|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
GILL SHYAM COTEX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-118, Second Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-182071 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51494MH2008PTC182071 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG13209A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company engaged in ginning and pressing of raw cotton into bales. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRAs Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 : |
B-118, Second Floor, Cotton Exchange Building, Cotton Green, Mumbai
400033, Maharashtra, India |
|
Tel. No.: |
91-22-23746757/ 22615001/ 22906156 |
|
Fax No.: |
91-22-22620598/ 22655069 |
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E-Mail : |
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|
|
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Cotton Ginning Factory : |
Survey No.33/1, Ghatanji Runza Road, Opposite 66 K V MSEB
Substation, District Yeotmal 445301, Maharashtra, India |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Jayant Bhogilal Shah |
|
Designation : |
Director |
|
Address : |
15, Hill Park, A G Bell Road, Malabar Hill, Mumbai 400006,
Maharashtra, India |
|
Date of Birth/Age : |
18.11.1947 |
|
Date of Appointment : |
10.05.2008 |
|
DIN No.: |
01426873 |
|
|
|
|
Name : |
Mr. Mohit Dhirajlal Shah |
|
Designation : |
Director |
|
Address : |
Yazad E-Khursheed, Ground Floor, Altamount Road, Mumbai
400026, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1974 |
|
Date of Appointment : |
10.05.2008 |
|
DIN No.: |
02033178 |
|
|
|
|
Name : |
Mr. Bharatbhai Ravatbhai Vala |
|
Designation : |
Director |
|
Address : |
Sardhar, Taluka Jasdhan, Rajkot 360050, Gujarat, India |
|
Date of Birth/Age : |
03.09.1967 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
00430736 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Jayant Bhogilal Shah |
|
500 |
|
Mohit Dhirajlal Shah |
|
500 |
|
Bharatbhai Ravatbhai Vala |
|
5000 |
|
Gill and Company Private Limited, India |
|
4000 |
|
|
|
|
|
Total |
|
10000 |
(AS ON 30.09.2011)
Equity Shares Break up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
40.00 |
|
Directors or relatives of directors |
|
60.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in ginning and pressing of raw cotton into bales. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Not Available |
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Facilities : |
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|||||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Lukad and Jain Chartered Accountant |
|
Address : |
46, Mulji Jetha Building, 186 Princess Street, Mumbai 400002,
Maharashtra, India |
|
Tel No.: |
91-22-22001652/ 22001747 |
|
PAN No.: |
AAAFL8838P |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.013 |
0.001 |
|
|
4] (Accumulated Losses) |
(0.380) |
0.000 |
0.000 |
|
|
NETWORTH |
(0.280) |
0.113 |
0.101 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
84.225 |
77.954 |
49.447 |
|
|
TOTAL BORROWING |
84.225 |
77.954 |
49.447 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
83.945 |
78.067 |
49.548 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
76.238 |
2.650 |
2.650 |
|
|
Capital work-in-progress |
0.000 |
66.863 |
37.357 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.169 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
7.169
|
5.341 |
5.450 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
4.047
|
5.718 |
5.588 |
|
Total
Current Assets |
11.216
|
11.059 |
11.038 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2.609
|
1.320 |
0.811 |
|
|
Other Current Liabilities |
1.086
|
1.207 |
0.713 |
|
|
Provisions |
0.006
|
0.006 |
0.001 |
|
Total
Current Liabilities |
3.701
|
2.533 |
1.525 |
|
|
Net Current Assets |
7.515
|
8.526 |
9.513 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.023 |
0.028 |
0.028 |
|
|
|
|
|
|
|
|
TOTAL |
83.945 |
78.067 |
49.548 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43.631 |
NA |
NA |
|
|
|
Other Income |
0.031 |
NA |
NA |
|
|
|
TOTAL |
43.662 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
39.696 |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.997 |
0.018 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.560 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.563) |
0.018 |
0.002 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.170) |
0.006 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.393) |
0.012 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Cotton Bales |
39.913 |
NA |
NA |
|
|
TOTAL IMPORTS |
39.913 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(39.30) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.90)
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.29)
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.64)
|
0.13 |
0.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.01
|
0.16 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(314.02)
|
712.27 |
504.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.17
|
4.37 |
7.24 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last two years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
OPERATIONS:
The company successfully implemented Ginning
and Pressing Factory Project at Ghatanhi in Maharashtra. The factory commenced
operations in December, 2010.
The company recorded the total income of
Rs.43.662 Millions including the other income of Rs.0.031 Million. The company
made a maiden export of Rs.39.742 Millions during the financial year. The
company earned Rs.3.355 Millions by way of ginning and pressing charges.
FUTURE PROSPECTS:
The government has put several restrictions on
cotton exports. Hence, the company has to depend mainly on domestic market.
Considering the current monsoon, there would be an abundant cotton crop in the
current year and restriction on exports will be lifted. The company is well
poised to take the opportunity as and when thrown open.
FIXED ASSETS:
· Land
· Building
· Electric Installation
· Factory Equipment
· Furniture and Fixture
· Hero Honda
· Office Equipment
· Plant and Machinery
· Refrigerator
· Weighing Scale
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 Intl
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 companys 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.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
19 |
This score serves as a reference to assess SCs 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.