MIRA
INFORM REPORT
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Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
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Name : |
CHANDAN GINNING AND PRESSING FACTORY PRIVATE LIMITED |
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Registered
Office : |
Opposite Railway Station, Manavadar, District Junagadh – 362 630, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.12.1995 |
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Com. Reg. No.: |
04-028337 |
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CIN No.: [Company Identification
No.] |
U17119GJ1995PTC028337 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer 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 24000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 but correct. The company can be considered for business dealings with some caution.
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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
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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 : |
Opposite Railway Station, Manavadar, District Junagadh – 362 630, |
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Tel. No.: |
91-2874-221488 |
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E-Mail : |
DIRECTORS
As on 11.09.2010
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Name : |
Mr. Narendrakumar Laxmanbhai Savsani |
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Designation : |
Director |
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Address : |
“Samarpan”, Gandhi Chowk, Manavadar, Junagadh - 362 630, |
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Date of Appointment : |
06.12.1995 |
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DIN No.: |
00114693 |
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Name : |
Mr. Abhishek Narendrakumar Savsani |
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Designation : |
Whole Time Director |
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Address : |
“Samarpan”, Gandhi Chowk, Manavadar, Junagadh - 362 630, |
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Date of Birth/Age : |
12.05.1983 |
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Date of Appointment : |
15.09.2007 |
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DIN No.: |
01585001 |
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Name : |
Mr. Bharatkumar Mohanbhai Savsani |
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Designation : |
Director |
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Address : |
Station Road, Manavadar, Junagadh - 362 630, |
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Date of Appointment : |
06.12.1995 |
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DIN No.: |
00372481 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Narendr Savsani |
|
5480 |
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Anilkumar Savsani |
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2000 |
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Bharatkumar Savsani |
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2680 |
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Hetalben Savsani |
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1000 |
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Mohanbhai Savsani |
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3500 |
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Jayaben Savsani |
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300 |
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Manoramaben Savsani |
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250 |
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Vandanaben Savsani |
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500 |
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Abhishek Savsani |
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1500 |
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Birjukumar Savsani |
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10 |
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Jitkumar Savsani |
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20 |
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Kashyap Savsani |
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20 |
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Ansuyaben Savsani |
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1250 |
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Shitalben Savsani |
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700 |
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Ramaben Savsani |
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250 |
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Priyanka Savsani |
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540 |
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Total
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20000 |
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Raw Cotton. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
Installed Capacity
– 235800 Unit per annum
Unit = 20 Kgs.
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Particulars |
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Actual
Production Unit |
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Rute |
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59460 |
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Cotton Seeds |
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107975 |
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GENERAL INFORMATION
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Bankers : |
State Bank of
Saurashtra, Gandhi Chowk, Manavadar – 362 630, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.H. Santoki and Company Chartered Accountants |
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Address : |
Sabri Mension, Vanthali Gate, Junagadh – 362 001, |
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Tel. No.: |
2650431 |
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E-Mail : |
CAPITAL STRUCTURE
As on 11.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
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Out of which
20,000 Equity Shares allotted to the Partners of Chandan Ginning and Pressing
Factory, Manavadar, which converted into Joint Stock Company on the basis of Capital
of Partners in their respective Profit Sharing Ratio.
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.067 |
3.900 |
3.540 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.067 |
5.900 |
5.540 |
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LOAN FUNDS |
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1] Secured Loans |
11.507 |
16.667 |
16.536 |
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2] Unsecured Loans |
7.634 |
8.287 |
8.582 |
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TOTAL BORROWING |
19.141 |
24.954 |
25.118 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.208 |
30.854 |
30.658 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.313 |
9.471 |
10.033 |
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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 |
13.065
|
16.082 |
15.452 |
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Sundry Debtors |
0.738
|
4.290 |
8.900 |
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Cash & Bank Balances |
2.119
|
1.872 |
0.165 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
0.664
|
0.355 |
0.286 |
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Total
Current Assets |
16.586
|
22.599 |
24.803 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.310
|
0.863 |
1.088 |
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Other Current Liabilities |
0.381
|
0.353 |
3.090 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
0.691
|
1.216 |
4.178 |
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Net Current Assets |
15.895
|
21.383 |
20.625 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.208 |
30.854 |
30.658 |
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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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Income |
125.647 |
118.416 |
139.208 |
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Closing Stock |
5.685 |
14.439 |
11.115 |
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Ginning Charges |
0.351 |
0.358 |
0.816 |
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Other Income |
0.030 |
0.059 |
0.001 |
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TOTAL (A) |
131.713 |
133.272 |
151.140 |
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Less |
EXPENSES |
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Opening Stock |
14.439 |
11.115 |
15.369 |
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Purchase of Finished Goods |
0.000 |
0.455 |
0.000 |
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Raw Materials Consumed |
109.748 |
112.591 |
126.084 |
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Stores & Spares Consumed |
0.815 |
0.771 |
1.049 |
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Salaries & Wages |
0.959 |
1.807 |
2.058 |
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Power & Fuel |
0.814 |
0.898 |
0.861 |
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Other Direct
& Manufacturing Expenses |
1.465 |
2.067 |
2.181 |
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Sales &
Administrative Expenses |
0.665 |
0.820 |
0.599 |
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Director's
Salary |
0.450 |
0.360 |
0.216 |
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TOTAL (B) |
129.355 |
130.884 |
148.417 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.358 |
2.388 |
2.723 |
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Less |
INTEREST (D) |
1.607 |
1.275 |
1.639 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.751 |
1.113 |
1.084 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.584 |
0.729 |
0.782 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.167 |
0.384 |
0.302 |
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Less |
TAX (H) |
0.000 |
0.024 |
0.123 |
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PROFIT AFTER TAX
(G-H) (I) |
0.167 |
0.360 |
0.179 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.037 |
0.677 |
0.498 |
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BALANCE CARRIED
TO THE B/S |
1.204 |
1.037 |
0.677 |
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Earnings Per
Share (Rs.) |
8.36 |
18.00 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.13
|
0.27 |
0.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.13
|
0.32 |
0.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
1.20 |
0.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.07 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.27
|
7.85 |
5.29 |
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Current Ratio (Current Asset/Current Liability) |
|
24.00
|
18.58 |
5.94 |
LOCAL AGENCY FURTHER INFORMATION
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80036445 |
|
Corporate
identity number of the company |
U17119GJ1995PTC028337 |
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Name of the
company |
CHANDAN GINNING AND PRESSING FACTORY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Opposite Railway Station, Manavadar, District Junagadh – 362 630, |
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Type of charge |
Immovable
Property Book Debts Movable Property Others
(Inventories) |
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Particular of
charge holder |
State Bank of Saurashtra, Gandhi Chowk, Manavadar – 362 630, E-Mail: dsantoki@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Composite Mortgage
Deed Cum Confirmatory Letter and Supplemental General Agreement for the Grant
of Small Industrial Advances and Hypothecation of Movables, Book-Debts and
other assets |
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Date of
instrument Creating the charge |
14/07/2008 |
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Amount secured by
the charge |
Rs.22.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 0.5% below BPLR
presently at 13.25% subject to change from time to time Terms of
Repayment: Being a Cash Credit
Limit the finance is sanctioned for One Year only but the same is to be
reviewed every year. Margin: On all kind of
inventories @ 25% Extent and
Operation of the charge: The State Bank of
Saurashtra, Manavadar Branch holds 100% of the charge and the charge will be
in operation till the time the same is not being withdrawn. |
|
Short particulars
of the property charged |
Hypothecation of
all kinds of Inventories, Hypothecation of Book Debts, Equitable Mortgage of factory
land admeasuring 12949.73 sq./mt. and Building situated at Survey No. 568
paiki, |
|
Date of latest
modification prior to the present modification |
18/01/2007 |
|
Particulars of
the present modification |
The present
modification has extended the charge amount to Rs.22.500 millions from
Rs.17.500 millions. |
FIXED ASSETS:
·
Land
·
·
·
·
Machinery (Old)
·
Machinery (New)
·
Electification
·
Computer
·
Vehicle
·
Furniture
·
Talpatri
·
Truck Vehicle
·
Bicycle
·
Motor Car
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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.