MIRA
INFORM REPORT
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Report Date : |
12.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
RISHRAJ
FILAMENTS LIMITED |
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Registered Office : |
12A,
New Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.10.1994 |
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Com. Reg. No.: |
11-82206 |
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CIN No.: [Company
Identification No.] |
U74999MH1994PLC082206 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR07646C |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturer,
Supplier and Exporter of Polyester Staple Fibres and Flakes. |
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
125000 |
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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.
Directors are reported as experience 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
|
Registered Office : |
12A,
New Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-40604444
/ 24954377 / 24928015 |
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Fax No.: |
91-22-40604445
/ 24954376 |
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E-Mail : |
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Website : |
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Area : |
5000
sq. ft. |
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Location : |
Owned |
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Factory
1 : |
Survey
No. 45, 46 & 47, Savroli – Kharpada Road, Kumbhivali, Khalapur, Raigad |
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Area : |
About
17 Acres |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr.
Rajeev P. Chitkara |
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Designation : |
Director
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Address : |
12A,
New Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Date of Birth/Age : |
55 Years
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Qualification : |
Graduate
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Experience : |
30
Years |
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Name : |
Mr.
Rajhav R. Chitkara |
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Designation : |
Director
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Address : |
12A,
New Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra |
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Date of Birth/Age : |
25
Years |
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Qualification : |
Graduate
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Experience : |
5
Years |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Rajeev P. Chitkara |
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1081612 |
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Mr.
Rajhav R. Chitkara |
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1047112 |
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Rishraj
Trading and Investment |
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628010 |
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Rajeev
Chitkara – HUF |
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732476 |
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S.P.
Surgicals |
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350000 |
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Shilpi
Chitkara |
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114990 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Supplier and Exporter of Polyester Staple Fibres and Flakes. |
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Terms : |
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Selling : |
L/C
and Credit [30-60-90 days] |
PRODUCTION
STATUS
|
Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Polyester Staple Fibre |
MT/A |
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3600 |
3200 |
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Pet Flakers |
MT/A |
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14000 |
10000 |
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Polyester Sliver |
MT/A |
|
2400 |
2000 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers
and End Users
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No. of Employees : |
119 |
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Bankers : |
Indusind Bank Lamington
Road, Mumbai |
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Banking Relations : |
-- |
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Auditors : |
R. K.
Bohtra and Company Chartered
Accountants |
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Tel. No.: |
91-22-23524529 |
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Fax No.: |
91-22-23511079 |
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Associates/Subsidiaries : |
Shankardas
Prannath Surgical Private Limited 12A,
New Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India Waste
of Polyester Fibre Rishraj
Trading and Investment Private Limited 12A, New
Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India Finance
and Investment |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
45,00,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
41,60,470 |
Equity
Shares |
Rs. 10/- each |
Rs. 41.605 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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41.605 |
41.605 |
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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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3.998 |
2.756 |
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4] (Accumulated Losses) |
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[8.723] |
[7.993] |
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NETWORTH |
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36.880 |
36.368 |
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LOAN FUNDS |
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1] Secured Loans |
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18.709 |
18.440 |
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2] Unsecured Loans |
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6.316 |
1.699 |
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TOTAL BORROWING |
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25.025 |
20.139 |
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DEFERRED TAX LIABILITIES |
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|
3.640 |
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TOTAL |
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61.905 |
60.147 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.311 |
27.903 |
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INVESTMENT |
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0.500 |
0.500 |
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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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60.596 |
37.981 |
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Sundry Debtors |
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5.900 |
1.054 |
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Cash & Bank Balances |
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4.232 |
2.489 |
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Loans & Advances |
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5.579 |
19.084 |
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Total Current Assets |
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76.307 |
60.608 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.780 |
31.846 |
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Provisions |
|
1.433 |
0.658 |
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Total Current Liabilities |
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40.213 |
32.504 |
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Net Current Assets |
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36.094 |
28.104 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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61.905 |
60.147 |
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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 [including other
income] |
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193.667 |
181.244 |
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Profit/(Loss)
Before Tax |
|
9.598 |
5.205 |
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Provision
for Taxation |
|
0.875 |
[2.344] |
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Profit/(Loss)
After Tax |
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8.723 |
7.549 |
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Export Value |
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3.145 USD |
3.393 |
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Import
Value |
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101.440 |
58.280 |
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Total
Expenditure |
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184.069 |
176.039 |
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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4.50 |
4.17 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.96 |
2.87 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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9.45 |
5.88 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.26 |
0.14 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.77 |
1.45 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.90 |
1.86 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.44.06 |
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UK
Pound |
1 |
Rs.86.34 |
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Euro |
1 |
Rs.57.46 |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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