MIRA INFORM REPORT

 

 

Report Date :

28.01.2011

 

IDENTIFICATION DETAILS

 

Name :

RUHATIYA SPINNERS PRIVATE LIMITED

 

 

Registered Office :

Kirana Bazar Akola, Mumbai – 444001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

08.04.1996

 

 

Com. Reg. No.:

11-098698

 

 

CIN No.:

[Company Identification No.]

U17110MH1996PTC098698

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

NGPR01706F

 

 

PAN No.:

[Permanent Account No.]

AAACR8029D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Yarn.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 130000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ajay Prakash Agarwal

Designation :

Director

Contact No.:

91-9823021276

Date :

25.01.2011

 

 

LOCATIONS

 

Registered Office :

Kirana Bazar Akola, Mumbai – 444001, Maharashtra, India

Tel. No.:

91-724-2430664 / 2430381 / 2430568

Fax No.:

91-724-2430604

E-Mail :

akl_cotton_1@sancharnet.in

cottonindia@cottonindia.com

Website :

http://www.cottonindia.com

Area :

3000 sq. ft.

Location :

Owned

 

 

Factory :

Near Geetanjali High School AT, Kaneheri Sarap, TA Barshitkli – 444400, India

Tel. No.:

91-7255-244376

 

 

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Ajayprakash Kaluram Agrawal

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

17.07.1969

Date of Appointment :

08.04.1996

 

 

Name :

Mr. Sanjayprakash Kaluram Ruhatiya

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

13.01.1966

Date of Appointment :

08.04.1996

 

 

Name :

Mr. Kaluram Ramakisan Ruhatiya

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

08.07.1931

Date of Appointment :

08.04.1996

 

 

Name :

Mr. Omprakash Kaluram Ruhatiya

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

11.12.1954

Date of Appointment :

08.04.1996

 

 

Name :

Mr. Shivprakash Kaluram Ruhatiya

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

10.01.1957

Date of Appointment :

08.04.1996

 

 

Name :

Mr. Shriprakash Kaluram Agrawal

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

12.06.1959

Date of Appointment :

08.04.1996

 

 

Name :

Mr. Vijayprakash Kaluram Agrawal

Designation :

Executive Director

Address :

New Radhakrishna Plots, Akola, India

Date of Birth/Age :

23.08.1961

Date of Appointment :

08.04.1996

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

Kaluram Ramakrishna Ruhatiya

 

3000

Omprakash Kaluram Rahutiya

 

3000

Shivprakash Kaluram Rahutiya

 

3000

Shriprakash Kaluram Agrawal

 

3000

Vijayprakash Kaluram Agrawal 

 

3000

Sanjayprakash Kaluram Rahutiya

 

3000

Ajayprakash Kaluram Agrawal

 

3000

Kaluram (HUF) Ramakisan Rahutiya

 

40000

SauNarmadadevi Kaluram Rahutiya

 

3000

 

 

 

Total

 

64000

 

AS ON 30.09.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

0.00

Bodies corporate

0.00

Directors or relatives of Directors

100.00

Other top fifty shareholders

0.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Yarn.

 

 

Terms :

 

Selling :

Cash, Credit  (30 days, 60 days, 90 days)

 

 

Purchasing :

Cash, Credit  (30 days, 60 days, 90 days)

 

PRODUCTION STATUS AS ON 31.03.2010

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

 

 

 

 

 

Cotton and Cotton Bales

Qtls.

N.A

 

29615.33

 

 

 

 

 

Cotton Yarn

Qtls.

N.A.

9120 Spindles and 400 Rotors

20836.06

 

 

 

 

 

Waste

Qtls.

N.A

 

6261.52

 

 

GENERAL INFORMATION

 

Suppliers :
  • Abhilasha Textiles
  • Arya Textiles
  • Baba Industries
  • Balkrishna Udyog
  • Bhargava Industries HUF
  • Jayshree Textile
  • M R Trading Company
  • Sanjay Industries
  • Shripad Industries
  • Tarun Textiles
  • Tuasa Yarn
  • Vishnu Cotton Mills Limited
  • S K Traders Bhniyadganji
  • Shiv Textiles
  • New Udta Textiles 

 

 

Customers :
  • End Users
  • OEM’s
  • Bajaj Containers
  • Balmukund Traders
  • Bipin C. Bhavsar
  • B. M. Chemicals
  • Chimanlal Nyalchand And Company
  • Deepak Kantilal Samdariya
  • Dineshkumar Sharma HUF
  • Balaji Brokers
  • Shree Chamunda  Textiles
  • Raunak Trading Company
  • Manoj Trading Company
  • Navnaath Enterprises
  • Krishna Enterprises

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :
  • Union Bank of India, Dhagekar Complex, Akola

 

 

Facilities :

 

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Secured Loan

(Loan against Hypothecation of stock and book debts)

 

 

From Union Bank of India

36.207

21.530

 

 

 

Total

36.207

21.530

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

M/s. Omprakash Shivprakash, Akola

0.182

0.000

 

 

 

Total

0.182

0.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.M. Agrawal and Associates

Chartered Accountant

Address :

1St  Floor, Nishant Towers, M.G. Road, Akola, Maharashtra, India

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1,25,000

Equity Shares

Rs.100/- each

Rs.12.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

64,000

Equity Shares

Rs.100/- each

Rs.6.400 Millions

 

 

 

 

 

 

 

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

6.400

6.400

6.400

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

28.002

25.791

24.430

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

34.402

32.191

30.830

LOAN FUNDS

 

 

 

1] Secured Loans

36.207

21.530

29.752

2] Unsecured Loans

0.182

0.000

5.235

TOTAL BORROWING

36.389

21.530

34.987

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

70.791

53.721

65.817

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

12.328

13.876

14.980

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

2.500

2.500

0.000

DEFERREX TAX ASSETS

0.823

0.743

0.639

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
36.848

20.602

36.485

 

Sundry Debtors
16.790

18.059

16.612

 

Cash & Bank Balances
2.908

0.511

0.397

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
9.755

8.092

5.982

Total Current Assets
66.301

47.264

59.476

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

6.381

6.083

3.517

 

Other Current Liabilities
2.055

2.106

3.066

 

Provisions
2.725

2.473

2.695

Total Current Liabilities
11.161

10.662

9.278

Net Current Assets
55.140

36.602

50.198

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

70.791

53.721

65.817

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

316.149

225.820

215.324

 

 

Other Income

0.550

4.092

0.000

 

 

TOTAL                                    

316.699

229.912

215.324

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

312.122

222.167

209.229

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

312.122

222.167

209.229

 

 

 

 

 

 

PROFIT BEFORE TAX                          

4.577

3.652

6.095

 

 

 

 

 

Less

TAX                                                                 

1.321

1.270

1.703

 

 

 

 

 

 

PROFIT AFTER TAX                            

3.256

2.382

4.392

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

0.230

1.348

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

50.88

37.22

68.63

 

 

Expected Sales (2010-2011) : Rs. 500.000 Millions

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.02

1.03

2.03

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.44

1.61

2.83

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.82

5.97

8.18

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.13

0.11

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.38

1.00

1.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
5.94

4.43

6.41

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors Details :

(Rs. In Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

Creditors for goods and expenses

6.381

6.083

3.517

 

 

 

 

Total

6.381

6.083

3.517

 

 

Trade References :

 

  • Soubhik Exports Limited
  • B.M. Chemicals
  • Vishnu Cotton Mills Limited

 

Form : 8

 

This form is for

Creation of charge

Corporate identity number of the company

U17110MH1996PTC098698

Name of the company

RUHATIYA SPINNERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Kirana Bazar, Akola, Mumbai – 444001, Maharashtra, India

Type of charge

Immovable property

Any interest in movable property

Particular of charge holder

Union Bank of India, Dhagekar Complex,, Station Road, Akola – 444001, Maharashtra, India

Nature of instrument creating charge

1. Memorandum of Deposit of Title Deeds (company) (AD-14)

Date of instrument Creating the charge

10/11/2008

Amount secured by the charge

Rs. 75.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest :

The rate of interest is 1.75% below Union Bank of India' s Prime lending rate other or such rates as may be prescribed by the bank from time to time with a minimum of 11.75% p.a. with monthly rest.

 

Terms of repayment :

The term loan of Rs. 75.000 millions is repayable in 72 monthly installments of Rs. 10,41,667/- + interest.

                   

Margin :

The borrower shall maintain margin of 50% on civil constructions and 25% on others

 

Extent and operation of the charge :

The charge extent to the loan amount together with interest, all other costs, charges and expenses and legal costs and operates immovable properties mentioned in the loan Agreement.

 

Other :

M/s Narmada Solvex Private Limited is taking total loan Rs. 325.000 millions includes Rs. 250.000 millions as cash Credit and Rs. 75.000 millions as term Loan for which Ruhatiya spinners Private Limited is providing properties, further The Memorandum of Deposit of Title Deeds (company) (AD-14) is for total loan i.e 2 facilities and the creation of charges for above two facilities have been filed separately filed thus amount mentioned in form is Rs. 75.000 millions ( Term Loan) only.

Short particulars of the property charged (Including location of the property)

Equitable mortgage by deposition of original title deed of following properties.

Land adm. 0H. 75R and 2H. 42R out of Gat No. 15 and 1H. 62R Out of Gat No. 16 total area 4H. 79 R situated at mauje Kanheri Sarap, Tq Barshitakli Dist. Akola together with building and other structures, fixed plant and machineries, constructed/erected or installed thereon( present and future) & more particularly described in the 12th Schedule of Memorandum.

 

Fixed Assets :

 

  • Land
  • Borewell
  • Building
  • Plant and Machinery
  • Fire Fighting equipments
  • Furniture and Fixtures
  • Weighing Scale
  • Computer
  • Scooter
  • Intercom
  • House at Shradha Nagar
  • Mobile Phone
  • Inverter
  • Land at Lchalkaranji
  • Fax

 

AS PER WEBSITE DETAILS :

 

Cottonindia.com is owned by “Ruhatiya Cotton and Metal Limited.” a group having vast experience and expertise in cotton, cotton yarn and spinning.   All the directors who are involved are highly qualified and having vast experience in cotton.  They are the leaders in this field having experience of over 35 years.  Apart from this there are honorary members on the board of directors representing various states of the country.  Their skills in predicting, forecasting and estimation of  cotton crop, prices, and consumption is fully and truly utilized.  

 

 

 

 

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 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. 45.57

UK Pound

1

Rs. 72.50

Euro

1

Rs. 62.46

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.