MIRA INFORM REPORT
|
Report No. : |
349597 |
|
Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
FALGUNI AGRO COTTON FIBRE CO. |
|
|
|
|
Registered
Office : |
B-99, 2nd Floor, Cotton Exchange Building, Cotton Green,
Mumbai – 400033, Maharashtra |
|
Tel. No.: |
91-22-23725419 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Year of
Establishment : |
2002 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.512 Million (As on 31.03.2014) |
|
|
|
|
IEC No.: |
Not Applicable (As claimed by company management that company does not export and import) |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Trader and Supplier of Raw Cotton Bales. |
|
|
|
|
No. of Employees
: |
04 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was set up in 2002 as a partnership firm by Mr. Dipen Shah and
Mrs. Falguni Dipen Shah. It has satisfactory track record. Mr. Dipen Shah (Partner) has provided us with all information and he
also claimed that the concern has achieved sales turnover of Rs.50 Million
for the year 2014-2015 which is not verified. Profitability of the concern is low during FY2014. However, general
financial position of the concern is decent. Trade relations are fair. Business is active. Payment are reported to
be slow but correct. The concern can be considered for business dealings at usual trade
terms and conditions. Note: As claimed by Mr. Dipen Shah (Partner) that the correct sales
turnover for the year 13-14 is Rs.22.600 Million and not Rs.50.000 Million. |
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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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. Dipen Shah |
|
Designation : |
Partner |
|
Contact No.: |
91-9320035509 |
|
Date : |
10.11.2015 |
LOCATIONS
|
Registered Office / Warehouse : |
B-99, 2nd Floor, Cotton Exchange Building, Cotton Green, Mumbai
– 400033, Maharashtra, India |
|
Tel. No.: |
91-22-23725419 |
|
Mobile No.: |
91-9320035509 (Mr. Dipen Shah) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
230 Sq. Ft. |
|
Location : |
Rented |
|
Locality : |
Commercial |
PARTNERS
|
Name : |
Mr. Dipen Shah |
|
Designation : |
Partner |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mrs. Falguni Dipen Shah |
|
Designation : |
Partner |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
BA |
BUSINESS DETAILS
|
Line of Business : |
Trader and Supplier of Raw Cotton Bales. |
|
|
|
|
Products : |
Raw Cotton Bales |
|
|
|
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Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
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Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
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Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
04 (Approximately) |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
V. C. Shah and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Membership No.: |
045046 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Sister Concern : |
Pushpa
Enterprise Address: B 29, 2nd
Floor, Cotton Exchange Building, Cotton Green, Mumbai – 400033, Maharashtra,
India Line of
Business: Trader of Raw Cotton Bales |
CAPITAL STRUCTURE
As on 31.03.2014
|
Partners’ Capital A/c |
Rs.
In Million |
|
Dipen Govindji Shah |
0.025 |
|
Falguni Dipen Shah |
0.025 |
|
|
0.050 |
|
|
|
|
Partners’ Current A/c |
|
|
Dipen Govindji Shah |
3.464 |
|
Falguni Dipen Shah |
0.998 |
|
|
4.462 |
|
Total |
4.512 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note: Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
|
0.050 |
0.050 |
|
|
2] Partner’s Current |
|
4.462 |
3.769 |
|
|
3] Share Application Money |
|
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
5] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.512 |
3.819 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.938 |
1.299 |
|
|
2] Unsecured Loans |
|
0.732 |
0.967 |
|
|
TOTAL BORROWING |
|
1.670 |
2.266 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6.182 |
6.085 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.057 |
0.062 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.132 |
0.108 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
9.894
|
6.110 |
|
|
Cash & Bank Balances |
|
0.016
|
0.030 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Advance to suppliers |
|
1.155
|
1.092 |
|
|
Loans & Advances |
|
0.171
|
0.248 |
|
Total
Current Assets |
|
11.236
|
7.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
4.608
|
0.957 |
|
|
Other Current Liabilities |
|
0.506
|
0.506 |
|
|
Provisions |
|
0.129
|
0.102 |
|
Total
Current Liabilities |
|
5.243
|
1.565 |
|
|
Net Current Assets |
|
5.993
|
5.915 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6.182 |
6.085 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
22.655 |
16.828 |
|
|
|
Other Income |
|
0.004 |
0.000 |
|
|
|
TOTAL |
|
22.659 |
16.828 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
21.688 |
15.353 |
|
|
|
Freight |
|
0.072 |
0.000 |
|
|
|
Audit Fees |
|
0.030 |
0.019 |
|
|
|
Account Charges |
|
0.018 |
0.018 |
|
|
|
Bank Charges |
|
0.005 |
0.024 |
|
|
|
Business
promotion |
|
0.004 |
0.158 |
|
|
|
Computer Expenses |
|
0.004 |
0.010 |
|
|
|
Electricity Charges |
|
0.004 |
0.031 |
|
|
|
Interest on bank loan |
|
0.072 |
0.171 |
|
|
|
Membership and Subscription |
|
0.023 |
0.015 |
|
|
|
Repairs & Maintenance |
|
0.009 |
0.038 |
|
|
|
Salary |
|
0.039 |
0.090 |
|
|
|
Telephone Charges |
|
0.071 |
0.055 |
|
|
|
Other Expenses |
|
0.570 |
0.745 |
|
|
|
TOTAL |
|
22.609 |
16.727 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.050 |
0.101 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.020 |
0.016 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
0.030 |
0.085 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
50.000 |
The above information has been parted by Mr. Dipen Shah (Partner).
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
0.13 |
0.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.27 |
1.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.37 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.14 |
4.78 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Partner's Capital |
3.769 |
4.462 |
|
Partner's Current |
0.050 |
0.050 |
|
Net worth |
3.769 |
4.462 |
|
|
|
|
|
Secured
Loans |
1.299 |
0.938 |
|
Unsecured
Loans |
0.967 |
0.732 |
|
Total borrowings |
2.266 |
1.670 |
|
Debt/Equity ratio |
0.601 |
0.374 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16.828 |
22.655 |
|
|
|
34.627 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
16.828 |
22.655 |
|
Profit |
0.085 |
0.030 |
|
|
0.51% |
0.13% |
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 two years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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 records 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.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
41 |
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.