
1.475 |
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Total Expenditure |
198.763 |
34.546 |
1065.928 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.91
|
0.97 |
1.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
1.67 |
1.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.46
|
2.61 |
7.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.94
|
0.15 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.54
|
4.75 |
4.28 |
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Current Ratio (Current Asset/Current Liability) |
|
4.44
|
6.87 |
6.09 |
LOCAL AGENCY
FURTHER INFORMATION
The firm is 136 years old Mumbai based cotton trading house and managed
by well known Mirani family and professional executives.
Company’s fixed assets include Cotton Testing Machine, Telecom Systems,
Office Equipments and Fax Machine, Computers, Furniture and Fixtures and Motor
Vehicles.
Company is in trade terms with :
For cotton
Mumbai
v
Carolina Fabrics
v
Aglo Pharmnaceuticals Limited
v
Daiko Menka & Company Limited
v
Itochu Corporation OSARC
v
Kabushiki Kaisha Sugino Soten
v
Oriental Containers Limited
v
Vinatex Trading Company
v
Youth Spinning Mills Limited
For yarn
commission
Mumbai
v
Abhishek Industries Limited
v
Gontermann Peipers India Limited
v
Indus Dyeing & Manufacturing Company Limited
v
Kandagiri Spinning Mills Limited
v
Lahoti Overseas Limited
v
Rajvir Industries Limited
v
Relishah Export
v
Sapphire Fibres Limited
v
Shadman Cotton Mills Limited
v
Suryalakshmi Cotton Mills Limited
v
Ventura Textiles Limited
Trade References :
v Louis Drujfus Cotton International
v Well Brother and Stirn Limited
v Albrech & Muller Peorsed & Company
v Gill & Company Private Limited, NIC House, 2nd Floor,
Norotham Morarjee Marg, Mumbai
Tel. No.: 91-22-2261500
v Kotak & Company, 240, Dr. D.N. Road, 1st Floor, Navsari
Building, Mumbai
Tel. No.: 91-22-2207333
v Bhaidas Cursandas & Company, Vithaldas Chambers, Mumbai Samachar
Marg, Mumbai
Tel. No.: 91-22-22041207
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 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.44.28 |
|
UK Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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