MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHHATISGARH INVESTMENTS LIMITED |
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Registered Office : |
Plot No. 49, Industrial Area, Near Urkura Station, Raipur , Madhya
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.04.1982 |
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Com. Reg. No.: |
10-1961 |
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CIN No.: [Company
Identification No.] |
L67120MP1982PLC001961 |
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Legal Form : |
Public Limited Liability Company. The company shares are listed on
Stock Exchanges. |
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Line of Business : |
Subject is engaged in the business of Socio – Forestry and
Horticulture. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 921056 |
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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 a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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LOCATIONS
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Registered Office : |
Plot No. 49, Industrial Area, Near Urkura Station, Raipur, Madhya
Pradesh, India |
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E-Mail : |
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Website : |
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Head Office / Works : |
Industrial Growth Centre, Siltara, Raipur – 493 111, Chhattisgarh,
India |
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Tel. No.: |
91-7721-403925 – 29 / 264204-09 |
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Fax No.: |
91-7721-403924 / 264214 |
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Corporate Office : |
Plot No. 49, Industrial Area, Raipur – 493 221, Chhattisgarh, India |
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Tel. No.: |
91-771-5093916 |
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Fax No.: |
91-771-2562119 |
DIRECTORS
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Name : |
Mr. Kamal Kishore Sarda |
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Designation : |
Director |
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Address : |
18/19, Anupam Nagar, Raipur – 492 007, Chhattisgarh, India |
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Date of Birth/Age : |
12.06.1952 |
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Date of Appointment : |
19.07.2002 |
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Name : |
Mr. Shekhar Kanti Shome |
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Designation : |
Director |
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Address : |
9, Shriram Nagar, Phase II, Raipur – 492 007, Chhattisgarh, India |
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Date of Birth/Age : |
30.10.1950 |
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Date of Appointment : |
24.03.2001 |
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Name : |
Mr. Pramod Kumar Agarwal |
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Designation : |
Director |
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Address : |
“Abhivadan” Panchsheel Nagar, Raipur – 492 001, Chhattisgarh, India |
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Date of Birth/Age : |
23.07.1955 |
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Date of Appointment : |
01.09.2000 |
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Name : |
Mr. Ghanshyamdas Chaturbhuj Mundra |
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Designation : |
Director |
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Address : |
802, Anant, Plot No. 88/2, Sector 29, Vashi, Navi Mumbai – 400 703,
Maharashtra, India |
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Date of Birth/Age : |
20.07.1961 |
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Date of Appointment : |
16.03.1995 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2006)
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
53.00 |
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2 |
Directors or relative of directors |
40.00 |
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3 |
Other Top fifty
(50) shareholders |
7.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Socio – Forestry and
Horticulture. |
GENERAL
INFORMATION
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Bankers : |
Axis Bank, Opposite New Bus Stand, Jeevan Beema Marg, Pandri, Raipur –
492 004, Chhattisgarh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ajay Kumar Chartered Accountants |
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Address : |
1st Floor, Sindhwani House, 15/376, Agrasen Bhawan Road,
Jawahar Nagar, Raipur – 492 001, Chhattisgarh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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245000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.450
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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2.450 |
2.450 |
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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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227.814 |
196.999 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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230.264 |
199.449 |
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LOAN FUNDS |
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1] Secured Loans |
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4.893 |
7.668 |
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2] Unsecured Loans |
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8.500 |
6.716 |
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TOTAL BORROWING |
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13.393 |
14.384 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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243.657 |
213.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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33.552 |
18.697 |
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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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194.790 |
183.312 |
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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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5.877 |
7.353 |
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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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1.564 |
0.578 |
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Other Current Assets |
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16.700 |
13.447 |
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Loans & Advances |
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30.155 |
15.907 |
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Total
Current Assets |
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54.296 |
37.285 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.369 |
24.849 |
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Provisions |
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0.612 |
0.612 |
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Total
Current Liabilities |
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38.981 |
25.462 |
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Net Current Assets |
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15.315 |
11.824 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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243.657 |
213.833 |
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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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19.266 |
18.077 |
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Other Income |
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25.564 |
34.980 |
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Total Income |
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44.830 |
53.057 |
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Profit/(Loss) Before Tax |
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33.136 |
47.984 |
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Provision for Taxation |
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0.626 |
0.116 |
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Profit/(Loss) After Tax |
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32.510 |
47.868 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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1.475 |
[4.404] |
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Salaries, Wages, Bonus, etc. |
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0.603 |
0.456 |
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Payment to Auditors |
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0.080 |
0.075 |
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Interest |
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2.349 |
0.929 |
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Insurance Expenses |
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0.011 |
0.012 |
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Depreciation & Amortization |
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1.456 |
0.741 |
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Other Expenditure |
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5.717 |
7.263 |
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Total Expenditure |
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11.691 |
5.072 |
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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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72.52 |
90.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
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171.99 |
265.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.73 |
20.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.23 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
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1.39 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
L67120MP1982PLC001961 |
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Name of the company |
CHHATISGARH INVESTMENTS LIMITED |
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Address |
Plot No. 49, Investment Area, Raipur – CG , Madhya
Pradesh, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Equitable mortgage or mortgage of property
by depositing the title deeds |
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Particular of the charge holder
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Axis Bank Opposite New Bus Stand , Jeevan Beema
Marg, Pandri , Raipur – 492 004, India Email: raipur@utibank.co.in |
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Amount Secure by the charge |
Rs. 8.284 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Cash Credit limit – Rs. 4.000 millions Interest – PLR -4% Margin -25%, Penal
Interest – 2% Term Loan – Rs. 4.284 millions Interest – PLR -4% , Margin -30.22%
Repayment -5 yearly installment of Rs. 0.857 millions, Penal Interest – 2% |
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Description of the property charge whether it is a charge on |
· Immovable Properties · Stock in trade · Furniture and fixtures · Book Debts · Vehicles · Plant and Machinery |
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Particulars of the Property charged
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· Equitable mortgage of land admeasuring about 125 acres at Village – Kharora, Tehsil – Tilda , District - Raipur, (CG) along with building and other construction thereon. · All the stock in trade, both present and future , consisting of stock of raw material, stock in process, cash and other current assets · All the movable plant and machinery furniture and fixture, drip irrigation system, water tank, pump houses, etc located at village – Kharora , Teh : Tida , Raipur – (CG). |
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Particulars of the present modification |
By the present modification, the existing financial facilities are also secured by equitable mortgage of immovable properties located at village – Kharora, Tehsil – Tida, District – Raipur (CG). |
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Corporation identity number or foreign company registrations number of
the company |
L67120MP1982PLC001961 |
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Name of the company |
CHHATISGARH INVESTMENTS LIMITED |
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Address |
Plot No. 49, Industrial Area, Raipur (CG), Madhya Pradesh,
India |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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Axis Bank Opposite New Bus Stand, Jeevan Bima Marg,
Pandri , Raipur – 492 004, Chhattisgarh, India |
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Nature or description of the instrument creating charge |
· Agreement of hypothecation of current assets · Deed of hypothecation of machinery and other movables fixed assets · Term Loan agreement |
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Date of the instrument creating charge |
31.03.2006 |
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Amount Secure by the charge |
Rs. 8.284 millions |
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Description of the property charge whether it is a charge on |
· Stock in trade · Book debts · Plant and Machinery · Vehicles · Furnitures and fixtures |
WEBSITE DETAILS:
Subject is the
holding company of the Group. It was incorporated about two decades ago as a
closely held public limited company.
The Company has
interests in socio-forestry and horticulture, with over 800 acres agricultural
estate at Kharora, about 40 Kms. from Raipur. About one million trees of
various species such as Teak, Hybrid Eucalyptus, Sobabul, Khamar, Bamboo etc
have been planted. Besides, it has also planted banana, mango, drumsticks,
tamarind and custard apples etc. The plantation employs the latest horticultural
techniques and has won awards in regional fairs.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.97 |
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UK Pound |
1 |
Rs.79.78 |
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Euro |
1 |
Rs.62.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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61 |
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
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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 |
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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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