MIRA
INFORM REPORT
|
Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MANJEET COTTON PRIVATE LIMITED |
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Registered Office : |
Agra Bombay Road, Sendhwa District-Barwani, Barwani 451666, Madhya
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Unaudited) |
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Date of Incorporation : |
21.11.2005 |
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Com. Reg. No.: |
10 -18123 |
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CIN No.: [Company
Identification No.] |
U00171MP2005PTC018123 |
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IEC No.: |
1106004141 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLM06684G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer and Trader of all kinds of cotton,
cotton seed, cotton seed oil, yarn and their joint/by products. |
RATING &
COMMENTS
|
MIRAs 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 240000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Business is progressing well. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Agra Bombay Road, Sendhwa District-Barwani, Barwani 451666, Madhya
Pradesh, India |
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Tel. No.: |
91-7281-222263 |
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Fax No.: |
91-7281-222263 |
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E-Mail : |
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Head Office: |
Plot 318, N 3, CIDDCO, Opposite Hotel President Park, Aurangabad,
Maharashtra |
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Tel. No.: |
91-240-2474463 |
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Mobile No.: |
91-9422222263 |
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Fax. No.: |
91-240-2473563 |
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E- Mail.: |
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Website: |
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Factories: |
Tel. No. 91-2451-223063
Fax. No. 91-2451-223063
E. Mail.: allmanjeet@yahoo.com
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Branches: |
At Dhar, Chalishgaon, Ahmedabad |
DIRECTORS
|
Name : |
Mr. Bhupendra Singh Rajpal |
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Designation : |
Director |
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Address : |
Agra Bombay Road, Sendhwa District-Barwani, Barwani 451666, Madhya
Pradesh, India |
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Date of Birth/Age : |
05.06.1959 |
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Qualification : |
Post Graduate |
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Experience : |
25 Years |
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Date of Appointment : |
21.11.2005 |
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Name : |
Mr. Rajendra Singh Rajpal |
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Designation : |
Director |
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Address : |
Agra Bombay Road, Sendhwa District-Barwani, Barwani 451666, Madhya
Pradesh, India |
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Date of Birth/Age : |
01.09.1962 |
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Qualification : |
Post Graduate |
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Experience : |
20 Years |
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Date of Appointment : |
21.11.2005 |
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Name : |
Mr. Sanchit Rajpal |
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Designation : |
Director |
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Address : |
Agra Bombay Road, Sendhwa District-Barwani, Barwani 451666, Madhya
Pradesh, India |
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Date of Birth/Age : |
24.01.1987 |
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Qualification : |
Post Graduate |
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Experience : |
7 Years |
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Date of Appointment : |
21.11.2005 |
KEY EXECUTIVES
|
Name : |
M/s. S Agarwal & Company |
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Designation : |
Company Secretary |
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Address : |
306, Manas Bhawan Extn., 11, R N T Marg, Indore |
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Tel. No.: |
91-731-4043080/4043089 |
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Mobile No.: |
91-9827234275 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2006
|
Names of Shareholders |
|
No. of Shares |
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Mr. Sanchit Rajpal |
|
55000 |
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Mr. Surya Prakash Agal |
|
2500 |
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Mrs. Rakhi Agal |
|
2500 |
|
Mr. Sanchit Rajpal |
|
50000 |
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Mr. Surya Prakash Agal |
|
15000 |
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Mrs. Rakhi Agal |
|
15000 |
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Mr, Rajendra Singh Rajpal |
|
100000 |
|
Mr. Bhupendra Singh Rajpal |
|
150000 |
|
Mr. Rajendra Singh Rajpal |
|
150000 |
|
Mr. Bupendra Singh Rajpal |
|
50000 |
|
Mr. Gurmitkaur Rajpal |
|
50000 |
|
Mr. Parasmal Mangilal Jain |
|
50000 |
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Mr. Bhupendra Singh Rajpal |
|
100000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
91.00 |
|
Other top fifty shareholders |
|
9.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Trader of all kinds of cotton,
cotton seed, cotton seed oil, yarn and their joint/by products. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash & Credit (30 to 60 days) |
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Purchasing : |
L/C, Cash & Credit (30 to 60 days) |
GENERAL
INFORMATION
|
Customers : |
Wholesalers, Retailers
and Spinning Mills |
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No. of Employees : |
(Office 20 +
Factory 50 + Branch 15) = 85 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. Prakash Wohra and Company Chartered Accountants |
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Address : |
210, Royal Gold, 2nd floor, 4-A, Yeshwant Niwas Road,
Indore 452001, Madhya Pradesh, India |
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Tel No: |
91-731-2533955 / 2451530 |
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Associates/Subsidiaries
: |
Manjeet Cotex Warla Road, Sendhwa Line of Business Cotton Manjeet Fibres Warla Road, Sendhwa Line of Business Cotton Manjeet Ginning Factory A B Road, Sendhwa Line of Business Cotton Manjeet Cotton Industries A B Road, Sendhwa Line of Business Cotton B R Cot Sonpeth, Maharashtra Line of Business Cotton Man Cott Private Limited Majhalgaon, Maharashtra Line of Business Cotton D V Exports P. No. 318, N-3, Cidco, Aurangabad Line of Business Cotton |
CAPITAL STRUCTURE
Authorised Capital : (As on 31.03.2008)
|
No. of Shares |
Type |
Value |
Amount |
|
1750000 |
Equity shares |
Rs.10/- each |
Rs. 17.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1418000 |
Equity shares |
Rs.10/- each |
Rs. 14.180 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008
(Unaudited) |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.180 |
8.110 |
0.200 |
|
|
2] Share Application Money |
47.930 |
4.850 |
2.560 |
|
|
3] Reserves & Surplus |
43.767 |
35.504 |
0.369 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
105.877 |
48.464 |
3.129 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
300.956 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
90.109 |
35.058 |
13.911 |
|
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TOTAL BORROWING |
391.065 |
35.058 |
13.911 |
|
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DEFERRED TAX LIABILITIES |
0.005 |
0.005 |
0.000 |
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TOTAL |
496.947 |
83.527 |
17.040 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
70.063 |
0.062 |
0.006 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
17.500 |
17.500 |
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 |
200.836
|
29.597 |
13.143 |
|
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Sundry Debtors |
424.894
|
44.232 |
15.529 |
|
|
Cash & Bank Balances |
56.226
|
0.865 |
0.292 |
|
|
Other Current Assets |
0.374
|
0.000 |
0.000 |
|
|
Loans & Advances |
39.062
|
42.889 |
0.333 |
|
Total
Current Assets |
721.392
|
117.583 |
29.297 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
298.861
|
38.312 |
11.179 |
|
|
Provisions |
13.147
|
13.327 |
1.112 |
|
Total
Current Liabilities |
312.008
|
51.639 |
12.291 |
|
|
Net Current Assets |
409.384
|
65.944 |
17.006 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.021 |
0.028 |
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|
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|
|
|
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TOTAL |
496.947 |
83.527 |
17.040 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008
(Unaudited) |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
3046.484 |
525.282 |
96.883 |
|
Other Income |
24.561 |
0.000 |
0.000 |
|
Total Income |
3071.045 |
525.282 |
96.883 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
30.162 |
21.420 |
0.788 |
|
Provision for Taxation |
0.000 |
8.184 |
0.419 |
|
Profit/(Loss) After Tax |
30.162 |
13.236 |
0.369 |
|
|
|
|
|
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Imports : |
|
|
|
|
Raw Materials |
3078.055 |
5599.435 |
NA |
|
Total Imports |
3078.055 |
5599.435 |
NA |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Manufacturing Expenses |
62.432 |
0.000 |
0.000 |
|
Administrative Expenses |
39.047 |
0.000 |
0.000 |
|
Interest |
14.604 |
0.000 |
0.000 |
|
Depreciation & Amortization |
17.982 |
0.000 |
0.000 |
|
Other Expenditure |
2906.818 |
503.862 |
96.095 |
|
Total Expenditure |
3040.883 |
503.862 |
96.095 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008
(Unaudited) |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.98
|
2.51 |
0.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.99
|
4.07 |
0.81 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.81
|
18.20 |
2.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.44 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.64
|
1.78 |
8.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
2.27 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U00171MP2005PTC018123 |
|
Name of the
Company |
MANJEET COTTON PRIVATE LIMITED |
|
Address |
A-B Road, Send Hwa District-Barwani, Barwani 451666, Madhya Pradesh,
India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
·
Book debts ·
Movable
property (not being pledge) ·
Plant, Machinery
and building |
|
Particulars of
the charge holder |
Bank of India Indore Main
Branch, Indore 452001, Madhya Pradesh, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Hypothecation Cum
Loan Agreement Consolidated
Stamp Duty Applicable |
|
Date of the
instrument creating or modifying the charge |
04.08.2007 |
|
Amount secured by
the charge |
Rs.200.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
|
|
Short particulars
of the property charged (including location of the property) |
Stock of raw
cotton/cotton bales etc., and all type of plant/machinery/building etc.,
situated at factory or office premises of the company. |
AS PER WEBSITE
DETAILS
Company
Brief
Incepted in the year 1982, they have grown at a tremendous pace and today are
identified as Asia''s biggest ''ginner of cotton bales''. Committed to the excel
on grounds of hard work, dedication, righteousness and positive attitude, they
are a well established manufacturer and exporter of a wide range of cotton
bales that includes cotton, planting cotton seed, cotton textile yarn and
cotton seed cake. Through their efficient production techniques and facilities,
they have been producing cotton, cotton yarn, cotton seed cake and cotton seed.
Located in Sendhwa, Madhya Pradesh, they have been exploring new horizons under
the guidance, support and leadership of their director, Mr. Rajendra Singh
Rajpal They have all the manufacturing facilities and workforce that enables us
to successfully meet the varied requirements of their clients worldwide.
Their
Journey
Founded by Mr. Bupendra Singh Rajpal & Mr. Rajendra Singh Rajpal, around 25
years ago, they have been focused to give the best products to their clients.
Making a noble beginning, they have grown in leaps and bounds to establish
their presence on the world map. With their stringent quality testing
procedures, state-of-the-art production units and the complete industrial
knowledge, they have marched ahead of their competitors across the globe.
Dealing into cotton bales, they have been growing as an eminent producer of all
types of cotton and supplying them to every nook and corner of the world. In
their journey towards success, they have grown on the goals of:
Hard work
Dedication
Sincerity
Righteousness
Their vision
Positive attitude
A
Social Commitment
A fast growing firm, they have been growing on the criteria of Fair Trade.
For the upliftment and growth of the farmers in India, they often organize
different welfare programs. Considering it as a social responsibility, they are
also trying to open education centers in different villages.
They also give the 3% of their net income to various NGO''s who are engaged in
rendering their services for the farmers. Aimed at giving a better future to
the farmers and families, they are also guiding the farmers in their
sustainable growth.
Products
With the growing needs and demands of the customers, they have excelled in
manufacturing different types of cotton products. Leveraging on their ginning and
pressing processes, they have come up with the best quality cotton to their
clients across. They also offer a range of food products that are packed and
supplied into the market. Their full range includes:
Cotton Products
Cotton
Cotton Yarn
Cotton Seed Cake
Cotton Seed
Quality
Quality has always been a priority for us. Adopting latest production
techniques, they have come up with cotton and yarns that are of high quality.
They have a team of quality experts who keep a close watch on the entire
production process. The cotton used as basic raw material is procured from
reliable farmers. Over the past 25 years, they have been sourcing most of their
cotton from these farmers who supply us with only best quality cotton.
Once the cotton reaches their unit, they are sent for production process. Any
lot of cotton with inferior quality is subject to immediate rejection. From the
first stage of production to the last one of pressing and packing of the
cotton, all the processes are streamlined towards giving the best quality
products to the clients.
Their
Manufacturing Process
Equipped with the latest machines and technology, they have been successfully
carrying all their processes efficiently. They are empowered with their seven
ginning and pressing units that have a production capacity of around 2500 bales
per day. Their manufacturing process begins with:
Sourcing of cotton from farmers
- they procure their cotton from 85000 farmers.
Picking of contamination from these cotton
Hipping of cotton
Picking of contamination again
Pre cleaning
Ginning
Post cleaning of lint
Picking of contamination
Pressing
Packing of cotton
The process of picking of contamination is repeated after almost every stage.
This helps in offering the clients with pure and better quality cotton and
cotton yarn to their clients.
Packaging
Offering a wide variety of products, they pack them in best quality packaging
materials. The incorporation of superior packaging techniques has helped us to
supply their products in safe conditions. Their packaging team ensures that all
their products are safely packed in clean and hygienic conditions. They are
also capable of customizing their products in packagings as per the clients''
specifications.
Distribution Network
For the efficient distribution of their products, they also have with us
services of experienced representatives spread over in different cities. Some
of the cities they are present in include:
Silliod
Majalgaon
Georai
Chalisagaon
Sonpeth
Selu
Sendhwa
Their
Warehouse
They
have a well built warehouse that is capable of storing the different products.
Capacious and clean, their warehouse can store a large number of products at
the same time. They have divided their unit into different sections that helps
in storing the products in an organized manner.
To avoid any kind of damage to their products, they have fitted temperature
controllers and also ensure that daily checks are carried out by warehousing
experts. A proper inventory also enables us to keep a track of the exact amount
of the products supplied and stored in their warehouse.
Clients
Creating
wider markets for ourselves through their high quality products, they are a
trusted name in the industry of cotton and other food products. Through their
quality centric approach and infrastructural facilities, they have grown to
become Asia'' biggest ginner. Their transparent deals, adherence to their
business code of conduct and social responsibility has been recognized and
appreciated by their clients worldwide. Over the years, they have been
supplying their wide range of cotton, cotton seed cake, cotton seeds and cotton
yarn to different clients spread in every nook and corner of the world.
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 Intl
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 companys 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.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SCs 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. |
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 |
|