MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
RAJE – DIA PUMPS PRIVATE LIMITED |
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Registered Office : |
1-M, Laxmi Industrial Estate, New |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.02.1991 |
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Com. Reg. No.: |
11-60160 |
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CIN No.: [Company
Identification No.] |
U29120MH1991PTC060160 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR08206C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Non Metallic Centrifungal Pumps, Compressors, Taps
and Valves |
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 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as 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
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Registered Office : |
1-M, Laxmi Industrial Estate, New |
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Tel. No.: |
91-22-26352846/ 26361133/ 26361737/ 26785186 |
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Fax No.: |
91-22-26320866/ 26785185 |
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E-Mail : |
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Website : |
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Head Office : |
Adarsh Apartments, Behram Baug, |
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Tel. No.: |
91-22-6785186/ 2187/ 1821 |
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Fax No.: |
91-22-6785185 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Asfaq E Rajedia |
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Designation : |
Director |
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Address : |
606/B, Khdija Manzl, Behram Baug, |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Ebrahim D Rajedia |
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Designation : |
Director |
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Address : |
605/B, Khdija Manzl, Behram Baug, |
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Date of Birth/Age : |
07.07.1937 |
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Date of Appointment : |
07.02.1991 |
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Name : |
Erfan E Rajedia |
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Designation : |
Director |
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Address : |
606/B, Khdija Manzl, Behram Baug, |
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Date of Birth/Age : |
28.07.1970 |
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Date of Appointment : |
05.04.1996 |
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Name : |
Mr. Mohammedsayeed E Rajedia |
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Designation : |
Managing Director |
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Address : |
1201, 12th Floor, United Tower CHS Limited, Near Telephone
Exchange, Jogeshwari (West), Mumbai-400102, |
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Date of Birth/Age : |
10.03.1969 |
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Date of Appointment : |
01.01.1999 |
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Name : |
Mr. Abdul Rajak E Rajedia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Mohammed Ali |
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Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Rajedia D Ebrahim Dawood |
2000 |
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Mr. Rajedia E Mohammed Ebrahim Sayeed |
1000 |
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Mr. Rajedia E Erfan Ebrahim |
1000 |
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Mr. Rajedia E Asfaq Ebrahim |
1000 |
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Total |
5000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Non Metallic Centrifungal Pumps, Compressors, Taps
and Valves |
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Products : |
Spares, Solid Injection Moulded PP/ Glass Fibre filled PP (GFP) Pumps
with lining materials : PP, GFP, PVDF, Telfon-FEP and Telfon PFA |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kuldip Mehta & Company Chartered Accountants |
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Address : |
25-R, 9th Floor, Navjivan Commercial Premises, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
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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0.500 |
0.500 |
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2] Share Application Money |
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1.200 |
0.000 |
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3] Reserves & Surplus |
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2.459 |
1.746 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.159 |
2.246 |
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LOAN FUNDS |
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1] Secured Loans |
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5.371 |
3.769 |
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2] Unsecured Loans |
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1.955 |
1.744 |
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TOTAL BORROWING |
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7.326 |
5.513 |
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DEFERRED TAX LIABILITIES |
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0.534 |
0.452 |
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TOTAL |
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12.019 |
8.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.425 |
3.525 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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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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2.654 |
2.863 |
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Sundry Debtors |
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10.503 |
5.755 |
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Cash & Bank Balances |
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0.572 |
0.523 |
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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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0.965 |
0.363 |
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Total
Current Assets |
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14.694 |
9.504 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.750 |
4.668 |
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Provisions |
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0.350 |
0.150 |
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Total
Current Liabilities |
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8.100 |
4.818 |
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Net Current Assets |
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6.594 |
4.686 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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12.019 |
8.211 |
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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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Total Income |
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28.402 |
19.888 |
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Profit/(Loss) Before Tax |
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1.147 |
0.576 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.147 |
0.576 |
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Total Earnings |
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1.945 |
0.406 |
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Expenditures : |
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Interest |
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0.417 |
0.315 |
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Depreciation & Amortization |
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0.475 |
0.361 |
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Other Expenditure |
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26.362 |
18.636 |
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Total Expenditure |
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27.254 |
19.312 |
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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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PAT / Total Income |
(%) |
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4.04 |
2.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.04 |
2.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.70 |
4.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.71 |
4.60 |
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Current Ratio (Current Asset/Current Liability) |
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1.81 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
RAJEDIA PUMPS
PRIVATE LIMITED |
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Presented By |
BANK OF INIDA, ANDHERI (WEST) BRANCH, MUMBAI-400058. |
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1) Date and description of instrument creating the change |
Hypothecation of stocks dated 19.07.1996. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.250 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 tangible movable property in particular stock of raw material, semi finished and finished goods etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as may be notified by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed of hypothecation dated 05.06.2000. |
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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. |
Original charge was created on 19.07.1996 for Rs.0.250 millions 1st modification dated 12.05.1999 enhancing the charge from Rs.0.250 millions to Rs.0.500 millions. By the present modification the charge is enhanced from Rs.0.500 millions to Rs.1.000 millions by an additional sum of Rs.0.500 millions. |
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Corporation identity number or foreign company registrations number of the company |
U29120MH1991PTC060160 |
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Name of the company |
RAJE – DIA PUMPS PRIVATE LIMITED |
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Address |
1-M, Laxmi Industrial Estate, New |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder |
Bank of |
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Nature or description of the instrument creating charge |
Hypothecation cum loan agreement |
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Date of the instrument creating charge |
30.04.2007 |
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Amount Secure by the charge |
Rs.4.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : Interest @ 12.25% p.a. shall be charged at monthly rests. Terms of repayment : Demand loan to be repaid in 45 EMI of Rs.0.124 millions commencing
from one month after first disbursement. Margin : 35% Extent and operation of the charge : Exclusive first charge by way of hypothecation on movable assets Others : Limits covered Demand loan Rs.4.500 millions |
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Particulars of the Property charged |
Hypothecation of fixed assets viz. plant and machinery |
Company Profile :
The Raje-Dia Group of Companies established in the year 1973, is dedicated to the manufacture of Centrifugal Pumps, Equipment and Sealing Systems.
Subject, one
of the Raje-Dia Group companies established in the year 1991 today, is a
manufacturer of Non-Metallic centrifugal pumps in
The application range covers highly corrosive acids, alkalies, solvents and other corrosive fluids used in the Chemical Process, Petrochemical process, Refinery , Power Generation, Food Processing, Oil Extraction, Bulk Drug Manufacturing, Effluent Treatment, Steel and similar core Industrial sectors.
Metallic pumps is the latest addition to their product programme to offer solutions to almost any pumping service from one brand, under one roof.
Direct sales and dealer network including service facility
is established throughout
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.45 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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 |
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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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