|
Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOHANA COTTON GINNING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D.No.3-153, Garapadu (Post), Vatticherukuru (Mandal), Guntur District,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.03.2013 |
|
|
|
|
Com. Reg. No.: |
01-086614 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 51.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17291AP2013PTC086614 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Processor and Exporter of Raw Cotton |
|
|
|
|
No. of Employees
: |
65 (Approximately) |
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 280000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of partnership concern established in the year
October, 2010 as “Mohana Cotton Ginning”. Later on March 26, 2013 it got converted into private limited company.
Mr. Vinayak, Chief executive officer provided complete information and
confirmed about the conversion of legal status. As per previous, the subject has performed on an average basis concern
and has achieved a decent profitability during 2012. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. 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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term rating = B |
|
Rating Explanation |
High risk of default regarding timely servicing of financial
obligations. |
|
Date |
05.03.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Vinayak |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-08790911151 |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office / Factory /
Admin / Warehouse : |
D.No.3-153, Garapadu (Post), Vatticherukuru (Mandal), Guntur District,
Guntur- 522017, Andhra Pradesh, India |
|
Tel. No.: |
91-863-2287516 |
|
Mobile No.: |
91-08790911151 (Mr. Vinayak) |
|
Fax No.: |
91-863-2287518 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4 Acres |
|
Location : |
Owned |
DIRECTORS
As on 26.03.2013
|
Name : |
Mrs. Banda Shobha |
|
Designation : |
Director |
|
Address : |
D.No. 3-318, Vijayalakshmipuram, Bapatla - 522101, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.071979 |
|
Qualification : |
MBA |
|
Date of Appointment : |
05.04.2013 |
|
DIN No.: |
06475958 |
|
|
|
|
Name : |
Mr. Subrahamanyam Amuendi |
|
Designation : |
Managing Director |
|
Address : |
House No. 1-28-8, Abbaraju Vari Street, Nazar Peta, Ward No. 9, Tenali
-523001, Andhra Pradesh India |
|
Date of Birth/Age : |
01.06.1950 |
|
Date of Appointment : |
05.04.2013 |
|
DIN No.: |
06423240 |
|
|
|
|
Name : |
Mr. Naga Manjulatha Bhargavi Pitchoonoori |
|
Designation : |
Whole-Time Director |
|
Address : |
D. No. 2-81, 82, Flat. No. 507, Adarsh Grand Residency, Chaitanyapuri,
Hyderabad – 500060, Andhra Pradesh, India
|
|
Date of Birth/Age : |
23.08.1983 |
|
Date of Appointment : |
05.04.2013 |
|
DIN No.: |
06475964 |
KEY EXECUTIVES
|
Name : |
Mr. Vinayak |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Banda Shoda |
|
284100 |
|
Manda Vijaya Prasad |
|
27850 |
|
Pathan Khadar |
|
38420 |
|
Komaravolu Naga Manju Lalitha |
|
32280 |
|
Pitchoonoori Naga Indira Priyadarsini |
|
33890 |
|
Ammundi Subrahamanyam |
|
16200 |
|
Mopidevi Aruna |
|
28820 |
|
Y.V. Ramana Rao |
|
27890 |
|
Kola Syam Badu |
|
21550 |
|
Total |
|
511000 |
As on 30.03.2013
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Banda Shoda |
|
45000 |
|
Komaravolu Naga Manju Lalitha |
|
35000 |
|
Mopidevi Aruna |
|
6600 |
|
Ammundi Subrahamanyam |
|
40000 |
|
Kola Syam Badu |
|
5600 |
|
Manda Vijaya Prasad |
|
6600 |
|
Pitchoonoori Naga Indira Priyadarsini |
|
36000 |
|
Pathan Khadar Khan |
|
7500 |
|
Y. venkata Ramana Rao |
|
6500 |
|
Shakunthala Maniyar |
|
100 |
|
I. Basavaiah |
|
100 |
|
Total |
|
189000 |
BUSINESS DETAILS
|
Line of Business : |
Processor and Exporter of Raw Cotton |
|
|
|
|
Exports : |
|
|
Products : |
Finished Cotton |
|
Countries : |
·
Bangladesh ·
Pakistan ·
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash / Credit (10 to 15 Days) |
|
|
|
|
Purchasing : |
Cash / Credit (10 to 15 Days) |
GENERAL INFORMATION
|
Suppliers : |
Sri Sai Vijay Laxmi Catton Mills |
|
|
|
|
Customers : |
Manufacture ·
Kohinoor Trxtile Mill, Pakistan |
|
|
|
|
No. of Employees : |
65 (Approximately) |
|
|
|
|
Bankers : |
·
Axis Bank, New Center Branch, Guntur, Andhra
Pradesh, India ·
State Bank of India, Commercial Bank, Gunter,
Andhra Pradesh, India |
|
|
|
|
Facilities : |
Total Facility Rs.115.000 Millions (From State Bank of India) |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
CTI Veera Baba And Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.100/- each |
Rs.75.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.100/-
each |
Rs.70.000
Millions |
|
|
|
|
|
MOHANA
COTTON GINNING (Partnership Firm)
Partner’s Fixed
Capital
|
Particular |
|
Rs. In Millions |
|
Banda Shoda |
|
28.410 |
|
Manda Vijaya Prasad |
|
2.785 |
|
Pathan Khadar |
|
3.842 |
|
Komaravolu Naga Manju Lalitha |
|
3.228 |
|
Pitchoonoori Naga Indira Priyadarsini |
|
3.389 |
|
Ammundi Subrahamanyam |
|
1.620 |
|
Mopidevi Aruna |
|
2.882 |
|
Y.V. Ramana Rao |
|
2.789 |
|
Kola Syam Badu |
|
2.155 |
|
Total |
|
51.100 |
Partner’s Current
Capital
|
Particular |
|
Rs. In Millions |
|
Banda Shoda |
|
5.165 |
|
Komaravolu Naga Manju Lalitha |
|
3.958 |
|
Mopidevi Aruna |
|
0.598 |
|
Ammundi Subrahamanyam |
|
4.304 |
|
Kola Syam Badu |
|
0.518 |
|
Manda Vijaya Prasad |
|
0.587 |
|
Pitchoonoori Naga Indira Priyadarsini |
|
4.244 |
|
Pathan Khadar Khan |
|
0.702 |
|
Y.V. Ramana Rao |
|
0.587 |
|
Total |
|
20.663 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
MOHANA
COTTON GINNING (Partnership Firm)
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Fixed Capital |
|
|
51.100 |
|
|
2] Partner’s Current Capital |
|
|
20.663 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
71.763 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
134.280 |
|
|
2] Unsecured Loans |
|
|
28.400 |
|
|
TOTAL BORROWING |
|
|
162.680 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
234.443 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
102.836 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
63.830 |
|
|
Sundry Debtors |
|
|
88.713 |
|
|
Cash & Bank Balances |
|
|
19.991 |
|
|
Other Current Assets |
|
|
9.585 |
|
|
Loans & Advances |
|
|
0.804 |
|
Total
Current Assets |
|
|
182.923 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
49.721 |
|
|
Other Current Liabilities |
|
|
1.206 |
|
|
Provisions |
|
|
0.389 |
|
Total
Current Liabilities |
|
|
51.316 |
|
|
Net Current Assets |
|
|
131.607 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
234.443 |
|
PROFIT & LOSS
ACCOUNT
MOHANA
COTTON GINNING (Partnership Firm)
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
608.131 |
770.197 |
317.359 |
|
|
|
Other Income |
43.568 |
9.857 |
5.422 |
|
|
|
TOTAL |
651.699 |
780.054 |
322.781 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Good Sold |
565.140 |
758.764 |
301.846 |
|
|
|
AMC Paid |
1.114 |
0.000 |
0.000 |
|
|
|
Commission and Brokerage |
2.977 |
2.225 |
1.051 |
|
|
|
Debit Note |
4.584 |
0.822 |
2.826 |
|
|
|
Freight |
8.601 |
0.000 |
0.000 |
|
|
|
Salaries and Other Benefits |
2.615 |
0.028 |
0.373 |
|
|
|
Power and Fuel |
15.612 |
0.000 |
0.000 |
|
|
|
VAT Paid |
17.329 |
0.000 |
0.000 |
|
|
|
Other Expenses |
19.150 |
15.399 |
15.530 |
|
|
|
TOTAL |
637.122 |
777.238 |
321.626 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
14.577 |
2.816 |
1.155 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
10.831 |
0.403 |
0.138 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
3.746 |
2.413 |
1.017 |
|
Expected Sales (2013-14) : Rs. 750.000 Millions
The above information has been parted by Mr. Vinayak
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.62
|
0.31 |
0.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
0.31 |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.31
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.27
|
NA |
NA |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.56
|
NA |
NA |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
TRADE REFERENCES
·
Sri Sai Vijay Laxmi Catton Mills
· Kohinoor Trxtile Mill, Pakistan
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.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.