MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
RASANDIK AUTO COMPONENTS PRIVATE LIMITED |
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Formerly Known As : |
RASANDIK TIBERINA PRIVATE LIMITED |
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Registered Office : |
C – 4 and 5, C – Block, Market, Vasant Vihar, New Delhi - 110057 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.10.1998 |
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Com. Reg. No.: |
55-96582 |
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CIN No.: [Company
Identification No.] |
U29199DL1998PTC096582 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR05107E |
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PAN No.: [Permanent
Account No.] |
AABCR4670B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Engineering Components and Auto Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 80000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Trade relations are fair. The company’s profitability is under
pressure. The company has some accumulated losses. No complaints have been
heard. The company can be considered for small to mediocre business dealings.
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LOCATIONS
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Registered Office : |
C – 4 and 5, C – Block, Market, Vasant Vihar, New Delhi - 110057,
India |
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Tel. No.: |
91-11-26149276 |
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Fax No.: |
91-11-26159232 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Des Raj Behl |
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Designation : |
Director |
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Address : |
C-4F/ 225 Janak Puri, New Delhi – 110058, India |
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Date of Birth/Age : |
06.03.1937 |
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Date of Appointment : |
29.10.2001 |
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Email : |
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Name : |
Mr. Agharam Halasyam |
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Designation : |
Director |
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Address : |
V – 32/ 6, DLE City, Phase – III, Gurgaon, Gurgaon – 122002, Haryana,
India |
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Date of Birth/Age : |
07.07.1940 |
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Date of Appointment : |
29.09.2006 |
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Email : |
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Name : |
Mr. Mysore S. Ramaprasad |
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Designation : |
Director |
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Address : |
Saraswathi Rice Mill, Nanjangud, Mysore – 571301, Karnataka, India |
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Date of Birth/Age : |
18.05.1949 |
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Date of Appointment : |
29.09.2006 |
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Email : |
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Name : |
Mr. Anjula Khanna |
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Designation : |
Director |
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Address : |
A-6/1, Naraina Industrial Area, Phase – I, New Delhi – 110027, India |
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Date of Birth/Age : |
12.11.1952 |
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Date of Appointment : |
14.02.2000 |
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Date of Ceasing : |
29.09.2006 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 06.09.2007)
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Names of Shareholders |
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No. of Shares |
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Rasandik Engineering Industrial India Limited |
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989199 |
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Rajiv Kapoor |
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1 |
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Rasandik Engineering Industrial India Limited |
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1000000 |
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Total |
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1989200 |
(As on 30.09.2007)
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Category |
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Percentage
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Engineering Components and Auto Parts. |
GENERAL INFORMATION
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Bankers : |
Patashala Road, Nanjangud, Mysore District, Mysore – 571301, Karnata,
India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
V Sankar Aiyar and Company Chartered Accountant |
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Address : |
C -3, Rams Squre, 2nd Floor, 38 Valluvar Kotam High Road,
Nugambakkam, Chennai – 600034, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1989200 |
Equity Shares |
Rs.10/- each |
Rs.19.892 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.892 |
5.202 |
0.202 |
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2] Share Application Money |
0.000 |
0.690 |
0.000 |
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3] Reserves & Surplus |
0.000 |
1.144 |
1.819 |
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4] (Accumulated Losses) |
(3.021) |
0.000 |
0.000 |
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NETWORTH |
16.871 |
7.036 |
2.021 |
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LOAN FUNDS |
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1] Secured Loans |
47.315 |
0.000 |
0.000 |
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2] Unsecured Loans |
51.341 |
65.643 |
0.000 |
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TOTAL BORROWING |
98.656 |
65.643 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
118.547 |
72.679 |
2.021 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.210 |
86.091 |
0.000 |
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Capital work-in-progress |
2.341 |
2.829 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.665 |
0.161 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.189
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13.433 |
0.000 |
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Sundry Debtors |
26.048
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12.231 |
0.000 |
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Cash & Bank Balances |
0.605
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0.284 |
0.455 |
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Other Current Assets |
3.457
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4.950 |
0.011 |
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Loans & Advances |
8.930
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12.132 |
1.565 |
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Total
Current Assets |
50.229
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43.030 |
2.031 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.704
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59.319 |
0.010 |
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Provisions |
0.215
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0.113 |
0.000 |
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Total
Current Liabilities |
35.919
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59.432 |
0.010 |
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Net Current Assets |
14.310
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(16.402) |
2.021 |
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MISCELLANEOUS EXPENSES |
3.021 |
0.000 |
0.000 |
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TOTAL |
118.547 |
72.679 |
2.021 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.98
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17.78 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.40
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0.72 |
203.100 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
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Corporate
identity number of the company |
U29199DL1998PTC096582 |
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Name of the
company |
RASANDIK AUTO COMPONENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C – 4 and 5, C – Block, Market, Delhi, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
State Bank of Mysore Patashala Road, Nanjangud, Mysore District, Mysore – 571301, Karnata,
India |
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Nature of
instrument creating charge |
Agreement for hypothecation
of Goods and Assets Form 1113 Letter
evidencing deposits of tile Deeds (Mortgage) (Both the
documents relates to single charge) |
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Date of
instrument Creating the charge |
21.07.2008 |
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Amount secured by
the charge |
Rs.63.00 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests (CC) at
13% p.a. i.e.. 0.25% below BPLR of 13.25% p.a. Term loans at
12.25% p.a. floating i.e. 1.00% below BPLR of 13.25% Terms of
repayment: Working Capital
Limits repayable on Demand TL of Rs.24.500
Millions repayable in 22 quarterly installments of Rs.1.100 Millions each,
the last installments being Rs.0.300 Millions commencing from 30.06.2008 Margin Margin of 25% on
current assets Extent and
Operation of the charge: Hypothecation of
current assets and mortgage of immovable properties. Others: Collateral
Securities: Second charge on
the entire fixed assets of the both present and future, first charge for T/L Second charge on the
entire current assets of the both present and future, first charge to WCL |
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Particulars of
the property charged |
Hypothecation
present and future entire goods, book debts and all other movable assets,
plant and machinery etc., belonging to Rasandik Auto Components Private
Limited, Equitable mortgage created by deposit of title deeds on company’s
movable properties situated at Plot No.45 and 48, Part – II, Sy. No.156
Measuring 13456 sq. mtrs, Kallahally Industrial Area, Nanjangud, Mysore
District (Karnataka 0-571301 together with all buildings, structure and to be
constructed thereon) |
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Particulars of
the present modification |
The credit
facilities modified by way of renewal and reduction of limit from the limit
of cash credit Rs 60.000 Millions, Term Loans Rs.80.000 Millions, Letter of
Credit Rs.10.000 Millions, Bank Guarantee Rs.2.500 Millions to Present limit
of: Cash Credit
Rs.30.000 Millions, Term Loans Rs.24.500 Millions, Letter of Credit Rs.6.000
Millions, Bank Guarantee Rs.2.500 Millions |
Fixed Assets:
- Land – Leasehold
- Factory Building
- Plant and Machinery
- Dies Jigs and Fixture
- Furniture and Fixture
- Computers
- Other Peripherals
- Vehicles
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.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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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27 |
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. |
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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