MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
HARMAN COTTEX AND SEEDS PRIVATE LIMITED (w.e.f. 26.10.2009) |
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Formerly Known
As : |
HARMAN COTTEX PRIVATE LIMITED |
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Registered
Office : |
Opposite Dejala Devada Colony, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.07.2009 |
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Com. Reg. No.: |
10-022131 |
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Capital
Investment / Paid-up Capital : |
Rs.1.348
Millions |
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CIN No.: [Company Identification
No.] |
U0111MP2009PTC022131 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLH01175G |
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PAN No.: [Permanent Account No.] |
AACCH2497R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Cotton and Agro Processing Business. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 36000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and establishing itself gradually.
Trade relations are fair. Business is active. Payments are reported to be
slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
|
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 |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Puneet |
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Designation : |
Accounts Manager |
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Contact No.: |
91-7282-241192 |
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Date : |
10.06.2011 |
LOCATIONS
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Registered Office : |
Opposite Dejala Devada Colony, |
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Tel. No.: |
91-7282-241192 |
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Fax No.: |
91-7282-241719 |
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E-Mail : |
DIRECTORS
As on 30.12.2010
|
Name : |
Mr. Rasdeep Singh Chawla |
|
Designation : |
Director |
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Address : |
4-Ishvari Nagar, Khargone-451001, |
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Date of Birth/Age : |
30.06.1965 |
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Date of Appointment : |
14.07.2009 |
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Name : |
Mr. Manjeet Singh Chawla |
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Designation : |
Director |
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Address : |
4-Ishvari Nagar, Khargone-451001, |
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Date of Birth/Age : |
30.06.1965 |
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Date of Appointment : |
14.07.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Puneet |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rasdeep Singh Chawla |
|
55000 |
|
Manjeet Singh Chawla |
|
43150 |
|
Trilochan Kour Chawla |
|
3300 |
|
Maninder Kour Chawla |
|
33250 |
|
Rasdeep Singh Chawla HUF |
|
100 |
|
Herald Tradelinks Private Limited, |
|
20000 |
|
Piyush Chemotreat Private Limited, |
|
20000 |
|
Shine Star Estate Private Limited, |
|
20000 |
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Pinkcity Softpro Private Limited, |
|
20000 |
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|
|
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Total |
|
214800 |
As on 30.12.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
37.25 |
|
Directors
or relatives of directors |
|
62.75 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Cotton and Agro Processing Business. |
GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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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 : |
Anil Kamal Garg and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-731-2700940/2704354 |
CAPITAL STRUCTURE
As on 30.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
214800 |
Equity Shares |
Rs.10/- each |
Rs.2.148
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
134800 |
Equity Shares |
Rs.10/- each |
Rs.1.348
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.348 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
|
|
7.742 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
|
|
9.090 |
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LOAN FUNDS |
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1] Secured Loans |
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30.311 |
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2] Unsecured Loans |
|
|
5.058 |
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TOTAL BORROWING |
|
|
35.369 |
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DEFERRED TAX LIABILITIES |
|
|
0.034 |
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SILLOD BRANCH BALANCE |
|
|
1.542 |
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|
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TOTAL |
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46.035 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.151 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.824 |
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Sundry Debtors |
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|
34.167 |
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Cash & Bank Balances |
|
|
12.873 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
5.763 |
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Total
Current Assets |
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|
65.627 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
20.020 |
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Other Current Liabilities |
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|
0.000 |
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Provisions |
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|
1.757 |
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Total
Current Liabilities |
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21.777 |
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Net Current Assets |
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|
43.850 |
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MISCELLANEOUS EXPENSES |
|
|
0.034 |
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TOTAL |
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46.035 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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248.056 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
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245.799 |
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Advertising Expenses |
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TOTAL |
|
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245.799 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
2.257 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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|
0.062 |
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PROFIT BEFORE
TAX |
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2.195 |
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Less |
TAX |
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0.691 |
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PROFIT AFTER TAX
|
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1.504 |
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Earnings Per
Share (Rs.) |
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11.150 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
0.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.23 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.29 |
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Current Ratio (Current Asset/Current Liability) |
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3.01 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10206378 |
|
Corporate identity
number of the company |
U01111MP2009PTC022131 |
|
Name of the
company |
HARMAN COTTEX
& SEEDS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Opposite Dejala Devada Colony, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental composite
hypothecation agreement of hypothecation of goods, book debts, moveable
machinery & vehicles LDOC 17(c) Credit facility
agreement LDOC (142) Foreign bill
purchase agreement LDOC 31(a) Letter of
countuning security |
|
Date of
instrument Creating the charge |
07.06.2010 |
|
Amount secured by
the charge |
Rs.65.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Seeds 0.5%
below BPLR i.e.11.50% p.a. with monthly rests. For Cotton 1.25%
above BPLR i.e.13.25% p.a. with monthly rests. FBP/FBD/EPC facility 2.75% below BPLR i.e. 9.25% p.a.
with monthly rest Terms of
Repayment On demand (As per
terms and Conditions of agreements) Margin 15% against Stock
for seed processing. 25% against Stock
for cotton trading. 40% for Book
Debts. 10% Packing
credit/FBD 10% Bank
guarantee (Cash margin) Extent and
Operation of the charge First charge on
stock and book debts Cash credit
facility for seeds processing 17.500 Millions Cash credit
facility for cotton trading 20.000 Millions
(Enhance from Rs.12.500 Millions ) Limit for
EPC/FBP/FBD 22.500 Millions (fresh) Sublimits: sublimit for
EPC/FBP/FBD Rs, 60.000 Millions sublimit for LC
Rs. 30.000 Millions provided 100%
Interchangeability within Fund based Facilities of Rs.60.000 Millions subject to availability of DP Bank Guarantee
Rs.5.000 Millions fresh. other Terms and
conditions as the attached agreements and sanction letter. |
|
Short particulars
of the property charged |
I)
Stock
of raw material, work-in-progress, semi finished and finished goods,
book debts both present and future
such as various types of seeds , cotto products II)
Equitable
mortgage of House situated at Plot No.408 N-3, III)
Equitable
mortgage of property situated at F-2
First floor IV)
Hypothecation
of machineries both present and future whereever situated. |
|
Particulars of
the present modification |
Overall credit
facilities enhanced to Rs. 65.000 Millions 1. Fund based
credit facilities CC (Stocks and Book Debts) Seed Processing Rs. 17.500 Millions Cotton Processing Rs. 20.000 Millions EPC/FBP/FBD Rs. 22.500 Millions 2. Non Fund Based
Facility Bank Guarantee
Rs. 5.000 Millions |
Fixed Assets:
- Plant and
Machinery
- Mobile Phone
- Car
- Computer
AS PER WEBSITE DETAILS:
COMPANY PROFILE:
The company belongs to Subject Group of Khargone have a long and deep understanding in cotton trading and agro processing business. The group activities are being controlled by Mr. Rasdeep Singh Chawla and Mr. Manjeet Singh Chawla with the assistance of other family members and qualified staff appointed by them. Mr. Rasdeep Singh Chawla(Chairman) is the main guiding force and instrumental in moulding the family business in its present shape. He possesses adequate experience in cotton industry and has developed capability to assess market feelings, price trends and its possible impact on the business. He is well supported by his brother Mr. Manjeet Singh Chawla (Director) who mainly looks after administration and financial activities of all the group concerns. Both brothers are getting professional guidance from their father Mr. Manmohan Singh Chawla who is an oldest and leading Tax Practitioner as well as a well renowned personality of Khargone.
They strive to provide innovative products at competitive price, optimize
customer satisfaction and achieve the highest level of productivity and
reliability. Having in-depth knowledge of this business, they have been able to
deliver optimum results and have increased our capacity to 200% in the last
five years. This yield would overall increase the turnover USD 25 Million of
our company to turnover USD 55 million of the group of companies. It will lead
to supply of good quality cotton and other products as well, worldwide.
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 exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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.