MIRA
INFORM REPORT
|
Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAJDA
INDUSTRIES AND EXPORTS PRIVATE LIMITED |
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Registered Office : |
33 A, Jawaharlal Nehru Road,
Chatterjee International
Centre, 17th Floor, Flat No.2, Kolkata – 700 071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.05.1992 |
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Com. Reg. No.: |
21-55436 |
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CIN No.: [Company
Identification No.] |
U24117WB1992PTC055436 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALR02266F |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturers and
exporters of work gloves and other specialized gloves made of cowgrain,
buffgrain, goatskin, also specialized in water-repellent, heat-res leather
gloves, leather aprons, leather arms, legguards, leather bag tools, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 160000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory rack. Trade relations are fair.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
33 A, Jawaharlal Nehru Road,
Chatterjee International
Centre, 17th Floor, Flat No.2, Kolkata – 700 071, West Bengal, India |
|
Tel. No.: |
91-33-22261916/3057/3563 |
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Mobile No.: |
91-9830039656 |
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Fax No.: |
91-33-22492815 |
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E-Mail : |
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Website : |
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Area : |
2200 sq. ft. |
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Location : |
Leased |
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Factory 1 : |
70E, D.
C. Dey Road, Kolkata – 700 015, West Bengal, India |
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Tel. No.: |
91-33-23282274/4005/0597/2329/4721 |
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Fax No.: |
91-33-23228224 |
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Factory 2 : |
141,
Ananda Palit Road, Kolkata – 700 014, West Bengal, India |
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Factory 3 : |
5/1D,
Tiljala Road, Kolkata – 700 039, West Bengal, India |
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Tel. No.: |
91-33-23445077 |
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Fax No.: |
91-33-23444343 |
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|
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Factory 4 : |
P. O.
Panarhat, Sector 2, Falta Special Economic Zone, P. S. Diamond Harbour District
24 Paraganas (South) – 743 504, West Bengal, India |
DIRECTORS
|
Name : |
Mr. Paresh Premji Rajda |
|
Designation : |
Director |
|
Address : |
5-C, Lovelock Apartment, 1-B, Lovelock Place, Kolkata –
700 019, West Bengal |
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Date of Birth/Age : |
23.07.1959 |
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Qualification : |
B. Sc |
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Date of Appointment : |
15.05.1992 |
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Other Directorships: |
1. Acme Chem Private Limited 2. Allied Resins & Chemicals Limited 3. Ezy Slide Fasteners Limited
4. Rajda Sales (Kolkata) Private Limited 5. Rajda Vikram Finance & Consultancy Private Limited 6. VCK Capital Market Services Limited |
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|
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|
Name : |
Mr. J D Chaudhuri |
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Designation : |
Director |
|
Address : |
4 Deodar Street, Kolkata – 700020, West Bengal, India |
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Date of Appointment : |
28.01.2000 |
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|
|
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Name : |
Mr. Amar Seth |
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Designation : |
Director |
|
Address : |
7/A, Hazra Road, Kolkata – 700026, West Bengal, India |
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Date of Appointment : |
20.01.2000 |
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Name : |
Mr. Narendra Kapadia |
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Designation : |
Director |
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Address : |
9 B, Mullen Street, Kolkata – 700020, West Bengal, India |
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Date of Appointment : |
20.01.2000 |
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|
|
|
Name : |
Mr. Reinhold Jungmann |
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Designation : |
Director |
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Address : |
Jakbornswee 30/11, 22927 Grosshansdorf, Germany |
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Date of Appointment : |
17.04.1995 |
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Name : |
Mr. J P Barrios |
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Designation : |
Director |
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Address : |
Cr Logro No. 25, S Domingo, Spain |
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Date of Appointment : |
28.01.2000 |
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|
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Name : |
Mr. Amit Puri |
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Designation : |
Director |
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Address : |
C-508, Defence
Colony, New Delhi – 110024 |
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Date of Birth/Age : |
22.05.1959 |
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Qualification : |
B.Com |
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Experience : |
10 Years |
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Date of Appointment : |
12.01.2001 |
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|
|
Name : |
Mr. V. V. Raman |
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Designation : |
Director |
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Address : |
32/3M/1, Gariahat
Road (S), Kolkata – 700 031 |
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Date of Birth/Age : |
07.06.1960 |
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Qualification : |
M.Com |
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Experience : |
10 Years |
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Date of Appointment : |
12.11.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Paresh Rajda |
|
49680 |
|
Arati Rajda |
|
60083 |
|
Megha Rajda |
|
960 |
|
Madhuri Rajda |
|
17760 |
|
Janadeb Chaudhuri |
|
16853 |
|
Chandrika Seth |
|
22706 |
|
Mukti Seth |
|
9000 |
|
Suhas Kapadia |
|
6000 |
|
P P Rajda and Other HUF |
|
13780 |
|
Narendra Kapadia |
|
12806 |
|
Gautam Rajda |
|
19460 |
|
Krishan Lal Puri |
|
76096 |
|
Indradhanush Agencies Private Limited |
|
11400 |
|
Reinhold Jungmann |
|
53936 |
|
V V Raman |
|
10000 |
|
Interbar Gloves SL |
|
43000 |
|
|
|
|
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
22.54 |
|
Directors or relatives of directors |
|
29.88 |
|
Other top fifty shareholders |
|
47.58 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
exporters of work gloves and other specialized gloves made of cowgrain, buffgrain,
goatskin, also specialized in water-repallent, heat-res leather gloves,
leather aprons, leather arms, legguards, leather bag tools, etc. |
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|
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Products : |
·
Leather
Gloves · Leather Bags and Wallets · Tool Bags |
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Exports : |
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Countries : |
Australia,
Belgium, France, Germany, Italy, New Zealand, Norway, Spain, Sweden, U.K. and
U.S.A. |
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Imports : |
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Countries : |
Brazil
and Italy |
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Terms : |
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Selling : |
L/C or Credit (30
days) |
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Purchasing : |
L/C or Credit (30
days) |
GENERAL
INFORMATION
|
Suppliers : |
·
Indian
Tanning Industries ·
Shein
Yean Tannery ·
Titan
Leathers Private Limited 2A, Golam Jilani Khan Road,
Kolkata – 700 039, West Bengal Tel. 91-33-23438491 / 8471 Fax. 91-33-23434859 Contact Person :- Mr. S. S. Kumar ·
Kalpana
Plastics Limited 2B, Pretoria Street, Kolkata –
700 071, West Bengal Tel No. 91-33-2282374 Fax No. 91-33-23823739 Contact Person : Mr. N. K.
Surana ·
Transpek-Silox
Industry Limited Kalali Road, Atladra, Vadodara
– 390 012, Gujarat Tel. 91-265-2680401/3/4/5 Fax. 91-265-2680406 Contact
Person : Mr. P. M. Saraiya |
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Customers : |
Wholesalers and
Others |
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No. of Employees : |
125 |
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|
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Bankers : |
Brabourne
Road Branch, 2 Brabourne Road, Kolkata – 700001, west Bengal, India
31, Jawaharlal Nehru Road,
Kolkata – 700 016, West Bengal |
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|
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
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|
Name : |
P K Khara and
Associates Chartered
Accountants |
|
Address : |
8/1, Lalbazar Street, 1st Floor, Room No. 4, Kolkata –
700001, West Bengal, India |
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|
|
|
Associates/Subsidiaries : |
Ř
GDR
Chemical Corporation Ř
Rajda
Gautam Finance & Consultancy (Calcutta) Private Limited Ř
Rajda
Sales (Calcutta) Private Limited Ř
Rajda
Vikram Finance and & Consultancy Private Limited Ř Suraj India Private Limited |
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|
|
|
Parent Company : |
Rajda
Group Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,290,000 |
Equity Shares |
Rs.10/- each |
Rs. 12.900
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.900 |
12.900 |
4.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.883 |
24.410 |
29.279 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.783 |
37.310 |
33.579 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
54.178 |
38.140 |
32.423 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
54.178 |
38.140 |
32.423 |
|
|
DEFERRED TAX LIABILITIES |
0.589 |
0.720 |
0.976 |
|
|
|
|
|
|
|
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TOTAL |
94.550 |
76.170 |
66.978 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16.719 |
12.020 |
11.351 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.154 |
0.154 |
0.761 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
174.684
|
100.439 |
92.149
|
|
|
Sundry Debtors |
43.350
|
33.982 |
34.354
|
|
|
Cash & Bank Balances |
15.239
|
14.416 |
12.787
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
19.218
|
14.894 |
9.525
|
|
Total
Current Assets |
252.491
|
163.731 |
148.815 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
163.755
|
93.245 |
93.949
|
|
|
Provisions |
11.059
|
6.490 |
0.000
|
|
Total
Current Liabilities |
174.814
|
99.735 |
93.949 |
|
|
Net Current Assets |
77.677
|
63.996 |
54.866
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.550 |
76.170 |
66.978 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover |
|
|
441.510 |
|
Total Income |
|
|
441.510 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
5.862 |
|
Provision for Taxation |
|
|
2.050 |
|
Profit/(Loss) After Tax |
|
|
3.812 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.86
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
1.33
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
3.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.76
|
3.70 |
3.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.64 |
1.58
|
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject
started as a small trading proprietary concern in 1961, went on to form a group
of companies with diverse activities.
Activity of exports was started within the trading operations of Rajda Sales
(Calcutta) Private Limited, an Agency House.
As exports grew there was need to specialise and thus a separate company
exclusively for international trade was formed in 1992.
TRADE
REFERENCES
Indo-German Chamber
of Commerce, Kolkata
The company established since
1977, has seven factories manufacturing and exporting all types of Industrial
Leather Work Gloves and other specialised gloves made of Cowgrain / Buff Grain
/Goatskin Leathers. Also specialised in water repellant/Heat Resistant Leather
Gloves.
Its’
products range includes :-
1.
All
types of Leather Work Gloves
2.
Leather
Aprons
3.
Leather
Arm / Leg Guards
4.
Leather
Tool Bags
5.
All
Leather Items
6.
Canvas
Bags
7.
Knee
Protectors
Bankers Charges
Report as per Registry
|
Name of the company |
RAJDA INDUSTRIES AND EXPORTERS
PRIVATE LIMITED |
|
Presented By |
Canara Bank 2 Brabourne
Road, Kolkata – 700001 |
|
1) Date and description of instrument creating the change |
Agreement for
opening inland irrevocable letters of credit dated 03.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.500
Millions |
|
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 |
Nature of Facility
: F L C |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower
hereby hypothecates in favour of the Bank all the goods covered under the FLC
facility as security for the due repayment of the credit facilities as
sanctioned by the Bank to the tune of Rs. 4.500 Millions The Borrower
shall pay interest @ 16.25 % p.a. Penal Interest @
2 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank 2 Brabourne Road, Kolkata – 700001 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90251761 |
|
Corporate
identity number of the company |
U24117WB1992PTC055436 |
|
Name of the
company |
RAJDA
INDUSTRIES AND EXPORTERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
33 A, Jawaharlal Nehru Road,
Chatterjee International
Centre, 17th Floor, Flat No.2, Kolkata – 700 071, West Bengal, India |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank Brabourne Road Branch, 2 Brabourne
Road, Kolkata – 700001, west Bengal, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement Re : Advanced
against book debts as prime security Agreement Re :
collateral security : machinery : Vehicles |
|
Date of
instrument Creating the charge |
16.04.2007 |
|
Amount secured by
the charge |
Rs. 220.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: The Borrower
shall pay interest as per bank’s / RBI Guidelines from time to time Penal rate of
interest @ 2 % p.a. Terms of
repayment : As per bank’s Rules
Margin : As per sanction
letter Extent and
operation of the charge : The borrower
hypothecates by way of first charge as security all the book, outstanding
moneys receivables, claims and bills etc. and hypothecation of plant and
machinery as per list enclosed situated at 70 E, D C Dey Road, 5/1 D, Tillja
Road, Al – Hamid Industries, Chandipur, Kulgachia, Howrah, Diamond Leather
Product, P. O. Ghuni, Hatiora, Kolkata, Craft and Engineers, 15 Dr. Suresg
Sarkar Road, Kolkata, Syeed Glove industries, Khandajapur, Birchibpur, J A
Industrial Birshibpur. |
|
Short particulars
of the property charged |
The borrower
hereby hypothecates and charges to the bank by way of first charge as security
all the book, outstanding moneys receivables, claims and bills etc. and
hypothecation of plant and machinery as per list enclosed situated at 70 E, D
C Dey Road, 5/1 D, Tillja Road, Al – Hamid Industries, Chandipur, Kulgachia,
Howrah, Diamond Leather Product, P. O. Ghuni, Hatiora, Kolkata, Craft and
Engineers, 15 Dr. Suresg Sarkar Road, Kolkata, Syeed Glove industries,
Khandajapur, Birchibpur, J A Industrial Birshibpur. |
|
Date of latest
modification prior to the present modification |
07.02.2005 |
|
Particulars of
the present modification |
At the request of
the borrower, the bank has enhanced the overall limit from Rs. 120.000
Millions to Rs. 220.000 Millions against hypothecation of book debts and
plant and machinery. Other terms and
conditions save as modified by these presents remain in full force. |
Subject are established since 1977 - they have seven factories manufacturing and exporting all types of Industrial Leather Work Gloves and other specialized gloves made of Cowgrain / Buff Grain/ Goatskin leathers. Also specialized in water repellant / Heat Res. Leather Gloves. Also making Para Aramide (kevlar) lined gloves
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.39.43 |
|
UK Pound |
1 |
Rs.78.40 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|