MIRA INFORM REPORT

 

 

Report No. :

328788

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

GOKUL SPINTEX PRIVATE LIMITED

 

 

Registered Office :

4503/4, Ist Floor, Krishna Bazar, Cloth Market, Fatehpuri, Delhi - 110006

Tel. No.:

91-11-28314020

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.02.2007

 

 

Com. Reg. No.:

55-158831

 

 

Capital Investment / Paid-up Capital :

Rs. 0.570 Million

 

 

CIN No.:

[Company Identification No.]

U18204DL2007PTC158831

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELG13428C

 

 

PAN No.:

[Permanent Account No.]

AACCG7808B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is principally engaged in buying, selling, import, export, trade, manufacturer, exchange and deal in all types of cloth yarn, cotton in process, raw cotton etc. and other fibrous article and deal in raw material for manufacturer thereof.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2007. It is adding and updating information about many companies everyday and periodically add companies to the queue for being updated. It has a moderate track record.

 

For the financial year 2014, the company is carrying out an average operational execution and it has reported low profitability margin of 0.12% but the sales volume of the company is marked as good.

 

Further rating depends on account of company's moderate financial risk profile marked by low reserves position and huge external borrowing taken by the company.

 

Moreover, it is noted that due to unfavourable gap between trade payables and receivables it has led to moderate liquidity profile of the company.

 

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

 

In view of leverage balance sheet profile, 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 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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-11-28314020)

 

 

LOCATIONS

 

Registered Office :

4503/4, Ist Floor, Krishna Bazar, Cloth Market, Fatehpuri, Delhi – 110006, India

Tel. No.:

91-11-28314020

Fax No.:

Not Available

E-Mail :

pashupatitraders2001@yahoo.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Gaurav Kumar

Designation :

Director

Address :

H No 176, Bhera Enclave, Paschim Vihar, Delhi  - 110087,India

Date of Birth/Age :

25.01.1974

Date of Appointment :

01.04.2010

DIN No.:

00239553

 

 

Name :

Mr. Tarun Kumar

Designation :

Director

Address :

H No 176, Bhera Enclave, Paschim Vihar, Delhi  - 110087,India

Date of Birth/Age :

24.12.1970

Date of Appointment :

05.02.2007

DIN No.:

01216688

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

U93000DL2005PTC138956

Focus Forensics Technology Private Limited

Director

21-07-05

21-07-05

30-07-09

Active

NO

2

U18204DL2007PTC158831

GOKUL SPINTEX PRIVATE LIMITED

Director

01-04-10

01-04-10

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Tarun Kumar

27000

47.37

Gaurav Kumar

30000

52.63

Total

57000

100.00

 

 

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 :

Subject is principally engaged in buying, selling, import, export, trade, manufacturer, exchange and deal in all types of cloth yarn, cotton in process, raw cotton etc. and other fibrous article and deal in raw material for manufacturer thereof.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

State Bank of Patiala

Branch Address

Kasturba Gandhi Marg, New Delhi - 110001, Delhi, 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 BORROWING

 

 

Term Loan

0.385

0.995

Total

0.385

0.995

 

Auditors :

 

Name :

Jagdish Aggarwal and Company

Chartered Accountant

Address :

S-2, Vikas House, 34/1, Punjabi Bagh East, New Delhi – 110026, India

Tel. No.:

91-11-28314020

Fax No.:

91-11-42460006

E-Mail :

info@magniphi.com

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

AAEFJ4089L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprises owned or significantly influenced by key management personal or their relatives :
  • Pashupati Traders
  • Umesh Yarn Agencies
  • National Trading Company

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs. 2.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

57000

Equity Shares

Rs.10/- each

Rs. 0.570 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

0.570

0.570

0.570

(b) Reserves & Surplus

0.838

0.625

0.419

(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)

1.408

1.195

0.989

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

5.993

4.389

2.672

(b) Deferred tax liabilities (Net)

0.000

0.003

0.003

(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)

5.993

4.392

2.675

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

19.411

13.777

26.696

(c) Other current liabilities

0.832

0.711

0.625

(d) Short-term provisions

0.093

0.017

0.017

Total Current Liabilities (4)

20.336

14.505

27.338

 

 

 

 

TOTAL

27.737

20.092

31.002

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1.816

2.461

0.053

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.048

0.726

6.352

(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)

0.077

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1.941

3.187

6.405

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3.809

4.825

16.682

(c) Trade receivables

20.235

11.627

7.256

(d) Cash and cash equivalents

1.740

0.404

0.254

(e) Short-term loans and advances

0.012

0.049

0.012

(f) Other current assets

0.000

0.000

0.393

Total Current Assets

25.796

16.905

24.597

 

 

 

 

TOTAL

27.737

20.092

31.002

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

181.687

122.082

84.558

 

Other Income

 

 

 

 

TOTAL (A)

181.687

122.082

84.558

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL (B)

179.857

121.016

83.947

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

1.830

1.066

0.611

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

0.858

0.538

0.401

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

0.972

0.528

0.210

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

0.646

0.229

0.011

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

0.326

0.299

0.199

 

 

 

 

 

Less

TAX (H)

0.113

0.093

0.070

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

0.213

0.206

0.129

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.74

NA

NA

 

 

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

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

1.18

1.54

0.81

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.23

0.25

0.20

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.26

3.67

2.70

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.27

1.17

0.90

 

 

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

0.570

0.570

0.570

Reserves & Surplus

0.419

0.625

0.838

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

0.989

1.195

1.408

 

 

 

 

long-term borrowings

2.672

4.389

5.993

Short term borrowings

0.000

0.000

0.000

Current Maturities Of Long-Term Debts

0.000

0.000

0.000

Total borrowings

2.672

4.389

5.993

Debt/Equity ratio

2.702

3.673

4.256

 

 

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)

Total Income

84.558

122.082

181.687

 

 

44.377

48.824

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

84.558

122.082

181.687

Profit

0.129

0.206

0.213

 

0.15%

0.17%

0.12%

 

 

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

 

NATURE OF OPERATIONS

 

Subject was incorporated on February 5, 2007. The company is principally engaged in buying, selling, import, export, trade, manufacturer, exchange and deal in all types of cloth yarn, cotton in process, raw cotton etc. and other fibrous article and deal in raw material for manufacturer thereof.

 

UNSECURED LOAN

 

Particulars

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWING

 

 

Loan from director

1.832

1.847

Loan from relatives

3.776

1.547

Total

5.608

3.394

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10069685

17/08/2007

7,300,000.00

STATE BANK OF PATIALA

KASTURBA GANDHI MARG,, NEW DELHI, DELHI - 110001,
INDIA

A24100398

 

FIXED 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.63.64

UK Pound

1

Rs.100.41

Euro

1

Rs.71.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

KVT

 

 

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

--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

 

27

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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