MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PATIDAR COST-SPIN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
305, Shanti Arcade, Near Akash III, 132 Feet, ring Road, Naranpura,
Ahmedbad-380 013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.04.2006 |
|
|
|
|
Com. Reg. No.: |
04-48079 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U7111GJ2006PTC048079 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMP05131A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Cotton Yarn. |
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 400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 businss 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
305, Shanti Arcade, Near Akash III, 132 Feet, ring Road, Naranpura, Ahmedbad-380
013, |
|
Tel. No.: |
91-79-27434511/12/13/14 |
|
Fax No.: |
91-79-27434515 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory: |
Survey No. 3975/1, |
DIRECTORS
As 29.09.2008
|
Name : |
Mr. Sureshkumar Punjiram Amin |
|
Designation : |
Director |
|
Address : |
20, Uma Bunglows, Sarkhej Highway, near R. C. Technical School,
Ghatlodiya, Ahmedbad-380 061, Gujarat, India |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
05.04.2006 |
|
|
|
|
Name : |
Ms. Ashaben Vishnukumar Patel |
|
Designation : |
Director |
|
Address : |
2, Uma Bunglows, Near R. C. Technical School, Behhind Niman Tower,
Ghatlodiya, Ahmedabad-380 061, Gujarat, India |
|
Date of Birth/Age : |
01.06.1975 |
|
Date of Appointment : |
05.04.2006 |
|
|
|
|
Name : |
Mr. Jayshkumar Ranchhodbhai Patel |
|
Designation : |
Director |
|
Address : |
1-B, Nandanvan Society, Manipura Road, District- Mehsana, Vijapur-382
870, Gujarat, India |
|
Date of Birth/Age : |
31.01.1965 |
|
Date of Appointment : |
19.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Sureshkumar Punjiram Amin |
|
6000 |
|
Ashaben Vishnukumar Patel |
|
3900 |
|
Jigneshbhai Kanaiyalal Thakkar |
|
10 |
|
Chandubhai Bhimjibhai |
|
10 |
|
Ghanshyambhai Gokulbahi Borsaniya |
|
10 |
|
H. J. Kodariya |
|
10 |
|
Jitubhai B. Patel |
|
10 |
|
Shantaben Karsanbhai Patel |
|
10 |
|
Dineshbhai B. Patel |
|
20 |
|
Bhagubhai T. Patel |
|
20 |
|
Total |
|
10000 |
As on 29.09.2008
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.20 |
|
Other top fifty shareholders |
0.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton Yarn. |
GENERAL INFORMATION
|
Bankers : |
·
Corporation Bank, Industrial Finance Bank,
Rangoli Complex, 1st Floor, Opposite V. S. hospital, Ellisbridge,
Ahmedbad-380 006, Gujarat, India ·
State Bank of |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
M. S. Chhajed and Company Chartered Accountants |
|
Address : |
F/6, Maharashi Complex, Sardar Patel Colony, Ahmedbad-380 014, |
CAPITAL STRUCTURE
As on 29.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs10/- Each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- Each |
Rs.0.100
Million |
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 |
2.500 |
2.500 |
0.100 |
|
|
2] Share Application Money |
40.500 |
10.000 |
48.380 |
|
|
3] Reserves & Surplus |
57.850 |
57.656 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
100.850 |
70.156 |
48.480 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
87.401 |
119.820 |
90.450 |
|
|
2] Unsecured Loans |
57.899 |
48.168 |
37.076 |
|
|
TOTAL BORROWING |
145.300 |
167.988 |
127.526 |
|
|
DEFERRED TAX LIABILITIES |
0.126 |
0.221 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
246.276 |
238.365 |
176.006 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
205.213 |
190.810 |
151.135 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
4.286 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.964
|
21.568 |
31.080 |
|
|
Sundry Debtors |
41.985
|
30.372 |
10.361 |
|
|
Cash & Bank Balances |
6.571
|
4.625 |
1.421 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
27.161
|
13.594 |
5.998 |
|
Total
Current Assets |
102.681
|
70.159 |
48.860 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000 |
0.000 |
0.000 |
|
|
Other Current Liabilities |
60.508
|
17.859 |
28.287 |
|
|
Provisions |
1.118
|
4.753 |
0.000 |
|
Total
Current Liabilities |
61.626
|
22.612 |
28.287 |
|
|
Net Current Assets |
41.055
|
47.547 |
20.573 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.008 |
0.008 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
246.276 |
238.365 |
176.006 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
|
195.914 |
43.841 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
8.826 |
2.450 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
8.736 |
2.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.090 |
0.332 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(0.103) |
0.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.193 |
0.057 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.05
|
0.76 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.03
|
0.13 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
5.97 |
2.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
3.10 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from
101, 1st Floor, Shanti Arcade, Near Akash III,
Operations:
This is the fourth year of operation of the company during the year
company achieved turnover of Rs.195.914 Millions. Compared to previous year of
Rs.43.841 Millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10030377 |
|
Corporate
identity number of the company |
U17111GJ2006PTC048079 |
|
Name of the company
|
PATIDAR COT-SPIN
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101, 1st
Floor, Shanti Arcade, Nr. Akash III, 132 Feet Ring Road, Naranpura,
Ahmedabad-380 013, Gujarat, |
|
Type of charge |
Book Debts Movable Property Immovable
property |
|
Particular of
charge holder |
Corporation Bank, Industrial Finance Bank, Rangoli Complex, 1st
Floor, Opposite V. S. hospital, Ellisbridge, Ahmedbad-380 006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
supplemental
Common Deed of Hypothecation of Movables/Assets/Debts Agreement for
Term Loans Letter of
Continuity for extension of charge for increased facilities by deposit of
title deeds earlier 30charged on 22.12.06 |
|
Date of
instrument Creating the charge |
30.11.2007 |
|
Amount secured by
the charge |
Rs.134.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Additional Term
Loans -13.25% p.a. present subject to review from time to time. CC cum PCL(CC
Limit) - As per bank directive on Export Finance upto 180 days 10.50% p.a., beyond 180 days
and upto 270 days 13.50% p.a.(subject to revision as per RBI directive) FDBN (Rs.30.000
millions.) - bank's directives on export finance -demand bills -10.50 %
p.a./Usanebills- upto 90 days :10.50% p.a.and beyond 90 days and upto 180 days from the date of
shipment : 12.50% p.a.(subject to revision as per directive of RBI) Terms of
Repayment Additional Term
Loans - Repayment holiday upto 31.12.2007 thereafter 28 quarterly installment
of Rs.0.336 Millions each commencing from 1.1.08 and last instal. of Rs.0.328
millions. Last instalment due on 1.1.2015. CC cum PCL
(CCLimit) - within a maximum period of 90 days from the date of release of
PCL out of proceeds of export bills routed through banks. FDBN - commission
as per bank's prescribed rates. Single usance not to exceed 90 days from the
time to time. Margin Additional Term
Loans - 30.00% on Building /Civil Works CC cum
PCL(CCLimit) -10 % of FOB value of order. FDBN - NIL Extent and
Operation of the charge Exclusive first
charge on the proposed fixed assets by way of EMG of Land building and other civil
works, hypo of Plant and Machinery and other movable fixed assets of
Rs.13.500 millions. hypo. of stock meant for exports. Hypo. of exports
receivables are secured for additional limit of Rs. 39.400 millions (Rs.9.400
Millions Additional Term Loan and Rs.30.000 millions FDBN limit and
modification of cc limit of Rs.25.000 millions as CC cum PCL limit) in
addition to the earlier charge created modified lastly on 4.5.2007 for
Rs.115.300 millions Others As per terms and
condition mentioned in the Sanction letter/deeds and documents dt.
30.11.2007. |
|
Short particulars
of the property charged |
1. Entire stock
of raw materials of ginnedand pressed cotton,stock in process,finished
goods,consisting denim yarn belong to the borrowers' stored in premises/godown
at S.No. 3975/Mouje Ladel Tal. Vijapur
Dist. Mehsana and any other premises / in transit/delivery to the borrower. 2
Entire receivables/book debts. 3. Entire present/ future fixed assets, office
equipment/furniture/fixtures/plant andmachinery/electrical installation,tools
and immovable property by letter of deposit of title deed. |
|
Date of latest
modification prior to the present modification |
04.05.2007 |
|
Particulars of
the present modification |
Charge created earlier
for Rs.115.300 Millions now extended by Rs.39.400 Millions (Rs.9.400 millions
Additional Term Loan and Rs.30.000 millions FDBN limit and modification of CC
limit of Rs.25.000 millions as CC cum PCL limit) lastly modified on 4.5.2007 for Rs.115.300 millions now
making total facilities of Rs.134.400 millions (Term Loan II Rs.9.400
millions /Rs.30.000 millions FDBN limit / modification of CC limit of
Rs.25.000 millions earlier as CC cum PCL limit, Term Loan-I Rs.70.000
millions (old),Bank Guar. 20.300 millions (old)) in addition to the earlier
charge created |
Fixed Assets:
·
Land
·
Furniture and Fixture
·
Building
·
Plant and Machinery
·
Computer and printer
·
·
Office Furniture
·
Refrigerator
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.45.18 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.15 |
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.