MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
BAJARAG COTGIN PRIVATE LIMITED |
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Registered
Office : |
C-55, Marketing Yard, Rajkot-360001, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.02.2005 |
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Com. Reg. No.: |
04-045566 |
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CIN No.: [Company Identification
No.] |
U17110GJ2005PTC045566 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTB01249D |
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PAN No.: [Permanent Account No.] |
AACCB5777C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Cotton bales. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 92000 |
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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. Trade relations are reported to be slow but
correct. The company can be considered for business dealing 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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Nirav |
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Designation : |
Director |
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Contact No.: |
91-9879000811 |
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Date : |
30.04.2011 |
LOCATIONS
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Registered Office : |
C-55, Marketing Yard, Rajkot-360001, Gujarat, India |
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Tel. No.: |
91-281-2228012 |
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Mobile No.: |
91-9879000811 (Mr. Nirav) |
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Fax No.: |
91-281-2228012 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Jamnagar Road, At Taraghari District Rajkot, Gujarat, India |
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Tel No : |
91-2820-282515 |
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Branch Office : |
204, Stering Apartment, Opposite Alfred High School, Jawahar Road,
Rajkot-360003, Gujarat, India |
DIRECTORS
As On : 06.08.2010
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Name : |
Mr. Kiritkumar Bhupatlal Sejpal |
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Designation : |
Whole Time Director |
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Address : |
A/501, Shree Sadguru Vatika, Maruti Nagar, Airport Road,
Rajkot-360001, Gujarat, India |
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Date of Birth/Age : |
01.09.1956 |
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Date of Appointment : |
25.02.2005 |
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DIN No : |
00199273 |
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Name : |
Mr. Anilkumar Bhuatlal Sejpal |
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Designation : |
Whole Time Director |
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Address : |
4/A, Sonal Apartment, Airport Road, Rajkot-360001, Gujarat, India |
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Date of Birth/Age : |
13.02.1962 |
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Date of Appointment : |
25.02.2005 |
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DIN No : |
00199583 |
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Name : |
Mr. Yogeshkumar Bhuatlal Sejpal |
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Designation : |
Whole Time Director |
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Address : |
Aerodram Fatak Road, Bank of Baroda Society, Rajkot-360001, Gujarat,
India |
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Date of Birth/Age : |
08.06.1965 |
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Date of Appointment : |
25.02.2005 |
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DIN No : |
00199544 |
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Name : |
Mr. Nirav Kiritkumar Sejpal |
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Designation : |
Director |
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Address : |
A/501, Shree Sadguru Vatika, Maruti Nagar, Airport Road,
Rajkot-360001, Gujarat, India |
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Date of Birth/Age : |
09.05.1982 |
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Date of Appointment : |
25.02.2005 |
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DIN No : |
00403142 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.08.2010
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Names of Shareholders |
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No. of Shares |
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Kiritkumar Bhupatlal Sejpal |
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66800 |
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Anilkumar Bhuatlal Sejpal |
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133200 |
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Yogeshkumar Bhuatlal Sejpal |
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133200 |
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Nirav Kiritkumar Sejpal |
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66800 |
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Total |
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400000 |
AS ON 06.08.2010
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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 : |
Manufacturer and Exporter of Cotton bales. |
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Exports : |
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Products : |
Cotton Bales |
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Countries : |
China Turkey |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
150 (In Office) (Approximately) |
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Bankers : |
·
Oriental Bank of Commerce, Om Plant, In Front of Nirmala
Convent School, Rajkot-360001, Gujarat, India ·
The Karur Vysya Bank Limited, RCG Building, Near
Gaisford Talkies, Trikon Baug, Rajkot-360001, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pabari Associates Chartered Accountant |
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Address : |
303, Race Course Plaza, Near Central Excise Bhavan, Rajkot-360001,
Gujarat, India |
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Tel No : |
91-281-2476308 |
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Mobile No : |
91-9825033970 |
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Email : |
CAPITAL STRUCTURE
As On :31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.184 |
7.156 |
7.297 |
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4] (Accumulated Losses) |
(0.046) |
(0.012) |
0.000 |
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NETWORTH |
23.138 |
8.144 |
8.297 |
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LOAN FUNDS |
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1] Secured Loans |
146.367 |
68.377 |
70.027 |
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2] Unsecured Loans |
13.759 |
18.671 |
10.850 |
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TOTAL BORROWING |
160.126 |
87.048 |
80.877 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
183.264 |
95.192 |
89.174 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.212 |
21.672 |
23.879 |
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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 |
64.614
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48.564 |
56.294 |
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Sundry Debtors |
87.610
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34.290 |
11.383 |
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Cash & Bank Balances |
24.752
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0.830 |
1.975 |
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Other Current Assets |
0.873
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0.729 |
0.000 |
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Loans & Advances |
0.394
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0.395 |
1.096 |
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Total
Current Assets |
178.243
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84.808 |
70.748 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.037
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2.024 |
2.921 |
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Other Current Liabilities |
0.616
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8.764 |
1.921 |
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Provisions |
0.538
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0.500 |
0.634 |
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Total
Current Liabilities |
14.191
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11.288 |
5.476 |
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Net Current Assets |
164.052
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73.520 |
65.272 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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OTHER ASSETS PRE AND PRE OP. EXPENSES |
0.000 |
0.000 |
0.023 |
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TOTAL |
183.265 |
95.192 |
89.174 |
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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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PROFIT BEFORE
TAX |
0.484 |
0.456 |
0.064 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.24
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0.43 |
0.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.05 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.53
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12.07 |
10.41 |
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Current Ratio (Current Asset/Current Liability) |
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12.56
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7.51 |
12.92 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The company has made net profit of Rs. 0.484 millions in this year in this
year in comparison to previous year of Rs. 0.456 millions.
FORM 8
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Corporate
identity number of the company |
U17110GJ2005PTC045566 |
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Name of the
company |
BAJARANG COTGIN PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
C-55, Marketing Yard, Rajkot-360001, Gujarat, India |
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This form is for |
Modification of charge Creation of charge |
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Type of charge |
Book debts Movable property (not being pledge) Floating charge |
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Particular of
charge holder |
Oriental Bank of Commerce, Om Plant, In Front of Nirmala Convent
School, Rajkot-360001, Gujarat, India |
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Nature of
instrument creating charge |
Supplemental
Agreement To Secure Credit/Loan Facilities |
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Date of
instrument Creating the charge |
01.01.2011 |
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Amount secured by
the charge |
Rs. 131.000 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Prescribed
By Bank Terms of
repayment As
Prescribed By Bank Margin As
Prescribed By Bank Extent and
operation of the charge Charge
will operate as first and exclusive charge in favour of bank till due repayment
of loan, interest and any other charges due on it Other Present
Limit: Cash
Credit : Rs. 125.000 millions Sub
Limit: Packing
Credit Rs.
50.000 millions FDBP/FUDBP Rs.
50.000 millions Term
Loan : Rs. 6.000 millions Total
: Rs. 131.000 millions |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation
of Raw Material, Stock in process, Finished Goods, Consumables, Packing
Material, advance to Suppliers, of Book Debts and More Particularly
prescribed in the Schedule - II to Agreement of hypothecation of Assets of
Supplemental Agreement to secure Credit/Loan facilities executed with Bank |
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Charge
identification number of the charge to be modified |
10197865 |
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Date of
instrument modifying the charge |
15.03.2010 |
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Particulars of
the present modification |
Charge
has been Modified by way of Changes in Cash Credit Limit. However the Limit
of Term Loan remain same i.e. Rs. 6.000 millions. Hence now the total Amount
of Charge reduced from Rs. 1560.00 millions to Rs. 131.000 millions along
with all past modification. |
FIXED ASSETS
·
Land
·
Factory Building
·
Plant and Machinery
·
Electric Installation
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Furniture and Fixtures
·
Tata Pick-up Vehicle No.7065
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Air Conditioner
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Domestic R O plan
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EPBX System
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Mobile Handset
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Solar Water Heater
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Tea Machine
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Counting Machine
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Computer Set
·
UPS System
WEB SIDE DETAILS
PROFILE
Established
in the year 2005, they are an eminent manufacturer and exporter of cotton
bales. They provide best quality contaminated free Gujarat Origin Shankar-6
Cotton. They have made significant progress under the guidance of Mr. Kiritbhai
Sejpal.
Empowered with our expertise in this domain, they have been meeting the bulk
requirements of their clients efficiently with efficacy. As an ISO 9001:2000
certified company, they are constantly focusing and emphasizing on delivering
only the best quality of cotton bales to their clients.
Showing tremendous progress, they have spread their wings across the globe and
have achieved an annual turnover of around 500.000 millions rupees
approximately in just two years time.
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.