MIRA INFORM REPORT

 

 

Report No. :

352567

Report Date :

01.12.2015

 

IDENTIFICATION DETAILS

 

Name :

S RAJA EXPORT PRIVATE LIMITED

 

 

Registered Office :

C/O. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat

Tel. No.:

91-2764-262200

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

27.02.2007

 

 

Com. Reg. No.:

04-050105

 

 

Capital Investment / Paid-up Capital :

Rs.20.000 Million

 

 

CIN No.:

[Company Identification No.]

U52190GJ2007PTC050105

 

 

IEC No.:

0806020415

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMS14148B

 

 

PAN No.:

[Permanent Account No.]

AAKCS5930N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Exporter of Raw Cotton, Cotton Linter [Registered Activity]

 

 

No. of Employees :

Not Available

 

 

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 140000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

S Raja Export Private Limited was incorporated in the year 2007 and it is having moderate track record.

 

The rating is constrained on company’s moderate financial risk profile, small networth base and low profit margin of the company.

 

The company has reported huge external borrowing over the years which have threatened the balance sheet position of the company during the year under review.

 

However, trade relations are fair. Business is active. Payments are reported to but slow but correct. 

 

In view of aforesaid, the company can be considered for business dealing with some cautions. 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

 

LOCATIONS

 

Registered Office :

C/O. Pashupati Cotton Industries, Nandasan Road-Kadi, Kadi – 382715, Gujarat’, India

Tel. No.:

91-2764-262200

Fax No.:

91-2764-262240

E-Mail :

info@srajaexport.com

subish@srajaexport.com

Website :

www.srajaexport.com

Area :

21000 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Saurin Jagdish Bhai Parikh

Designation :

Director

Address :

47, Rajeshvari Society, Thol Road, Kadi, Mehsana – 382715, Gujarat, India

Date of Birth/Age :

28.09.1971

Date of Appointment :

27.02.2007

DIN No.:

02136530

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U52190GJ2007PTC050105

S RAJA EXPORT PRIVATE LIMITED

Director

27/02/2007

27/02/2007

-

Active

NO

2

U40106GJ2013PTC074355

PASHUPATI SOLAR PRIVATE LIMITED

Director

05/04/2013

05/04/2013

-

Active

NO

3

U85191GJ2015NPL083151

HUMAN WELLNESS FOUNDATION

Director

07/05/2015

07/05/2015

-

Active

NO

4

AAB-2792

PASHUPATI SPIN-TEX LLP

Designated Partner

24/12/2012

24/12/2012

-

Active

NO

5

AAB-3046

PASHUPATI COTSPIN LLP

Designated Partner

07/01/2013

07/01/2013

-

Active

NO

6

AAE-3667

GLOBAL PARK DEVELOPER LLP

Designated Partner

10/07/2015

10/07/2015

-

Active

NO

7

AAE-3720

UNIVERSAL INDUSTRIAL PARK LLP

Designated Partner

10/07/2015

10/07/2015

-

Active

NO

 

 

Name :

Mr. Dilipkumar Prhaladbhai Patel

Designation :

Director

Address :

71-72, Sardar Patel Society, Bahupura, Kadi, Mehsana – 382715, Gujarat, India

Date of Birth/Age :

04.05.1962

Date of Appointment :

27.02.2007

DIN No.:

02167141

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U52190GJ2007PTC050105

S RAJA EXPORT PRIVATE LIMITED

Director

27/02/2007

27/02/2007

-

Active

NO

2

U67100GJ1956PLC000597

ACE DERIVATIVES AND COMMODITY EXCHANGE LIMITED

Director

01/04/2008

01/04/2007

31/03/2009

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Saurinkumar J. Parikh

 

150000

Dilipkumar P. Patel

 

100000

Arvindbhai k. Patel

 

70000

Mustak Ali. I. Dalai

 

80000

Dilipkumar P. Patel –HUF

 

20000

Hemlataben B. Patel

 

50000

Parulben V. Patel

 

50000

Shakriben D. Patel

 

150000

Shardaben R. Patel

 

60000

Suryaben D. Patel

 

200000

Ashishkumar R. Patel

 

50000

Pareshaben D. Patel

 

40000

Rasikbhai G. Patel

 

80000

Dilipkumar P. Patel and Rasikbhai G. Patel, Partners Raja Industries

 

50000

Jagdishbhai A. Parikh

 

350000

Saurinkumar J. Parikh and Daxesh J. Patel Partners Pashupati Cotton Industries

 

150000

Mitesh J. Parikh

 

350000

Total

 

2000000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Exporter of Raw Cotton, Cotton Linter [Registered Activity]

 

 

Products :

Item Code No.

Product Description

52010000

Shankar Rui Bales-Sales-Export

52052400

Yarn Sales – H Form

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :
  • The Kalupur Commercial Co-Operative Bank Limited, Kalupur Bhavan, Near, Income Tax Cercle, Ashram Road,, Ahmedabad - 380014, Gujarat, India

 

  • Devlopment Credit Bank Limited, Ground Floor , Prerna Arcade, Oppsite Doctor House, Near Parimal Garden,, Ahmedabad - 380006,Gujarat, India

 

Banker Name

Oriental Bank of Commerce

Branch Address

133, Ramji Mandir, Gang Bazar,, Kadi - 382715, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

 

 

 

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

315.386

119.163

Total

315.386

119.163

 

Auditors :

 

Name :

B. Shah and Associates

Chartered Accountants

Address :

8, Raja Shopping Centre, Thol Road, Kadi – 382715, Gujarat, India

PAN N Income-tax PAN of auditor or auditor's firm :

AEDPS5131D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :

·         Pashupati Cotton Industries, India

·         Raja Industries, India

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs.30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs.10/- each

Rs.20.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

20.000

20.000

20.000

(b) Reserves & Surplus

30.495

29.646

28.807

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

50.495

49.646

48.807

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.040

0.022

0.029

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.040

0.022

0.029

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

431.550

172.828

725.461

(b) Trade payables

53.516

12.530

74.724

(c) Other current liabilities

0.750

0.701

4.018

(d) Short-term provisions

1.147

5.283

4.816

Total Current Liabilities (4)

486.963

191.342

809.019

 

 

 

 

TOTAL

537.498

241.010

857.855

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.880

0.981

0.000

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.745

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

36.091

40.115

70.152

(e) Other Non-current assets

0.796

0.796

5.804

Total Non-Current Assets

37.767

41.892

76.701

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

182.564

(c) Trade receivables

247.128

132.306

566.947

(d) Cash and cash equivalents

1.659

0.864

2.706

(e) Short-term loans and advances

245.472

60.442

28.937

(f) Other current assets

5.472

5.506

0.000

Total Current Assets

499.731

199.118

781.154

 

 

 

 

TOTAL

537.498

241.010

857.855

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

Turnover

1244.845

835.925

3518.350

 

 

 

 

 

 

Expenses

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.641

1.387

13.194

 

 

 

 

 

Less

TAX

0.792

0.548

4.591

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.849

0.839

8.603

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.42 

0.42

4.30

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Turnover)

(%)

NA

NA

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.31

0.58

1.54

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.03

0.27

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

8.55

3.48

14.86

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.03

1.04

0.97

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

20.000

20.000

20.000

Reserves & Surplus

28.807

29.646

30.495

Net worth

48.807

49.646

50.495

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

725.461

172.828

431.550

Total borrowings

725.461

172.828

431.550

Debt/Equity ratio

14.864

3.481

8.546

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

3518.350

835.925

1244.845

 

 

(76.241)

48.918

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3518.350

835.925

1244.845

Profit

8.603

0.839

0.849

 

0.24%

0.10%

0.07%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

OPERATION:

 

During the year the Company has achieved turnover of Rs. 1244.845 Million and thereby company has earned Net Profit of Rs. 1.641 Million before tax provisions. The board of directors wishes to increase the volume of the business of the company and trying to make more profit in the forthcoming years.

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans and advances from related parties

116.164

53.665

Total

116.164

53.665

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10330713

19/12/2011

500,000,000.00

THE KALUPUR COMMERCIAL CO-OPERATIVE BANK LTD.

KALUPUR BHAVAN,NEAR, INCOME TAX CERCLE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA

B30166433

 

 

FIXED ASSETS

 

Tangible assets

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.81

UK Pound

1

Rs.100.37

Euro

1

Rs.70.68

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

3P4AID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.