MIRA
INFORM REPORT
|
Report Date : |
06.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAJSHANTI
METALS PRIVATE LIMITED |
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Registered Office : |
B-42,
GIDC, Shankar Tekari, Udhyognagar, P. B. No. 705, Jamnagar - 361004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.11.1991 |
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Com. Reg. No.: |
04-16616 |
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CIN No.: [Company
Identification No.] |
U74999GJ1991PTC016616 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR00954C |
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PAN No.: [Permanent
Account No.] |
AABCR0211Q |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacture,
produce, alter, assemble, buy, sell, import, export and generally deal in
Extruded brass rods and brass parts and also to carry on the business as
manufacturers and dealers of all kinds of metals and scraps. |
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
120000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track records. Trade
relations are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. The
company is doing well. It can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
B-42, GIDC,
Shankar Tekari, Udhyognagar, P. B. No. 705, Jamnagar - 361004, Gujarat, India |
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Tel. No.: |
91-288-2560614
/ 2561060 |
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Fax No.: |
91-288-2560665 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Harish Shantibhai Motichand |
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Designation : |
Director
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Address : |
“Raj”
5, Oswal Colony, Jamnagar – 361005, Gujarat, India |
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Date of Appointment : |
01.02.1991 |
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Name : |
Mr.
Haria Rajesh Shantilal |
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Designation : |
Director
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Address : |
“Raj”
5, Oswal Colony, Jamnagar – 361005, Gujarat, India |
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Date of Appointment : |
01.09.1993 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
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No. of Shares |
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Mr.
Haria Shantilal |
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225740 |
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Mr.
Haria Rajesh |
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80000 |
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Mr.
Haria Kanchanben |
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64910 |
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Haria
Shantilal Motichand [Holding shares as Karta of Shantilal M. Haria – HUF] |
|
10 |
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Haria
Naynaben |
|
10 |
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Gosrani
Shilpaben Ketanbhai |
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10 |
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Haria
Bhavini Rajeshbhai |
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20250 |
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Gosrani
Bansi Ketanbhai |
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10 |
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Shah
Naresh Jivalal |
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10 |
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Shah
Ashaben Nareshbhai |
|
10 |
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Haria
Ishani Rajesh |
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10 |
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Anandsons
Overseas Trading Private Limited |
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10 |
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Anandpara
Chandrakant Chunilal [Holding as Karta of Chandrakant C. Anandpara - HUF] |
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10 |
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Anandpara
Chandrakant Chunilal [Holding as Karta of Chunilal D. Anandpara - HUF] |
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10 |
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Total |
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391000 |
BUSINESS DETAILS
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Line of Business : |
Manufacture,
produce, alter, assemble, buy, sell, import, export and generally deal in
Extruded brass rods and brass parts and also to carry on the business as
manufacturers and dealers of all kinds of metals and scraps. |
GENERAL INFORMATION
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Bankers : |
State
Bank of Saurashtra Digvijay
Plot Branch, Jamnagar – 361004, Gujarat, India |
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Banking Relations : |
Satisfactory
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Auditors : |
D S Varia
and Company Chartered
Accountants 18/19,
Modern Market, Ground Floor, Near Amber Talkies, Jamnagar – 361008, Gujarat,
India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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391000 |
Equity
Shares |
Rs. 10/- each |
Rs. 3.910 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.910 |
3.910 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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26.335 |
20.476 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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30.245 |
24.386 |
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LOAN FUNDS |
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1] Secured Loans |
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66.760 |
10.031 |
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2] Unsecured Loans |
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46.151 |
46.685 |
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TOTAL BORROWING |
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112.911 |
56.716 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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143.156 |
81.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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41.976 |
9.490 |
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Capital work-in-progress |
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INVESTMENT |
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0.549 |
0.549 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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44.123 |
27.095 |
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Sundry Debtors |
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35.594 |
29.666 |
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Cash & Bank Balances |
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2.853 |
3.008 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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20.269 |
17.436 |
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Total Current Assets |
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102.839 |
77.205 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.208 |
1.643 |
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Provisions |
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0.000 |
4.499 |
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Total Current Liabilities |
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2.208 |
6.142 |
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Net Current Assets |
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100.631 |
71.063 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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143.156 |
81.102 |
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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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Debt
Equity Ratio (Total
Liability/Networth) |
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3.81 |
5.24 |
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Current
Ratio (Current
Asset/Current Liability) |
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46.58 |
12.57 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
RAJSHANTI METALS PRIVATE LIMITED |
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Presented By |
STATE BANK OF SAURASHTRA Digvijay Plot Branch, Jamnagar |
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1) Date and description of instrument creating the change |
Letter
of hypothecation against goods to secure demand cash credit of Rs. 2.500
Millions dated 31.07.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.500 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 |
All
the tangible movable properties such as product – SIP –R. M. and goods
belonging to the borrower which now or be in or about the premises,
warehouses , or godowns of the said borrower at Jambagar or any where else
more particularly described in the schedule of letter of hypothecation i.e.
A.6 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation
of Stock and Assets mentioned at column three to secure cash credit limit of
Rs. 2.500 Millions with interest at per with SBI advance rate with minimum of
19.75 % with Qly. Rests or at such other rate as may be Fixed by the bank and
notified to the borrower from time to time. Margin
:
Rate
of Interest For
working capital limits – 12.25 % With
monthly rests [PLR + 1.25 %] p.a. For FCDL
Limit – 6 Months : LIBOR + 2.25 % Repayment
Working
capital limit are repayable on demand, however facilities shall be made
available for period of one year subject to review from time to time. Other
terms and conditions As per
respective agreements received with the sanction letter no. ADV/SSI/DRJ/BL
dated 20.06.2005 issued by the bank to the company. |
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5) Name and Address and description of the person entitled to the charge. |
The
Chief Manager State
Bank of Saurashtra Digvijay
Plot Branch, Jamnagar – 361004, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplementary
letter of hypothecation against goods to secure demand cash-credit limit of
Rs. 25.000 Millions only dated 30.06.2005 |
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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. |
Supplementary
letter of Hypothecation against goods to secure demand cash – credit of Rs.
25.000 Millions dated 30.06.2005 with interest @ 12.25 % p.a. at present.
Subject to RBI Directives / PLR in force or at such other rate as may be
fixed by the Bank and notified to the borrower from time to time with monthly
rests. Margin : RM 25 % SIP 40 % & FG 25 % |
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Corporate
identity number of the company |
U74999GJ1991PTC016616 |
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Name
of the company |
RAJSHANTI
METALS PRIVATE LIMITED |
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Address
of the registered office or of the principal place of business in India of the company |
B-42,
GIDC, Shankar Tekari, Udhyognagar, P. B. No. 705, Jamnagar - 361004, Gujarat |
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This
form is for |
Modification
of charge |
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Type
of charge |
Hypothecation
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Particular
of charge holder |
State
Bank of Saurashtra Digvijay
Plot Branch, Jamnagar – 361004, Gujarat, India |
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Amount
secured by the charge |
Rs.
80.000 Millions |
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Brief
of the principal terms an conditions and extent and operation of the charge |
Originally
CC of Rs. 2.500 Millions Interest at per with SBI advance rate with minimum @
19.75 % with Qtly. Rests, Margin 25 % then modified from time to time. |
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Description
of the property charged indicating whether it is a charged on |
Stock
in trade and Book debts |
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Particulars
of the property charged |
Stock
Raw Materials, Stock in Progress, Finished goods, all book debts, receivable
outstanding moneys, plant and machinery belonging to the company, present and
future. |
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Charge
identification number of the charge to be modified |
90109028 |
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Brief
description of the instrument modifying the charge under section 135 |
Supplemental
general agreement for the grant small industrial advances and hypothecation
of movable, book debts and other assets.
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Date
of instrument Modifying the charge |
14.09.2006 |
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Particulars
of the present modification |
Limit
enhanced to Rs.80.000 Millions additional limit of Rs. 47.500 Millions,
Interest @ 1 % below SBI advance rate, Minimum 10.5 % further details as per
attachment. |
As Per Website
About
the Founder and the Foundation
'RAJSHANTI'
is promoted by Shri S.M. Haria, The pioneer in extrusion, Who has vast
experience and expertised knowledge in this activity for more than two decades.
'RAJSHANTI' was incorporated and started production in 1992 and since then, it
never looked back and its growth was quite unbelievable.
The
company's major asset and the secret of its success is a team of dedicated,
highly qualified and trained work - force, both technical and administrative
staff, whose relentless commitment to their work under the leadership of Shri
S.M. Haria immensely helped the company to establish a name in domestic and
international markets within a short time period.
their
motto always remained and will continue to remain' CUSTOMER'S SATISFACTION
'as their valued patronage, guidance and encouragement helped them to invent
World class superior extrusion products.
Detailed
note on quality and the range of their products can be had from the enclosed
pamphlets.
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A. |
EXTRUDED & DRAWN BRASS RODS |
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2 MM to 80 MM |
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B. |
BRASS FLAT BARS |
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THICKNESS- From 1/8" |
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C. |
PROFILE & SECTIONS |
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They are providing the profile & Section utilising to various
industries manufacturing Hardware / Electric & Electronic Components /
Pressure Gauge etc. They can supply you as per the drawing. |
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D. |
BRASS WIRE |
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Size : 1.5 mm to 8 mm |
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Available in required sizes Manufactured according to iss, bss, din
standard and are also made as per customer's specifications In normal toleranc |
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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.44.09 |
|
UK
Pound |
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.57.21 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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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 |
|
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/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 |
|