MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJAN OVERSEAS PRIVATE LIMITED |
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Registered Office : |
15/28 Punjab Bagh East, New Delhi – 110026 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.05.1990 |
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Com. Reg. No.: |
55-40264 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC040264 |
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IEC No.: |
0590006673 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR09247A |
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PAN No.: [Permanent
Account No.] |
AAACR02O AAACR0208C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Stainless Steel Utensils and Cutlery |
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 : |
USD 130000 |
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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 a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajan Arora |
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Designation : |
Director |
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Contact No.: |
91-9810072865 |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office : |
15/28 Punjab Bagh East, New Delhi – 110026, India |
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Tel. No.: |
91-11-28312148/ 9810072865 |
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Fax No.: |
91-11-2219948 |
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E-Mail : |
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Website : |
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Factory / Branch Office: |
Plot No.314, EPIP – HSIDC, Kundli, District, Sonepat, Haryana –
131028, Punjab, India |
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Tel. No.: |
91-130-2219945/ 46/ |
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Fax No.: |
91-130-2219948 |
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Mobile : |
91-9810072865 |
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E-Mail : |
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Website : |
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Area : |
24000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rajan Arora |
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Designation : |
Managing Director |
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Address : |
15/28 Punjab Bagh East, New Delhi – 110026, India |
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Date of Birth/Age : |
22.04.1962 |
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Qualifications : |
Graduate |
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Experience : |
18 years |
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Date of Appointment : |
25.05.1990 |
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Name : |
Mr. Brij Arora |
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Designation : |
Director |
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Address : |
15/28 Punjab Bagh East, New Delhi – 110026, India |
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Date of Birth/Age : |
10.06.1933 |
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Qualifications : |
Graduate |
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Date of Appointment : |
25.05.1990 |
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Name : |
Mrs. Manisha Arora |
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Designation : |
Director |
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Address : |
15/28 Punjab Bagh East, New Delhi – 110026, India |
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Date of Birth/Age : |
20.09.1964 |
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Qualifications : |
Graduate |
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Date of Appointment : |
30.05.1990 |
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Name : |
Mr. Ashley Arora |
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Designation : |
Director |
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Address : |
15/28 Punjab Bagh East, New Delhi – 110026, India |
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Qualifications : |
Graduate |
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Date of Birth/Age : |
23.12.1984 |
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Experience : |
1 yearss |
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Date of Appointment : |
07.07.2004 |
KEY EXECUTIVES
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Name : |
Lath Deepak and Associates |
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Designation : |
Company Secretary |
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Address : |
AA-285, Shalimar Bagh, Delhi – 110088, India |
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Tel No.: |
91-11-55794534 |
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Mobile No.: |
91-9811275820 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Rajan Arora |
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40000 |
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Mr. Brij Arora |
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159999 |
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Mrs. Manisha Arora |
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12501 |
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Mr. Ashley Arora |
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162500 |
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Total |
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375000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stainless Steel Utensils and Cutlery |
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Products : |
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Brand Name : |
‘STEELING’ |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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S/S Cutlery, Kitchen tools, Utensils |
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8750000 |
5250000 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
75 (Office – 10 and Factory – 65) |
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Bankers : |
Narain Manzil, 23 Barakhamba Road, New Delhi- 110001, India Facility : Rs.11.500 Millions
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nath Ahuja and Company Chartered Accountant |
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Address : |
S-400, G. K. – II, New Delhi – 110048, India |
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Tel. No.: |
91-11-29217969 |
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Fax No.: |
91-11-29215953 |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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300000 |
Preference Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Total |
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Rs.4.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.10/- each |
Rs.0.750
Million |
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300000 |
Preference Shares |
Rs.10/- each |
Rs.3.000
Millions |
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Total |
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Rs.3.750
Millions |
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 |
3.750 |
3.750 |
3.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.328 |
20.997 |
20.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.078 |
24.747 |
24.336 |
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LOAN FUNDS |
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1] Secured Loans |
11.989 |
10.614 |
5.689 |
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2] Unsecured Loans |
4.695 |
0.200 |
0.700 |
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TOTAL BORROWING |
16.684 |
10.814 |
6.389 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.021 |
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TOTAL |
41.762 |
35.561 |
30.746 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.210 |
5.511 |
6.641 |
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Capital work-in-progress |
9.890 |
4.716 |
0.000 |
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INVESTMENT |
0.350 |
0.351 |
0.350 |
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DEFERREX TAX ASSETS |
0.042 |
0.015 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.069
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23.604 |
25.754 |
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Sundry Debtors |
3.354
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6.044 |
1.817 |
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Cash & Bank Balances |
1.897
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2.346 |
0.577 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.385
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6.849 |
6.041 |
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Total
Current Assets |
28.705
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38.843 |
34.189 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.654
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13.431 |
10.067 |
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Provisions |
0.781
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0.444 |
0.367 |
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Total
Current Liabilities |
3.435
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13.875 |
10.434 |
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Net Current Assets |
25.270
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24.968 |
23.755 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.762 |
35.561 |
30.746 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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26.183 |
38.067 |
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Other Income |
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8.770 |
15.703 |
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Total Income |
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34.953 |
53.770 |
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Profit/(Loss) Before Tax |
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0.641 |
0.819 |
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Provision for Taxation |
|
0.309 |
0.408 |
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Profit/(Loss) After Tax |
|
0.332 |
0.411 |
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Export Value |
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22.562 |
31.622 |
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Total Expenditure |
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34.312 |
52.951 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.95
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0.76 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.45
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1.52 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.83
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1.85 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.80
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0.99 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
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8.36
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2.80 |
3.28 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Chef Set
India Private Limited
605/1 Tal Mulshi,
Pune, India
Contact Persons:
Mr. Surjeet Singh
- Khushi
Overseas
Kingsway Camp,
Delhi, India
Contact Persons:
Mr. Kamal
- R. R.
Industries
Libas Pur, Delhi,
India
Contact Persons:
Mr. Anchal Singh
Form 8:
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Corporate
identity number of the company |
U74899DL1990PTC040264 |
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Name of the
company |
RAJAN OVERSEAS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
15/28 Punjab Bagh East, New Delhi – 110026, India |
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This form is for |
Creation of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
ING Vyasa Bank Limited Narain Manzil, 23 Barakhamba Road, New Delhi- 110001, India |
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Nature of
instrument creating charge |
Letter of Deposit
of Title Deeds |
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Date of
instrument Creating the charge |
03.04.2007 |
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Amount secured by
the charge |
Rs.3.400 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: TL: IVRR – 1% Terms of
Repayment : Repayable to
start 1 month after distributors on basis within June 2010 Extent and
Operation of the charge: First charge on
the immovable property of the company situated at plot no. at 314, EPIP,
Kundli, Sonipat, Haryana, |
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Particulars of
the property charged |
All that pieces
and parcel of the immovable property situated at plot no. at 314, EPIP, Kundli,
Sonipat, Haryana, |
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Particulars of
the present modification |
NA |
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 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.43.34 |
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UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.54 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|