MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
RAJ RAJENDRA TEXTILES EXPORTS LIMITED |
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Formerly Known As : |
RAJ RAJENDRA SYNTHETICS PRIVATE LIMITED |
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Registered Office : |
57, 5/B, Sanjay Building, Mittal Industrial Estate, Sakinaka, Andheri
(East), Mumbai-400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.05.1994 |
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Com. Reg. No.: |
11-78218 |
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CIN No.: [Company
Identification No.] |
U17120MH1994PTC078218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR20946C |
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PAN No.: [Permanent
Account No.] |
AAACR1973J |
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Legal Form : |
A closely held public Limited Liability Company. |
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Line of Business : |
Weaving of Cotton and Cotton Mixture Fabrics. |
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 470000 |
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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 fir. 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 : |
57, 5/B, Sanjay Building, Mittal Industrial Estate, Sakinaka, Andheri (East),
Mumbai-400059, Maharashtra, India |
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Tel. No.: |
91-22-28504549 |
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Fax No.: |
91-22-28590105 |
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E-Mail : |
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Factory 1 : |
28, GIDC, Near Round Canteen, Umbergaon-396171, District Valsad,
Gujarat |
DIRECTORS
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Name : |
Mr. Ratanchand Deshmal Jain |
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Designation : |
Director |
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Address : |
Raj Bhavan, 5th Floor, Daulat Nagar Road No.9, Borivali (East),
Mumbai-400066, Maharashtra |
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Date of Birth/Age : |
19.10.1957 |
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Date of Appointment : |
05.05.1994 |
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Name : |
Mr. Ganpat Jain |
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Designation : |
Director |
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Address : |
Raj Bhavan, 5th Floor, Daulat Nagar Road No.9, Borivali (East),
Mumbai-400066, Maharashtra |
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Date of Birth/Age : |
20.08.1975 |
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Date of Appointment : |
15.01.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Ratanchand D. Jain |
711712 |
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Mr. Narpat D Jain |
2700 |
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Mr. D. P. Seth |
13500 |
|
Rajguru Finvest Private Limited |
290300 |
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Mr. Rohan D Seth |
2500 |
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Mr. Samir D Seth |
2500 |
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Appolo Ret. Private Limited |
26500 |
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Mrs. Sitadevi Otmalji |
30000 |
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Mrs. Kantadevi Uttamchand |
12501 |
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Mrs. S R Jain |
80800 |
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Mr. R D Jain HUF |
45701 |
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Mr. Ramesh Kumar D Jain |
29800 |
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Umang Tra & Tradelink Private Limited |
19000 |
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Mr. Ganpat R Jain |
432201 |
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Mr. Harish R Jain |
112301 |
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Mr. Devendra N Prajapat |
24100 |
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Mr. Dakshendra Agarwal |
5800 |
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Mr. Prahlad Sharma |
5000 |
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GMS Industries India Limited |
50000 |
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Mr. Kiran R Jain |
74170 |
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Mrs. Priya G Jain |
48500 |
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Sayaji Silk Mills Limited |
100000 |
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Mr. Ramesh Kumar Shah |
40000 |
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Mr. Sagarmal Shah |
40000 |
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Mr. Harish Mithalal Shah |
30000 |
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Mrs. Kalpana Kumari Shah |
30000 |
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Ramesh Kumar D Jain HUF |
24000 |
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Mrs. Rekha Jain |
44100 |
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Alang Industrial Gases Limited |
100000 |
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Rajesh P Jain HUF |
50000 |
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Bhanu Finvest Limited |
40000 |
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Dhanvant Shah |
100000 |
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Mr. C J Shah |
117300 |
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Indocity Infotech Limited |
100000 |
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Peanence Communications Private Limited |
50000 |
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Mrs. Lalita Chhaparwal |
65000 |
BUSINESS DETAILS
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Line of Business : |
Weaving of Cotton and Cotton Mixture Fabrics. |
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Products : |
Grey Fabrics, Wastage and Job Work |
GENERAL
INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
v Citi Bank v Cosmos C-op.
Bank Limited v ABN Amro Bank v Standard Chartered
Bank v State Bank of
India |
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Facilities : |
Secured Loans :
Unsecured Loans
:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mukesh M Chokshi & Company Chartered Accountants |
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Address : |
H Block, Ground Floor, Shiv Sadshiv CHS Limited, 6th Floor,
Santacruz (East), Mumbai-400055, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
65.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.110 |
40.274 |
34.737 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
118.110 |
70.274 |
64.737 |
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LOAN FUNDS |
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1] Secured Loans |
203.810 |
107.736 |
84.604 |
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2] Unsecured Loans |
7.454 |
7.883 |
15.186 |
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TOTAL BORROWING |
211.264 |
115.619 |
99.790 |
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DEFERRED TAX LIABILITIES |
14.805 |
15.989 |
15.244 |
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TOTAL |
344.179 |
201.882 |
179.771 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
141.322 |
122.786 |
102.675 |
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Capital work-in-progress |
52.611 |
0.000 |
0.000 |
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INVESTMENT |
0.105 |
2.908 |
2.908 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
66.572
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30.982 |
34.642 |
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Sundry Debtors |
87.765
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51.803 |
41.053 |
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Cash & Bank Balances |
3.268
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3.315 |
2.408 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
55.986
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28.517 |
35.401 |
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Total
Current Assets |
213.591
|
114.617 |
113.504 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
60.254
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35.912 |
37.018 |
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Provisions |
6.132
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2.517 |
2.305 |
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Total
Current Liabilities |
66.386
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38.429 |
39.323 |
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Net Current Assets |
147.205
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76.188 |
74.181 |
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MISCELLANEOUS EXPENSES |
2.936 |
0.000 |
0.007 |
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TOTAL |
344.179 |
201.882 |
179.771 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
561.918 |
434.422 |
332.176 |
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Other Income |
-- |
-- |
5.003 |
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Total Income |
561.918 |
434.422 |
337.179 |
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Profit/(Loss) Before Tax |
16.213 |
7.464 |
6.753 |
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Provision for Taxation |
-- |
-- |
2.087 |
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Profit/(Loss) After Tax |
16.213 |
7.464 |
4.666 |
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Total Earnings |
NA |
NA |
117.933 |
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Imports : |
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Capital Goods |
NA |
NA |
0.127 |
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Total Imports |
NA |
NA |
0.127 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
55.545 |
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Administrative Expenses |
0.000 |
0.000 |
10.458 |
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Raw Material Consumed |
0.000 |
0.000 |
200.568 |
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Purchases made for re-sale |
0.000 |
0.000 |
26.898 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
13.818 |
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Interest |
0.000 |
0.000 |
9.447 |
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Loss on Sale of Fixed Assets |
0.000 |
0.000 |
0.699 |
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Depreciation & Amortization |
14.771 |
14.474 |
12.982 |
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Other Expenditure |
545.706 |
426.958 |
0.009 |
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Total Expenditure |
560.477 |
441.432 |
330.424 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.89
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1.72 |
1.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.89
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1.72 |
2.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.57
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3.14 |
3.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.11 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.35
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2.73 |
2.15 |
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Current Ratio (Current Asset/Current Liability) |
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3.22
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2.98 |
2.89 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
RAJ RAJENDRA SYNTHETICS PRIVATE LIMITED |
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Presented By |
The Cosmos Co-operative Bank
Limited, Borivali Branch, 3/4, Krishna Nagar, Chandavarkar Road, Borivali
(West), Mumbai-400092 |
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1) Date and description of instrument creating the change |
Hypothecation of tangible goods movable property to secure a demand cash credit account/ Demand overdraft account/ Demand loan account dated 30.12.2000. |
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2) Amount secured by the charge/amount owing on the securities of charge |
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 |
Hypothecation of all the goods of the borrower namely 54, Sulzer Looms, Other Accessories and all tangible fixed moveable asserts of the borrowers whether new lying or at any time hereafter during the continuance of this security ling or being in or about the borrowers factory premises and godowns at Plot No.182, Dewan Sons Industrial Complex, Survey No.35, District Thane or wherever else the same may be or held by any party anywhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 15% p.a. or as would be determined by the bank form time to time. |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos Co-operative Bank Limited Borivali Branch 3/4, Krishna Nagar, Chandavarkar Road, Borivali (West), Mumbai-400092 |
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6) Date and brief description of instrument modifying the charge |
Bank letter dated 12.08.2004 |
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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. |
First original charge was created on 30.12.2000 fpr Rs.25.000 millions First modification made on 30.03.2002 additional term loan facilities of Rs.30.000 millions granted, hence the amount of charge is increased from Rs.20 millions to Rs.60.000 millions. Second modification made on 31.03.2003. the above charge further secured by an equitable mortgage on Plot No.28 in Umergaon Industrial Area, situated at Village Umergaon, district Valsad, Gujarat admeasuring 3261 Sq. Mtrs. Together on the first charge basis. Interest @ 13% p.a. By present modification made on 12.08.2004 by way of Bank letter the charge on all goods namely 54, Suzler Looms, other accessories, fixed movable assets is reduced from Rs.60 millions to Rs.35 millions on repayment of loan of Rs.25 millions. |
Company’s fixed assets include Land, Computer and Accessories,
Electrical Installation, Factory Building, Plant and Machinery, Furniture and
Fixtures, Motor Cycle, Office Equipments, Cycle, Motor Car, Office At Bhilwara,
D. G. Set, Machine Tools and Air Conditioner/ Cooler.
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.42.86 |
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UK Pound |
1 |
Rs.84.40 |
|
Euro |
1 |
Rs.57.53 |
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 |
NO |
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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 |
|
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 |
|