MIRA INFORM REPORT
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Report No. : |
322510 |
|
Report Date : |
17.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
RATHI COTTEX PRIVATE LIMITED RATHI INDUSTRIES UNIT OF RATHI COTTEX PRIVATE LIMITED |
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Registered
Office : |
B-5/75, Lower Ground Floor, Safdarjung Enclave, New Delhi – 110029 |
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Tel. No.: |
91-11-41650833 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.11.1989 |
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Com. Reg. No.: |
55-010429 |
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Capital
Investment / Paid-up Capital : |
Rs.11.696 Million |
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|
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CIN No.: [Company Identification
No.] |
U74899DL1989PTC010429 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELR08634D |
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PAN No.: [Permanent Account No.] |
AAACB0550D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Processing and trading of cotton. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 moderate track record. Borrowings recorded by the company are huge and increasing which may further
acts as a threat to the liquidity position of the company. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be 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.
|
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 |
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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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Shashi Kant Rathi |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9356720489 |
|
Date : |
14.05.2015 |
LOCATIONS
|
Registered Office : |
B-5/75, Lower Ground Floor, Safdarjung Enclave, New Delhi – 110029, India |
|
Tel. No.: |
91-11-41650833 |
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Mobile No.: |
91-9356720489 (Mr. Shashi Kant Rathi) |
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Fax No.: |
91-11-41650833 |
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E-Mail : |
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|
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Corporate Office : |
2569 Mandi No 1, Abhor – 152116, Punjab, India |
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Tel. No.: |
91-1634-220489 / 220602 |
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Fax No.: |
91-1634-221489 |
DIRECTORS
AS ON 25.09.2014
|
Name : |
Mr. Rakesh Rathi |
|
Designation : |
Director |
|
Address : |
33/26, First Floor, East Patel Nagar, New Delhi - 110008, India |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
01.01.1990 |
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DIN No.: |
01531046 |
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|
|
|
Name : |
Mr. Vinay Rathi |
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Designation : |
Director |
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Address : |
33/26, First Floor, East Patel Nagar, New Delhi - 110008, India |
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Date of Birth/Age : |
22.05.1966 |
|
Date of Appointment : |
05.12.2013 |
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DIN No.: |
01564751 |
|
|
|
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Name : |
Mr. Parmeshwari Devi Rathi |
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Designation : |
Director |
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Address : |
C-16, 1st Floor, Bali Nagar, New Delhi - 110015, India |
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Date of Birth/Age : |
10.03.1940 |
|
Date of Appointment : |
05.12.2013 |
|
DIN No.: |
06795639 |
KEY EXECUTIVES
|
Name : |
Mr. Shashi Kant Rathi |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
AS ON 25.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2014
|
Category |
Percentage |
|
Bodies corporate |
12.00 |
|
Directors or relatives of Directors |
43.00 |
|
Other top fifty shareholders |
45.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and trading of cotton. |
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Products : |
Cotton |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (30 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Rajesh Laxmi and Associates Chartered Accountants |
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Address : |
205, Vasant Complex, 38 Veer Savarkar Block, Shakarpur, Delhi –
110092, India |
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PAN No.: |
AAOFR2690D |
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Membership : |
-- |
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Sister Concerns : |
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CAPITAL STRUCTURE
AS ON 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1169600 |
Equity Shares |
Rs.10/- each |
Rs.11.696 Million |
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|
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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 |
11.696 |
11.696 |
0.582 |
|
(b) Reserves & Surplus |
30.490 |
26.939 |
23.742 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
11.114 |
|
Total
Shareholders’ Funds (1) + (2) |
42.186 |
38.635 |
35.438 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
58.974 |
48.725 |
31.936 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
58.974 |
48.725 |
31.936 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
71.132 |
62.368 |
30.035 |
|
(b) Trade
payables |
170.864 |
140.994 |
74.611 |
|
(c) Other
current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term
provisions |
5.550 |
3.769 |
1.911 |
|
Total Current
Liabilities (4) |
247.546 |
207.131 |
106.557 |
|
|
|
|
|
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TOTAL |
348.706 |
294.491 |
173.931 |
|
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|
|
|
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II.
ASSETS |
|
|
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|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3.113 |
3.620 |
4.201 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.050 |
1.201 |
1.201 |
|
(c) Deferred tax assets (net) |
0.169 |
0.156 |
0.132 |
|
(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 |
10.332 |
4.977 |
5.534 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
86.731 |
96.552 |
61.999 |
|
(c) Trade
receivables |
227.648 |
171.271 |
91.343 |
|
(d) Cash
and cash equivalents |
1.151 |
1.191 |
0.752 |
|
(e) Short-term
loans and advances |
22.844 |
20.500 |
14.303 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
338.374 |
289.514 |
168.397 |
|
|
|
|
|
|
TOTAL |
348.706 |
294.491 |
173.931 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Sales |
|
|
|
|
|
Income |
1004.800 [Approximately] |
979.200 [Approximately] |
NA |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL INCOME |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.705 |
5.274 |
4.552 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.567 |
0.675 |
0.787 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
5.138 |
4.599 |
3.765 |
|
|
|
|
|
|
|
Less |
TAX |
1.587 |
1.402 |
1.166 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
3.551 |
3.197 |
2.599 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.04 |
-- |
-- |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1355.000 |
The above information has been parted by Mr. Shashi Kant Rathi
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) |
(%) |
1.50 |
1.57 |
2.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.08 |
2.88 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.40 |
1.58 |
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 |
0.582 |
11.696 |
11.696 |
|
Reserves & Surplus |
23.742 |
26.939 |
30.490 |
|
Share Application money pending
allotment |
11.114 |
0.000 |
0.000 |
|
Net
worth |
35.438 |
38.635 |
42.186 |
|
|
|
|
|
|
long-term borrowings |
31.936 |
48.725 |
58.974 |
|
Short term borrowings |
30.035 |
62.368 |
71.132 |
|
Total
borrowings |
61.971 |
111.093 |
130.106 |
|
Debt/Equity
ratio |
1.749 |
2.875 |
3.084 |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 four 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 |
|
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
PARTICULARS |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Loans from
related parties |
58.974 |
48.725 |
|
|
|
|
|
Total |
58.974 |
48.725 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80057491 |
29/12/2009 * |
15,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
TILK MARG, JAIPUR, JAIPUR, RAJASTHAN - 302001, INDIA |
A77436715 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
· Electric equipments
·
Generator
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
· Electric Scale
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.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
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.