MIRA INFORM REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
DELIGHT COTTON PRIVATE LIMITED |
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Registered
Office : |
406, Corporate House, 169, R N T Marg, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.06.2007 |
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Com. Reg. No.: |
019638 |
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CIN No.: [Company Identification
No.] |
U01405MP2007PTC019638 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BPLD02983B |
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PAN No.: [Permanent Account No.] |
AACCD6667R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Ginning and Pressing of Raw Cotton |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 60276 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered business dealings at usual trade terms
an conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
406, Corporate House, 169, R N T Marg, |
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E-Mail : |
Note: Contact Numbers are not available
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Rohit Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj Gorani Compound, |
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Date of Appointment : |
02.11.2009 |
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Date of Ceasing: |
01.12.2009 |
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Name : |
Mr. Ashish Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj Gorani Compound, |
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Date of Appointment : |
26.06.2007 |
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Date of Ceasing: |
01.12.2009 |
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Name : |
Mr. Ashok Kumar Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj Gorani Compound, |
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Date of Appointment : |
26.06.2007 |
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Date of Ceasing: |
01.12.2009 |
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Name : |
Mr. Abhishek Kumar Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj Gorani Compound, |
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Date of Appointment : |
26.06.2007 |
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Date of Appointment : |
02.11.2009 |
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Name : |
Mr. Pawan Kumar Doshi |
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Designation : |
Director |
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Address : |
Bakaner The Manawar, Dhar, |
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Date of Appointment : |
26.06.2007 |
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Name : |
Ms. Rani Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj Gorani Compound, |
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Date of Appointment : |
02.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Ashik Kumar Doshi |
|
59000 |
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Pawan Kumar Doshi |
|
55250 |
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Rohit Doshi |
|
56500 |
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Ashish Doshi |
|
36500 |
|
Abhishek Kumar Doshi |
|
55250 |
|
Manju Doshi |
|
38750 |
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Rani Doshi |
|
38750 |
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Rahul Doshi |
|
45000 |
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Chhavi Doshi |
|
37500 |
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Shilpa Doshi |
|
35000 |
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Pooja Doshi |
|
36250 |
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Total |
|
493750 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Ginning and Pressing of Raw Cotton |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Maheshwari and Gupta Chartered Accountant |
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Address : |
312-314, Manas Bhavan Extention, |
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Tel No.: |
91-731-2525771-73 |
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Fax NO.: |
91-731-2525770 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
493750 |
Equity Shares |
Rs. 10 each |
Rs.4.937 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.937 |
0.200 |
0.200 |
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2] Share Application Money |
6.665 |
9.475 |
9.475 |
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3] Reserves & Surplus |
3.467 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.952) |
(0.411) |
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NETWORTH |
15.069 |
8.723 |
9.264 |
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LOAN FUNDS |
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1] Secured Loans |
18.317 |
10.102 |
0.00 |
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2] Unsecured Loans |
16.721 |
1.500 |
1.500 |
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TOTAL BORROWING |
35.038 |
11.602 |
1.500 |
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DEFERRED TAX LIABILITIES |
1.858 |
1.262 |
0.516 |
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TOTAL |
51.965 |
21.587 |
11.280 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.044 |
29.980 |
27.124 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.754
|
17.509 |
3.270 |
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Sundry Debtors |
44.178
|
26.142 |
0.000 |
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Cash & Bank Balances |
2.457
|
9.866 |
1.339 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.474
|
9.150 |
2.254 |
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Total
Current Assets |
57.863
|
62.667 |
6.863 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.184
|
60.858 |
22.474 |
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Other Current Liabilities |
8.780
|
10.272 |
0.365 |
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Provisions |
0.051
|
0.038 |
0.013 |
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Total
Current Liabilities |
35.015
|
71.168 |
22.852 |
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Net Current Assets |
22.847
|
(8.503) |
(15.989) |
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MISCELLANEOUS EXPENSES |
0.072 |
0.109 |
0.145 |
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TOTAL |
51.965 |
21.587 |
11.280 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL (A) |
156.192 |
NA |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.887 |
2.713 |
0.213 |
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Less |
FINANCIAL
EXPENSES (D) |
2.230 |
1.154 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.657 |
1.559 |
0.213 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.329 |
1.316 |
0.095 |
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PROFIT/LOSS
BEFORE TAX (E-F) (G) |
0.328 |
0.243 |
0.118 |
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Less |
TAX (H) |
0.647 |
0.783 |
0.529 |
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PROFIT/LOSS
AFTER TAX (G-H) (I) |
(0.319) |
(0.540) |
(0.411) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.38
|
0.26 |
0.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.65
|
9.49 |
2.63 |
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Current Ratio (Current Asset/Current Liability) |
|
1.65
|
0.88 |
0.30 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from 202,
Kuber House, 162, Kanchan Bagh,
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U01405MP2007PTC019638 |
|
Name of the
company |
DELIGHT COTTON
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
202, Kuber House,
162, Kanchan Bagh, |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
BANK OF |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Cum
Loan Agreement Dated 02.08.2008 |
|
Date of
instrument Creating the charge |
02/08/2008 |
|
Amount secured by
the charge |
Rs.57.500
Millions |
|
Short particulars
of the property charged |
Hypothecation of Plant
and Machinery. Equitable Morgage of Factory Land and Building Area 1.087
Hectars In The Name of The Company At Sr. No. 35/2/2 Village and Tehsil
Dharampuri, Dist. Dhar (M.P). First Charge On Entire Current Assets of The
Company. Total Exposure Of Rs.57.500 Millions Included Rs. 17.500 Millions of
Term Loan and Rs.40.000 Millions For C.C.Limit (In Rs.40.000 Millions Sub
Limit Of L.C. Limit Is Of Rs.32.500 Millions) |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electrical Installations
- D G Set
- Vehicles
- Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
|
28 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.