MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
GILL AND COMPANY PRIVATE LIMITED |
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Registered Office : |
2nd Floor, NTC House N M Marg, Ballard Estate, P. O. Box
No.86, Mumbai – 400001, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.02.1947 |
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Com. Reg. No.: |
11-005589 |
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CIN No.: [Company
Identification No.] |
U51491MH1947PTC005589 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08500C |
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PAN No.: [Permanent
Account No.] |
AAACG3743M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters of Cotton |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 1500000 |
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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 old and well established company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. the company 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 |
LOCATIONS
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Registered Office : |
2nd Floor, NTC House Mobariee Marg, Ballard Estate, P. O.
Box No.86, Mumbai-400001, |
|
Tel. No.: |
91-22-22615001/2/3/4 |
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Fax No.: |
91-22-22655069/ 22620598 |
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E-Mail : |
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Website : |
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Branch Office : |
Located
At:
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kantilal Virchand Shah |
|
Designation : |
Chairman and Managing Director |
|
Address : |
23, |
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Date of Birth/Age : |
10.04.1933 |
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Date of Appointment : |
01.02.1972 |
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Name : |
Mr. Jayant Bhogilal Shah |
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Designation : |
Director |
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Address : |
15, |
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Date of Birth/Age : |
18.11.1947 |
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Date of Appointment : |
27.02.1990 |
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Name : |
Mrs. Rupa Dhirajlal Shah |
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Designation : |
Director |
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Address : |
Yazad-E-Khursheed, Ground Floor, |
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Date of Birth/Age : |
04.06.1971 |
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Date of Appointment : |
23.09.2000 |
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Name : |
Mr. Mohit Dhirajlal Shah |
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Designation : |
Director |
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Address : |
Yazad-E-Khursheed, Ground Floor, |
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Date of Birth/Age : |
15.09.1974 |
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Date of Appointment : |
11.11.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Peter Rigby |
|
143 |
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William Rigby |
|
142 |
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Kiran Shah |
|
118 |
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Rupa Dhirajlal Shah |
|
1550 |
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Rupa Dhirajlal Shah and Kiran D. Shah |
|
60 |
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Mohit Dhirajlal Shah and Kiran D. Shah |
|
62 |
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Kiran D. Shah and Dhirajlal V. Shah |
|
7 |
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Kiran D. Shah and Rupa Dhirajlal Shah |
|
54 |
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Mohit Dhirajlal Shah and Kiran D. Shah |
|
54 |
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Rupa Dhirajlal Shah and Mohit Dhirajlal Shah |
|
61 |
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Kiran D. Shah and Mohit Dhirajlal Shah |
|
37 |
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Kantilal V. Shah Karta HUF |
|
30 |
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Mohit Dhirajlal Shah |
|
2597 |
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Rupa Dhirajlal Shah and Mohit Dhirajlal Shah |
|
37 |
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|
|
10 |
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Javerben K. Shah |
|
887 |
|
Krishnakumari S. Shah |
|
100 |
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428 |
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Jayant B. Shah and Malti J. Shah |
|
1132 |
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Suresh Bhogilal Shah |
|
205 |
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Laxmibai V. Shah and Dhirajlal V. Shah |
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2 |
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Suresh Bhogilal Shah and Daksha S. Shah |
|
61 |
|
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|
1 |
|
Devika D. Jaitha and |
|
557 |
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Devika D. Jaitha and Bharti S. Shah |
|
78 |
|
|
|
78 |
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Bharti S. Shah and Devika D. Jaitha |
|
79 |
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Suresh Bhogilal Shah |
|
6 |
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Jayakunvari M. Shah and Harish M. Shah |
|
379 |
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Kusum Manilal Shah and jayakunvari Manilal Shah |
|
120 |
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Harish M. Shah and Usha Harish Shah |
|
600 |
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Jayakunvari M. Shah and Harish M. Shah |
|
145 |
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Jayant B. Shah |
|
1490 |
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T. Kannan |
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1 |
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Rishabh J. Shah |
|
1770 |
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Kantilal V. Shah |
|
4679 |
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Julie Ramchand Masand |
|
96 |
|
Girdharilal Basholal Masand |
|
48 |
|
Shamdas bashomal Masand |
|
48 |
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Bharatlal Bashomal Masand |
|
48 |
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|
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Total |
|
18000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
4.92 |
|
Bodies
corporate |
|
2.38 |
|
Directors
or relatives of directors |
|
81.31 |
|
Other
top fifty shareholders |
|
11.39 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters of Cotton |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. S. Jhunjhunwala and Company Chartered Accountant |
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Address : |
306, Akruti Arcade Opposite, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000 |
Equity Shares |
Rs. 500/- each |
Rs.9.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000 |
Equity Shares |
Rs. 500/- each |
Rs.9.000 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000 |
Equity Shares |
Rs. 500/- each |
Rs.9.000 Millions |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000 |
Equity Shares |
Rs. 500/- each |
Rs.3.000 Millions |
|
12000 |
Equity Shares |
Rs. 250/- each |
Rs.3.000 Millions |
|
|
Total |
|
Rs.6.000
Millions |
Note: Of the above 2400 equity shares allotted as
fully paid up by way of bonus shares by capitalization of general reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.000 |
6.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
370.098 |
334.298 |
332.308 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
376.098 |
340.298 |
335.308 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1530.082 |
280.664 |
2239.959 |
|
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2] Unsecured Loans |
92.280 |
7.500 |
87.589 |
|
|
TOTAL BORROWING |
1622.362 |
288.164 |
2327.548 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1998.460 |
628.462 |
2662.856 |
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
133.565 |
147.228 |
34.350 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
20.288 |
38.260 |
134.590 |
|
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DEFERREX TAX ASSETS |
1.510 |
1.096 |
2.659 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
677.436
|
61.074 |
1620.089
|
|
|
Sundry Debtors |
1004.378
|
167.679 |
1136.104
|
|
|
Cash & Bank Balances |
16.531
|
29.447 |
100.996
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
510.950
|
375.804 |
497.074
|
|
Total
Current Assets |
2209.295
|
634.004 |
3354.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
118.758
|
2.872 |
|
|
|
Other Current Liabilities |
135.103
|
84.972 |
760.766
|
|
|
Provisions |
112.337
|
104.282 |
102.240
|
|
Total
Current Liabilities |
366.198
|
192.126 |
863.006
|
|
|
Net Current Assets |
1843.097
|
441.878 |
2491.257
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1998.460 |
628.462 |
2662.856 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
9392.247 |
3851.667 |
8421.751 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
61.541 |
12.871 |
86.212 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
16.010 |
6.808 |
5.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
45.531 |
6.063 |
80.435 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.333 |
6.517 |
28.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
37.198 |
(0.454) |
52.322 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
278.863 |
279.873 |
233.553 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.720 |
0.000 |
5.300 |
|
|
|
Dividend |
0.199 |
0.081 |
0.102 |
|
|
|
Tax on Dividend |
1.200 |
0.475 |
0.600 |
|
|
BALANCE CARRIED
TO THE B/S |
310.942 |
278.863 |
279.873 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Cotton Export |
7379.048 |
2883.866 |
NA |
|
|
|
FOB Value of Sugar Export |
0.000 |
76.641 |
NA |
|
|
TOTAL EARNINGS |
7379.048 |
2960.507 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
24.078 |
123.299 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2066 |
(25.22) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.40
|
(0.01) |
0.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.94
|
0.78 |
2.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.02 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.29
|
1.41 |
9.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.03
|
3.30 |
3.89 |
LOCAL AGENCY FURTHER INFORMATION
Year Under
Prospectus:
Global melt down and financial crisis heavily effected the export
business of the company during the year However, the Commodity department has
done fairly well with imports of 31000 Tons of import from
The biggest achievement was the Company negotiated successfully to gel
the agency of ECT Technologies from
Sugar:
In view of better carry over for the year 2009-10 and much bigger
estimate of sugar crop of 2010-11, there is no import or export of sugar.
However, there is a possibility that in the future it might open up and the
Company has the market set up with
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51491MH1947PTC005589 |
|
Name of the
company |
GILL AND COMPANY
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, NTC House Mobariee Marg, Ballard Estate, P. O.
Box No.86, Mumbai-400001, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
|
Particular of
charge holder |
Union Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Instrument
Creating the Charge:- 1. Composite
Hypothecation Deeds |
|
Date of
instrument Creating the charge |
10.02.2010 |
|
Amount secured by
the charge |
Rs.445.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
at BPLR - 2.25% i.e. Presently at 9.50% In FCTL rate of
interest BPLR - 2.25% LIBOR +300 basis points with 6 monthly rest. Terms of
Repayment Cash Credit and
Term Loan Payable on Demand Margin Cash Credit
(Against Hypo. Of Stock and BDs) at 20% on stocks and 30% BDs. Term Loan (
Against Hypo. of New Plant and
Machineries) at 25% on P and M and 35.23% towards total cost of
project Extent and
Operation of the charge Charge operate
over the properties (more Specifically given in PARA 15 (i) and (ii) of this
Form), in favour of union bank of India, SME Branch - Rajkot, to secured the
repayment of overall finance facilities of Rs. 445.000 Millions (Consisting
cash Credit of Rs.370.000 Millions and term Loan Rs. 75.000 Millions) and
payment of interest, costs and other charges as may be payable from time to
time bank. Others Regularly
submission of stock and BDs statement Secured
Properties Should be fully Insured |
|
Short particulars
of the property charged |
I)
Hypothecation
of Stocks, Books Debts and other movable properties situated at factory,
premise or gowdown of the company II)
Hypothecation
of plant and Machineries situated at
factory, unit or premises of the company III)
Immovable
property which is situated at Survey no. 85 Paiki Village Hadamtala Tehsil:
Kotada Sangani Dist: |
FIXED ASSETS:
- Residential
Flat
- Office
Premises
- Furniture and
Fixture
- Equipment
- Vehicles
- Computers
- Plant and
Machinery
- Electric
Installations
- Office
Renovation
- Electrical
Fitting
- Fire
Equipment
- Machinery
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
58 |
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.