MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
RAJLAXMI METALS PRIVATE LIMITED |
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Registered Office : |
Gala No.3, Shiley Industrial Estate, S V Road, Udyog Nagar, Goregaon
(West), Mumbai – 400062, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.1981 |
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Com. Reg. No.: |
023746 |
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CIN No.: [Company
Identification No.] |
U28910MH1981PTC023746 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Brass Rods |
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 85000 |
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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 : |
Mr. Shah, Account Head parted require details after several follow- up.
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Shah |
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Designation : |
Accounts Head |
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Date : |
17.11.2008 |
LOCATIONS
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Registered Office : |
Gala No.3, Shiley Industrial Estate, S V Road, Udyog Nagar, Goregaon
(West), Mumbai – 400062, Maharashtra, India |
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Tel. No.: |
91-22- 28752280/ 28751713 |
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Fax No.: |
91-22- 28743477 |
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E-Mail : |
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Website : |
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Area : |
800 sq ft |
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Location : |
Owned |
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Factory 1: |
21/3, GIDC, Sankar Tekri, |
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Tel. No.: |
91-288- 2560111/ 2/ 3 |
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Fax No.: |
91-288- 2560114 |
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Factory 2: |
2/ 50, JIDC, Udyog Nasar, |
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Tel. No.: |
91-288- 2560111/ 2/ 3 |
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Fax No.: |
91-288- 2560114 |
DIRECTORS
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Name : |
Mr. Shrenik Chandulal Dodhia |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
13.10.1970 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Sonil Ramniklal Shah |
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Designation : |
Director |
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Address : |
Sonil, |
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Date of Birth/Age : |
09.12.1967 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Salva C. Darshak |
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Designation : |
Director |
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Address : |
56, Digvijay Plot, |
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Date of Birth/Age : |
04.08.1977 |
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Date of Appointment : |
30.09.1998 |
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Name : |
Mr. Dodhia C. Shrenik |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
13.10.1970 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Sonil Ramniklal Shah |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
09.12.1967 |
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Date of Appointment : |
20.07.2005 |
KEY EXECUTIVES
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Name : |
Mr. Shah |
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Designation : |
Account Head |
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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Ramniklal Keshavji Shah |
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1050 |
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Mrs. Lilavati Ramnik Shah |
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950 |
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Mrs. Jasmin Jayendrabhai Dodhia |
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260 |
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Mr. Shrenik Chandulal Dodhia |
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740 |
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Mr. Dhaval Jinesh Shah (Jt. JFS) |
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1400 |
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Mrs. Sarojben Chandrakant Salva |
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650 |
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Mr. Darshad chandrakant salva |
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700 |
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Mr. Chandrakant Hirjibhai Salva |
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650 |
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Mrs. Jayaben Jinesh Shah |
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600 |
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Mrs. Savitaben Veljibhai |
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1400 |
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Mr. Milan Chandubhai HUF |
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1000 |
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Mrs. Kumudben J Dodhia (Jt. JKD) |
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1150 |
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Mrs. Hansaben Dhirajbhai Dhondia |
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1000 |
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Mr. Harshil Dhirajlal Dhondia |
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600 |
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Mr. Nirav Jayendra Dhondia |
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1225 |
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Mr. Rajiv Shrenak Dhondia |
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2625 |
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Mr. Dhirajlal K. Dodhia (Jt. HDD) |
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300 |
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Mr. Sonil R. Shah |
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1000 |
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Mr. Himesh R Shah |
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1000 |
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Mr. |
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800 |
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Mr. Jayendra K Shah HUF |
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250 |
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Mr. Dhirajlal K Dhodia HUF |
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250 |
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Mr. Jayendra K Shah |
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400 |
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Total |
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20000 |
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AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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46.82 |
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Other top fifty shareholders |
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53.18 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Brass Rods |
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Exports : |
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Products : |
Brass Rods |
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Countries : |
Hong Kong and |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
115 |
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Bankers : |
S
State Bank of Saurashtra, Digvijay Plot Branch, S
Oriented Bank of Commerce |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sarda and Sarda Chartered Accountant |
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Address : |
Sarda house, Opp. Panchvati Society, |
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Associates/Subsidiaries : |
S
Rajhans Metals Private Limited Gala No.3, Shiley Industrial Estate, S V Road,
Udyog Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India Line of Business: Manufacturer, Importer
and Exporter of Brass Rods S
Rajhans Impex Private Limited |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- Each |
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 100/- Each |
Rs.2.000 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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.134 |
12.378 |
11.253 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.134 |
14.378 |
13.253 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
11.655 |
13.949 |
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2] Unsecured Loans |
47.475 |
39.550 |
31.310 |
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TOTAL BORROWING |
47.475 |
51.205 |
45.259 |
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DEFERRED TAX LIABILITIES |
0.039 |
46.52 |
0.035 |
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TOTAL |
64.648 |
65.629 |
58.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.854 |
3.082 |
2.388 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
0.133
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0.138 |
0.000 |
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Sundry Debtors |
65.446
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66.725 |
63.137 |
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Cash & Bank Balances |
0.112
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4.934 |
5.936 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.822
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1.433 |
1.390 |
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Total
Current Assets |
67.513
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73.230 |
70.463 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.634
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9.512 |
13.190 |
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Provisions |
2.086
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1.172 |
1.114 |
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Total
Current Liabilities |
5.720
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10.684 |
14.304 |
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Net Current Assets |
61.793
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62.546 |
56.159 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.648 |
65.629 |
58.548 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Total Income |
31.374 |
68.650 |
85.824 |
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Profit/(Loss) Before Tax |
4.573 |
2.114 |
2.012 |
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Provision for Taxation |
1.583 |
0.762 |
0.724 |
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Profit/(Loss) After Tax |
2.990 |
1.352 |
1.288 |
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Total Imports |
16.373 |
55.967 |
-- |
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Total Expenditure |
26.801 |
0.355 |
0.527 |
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 |
(%) |
09.53
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54.78 |
50.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.57
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85.61 |
79.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
06.49
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02.76 |
02.76 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.14 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.10
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4.30 |
4.49 |
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Current Ratio (Current Asset/Current Liability) |
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11.80
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6.85 |
4.92 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
S
Rajendra Metals – Mumbai
S
Kalyan Metals – Mumbai
Director Report
DIVIDANT
The director have recommended a dividend of Rs.10 per share. The
dividend outgo including dividend tax would be Rs.0.233 million. The dividend,
if declared, will be free of tax in the hand of the member.
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10032106 |
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Corporate
identity number of the company |
U28910MH1981PTC023746 |
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Name of the
company |
RAJLAXMI METALS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Gala No.3, Shiley Industrial Estate, S V Road, Udyog Nagar, Goregaon
(West), Mumbai – 400062, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
Confirmation
Letter |
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Date of
instrument Creating the charge |
29.10.2007 |
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Amount secured by
the charge |
Rs.184.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest NA Terms of
Repayment NA Margin NA Extent and
Operation of the charge Collateral
Security created to secure the working capital facilities granted by the Bank
of Rajhans Metals Private Limited |
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Short particulars
of the property charged |
Land Bearing Plot
No.6, GIDC, Shankar Tekri, Together with Industrial shed thereon |
Fixed Assets
·
Air Conditioner
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Computers
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Dies and Mould
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Electric Fitting
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Factory Equipments
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Factory Shed
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Furniture and Fixture
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Generators
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Laboratory Equipment
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Mobile Phone
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New Hydraulic Press
Machine
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Office Equipments
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Packing Tank
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Plant and Machinery
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R O Plant
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Residential Quarters
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Scooters
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Tractors
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Water Cooler
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Water Treatment Plant
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
NO |
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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 |
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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 |
|
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 |
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