MIRA
INFORM REPORT
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Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJDEEP CANS PRIVATE LIMITED |
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Registered Office : |
202, Prashanti, Devidas Lane, Borivali [West], Mumbai 400103,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.06.1984 |
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Com. Reg. No.: |
033183 |
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CIN No.: [Company
Identification No.] |
U27200MH1984PTC033183 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14296C |
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PAN No.: [Permanent
Account No.] |
AAACR5625F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tinplate Cans, Plastic Items, Printed Sheets,
Components, Handles, Can making Machineries etc. |
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 28000 |
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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 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. |
LOCATIONS
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Registered Office : |
202, Prashanti, Devidas Lane, Borivali [West], Mumbai 400103,
Maharashtra, India |
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Tel. No.: |
91-22-28090504 |
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E-Mail : |
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Factory 1: |
8, Dewan and Shah Udyog Nagar, Chintupada Road, Palghar 401404,
Maharashtra, India |
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Tel. No.: |
91-2525-253111 / 255111 /254222/256959 |
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Fax No.: |
91-2525-255112 |
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Factory 2: |
7901/1-2 B, GIDC, Ankleshwar, Gujarat |
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Tel. No.: |
91-2646-325456 / 251822 |
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E-mail: |
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Corporate Office: |
4A, New Tejpal
Industrial Estate, Kurla Andheri Rd., Sakinaka, Mumbai 400072, India |
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Tel. No.: |
91-22-28595248 |
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Mobile No.: |
91-9323485040 |
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E-mail: |
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Website : |
DIRECTORS
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Name : |
Ms. Muktaben Devchand Shah |
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Designation : |
Director |
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Address : |
202, Prashanti, 2nd Floor, Vayudevta Mandir Complex, Devidas
Lane, Borivali [West], Mumbai 400103, Maharashtra, India |
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Date of Birth/Age : |
15.08.1939 |
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Date of Ceasing : |
08.02.2008 |
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Name : |
Mr. Atul Devchand Shah |
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Designation : |
Director |
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Address : |
202, Prashanti, 2nd Floor, Devidas Lane, Borivali [West],
Mumbai 400103, Maharashtra, India |
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Mobil No.: |
91-9323044855 |
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Date of Birth/Age : |
27.11.1963 |
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Date of Ceasing : |
08.02.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Honarable Securities Limited |
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92950 |
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Atul Devchand Shah |
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7050 |
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Total |
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100000 |
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Equity Share
Break-up [As on 31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tinplate Cans, Plastic Items, Printed Sheets,
Components, Handles, Can making Machineries etc. |
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Products: |
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Exports |
Ř Middle East Ř Kazakhstan Ř Cuba Ř
Africa. |
GENERAL
INFORMATION
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No. of Employees |
400 |
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Bankers : |
Ř
The Saraswat
Co-Operative Bank Limited Marol Branch,
Marol Maroshi Road, Andheri [East], Mumbai 400059 Ř
Union Bank
of India Sion [East]
Branch, Mumbai |
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Banking Relations
: |
--- |
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Auditors : |
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Name : |
Santosh H. Barnwal Chartered Accountants |
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Address : |
202, Utsav Apartment, Raghukul Housing Complex, Mahim Road, Palghar
401404, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
Issued, Subscribed & Paid-up 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 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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6.090 |
5.995 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.090 |
6.995 |
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LOAN FUNDS |
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1] Secured Loans |
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5.182 |
5.523 |
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2] Unsecured Loans |
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5.224 |
8.771 |
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TOTAL BORROWING |
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10.406 |
14.294 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.496 |
21.289 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.872 |
3.915 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.018 |
0.018 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.446 |
4.097 |
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Sundry Debtors |
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13.051 |
13.685 |
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Cash & Bank Balances |
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0.695 |
0.643 |
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Other Current Assets |
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0.330 |
0.241 |
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Loans & Advances |
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0.845 |
3.264 |
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Total
Current Assets |
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19.367 |
21.930 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.761 |
4.574 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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5.761 |
4.574 |
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Net Current Assets |
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13.606 |
17.356 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.496 |
21.289 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover
[Estimated] |
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25.000 |
25.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.28 |
2.69 |
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Current Ratio (Current Asset/Current Liability) |
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3.36 |
4.79 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
RAJDEEP CANS PRIVATE LIMITED |
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Presented By |
RAJDEEP CANS PRIVATE LIMITED AND THE
SARASWAT CO-OPERATIVE BANK LIMITED Marol Branch, Marol Maroshi Road, Andheri
[East], Mumbai 400059 |
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1) Date and description of instrument creating the change |
1. Agreement of hypothecation
of movable property dated 28.03.2002. 2. Agreement of hypothecation
of book debts dated 28.03.2002 [both the above instrument create for a single charge] |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.700 Million
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
All the stock,
tangible movable property, outstanding book debts, claims and bills
receivables etc. and more
particularly as shown in the above referred agreements dated 28.3.2002 |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest
@ 14.75% p.a. or at such other rate as may be fixed by the bank from time to
time and notified to the borrower.
Other terms and conditions as per the abovereferred agreements dated
28.03.2002 |
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5) Name and Address and description of the person entitled to the
charge. |
The Saraswat
Co-Operative Bank Limited Marol Branch,
Marol Maroshi Road, Andheri [East], Mumbai 400059 |
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Name of the company |
RAJDEEP CANS PRIVATE LIMITED |
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Presented By |
Mrs. N. P. Olia,
Manager Central Office,
M. B. Zone II, Bombay 400021 |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 28.03.1989 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.800 Million
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Against
hypothecation of company’s all the book debts, outstanding moneys receivable
claims bills contracts securities investments rights and assets [except
property effectively otherwise hypothecated or charged to the bank] are
hereby hypothecated to the bank. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
To secure SOD/CC
etc. hypothecation arrangement to the extent of Rs. 0.800 Million against
company’s all book debts detailed in column 3 hereof are hypothecated to the
bank on demand of all moneys at any time payable by the company to the bank
in respect of the company’s SOD/CC etc.
Account or any other liability of the company to the bank with
interest 15.5% p.a. or at such rate as may from time to time be fixed by the
bank notified to the Company. Such
interest being payable by the Company
as and when demanded by the bank. The
company undertakes not to create any charge, mortgage, lien or encumbrances
upon or over the said hypothecation to the Bank except to the bank nor permit
and/or offer any such mortgage charge, lien or encumbrances to effect the
security prejudicially. |
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5) Name and Address and description of the person entitled to the
charge. |
Union Bank of
India Sion [East]
Branch, Mumbai |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.62 |
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UK Pound |
1 |
Rs. 81.29 |
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Euro |
1 |
Rs. 64.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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 |
NO |
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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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48 |
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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