MIRA
INFORM REPORT
|
Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAGHUVIR COTTON GINNING AND PRESSING PRIVATE LIMITED |
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Registered
Office : |
Survey No.81, 8-B |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.09.1998 |
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Com. Reg. No.: |
04-034754 |
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Capital Investment
/ Paid-up Capital : |
Rs.19.707
millions |
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|
|
CIN No.: [Company Identification
No.] |
U17110GJ1998PTC034754 |
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|
|
PAN No.: [Permanent Account No.] |
AABCR4140G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader and Exporter of Cotton, Rut and Cotton Seed. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 122000 |
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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.
|
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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Survey No.81, 8-B |
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Tel. No.: |
91-282-7270568, 7270578, 7270550 |
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Fax No.: |
91-282-7270578 |
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E-Mail : |
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Corporate Office : |
203, Centre One, Near Wockhardt Hospital, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Jignesh Kiritchandra Jivani |
|
Designation : |
Director |
|
Address : |
Moti Chowk, Main Bazar, At-Pota, Jasdan, |
|
Date of Birth/Age : |
28.07.1979 |
|
Date of Appointment : |
29.09.1998 |
|
DIN No.: |
00553914 |
|
|
|
|
Name : |
Mr. Rameshchandra Bhagvanlal Jivani |
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Designation : |
Director |
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Address : |
Moti Chowk, Main Bazar, At-Pota, Jasdan, |
|
Date of Birth/Age : |
23.01.1952 |
|
Date of Appointment : |
29.09.1998 |
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DIN No.: |
00553955 |
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|
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Name : |
Mr. Kishorchandra Bhagvanlal Jivani |
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Designation : |
Director |
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Address : |
Moti Chowk, Main Bazar, At-Pota, Jasdan, |
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Date of Birth/Age : |
09.05.1960 |
|
Date of Appointment : |
29.09.1998 |
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DIN No.: |
00553914 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bharatbhai
Chunilal Patel |
|
52500 |
|
Pujaben
Bharatbhai Patel |
|
9000 |
|
Hansaben
Jentilal Gandhi |
|
37500 |
|
Jashvantrai B.
Shah |
|
50000 |
|
Rajnikant
Chhotalal Kalyani |
|
57000 |
|
Binaben
Bharatbhai Kalyani |
|
19000 |
|
Jiger Manharlal Desai
|
|
10000 |
|
Meenaben
Hasubhai Desai |
|
30000 |
|
Rasilaben
Champaklal Shah |
|
51500 |
|
Bhavnaben
Jayeshkumar Shah |
|
45000 |
|
Gopalbhai M.
Doshi |
|
36500 |
|
Jayeshbhai
Mansukhbhai Doshi |
|
26500 |
|
Rameshbhai
Ramnikbhai Mehta |
|
30000 |
|
Bhupendrabhai
Premchand Shah |
|
30000 |
|
Nayan
Jashvantrai Shah |
|
10000 |
|
Chandrikaben
Rajendrabhai Gangadiya |
|
15000 |
|
Bhavikaben
Vipulbhai Gangadiya |
|
30000 |
|
Samir R. Patel |
|
37500 |
|
Rameshbhai C.
Patel (HUF) |
|
25000 |
|
Savitaben
Laxmichand Kalyani |
|
32500 |
|
Kanchanben
Chandulal Ambani |
|
31500 |
|
Paravinchandra
Vitthaldas Shah |
|
30000 |
|
Rameshchandra B.
Shah |
|
126200 |
|
Kishorchandra B.
Shah |
|
130200 |
|
Visakhaben K.
Jivani |
|
97000 |
|
Jayshriben R.
Patel |
|
25500 |
|
Falguniben R.
Jivani |
|
10000 |
|
Sarojben R.
Jivani |
|
119500 |
|
Krishnaben J.
Jivani |
|
20000 |
|
Nilaben K.
Jivani |
|
82500 |
|
Raghuvir Cotton
Company |
|
128100 |
|
Kiritkumar B.
Jivani |
|
127500 |
|
Vaisakhiben D.
Jivani |
|
151100 |
|
Dharmesh R.
Jivani |
|
127100 |
|
Alpaben R. Jivani |
|
130000 |
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Total |
|
1970700 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of Cotton, Rut and Cotton Seed. |
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|
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|
Products : |
v
Cotton v
Rut v
Cotton Seed |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
2009-2010 |
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|
Quantitative |
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|
Cotton Kg. |
Rut Kg. |
Cotton Seed Kg. |
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|
Consumption/ Production |
29218436 |
10406689 |
18500210 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400 013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
H.R. Patel and Associates Chartered Accountants |
|
Address : |
27, Doctor
House, Near Apolo, Idar, District Sabarkantha – 383 430, Idar, |
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PAN No.: |
ACIPP5547M |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1970700 |
Equity Shares |
Rs.10/- each |
Rs.19.707
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.707 |
13.087 |
13.087 |
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|
2] Share Application Money |
0.000 |
6.620 |
6.620 |
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|
3] Reserves & Surplus |
10.870 |
9.962 |
8.820 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.577 |
29.669 |
28.527 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
180.107 |
108.218 |
56.951 |
|
|
2] Unsecured Loans |
42.459 |
40.620 |
39.270 |
|
|
TOTAL BORROWING |
222.566 |
148.838 |
96.221 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
253.143 |
178.507 |
124.748 |
|
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|
|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
43.127 |
30.143 |
31.348 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.525 |
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|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
176.217
|
112.589 |
89.276 |
|
|
Sundry Debtors |
45.247
|
63.012 |
39.904 |
|
|
Cash & Bank Balances |
1.546
|
1.228 |
0.449 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
25.319
|
6.330 |
3.026 |
|
Total
Current Assets |
248.329
|
183.159 |
132.655 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.190
|
6.948 |
5.390 |
|
|
Other Current Liabilities |
22.103
|
27.832 |
33.728 |
|
|
Provisions |
0.020
|
0.015 |
0.662 |
|
Total
Current Liabilities |
38.313
|
34.795 |
39.780 |
|
|
Net Current Assets |
210.016
|
148.364 |
92.875 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
253.143 |
178.507 |
124.748 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2011.075 |
1406.072 |
1093.135 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
2011.075 |
1406.072 |
1093.135 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
1404.327 |
1091.703 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
2009.361 |
1404.327 |
1091.703 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.714 |
1.745 |
1.432 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.806 |
0.603 |
0.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.908 |
1.142 |
0.779 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.87 |
0.87 |
0.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.05
|
0.08 |
0.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.59
|
0.82 |
0.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.53
|
6.19 |
4.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.48
|
5.26 |
3.33 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF PERFORMANCE
AND BUSINESS PROJECTS:
In view of the economy showing the sign of improvement and good monsoon in the current year, the Directors hope that the Company would be able to achieve more profitability during the forthcoming years.
FORM 8:
|
Corporate
identity number of the company |
U17110GJ1998PTC034754 |
|
Name of the
company |
RAGHUVIR COTTON GINNING AND PRESSING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.81, 8-B E-Mail: raghuvircottonco@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80021714 |
|
Type of charge |
Immovable Property
|
|
Particular of
charge holder |
CIN No.:
L65920MH1994PLC080618 HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
recording past transactions of creation of Mortgage by Deposit of Title
Deeds. |
|
Date of
instrument Creating the charge |
16.11.2010 |
|
Amount secured by
the charge |
Rs.244.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of Repayment: Working Capital
facility shall be payable On Demand. Term Loan
facility shall be repayable in suitable installments. Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties, as security for repayment of Rs.244.500 millions by the Company,
together with principal, interest, liquidated damages, costs, charges and
expenses. |
|
Short particulars
of the property charged |
Immovable
property situated at Revenue Survey Number 83 Paikee, N A Plot No. 4, Village
Hadamtala, Ta. Kotda Sangani, District Immovable property
situated at Revenue Survey Number 81 Paikee, N A Plot No. 1 and 2, Village
Hadamtala, Ta. Kotda Sangani, District Immovable
property situated at Revenue Survey Number 81 Paikee, N A Plot No. 3 and 4,
Village Hadamtala, Ta. Kotda Sangani, District |
|
Date of latest
modification prior to the present modification |
13.11.2010 |
|
Particulars of
the present modification |
The equitable
mortgage/charge shall now stand increased up to Rs.244.500 millions (Comprising:
Cash Credit of Rs.226.500 millions, Term Loan of Rs.18.000 millions) in
favour the Bank. |
FIXED ASSETS:
v
Free
v
Residential Building
v
v
Other Building
v
Plant Machinery
v
Computer Equipments
v
Furniture Fixtures
v Vehicles
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
31 |
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.