MIRA INFORM REPORT

 

 

Report No. :

348392

Report Date :

04.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GOMTESH GINNING AND PRESSING PRIVATE LIMITED

 

 

Registered Office :

Gram Bakaner, Dhar – 452001, Madhya Pradesh

Tel No.:

91-731-2529410

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.03.2007

 

 

Com. Reg. No.:

10-019384

 

 

Capital Investment / Paid-up Capital :

Rs.24.600 Million

 

 

CIN No.:

[Company Identification No.]

U17121MP2007PTC019384

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BPLG03909D

 

 

PAN No.:

[Permanent Account No.]

AACCG9701D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing by Process of Ginning and Pressing of and Cotton, Cotton Seeds from Kapas and also Trading of Kapas, Cotton, Cotton Seeds.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 140000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated 2007 in the year and it is engaged in the manufacturing and process of cotton, cotton seeds from kapas and also trading of kapas, cotton, cotton seeds.

 

For the financial year ended 2014, company has reported 29.01% sales turnover growth as compared to previous sales turnover and it has above average profitability margins at 1.82% during the year under a review.

 

Rating also takes into consideration company's improved financial profile marked by modest net worth along with above average debt coverage indicators and moderate liquidity position of the company.

 

However, rating strength is partially offset by company's exposure to risk in the fragmented cotton industry and susceptibility of its profit margins to volatility in cotton prices.

 

Trade relations are reported as fair. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

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

 

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.

 

INFORMATION PARTED BY

 

Name :

Mr. Ajit

Designation :

Export Manager

Contact No.:

91-731-2529410

Date :

03.11.2015

 

 

LOCATIONS

 

Registered Office :

Gram Bakaner, Dhar – 452001, Madhya Pradesh, India

Tel. No.:

91-731-2529410

Fax No.:

Not Available

E-Mail :

adeshwar.jain@gmail.com

 

 

Admin Office :

501-A, President Tower, 6/2, South Tukogang, Madhumilan Square,Indore - 452001, Madhya Pradesh, India

Tel. No.:

91-731-2529410

Fax No.:

91-731-4045453

E-Mail :

gomteshginning@yahoo.in

gomteshexports@yahoo.in

 

 

Head Office :

Bakaner, Dhar – 454448, Madhya Pradesh, India

Tel. No.:

91-7294-263605 / 263271

Fax No.:

91-7294-263691

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Vinod Kumar Doshi

Designation :

Managing Director

Address :

Gram Bakaner, Dhar – 452001, Madhya Pradesh, India

Date of Birth/Age :

13.05.1958

Date of Appointment :

26.03.2007

DIN No.:

01820201

 

 

Name :

Mr. Gomtesh Doshi

Designation :

Director

Address :

Gram Bakaner, Dhar – 452001, Madhya Pradesh, India

Date of Birth/Age :

23.02.1981

Date of Appointment :

26.03.2007

DIN No.:

01775232

 

 

KEY EXECUTIVE

 

Name :

Mr. Ajit

Designation :

Export Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

Vinod Kumar Doshi

655000

Gomtesh Doshi

823000

Chanda Doshi

364000

Kiran Doshi

446000

Mahima Doshi

89000

Nidhi Doshi

83000

Total

2460000

 

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing by Process of Ginning and Pressing of and Cotton, Cotton Seeds from Kapas and also Trading of Kapas, Cotton, Cotton Seeds.

 

 

Products :

·         Cotton Bales

·         Cotton Seeds

·         Kapas

 

 

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 :

·         State Bank of Indore, Bakaner, District Dhar, Bakaner - 454448, Madhya Pradesh, India

·         Bank of Baroda, Kanadia Road Branch-112 Ravindra Nagar, Near Agayatri Mandir, Patrakar Colony Square, Indore - 452007, Madhya Pradesh, India

·         State Bank of India

·         HDFC Bnak Limited

·         Axis Bank Limited

 

Banker Name

State Bank of Indore

Branch Address

Bakaner, District Dhar, Bakaner - 454448, Madhya Pradesh, 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 :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Working Capital Loan

 

 

From Banks

 

 

Bank of Baroda, Indore

86.227

90.391

Bank of Baroda, Manawar

8.015

6.169

Term Loan

Bank of Baroda, Indore

0.151

1.788

Vehicle Loan

 

 

-       HDFC Bank Limited, Indore

0.502

0.000

-       Axis Bank Limited

0.192

0.000

 

 

 

Total

95.087

98.348

 

Auditors :

 

Name :

Adeshwar C Jain and Company

Chartered Accountants

Address :

103-104 Vaibhav Chambers, 7/1, Ushaganj, Chhawni, Indore – 452001, Madhya Pradesh, India

Tel. No. :

91-731-2703334

Mobile No. :

91-9425060115

E-Mail :

adeshwar.jain@gmail.com

PAN No. :

AAOFA8812E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates / Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2750000

Equity Shares

Rs.10/- each

Rs.27.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2460000

Equity Shares

Rs.10/- each

Rs.24.600 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

24.600

24.600

12.000

(b) Reserves & Surplus

22.955

10.057

8.499

(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)

47.555

34.657

20.499

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1.652

1.616

1.470

(c) Other long term liabilities

1.423

4.294

7.707

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

3.075

5.910

9.177

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

95.087

98.348

70.704

(b) Trade payables

5.222

9.978

15.617

(c) Other current liabilities

0.252

0.163

0.035

(d) Short-term provisions

2.960

0.509

1.055

Total Current Liabilities (4)

103.521

108.998

87.411

 

 

 

 

TOTAL

154.151

149.565

117.087

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13.780

14.809

17.320

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.759

0.462

0.484

(e) Other Non-current assets

0.000

0.407

0.407

Total Non-Current Assets

14.539

15.678

18.211

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

45.726

83.055

28.206

(c) Trade receivables

82.823

46.689

64.198

(d) Cash and cash equivalents

6.542

1.626

4.601

(e) Short-term loans and advances

0.931

0.785

1.871

(f) Other current assets

3.590

1.732

0.000

Total Current Assets

139.612

133.887

98.876

 

 

 

 

TOTAL

154.151

149.565

117.087

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operations

727.117

575.624

536.081

 

 

Other Income

20.403

3.611

4.406

 

 

TOTAL                                    

747.520

579.235

540.487

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

392.266

305.652

375.876

 

 

Purchases of Stock-in-Trade

265.954

263.937

149.770

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

28.382

(34.633)

(20.183)

 

 

Employees benefits expense

3.279

2.958

2.961

 

 

Other expenses

24.321

25.096

18.722

 

 

TOTAL                                    

714.202

563.010

527.146

 

 

 

 

 

 

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

33.318

16.225

13.341

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

12.175

11.370

9.295

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

21.143

4.855

4.046

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

1.028

0.891

1.006

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

20.115

3.964

3.040

 

 

 

 

 

Less

TAX                                                                 

6.883

0.914

0.945

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

13.232

3.050

2.095

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

5.38

2.35

2.42

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 before exceptional items and tax

(3.024)

(44.043)

(15.202)

Net cash flows from operating activities

23.447

(1.372)

(2.444)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

1.82

0.53

0.39

 

 

 

 

 

Operating Profit Margin

(PBDIT/ Sales)

(%)

4.58

2.82

2.49

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.05

2.65

2.60

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.42

0.11

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.00

2.84

3.45

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.35

1.23

1.13

 

 

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

12.000

24.600

24.600

Reserves & Surplus

8.499

10.057

22.955

Net worth

20.499

34.657

47.555

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

70.704

98.348

95.087

Total borrowings

70.704

98.348

95.087

Debt/Equity ratio

3.449

2.838

2.000

 

 

 

 

 

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)

Revenue from operations

536.081

575.624

727.117

 

 

7.376

26.318

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

536.081

575.624

727.117

Profit

2.095

3.050

13.232

 

0.39%

0.53%

1.82%

 

 

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

No

17

Details of sister concerns

No

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

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10395488

28/12/2012

143,274,000.00

Bank of Baroda

Kanadia Road Branch-112 Ravindra Nagar, Near agay 
atri Mandir,Patrakar Colony Square, Indore, Madhya 
Pradesh - 452007, INDIA

B65317257

 

 

FIXED ASSETS

 

·         Factory Building

·         Office Building

·         Plant and Machinery

·         Electric Installation

·         Furniture and Fixture

·         Vehicles

·         Computer Equipments

 

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.65.57

UK Pound

1

Rs.101.13

Euro

1

Rs.71.80

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

-- PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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.