MIRA
INFORM REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SHEETAL RICE LAND LIMITED |
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Registered
Office : |
Peoda Road, Near Bye Pass Kaithal – 136027, Haryana |
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Country : |
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Date of Incorporation
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03.02.2009 |
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Com. Reg. No.: |
038762 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.963 Millions |
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CIN No.: [Company Identification
No.] |
U15312HR2009PLC038762 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
RTKS13347F |
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PAN No.: [Permanent Account No.] |
AAMCS8336A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of Basmati Rice, Brown Rice and
Pusa Basmati Rice |
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No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of “Sheetal Rice India” a proprietory concern
started in the year 2000. Trade relations are fair. Business is active. Payments are slow but
correct. The company can be considered for business dealings at usual trade
terms and conditions. |
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. Parvesh Khuarahia |
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Designation : |
Director |
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Contact No.: |
91-9992900080 |
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Date : |
16.05.2011 |
LOCATIONS
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Registered Office : |
Peoda Road, Near Bye Pass Kaithal – 136027, Haryana, India |
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Fax No.: |
91-1746-229829 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. [Owned] |
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Corporate Office : |
406-407, GD-ITL Tower, Netaji Subash Place, Pitampura, New Delhi –
110034, India |
DIRECTORS
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Name : |
Mr. Parvesh Khuarahia |
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Designation : |
Director |
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Date of Birth/Age : |
34 Years |
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Name : |
Mr. Parveen |
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Designation : |
Director |
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Date of Birth/Age : |
33 Years |
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Name : |
Ms. Rajbala |
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Designation : |
Director |
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Date of Birth/Age : |
32 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
LIST OF ALLOTTED ON 31.03.2010
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Names |
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No. of Shares |
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Pearl Rice Private Limited, India |
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100000 |
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Vikrant Riceland Private Limited, India |
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100000 |
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Total |
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200000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Basmati Rice, Brown Rice and
Pusa Basmati Rice. |
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Exports : |
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Products : |
·
Basmari Rice ·
Brown Rice |
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Countries : |
Dubai |
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Terms : |
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Selling : |
L/C, Cash and Credit [30-60-90 Days] |
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Purchasing : |
Cash and Credit [30-60-90 Days] |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
Canara Bank, Kaithal Branch, Chhatrawas Road, Kaithal – 136027,
Haryana |
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Facilities : |
Cash Credit : Rs. 170.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Tarun Batra Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital : Rs. 10.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 9.963
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2011 |
31.03.2010 |
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Sales Turnover |
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2020.000 |
1010.000 |
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Expected Sales (2011-2012) : Rs. 3000.000 Millions
The above information has been parted by Mr. Parvesh Khuaranja
(Director).
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Corporate
identity number of the company |
U15312HR2009PLC038762 |
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Name of the
company |
SHEETAL RICE LAND LIMITED |
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Address of the
registered office or of the principal place of business in |
Peoda Road, Near Jind Bye Pass, Kaithal -136027, Haryana, India |
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This form is for |
Modification
of charge |
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Charge
identification (ID) number of the charge to be modified |
10184327 |
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Type of charge |
·
Immovable property ·
Book debts ·
Movable property |
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Particular of
charge holder |
CANARA BANK KAITHL Chhatrawas Road, Kaithal -136027, Haryana |
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Nature of
instrument creating charge |
Supplemental Agreement Dated 3rd August 2010 |
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Date of
instrument Creating the charge |
02.08.2010 |
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Amount secured by
the charge |
Rs. 170.000 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate
of interest 11% Terms of repayment On demand Margin 25% on stocks Extent
and operation of the charge Working Capital Limit against Current Assets to the extent of Rs 170 Millions
including Rs 20 Millions as Adhoc limit |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Land and Building at Shergarh Road, Kaithal All Current Assets including stock in hand, receivables, and other
current assets belonging to company |
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Particulars of
the present modification |
Sanction of ad hoc limit of Rs 20 Millions, enhancement from existing
Rs 150 Millions to 170 Millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
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|
1 |
Rs.72.97 |
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Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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--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 |
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--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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.