MIRA INFORM REPORT

 

 

Report Date :

24.07.2007

 

IDENTIFICATION DETAILS

 

Name :

RAMA CYLINDERS PRIVATE LIMITED

 

 

Registered Office :

1711, World Trade Centre I, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

22.11.2004

 

 

Com. Reg. No.:

11-149620

 

 

CIN No.:

[Company Identification No.]

U28113MH2004PTC149620

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR17236C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of various types of High Pressure Seamless Gas Cylinders.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Max. Credit Limit :

USD 770000

 

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company and yet to established itself. It is yet to commence commercial operation. No payments are available.

 

The company can be considered for small business dealings with slight c caution initially.

 

 

LOCATIONS

 

Registered Office :

1711, World Trade Centre I, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India.

Tel. No.:

91-22-22162344

Fax No.:

91-22-22154294

E-Mail :

ramacylinders@yahoo.com, info@ramacylinders.in

Website :

http://www.ramacylinders.in

 

 

/DIRECTORS

 

Name :

Mr. Vashu Jaisingh Ramsinghani

Designation :

Director

Address :

111, Maker Tower A, Cuffe Parade, Mumbai - 400005

Date of Appointment :

22.11.2004

 

 

Name :

Mr. Sanjay Shridhar Mande

Designation :

Director

Address :

B – 503, Neelkanth Cooperative Housing Society, Nr. Makhmali Talao, LBS Marg, Thane – 400601

Date of Appointment :

22.11.2004

 

 

Name :

Mr. Chhato U. Manatani

Designation :

Director

Address :

B –1/7, Gautam Arcade, Pant Road, Thane – 400603

Date of Appointment :

25.11.2004

 

 

Name :

Mr. Amit Vashu Ramsinghani

Designation :

Additional Director

Address :

111, Maker Tower A, Cuffe Parade, Mumbai – 400005

Date of Appointment :

25.01.2005

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Vashu Jaisingh Ramsinghani

 

29990

Mr. Sanjay Shridhar Mande

 

10

M/s. Highriee Properties Private Limited

 

474250

M/s. Rama Fininvest India Private Limited

 

33500

Mrs. Manju Vashu Ramsinghani

 

27500

Mr. Amit Vashu Ramsinghani

 

82500

Mrs. Sonia Suraj Chhabris

 

5000

M/s. Rama Recycling Private Limited

 

82000

M/s. Rama Chemicals Private Limited

 

205000

Total

 

939750

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of various types of High Pressure Seamless Gas Cylinders.

 

 

 

GENERAL INFORMATION

 

 

 

Auditors :

 

Name :

Haribhakti & Company

Chartered Accountant

Address :

42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai – 400021

Tel. No.: 91-22-22871099/56391101/22871806

Fax. No.: 91-22-22856237

 

91-21, Bombay Mutual Chambers, Ambalal Doshi Marg, Mumbai – 400001

Tel. No.: 91-22-22652675/56391106/7/22626345

Fax. No.: 91-22-22656260

E-Mail.: hbhakti@vsnl.com

Website.: http://www.haribhaktigroup.com

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

14,00,000

Equity Shares

Rs. 10/- Each

Rs. 14.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

6,96,000

Equity Shares

Rs. 10/- Each

Rs. 6.960 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

60.930

6.960

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

140.270

130.340

4] (Accumulated Losses)

 

(6.784)

0.000

NETWORTH

 

194.416

137.300

LOAN FUNDS

 

 

 

1] Secured Loans

 

327.279

0.000

2] Unsecured Loans

 

68.800

56.143

TOTAL BORROWING

 

396.079

56.143

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

590.495

193.443

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

328.328

8.330

Capital work-in-progress

 

56.861

58.631

 

 

 

 

INVESTMENT

 

0.000

29.536

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

116.147

0.000

 

Sundry Debtors
 

16.939

0.000

 

Cash & Bank Balances
 

36.428

97.757

 

Other Current Assets
 

2.900

0.000

 

Loans & Advances
 

51.234

2.530

Total Current Assets
 

223.648

100.287

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

18.141

3.378

 

Provisions
 

0.765

0.165

Total Current Liabilities
 

18.906

3.543

Net Current Assets
 

204.742

96.744

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.564

0.202

 

 

 

 

TOTAL

 

590.495

193.443

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2006

Sales Turnover

 

 

19.804

Total Income

 

 

19.804

 

 

 

 

Profit/(Loss) After Tax

 

 

(9.084)

 

 

 

 

Earnings in Foreign Currency :

 

 

 

Total Earnings

 

 

0.021

 

 

 

 

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

 

7.111

 

Depreciation & Amortization

 

 

4.297

 

Other Expenditure

 

 

17.480

Total Expenditure

 

 

28.888

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

(45.86)

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.09

0.02

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

11.82

28.30

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Financial Results

 

As the company did not have any business operation during the period under review and since it is in the process of setting up the project for manufacturer of High Pressure Cylinders at Kutch. No profit and loss account had been prepared and the entire expenditure incurred on the project had been shown as incidentals expenditure pending allocation

 

Fixed Assets

 

v      Land

v      Office Equipment

v      Motor Car

v      Furniture & Fixture

 

BUSINESS

 

Subject is engaged as manufacturer of various types of High Pressure Seamless Cylinders for permanent industrial gases like Oxygen, Acetylene, Carbon dioxide, Hydrogen, Nitrogen, Argon & Helium.

 

Subject produces cylinders for compressed natural gas for usage in the automobiles, for beverage applications, for fire fighting, for medical oxygen applications and for scuba diving

 

Foreign exchange outgo Rs. 32.486 Millions 

 

As per Website Details

 

Profile

 

 Rama Cylinders Private Limited (RCPL), is a company promoted by Mr. Vashu J. Ramsinghani and his son Mr. Amit V. Ramsinghani.

The plant has an installed capacity of 3,00,000 nos./year of high pressure Seamless steel cylinders and allied products such as vessels, accumulators , tanks and pipes, etc.

Mr. Vashu J. Ramsinghani has considerable experience in the field of trading of industrial commodities and has set up large industries in the field of petrochemicals, fertilisers and paper. India's largest private sector, waste paper based newsprint mill viz. Rama Newsprint & Papers Ltd. was also set up by him in Gujarat.

Mr. Amit V. Ramsinghani, son of Mr. Vashu J. Ramsinghani has acquired a Bachelors degree in the Business Administration from the prestigious Babson College in Boston U.S.A. specializing in finance and economics. He subsequently completed his training in the U.S.A. and the Middle East and has returned back to India. He is keenly involved in the day to day operations.

 

Product

 

They can manufacture seamless steel gas cylinders, seamless pressure vessels, seamless accumulator shells to specific customer requirements having outside diameter ranging from 76mm to 406mm length ranging from 300mm to 3000mm and pressures upto 400 bar. High pressure gas cylinders manufactured from Seamless Steel tubes, in Manganese steel and Chrome Molybdenum Steel.


These cylinders are with water capacity from 1 to 280 ltrs. The cylinders are used for

 

Industrial gases like O2, N2, CO2, Acytelene.

 

Firefighting Applications.

 

Medical Gases.

 

Beverages.

 

Scuba diving.

 

On board Compressed Natural Gas Cylinders for Automobiles.

 

Accumulators

 

Cascades or large quantity storage of gases

 

 

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.40.30

UK Pound

1

Rs.82.97

Euro

1

Rs.55.64

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

-

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

21

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions