MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PATIDAR INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Sr. No. 919, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.07.1999 |
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Com. Reg. No.: |
04-36264 |
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CIN No.: [Company
Identification No.] |
U17111GJ1999PTC036264 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTP00246B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Cotton and Cottonseed and Oil. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 210000 |
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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. 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 |
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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 / Factory: |
Sr. No. 919, |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Jitendra Kumar Patel |
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Designation : |
Director |
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Address : |
Tapadiya Ashram, |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
09.07.1999 |
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Name : |
Mr. Vinubhai M Sanandiya |
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Designation : |
Director |
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Address : |
Tapadiya Ashram, |
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Date of Birth/Age : |
05.04.1970 |
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Date of Appointment : |
09.07.1999 |
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Name : |
Mr. Manubhai K Soliya |
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Designation : |
Director |
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Address : |
Oppiti Beh Thakashib Hai Metalis House 011, Amreli-365601, Amreli, |
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Date of Birth/Age : |
01.04.1967 |
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Date of Appointment : |
09.07.1999 |
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Name : |
Mr. Arvindbhai R Patel |
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Designation : |
Director |
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Address : |
Atvaktapur, Himmatnagar-383001, Sabarkantha, |
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Date of Birth/Age : |
07.01.1966 |
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Date of Appointment : |
09.07.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.03.2010
List of Allottee:
|
Names of Shareholders |
|
No. of Shares |
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Bhupatbhai R Borsaniya |
|
100000 |
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Jitendrakumar B Borsaniya |
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100000 |
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Vinubhai M Sanandiya |
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100000 |
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Vasantbhai B Gojariya |
|
50000 |
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Chandulal M Kotadiya |
|
50000 |
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Manubhai K Soliya |
|
100000 |
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Jigneshkumar R Patel |
|
54900 |
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Arvindbhai R Patel |
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100000 |
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Hasmukhbhai C Patel |
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54900 |
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Kanubhai M Kotadiya |
|
54900 |
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Maganbhai R Kotadiya |
|
54900 |
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Vinubhai R Khanpara |
|
54900 |
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Maganbhai R Khanpara |
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49000 |
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Gokulbhai R Borsaniya |
|
54900 |
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Rameshbhai B
Borsaniya |
|
9800 |
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Induben R Borsaniya |
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54900 |
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Kanubhai T Dhamat |
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50000 |
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Amarshibhai S Gol |
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34900 |
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Bhimjibhai B Borsaniya |
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34900 |
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Karsanbhai O Soliya |
|
54900 |
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Vallabhbhai S Gol |
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34900 |
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Tulsibhai R Dhamat |
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34900 |
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Babitaben R Patel |
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40000 |
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Meenaben J Patel |
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40000 |
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Taraben A Patel |
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30000 |
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Dhulabhai P Patel |
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40000 |
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Jasvantbhai U Patel |
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40000 |
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Jayantbhai V Patel |
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40000 |
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Kodarbhai P Patel |
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40000 |
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Mukeshbhai D Patel |
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52100 |
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Shaileshbhai M Patel |
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40000 |
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Bhurabhai O Soliya |
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53900 |
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Bhanubhai P Shera |
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53900 |
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Bhupatbhai N Metaliya |
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53900 |
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Dhanjibhai A Metaliya |
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53900 |
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Kanubhai V Dhamat |
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44900 |
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Rameshbhai S Sarkheliya |
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44900 |
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Vallabhbhai K Vavadiya |
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44900 |
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Total |
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2000000 |
As on 30.09.2010
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Cotton and Cottonseed and Oil. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note: Secured by equitable mortgage charge in favour of State Bank of
Saurashtra against the company building, all fixed plant and machineries and
all movable assets like stock and book debts. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H.B. Kalaria and Associates Chartered Accountant |
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Address : |
203/204, AALAP-A, Limda Chowk, B/H Hotel, The Jewel, Rajkot-360001, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4400000 |
Equity Shares |
Rs.10/- each |
Rs.44.000
Millions |
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 |
44.000 |
24.000 |
9.982 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.688 |
9.066 |
7.113 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.688 |
33.066 |
17.095 |
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LOAN FUNDS |
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1] Secured Loans |
151.339 |
120.461 |
182.646 |
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2] Unsecured Loans |
20.384 |
20.678 |
23.973 |
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TOTAL BORROWING |
171.723 |
141.139 |
206.619 |
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DEFERRED TAX LIABILITIES |
0.219 |
0.314 |
0.441 |
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TOTAL |
226.630 |
174.519 |
224.155 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.351 |
19.674 |
21.840 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.903 |
10.850 |
0.050 |
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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 |
85.989
|
111.245 |
86.174 |
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Sundry Debtors |
137.691
|
46.631 |
59.246 |
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Cash & Bank Balances |
6.298
|
2.187 |
5.822 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.353
|
13.403 |
65.419 |
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Total
Current Assets |
248.331
|
173.466 |
216.661 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
53.817
|
28.363 |
13.529 |
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Provisions |
1.138
|
1.108 |
0.867 |
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Total
Current Liabilities |
54.955
|
29.471 |
14.396 |
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Net Current Assets |
193.376
|
143.995 |
202.265 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
226.630 |
174.519 |
224.155 |
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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 |
1279.185 |
1187.112 |
1116.537 |
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Other Income |
0.311 |
2.035 |
1.076 |
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TOTAL |
1279.496 |
1189.147 |
1117.613 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
1274.528 |
1183.284 |
112.679 |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
1274.528 |
1183.284 |
1112.679 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.968 |
5.863 |
4.934 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.503 |
2.908 |
2.444 |
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PROFIT BEFORE
TAX |
2.465 |
2.955 |
2.490 |
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Less |
TAX |
0.843 |
1.002 |
0.903 |
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PROFIT AFTER TAX
|
1.622 |
1.953 |
1.587 |
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Earnings Per
Share (Rs.) |
0.67 |
1.15 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.13
|
0.16 |
0.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.19
|
0.25 |
0.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.93
|
1.53 |
1.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.14
|
5.16 |
12.93 |
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Current Ratio (Current Asset/Current Liability) |
|
4.52
|
5.88 |
15.05 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations:
The company has achieved the desired quality of the product. Sales and
profit after tax is increased during the year. They are trying their level best
to increase their profit, so that their EPS can improved further.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90106410 |
|
Corporate
identity number of the company |
U17111GJ1999PTC036264 |
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Name of the
company |
PATIDAR
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sr. No. 919, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan -Cum - Hypothecation |
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Date of
instrument Creating the charge |
07.12.2009 |
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Amount secured by
the charge |
Rs.150.000
millions. |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.75% P.A. Terms of
Repayment On Demand Margin Stock 25% Bills 50% Extent and
Operation of the charge First Charge Till
Repayment of Credit Facilities |
|
Short particulars
of the property charged |
Whole of the
movable properties of the company including all the stock of raw material,
semi finished goods and finished goods, all book debts and other movable assets of the company |
|
Date of latest
modification prior to the present modification |
01.12.2008 |
|
Particulars of
the present modification |
Amount of charge
increased from Rs. 120.000 millions to Rs. 150.000 millions. |
Fixed Assets:
- Air
Conditioner
- Electric
Installation
- Building
- Plant and
Machinery
- Refrigerator
- Furniture
- Vehicles
- Computer
- Land
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 |
5 |
|
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 |
4 |
|
--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 |
|
29 |
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.