MIRA
INFORM REPORT
|
Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
GORAKHNATH EXPORTS AND IMPORTS PRIVATE LIMITED |
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Registered
Office : |
76-C, P T Rajan Salai, K K Nagar, Chennai – 600078, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.05.2006 |
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Com. Reg. No.: |
18-059932 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.200 Million |
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CIN No.: [Company Identification
No.] |
U51225TN2006PTC059932 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEG07844E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Export, Import of Spices, Pulses, Agro products, Dry Flower, Processed
by Dry Flower and Herbal Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B [27] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
USD 4000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for small business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
76-C, P T Rajan Salai, K K Nagar, Chennai – 600078, Tamil |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Admin Office : |
1A / 3A, Forst Floor, Toovipuram, Third Street, Near Krishna Clinic, VVD
Main Road, Tuticorin – 628003, India |
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Tel. No.: |
91-461-2332266 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Manohar Subramanian |
|
Designation : |
Director |
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Address : |
No.108, renganathapuram East Tuticorin - 628 002,
Tamil Nadu, |
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Date of Appointment : |
19.05.2006 |
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DIN : |
02560581 |
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Name : |
Mr. Jeyukumar Yovan Jeyapal |
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Designation : |
Additional Director |
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Address : |
Old No 9. NewNo.32. Dhamodharan Nagar, Thoothukudi
- 628 001, Tamil Nadu, |
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Date of Appointment : |
12.02.2009 |
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DIN : |
02548076 |
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Name : |
Ms. Mariya Yoga Kumar Rajfernando |
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Designation : |
Additional Director |
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Address : |
6/93/1, Krishna Raja Puram, |
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Date of Appointment : |
12.02.2009 |
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DIN : |
02548080 |
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Name : |
Mr. Arunachalam Peter Jebaraj |
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Designation : |
Additional Director |
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Address : |
No.3, B Nagar, |
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Date of Birth/Age : |
18.04.1954 |
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Date of Appointment : |
24.01.2011 |
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DIN : |
03374443 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Mariya Yoga Kumar Rajfernando |
|
10000 |
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Manohar Subramanian |
|
10000 |
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Total |
|
20000 |
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Export, Import of Spices, Pulses, Agro products, Dry Flower, Processed
by Dry Flower and Herbal Products. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Union Bank of |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. M. Sundaram Associates Chartered Accountant |
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Address : |
C-28, Anna Nagar East, Chennai – 600102, Tamil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
100,000 |
Equity Shares |
Rs.10/-each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
20,000 |
Equity Shares |
Rs.10/-each |
Rs.0.200 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.200 |
0.200 |
0.200 |
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2] Share Application Money |
0.800 |
0.741 |
0.741 |
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|
3] Reserves & Surplus |
0.117 |
0.074 |
0.048 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.117 |
1.015 |
0.989 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.585 |
0.585 |
0.574 |
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TOTAL BORROWING |
0.585 |
0.585 |
0.574 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.702 |
1.600 |
1.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.034 |
0.043 |
0.056 |
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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 |
0.533
|
1.096 |
1.325 |
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Sundry Debtors |
1.816
|
0.599 |
0.590 |
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Cash & Bank Balances |
0.073
|
0.036 |
0.023 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.046
|
0.015 |
0.014 |
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Total
Current Assets |
2.468
|
1.746 |
1.952 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.644
|
0.144 |
0.405 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.162
|
0.056 |
0.057 |
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Total
Current Liabilities |
0.806
|
0.200 |
0.462 |
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Net Current Assets |
1.662
|
1.546 |
1.490 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.011 |
0.017 |
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TOTAL |
1.702 |
1.600 |
1.563 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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INCOME |
7.086 |
3.804 |
NA |
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Less |
EXPENSES |
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|
NA |
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|
[Including
Finance and Depreciation] |
[Including
Finance and Depreciation] |
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PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
0.064 |
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Less |
FINANCIAL
EXPENSES |
- |
- |
0.010 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
0.054 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
- |
- |
0.019 |
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PROFIT / LOSS
BEFORE TAX |
0.063 |
0.040 |
0.035 |
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Less |
TAX |
0.020 |
0.013 |
0.011 |
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PROFIT / LOSS
AFTER TAX |
0.043 |
0.027 |
0.024 |
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EARNINGS IN
FOREIGN CURRENCY |
7.083 |
3.803 |
NA |
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Earnings Per
Share (Rs.) |
2.15 |
- |
- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.61
|
0.96 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.52
|
2.23 |
1.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
0.77 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
|
3.06
|
8.73 |
4.22 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51225TN2006PTC059932 |
|
Name of the
company |
Gorakhnath
Exports and Imports Private Limited |
|
Address of the
registered office or of the principal place of business in |
76-C, P T Rajan
Salai, K K Nagar, Chennai 600078, Tamil |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Union Bank of |
|
Nature of
instrument creating charge |
Letter of
hypothecation of bills along with DPN Packing credit
agreement along with DPN |
|
Date of
instrument Creating the charge |
22.08.2011 |
|
Amount secured by
the charge |
Rs.15.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– FDBP / FUDBP :
Base Rate + 1.50 i.e. 12.25 Floating Packing Credit :
Base Rate + 1.25 i.e. 12.00 Floating Terms of
Repayment - As determined by the bank from time to time. Margin - Packing
Credit : 25% Others Nature of
Facility Limit (Rupees in millions) FDBP / FUDBP
against contract Sight /
usance 90 days
basis 10.000 Packing
Credit 5.000 Total 15.000 All other terms
and conditions as per the sanction letter and the instruments executed on
22.08.2011. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by way
of First charge on all stocks i.e. raw material, process stock, finished
goods, meant for exports belonging to the company, both present and future. Hypothecation of
all book debts, receivables including documents evidencing export of goods . |
FIXED ASSETS :
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Air Conditioner
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.