MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
RANGAMMA STEELS AND MELLEBLES |
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Registered Office : |
603 C Block Pioneer Apartments 1075 Avanshi Road, Coimbatore 641018 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1984 |
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Vat No.: |
33731781192 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBR03091E |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Exporters of: Body Panel for Motors Vechiles, Brake Drums for Automobiles, Cast auto Parts, Clutch discs(Plates) and Clutch parts for Automobilies, Flywheels for Automobiles Engines, Pressed Auto Parts, Suspension parts for Automobiles NES, Suspension unit fitting for Motors Vechiles, Wheel hubs for Motor Vechicles |
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 : |
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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 well-established and reputed concern having satisfactory
track. Partners 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 Concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
603 C Block Pioneer Apartments 1075 Avanshi Road, Coimbatore 641018,
India |
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Tel. No.: |
91-422-6585908 / 6586908 |
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Fax No.: |
91-422-2218408 |
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E-Mail : |
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Website : |
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Factory 1 : |
SF 154 Bongampatti Road, Palladam Taluk, Edayarpalayam Post Ondiputhur, Coimbatore:641016 |
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Factory 2: |
SF 964-967 Ikkarai Boolavampatti Senmedu, Alandurai Village,
Coimbatore 641105 |
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Factory 3 : |
Sf 144 Kovilpalayam Road, S K Kulam Kuppepalayam Post,
Coimbatore:641107 |
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Corporate Office : |
42d Fifty Feet Road, Krishnaswamy Nagar, Coimbatore, 641 045, Tamil
Nadu, India |
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Tel. No.: |
91-422-311908 |
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Fax No.: |
91-422-317498 |
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E-Mail : |
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Web site: |
PARTNERS
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Name : |
Mr. K Kasturirangan |
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Designation : |
Partner |
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Name : |
Mr. K Iiango |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of: Body Panel for Motors Vechiles, Brake Drums for Automobiles, Cast auto Parts, Clutch discs(Plates) and Clutch parts for Automobilies, Flywheels for Automobiles Engines, Pressed Auto Parts, Suspension parts for Automobiles NES, Suspension unit fitting for Motors Vechiles, Wheel hubs for Motor Vechicles |
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Exports : |
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Products : |
Brake Drums Auto components |
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Countries : |
Uk, USA, China, Korea |
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Imports : |
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Products : |
Raw materials |
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Countries : |
China |
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GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
ICICI Bank Limited Canara Bank Indian Overseas Bank Branch: Coimbatore |
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Facilities : |
-- |
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Banking Relations
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Satisfactory |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.20.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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30.000 |
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LOCAL AGENCY
FURTHER INFORMATION
Mr. Palaniswamy
Office Manager
91-446586908
Mr. K IIango:
He was a team member fo an 18 foundry men from Combaters who visited China
to make a study about the foundaries in China in Sept-2005. Treasurer- Codissia
Mr. K Kasturirangan
Past President
Codissia, Coimbatore
Rangamman Steels andMalleables:
This firm belongs to the RSM Group of combines in Coimbatore.RSM Autokast Ltd. is the flagship of the RSM Group, based in the Industrial City of Coimbatore, Tamilnadu, India, with diversified interests in Auto Components, Castings, Sheet metal components, Horticulture and Wind Power generation.
The core competency however lies in the capability to design and manufacture of Brake Drums for a wide range of applications - a specialty, mastered over four decades of experience.
Almost its entire Power requirements for its manufacturing activities are met by its Windmills located in Tamil Nadu and Karnataka. The total installed capacity is over 5 MW
The success of the group is its commitment to provide the best products and services at all times.
RSM
Autokast specializes in the manufacture of automotive components including
Brake Drums, Hubs, Spring and Equalizer Brackets and Shackles, Clutch Pressure
Plates, Flywheels etc. The Heavy Duty Truck and Trailer components manufactured
by RSM have a worldwide market and is a trusted supplier to a number of OEM's.
An ISO
9001: 2000 Certified company, RSM Autokast has the expertise to design new
models and supply the best products to the global automotive industry. Its
Quality Systems are comprehensive and complete to match international standards
and requirements. It has a wide list of satisfied customers both in the OEM and
Aftermarket due to timely supplies.
The
buy-out of leading Brake Drum manufacturers - American Wheel Engineering Co.,
(AWECO) in the USA, augmented the production capacity to over 1000 MT of Brake
Drums every month. Its products evince sustained interest in International
& National exhibitions.
Improving standards in quality, technology and operating
efficiency is RSM Autokast's continuous endeavor. Setting new standards and
adopting innovative strategies are its focus for the future
Expansion of Foundary unit by M/s Rangamma Steels and
Malleables at village vellakinar village, Tehsil Coimbatore north in District
Combater in Tamilnadu.
This has reference to your letter no. nil dated 17th
December,2004 along with a copy of questionnaire, EIA/EMP report seeking
environmental clearance for the above project under the EIA Notification, 1994.
2.0 The Ministry of Environment and Forest has examined your
application. It is noted that the proposal is for the foundry activity to carry
out manufacturing of 850TPM of automobile components and 100TPM of steel
castings. The Company has in their possession about 0.43 acres of land the
above project. No forest land or rehabilitation/resettlement is involved due to
land acquisition. Water requirement for the project is about 7.3m3/d will be
met from the private suppliers. The solid waste would be generated in the form
of slag(1.0 TPM) and residues from the solar evaporation pan (2kg/m). The solid
waste would be disposed of in the landfill withi the plant premises. It is also
noted that NOC from the Tamil Nadu State Pollution Control Board has been
obtained on 28.10.2004. Public hearing panel has considered the project in the
meeting held on 10.08.2004. Total cost of the project is Rs.12.400 Millions
3.0
The Ministry of Environment and Forest hereby accords environmental
clearance to the above project under EIA Notification dated 27th
January, 1994 as amended subsequently subject to strict compliance of the laid
out conditions
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.66 |
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UK Pound |
1 |
Rs.85.91 |
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Euro |
1 |
Rs.58.44 |
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 |
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 |
NO |
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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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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
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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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