MIRA INFORM REPORT
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Report Date : |
21.10.2013 |
IDENTIFICATION DETAILS
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Name : |
BHADRESH TRADING CORPORATION LIMITED |
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Registered
Office : |
205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House,
Girgaum, Mumbai – 400004, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.05.2008 |
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Com. Reg. No.: |
11-182506 |
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Capital
Investment / Paid-up Capital : |
Rs. 140.846 Millions |
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CIN No.: [Company Identification
No.] |
U40105MH2008PLC182506 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB18530B |
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PAN No.: [Permanent Account No.] |
AADCB4591K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Exporter of Raw Cotton. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7460000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Profit margin of the company appears to be low. External borrowing of the
company appears to be increasing. However, trade relations are fair. Business is active. Payment terms
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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
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Registered / Head Office : |
205, Majestic Shopping Centre, 144, J.S.S. Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23800007/
23802004/ 5/
67200021/ 61505001/ 23800008 |
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Fax No.: |
91-22-23896467/
23800047/ 23640451/ 23800007 |
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E-Mail : |
anup3339@gmail.com bhadresh@bom2.net.in |
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Website : |
www.bhadresh.com
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Area : |
1400 sq. ft. |
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Location : |
Owned |
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Export Office : |
325/ 326, 3rd Floor, A to Z
Industrial Premises, Next to Peninsula Tower, Lower Parel (West), Mumbai –
400013, Maharashtra, India |
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Tel. No.: |
91-22-61505001/ 24948406/ 24948410 |
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Fax No.: |
91-22-24948405 |
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Cotton Green Office/ Branch Office 1 : |
S-75 and 76, East India
Cotton Association, |
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Tel. No.: |
91-22-32469623 |
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Fax No.: |
91-22-23750308 |
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Branch Office 2 : |
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Tel. No.: |
91-281-2443561/ 9650 |
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Fax No.: |
91-281-2459704 |
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Overseas Office : |
Rm.2012, Building A, No.1088, |
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Tel. No.: |
+86-21-6109 9690/ 6109 9610 |
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Fax No.: |
+86-21-6109 9630 |
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E-Mail : |
DIRECTORS
As on 29.09.2012
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Name : |
Mr. Bhadresh Vasantrai Mehta |
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Designation : |
Managing Director |
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Address : |
402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road,
Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
28.10.1957 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.06.2013 |
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PAN No.: |
AACPM0152D |
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DIN No.: |
01206174 |
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Other Directorship :
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Name : |
Mr. Parth Bhadresh Mehta |
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Designation : |
Director |
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Address : |
402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road,
Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
30.04.1988 |
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Qualification : |
Pursuing Study |
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Date of Appointment : |
01.06.2013 |
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DIN No.: |
01802821 |
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Other Directorship :
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Name : |
Mrs. Heena Bhadresh Mehta |
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Designation : |
Director |
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|
Address : |
402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road,
Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
13.10.1958 |
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Date of Appointment : |
21.05.2008 |
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DIN No.: |
00655763 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
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Bhadresh Vasantrai Mehta |
|
14500000 |
|
Parth Bhadresh Mehta |
|
13600000 |
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Heena Bhadresh Mehta |
|
680000 |
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Kinjal Ronak Vora |
|
30000 |
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Ronak Atul Vora |
|
30000 |
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Bharti Ramesh Mehta |
|
30000 |
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Ramesh H. Mehta |
|
30000 |
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Bhadresh Agro Industries Private Limited, India |
|
6594960 |
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Bhadresh Infra Venture Private Limited, India |
|
3894960 |
|
Sumeet Promoters Private Limited, India |
|
3745500 |
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Jaysukh Thakkar |
|
105000 |
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Kin-tex Engineers Private Limited, India |
|
25000 |
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Kusum Thakkar |
|
50000 |
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Mahesh Thakkar |
|
100000 |
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Mehul Thakkar |
|
50000 |
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Mukesh Thakkar |
|
45000 |
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Nayna M. Thakkar |
|
10000 |
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Total |
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43520420 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
32.77 |
|
Directors or relatives of Directors |
66.40 |
|
Others |
0.83 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Raw Cotton. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· Dena Bank, Overseas Branch, 17 - B, Horniman Circle, Fort, Mumbai - 400023, Maharashtra, India · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India · Bank of India, Mumbai Mid Corporate Branch, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai - 400001, Maharashtra, India · Bank of Baroda, 10/12, 4th Floor, Mumbai Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India · State Bank of India, Commercial Branch, Nr Jalaram Petrol Pump, Kalawad Road, Rajkot - 360001, Gujarat, India · Allahabad Bank, Industrial Finance Branch,2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India · United Bank of India, 11, Hemanta Basu Sarani,, Kolkatta - 700001, West Bengal, India · Karur Vysya Bank Limited, 954, Gayatri Towers, Appa Saheb Marathe Marg,, Prabhadevi, Mumbai - 400025, Maharashtra, India · Union Bank of India, Lower Parel,Yeshwant Bhavan, Pandurang Budhkar Marg,Lower Parel,, Mumbai - 400013, Maharashtra, India · The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · State Bank of Travancore, Corporate Finance Branch, 112-115, Tulsiani, Chambers, Fre Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India · Oriental Bank of Commerce, Nariman Point Overeas Branch, Dalamal Towers, 211, Nariman Point, Mumbai - 400021, Maharashtra, India · Stae Bank Of Bikaner And Jaipur, 235-237, Peninsula House, Dr. D.N. Road, Fort, Mumbai - 400001, Maharashtra, India ·
United Bank of India, 11, Hemanta Basu
Sarani,, Kolkata - · Export-Import Bank of India, Centre One Building, Floor - 21, Wtc, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
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Facilities : |
NOTE Working capital loans and Cash credit facilities are secured
against hypothecation of stocks and book debts of the Company. Such loans are
further secured by way of pari passu charge on Fixed deposits of the company.
The Company have also provided its office premises as a collateral security
and Directors' personal guarantee for the same. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
James Shah and Company Chartered Accountants |
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Address : |
230 / 231 , Majestic Shopping Centre, 2nd Floor, 144, J. S. Road , (Girgaon), Mumbai – 400004, Maharashtra, India |
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PAN No.: |
AAFPS8223G |
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Subsidiary company
: |
· Giriraj Ginning and Pressing Private Limited CIN No.: U17119GJ1998PTC034650 · Raghuvanshi Cotton Ginning and Pressing Private Limited CIN No.: U17110GJ2006PTC047456 · Cashcot Industries Pte Limited · Bhadresh Trading (Shanghai) Limited |
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Enterprise in which
KMP exercise significant influence : |
· Bhadresh Agro Industries Private Limited · Bhadresh Natural Resources Private Limited · Galaxy Cotton and Textiles Private Limited · Britex Cotton International Limited · Kintex Engineers Private Limited · Bhadresh Infra Venture Private Limited · BTC Cashcot Industries Limited · Sumeet Promoters Private Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43520420 |
Equity Shares |
Rs.10/- each |
Rs.435.204
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14084640 |
Equity Shares |
Rs.10/- each |
Rs. 140.846
Millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
140.846 |
105.846 |
|
(b) Reserves & Surplus |
|
1345.465 |
792.536 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
378.300 |
450.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1864.611 |
1348.382 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
719.416 |
217.116 |
|
(b) Deferred tax liabilities (Net) |
|
6.761 |
4.787 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.100 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
726.277 |
221.903 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
4068.333 |
3691.774 |
|
(b) Trade
payables |
|
2798.670 |
166.167 |
|
(c) Other
current liabilities |
|
1138.643 |
419.412 |
|
(d) Short-term
provisions |
|
21.983 |
0.000 |
|
Total Current
Liabilities (4) |
|
8027.629 |
4277.353 |
|
|
|
|
|
|
TOTAL |
|
10618.517 |
5847.638 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
105.610 |
87.230 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.00 |
|
(b) Non-current Investments |
|
543.843 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
11.745 |
3.715 |
|
(e) Other
Non-current assets |
|
0.000 |
385.530 |
|
Total Non-Current
Assets |
|
661.198 |
476.475 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
7316.594 |
1803.702 |
|
(c) Trade
receivables |
|
1331.205 |
903.678 |
|
(d) Cash
and cash equivalents |
|
1025.586 |
1014.249 |
|
(e)
Short-term loans and advances |
|
283.934 |
1649.534 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
9957.319 |
5371.163 |
|
|
|
|
|
|
TOTAL |
|
10618.517 |
5847.638 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
84.000 |
|
|
2] Share Application Money |
|
|
468.464 |
|
|
3] Reserves & Surplus |
|
|
456.702 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1009.166 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2888.495 |
|
|
2] Unsecured Loans |
|
|
234.196 |
|
|
TOTAL BORROWING |
|
|
3122.691 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.664 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4134.521 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
89.425 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2684.166 |
|
|
Sundry Debtors |
|
|
1436.626 |
|
|
Cash & Bank Balances |
|
|
601.499 |
|
|
Other Current Assets |
|
|
37.098 |
|
|
Loans, Advances & Deposits |
|
|
197.334 |
|
Total
Current Assets |
|
|
4956.723 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
816.764 |
|
|
Current Liabilities |
|
|
20.863 |
|
|
Provisions |
|
|
74.000 |
|
Total
Current Liabilities |
|
|
911.627 |
|
|
Net Current Assets |
|
|
4045.096 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4134.521 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
56458.268 |
26719.776 |
21501.382 |
|
|
|
Other Income |
110.569 |
51.652 |
43.225 |
|
|
|
TOTAL (A) |
56568.837 |
26771.428 |
21544.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
58525.323 |
|
|
|
|
|
Employee benefit expense |
30.989 |
24.487 |
|
|
|
|
Other expenses |
1615.640 |
834.953 |
|
|
|
|
Exceptional items |
3.698 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(5512.892) |
880.464 |
|
|
|
|
TOTAL (B) |
54662.758 |
26009.728 |
21140.912 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1906.079 |
761.700 |
403.695 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1507.041 |
547.911 |
225.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
399.038 |
213.789 |
178.351 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.745 |
4.060 |
3.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
394.293 |
209.729 |
175.150 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
128.275 |
70.512 |
59.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
266.018 |
139.217 |
115.443 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
289.919 |
150.702 |
35.259 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
28.089 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
527.848 |
289.919 |
150.702 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
|
|
18279.788 |
|
|
|
Service Charges |
|
|
0.072 |
|
|
TOTAL EARNINGS |
52902.800 |
16616.400 |
18279.860 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
6.528 |
|
|
TOTAL IMPORTS |
NA |
NA |
6.528 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
25.04 |
14.08 |
15.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.47
|
0.52
|
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.70
|
0.78
|
0.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.91
|
3.59
|
3.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.16
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.57
|
2.90
|
3.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.26
|
5.44 |
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10444290 |
07/08/2013 |
280,000,000.00 |
BANK OF BARODA |
10/12, 4TH
FLOOR,, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B82702655 |
|
2 |
10414508 |
23/03/2013 |
850,000,000.00 |
STATE BANK OF BIKANER
AND JAIPUR |
235-237,
PENINSULA HOUSE, DR. D.N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B71702229 |
|
3 |
10409436 |
15/02/2013 |
500,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
NARIMAN POINT OVEREAS
BRANCH, DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA,
INDIA |
B69864148 |
|
4 |
10416665 |
14/02/2013 |
600,000,000.00 |
STATE BANK OF
TRAVANCORE |
CORPORATE FINANCE
BRANCH, 112-115, TULSIANI, CHAMBERS, FRE PRESS JOURNAL MARG, NARIMAN POINT,
MUMBAI - 400021, MAHARASHTRA, INDIA |
B72268857 |
|
5 |
10399241 |
15/01/2013 |
500,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH,2ND FLOOR, 37,MUMBAI SAMACHAR MARG,FORT, MUMBAI - 400023, MAHARASHTRA,
INDIA |
B66552050 |
|
6 |
10385426 |
08/10/2012 |
500,000,000.00 |
UNITED BANK OF
INDIA |
11, HEMANTA BASU
SARANI, KOLKATA - |
B61710596 |
|
7 |
10337950 |
17/10/2012 * |
750,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR - 21, WTC, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B59978320 |
|
8 |
10289198 |
12/05/2011 |
1,250,000,000.00 |
BANK OF BARODA |
10/12, 4TH
FLOOR, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
B13878707 |
|
9 |
10252413 |
01/11/2012 * |
200,000,000.00 |
KARUR VYSYA BANK
LIMITED |
954, GAYATRI TOWERS,
APPA SAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B62867122 |
|
10 |
10192058 |
31/01/2013 * |
1,050,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, NR JALARAM PETROL PUMP, KALAWAD ROAD, RAJKOT - 360001, GUJARAT, INDIA |
B71398705 |
|
11 |
10156912 |
25/03/2013 * |
1,500,000,000.00 |
DENA BANK |
OVERSEAS BRANCH,
17 - B, HORNIMAN CIRCLE, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
B73631418 |
|
12 |
10136168 |
19/03/2010 * |
350,000,000.00 |
UNION BANK OF
INDIA |
LOWER PAREL,YESHWANT
BHAVAN,, PANDURANG BUDHKAR MARG,LOWER PAREL, MUMBAI - 400013, MAHARASHTRA,
INDIA |
A83999433 |
|
13 |
10112213 |
03/01/2011 * |
500,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE
BRANCH, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT,
MUMBAI - 400001, MAHARASHTRA, INDIA |
B06156160 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
502.010 |
7.010 |
|
Loans and advances from related parties |
11.235 |
210.106 |
|
Other loans and advances, others |
200.000 |
200.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances |
0.543 |
30.380 |
|
Total |
713.788 |
447.496 |
CORPORATE INFORMATION
The company is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is a Government of India recognised Premier Trading House and is primarily engaged in export of Raw Cotton. The Company is operating in purchase of seed cotton from farms, grading, ginning and processing of cotton and finally exporting it worldwide.
FINANCIAL HIGHLIGHTS
:
In spite of the several Changes in Government policy for Export of Raw Cotton, the Company’s Turnover increased from Rs. 26440.000 Millions to Rs. 56450.000 Millions during the Year. The Company’s Net profit after Tax was also increased from 139.200 Millions to Rs.266.000 Millions.
FIXED ASSETS
· Buildings
· Factory Building
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
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.61.28 |
|
|
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.