MIRA
INFORM REPORT
|
Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RAJHANS IMPEX PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 8, GIDC, Phase II, Dared, Jamnagar 361004, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
06.04.2004 |
|
|
|
|
Com. Reg. No.: |
04-43917 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27106GJ2004PTC043917 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR01232A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCR7093K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Copper and Copper Alloys Extrusion,
Ingots and Billets |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Jinesh Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9824033256 |
|
Date : |
09.04.2008 |
LOCATIONS
|
Registered Office/Factory : |
Plot No. 8, GIDC, Phase II, Dared, Jamnagar 361004, Gujarat, India |
|
Tel. No.: |
91-288-2730971 / 2730981 |
|
Mobile No.: |
91-9824033256 |
|
Fax No.: |
91-288-2730961 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
50000 Sq. fts. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Amit Jinesh Shah |
|
Designation : |
Director |
|
Address : |
Amidhara, Oswal Colony, Street No. 1, Jamnagar 361005, Gujarat, India |
|
Date of Birth/Age : |
05.08.1988 |
|
Qualification : |
Under CA |
|
Date of Appointment : |
05.08.2006 |
|
|
|
|
Name : |
Mr. Jinesh Fulchand Shah |
|
Designation : |
Director |
|
Address : |
Amidhara, Oswal Colony, Street No. 1, Jamnagar 361005, Gujarat, India |
|
Date of Birth/Age : |
11.07.1955 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
09.09.2004 |
|
|
|
|
Name : |
Mr. Dhaval Jinesh Shah |
|
Designation : |
Director |
|
Address : |
Amidhara, Oswal Colony, Street No. 1, Jamnagar 361005, Gujarat, India |
|
Date of Birth/Age : |
08.09.1981 |
|
Qualification : |
FMB |
|
Date of Appointment : |
06.04.2004 |
|
|
|
|
Name : |
Milan C. Dodhiya |
|
Designation : |
Director |
|
Address : |
Milan, Opposite Jolly Bunglow, Jamnagar 361001, Gujarat, India |
|
Date of Appointment : |
06.04.2004 |
|
Date of Ceasing: |
31.07.2005 |
|
|
|
|
Name : |
Mr. Narsighmal M. Bafna |
|
Designation : |
Director |
|
Address : |
A – 84, East Kailash, New Delhi 110065, India |
|
Date of Appointment : |
09.09.2004 |
KEY EXECUTIVES
|
Name : |
MJP Associates |
|
Designation : |
Company Secretary |
|
Address : |
707, Star Plaza, Phulchhab Chowk, Rajkot 360001 |
|
Tel. No.: |
91-281-3045040 / 6542624 |
|
E-mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
|
Names of Shareholders |
|
No. of Shares |
|
Jinesh Shah |
|
15000 |
|
Milan Dodhiya |
|
10000 |
|
Dhaval Shah |
|
15000 |
|
Narsingmal Bafna |
|
1500 |
|
Bhavini Shah |
|
14500 |
|
Amit Shah |
|
20000 |
|
Jayaben Shah |
|
15000 |
|
Narsingmal Bafna |
|
7000 |
|
Vinod Bafna |
|
1500 |
|
Total |
|
99500 |
|
|
|
|
|
Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Copper and Copper Alloys Extrusion,
Ingots and Billets |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
CAD |
|
|
|
|
Purchasing : |
L/C, CAD |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
15 |
|
|
|
|
Bankers : |
State Bank of Saurashtra , Digvijay Plot Branch, Jamnagar 391005 |
|
|
|
|
Facilities : |
Rs. 500.000 Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sarda and Sarda Chartered Accountants |
|
Address : |
Sarda House, Bedi Bunder Road, Opposite Panchvati Society, Jamnagar
361008, Gujarat, India |
|
|
|
|
Memberships : |
|
|
|
|
|
Associates/Subsidiaries : |
Address: 21/3, GIDC, Shankar Takary, Udyog Nagar, Jamnagar 361004 Line of Business: Manufacturer of Crafts Paper
Address: 6 and 7, Naghedi Industrial Estate, Jamnagar 361008 Line of Business: Manufacturer of Crafts Paper
Address: 1810/1811, GIDC Industrial Estate, Phase III, Vapi Line of Business: Manufacturer of Crafts Paper |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
50000 |
Preference Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99500 |
Equity Shares |
Rs. 100/- each |
Rs. 9.950
Millions |
|
50000 |
Preference Shares |
Rs. 100/- each |
Rs. 5.000
Millions |
|
|
Total |
|
Rs. 14.950 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.950 |
9.950 |
9.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11.504 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
[1.221] |
[0.171] |
|
|
NETWORTH |
26.454 |
8.729 |
9.779 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
75.720 |
61.406 |
37.254 |
|
|
2] Unsecured Loans |
44.230 |
20.865 |
11.355 |
|
|
TOTAL BORROWING |
119.950 |
82.271 |
48.609 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
146.404 |
91.000 |
58.388 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
50.969 |
48.593 |
32.927 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.435 |
2.190 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
52.597
|
20.615 |
10.924 |
|
|
Sundry Debtors |
40.394
|
18.214 |
0.000 |
|
|
Cash & Bank Balances |
8.198
|
1.185 |
6.237 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.489
|
4.213 |
10.449 |
|
Total
Current Assets |
104.678
|
44.227 |
27.610 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
11.003
|
3.288 |
2.061 |
|
|
Provisions |
1.783
|
0.865 |
0.268 |
|
Total
Current Liabilities |
12.786
|
4.153 |
2.329 |
|
|
Net Current Assets |
91.892
|
40.074 |
25.281 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.108 |
0.143 |
0.180 |
|
|
|
|
|
|
|
|
TOTAL |
146.404 |
91.000 |
58.388 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
472.656 |
209.371 |
|
|
Other Income |
|
1.049 |
0.859 |
|
|
Total Income |
|
473.705 |
210.230 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
6.918 |
[3.193] |
|
|
Provision for Taxation |
|
[0.807] |
2.143 |
|
|
Profit/(Loss) After Tax |
|
7.725 |
[1.050] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
[17.416] |
[6.725] |
|
|
Financial charges |
|
10.445 |
7.906 |
|
|
Depreciation & Amortization |
|
2.343 |
1.791 |
|
|
Other Expenditure |
|
471.415 |
210.451 |
|
Total Expenditure |
|
466.787 |
213.423 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.63 |
[0.49] |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.46 |
[1.52] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.44
|
[3.43] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
[0.36] |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.01
|
9.90 |
5.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.18 |
10.64 |
11.85 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Metal
Resources, Mumbai
- Metecho
Marketing Company, Andheri, Mumbai
- M. G. India
Private Limited, New Delhi
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90110866 |
|
Corporate
identity number of the company |
U27106GJ2004PTC043917 |
|
Name of the
company |
RAJHANS IMPEX
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 8, GIDC, Phase II, Dared, Jamnagar 361004, Gujarat, India |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of
Saurashtra Digvijay Plot
Branch, Jamnagar 361004, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Instrument
modifying the charge: A] Supplemental
general agreement for the grant of small industries advances and
hypothecation of movables, book debts and other assets B] Confirmatory
letter [for immovable properties] |
|
Date of
instrument Creating the charge |
18.07.2007 |
|
Amount secured by
the charge |
Rs. 104.079
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest 1% below the PLR
with minimum of 12.25% p.a. [b] Terms of
repayment CC shall be
repayable on demand and subject to annual review. [c] Margin Raw Material 25% Stock in process
30% Finished goods
25% [d] Extent and
operation of the charge The charge
operates to extend security over the movable/immovable properties/stock/book
debts of the company to secure repayment of entire finance of Rs. 104.079
Millions in addition to all interest, costs and expenses. [e] others a] all properties
to be kept fully secured b] regular
submission of book debts statements/stock statements |
|
Date of latest
modification prior to the present modification |
05.10.2006 |
|
Particulars of
the present modification |
Total limits is
enhanced from Rs. 94.079 Millions to Rs. 104.079 Millions by addition of Rs.
10.000 Millions to CC Limits, details as per attachments, company extends
charge over its properties as mentioned in column no. 14 to secure the
repayment of entire revised limit of Rs. 104.079 Millions. |
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|