MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJ INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
102, Snehal Adarsh Dughdalay Lane, Marve Road, Malad [West], Mumbai –
400064, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.01.1996 |
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Com. Reg. No.: |
11-96702 |
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CIN No.: [Company
Identification No.] |
U17110MH1996PTC096702 |
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IEC No.: |
0308000226 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTR02458B |
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PAN No.: [Permanent
Account No.] |
AAACR5092G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Merchants, exporter and importer, basically dealing in all
types of yarns |
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 420000 |
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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 business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Jagdishbhai Godra |
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Designation : |
Chairman cum Managing Director |
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Contact No.: |
91-9824101538 |
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Date : |
20.06.2008 |
LOCATIONS
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Registered Office : |
102, Snehal Adarsh Dughdalay Lane, Marve Road, Malad [West], Mumbai –
400064, Maharashtra, India |
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Mobile No.: |
91-9324001276 |
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Email : |
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Website : |
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Area : |
600 sq. ft. [Owned] |
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Head Office : |
501 - Trade Center, Salasar Hanuman
Gate, Ring Road, Surat, Gujarat, India |
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Tel. No.: |
91-261-5521188 [Mr. Jagdish
Bodra] 91-261-2340382 [Mr. Rajesh
Vekaria] 91-261-2334701 [Mr. Jatin
Kanani] 91-261-2341771 [Mr. I. P. Yadav] 91-261-2334801 [Mr. Manish
Dobariya] 91-261-2333211 / 2326569 |
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Mobile No.: |
91-9374710606 / 9824101538 |
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Fax No.: |
91-261-2334864 |
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Area : |
2400 sq. ft. [Owned] |
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Branches : |
G - 6,
Aummoti Nagar, Chandawarkar Road, Boriwali West, Mumbai. |
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Tel. No.: |
91-22-39404200 [Mr. Gopal Jagani] 91-22-30967306
[Mr. Tushar Shah] |
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E-Mail : |
32 -
City Palace, Chauri Sadak, Ludhiana |
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Area : |
91-161-2727861 [Mr. Haresh Vekariya] 91-161-2730955
[Mr. Vipul Raiyani] |
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Area : |
400 sq. ft. [Owned] |
DIRECTORS
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Name : |
Mr. Jagdishbhai Godra |
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Designation : |
Chairman cum Managing Director |
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Address : |
37, Diamond Nagar, Co-operative Housing Society, Surat |
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Date of Birth/Age : |
23.03.1970 |
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Qualification : |
BSC |
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Experience : |
13 Years |
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Date of Appointment : |
30.01.1996 |
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Name : |
Mr. Rajeshbhai Vekaria |
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Designation : |
Director |
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Address : |
3/D, Ashwini Apartment, Sumul Dairy Road, Surat |
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Date of Birth/Age : |
05.02.1970 |
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Qualification : |
BSC |
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Date of Appointment : |
01.03.1996 |
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Name : |
Ms. Vijayaben Jagani |
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Designation : |
Director |
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Address : |
B/32, Sima Row House, Ghod Road, Surat |
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Date of Birth/Age : |
42 Years |
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Qualification : |
SSC |
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Name : |
Mr. Ashok Parshottambhai Jagani |
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Designation : |
Director |
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Address : |
38, Diamond Nagar, Co-operative Housing Society, Surat |
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Date of Appointment : |
30.01.1996 |
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Name : |
Mr. Tushar Shah |
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Designation : |
Director |
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Address : |
102, Snehal Adarsh Dughdalay Lane, Marve Road, Malad [West], Mumbai –
400064, Maharashtra, India |
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Date of Birth/Age : |
12.05.1976 |
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Date of Appointment : |
01.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 24.10.2007
|
Names of Shareholders |
|
No. of Shares |
|
Sangita Rajesgbhai Vekariya |
|
13500 |
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Rajesh Arjanbhai Vekariya |
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92700 |
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Vijyaben Ashokbhai Jagani |
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58600 |
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Jagdishbhai Karmshibhai Bodra |
|
635200 |
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Total |
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800000 |
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Names of Allotment |
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No. of Shares |
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Girishbhai K. Bodra |
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247000 |
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Sangitaben J.Bodra |
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2100000 |
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Jagdishbhai K. Bodra |
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1838950 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
57.57 |
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Other |
|
42.43 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Merchants, exporter and importer, basically dealing in all
types of yarns |
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Products : |
POY :: FDY ::
DTY
P/C :: P/V
Air Textd ::
Multifold
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Agencies Held : |
· Bhilosa Tex-n-twist Private Limited · Alok Industries Limited · JBF Industries Limited · JCT Limited |
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Exports : |
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Products : |
Yarn and Fabrics |
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Countries : |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Credit [90 days] |
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Purchasing : |
L/C and Credit [90 days] |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
20 [In Office : 7 and In Branch : 13] |
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Bankers : |
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Facilities : |
CC / LC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pankaj Sanghavi and Company Chartered Accountants |
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Address : |
302 Jyoti Chambers, 372 Narshi Natha Street, Masjid Bunder West,
Mumbai – 400009, Maharashtra, India |
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Name : |
S. K. Kabra and Company Chartered Accountants |
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Address : |
1006, 1st Floor, Rathi Palace, Ring Road, Surat |
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Tel No. : |
91-261-2320131 |
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Associates/Subsidiaries : |
Raj Synthetics Raj Synthetics
Private Limited Address : 501, Trade Centre, Ring Road, Surat, Gujarat, India CIN No.: U17119GJ1995PTC025042 Tan No.: SRTR00232B Activities : Textiles [Yarn Trading] Authorised Capital : Rs. 2.000 Millions Paidup Capital : Rs. 0.793 Million Email : rajsynthics@yahoo.com
Nityanand
Synthetics Address : 501, Trade Centre, Ring Road, Surat Activities : Textiles [Yarn Trading] |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4997000 |
Equity Shares |
Rs. 10/- each |
Rs. 49.970
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
49.970 |
0.110 |
0.110 |
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2] Share Application Money |
0.000 |
8.000 |
0.000 |
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|
3] Reserves & Surplus |
34.969 |
1.155 |
0.017 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
84.939 |
9.265 |
0.127 |
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|
LOAN FUNDS |
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1] Secured Loans |
102.501 |
27.535 |
0.000 |
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2] Unsecured Loans |
10.665 |
0.304 |
0.000 |
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TOTAL BORROWING |
113.166 |
27.839 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
198.105 |
37.104 |
0.127 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.626 |
0.382 |
0.010 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.620 |
3.750 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.024
|
1.859 |
0.000 |
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Sundry Debtors |
212.199
|
60.444 |
0.000 |
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|
Cash & Bank Balances |
2.392
|
1.076 |
0.021 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
13.797
|
29.991 |
0.078 |
|
Total
Current Assets |
235.412
|
93.370 |
0.099 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
80.021
|
59.865 |
0.012 |
|
|
Provisions |
0.556
|
0.557 |
0.000 |
|
Total
Current Liabilities |
80.577
|
60.422 |
0.012 |
|
|
Net Current Assets |
154.835
|
32.948 |
0.087 |
|
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MISCELLANEOUS EXPENSES |
0.024 |
0.024 |
0.030 |
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TOTAL |
198.105 |
37.104 |
0.127 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
1020.129 |
526.490 |
0.000 |
|
|
Other Income |
22.938 |
7.500 |
0.000 |
|
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Total Income |
1043.067 |
533.990 |
0.000 |
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|
|
|
|
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Profit/(Loss) Before Tax |
11.584 |
1.696 |
[0.005] |
|
|
Provision for Taxation |
0.000 |
0.558 |
0.000 |
|
|
Profit/(Loss) After Tax |
11.584 |
1.138 |
[0.005] |
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|
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Expenditures : |
|
|
|
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Administrative and Selling Expenses |
16.443 |
8.747 |
0.000 |
|
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Interest |
3.836 |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
1.314 |
0.044 |
0.000 |
|
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Other Expenditure |
1009.934 |
523.503 |
0.005 |
|
Total Expenditure |
1031.527 |
532.294 |
0.005 |
|
Expected Sales Turnover [2008-09] : Rs. 1500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.11
|
0.32 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.14
|
0.32 |
-- |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.24
|
1.81 |
[4.59] |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.18 |
[0.04] |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
9.53 |
0.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.92
|
1.55 |
8.25 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration |
AAACR5092G |
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Central Sales Tax Registration |
24721703489 |
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Import Export Code |
300308000226 |
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Name of Bank |
India Overseas Bank |
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Current Account Number |
6154 |
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Account Since |
3 Years |
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Standards & Certifications |
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Quality Management Systems |
ISO 90012000 |
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Registered Office of the company has been shifted from 342 Vithal Sadan Room No. 15th Floor, Kalbadevi Road, Mumbai – 400002, Maharashtra, India to the present address w.e.f. 05.06.2007
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10006320 |
|
Corporate
identity number of the company |
U17110MH1996PTC096702 |
|
Name of the
company |
Raj International Private Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
102, Snehal Adarsh Dughdalay Lane, Marve Road, Malad [West], Mumbai – 400064,
Maharashtra |
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Type of charge |
|
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Particular of
charge holder |
Indian Overseas Bank, M I, Empire State Building, Ring Road, Surat –
395002 |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation |
|
Date of
instrument Creating the charge |
31.03.2008 |
|
Amount secured by
the charge |
Rs. 136.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 2.25 %
i.e. 15.50 % p.a. at interest Terms of
Repayment Term Loan to be
repaid in 60 Equated monthly installments of Rs. 0.637 Million commencing
from October 2008 Margin 50 % on Building
& 25 % on Machineries Extent and
Operation of the charge Exclusive charge
on the entire Block of Assets of the company and Hypothecation of receivables
|
|
Date of latest modification
prior to the present modification |
26.02.2008 |
|
Particulars of
the present modification |
Fresh Term Loan
for Wind Mill : Rs. 26.500 Millions |
Trade Reference
- ACM Synthetic
– Mumbai
- Arshita
Metalic Industries – Surat
- Diamond Silk
– Surat
- Reliance Industries Limited, 4th Floor, Mithawala Market,
Sahara Darwaja, Surat [Mr. Jai Rawallry - 9998968570]
- Bhilosa, 122 Trishla Building, 2nd Floor, Shikh Menon
Street, Zaveri Bazar, Surat [Mr. Sandeep Rohilla - 9323929339]
- Alok Industries Limited, Peninsula Tower, Peninsula Corporation
Park, G. K. Marg, Lower Parel, Mumbai [Mahrishi - 9820287799]
Fixed Assets
- Air Conditioner
- Computer
- Furniture
- Laptop
- Mobile Phone
- Copier Machine
- Vehicles
AS PER WEBSITE
PROFILE
Raj Synthetics is a leading marketer, vendor in all the
categories and specialty be it polyester, nylon or viscose in texturised,
filament, spun yarns & fancy yarn. Company is working as solely a
commission agent for different types of yarn, having sound background and hold
over industries. Company is having its Head office at Surat and branch offices
at Ludhiyana and Mumbai. Company is having wide network of sub-brokers all over
India.
The turn over of the company is 1500 Millions per annum. The company is having
more than 300 suppliers and more than 1000 customer in its list and day by day
it is increasing as market is continually explored for new supplier and
customer keeping safe old customers & suppliers.
They always believe in providing their best services & complete satisfaction to their valued suppliers and customers and act as a link between them to grow along their business maintaining harmony between all involved parties.
Scope :
TO PROVIDE COMMISSION AGENCY SERVICES FOR
1. Yarn Raw Materials – Chips, Caprolactum & POY.
2. Intermediates Yarns – Textured, Crimped, Twisted, Spun & Embroidery Yarns.
3. Specialty Yarns – Ropes, Fish net & Value added Yarns
INFRASTRUCTURE
The organization is having
a) Offices at Surat, Mumbai & Ludhiyana and associated utilities at each center.
b) Sub Broker network all over India.
c) All necessary machineries, equipments and testing facilities, etc.
d) Supporting services like transportation, computers & communication facilities with Internal Network and Internet
For the last FOURTEEN years they are dealing in yarn in SURAT market.
They are doing a business of more than 2000 MT / pm. Out of which SURAT has a lion
share of approx 1200 MT. Remaining approx. 800 MT. is supplied to various
upcountry centers viz. LUDHIANA, PANIPAT, BANGALORE, SALEM, COIMBTORE, BHIWANDI
and MAUNATH BHANJAN. This business is managed by their professional staff in
their Surat head office, in Branch Offices in Mumbai & Ludhiana and with
their franchises at other centers.
They started their Yarn Business in 1990-91 in Surat and within first 3 years in 1994 Mumbai office was opened. Subsequently after 4 years in 1998 Ludhiana office was opened to cater to north India customers. For making speedy decisions Mumbai and Ludhiana offices are connected to SURAT head office with HOT LINES.
Their Marketing activities include selling a wide range of products viz. Chips, Polyester Yarn, Viscose Filament & Staple Yarn, Blended Yarn PC & PV and Fancy Yarns like Embroidery, Loops, Neps / Slub Yarn, Lycra & Air Tex. They also deal in Dope Dyed / Top Dyed Yarn.
With a view of an efficient and a better management these activities are further demarcated by the nature and the type of the yarn viz. Textd. / Crimped / Sized Yarn, Filament Yarn, Fancy Yarn and the yarn supplied from various Spinners.
RAJ SYNTHETICS PRIVATE LIMITED is established in 1992.
The pioneer
Directors are
1. MR. JAGDISH BODRA
2. MR. RAJESH VEKARIYA
3. MRS VIJYABEN A. JAGANI
Raj Synthetics Private Limited is a leading importer and exporter of polyester chips FDY, PTY, POY, Dyed Yarn, Viscose and Nylon. The Company strives primarily on vast network and access to leading manufacturer of related products.
They source their products from the leading manufacturers and export them to the global market. They are a leading exporter and importer of Polyester Chips, FDY, PTY, POY, Dyed Yarns, Viscose and Textile Machinery. For the last 14years, they are dealing in yarn business. They started their Yarn Business in 1990-91 in Surat and within first 3 years in 1994 Mumbai office was opened. Subsequently after 4 years in 1998 Ludhiana office was opened to cater to north India customers.
They undertake the responsibility of complete collection of a deal to their
suppliers. In the city, area wise 2 other persons are made responsible for
getting the feedback from the customers regarding the quantity and quality of
the yarn supplied to them. New prospective clients are also regularly developed
and catered. This enables them to foresee and plan the business accordingly.
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
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 |
|