MIRA
INFORM REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VIJAY COTTON AND FIBRE COMPANY |
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Registered
Office : |
Dhan Niwas Ground Floor, 180 Shradhanand Road, Vile Parle (East),
Mumbai-400057, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Year of
Establishment : |
1985 |
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Legal Form : |
Partnership concern with an unlimited liability of the partner. |
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Line of Business
: |
Trading and Exporting of Raw Cotton Belles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established partnership concern having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Prakash |
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Designation : |
Accountant |
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Contact No.: |
91-731-2565511 |
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Date : |
22.04.2011 |
LOCATIONS
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Registered Office : |
Dhan Niwas Ground Floor, 180 Shradhanand Road, Vile Parle (East), Mumbai-400057,
Maharashtra, India |
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Tel. No.: |
91-22-26181778 / 269181779 |
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Fax No.: |
91-22-26181777 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches : |
Indore “Aditya”, 1st
Floor, 209, Saket Main Road, Akola 101, Surya
Sankul, 1st Floor, Rajkot Flat no. 4, Maa
Chandrabhaga Apartments, Mundra Dream Flats, Plot No. - 26,27 and 28, Aurangabad Plot No.
25,Sector- F-1, N-4, CIDCO, Ahmadabad 301, Gala
Business Center - II, 3rd Floor |
PARTNERS
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Name : |
Mr. Vijay Shah |
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Designation : |
Partner |
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Name : |
Mr. Shantilal |
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Designation : |
Partner |
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Name : |
Mrs. Heena |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Prakash |
|
Designation : |
Accountant |
BUSINESS DETAILS
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Line of Business : |
Trading and Exporting of Raw Cotton Belles. |
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Exports : |
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Products : |
Raw Cotton |
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Countries : |
China Pakistan |
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Imports : |
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Products : |
Raw Cotton |
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Countries : |
USA |
GENERAL INFORMATION
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No. of Employees : |
40 (Approximately) |
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Bankers : |
HDFC Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Arvind and Company Chartered Accountant |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
-- |
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2009 |
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Sales Turnover |
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1010.000 |
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LOCAL AGENCY FURTHER INFORMATION
WEB SIDE DTAILES
PROFILE
Mr. Mulji Devji
Shah established
their parent firm KANTILAL SHANTILAL
BROS., in 1946. This firm
has completed 63 years (a rarity in
Indian cotton business) on 18-07-2009.
Their partner,
Mr. Shantilal Mulji Shah, joined
his father’s cotton business in 1953
and is in cotton
business for more than 55 years. He has
been office-bearer and committee member of
several cotton associations
and social organisations. He established his
own company
Subject in 1985. He, his son Mr. VIJAY SHANTILAL SHAH and his
daughter
Mrs. HINA CHETAN RATANI are partners in this family
owned company.
Their partner, Mr. VIJAY SHAH, the third generation of the
family, joined his father’s cotton
business in 1989.Mr. VIJAY SHAH
went through rigorous training in cotton,
including running Ginning and Pressing
factories in Gujarat and Madhya Pradesh. He
has successfully completed the integrated
course on Cotton Classification and
Testing conducted by the Central Institute
for Research on Cotton Technology, (Government
of India undertaking) Mumbai, India, in
1992. Hehas completed with distinction the Cotton
Merchandising and Classification Course conducted
by The Memphis Cotton Exchange International
Cotton School, Memphis in 1994.
He was invited by the American
Cotton Shippers Association to
attend the cotton course at the International
Cotton Institute at Rhodes College, Memphis, which
he attended and completed in July, 2000.
Mr. VIJAY SHAH established his own
company, VIJAY PRATISTHAN in
1994.
They
are presently the Exclusive Agents
in India for Otto Stadtlander GMBH, Germany
and Agents for Paul Reinhart AG, Switzerland.
Their Head
Office is in Mumbai (Maharashtra) and their Administrative Office is
in Indore (Madhya Pradesh). They also have offices in Ahmadabad
(Gujarat), Rajkot (Gujarat), Gandhidham Gujarat), Akola (Maharashtra),
Aurangabad (Maharashtra) and Coimbatore (Tamil Nadu). They have
associates in Guntur (Andhra Pradesh), Sirsa (Haryana) and Fazilka
(Punjab).
With this
network, they are well-placed to offer any variety of cotton from India. They
handle Conventional, Organic and Fair Trade cotton of India.
They are known for their
integrity, honesty, good quality and good service in
cotton trade. They hope this will suffice their
Firm’s introduction and you will find it of
mutual interest and benefit to deal
with them.
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
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
47 |
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 |
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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 |
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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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.