MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
Note:
The correct name of the company is Kokila Cotton Export Private Limited.
IDENTIFICATION DETAILS
|
Name : |
KOKILA COTTON EXPORT PRIVATE LIMITED |
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Registered
Office : |
Kokila House, 6, New Karnavati Society, B/H. Lal Bunglows, Off |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.09.2007 |
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Com. Reg. No.: |
04-051686 |
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CIN No.: [Company Identification
No.] |
U01405GJ2007PTC051686 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMK04129G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Raw Cotton and Castor Oil. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 74000 |
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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 an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
|
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 : |
Kokila House, 6, New Karnavati Society, B/H. Lal Bunglows, Off |
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Tel. No.: |
91-79-26409099/ 26409199 |
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Fax No.: |
91-79-26409192 |
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E-Mail : |
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Website : |
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Manufacturing Plants : |
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DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Alpeshkumar Prahladbhai Patel |
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Designation : |
Director |
|
Address : |
7, Rajeshwari Society, Vijapur, Vijapur – 382 870, |
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Date of Birth/Age : |
27.07.1979 |
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Date of Appointment : |
07.09.2007 |
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DIN No.: |
01005300 |
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Name : |
Mr. Prahladbhai Ishwardas Patel |
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Designation : |
Director |
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Address : |
7, Rajeshwari Society, Vijapur, Vijapur – 382 870, |
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Date of Birth/Age : |
01.06.1949 |
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Date of Appointment : |
07.09.2007 |
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DIN No.: |
00516345 |
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Name : |
Mr. Navnitkumar Prahladbhai Patel |
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Designation : |
Director |
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Address : |
7, Rajeshwari Society, Vijapur, Vijapur – 382 870, |
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Date of Birth/Age : |
24.04.1977 |
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Date of Appointment : |
07.09.2007 |
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DIN No.: |
00515528 |
KEY EXECUTIVES
|
Name : |
Mr. Navneet Patel |
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Designation : |
Chief Executive Officer |
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Name : |
Kiran Patel |
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Designation : |
Vice President (International Business) |
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Name : |
Mr. Dushyant Patel |
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Designation : |
Vice President (Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Alpeshbhai P. Patel |
|
260000 |
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Navnitbhai P. Patel |
|
360000 |
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|
260000 |
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|
17400 |
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Amitaben N. Patel |
|
12900 |
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17300 |
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Girishkumar G. Patel |
|
21800 |
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Gitaben S. Patel |
|
17800 |
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Givanlal V. Patel |
|
17700 |
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Jayantilal G. Patel |
|
17900 |
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Nikunjkumar A. Patel |
|
18300 |
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Niruben K. Patel |
|
17900 |
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Niyantkumar A. Patel |
|
17900 |
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Sureshkumar Ambalal Patel |
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22300 |
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Sureshkumar Givanlal Patel |
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17600 |
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Sureshkumar Ishwarlal Patel |
|
17700 |
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Vikrambhai B. Patel |
|
17900 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Raw Cotton and Castor Oil. |
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Products : |
» Raw Cotton » Castor Oil » Peanut (In
Process) » Sesame Seed (In
Process) » Soybean (In
Process) » Rape Seed / Mustard Seed (In Process) » Rice (In
Process) » Spices (In
Process) » Pluses (In
Process) |
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 : |
Vasant S. Patel Chartered Accountants |
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Address : |
Behind Modi Market, Near Jawahar Society, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1560000 |
Equity Shares |
Rs.10/- each |
Rs.15.600
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
15.600 |
0.300 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.900 |
1.288 |
0.450 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.500 |
1.588 |
0.750 |
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LOAN FUNDS |
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|
1] Secured Loans |
0.225 |
0.386 |
0.000 |
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2] Unsecured Loans |
65.066 |
1.383 |
0.000 |
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TOTAL BORROWING |
65.291 |
1.769 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
83.791 |
3.357 |
0.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.701 |
0.873 |
0.028 |
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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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|
|
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Inventories |
7.201
|
4.813 |
0.000 |
|
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Sundry Debtors |
95.737
|
50.862 |
1.234 |
|
|
Cash & Bank Balances |
1.681
|
1.711 |
0.361 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.708
|
7.454 |
0.212 |
|
Total
Current Assets |
108.327
|
64.840 |
1.807 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.971
|
61.721 |
0.999 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.325
|
0.724 |
0.205 |
|
Total
Current Liabilities |
25.296
|
62.445 |
1.204 |
|
|
Net Current Assets |
83.031
|
2.395 |
0.603 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.059 |
0.089 |
0.119 |
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TOTAL |
83.791 |
3.357 |
0.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
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|
1343.356 |
286.403 |
8.083 |
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Other Income |
5.601 |
1.371 |
1.800 |
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TOTAL |
1348.957 |
287.774 |
9.883 |
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Less |
EXPENSES |
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|
|
|
|
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|
Cost of Goods Sold |
1331.141 |
281.942 |
8.029 |
|
|
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Directors Salary |
1.540 |
0.900 |
0.600 |
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|
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Salary to Employees |
0.859 |
0.516 |
0.332 |
|
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|
Office Rent Expenses |
0.293 |
0.084 |
0.057 |
|
|
|
Traveling Expenses |
0.510 |
0.301 |
0.147 |
|
|
|
Malkharajat Expenses |
0.115 |
0.083 |
0.000 |
|
|
|
Car Repairing Expenses |
0.168 |
0.043 |
0.000 |
|
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|
Diesel Expenses |
0.373 |
0.160 |
0.000 |
|
|
|
Gasadi Rate Difference Expenses |
7.380 |
0.340 |
0.000 |
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|
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Dealer Rate Difference Expenses |
1.351 |
0.000 |
0.000 |
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Other Expenses |
2.591 |
1.943 |
0.063 |
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TOTAL |
1346.321 |
286.312 |
9.228 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.636 |
1.462 |
0.655 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.266 |
0.190 |
0.003 |
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PROFIT BEFORE
TAX |
2.370 |
1.272 |
0.652 |
|
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|
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|
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Less |
TAX |
0.758 |
0.434 |
0.202 |
|
|
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|
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PROFIT AFTER TAX
|
1.612 |
0.838 |
0.450 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.288 |
0.450 |
0.000 |
|
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|
|
|
|
|
|
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BALANCE CARRIED
TO THE B/S |
2.900 |
1.288 |
0.450 |
|
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|
|
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|
|
|
Earnings Per Share
(Rs.) |
1.03
|
27.94 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.12
|
0.29 |
4.55 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.18
|
0.44 |
8.07 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.17
|
1.94 |
35.53 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.80 |
0.87 |
|
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|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.90
|
40.44 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.28
|
1.04 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 6, New Karnavati Co-Operative Housing Society, B/H. Lal Bunglow, Off C.G. Road, Navarangapura, Ahmedabad – 380 006, Gujarat to the present address w.e.f. 25.09.2009.
PERFOMANCE:
During the year,
inspite of keep competition prevailed in the market, the company has made Sales
of Cotton of Rs.1343.356 millions with marginal Profit.
|
Corporate
identity number of the company |
U01405GJ2007PTC051686 |
|
Name of the
company |
KOKILA COTTON EXPORT PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Kokila House, 6, New Karnavati Society, B/H. Lal Bunglows, Off E-Mail: cavspatel@yahoo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Others
(Hypothecation of stocks, movables and current assets) |
|
Particular of
charge holder |
State Bank of E-Mail: roopesh.gehlot@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
(a) Agreement of loan
cum hypothecation (SME-2), dated 11.10.2010. (b) Letter of
arrangement (SME-1), dated 11.10.2010. |
|
Date of
instrument Creating the charge |
11/10/2010 |
|
Amount secured by
the charge |
Rs.81.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ 4.25%
above the base rate (Base rate=7.50%) p.a., Present effective rate 11.75%
p.a. calculated on daily products at monthly rests. Terms of Repayment: Repayable on
demand Margin: Stocks - 25% Domestic
receivable - 50% (Cover 90 days) Export packing
credit (EPC) - 10% of FOB value Extent and
Operation of the charge: The credit
facilities of Rs.81.500 millions secured by first charge against hypothecation
of all type of stocks, movables, Book debts/receivables and entire current
assets both present and future as continuing security for due repayment of
all monies including interest, costs, charges, expenses due/or payable by the
borrower to the Bank. Others: The credit
facilities secured as under : Cash credit
facilities - Rs.80.000 millions EPC/FBD/PCFC/EBR
(within above) - (Rs.50.000 millions) Credit exposure
limit to cover forward contract
of Rs.75.000 millions - Rs.150.000 millions making overall credit
facilities aggregate of Rs.81.500 millions. |
|
Short particulars
of the property charged |
Hypothecation of
all type of stocks, movables, Book debts/receivables and entire current
assets both present and future of the company |
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.45.81 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 |
2 |
|
--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 |
|
27 |
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.