|
|
|
MIRA
INFORM REPORT
|
Report No. : |
491599 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
THE COTTON CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Kapas Bhavan, Plot No. 3A, Sector 10, CBD-Belapur, Navi Mumbai - 400614,
Maharashtra |
|
Tel. No.: |
91-22-27579217/ 27571368/ 27571479 |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
31.07.1970 |
|
|
|
|
Com. Reg. No.: |
11-014733 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 250.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51490MH1970GOI014733 |
|
|
|
|
IEC No.: |
Not Divulged |
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|
|
|
TIN No.: |
Not Divulged |
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|
|
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GST No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT4053B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Subject is predominantly engaged in Cotton Trading. [Registered Activity] |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject
is a Government of India (GoI) undertaking which was incorporated in the year
1970 and it is engaged in activities related to trade, procurement and export
of cotton. As per
financials of March 2017, the company has registered decline in its revenue
as compared to its previous year’s revenue and has reported minimal profit
margin of 0.38%. Rating
takes into consideration the company’s long established track record of
business operations along with healthy net worth base and good liquidity
position. Rating
also takes into account the Government of India (GoI) parentage, long drawn
experience of CCI in managing the cotton trading operations, wide spread
network of procurement centres and well-established image as a reliable supplier
of quality cotton. However,
rating strength is partially offset by leveraged capital structure and
volatile profitability margins on account of the trading nature and seasonal
nature of the business. Payments
seem to be slow but correct. In view of
aforesaid, the company can be considered for business operations at usual
trade terms and conditions. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating = A1+ (SO) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
22.11.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 16.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-873-2220629/ 2251270]
LOCATIONS
|
Registered/ Corporate Office : |
Kapas Bhavan, Plot No. 3A, Sector 10, CBD-Belapur, Navi Mumbai - 400614, Maharashtra, India |
|
Tel. No.: |
91-22-27579217/ 27571368/ 27571479 |
|
Fax No.: |
91-22-27576030/ 27579219/ 27576069 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Warehouse: |
Plot No. S-5, Warehouse Complex, Kalamboli, District Raigad, Navi Mumbai – 410218, Maharashtra, India |
|
Tel. No.: |
91-22-27420436 |
|
Fax No.: |
91-22-27420436 |
|
|
|
|
Branch Office: |
Kapas Bhavan, 4/2 Ashok Nagar, P.B. No. 227, Guntur - 522002, Andhra Pradesh, India |
|
Tel. No.: |
91-863-2251270/ 2253796/ 2233472/ 2233943/ 2220629 |
|
Fax No.: |
91-863-2357472 |
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|
|
|
Other Branch Offices: |
Located
At: ·
Bhatinda ·
Sirsa ·
New
Delhi ·
Bhilwara ·
Sriganganagar ·
Ahmedabad ·
Rajkot ·
Coimbatore ·
Hubli ·
Adilabad ·
Warangal ·
Rayagada ·
Aurangabad ·
Akola ·
Indore ·
Kolkata |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Mekala Mallappan Chockalingam |
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|
Designation : |
Director |
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|
Address : |
Entyce Villa, 1593, Trichy Road, Coimbatore - 641018, Tamilnadu, India |
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Date of Birth: |
10.04.1959 |
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Qualification: |
M. Tech. |
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Date of Appointment : |
06.09.2012 |
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PAN No.: |
ABKPC7050P |
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DIN No.: |
00051744 |
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|
||||||||||||||||||||||||
|
Name : |
Mr. Rajika Tapanbhai Kacheria |
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|
Designation : |
Director |
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|
Address : |
2/2/C Centrepoint Residential Complex, Panchvati Circle, Panchvati Ahmedabad - 380006, Gujarat, India |
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Date of Birth: |
04.03.1969 |
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Qualification: |
Post-Graduation |
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|
Date of Appointment : |
02.02.2017 |
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|
PAN No.: |
AENPK9596C |
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DIN No.: |
00403363 |
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Other Directorship :
|
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|
||||||||||||||||||||||||
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Name : |
Mr. Allirani Padmanabhan |
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|
Designation : |
Managing Director |
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|
Address : |
Flat No. 31, Type-V, Railway Enclave, San Martin Marg, Chankyapuri, New Delhi - 110021, India |
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|
Date of Appointment : |
03.10.2017 |
||||||||||||||||||||||||
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DIN No.: |
02305257 |
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Other Directorship :
|
|||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Name : |
Mr. Jitendra Kumar Dadoo |
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|
Designation : |
Nominee Director |
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|
Address : |
11,Eac Flats, 16, Rajpur Road, New Delhi - 110054, India |
||||||||||||||||||||||||
|
Date of Birth: |
10.12.1957 |
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|
Qualification: |
IAS |
||||||||||||||||||||||||
|
Date of Appointment : |
19.08.2015 |
||||||||||||||||||||||||
|
PAN No.: |
AAMOD9041L |
||||||||||||||||||||||||
|
DIN No.: |
02481702 |
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Other Directorship :
|
|||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Name : |
Mr. Pradeep Kumar Agarwal |
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|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
F-49, Income Tax Colony, Sector-21/22, CBD Belapur, Navi Mumbai - 400614, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth: |
22.11.1962 |
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|
Qualification: |
Chartered Accountant |
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|
Date of Appointment : |
02.03.2012 |
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|
PAN No.: |
ABHPA5374P |
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|
DIN No.: |
05234132 |
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|
||||||||||||||||||||||||
|
Name : |
Mr. Sushil Raosaheb Gaikwad |
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|
Designation : |
Nominee Director |
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|
Address : |
Tower 2/503, Comman Wealth Games, Delhi - 110092, India |
||||||||||||||||||||||||
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Date of Appointment : |
27.12.2017 |
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DIN No.: |
07486212 |
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Other Directorship:
|
|||||||||||||||||||||||||
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||||||||||||||||||||||||
|
Name : |
Mr. Grace Augustine Pinto |
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Designation : |
Director |
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Address : |
A/101, Ashoka Tower, Kulupwadi Road Near National Park, Borivali East, Mumbai - 400066, Maharashtra, India |
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Date of Birth: |
19.02.1956 |
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Qualification: |
Post-Graduation |
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Date of Appointment : |
02.02.2017 |
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PAN No.: |
ACGPP9003N |
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|
DIN No.: |
07779221 |
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KEY EXECUTIVES
|
Name : |
Mr. Md Zaffar Rizwani |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. - 2.3, C - 2, Sector - 1, CBD Belapur, Navi, Mumbai - 400614, Maharashtra, India |
|
|
18.10.1987 |
|
Date of Appointment : |
02.03.2013 |
|
PAN No.: |
APVPR8958J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
President of India, Through Ministry of Textiles, Govt. of India, New
Delhi |
|
2499997 |
|
Subrata Gupta * Joint Secretary, Ministry of Textiles, Govt. of India (Nominee
of President of India) |
|
1 |
|
Kavita Gupta, Textile Commissioner of India (Nominee of President of India) |
|
1 |
|
Keshav Kumar, ** Director, Ministry of Textiles, Govt. of India
(Nominee of President of India) |
|
1 |
|
|
|
|
|
Total*** |
|
2500000 |
|
NOTES: * This share was transferred from Shri Puneet Agarwal, joint secretary of Ministry of Textile, Govt. of India, as on 27.03.2017 and as on 27.03.2017 and earlier the share was held by Mrs. Anu Garg, which was transferred to Mr. Punnet Agarwal on 07.12.2016. ** This share was transferred from Mr. Ram Singh, Director Ministry of Textile, Govt of India, as on 07.12.2016 *** Present authorized equity share capital of the company is INR 7.500 million divided into 7.500 million of equity shares having face value of INR 1000/- each. |
||
AS ON: 29.11.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Government - Central Government) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is predominantly engaged in Cotton Trading. [Registered Activity] |
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Products : |
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||||
|
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||||
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Brand Names : |
Not Available |
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|
||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Divulged |
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|
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|
||||
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Imports : |
Not Divulged |
||||
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|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|||||||||||||||
|
Customers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
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Bankers : |
· Bank of Baroda Corporate Financial Services Branch, 1st Floor, 3, Walchand Hirachand Marg, Ballard Pier, Mumbai - 400038, Maharashtra, India ·
Bank of Baroda Nariman Point Branch, Nirmal Building, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors 1 : |
|
|
Name : |
Bansal R Kumar and Associates Chartered Accountants |
|
Address : |
Flat No. B 51, Rishikunj CHS, A Yamuna Nagar, Near Millat Nagar, Survey No. 41, Link Road Navi Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFP6109R |
|
|
|
|
Auditors 2: |
|
|
Name : |
Prasad Azad and Company Chartered Accountants |
|
Address : |
1207, Surya Kiran Building, 19- Kasturba Gandhi Marg, New Delhi - 110001, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFP6109R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
INR 100/- each |
INR 750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
INR 100/- each |
INR 250.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
250.000 |
250.000 |
250.000 |
|
(b) Reserves and Surplus |
2553.830 |
2506.537 |
2431.856 |
|
(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) |
2803.830 |
2756.537 |
2681.856 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
93.363 |
86.019 |
34.889 |
|
(d) long-term
provisions |
186.372 |
240.148 |
253.275 |
|
Total Non-current
Liabilities (3) |
279.735 |
326.167 |
288.164 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
27850.000 |
42800.000 |
148630.000 |
|
(b) Trade
payables |
78.345 |
164.863 |
4085.850 |
|
(c) Other
current liabilities |
1863.586 |
4462.960 |
4953.358 |
|
(d) Short-term
provisions |
252.128 |
265.683 |
400.511 |
|
Total Current
Liabilities (4) |
30044.059 |
47693.506 |
158069.719 |
|
|
|
|
|
|
TOTAL |
33127.624 |
50776.210 |
161039.739 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
476.336 |
491.364 |
488.430 |
|
(ii)
Intangible Assets |
1.000 |
1.448 |
2.706 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.177 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.001 |
|
(c) Deferred tax assets (net) |
490.656 |
527.111 |
560.818 |
|
(d)
Long-term loans and advances |
52.135 |
55.536 |
52.464 |
|
(e) Other
Non-current assets |
17.425 |
17.114 |
17.479 |
|
Total Non-Current
Assets |
1037.553 |
1092.751 |
1121.898 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1818.848 |
15355.764 |
153189.273 |
|
(c) Trade
receivables |
340.613 |
833.018 |
437.285 |
|
(d) Cash and
bank balances |
49.805 |
68.618 |
169.567 |
|
(e)
Short-term loans and advances |
185.248 |
174.362 |
535.272 |
|
(f) Other
current assets |
29695.557 |
33251.697 |
5586.444 |
|
Total
Current Assets |
32090.071 |
49683.459 |
159917.841 |
|
|
|
|
|
|
TOTAL |
33127.624 |
50776.210 |
161039.739 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
19629.601 |
170669.661 |
53892.707 |
|
|
Other Income |
175.509 |
231.672 |
198.149 |
|
|
TOTAL |
19805.110 |
170901.333 |
54090.856 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1733.562 |
19823.996 |
183742.981 |
|
|
Purchases of
Stock-in-Trade |
595.004 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
13497.756 |
137015.831 |
(144572.689) |
|
|
Employee benefit expense |
770.938 |
825.053 |
798.101 |
|
|
CSR expenditure |
6.293 |
7.692 |
0.000 |
|
|
Other expenses |
531.796 |
4440.341 |
10597.618 |
|
|
Prior period items |
(138.363) |
5.186 |
0.000 |
|
|
TOTAL |
16996.986 |
162118.099 |
50566.011 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2808.124 |
8783.234 |
3524.845 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2645.609 |
8560.557 |
3238.638 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
162.515 |
222.677 |
286.207 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
28.243 |
27.356 |
26.029 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
134.272 |
195.321 |
260.178 |
|
|
|
|
|
|
|
Less |
TAX |
59.899 |
78.394 |
34.316 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
74.373 |
116.927 |
225.862 |
|
|
|
|
|
|
|
|
CIF BASIS |
0.000 |
1126.872 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
29.749 |
46.771 |
90.345 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(27344.548) |
114452.392 |
(140323.544) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(26932.775) |
114326.107 |
(140395.462) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
6.33 |
1.78 |
2.96 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
57.63 |
204.88 |
123.24 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
12.28 |
3.04 |
8.12 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.54 |
0.57 |
0.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
5.88 |
17.82 |
7.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.91 |
0.94 |
0.98 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
9.93 |
15.53 |
55.42 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
10.72 |
17.30 |
58.94 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.17 |
0.18 |
0.18 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.06 |
1.03 |
1.09 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.38 |
0.07 |
0.42 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.22 |
0.23 |
0.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.65 |
4.24 |
8.42 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.07 |
1.04 |
1.01 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.01 |
0.72 |
0.04 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.08 |
0.05 |
0.02 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
111.40 |
171.20 |
594.52 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.07 |
1.04 |
1.01 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
250.000 |
250.000 |
250.000 |
|
Reserves & Surplus |
2431.856 |
2506.537 |
2553.830 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2681.856 |
2756.537 |
2803.830 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
148630.000 |
42800.000 |
27850.000 |
|
Total
borrowings |
148630.000 |
42800.000 |
27850.000 |
|
Debt/Equity
ratio |
55.421 |
15.527 |
9.933 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
53892.707 |
170669.661 |
19629.601 |
|
|
|
216.684 |
(88.498) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
53892.707 |
170669.661 |
19629.601 |
|
Profit/ (Loss) |
225.862 |
116.927 |
74.373 |
|
|
0.42
% |
0.07
% |
0.38
% |
LEGAL CASE
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 23.11.2017 |
|
|
|
Lodging No.: CARBPL/492/2017 Filing Date: 23.11.2017 Reg. No.: CARBP/563/2017 Reg. No.: 14.12.2017 |
|
|
|
Petitioner: BST Textile Mills Private Limited Respondent: THE COTTON CORPORATION OF INDIA LIMITED Petn. Adv.: HAS Advocates (I420) Resp. Adv.: DHRUVE LILADHAR AND CON. (151) District: Mumbai |
|
|
|
Bench : Single Status: Pre-Admission Category: ARBITRATION PETITION U/S 34 OF ARBITRATION AND CONCILIATION ACT, 1996 |
|
|
|
Act: Arbitration and Conciliation Act, 1996 |
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 |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G17342940 |
90143716 |
BANK OF BARODA |
15/01/2002 |
12/01/2016 |
- |
250000000000.0 |
CORPORATE
FINANCIAL SERVICE BRANCH, 1ST FLOOR, 3,WALCHAND HIRACHAND MARG, BALLARD
PIER,MUMBAIMH400001IN |
|
2 |
B91060756 |
90140996 |
SYNDICATE BANK |
08/03/2002 |
09/04/2002 |
23/11/2013 |
500000000.0 |
ATLANTA
BUILDINGNARIMAN POINTBOMBAYMH400021IN |
|
3 |
B91060509 |
90146402 |
SYNDICATE BANK |
24/01/2003 |
- |
23/11/2013 |
750000000.0 |
ATLANTA
BUILDINGNARIMAN POINTBOMBAYMH400021IN |
|
4 |
B84011170 |
90145829 |
BANK OF BARODA |
06/12/1983 |
30/03/1995 |
29/08/2013 |
2000000000.0 |
NARIMAN
POINTBOMBAYMH400021IN |
|
5 |
B84009976 |
90141874 |
BANK OF BARODA |
23/09/1995 |
- |
29/08/2013 |
750000000.0 |
NARIMAN
POINTBOMBAYMH400021IN |
|
6 |
B84004753 |
90141843 |
BANK OF BARODA |
03/03/1995 |
- |
29/08/2013 |
1000000000.0 |
NARIMAN
POINTBOMBAYMH400021IN |
OPERATIONS OF THE
CORPORATION
National Textile Policy 2000 continued to govern the purchase policy of the Corporation and its role continued to be the same as reported last year viz., To undertake price support operations whenever the market prices of kapas touch the support prices announced by the Government of India without any quantitative limit:
To undertake commercial operations, only at CCI’s own risk.
As and when the prevailing kapas prices touch the MSP level, the Corporation, as per the directives from the Government of India, enters the market to buy entire quantity of kapas offered to it by the cotton growers at Minimum Support Prices (MSPs). For Cotton Season 2016-17, Govt. of India increased the MSP rates by Rs. 60/- i.e. around 2% for the Medium Staple & Long Staple Cotton as compared to previous cotton season.
Good local demand for Indian cotton coupled with the disruption to exports contributed to firm asking rates, prompting some Indian mills to turn to imports. During cotton season 2016-17, the prevailing kapas prices were much higher than the level of MSP. The occasion of MSP operations were negligible and hence the Corporation has taken up viable commercial operations to cater the need and also to cover the lean season requirement of mill buyers and traders. However, as a nodal agency of the Government of India for MSP operations, the Corporation had fully geared up itself for undertaking MSP operations through a network of more than 340 procurement centres in the event of prevailing kapas prices touching the MSP level. In current cotton season 2016-17 the Corporation has procured 0.125 million bales under Commercial purchases out of which 0.069 million bales have been procured in kapas form and remaining million 0.056 million bales were purchased as ready bales.
During the year, the Corporation could liquidate around INR 0.943 million bales through e-Auction to domestic textile industry including MSMEs to cover their daily requirement of quality cotton. The segment-wise sales performance of the Corporation during the financial year was as follows:
|
Total |
2016-17 |
% of to
total sales |
2015-16 |
% of to
total sales |
|
NTC |
1.31 |
13.89 |
02.19 |
2.54 |
|
STC/COOP |
0.63 |
6.68 |
01.57 |
1.82 |
|
PRIVATE/Traders |
7.49 |
79.43 |
82.38 |
95.64 |
|
TOTAL |
9.43 |
100.00 |
86.14 |
100.00 |
As a part of measures to boost cotton trade, the Government of India has liberalized raw cotton exports from the country and the same is under Open General Licence (OGL). Government of India is pursuing with High Commissions of various neighboring countries like China, Bangladesh, Vietnam, Indonesia, Thailand, Turkey etc. for their cotton requirement and importing cotton from India. The CAB in its meeting held on 24.10.16 has estimated cotton exports from the country in 2016-17 at INR 5.000 million bales as against around 69 lakh bales in 2015-16. The Corporation has continued efforts by holding trade talks with major importing countries viz, China, Bangladesh etc. to explore export possibilities.
CONTINGENT
LIABILITIES: [AS ON 31.03.2017]
Claims of employees and others against the Company of which the amounts are ascertainable but not acknowledged as debts amounting to INR 86.222 million (previous year INR 95.211 million). In addition, interest on the claimed amount may have to be paid if legal cases are decided against the Company (amount not ascertainable).
ii) Sales Tax demands amounting to INR 22.196 million (previous year INR61.082 million) against which payment made INR4.737 million (previous year INR 10.702 million) in respect of which the Company is in appeals.
iii) Service Tax demands amounting to INR 0.439 million (previous year INR 0.439 million) against which payment made INR 0.033 million (previous year INR 0.033 million) in respect of which the Company is in appeal and Service tax demand amounting to INR 5.204 million (previous year INR 5.204 million) in respect of which the Service Tax Department’s appeal is pending before CESTAT.
iv) Income Tax demands amounting to INR 4.293 million (Previous year INR 0.182 million) in respect of which the Company is in appeal before Commissioner of Income Tax (Appeals).
v) Dues towards non submission of ‘C’/’H’/’I’ forms is INR 52.113 million (net of credit available) (previous year INR 57.630 million) which are being pursued with the parties for collection and onward submission before Assessment by the Sales Tax Authorities.
vi) Estimated amount of commitment of capital contracts remaining to be executed and not provided for is Nil (previous year INR 1.524 million).
vii) Estimated amounts of other commitments not provided for is Nil (previous year Nil).
viii) Guarantee given by the Bank on behalf of the Corporation is INR 0.001 million (previous year INR 0.001 million).
ix) Interest liability of INR 7.882 million (previous year 3.787 million) on the amount of INR 51.193 million received during the F.Y. 2015-16 from the defaulting buyers for losses arising out of resale of quantities initially sold to them under the orders of Hon’ble Bombay High Court.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipment’s
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.92 |
|
UK Pound |
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.