MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED |
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Registered Office : |
125, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.12.1939 |
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Com. Reg. No.: |
11-3046 |
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CIN No.: [Company
Identification No.] |
U51900MH1939PTC003046 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10333B |
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PAN No.: [Permanent
Account No.] |
AAACC2925K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subejct is a
commodity trading house involved in domestic trading of cotton as well as
import-export division. |
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 570000 |
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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 oldest commodity traders from India. Trade relations are
fair. Available information indicates high financial responsibility of the company.
Trade relations are fair. Payments are correct and as per commitments. The company can be considered good for 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 : |
125, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India |
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Tel. No.: |
91-22-22843758 |
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Fax No.: |
91-22-22048801 |
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E-Mail : |
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Corporate Office : |
60 Maker Chambers III, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22843758 |
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Fax No.: |
91-22-22048801 |
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Branch Office: |
66 Maker Chambers 111, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22843758 |
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Fax No.: |
91-22-22048801 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Harshad Chhotalal Sheth |
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Designation : |
Director |
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Address : |
7A, Geetanjali Co-op. Housing Society Limited, Navroji Gamadia Cross
Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
10.08.1942 |
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Date of Appointment : |
29.08.1969 |
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Name : |
Mr. Bakulesh Chhotalal Sheth |
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Designation : |
Director |
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Address : |
7E Sundatta Apartment, 10A Mount Pleasant Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
14.01.1946 |
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Date of Appointment : |
01.01.1979 |
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Name : |
Mr. Mahendra Chhotalal Sheth |
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Designation : |
Director |
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Address : |
51, Shivtrith No.1, 4/6 Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
22.12.1948 |
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Date of Appointment : |
07.03.1986 |
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Name : |
Mr. Dhiren Narendra Sheth |
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Designation : |
Director |
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Address : |
101, Khatau Condominium, 15-A, J. Mehta Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
03.12.1967 |
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Date of Appointment : |
01.02.1992 |
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Name : |
Mr. Manish Narendra Sheth |
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Designation : |
Director |
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Address : |
101, Khatau Condominium, 15-A, J. Mehta Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
25.05.1969 |
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Date of Appointment : |
01.08.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
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Narendra Chhotalal Sheth |
3808 |
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Harshad Chhotalal Sheth |
2352 |
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Bakulesh Chhotalal Sheth |
1696 |
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Mahendra Chhotalal Sheth |
2144 |
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Bhanumati Amidas Sheth |
384 |
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Usha Narendra Sheth |
1264 |
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Rekha Harshad Sheth |
928 |
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Harsha Bakulesh Sheth |
608 |
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Kanan Mahendra Sheth |
160 |
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Sandip Narendra Sheth |
1488 |
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Manish Narendra Sheth |
1216 |
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Dhiren Narendra Sheth |
1328 |
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Sushant Narendra Sheth |
704 |
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N. C. Sheth HUF |
640 |
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H. C. Sheth HUF |
1040 |
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B. C. Sheth HUF |
1040 |
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M. C. Sheth HUF |
704 |
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Galiakot Containers Limited |
320 |
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Bhanumati A Sheth |
1856 |
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C. J. Sheth HUF |
320 |
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Total |
24000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
|
Category |
Percentage |
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Bodies corporate |
1.33 |
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Directors or relatives of directors |
98.67 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subejct is a
commodity trading house involved in domestic trading of cotton as well as
import-export division. |
GENERAL
INFORMATION
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Bankers : |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400 023, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A. W. Ketkar and Company Chartered Accountants |
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Address : |
V. N. Purav Marg, Chunabhatti, Mumbai – 400 022, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000 |
Equity Shares |
Rs.100/- each |
Rs.2.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.400 |
2.400 |
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2] Share Application Money |
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0.000 |
0.00 |
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3] Reserves & Surplus |
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110.898 |
91.369 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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113.298 |
93.769 |
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LOAN FUNDS |
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1] Secured Loans |
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22.370 |
2.502 |
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2] Unsecured Loans |
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15.662 |
28.637 |
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TOTAL BORROWING |
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38.032 |
31.139 |
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DEFERRED TAX LIABILITIES |
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0.779 |
1.029 |
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TOTAL |
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152.109 |
125.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.457 |
8.601 |
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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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8.332 |
5.641 |
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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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144.831 |
31.632 |
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Sundry Debtors |
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322.574 |
51.637 |
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Cash & Bank Balances |
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4.059 |
68.346 |
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Other Current Assets |
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179.226 |
130.142 |
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Loans & Advances |
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0.037 |
0.097 |
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Total
Current Assets |
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650.727 |
281.854 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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456.984 |
122.295 |
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Provisions |
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57.423 |
47.864 |
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Total
Current Liabilities |
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514.407 |
170.159 |
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Net Current Assets |
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136.320 |
111.695 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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152.109 |
125.937 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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4.88 |
2.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.27 |
1.66 |
LOCAL AGENCY FURTHER
INFORMATION
Form No. 8
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Name of the company |
C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED |
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Presented By |
Union Bank of
India, Mumbai samachar
Branch, Mumbai |
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1) Date and description of instrument creating the change |
Hypothecation (Goods)
Agreement dated 9th June, 1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
By way of
hypothecation of stock of goods i.e. raw materials of every kind used for
their manufacturing activity, including atores, spares parts etc. imported
under L/C opened by the Bank and stored and/or lying in their premises at
Mumbai or wherever else may be including stocks in the course of transit from
docks to Company premises/godown and/or lying with their aganta/agencies. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as may be
applicable from time to time. Margin : 10% +
15%. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400 023, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
Agreement of Goods and Debts (SD-06) Dated: 5th May, 2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge dated 9th June, 1998 for Rs.5.000 millions has been
modified from time to time as under :-
Stocks of raw
cotton, cotton bales, almonds and moveable property of any kind now or at any
time hereafter belonging to or at the disposal of the Borrower and which
hereafter may from time to time be brought into or stored or be in or about
the Borrower’s premises or godowns at Kalamboli, JNPT, Akola, Jalna etc. or
wherever else they may be including any of the said goods with any of the
borrower’s agents or at any of the Borrower’s agencies or in course of by the
ship, rail or otherwise, and The Borrower’s
book-debts, outstandings, monies, deposits, receivables, claims and bills,
contracts, securities, investments which are now due and owing or which may
at any time hereafter during the continuance of this security becoming due
and owing to the Borrower in the course of its business by any person or
party including any Government or any local or public body or authority. Margin : 25% |
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Corporate
identity number of the company |
U51900MH1939PTC003046 |
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Name of the
company |
C A GALIAKOTWALA AND COMPANY PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Fort, Mumbai – 400 023, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400 023, Maharashtra, India |
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Amount secured by
the charge |
Rs.37.500
millions |
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Particulars of
the property charged |
Purchase from or negotiate
a bill or bills of exchange drawn or accepted or endorsed against goods and /
or merchandise or shipping or other documents and /or hold such or any other
bills of exchange and / or documents for collection on the borrower’s account
under lien to the Bank. |
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Brief description
of the instrument modifying the charge under section 135 |
Letter of
Hypothecation |
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Date of
instrument modifying the charge |
25.07.2006 |
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
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PAID-UP CAPITAL |
1~10 |
9 |
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OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
76 |
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 |
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