MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
REXELLO CASTORS PRIVATE LIMITED |
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Registered Office : |
23 – D, Mahal Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.09.1980 |
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Com. Reg. No.: |
11-23111 |
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CIN No.: [Company
Identification No.] |
U36109MH1980PTC023111 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR16660A |
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PAN No.: [Permanent
Account No.] |
AABCR1775R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Castor wheels, Trolley wheels, Trolleys and other
Industrial Wheels. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 140000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is 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 : |
23 – D, Mahal Industrial Estate, |
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Tel. No.: |
91- 22-40917777 / 2687 3625 / 2687 4456 / 5692 1721 |
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Fax No.: |
91 -22-2687 3580 / 2687 4639 |
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E-Mail : |
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Website : |
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Head Office: |
460, |
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Corporate office: |
Navsonarbala, |
DIRECTORS
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Name : |
Mr. Amirali Merchant |
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Designation : |
Director |
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Address : |
460, |
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Date of Birth/Age : |
25.11.1931 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mrs. Zarinabai Merchant |
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Designation : |
Director |
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Address : |
460, |
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Date of Birth/Age : |
29.09.1932 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mr. Tanvir Merchant |
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Designation : |
Director |
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Address : |
Navsonarbala, |
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Date of Birth/Age : |
29.07.1950 |
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Date of Appointment : |
01.04.1985 |
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Name : |
Mrs. Yasinraza Merchant |
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Designation : |
Director |
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Address : |
Navsonarbala, |
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Date of Birth/Age : |
17.12.1966 |
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Date of Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Amirali Merchant |
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525 |
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Mrs. Zarinabai Merchant |
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370 |
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Mr. Tanvir Merchant |
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110 |
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Mr. Tehsinabbas Merchant |
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50 |
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Mr. Riaz Merchant |
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110 |
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Mr. Munir merchant |
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110 |
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Mrs. Yasinraza merchant |
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225 |
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Total |
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1500 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Castor wheels, Trolley wheels, Trolleys and other
Industrial Wheels. |
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Products : |
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Brand Names : |
“REXELLO” |
GENERAL INFORMATION
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Suppliers : |
v
Rex arts
Castors Private Limited v
Rex Rubber Works v
Tisubha Rubber v
Brahans Rubber Private Limited v
Globe Industries v
Rex Builders and Engineers v
Sphere Engineering Private Limited |
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Customers: |
International market in the U.S.,
Australia, Middle East, Africa, Sri Lanka, Hong Kong, Singapore and the
United Kingdom |
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Bankers : |
State Bank of Byculla, Mumbai, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bajaj Rege Patel Chartered Accountants |
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Address : |
27, Crescent, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.150
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.150 |
0.150 |
0.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.421 |
22.947 |
19.402 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.571 |
23.097 |
19.552 |
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LOAN FUNDS |
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1] Secured Loans |
6.540 |
5.023 |
5.049 |
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2] Unsecured Loans |
1.030 |
2.555 |
0.655 |
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TOTAL BORROWING |
7.570 |
7.578 |
5.704 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.568 |
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TOTAL |
45.317 |
31.773 |
25.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.295 |
19.064 |
11.405 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.363
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17.446 |
2.785 |
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Sundry Debtors |
10.396
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14.927 |
8.771 |
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Cash & Bank Balances |
5.879
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7.454 |
17.063 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
20.429
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15.018 |
7.687 |
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Total
Current Assets |
61.067
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54.845 |
36.306 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.671
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24.453 |
14.120 |
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Provisions |
17.374
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17.683 |
7.768 |
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Total
Current Liabilities |
38.045
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42.136 |
21.889 |
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Net Current Assets |
23.022
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12.709 |
14.419 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.317 |
31.773 |
25.824 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
116.514 |
113.888 |
81.943 |
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Other Income |
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8.761 |
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Total Income |
116.514 |
113.888 |
90.703 |
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Profit/(Loss) Before Tax |
37.218 |
32.263 |
9.937 |
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Provision for Taxation |
0.000 |
0.000 |
3.000 |
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Profit/(Loss) After Tax |
37.218 |
32.263 |
6.937 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
NA |
51.677 |
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Total Earnings |
NA |
NA |
51.677 |
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Imports : |
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Raw Materials |
NA |
NA |
0.421 |
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Total Imports |
NA |
NA |
0.421 |
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Expenditures : |
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Materials |
NA |
NA |
46.189 |
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Personnel |
NA |
NA |
4.879 |
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Interest |
0.741 |
0.899 |
0.766 |
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Management Expenses |
NA |
NA |
25.529 |
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Increase / (Decrease) in stock |
NA |
NA |
1.862 |
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Depreciation |
3.240 |
2.194 |
1.541 |
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Other Expenses |
99.291 |
96.804 |
NA |
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Total Expenditure |
103.272 |
99.897 |
80.767 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
31.94
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28.45 |
7.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
31.94
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28.45 |
12.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
44.65
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43.65 |
20.83 |
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Return on Investment (ROI) (PBT/Networth) |
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1.02
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1.40 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.25
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2.15 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
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1.61
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1.30 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
REXELLO CASTORS
PRIVATE LIMITED |
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Presented By |
Jointly company
and chargeholder |
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1) Date and description of instrument creating the change |
General agreement
for the grant of Medium Term Advances to small Scale Industries and
Hypothecation of movables, book debts and other assets dated 21.01.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.900 million |
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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 present and
future goods, book debts, movables and other assets of the borrower including
documents of titles to goods and other assets, such as outstanding moneys,
receivables, claims. Bills, invoices, documents, contracts, engagement,
securities, investments and rights and the present machinery and all
furniture machinery wherever lying, stored and kept and whether in India or
elsewhere throughout the world including all such goods, machineries,
movables and other assets as may be in course of shipment. Transit or
delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Byculla, Mumbai, |
Fixed Assets
v Land and Buildings
v Machinery
v Furniture
v Office Equipments
v Vehicles
Website details attached:
The Beginning
Subject has become a long way since its inception in 1958.
Clientele
Starting purely as a supplier to fulfill indigenous requirements, they have
now extended their client list to include international market in the
Their Indian customer profile includes the 'who's who' list of major corporate
houses, as well as government and semi-government organizations.
Products
Castors
Light, medium, heavy duty and super heavy duty offering a maximum load
carrying capacity up to 10000 kgs.
Wheels
Wheel material - nylon, rubber, polyurethane, cast iron, UHM, fibre, or
any combination of materials, such as rubber on nylon, nylon on cast iron etc.
(Size range - 25 mm to 525 mm.)
Trolleys
Plat-trucks (four sizes), gas cylinder trolleys, whell barrows, sack
trucks, drum trolleys airport passenger baggage trolleys.
Other products
Conveyor rollers, ball transfer units, door runners & tracks,
Non-powered ground support equipment for airports, etc.
Rexello manufactures/exports approximately 10000 varieties of castors
and wheels, to cater to multiply industrial applications, viz., textile
industry, aviation industry, food industry, as also hospitals, hotels and any
such industry, where non-powered material handling is required.
Quality at the right price and at the right time
With the appropriate price tag attached to its quality, Rexello's
products are pure value for money, as of its customers will vouch for. A range
to envy, a customer profile to admire, they proudly proclaim to the world: "Rexello
- the name that carries weight".
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. 40.38 |
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1 |
Rs. 82.04 |
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Euro |
1 |
Rs. 55.56 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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59 |
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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