Business
information report
1. Summary Information
|
|
|
Country |
|
|
Company Name |
NARENDRA COTTON GINNING AND PRESSING COMPANY PRIVATE LIMITED |
Principal Name 1 |
Mr. Narendrakumar Vrajlal Lakhani |
|
Status |
Moderate |
Principal Name 2 |
Mr. Dharmeshkumar Narendrakumar Lakhani |
|
|
|
Registration # |
032339 |
|
Street Address |
Revenue Survey No. 233/2 and 233/3, Near Paddhari By Pass, Movaiya,
Paddhari, Rajkot 360110, Gujarat |
||
|
Established Date |
15.05.1997 |
SIC Code |
-- |
|
Telephone# |
91-2820-291412 |
Business Style 1 |
Manufacturer of cotton, cotton seeds, cotton bales, cotton yarn, raw
cotton, organic cotton, linter hull, cattle food, yarn, fabric, woven fabric,
knitted fabric, cotton waste, organic raw cotton. |
|
Fax # |
91-2820-282621 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.49,993,000 |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 56.64% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
-- |
Business Period |
15 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
71,976,000 |
Current Liabilities |
13,658,000 |
|
Inventories |
10,148,000 |
Long-term Liabilities |
138,214,000 |
|
Fixed Assets |
167,630,000 |
Other Liabilities |
18,499,000 |
|
Deferred Assets |
2,921,000 |
Total Liabilities |
170,371,000 |
|
Invest& other Assets |
39,000 |
Retained Earnings |
32,350,000 |
|
|
0 |
Net Worth |
82,343,000 |
|
Total Assets |
252,714,000 |
Total Liab. & Equity |
252,714,000 |
|
Total Assets (Previous Year) |
225,401,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
530,751,000 |
Net Profit |
8,845,000 |
|
Sales(Previous yr) |
305,905,000 |
Net Loss
(Prev.yr) |
1,562,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
NARENDRA COTTON GINNING AND PRESSING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Revenue Survey No. 233/2 and 233/3, Near Paddhari By Pass, Movaiya,
Paddhari, Rajkot 360110, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.05.1997 |
|
|
|
|
Com. Reg. No.: |
032339 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.49.993 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1997PTC032339 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacturer of cotton, cotton seeds, cotton bales, cotton yarn, raw
cotton, organic cotton, linter hull, cattle food, yarn, fabric, woven fabric,
knitted fabric, cotton waste, organic raw cotton. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 329372 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
been successful in wiping off the accumulated losses of previous years. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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) |
|
India |
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 : |
Revenue Survey No. 233/2 and 233/3, Near Paddhari By Pass, Movaiya,
Paddhari, Rajkot 360110, Gujarat, India
|
|
Tel. No.: |
91-2820-291412 |
|
Fax No.: |
91-2820-282621 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Narendrakumar Vrajlal Lakhani |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.06.1950 |
|
Date of Appointment : |
15.05.1997 |
|
|
|
|
Name : |
Mr. Dharmeshkumar Narendrakumar Lakhani |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.04.1974 |
|
Date of Appointment : |
15.05.1997 |
|
|
|
|
Name : |
Mrs. Prafulaben Narendrakumar Lakhani |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.10.1953 |
|
Date of Appointment : |
15.05.1997 |
|
|
|
|
Name : |
Mr. Niraj Narendrakumar Lakhani |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.02.1978 |
|
Date of Appointment : |
03.07.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Narendra V Lakhani S/O Vrajlal Lakhani |
356350 |
|
Dharmesh Kumar N Lakhani S/O Narendra V Lakhani |
326710 |
|
Prafulaben N Lakhani W/O Narendra V Lakhani |
328350 |
|
Bhavnaben G Raval |
9000 |
|
Vinod G Raval |
20000 |
|
Govindbhai G Sadla S/O Gandabhai Sadla |
10000 |
|
Ghanshyambhai T Sadla S/O Tribhovanbhai Sadla |
10000 |
|
Keshavjibhai R Sadla S/O R Sadla |
10000 |
|
Nagarbhai C Patel S/O Chaganbhai Patel |
10000 |
|
Jayaben Lakhani |
341055 |
|
Niraj N Lakhani S/O Narendra V Lakhani |
334865 |
|
Patel Ishwar Bechar Jikaria |
10000 |
|
Patel Gordhan Purshottam S/O Patel Purshottam |
10000 |
|
Patel Chhagan Mohan S/O Mohan Patel |
10000 |
|
Rajput B Devubhai S/O R Devubhai |
10000 |
|
Multani S Hasan S/O Multani Hasan |
20000 |
|
Gordhan Chaturbhai Patel |
10000 |
|
Rahabhai H Rajput S/O H Rajput |
10000 |
|
Gunwantrai Harilal S/O Harilal |
9000 |
|
Ishwarbhai Chhaganbhai S/O Chhaganbhai |
10000 |
|
Kalidas K Paradava S/O Khimji Paradava |
9000 |
|
Bharatkumar Natwarlal S/O Natwarlal |
9000 |
|
Nagarbhai Patel |
19000 |
|
G Tribhovanbhai |
10000 |
|
Keshavjibhai |
10000 |
|
Govindbhai |
10000 |
|
Ishwar Becharbhai Patel |
10000 |
|
Gordhanbhai P Patel |
10000 |
|
Ishwarbhai Chhaganbhai |
10000 |
|
Gordhanbhai C Patel |
9000 |
|
Suleman H Multani |
10000 |
|
Banesang D Rajput |
10000 |
|
Chhaganbhai M Patel |
10000 |
|
Dharmesh Lakhani HUF |
227840 |
|
Falguniben D Lakhani W/O D Lakhani |
229340 |
|
Narebdra Lakhani HUF |
228840 |
|
Sejal Lakhani |
215840 |
|
Sheetal Lakhani |
215840 |
|
Bridge Stock and Securites Private Limited, India |
400000 |
|
Shevin Capital Service Private Limited, India |
350000 |
|
Shevin Securities Private Limited, India |
250000 |
|
Shringar Agents Private Limited |
250000 |
|
Silverstone Commercial Private Limited |
250000 |
|
Sri Ratanakar Invesca Private Limited, India |
250000 |
|
Mudit Saraogi |
75000 |
|
Devendra Unadkat |
20000 |
|
Bharat Natwarlal S/O Natwarlal |
19000 |
|
Poonam Lakhani W/O Niraj Lakhani |
26350 |
|
Total |
4999380 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
35.00 |
|
Directors or relatives of directors |
|
56.64 |
|
Other top fifty shareholders |
|
8.36 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of cotton, cotton seeds, cotton bales, cotton yarn, raw
cotton, organic cotton, linter hull, cattle food, yarn, fabric, woven fabric,
knitted fabric, cotton waste, organic raw cotton. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
·
Bank of Baroda, Raiya Road Branch 4 Rajhans
Society, Raiya Road, Rajkot 360007, Gujarat, India ·
The Lakshmi Vilas Bank Limited, Gondal Road,
Rajkot, Gujarat, India |
|||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Rs. In Millions
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Sarda and Sarda Chartered Accountant |
|
Address : |
102, Riddhi Siddhi Apartment, Opposite Axis Bank, Park Colony Main
Road, Jamnagar 361008, Gujarat, India |
|
|
|
|
Name 2 : |
Y C Anarkat and Associates Chartered Accountant |
|
Address : |
111 yogi tower, Subhash Road, Near Moti Tanki Chowk, Rajkot 360001,
Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10 each |
Rs. 50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4999380 |
Equity Shares |
Rs. 10 each |
Rs.49.993 millions |
|
|
|
|
|
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 |
49.993 |
49.993 |
49.993 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.350 |
0.000 |
3.500 |
|
|
4] (Accumulated Losses) |
0.000 |
(8.242) |
(10.179) |
|
|
NETWORTH |
82.343 |
41.751 |
43.314 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
131.147 |
150.613 |
115.062 |
|
|
2] Unsecured Loans |
7.067 |
9.092 |
18.983 |
|
|
TOTAL BORROWING |
138.214 |
159.705 |
134.045 |
|
|
DEFERRED TAX LIABILITIES |
18.499 |
8.934 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
239.056 |
210.390 |
177.359 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
167.630 |
131.704 |
130.206 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.039 |
0.039 |
0.039 |
|
|
DEFERREX TAX ASSETS |
2.921 |
2.921 |
4.007 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.148
|
23.665 |
27.034 |
|
|
Sundry Debtors |
48.179
|
52.356 |
25.487 |
|
|
Cash & Bank Balances |
1.203
|
1.325 |
1.431 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
22.594
|
13.098 |
13.472 |
|
Total
Current Assets |
82.124
|
90.444 |
67.424 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.118
|
11.703 |
21.883 |
|
|
Other Current Liabilities |
4.540
|
3.308 |
0.315 |
|
|
Provisions |
0.000
|
0.000 |
2.708 |
|
Total
Current Liabilities |
13.658
|
15.011 |
24.906 |
|
|
Net Current Assets |
68.466
|
75.433 |
42.518 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.293 |
0.589 |
|
|
|
|
|
|
|
|
TOTAL |
239.056 |
210.390 |
177.359 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
530.751 |
305.905 |
280.153 |
|
|
|
Other Income |
3.863 |
4.867 |
21.511 |
|
|
|
TOTAL (A) |
534.614 |
310.772 |
301.664 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
519.798 |
294.926 |
289.660 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
519.798 |
294.926 |
289.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.816 |
15.846 |
12.004 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.816 |
15.846 |
12.004 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.971 |
16.321 |
17.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.845 |
(0.475) |
(5.345) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.087 |
(1.735) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.845 |
(1.562) |
(3.610) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
228.009 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.76 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.65
|
(0.50) |
(1.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.66
|
(0.15) |
(1.90) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.54
|
(0.21) |
(2.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
(0.01) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
4.39 |
3.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.01
|
6.02 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION :
Due to bumper cotton crop and well organized managerial efforts as well
as effective utilization of production capacity, the company has achieved handsome
turnover of Rs. 530.751 millions during the year under report, as compared to
turnover of Rs. 305.905 millions of previous year 2009-10. Moreover, the net
profit of the Company has also been increased to Rs. 8.845 millions from loss
of Rs. 1.562 millions for the previous year.
Note:
Registered office of the company has been shifted from S No 145 Rajkot Jamnagar Highway Village Taraghri, Padadhri, Rajkot, Gujarat, India to the present address w.e.f. 02.08.2008
FORM 8
|
Corporate
identity number of the company |
U17119GJ1997PTC032339 |
|
Name of the
company |
NARENDRA COTTON GINNING AND PRESSING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Revenue Survey No. 233/2 and 233/3, Near Paddhari By Pass, Movaiya,
Paddhari, Rajkot 360110, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, Raiya Road Branch 4 Rajhans Society, Raiya Road,
Rajkot 360007, Gujarat, India Email: raiyar@bankofbaroda.com |
|
Nature of
instrument creating charge |
Instrument
modifying the charge Memorandum of
Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
22.06.2011 |
|
Amount secured by
the charge |
Rs. 95.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest ROI:- 0.50% over
Base Rate upto 90 days, 0.75% over Base Rate upto 180 days, 4% over Base Rate
over 180 days with min. 10.50% p.a.plus interest with monthly rests. Terms of repayment As per
Agreeement. Margin 25% on the Raw
Materials, 25% on the Finished Goods, 40% on the book-debts and 25% on
moveable machinery and cash margin of 25% in respect of Inland/Import Letter
of Credit Facility. Extent and operation of the charge The charge
operates to extend by way of Second Charge through Equitable Mortgage over
the immovable property of the Company to secure the entire finance of Rs.
95.000 millions together with interest, additional interest, further
interest, penal interests, costs, charges, expenses and all other monies
payable. |
|
Date of
instrument modifying the charge |
27.05.2011 |
|
Particulars of
the present modification |
The entire
finance facilities of Rs. 95.000 millions have been further secured by way of
Second Charge through Equitable Mortgage over immoveable properties of the
Company. |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved
in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
PRESS RELEASE
GINNERS CONTINUE THEIR STRIK OVER COTTON EXPORT BAN
Terming
as “election-manifesto” the Union government’s notification of lifting a ban on
cotton export, the ginning mill owners in Saurashtra have decided to continue
with their indefinite strike that they had started on March 7 to protest the
ban.
“The
ginning mill owners in the Saurashtra region have not called off their
indefinite strike as yet and would meet within a couple of days again to decide
about the action plan to protest against the notification,” Bharat Vala,
president of Saurashtra Ginning Mills Association, said.
“The
notification issued by the Union Government is like election manifesto and
neither farmers nor ginners would have any benefit even after the ban is
revoked,” he said.
The
Directorate General of Foreign Trade (DGFT), which operates under the Commerce
Ministry, had imposed the ban on March 5.
While
it later withdrew its March 5 notification, it mandated that only the exports
registered with it till march 5 would be permitted, they said.
Marketing
yards in Saurashtra region, which extended their support to the ginners in the
indefinite strike, have, however, ended their strike and started auctioning of
cotton from today.
Chief
Minister Narendra Modi had yesterday said that the lifting of ban on cotton was
cheating the farmers. “The notification issued by the Commerce Ministry on the
reversal of ban on cotton exports is cheating with lakhs of cotton growing
farmers of the state,” Modi had said.
“The
notification says the Centre will not give any new registration certificates
for export of cotton. Not only that, it would also investigate the export of
the commodity earlier, incorporating a clause that registration allowed earlier
have to be reinvestigated with no time frame,” Modi had said.
GOVERNMENT BLINKS,
COTTON EXPORT BAN TO GO TODAY
NEW
DELHI: The government has decided to lift the ban on cotton exports from
Monday, just a week after imposing it, buckling under pressure from farmers,
traders and politicians.
"Keeping
in view the facts, the interests of farmers, industry and trade, a balanced
view has been considered by the group of ministers to roll back the ban and a
formal order will be made public on Monday by the government," Commerce
Minister Anand Sharma
said on Sunday.
The
Directorate General of Foreign Trade (DGFT), which is under the commerce
department, had banned cotton exports on March 5 after a meeting of the
committee of secretaries noted that carryover stocks of the cash crop had
fallen below recommended levels.
The
decision had drawn sharp criticism from Farm Minister Sharad Pawar, besides
cotton growers and traders in Gujarat and Maharashtra.
Pawar,
who was not in the country when the ban was imposed, said he was not informed
about it and that the move would harm farmers.
A
ministerial panel headed by Finance Minister Pranab
Mukherjee had met on Friday to review the ban after Gujarat Chief
Minister Narendra Modi
and a delegation from the state's Congress
party voiced their concerns to the prime minister. However, no announcement was
made immediately after the meeting.
On
Sunday, Congress MP Ahmed Patel, Gujarat opposition leader Shakti Singh Gohil
and CPP president Arjun Modwalia met Sharma to press for a lifting of the ban.
However,
it is not clear whether the government will lift the ban completely and allow
issuance of fresh registration certificates or will only allow exports of the
consignments registered with the DGFT.
"Since
allowing just the registered consignments to be exported would result in a
significant depletion in the already reduced stocks, it seems unlikely that
fresh registration certificates would be issued," a government official
told ET.
Textiles
secretary Kiran Dhingra had explained earlier that the ban was imposed after it
was noticed that 9.4 million bales of cotton had been shipped against the 8.4
million exportable surplus calculated by the cotton advisory board in January.
The
surplus exports had brought down carryover stock to 3.6 million bales, against
the 5 million bales that a GoM had recommended in April 2010 to avoid shortage.
Allowing
exports of the 12 million bales that have been registered will lower the
surplus further, which can get wiped out if fresh registration for exports is
done.
Cotton
growers and traders have, however, been protesting against falling prices,
which have dropped to about 3,000 a quintal from more than 4,000 last month.
The Cotton
Corporation of India has, however, been advised to make procurements
at all mandis where prices fall below the minimum support price fixed by the
government.
Last year, too, exports of cotton, a key input for the textile industry,
were banned for a long period to avoid shortage in the domestic market. The
commodity was allowed to be freely exported only after the government was
satisfied that there was enough at home.
GOVERNMENT DRAFTS NEW
LEGISLATION TO STRENGTHEN DATA ON COTTON
PTI Apr 2, 2012,
08.37PM IST
NEW
DELHI: The government has framed a draft legislation that aims to set up a
system to collect accurate data on cotton production and stock availability
with various stakeholders of the industry.
"We
are finalising the draft Cotton Trade
( Development
and Regulation) Bill, 2012. The proposed law will help in drawing
realistic cotton balance sheet," a senior Textiles
Ministry official said.
The
new law has been drafted against the backdrop of differences in cotton output
estimates made by the Textiles Ministry and Agriculture
Ministry for this crop year.
The
ban on cotton exports that was imposed on fears of domestic shortages despite
record output in the absence of accurate data, lasted only a week.
The
Textile Ministry has drafted the new legislation as at present there is no
statutory framework for collecting the statistical data on cotton from ginning
and pressing factories as well as cotton yarn output from the textiles mills.
Due
to lack of realistic data, it has become difficult for the Cotton
Advisory Board (CAB) to assess the production and consumption of raw
cotton, the official added.
The
CAB, which functions under the Textiles Ministry, had in January estimated a
crop size of 34.5 million bales, but had to adjust its figures to the
projection made by the Agriculture Ministry at 34 million bales.
In
view of the commercial importance of cotton crop, the senior official said:
"The trade and commerce in cotton and its value-added products need to
have a progressive national legislation for promotion, development and
effective regulation of cotton."
The
proposed bill seeks to ensure well-structured supply chain for cotton, textiles
and facilitate better management of statistical data collection for more
effective planning and policy formulation, the official said.
Pointing
out that there is no legislative support against the price manipulators, he
stressed that there was a need for a statistical monitoring mechanism for
assessing production and consumption of raw cotton.
In
the last few days, cotton prices have jumped over 5 per cent to Rs 35,000 per
candy.
The
proposed law can integrate with the "Collection of Statistics Act,
2008" to assess consumption of raw cotton in the country, the official
added.
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.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
30 |
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.