MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAJSRIYA ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
Ground Floor, No. 95, Harrington Road, Chetpet, Chennai – 600031,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
25.07.1997 |
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Com. Reg. No.: |
18-38711 |
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CIN No.: [Company
Identification No.] |
U29309TN1997PTC038711 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER02435G |
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PAN No.: [Permanent
Account No.] |
AABCR4096O |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Manufacture, fabricate, trade and provide consultancy services in automotive
components, assemblies and products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 51000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track records. Directors are reported
as experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Ground Floor, No. 95, Harrington Road, Chetpet, Chennai – 600031,
Tamilnadu, India |
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Tel. No.: |
91-44-26556711 / 26556715 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-15, SIDCO Industrial Estate, Arumbakkam, MMDA Colony, Chennai –
600106, Tamilnadu, India |
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Tel. No.: |
91-44-24756890 / 24756892 |
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Fax No.: |
91-44-24754576 |
DIRECTORS
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Name : |
Mr. P. S. Govindachari |
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Designation : |
Managing Director |
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Address : |
94, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India |
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Date of Birth/Age : |
02.09.1940 |
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Date of Appointment : |
25.07.1997 |
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Name : |
Mrs. Meera Chari |
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Designation : |
Director |
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Address : |
94, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India |
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Date of Birth/Age : |
15.11.1945 |
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Date of Appointment : |
25.07.1997 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. P. S. Govindachari |
32,200 |
35.00 % |
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Mrs. Meera Chari |
32,200 |
35.00 % |
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Mr. Neeraj Chari |
9,200 |
10.00 % |
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Ms. Sriya Chari |
18,400 |
20.00 % |
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Total |
92,000 |
100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacture, fabricate, trade and provide consultancy services in
automotive components, assemblies and products. |
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Products : |
Ø Coils for
Armature Ø Poles Ø Stator Winding |
GENERAL
INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
v HDFC Bank
Limited, Marine Centre, 1st Floor, 751-B, Anna Salai, Chennai –
600002, Tamilnadu, India v State Bank of
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B B Naidu and Company Chartered Accountants |
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Address : |
5 Gajapathy Road, Kilpauk, Chennai – 600010 |
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Tel. No. |
91-44-26411061/26411283 |
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Fax. No. |
91-44-26412575 |
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E. Mail.: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
92,000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.200 |
1.000 |
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2] Share Application Money |
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0.000 |
8.200 |
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3] Reserves & Surplus |
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3.586 |
3.740 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.786 |
12.940 |
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LOAN FUNDS |
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1] Secured Loans |
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35.513 |
18.791 |
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2] Unsecured Loans |
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6.305 |
7.024 |
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TOTAL BORROWING |
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41.818 |
25.815 |
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DEFERRED TAX LIABILITIES |
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3.142 |
1.855 |
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TOTAL |
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57.746 |
40.610 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.475 |
21.580 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.365 |
14.734 |
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Sundry Debtors |
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24.616 |
17.298 |
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Cash & Bank Balances |
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0.140 |
0.080 |
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Other Current Assets |
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4.019 |
4.029 |
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Loans & Advances |
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0.975 |
0.983 |
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Total
Current Assets |
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48.115 |
37.124 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.435 |
17.858 |
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Provisions |
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0.409 |
0.236 |
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Total
Current Liabilities |
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24.844 |
18.094 |
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Net Current Assets |
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23.271 |
19.030 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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57.746 |
40.610 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1.411 |
1.243 |
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Total Income |
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1.411 |
1.243 |
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Profit/(Loss) Before Tax |
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0.020 |
0.022 |
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Provision for Taxation |
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0.018 |
0.007 |
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Profit/(Loss) After Tax |
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0.002 |
0.015 |
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Expenditures : |
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Other Expenditure |
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1.391 |
1.221 |
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Total Expenditure |
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1.391 |
1.221 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.14 |
1.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.41 |
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.02 |
0.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.21 |
3.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.93 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
RAJSRIYA
ENTERPRISES PRIVATE LIMITED |
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Presented By |
Mr. P. S.
Govindachari, Managing Director |
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1) Date and description of instrument creating the change |
Memorandum relating to Hypothecation of Machinery dated 31.08.2005 Letter of Hypothecation of Stocks and Book Debts dated 31.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working Capital
Demand Loan Rs. 7.500 Millions Bill Discounting
Rs. 17.500 Millions Total Rs. 25.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
To above credit facilities
have been secured by way of First Charges to the Bank as under : Hypothecation of
all the movable Plant and Machinery both present and future consisting of as
per annexure attached, being movable properties, now stored at or being
stored or which may hereafter be brought into or stored at or at present
installed at Plot No. 706, Door No. 29/137B, Poonamalle Avadi Road,
Paruthipatu, Chennai 600071 and also the Plant and Machinery, which may at
any time hereafter belonging to the borrower or at the borrower disposable
and bow or at any time and from time to time hereafter stored or be stored or
brought into or upon or in the course of transit or awaiting transit by any
mode of transport to the borrower’s factory or premises or at any other place
whatsoever and whosesoever in the possession or occupation of the borrower or
at any other premises or place belonging to the borrower; All the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever being
movable properties now or at any time hereafter belonging to the borrower or
at the borrower’s disposal and now or at any time and from time to time
hereafter stored or to be stored or brought into or upon or in the course of
transit to the borrower’s factory or premises or at any other place
whatsoever and wheresoever in the possession or occupation of the borrower or
at any other premises or place belonging to the borrower [all of which
hereinafter collectively referred to as “the hypothecated goods”] and All the book
debts, outstanding, monies receivable, claims and bills which are now due and
owing or which may at any time hereafter during the continuance of this
security becomes due and owing to the borrower in the course of its business
by any person, firm, company or body corporate or by the Government
Department of office or any Municipal or local or Public or Semi Government
body or authority or any body corporate or undertaking or project whatever in
the public sector [all of which hereinafter collectively referred to as “the
said debts”] All the above are
to secure as a continuing security for the due repayment by the borrower to
the Bank at any time on demand of all the monies now or at any time and from
time to time due and owing by the borrower to the bank for the above said
credit facilities and interest and commission thereon and all legal and other
costs, chares, payments, re-imbursements and expenses payable by the borrower
to the bank in connection with the above credit facilities. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Any such rate as
may be advised by the Bank to the Company from time to time for the
respective credit facilities. Margin As may be
prescribed by the Bank from time to time for the respective credit facilities
All other terms
and conditions will be as per the sanction letter. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Marine Centre, 1st Floor, 751-B, Anna Salai, Chennai –
600002, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Equitable Mortgage by deposit of title deeds relating to the Company’s immovable
properties to secure the above credit facilities, dated 04.01.2006. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The above credit
facilities of Rs. 25.000 Millions already sanctioned by the Bank to the
Company are further secured by equitable mortgage of the Company’s following
immovable properties including the structure, premises, buildings, fixed
plant and machinery, fixture and fittings now or hereafter constructed,
erected, installed thereon. All that piece
and parcel of land measuring 1 acre and 78 cents and constructed building
measuring about 16.211.094 sq. ft. thereon comprised in Survey Nos. 706/1A
[0.717 acres], 706/1B (P) [0.255 acres], 706/2 [P] [0.372 acres], 706/3 [P]
[0.196 acres] and 706/4 [P] [0.240 acres] in Parthiparru Village, Poonamalle
Taluk, Thiruvalluvar District within the jurisdiction of Sub Registrar’s
office, Avadi and bounded on the towards the East – Poovai Road, on the
towards the West – Property to Tube Investments of India Limited, on and
towards and North – Survey No. 708; and on the towards and South – Property
of Tube Investments of India Limited The above
securities offered are to cover for the above credit facilities together with
interest thereon at the agreed rate, compound interest and / or additional
interest in case of default, liquidated damages, commission, commitments
charges, premia on prepayment or on redemption, costs, expenses and all other
monies payable by the borrower to the bank in respect of the above credit
facility and as per the security documents / sanction letters / memorandum of
terms and conditions executed in favour of the Bank and as amended from time
to time. |
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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