MIRA
INFORM REPORT
|
Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VAIBHAV LAXMI INDUSTRIES |
|
|
|
|
Registered Office : |
Kalyanpura
Road, Nani Kadi, Kadi, Taluka - Kadi, District - Mehsana, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMV01948C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABFV1985C |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Cotton Bales. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. The concern can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Kalyanpura
Road, Nani Kadi, Kadi, Taluka - Kadi, District - Mehsana, Gujarat, India |
|
Tel. No.: |
91-2764-263737/ 263738/ 242678 |
|
Mobile No.: |
91 - 9825082444 |
|
Fax No.: |
91-2764-242112 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
32822 sq. meters |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Vinodbhai Patel |
|
Designation : |
Partner |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
Graduate |
|
Experience : |
20 Years |
|
|
|
|
Name : |
Mr. Niranjan Patel |
|
Designation : |
Partner |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
Graduate |
|
Experience : |
10 Years |
|
|
|
|
Name : |
Mr. Rameshbhai Patel |
|
Designation : |
Partner |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Graduate |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Ashish R Patel |
|
Designation : |
Partner |
|
Date of Birth/Age : |
29 Years |
|
Qualification : |
Graduate |
|
Experience : |
9 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton Bales. |
|
|
|
|
Products : |
* Cotton
Bales |
|
|
|
|
Exports : |
|
|
Products : |
Cotton Bales |
|
Countries : |
China, Pakistan |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Cash basis |
|
|
|
|
Purchasing : |
L/C and Cash basis |
GENERAL
INFORMATION
|
Customers : |
* End Users |
|
|
|
|
No. of Employees : |
Around 200 |
|
|
|
|
Bankers : |
HDFC Bank Limited, Kadi Branch, Mehsana, Gujarat, India State Bank of India, Kadi Branch, Mehsana, Gujarat, India Kadi Nagrik Sahakari Bank, Kadi Branch, Mehsana, Gujarat, India |
|
|
|
|
Facilities : |
The concern enjoys cash credit facilities of Rs. 60.000 millions from
State Bank of India. |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
B Shah and Associates Chartered Accountants |
|
Address : |
Kadi, Mehsana, Gujarat, India |
|
Tel. No.: |
91-2764-263979 |
|
|
|
|
Sister Concerns : |
Vaibhav Industries Nani Kadi, Mehsana, Gujarat, India n Line of Business:
Manufacturing and Export of Cotton Bales Raja Industries Nandasan Road, Kadi, Mehsana, Gujarat, India n Line of
Business: Manufacturing and Export of Cotton Bales |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 50.000 millions |
|
Borrowed : |
Nil |
|
Total : |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
630.000 |
660.000 |
|
|
|
|
|
Expected Sales (2007-08) : Rs. 700.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
*
Poonamchand Devchand Cotton Department
*
Mittatax Export Private Limited
*
Dwarkadas Cotton Company
As Per Website:
Subject manufacturer
and supplier of cotton bales since 1970’s Vaibhav Laxmi Industries bales manufacturing concern located at northern part of Gujarat, India.
The concern is engaged in manufacture
of high quality cotton bales.
Rasing the bar on
quality their concern is distinctive for maintaining high
standards of quality cotton. Division is staffed with experienced professionals
who understands quality maintain very well.
Profile
Having an experience
of 35 years in cotton their grand father opened the doors of partnership firm
at that time which is going on smoothly right now.
The partners decided
to focus on cotton without having any knowledge in this firm any how they
started to build this business by serving and manufacturing cottons like S / 6
and V- 797 respectively.
As time went on the graph of the concern
went grew up. In 1980’s they
build factories known as Patel oil mill, Prabhat oil mill, Prakash Oil
Mill,in 1990’s Bhagyoday Ginning and Pressing Factory and after that Raja
industries, D.Raja, P.Raja, Patel cotton, Vaibhavlaxmi Industries, Vaibhav
Industries, one after another they have a chain of factories and altogether
they manufacture about 3.75 lacks (55000 tons) raw cotton bales. daily they
manufacture 2100 bales (450 tons) with a very good quality.. It is well known
that work is worship and work is success.
Manufacturing Facilities
In early stage or
before couple of years running of machines got to be a headache as many more
workers were needed and moreover less production and high power and expenditure.
Now the time has been changed and modernization has arrived in every field of
production and manufacturing. Latest Technology of machines have been updated
recently. They have equipped with the
latest technology of modern automatic machinery systems approved by TMC
(technology mission of cotton) Their
aim is to offer excellent quality of cotton having Cleanliness, High
maturity, Homogeneity, Luster as well, In their manufacturing system they
have three processes.
1) The concern has a experts of 15 people who purchases the
cotton around 400 Miles away directly from the farmers for maintaining good
quality as per need. It is their responsibility to check the seed cotton
properly before loading because it is very important, as this is the base of quality.
The seed cotton is stored under a huge shed to protect it from direct sunlight,
rains, and ets.
2) Beginning with the feeding system cotton
enters the gin house by automatic operated suction pipe. The suction pipe
delivers the seed cotton from the shed where cotton is stored in hugebulk, to
the gin plant. When the suction system are used the cotton is moved by air
through Pneumatic feed control. The module feeder breaks up and automatically
feeds cotton through stone collector and Pre-cleaner into the gin house. The
work of stone collector is to collect tiny stones, pebbles and Pre-cleaner
cleans unmatured cotton as well as bulky trash, leaves, stems, smoothly.
Now in the gin house after ginning process is completed the cotton lint and
cotton seeds are separated and the lint passes out through pneumatic system to
the Post-cleaner in which small impurities, dust particles, small fibers are
carried out and cotton becomes free from uncontamination. Seeds and trash are
discharged into separate conveyors below the floor units.
3 ) Through pneumatic the lint moves by air from
the gin to the centrifugal lint cleaner where trash is removed by centrefugal
force. lint is then moved by air to single lint cleaner for final cleaning. it
is taken to the press and after the pressing is completed the bale is tightened
and covered fully with cloth, after then the bale is weighed and kept in the
hall safely.
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.39.27 |
|
UK Pound |
1 |
Rs.77.01 |
|
Euro |
1 |
Rs.58.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|