MIRA
INFORM REPORT
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Report Date : |
04.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAMESH EXPORTS PRIVATE LIMITED |
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Registered Office : |
Apartments-4404/5, High Point IV, PO Box-5120, 45, Palace Road,
Bangalore-560 001, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23-12-1981 |
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Com. Reg. No.: |
08-4556 |
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CIN No.: [Company
Identification No.] |
U00061KA1981PTC004556 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR03331G |
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PAN No.: [Permanent
Account No.] |
AAACR8339J |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Subject is engaged in trading, exporting and importing of Tea,
Coffee Seeds and Coffee Powder. |
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
200000 |
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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. Directors
are reported as experienced, respectable and resourceful businessmen. Their
trade relations are fair. General financial position is satisfactory.
Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Apartments-4404/5, High Point IV, PO Box-5120, 45, Palace Road,
Bangalore-560 001, Karnataka, India |
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Tel. No.: |
91-80-22251427 |
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Fax No.: |
91-80-22256752 |
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E-mail :
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Area : |
1500 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Ramesh Rajah |
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Designation : |
Chairman & Managing Director |
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Address : |
Apts-2011, High Point IV, 45, Palace Road, Bangalore-560
001, Karnataka, India |
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Date of Birth/Age : |
13-07-1959 |
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Date of Appointment : |
28-09-2002 |
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Name : |
Suguna Mahendran |
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Designation : |
Director |
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Address : |
Thangam Mahal, Ramamoorthi Road, Virudhunagar-1 |
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Date of Birth/Age : |
13-03-1956 |
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Date of Appointment : |
28-09-2002 |
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Name : |
Rathika N |
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Designation : |
Director |
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Address : |
Corporation Litho Press, Sivakasi-1 |
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Date of Birth/Age : |
23-03-1958 |
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Date of Appointment : |
28-09-2002 |
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Name : |
Preethi V Kannan |
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Designation : |
Director |
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Address : |
Thangam Mahal, Ramamoorthi Road, Virudhunagar-1 |
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Date of Appointment : |
28-09-02 |
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Name : |
A Panneer Selvam |
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Designation : |
Director |
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Address : |
27, 6th Cross, LBS Nagar, Indiranagar,
Bangalore-560038, Karnataka, India |
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Date of Birth/Age : |
01-01-1939 |
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Date of Appointment : |
28-09-2002 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Ramesh Enterprises Private Limited |
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48,970 |
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Directors |
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30 |
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Total |
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49,000 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in trading, exporting and importing of Tea,
Coffee Seeds and Coffee Powder. |
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Products : |
·
Coffee Seed ·
Coffee Powder ·
Tea |
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Exports to : |
Coffee to worldwide |
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Terms : |
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Selling : |
L/C and Credit (30 days) |
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Purchasing : |
L/C and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End Users and OEM’s |
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No. of Employees : |
10 |
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Bankers : |
Ř
Bank of India, K G Road, Bangalore-560009 (The company enjoys credit limits of Rs. 121.125 millions dated
21.03.2003 from its’ banker) Ř
State Bank of Mysore, K G Road, Bangalore-560009 (The company enjoys
credit limits of Rs. 101.125 millions dated 21.03.2003 and Rs. 20.750
millions dated 03.05.2003 from its’ banker) |
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Banking Relations : |
Satisfactory
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Auditors : |
K. S. Krishnan and Company Chartered Accountants |
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Address : |
No. 137, 5th Main, 2nd Block, 3rd
Stage, Basaveshwaranagar, Bangalore – 560 079, Karnataka, India |
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Holding Company : |
Ramesh Enterprises Private Limited 45, Palace Road, Bangalore-560001 |
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Subsidiary : |
·
Rajah Coffee Private Limited 45, Palace Road,
Bangalore-560001 ·
H T Exports Private Limited 45, Palace Road,
Bangalore-560001 ·
Savamalai Estates Limited 45, Palace Road,
Bangalore-560001 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 millions |
|
2,000 |
Preference Shares |
Rs. 1000/- each |
Rs. 2.000 millions |
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Total |
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Rs.
7.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
49,000 |
Equity Shares |
Rs.100/- each |
Rs. 4.900 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
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 |
4.900 |
4.900 |
4.900 |
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2] Reserves & Surplus |
44.902 |
80.274 |
80.260 |
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NETWORTH |
49.802 |
85.174 |
85.160 |
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LOAN FUNDS |
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1] Secured Loans |
181.093 |
164.794 |
155.990 |
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2] Unsecured Loans |
68.011 |
88.331 |
57.930 |
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TOTAL BORROWING |
249.104 |
253.125 |
213.920 |
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TOTAL |
298.906 |
338.289 |
299.080 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.905 |
25.779 |
25.570 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.051 |
2.051 |
2.050 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
237.159
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318.519
|
261.180 |
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Sundry Debtors |
47.466
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4.958
|
29.590 |
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Cash & Bank Balances |
10.112
|
8.939
|
10.410 |
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Other Current Assets |
0.838
|
0.248
|
1.330 |
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Loans & Advances |
19.746
|
13.987
|
11.200 |
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Total Current Assets |
315.321
|
346.651
|
313.710 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
43.371
|
36.192
|
42.250 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total Current Liabilities |
43.371
|
36.192
|
42.250 |
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Net Current Assets |
271.950
|
310.459
|
271.460 |
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TOTAL |
298.906 |
338.289 |
299.080 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
616.084 |
593.362 |
716.130 |
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Profit/(Loss)
Before Tax |
(35.616) |
0.105 |
1.020 |
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Provision
for Taxation |
0.000 |
0.000 |
0.080 |
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Profit/(Loss)
After Tax |
(35.616) |
0.105 |
0.940 |
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Export
Value |
NA |
534.000 |
630.830 |
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Import
Value |
NA |
516.910 |
609.030 |
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Total
Expenditure |
651.700 |
593.257 |
106.070 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(5.78) |
0.02
|
0.13 |
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Net
Profit Margin (PBT/Sales) |
(%) |
(5.78) |
0.02
|
0.14 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
(1.70) |
0.03
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0.30 |
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Return
on Investment (ROI) (PBT/Networth) |
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(0.71) |
0.00
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0.01 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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6.87 |
3.40
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3.01 |
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Current
Ratio (Current
Asset/Current Liability) |
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7.27 |
9.58
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7.43 |
LOCAL AGENCY
FURTHER INFORMATION
The subject company incorporated as private limited company and it
become deemed public limited company with effect from 30th June 1988.
Again it has been converted as private limited company w e f 14th
December 2001.
TRADE REFERENCES – LOCAL
Ramesh Enterprises
Private Limited
Bangalore, Karnataka
H T Exports Private
Limited
Bangalore, Karnataka
Rajesh Coffee Private
Limited
Bangalore, Karnataka
Sevamalai Estates
Limited
Bangalore, Karnataka
The company’s fixed assets of important value includes land,
building, plant & machinery and vehicles.
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PURCHASES : |
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Coffee seeds (Kgs – in
millions) |
10.810 |
16.540 |
13.480 |
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SALES |
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Coffee (Kgs – in millions) |
10.310 |
15.130 |
12.300 |
Bankers
Charges Report as per Registry
Name of the Company : Ramesh Exports Private
Limited
Presented by : -- Ramesh Exports Private Limited
and Bank of India, K G Road, Bangalore,
Karnataka, India
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1.
Date and description of the instrument creating or evidencing the charge
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Dated
02.09.1994 (second day of September, 1994) Joint
Deed of Hypothecation Joint
Mortgage by deposit of Title Deeds. (both
the above pertain to the same charge) |
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2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
142.250 millions (Rs. in millions)
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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Hypothecation
of present and future stocks of raw material, semi finished and finished
goods, bills receivables, book debts and all other movable of the company
both present and future all by way of first charge. Equitable
mortgage of the company immovable property situate at High Point IV, Flat No.
4404 and 4405, No. 45, Palace Road, Bangalore – 560 001, Karnataka,
India. |
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4.
Gist of the terms and conditions and extent and operation of the charge. |
Borrower
agreed to various terms and conditions set out in the joint deed of
hypothecation and the principal consortium agreement and secure the said
facilities together with damages, costs, expenses, and other monies payable
in respect thereof in favour the Bank.
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5.
Names, address and description of the
persons entitled to charge |
Consortium
of Banks led by Bank of India, 11, K G Road, Bangalore – 560 009 with SBM, C
and I Division, K G Road, Bangalore – 560 009 / IFB, Bangalore, Karnataka,
India |
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6.
Date and brief description of instrument modifying the charge |
10.03.2004
supplementary agreement letter
of Bank of India for Closure of Temporary Limits (both the above pertain to
the same charge ) |
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7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
By the
above amount secured by charge stands revised from existing level of Rs.
222.250 millions of Rs. 217.250 millions (Rs. in millions)
Rate
of Interest: @ 2.5% below BPLR with a minimum of 8.25% p.a. (all
other terms and conditions remain unchanged)
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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.44.33 |
|
UK
Pound |
1 |
Rs.87.49 |
|
Euro |
1 |
Rs.58.88 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
46 |
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 |