MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
GURU RAJENDRA METALS PRIVATE LIMITED |
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Registered Office : |
302, Majestic Shopping Center, 144, Girgaon Road, Mumbai-400004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.01.1975 |
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Com. Reg. No.: |
11-18633 |
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CIN No.: [Company
Identification No.] |
U2720MH1975PTC018633 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG02710B |
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PAN No.: [Permanent
Account No.] |
AACCG2504N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Aluminum Products and Brass Products |
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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mahesh |
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Designation : |
Accounts Department |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
302, Majestic Shopping Center, 144, Girgaon Road, Mumbai-400004,
Maharashtra, India |
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Tel. No.: |
91-22-66551170/ 71/ 72 |
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Fax No.: |
91-22-66551177 |
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E-Mail : |
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Website : |
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Area : |
800 sq.ft ( Owned) |
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Godown 1 : |
721, Khatir Pole, Gandhi Road, Ahmedabad-380001, Gujarat, India |
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Tel. No.: |
91-79-22141528/ 22111528 |
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Fax No.: |
91-79-22111527 |
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Area : |
+ 1500 sq.ft (Rented) |
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Godown 2 : |
Godown No. 15, No. 465, Shankar Tekri, Udyognagar, Jamgar-361004, Gujarat,
India |
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Tel. No.: |
91-288-2566063 |
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Fax No.: |
91-288-2560152 |
DIRECTORS
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Name : |
Mr. Manjukumari Surendra Mehta |
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Designation : |
Director |
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Address : |
1602, Shivtapi 57, Goregaonkar Lane, Gamdevi, Mumbai-400007, Maharashtra,
India |
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Date of Birth/Age : |
07.09.1965 |
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Date of Appointment : |
15.12.1986 |
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Name : |
Mr. Parasmal Jain |
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Designation : |
Chairman |
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Address : |
B/2, Prithvi Apartment, 4th Floor, Allamount Road, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
28.03.1939 |
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Date of Appointment : |
31.10.1975 |
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Name : |
Mr. Dilip Kumar Jain |
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Designation : |
Director |
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Address : |
B/2, Prithvi Apartment, 4th Floor, Allamount Road,
Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
30.06.1967 |
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Date of Appointment : |
09.12.1985 |
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Name : |
Mr. Vinod Kumar Jain |
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Designation : |
Director |
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Address : |
B/2, Prithvi Apartment, 4th Floor, Allamount Road, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
21.06.1963 |
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Date of Appointment : |
15.12.1991 |
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Name : |
Mr. Gumanmal Dhoked |
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Designation : |
Director |
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Address : |
702, Veena Apartment, 198, Walkeshwar Road, Mumbai-400006, Maharashtra,
India |
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Date of Birth/Age : |
16.02.1969 |
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Date of Appointment : |
01.06.2005 |
KEY EXECUTIVES
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Name : |
Mr. Mahesh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Parasmal J Jain |
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14322 |
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Parasmal J Jain (Legal Heirs of Mrs. Najudevi P Jain) |
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5300 |
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Vinod Kumar Jain |
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10178 |
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Dilip Kumar Jain |
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12500 |
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Geetakumari Dhoked |
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1000 |
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Surendra B Mehta |
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1900 |
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Dilip Jain (Father and Natural Guardian of Dihirit Jain) |
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400 |
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Vinod Jain (Father and Natural Guardian of Varun Jain) |
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2400 |
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Dilip Jain (Father and Natural Guardian of Ragini Jain) |
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300 |
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Manju s Mehta |
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400 |
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Gumanmal K Dhoked |
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300 |
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Vindokumar P Jain HUF |
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1000 |
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Total |
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50000 |
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List of Allottees |
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No. of Shares Allotted |
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Parasmal Jain |
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10000 |
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Dilip Kumar Jain |
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6000 |
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Vinod Jain |
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5000 |
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Vinod Jain (For Varun Jain
Father and Natural Guardian) |
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1200 |
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Vinod Parasmal Jain HUF |
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500 |
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Dilip Jain (For Dhirti Jain Father and Natural Guardian) |
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600 |
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Dilip Jain (For Ragini Jain Father and Natural Guardian) |
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700 |
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Dilip Parasmal Jain HUF |
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1000 |
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Total |
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25000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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96.00 |
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Other top fifty (50) Shareholders (Other than listed above) |
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4.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminum Products and Brass Products |
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Products : |
·
Aluminum De-ox Ingots ·
Aluminum Cubes/ Granulates ·
Aluminum Stick/ Notch Bar ·
Aluminum Shots ·
Aluminum Wire Rod |
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Agencies Held : |
Hindalco Industries |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
30 |
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Bankers : |
·
Central Bank of India, Opera House Branch, Bhaskar Mansion; 1st
Floor, 437, Dr. Dadasaheb Bhandarkar Marg, Mumbai-400004, Maharashtra, India ·
Oriental Bank of Commerce, Kamingaton Road, Branch |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J.C Bafna and Company Chartered Accountant |
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Address : |
10, Emerald Building, P.P Road, Andheri (East), Mumbai-400069,
Maharashtra, India |
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Associates/Subsidiaries : |
·
Jugraj Tejraj Mutual Agency Private Limited Address: 302, Majestic Shopping Center, 144, Girgaon Road,
Mumbai-400004, Maharashtra, India ·
Vinal Metal Limited Address: 302, Majestic Shopping Center, 144, Girgaon Road, Mumbai-400004,
Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.
100/-each |
Rs. 7.500
Millions |
Notes:
1)
Includes 10 Equity Shares allotted in
pursuance of Contract without payment being received in cash in earlier year.
2)
24000 Equity Shares of Rs. 100/- each have
been issued on fully up bonus shares by capitalization of General Reserve.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.374 |
15.614 |
14.658 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.874 |
20.614 |
19.658 |
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LOAN FUNDS |
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1] Secured Loans |
74.296 |
15.156 |
6.740 |
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2] Unsecured Loans |
15.999 |
29.255 |
82.738 |
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TOTAL BORROWING |
90.295 |
44.411 |
89.478 |
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DEFERRED TAX LIABILITIES |
0.078 |
0.109 |
0.152 |
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TOTAL |
115.247 |
65.134 |
109.288 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.387 |
2.429 |
3.058 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.878 |
5.878 |
6.028 |
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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 |
0.000
|
0.000 |
5.123 |
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Sundry Debtors |
46.404
|
209.797 |
140.061 |
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Cash & Bank Balances |
95.390
|
26.867 |
11.674 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
30.454
|
19.704 |
21.130 |
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Total
Current Assets |
172.248
|
256.368 |
177.988 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.569
|
182.960 |
70.314 |
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Provisions |
7.737
|
16.612 |
7.514 |
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Total
Current Liabilities |
66.306
|
199.572 |
77.828 |
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Net Current Assets |
105.942
|
56.796 |
100.160 |
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MISCELLANEOUS EXPENSES |
0.040 |
0.031 |
0.042 |
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TOTAL |
115.247 |
65.134 |
109.288 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
195.549 |
108.730 |
138.028 |
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Other Income |
84.977 |
82.463 |
94.685 |
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Total Income |
280.526 |
191.193 |
232.713 |
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Profit/(Loss) Before Tax |
4.808 |
12.749 |
12.608 |
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Provision for Taxation |
2.049 |
4.790 |
4.800 |
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Profit/(Loss) After Tax |
2.759 |
7.959 |
7.808 |
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Expenditures : |
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Administrative Expenses |
78.452 |
61.812 |
75.525 |
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Purchases made for re-sale |
185.607 |
100.336 |
139.307 |
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Employees Remuneration and Benefits |
1.759 |
1.593 |
1.948 |
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Increase/(Decrease) in Finished Goods |
0.000 |
5.124 |
[5.123] |
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Managerial Remuneration |
4.060 |
3.220 |
2.280 |
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Interest |
5.036 |
5.635 |
5.453 |
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Depreciation & Amortization |
0.804 |
0.724 |
0.715 |
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Total Expenditure |
275.718 |
178.444 |
220.105 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.98
|
4.16 |
3.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.46
|
11.73 |
9.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.74
|
4.93 |
6.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.62 |
0.64 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.29
|
11.84 |
4.95 |
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Current Ratio (Current Asset/Current Liability) |
|
2.59
|
1.28 |
2.29 |
LOCAL AGENCY
FURTHER INFORMATION
Dividend:
The Financial year 2007-2008 has again been a good year for the company
with a profit after tax fo Rs. 2.637 Millions. The directors are pleasure to recommend
a dividend of Rs. 10/- per share i.e. 10% on Share capital. The total outgo of
the dividend to be paid to the shareholders will be Rs. 0.877 Million
(Inclusive of corporate tax on dividend @ 19.995%)
Fixed Assets:
·
Electricity Fitting
·
Office Equipments
·
Furniture and Fixtures
·
Air Conditioner
·
Vehicle
·
Computer
·
Mobile
·
Fax Machine
·
Scooter
·
Fan
·
Intangible Assets
Bankers Charges
Report as per Registry
|
Name of the company |
GURU RAJENDRA METALS PRIVATE LIMITED |
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Presented By |
Central Bank of India,
Opera House Branch, Mumbai |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation to Secure Demand Credit Against Goods Dated 22.02.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
Millions |
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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 |
Hypothecation of
all tangible movable property such as products, stock-in –trade and good of
the Borrower which now or hereafter form time to time during the security
shall bought in, stored or be in or about the premises, warehouse or anywhere
else or godown of the borrowers |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 11.5% per annum or at such other rate as may from time to time be
fixed by the Bank for the Letter of Credit limit of Rs. 12.000 Millions
granted by the Bank to the Company. Margin : 10% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India, Opera House Branch, Bhaskar Mansion; 1st
Floor, 437, Dr. Dadasaheb Bhandarkar Marg, Mumbai-400004, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation of Goods to Secure Letter of Credit (DA Basis) Dated 27.01.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
Charge dated 22.06.2001 for Rs. 0.120 Million was granted by the bank thereby
enhancing the LC Inland / Imp (DA/ DP) Usance 90 Days limit form Rs. 0.120
Millions to Rs. 0.300 Milion Vided this
modification an additional LC Inland/ Imp (Da/DP) Usance 90 days limit of Rs.
0.150 Million has been granted by the bank against hypothecation of all
tangible movable property such as products, sock-in trade and goods of the
Borrower which now or herafter form time to time during the security shall
brought in, stored or be in or about the premises, warehouses or anywhere
else or godowns of the Borrowers in Silvassa, Bhiwandi inclusive of
Hypothecation of goods under Import/ Inland Letter of Credit Thus the LC
Inland/ Imp. (Da/DP) Usance 90 Days limit had been enhanced form Rs. 0.300
Million to Rs. 0.450 Million |
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Corporate
identity number of the company |
U2720MH1975PTC018633 |
|
Name of the
company |
GURU RAJENDRA METALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
302, Majestic Shopping Center, 144, Girgaon Road, Mumbai-400004,
Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Equitable Mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
Central Bank of India, Opera House Branch, Bhaskar Mansion; 1st
Floor, 437, Dr. Dadasaheb Bhandarkar Marg, Mumbai-400004, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum for
Deposit of Title-Deeds |
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Date of
instrument Creating the charge |
18.08.2006 |
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Amount secured by
the charge |
RS. 144.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Guru Rajendra
Metals Private Limited Fund Based
Quality Rs. 8.000 Millions Non Fund Based
Facilities Rs. 55.000 Millions Total (FB + NFB)
Facilities Rs. 63.000 Millions Jugraj Tejraj Agancy
Private Limited Fund Based
Quality Rs. 11.000 Millions Non Fund Based
Facilities Rs. 70.000 Millions Total (FB + NFB)
Facilities Rs. 81.000 Millions |
|
Description of
the property charged indicating whether it is a charged on |
Memorandum for Deposit
of Title Deeds |
|
Particulars of
the property charged |
20.08.2004 |
AS PER WEBSITE
Profile:
Subject is the Professionally managed
Company is engaged in the Manufacturing of Aluminum Products and Brass Products.
The Company supplies world wide with a comprehensive range of Aluminum Deox
Ingots, Cubes, Shots, Nothcbar, Wire rod as well as Brass Parts – Electrical
Parts, Electronics Parts, Writing Instruments Parts, Hardware Parts, etc to the
International Specifications.
Since its foundation in 1996, G.R. Group’s core Policy has
been satisfying all needs and requirements of its customers by delivering high
quality products combined with high speed and efficiency to all over the Globe.
The Company strated its operation by International and
Domestic trading of various kinds of Metal Scrap and Metal Products.. Having
achieved success in the trading sector, the Group entered into the
Manufacturing of the Aluminum Ingots, Cubes, Shots, Notchbar, Granulates, Wire
rod etc Catering mainly to the various integrated Steel Plants in India as well
as abroad.
In the second phase of expansion, the Company set up a plant
at Jamnagar, Gujarat for the Manufacturing of various kinds of Brass Parts,
like Pen Parts, Automobile Parts, Electronics Parts, Hardware Parts, etc.
The Company with the expertise gained over a period of time
and fully equipped laboratory, ensures customer satisfaction by supplying the
quality products with strict compliance with the International Standards or
Customer’s own specifications by continuously monitoring quality at each and
every stage right from the procurement of raw material to the final delivery of
the finished products.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|