MIRA
INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHADRESH TRADING CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
205, Majestic Shopping Centre, 144, J.S.S. Road, Near Opera House,
Girgaum, Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-182506 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 435.204
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40105MH2008PLC182506 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB18530B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB4591K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter of Raw Cotton, Cotton Yarn, Fabrics and Other Agro Commodities. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s thin profitability
levels and increased in external borrowing of the company over previous year,
which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the end
of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-23800007)
LOCATIONS
|
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 |
|
Fax No.: |
91-22-23896467/
23800047/ 23640451/ 23800007 |
|
E-Mail : |
anup3339@gmail.com bhadresh@bom2.net.in |
|
Website : |
http://www.bhadreshindia.com |
|
|
|
|
Administrative /
Export Office : |
325/ 326, 3rd Floor, A to Z
Industrial Premises, Next to Peninsula Tower, Lower Parel (West), Mumbai –
400013, Maharashtra, India |
|
Tel. No.: |
91-22-61505001/ 24948406/ 24948410 |
|
Fax No.: |
91-22-24948405 |
|
|
|
|
Cotton Green Office / Branch Office 1 : |
S-75 and 76, East India
Cotton Association, |
|
Tel. No.: |
91-22-32469623 |
|
Fax No.: |
91-22-23750308 |
|
|
|
|
Branch Office 2 : |
|
|
Tel. No.: |
91-281-2443561/ 9650 |
|
Fax No.: |
91-281-2459704 |
|
|
|
|
Overseas Office : |
Rm.2012, Building A, No.1088, |
|
Tel. No.: |
+86-21-6109 9690/ 6109 9610 |
|
Fax No.: |
+86-21-6109 9630 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Bhadresh Vasantrai Mehta |
|
Designation : |
Managing director |
|
Address : |
402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road,
Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
28.10.1957 |
|
Date of Appointment : |
01.06.2013 |
|
PAN No.: |
AACPM0152D |
|
DIN No.: |
01206174 |
|
|
|
|
Name : |
Mr. Parth Bhadresh Mehta |
|
Designation : |
Director |
|
Address : |
402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road,
Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
30.04.1988 |
|
Date of Appointment : |
01.06.2013 |
|
PAN No.: |
ANWPM9376N |
|
DIN No.: |
01802821 |
|
|
|
|
Name : |
Mrs. Heena Bhadresh Mehta |
|
Designation : |
Director |
|
Address : |
402, Manju Veena Apartment, 2/A, Narayan Dabholkar road, Opposite Nepean Sea Road, Mumbai
– 400 006, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1958 |
|
Date of Appointment : |
21.05.2008 |
|
PAN No.: |
AFPPM2633H |
|
DIN No.: |
00655763 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
30.52 |
|
Directors
or relatives of directors |
61.84 |
|
Other
top fifty shareholders |
7.64 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Raw Cotton, Cotton Yarn, Fabrics and Other Agro Commodities. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Bank of Baroda, 10/12, 4th Floor, Mumbai Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India · Dena Bank, Overseas Branch, 17 - B, Horniman Circle, Fort, Mumbai - 400023, Maharashtra, India · State Bank of Travancore, Corporate Finance Branch, 112-115, Tulsiani, Chambers, Fre Press Journal Marg, 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 · Allahabad Bank, Industrial Finance Branch, 2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
James Shah and Company Chartered Accountants |
|
Address : |
230/231, Majestic Shopping Centre, 2Nd Floor, 144, JSS
Road, Girgaon, Mumbai – 400004, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFPS8223G |
|
|
|
|
Subsidiary Company: |
· Giriraj Ginning and Pressing Private Limited CIN No.: U17119GJ1998PTC034650 Raghuvanshi Cotton Ginning and Ppressing Private Limited CIN No.: U17110GJ2006PTC047456 Cashcot Industries Pte Limited Bhadresh Trading (Shanghai) Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives: |
· Galaxy Cotton and Textiles Private Limited CIN No.: U17119GJ1994PTC023788 Britex Cotton International Limited CIN No.: U51900MH1999PLC120968 Bhadresh Agro Venture Private Limited CIN No.: U01111MH2009PTC195634 Bhadresh Infra Venture Private Limited CIN No.: U45202MH2009PTC195679 Bhadresh Natural Resources Private Limited CIN No.: U14200MH2009PTC195633 BTC Cashcot Industries Limited CIN No.: U63013MH2010PLC211200 Kin-Tex Engineers Private Limited CIN No.: U29261MH1987PTC045725 Sumeet Promoters Private Limited CIN No.: U45202WB1990PTC050091 |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46731805 |
Equity Shares |
Rs. 10/- each |
Rs.467.318
Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43520420 |
Equity Shares |
Rs. 10/- each |
Rs.435.204
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
435.204 |
140.846 |
105.846 |
|
(b) Reserves & Surplus |
1584.802 |
1345.465 |
792.536 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
642.300 |
378.300 |
450.000 |
|
Total Shareholders’
Funds (1) + (2) |
2662.306 |
1864.611 |
1348.382 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1087.725 |
717.435 |
217.116 |
|
(b) Deferred tax liabilities (Net) |
8.891 |
6.761 |
4.787 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.327 |
0.100 |
0.000 |
|
Total Non-current
Liabilities (3) |
1099.943 |
724.296 |
221.903 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
7616.745 |
4068.333 |
3691.774 |
|
(b)
Trade payables |
1345.335 |
2798.670 |
166.167 |
|
(c)
Other current liabilities |
305.285 |
812.615 |
419.412 |
|
(d) Short-term
provisions |
54.996 |
21.983 |
0.000 |
|
Total Current
Liabilities (4) |
9322.361 |
7701.601 |
4277.353 |
|
|
|
|
|
|
TOTAL |
13084.610 |
10290.508 |
5847.638 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
129.473 |
105.610 |
87.230 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
92.668 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.00 |
|
(b) Non-current Investments |
702.478 |
543.843 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.354 |
11.745 |
3.715 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
385.530 |
|
Total Non-Current
Assets |
936.973 |
661.198 |
476.475 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
7431.148 |
7316.594 |
1803.702 |
|
(c)
Trade receivables |
2638.706 |
1003.196 |
903.678 |
|
(d) Cash
and cash equivalents |
1342.845 |
1025.586 |
1014.249 |
|
(e)
Short-term loans and advances |
361.010 |
218.824 |
1649.534 |
|
(f) Other
current assets |
373.928 |
65.110 |
0.000 |
|
Total
Current Assets |
12147.637 |
9629.310 |
5371.163 |
|
|
|
|
|
|
TOTAL |
13084.610 |
10290.508 |
5847.638 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
61458.632 |
56433.322 |
26719.776 |
|
|
|
Other Income |
145.503 |
110.569 |
51.652 |
|
|
|
TOTAL (A) |
61604.135 |
56543.891 |
26771.428 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
58367.171 |
58500.376 |
24269.824 |
|
|
|
Employee benefit expense |
46.878 |
30.989 |
24.487 |
|
|
|
Other expenses |
1623.336 |
1615.640 |
834.953 |
|
|
|
Exceptional items |
12.965 |
3.698 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(114.554) |
(5512.892) |
880.464 |
|
|
|
TOTAL (B) |
59935.796 |
54637.811 |
26009.728 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1668.339 |
1906.079 |
761.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1232.478 |
1507.041 |
547.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
435.861 |
399.038 |
213.789 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.976 |
4.745 |
4.060 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
428.885 |
394.293 |
209.729 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
144.630 |
128.275 |
70.512 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
284.255 |
266.018 |
139.217 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
527.848 |
289.919 |
150.702 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
285.553 |
28.089 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
526.550 |
527.848 |
289.919 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
45617.291 |
52902.800 |
16616.400 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.61 |
25.04 |
14.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.46
|
0.47
|
0.52
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.70
|
0.70
|
0.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.49
|
4.05
|
3.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.21
|
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.27
|
2.57
|
2.90
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.25
|
1.26
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
105.846 |
140.846 |
435.204 |
|
Reserves & Surplus |
792.536 |
1345.465 |
1584.802 |
|
Net worth |
898.382 |
1,486.311 |
2,020.006 |
|
|
|
|
|
|
long-term borrowings |
217.116 |
717.435 |
1087.725 |
|
Short term borrowings |
3691.774 |
4068.333 |
7616.745 |
|
Total borrowings |
3,908.890 |
4,785.768 |
8,704.470 |
|
Debt/Equity ratio |
4.351 |
3.220 |
4.309 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
26719.776 |
56433.322 |
61458.632 |
|
|
|
111.204 |
8.905 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
26719.776 |
56433.322 |
61458.632 |
|
Profit |
139.217 |
266.018 |
284.255 |
|
|
0.52% |
0.47% |
0.46% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
2.199 |
1.981 |
NA |
|
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 - 700001, WEST BENGAL, INDIA |
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
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits from others |
547.010 |
502.010 |
|
Loans and advances from related parties |
336.156 |
11.234 |
|
Other loans and advances |
201.400 |
200.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from others |
0.000 |
0.542 |
|
Total |
1084.566 |
713.786 |
CORPORATE INFORMATION
Subject 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, Cotton Yarn, fabrics and other agro commodities. The
Company is operating in purchase of seed cotton from farms, grading, ginning
and processing of cotton and finally exporting it worldwide.
OPERATING RESULTS:
The sales and operating income for the year ended 31st March 2013 amounted to Rs. 61458.632 Millions as against Rs. 56433.322 Millions for the previous year. During the financial year 2012-13, profits after tax has increased from Rs. 284.255 Millions to Rs. 266.018 Millions
CURRENT OUTLOOK
The company has planned to achieve higher sales turnover
during the current financial year. The Company expects to achieve better value
addition and profitability.
FIXED ASSETS:
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
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.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.