MIRA INFORM REPORT
|
Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RAGHUVANSHI FIBERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C/O Gopal Enterprise, New Sardar Marketing Yard, Shop No.A-174, 8b
National Highway, Gondal – 360311, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.09.2007 |
|
|
|
|
Com. Reg. No.: |
04-051651 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 26.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120GJ2007PTC051651 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCS1333C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in ginning of cotton to produce cotton seeds and cotton bales. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears slight dip in the sales during 2012. The profit margin seems to
be low. The external borrowing appears to be huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit:- (ICRA) B+ |
|
Rating Explanation |
Having high risk of default regarding timely reducing of financial
obligation. |
|
Date |
March 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.
LOCATIONS
|
Registered Office : |
C/O Gopal Enterprise, New Sardar Marketing Yard, Shop No.A-174, 8b
National Highway, Gondal – 360311, Gujarat, India |
|
Tel. No.: |
91-2825-280260 |
|
Fax No.: |
91-2825-280360 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No. 28/2, P/1, 8b Gondal Rajkot Highway Billiyala, Gondal –
360311, Gujarat, India |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Bhaveshkumar Jentilal Selani |
|
Designation : |
Director |
|
Address : |
Jay Bhavani, Punit Nagar, Main Road, Gondal – 360311, Rajkot, Gujarat,
India |
|
Date of Appointment : |
03.09.2007 |
|
DIN No.: |
01741484 |
|
|
|
|
Name : |
Mr. Harshad Jentilal Selani |
|
Designation : |
Director |
|
Address : |
Jay Bhavani, Punit Nagar, Main Road, Gondal – 360311, Rajkot, Gujarat,
India |
|
Date of Appointment : |
03.09.2007 |
|
DIN No.: |
01741511 |
|
|
|
|
Name : |
Mr. Gopalbhai Jentilal Selani |
|
Designation : |
Director |
|
Address : |
Jay Bhavani, Punit Nagar, Main Road, Gondal – 360311, Rajkot, Gujarat,
India |
|
Date of Appointment : |
03.09.2007 |
|
DIN No.: |
01741545 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bhaveshkumar Selani |
|
637200 |
|
Gopalkumar Selani |
|
637200 |
|
Harshadkumar Selani |
|
593600 |
|
Amitaben Selani |
|
179300 |
|
Meghnaben Selani |
|
179200 |
|
Naynaben Selani |
|
199200 |
|
Manjulaben Selani |
|
174300 |
|
|
|
|
|
Total |
|
2600000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Material and Importing, Exporting, Buying, Selling or otherwise dealing in cotton, cotton seeds. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of Baroda, Gondal Branch, Gondal - 360311, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H B Kalaria & Associates Chartered Accountants |
|
Address : |
203/204 "Aalap" B/H Jewel Hotel , Limbada Chowk, Rajkot – 360001, Gujarat, India |
|
PAN No.: |
ADIPK1287E |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs. 26.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs. 26.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
26.000 |
24.000 |
23.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.601 |
7.977 |
3.584 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.601 |
31.977 |
26.584 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
252.584 |
164.360 |
119.600 |
|
|
2] Unsecured Loans |
75.948 |
68.599 |
53.350 |
|
|
TOTAL BORROWING |
328.532 |
232.959 |
172.950 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
377.133 |
264.936 |
199.534 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
56.195 |
50.867 |
56.160 |
|
|
Capital work-in-progress |
0.000 |
6.198 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.433 |
0.333 |
0.589 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
206.106
|
171.020 |
123.220 |
|
|
Trade receivable |
82.038
|
61.473 |
15.339 |
|
|
Cash & Bank Balances |
5.361
|
1.206 |
0.495 |
|
|
Other Current Assets |
23.407
|
3.051 |
0.000 |
|
|
Loans & Advances |
6.306
|
1.006 |
5.355 |
|
Total
Current Assets |
323.218
|
237.756 |
144.409 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.804
|
29.333 |
1.079 |
|
|
Other Current Liabilities |
0.160
|
0.060 |
0.022 |
|
|
Provisions |
1.749
|
0.825 |
0.701 |
|
Total
Current Liabilities |
2.713
|
30.218 |
1.802 |
|
|
Net Current Assets |
320.505
|
207.538 |
142.607 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.178 |
|
|
|
|
|
|
|
|
TOTAL |
377.133 |
264.936 |
199.534 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1100.534 |
1245.008 |
728.651 |
|
|
|
Other Income |
6.430 |
0.481 |
0.271 |
|
|
|
TOTAL |
1106.964 |
1245.489 |
728.922 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1096.548 |
1235.554 |
723.361 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
10.416 |
9.935 |
5.561 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.108 |
6.986 |
3.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.308 |
2.949 |
1.966 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.683 |
0.585 |
0.333 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.625 |
2.364 |
1.633 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.00 |
0.98 |
0.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.23 |
0.19 |
0.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.30 |
0.23 |
0.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.87 |
1.02 |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.76 |
7.29 |
6.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
119.13 |
7.87 |
80.13 |
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 |
No |
|
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 |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATION
The Directors are pleased to inform you that the company has achieved the desired quality of the product. Sales have increased marginally during the year, however due to some temporary unavailability of funds; capacity utilization has not been achieved up to the desired levels. However adequate steps have been taken for overcoming these differences and difficulties.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U17120GJ2007PTC051651 |
|
Name of the
company |
SHREE RAGHUVANSHI
FIBERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C/O Gopal
Enterprise, New Sardar Marketing Yard, Shop No.A-174, 8b National Highway,
Gondal – 360311,Gujarat, India Email-id:- hbkalaria.roc@gmail.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10084984 |
|
Type of charge |
Immovable
property |
|
Particular of charge
holder |
BANK OF BARODA,
GONDAL BRANCH, GONDAL – 360311, Gujarat, INDIA Emailed:- gondal@bankofbaroda.com |
|
Nature of
instrument creating charge |
Mortgage
Agreement |
|
Date of
instrument Creating the charge |
23.01.2012 |
|
Amount secured by
the charge |
Rs. 268.503 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest On Term Loan : Intrest At 2.25% Above Base Rate I. E.
13.00 % P.A On C. C. : Intrest At 2.00% Above Base Rate I.
E.12.75 % P. A. Terms of
Repayment In Case Of Term
Loan: Repaid In 66 Months Including Moratorium Of 6 Months In Equal
Instalments Each Of Rs. 0.125 millions. Interest To Be Paid Separately As And
Charged. In Case Of
Cc: Working Capital Is Payable On
Demand Margin 25% On Stock 40% On Book-Debts 25.23% On Movable
Machinery Extent and
Operation of the charge Charge Will Be In
Operation Till The Entire Amount Of Loan Will Be Satisfied Including Interest
If Any. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Biliyala Revenue
Sur. No. 28/2 Paikee 1 Paikee Cotton Ginning & Pressing Industrial
Purpose Land A. 4-12 G. Alongwith Standing Structure Thereon Within Village
Limit Of Biliyala Ta: Gondal, Rajkot |
|
Particulars of
the present modification |
Total Charge
Increased From Rs.167.000 millions To Rs. 268.503 millions |
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 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. 54.28 |
|
|
1 |
Rs. 84.31 |
|
Euro |
1 |
Rs. 70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.