MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOMNATH GINNING PRESSING PRIVATE LIMITED |
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Formerly Known
As : |
SOMNATH GINNING PRESSING AND OIL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
S No 53, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.06.2005 |
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Com. Reg. No.: |
04-46348 |
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CIN No.: [Company Identification
No.] |
U17100GJ2005PTC046348 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS03962A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Cotton Ginning and Pressing |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 140000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 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
|
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 : |
S No 53, |
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Tel. No.: |
91-2791-233932 |
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Fax No.: |
91-2791-233933 |
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E-Mail : |
DIRECTORS
As On 30.08.2008
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Name : |
Mr. Manubhai Karsanbhai Soliya |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.04.1967 |
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Date of Appointment : |
30.06.2005 |
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DIN No. : |
02057302 |
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Name : |
Mr. Ramesh Kumar Bhupatbhai Borasaniya |
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Designation : |
Director |
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Address : |
1- Indravihar B/H-Mohan Nagar, Amreli – 365604, |
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Date of Birth/Age : |
01.06.1966 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Sureshbhai Parbatbhai Rajodia |
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Designation : |
Director |
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Address : |
Mohan Nagar, |
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Date of Birth/Age : |
07.05.1977 |
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Date of Appointment : |
30.06.2005 |
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DIN No. : |
02082631 |
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Name : |
Mr. Hareshkumar Ravjibhai Borasaniya |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.03.1972 |
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Date of Appointment : |
30.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.08.2008
|
Names of Shareholders |
|
No. of Shares |
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Ambabhai Savjibhai Soliya |
|
9980 |
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Babubhai Naranhai Javiya |
|
9980 |
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Batukbhai Ranchhodbhai Adroja |
|
14960 |
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Bhimjibhai Bhikhabahi Borsaniay |
|
14960 |
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Bhupatbhai Ramjibhai Borsaniya |
|
14870 |
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Bhurabhai A Soliya |
|
14870 |
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Dayabhai Tapubhai Metliya |
|
14870 |
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Dudabhai Jadavbhai Soliya |
|
14960 |
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Jadavbhai Amarsibhai Soliya |
|
14960 |
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Hareshbhai R. Borsaniya |
|
10000 |
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Kesubhai Manjibhai Vadaliya |
|
14960 |
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Maganbhai Ramjibhai Kotadiya |
|
14880 |
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Makanbhai Virjibhai Metaliya |
|
14970 |
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Parbatbhai Manjibhai Vadaliya |
|
14960 |
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Rameshbhai Babubhai Soliya |
|
19960 |
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Ratanben Ravjibhai |
|
9800 |
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Savjibhai Nagjibhai Goal |
|
148700 |
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Ravjibhai Naranbhai Javiya |
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14970 |
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Valabhbhai Arjanbhai Vanja |
|
19860 |
As On 30.08.2008
|
Category |
Percentage |
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Directors or relatives of Directors |
68.00 |
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Other top fifty shareholders |
32.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Cotton Ginning and Pressing |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
(secured by
equitable mortgage charge in favour of State Bank of Saurashtra against the
company's Budding , 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, |
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Pan No. : |
ADIPK1287E |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
2953790 |
Equity Shares |
Rs. 10/- each |
Rs. 29.538 Millions |
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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 |
29.538 |
29.538 |
13.323 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.903 |
6.056 |
4.516 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.441 |
35.594 |
17.839 |
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LOAN FUNDS |
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1] Secured Loans |
118.913 |
119.352 |
214.308 |
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2] Unsecured Loans |
0.536 |
0.536 |
11.836 |
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TOTAL BORROWING |
119.449 |
119.888 |
226.144 |
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DEFERRED TAX LIABILITIES |
1.001 |
1.145 |
1.318 |
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TOTAL |
157.891 |
156.627 |
245.301 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.773 |
50.745 |
57.314 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.912 |
1.271 |
0.621 |
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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 |
78.892
|
98.959 |
131.985 |
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Sundry Debtors |
62.117
|
44.309 |
85.994 |
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Cash & Bank Balances |
1.784
|
0.307 |
4.847 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.512
|
1.500 |
2.311 |
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Total
Current Assets |
144.305
|
145.075 |
225.137 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
33.405 |
38.919 |
37.107 |
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Provisions |
1.694
|
1.580 |
0.735 |
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Total
Current Liabilities |
35.099
|
40.499 |
37.842 |
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Net Current Assets |
109.206
|
104.576 |
187.295 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.035 |
0.071 |
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TOTAL |
157.891 |
156.627 |
245.301 |
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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 |
1056.740 |
923.323 |
1040.910 |
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Other Income |
2.962 |
0.835 |
0.173 |
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TOTAL |
1059.702 |
924.158 |
1041.083 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Interest |
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Deprecation |
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TOTAL |
1050.958 |
914.964 |
1031.815 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.744 |
9.194 |
9.268 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.025 |
6.906 |
7.126 |
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PROFIT BEFORE
TAX |
2.719 |
2.288 |
2.142 |
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Less |
TAX |
0.872 |
0.749 |
1.660 |
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PROFIT AFTER TAX
|
1.847 |
1.539 |
0.482 |
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Earnings Per
Share (Rs.) |
0.63 |
0.72 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.17
|
0.17 |
0.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.26
|
0.25 |
0.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.44
|
1.17 |
0.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.06 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.13
|
4.51 |
14.80 |
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Current Ratio (Current Asset/Current Liability) |
|
4.11
|
3.58 |
5.95 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATION
The company has achieved
the desired quality of the product. Sales have decreased marginally during the
year, due to some temporary unavailability of funds, capacity utilization has
not been achieved up to the desired levels. However adequate steps have been
taken for overcoming these differences and difficulties.
Form 8:
|
Corporate
identity number of the company |
U17100GJ2005PTC046348 |
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Name of the
company |
SOMNATH GINNING
PRESSING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
S No 53, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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Nature of instrument
creating charge |
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 |
25.11.2010 |
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Amount secured by
the charge |
Rs. 150.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 12.75% p.a Terms of
Repayment - 12 months and to be reviewed thereafter. Margin - 25% on
stock Extent and Operation
of the charge - first charge till repayment of full advances |
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Particulars of
the property charged |
whole of the
movable properties of the company including raw material, stock in proces,
finished goods, book debts etc. |
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Date of
instrument modifying the charge |
07.11.2008 |
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Particulars of
the present modification |
Amount of charge
enhanced from 1.000 million to 1.500 million |
Fixed Assets:
- Labour
Quarter
- Computer
- Electric
Installation
- Fax machine
- Furniture and
fixture
- Land
- Machinery
- Vehicle
- Air
conditioner
- Television
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 |
4 |
|
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 |
-- |
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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.