MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
V R A COTTON MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Village Buraj Muhar, Fazilka Road, NH-10, Abohar – 152 116, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.06.1997 |
|
|
|
|
Com. Reg. No.: |
16-20061 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.65.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15311PB1997PTC020061 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cotton Fabrics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 340000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for small 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Village Buraj Muhar, Fazilka Road, NH-10, Abohar – 152 116, |
|
Tel. No.: |
91-1634-223029/228544 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Export Office: |
1st Floor, M-31A, Greater Kailash Market, Part Two, New
Delhi-110 048, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. |
|
Designation : |
Director |
|
Date of Appointment : |
10.06.1997 |
|
|
|
|
Name : |
Mr. Vinod Kumar Ahuja |
|
Designation : |
Director |
|
Date of Appointment : |
10.06.1997 |
|
|
|
|
Name : |
Madhu Ahuja |
|
Designation : |
Director |
|
Date of Appointment : |
10.06.1997 |
|
|
|
|
Name : |
Mr. Raghav Ahuja |
|
Designation : |
Director |
|
Date of Appointment : |
10.06.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
21893 |
|
Vinod Kumar Ahuja |
|
81982 |
|
Madhu Ahuja |
|
17 |
|
|
|
26950 |
|
Vinod Kumar Ahuja (HUF) |
|
55283 |
|
Lajwanti Ahuja |
|
57500 |
|
Pal Farms Private Limited, |
|
53025 |
|
Sara Farms Private Limited, |
|
54800 |
|
Servell Enterprises Private Limited, |
|
46925 |
|
Raghav Ahuja |
|
131875 |
|
MS Seed Development Private Limited, |
|
17100 |
|
VRA Seed Development Private Limited, |
|
15500 |
|
Ahuja Horticulture Farms Private Limited, |
|
52700 |
|
Spectrum Agros Private Limited, |
|
18750 |
|
Transwell Chains |
|
9500 |
|
Panasian Farma Private Limited, |
|
6200 |
|
Total |
|
650000 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
|
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Fabrics. |
|
|
|
|
Products : |
·
Cotton ·
Cotton Seed |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Punjab Financial Corporation Bank, Bank Squares;
95-98; Sec. 17 B, ·
ICICI Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Babbar and Associates Chartered Accountants |
|
Address : |
34, New Grain Market, Fazilka-152 123, |
|
Tel. No.: |
91-1638-262903 |
|
Mobile No.: |
91-9815348606 |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650000 |
Equity Shares |
Rs.100/- each |
Rs.65.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650000 |
Equity Shares |
Rs.100/- each |
Rs.65.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
65.000 |
65.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.138 |
10.624 |
15.507 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
86.138 |
75.624 |
35.507 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
266.692 |
99.679 |
170.292 |
|
|
2] Unsecured Loans |
2.551 |
5.764 |
8.826 |
|
|
TOTAL BORROWING |
269.243 |
105.443 |
179.118 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
355.381 |
181.067 |
214.625 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.831 |
12.527 |
11.717 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.131 |
0.197 |
0.068 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
68.828
|
42.806 |
72.985 |
|
|
Sundry Debtors |
271.266
|
131.555 |
116.811 |
|
|
Cash & Bank Balances |
12.312
|
0.367 |
19.267 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
5.439
|
2.314 |
3.651 |
|
Total
Current Assets |
357.845
|
177.042 |
212.714 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.159
|
3.765 |
|
|
|
Other Current Liabilities |
0.527
|
2.325 |
8.545 |
|
|
Provisions |
3.920
|
2.850 |
1.370 |
|
Total
Current Liabilities |
11.606
|
8.940 |
9.915 |
|
|
Net Current Assets |
346.239
|
168.102 |
202.799 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.180 |
0.241 |
0.041 |
|
|
|
|
|
|
|
|
TOTAL |
355.381 |
181.067 |
214.625 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1253.722 |
307.355 |
462.729 |
|
|
|
Other Income |
9.762 |
NA |
NA |
|
|
|
TOTAL |
1263.484 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1231.874 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
31.610 |
16.989 |
11.813 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
14.504 |
2.608 |
4.572 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17.106 |
14.381 |
7.241 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.066 |
1.303 |
0.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.040 |
13.078 |
6.323 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.920 |
2.850 |
1.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.120 |
10.228 |
4.953 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.25 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.96
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.28
|
4.26 |
1.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.37
|
6.90 |
2.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.26
|
1.51 |
5.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
30.83
|
19.80 |
21.45 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the
company has been shifted from Burj Muhar,
Financial Results:
The
Company made total Sales of Rs.1253.722 millions during the year. The total
Purchases of Rs. 1208.843 millions was made during the year. Ginning and
Pressing charges was received during the year Rs.0.170 millions. A closing
stock of finished goods amounting to Rs.68.828 millions was lying with the
company. There was net profit of Rs.31.610 millions before providing Financial
Expenses and Depreciation. Financial Expenses to Rs.14.504 millions was
provided and depreciation Rs.1.066 millions was provided. There was net profit
or Rs.16.040 millions. Provision for income Tax of Rs.3.920 millions was
provided and net Profit of Rs.12.120 millions. Transferred to Reserve and
Surplus Account. No dividend is proposed due to inadequate profit.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U15311PB1997PTC020061 |
|
Name of the
company |
V R A COTTON
MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Buraj Muhar, Fazilka Road, NH-10, Abohar-152 116, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90311702 |
|
Type of charge |
Book Debts Movable Property Immovable Property
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
SME-1 Letter of
arrangement SME-2 Agreement
of loan-cum-hypothecation |
|
Date of
instrument Creating the charge |
25.02.2010 |
|
Amount secured by
the charge |
Rs.270.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC SSI 10.75% EPC 9.25% CC aD HOC 10.25% Terms of
Repayment on demand Margin 30% Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
Hypothecation
of stock of Narma, Papas, Oil, Seeds,
Oil Cake, Hoop, etc Collateral security-factory
land and building Msg. 52K-8m Collateral
security-hyp. Of unemcumbered plant & machinery of the unit having wdv of
Rs.11.700 millions as on 31-03-2008 Collateral
Security- property measuring 203.59 sq. Yd. At Collateral
security - EM of land 38 kl 19 ml of m/s spectrum agros private limited Collateral
security - extension of charge over the property of Shree Ganesh Oil
Industries At Fazilka |
|
Particulars of
the present modification |
Limit enhanced to
Rs.270 millions with sub limit cc (hyp) 20.000 Millins + EPC (TRD) 150.000
Millions + EPC (ad-hoc) 100.000 Millions
|
Fixed Assets:
·
Land
·
Building
·
Air
Conditioner
·
Motor
Cycle
·
Car
·
Printer
·
Generator
·
Cooler
·
·
Television
·
Printer
and Fax Machine
·
Office
Equipments
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.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
28 |
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.