MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
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Name : |
RAMSAYS CORPORATION PRIVATE LIMITED |
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Registered
Office : |
18, Lodd Govindass Nagar Road, Cheenai-600002, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.09.2007 |
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Com. Reg. No.: |
064917 |
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CIN No.: [Company Identification
No.] |
U28990TN2007PTC064917 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHER09408A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of cold formed parts, Special fasteners and
Sub-assemblies for automotive and non automotive applications. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 340000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
18, Lodd Govindass Nagar Road, Cheenai-600002, Tamil Nadu, India |
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Tel. No.: |
91-44-28614240 |
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Fax No.: |
91-44-28614239 |
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E-Mail : |
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Website : |
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Factory : |
Chemmencherry Village, Shollinganallur, Cheenai-600116, Tamil Nadu,
India |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. R P Ramaswamy |
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Designation : |
Director |
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Address : |
No.18, LGN Road, Mount Road, Cheenai-600002, Tamil Nadu, India |
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Date of Birth/Age : |
02.06.1941 |
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Date of Appointment : |
28.09.2007 |
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DIN No : |
01302632 |
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Name : |
Mr. R. Krishnankumar |
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Designation : |
Director |
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Address : |
No.18, LGN Road, Mount Road, Cheenai-600002, Tamil Nadu, India |
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Date of Birth/Age : |
07.11.1966 |
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Date of Appointment : |
28.09.2007 |
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DIN No : |
01293975 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. R P Ramaswamy |
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2400000 |
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Mr. R. Krishnankumar |
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600000 |
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Total |
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3000000 |
AS ON 30.09.2010
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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 |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of cold formed parts, Special fasteners and
Sub-assemblies for automotive and non automotive applications. |
GENERAL INFORMATION
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Bankers : |
·
Indian Bank, Triplicane Branch, 84 Big Street,
Chennai-600005, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay Sarathy and Company Chartered Accountant |
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Address : |
New No. 39 (Old No.18 A), Rajamannar Street, T. Nagar, Cheenai-600017,
Tamil Nadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
0.180 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.244 |
25.850 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
86.244 |
55.850 |
0.180 |
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LOAN FUNDS |
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1] Secured Loans |
20.009 |
3.615 |
0.000 |
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2] Unsecured Loans |
22.811 |
17.100 |
0.188 |
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TOTAL BORROWING |
42.820 |
20.715 |
0.188 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
129.064 |
76.565 |
0.368 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.438 |
46.807 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
11.177
|
5.686 |
0.000 |
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Sundry Debtors |
35.147
|
28.628 |
0.000 |
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Cash & Bank Balances |
9.376
|
6.239 |
0.000 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
34.741
|
25.586 |
0.000 |
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Total
Current Assets |
90.441
|
66.139 |
0.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
23.538
|
22.651 |
0.005 |
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Other Current Liabilities |
19.501
|
14.029 |
0.000 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
43.039
|
36.680 |
0.005 |
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Net Current Assets |
47.402
|
29.459 |
(0.005) |
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MISCELLANEOUS EXPENSES |
0.224 |
0.299 |
0.373 |
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TOTAL |
129.064 |
76.565 |
0.368 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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GROSS INCOME |
|
365.877 |
279.589 |
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Less |
GROSS EXPENSES |
|
315.983 |
239.710 |
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PROFIT BEFORE
TAX |
|
49.894 |
39.879 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.03
|
35.31 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.58
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0.71 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.99
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1.03 |
1.07 |
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Current Ratio (Current Asset/Current Liability) |
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2.10
|
1.80 |
NA |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U28990TN2007PTC064917 |
|
Name of the
company |
RAMSAYS
CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
18, Lodd Govindass Nagar Road, Cheenai-600002, Tamil Nadu, India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable property Any Interest In Immovable Property Book debts Movable property (not being pledge) Others |
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Particular of
charge holder |
Indian Bank, Triplicane Branch, 84 Big Street, Chennai-600005, Tamil Nadu,
India |
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Nature of
instrument creating charge |
1.
Agreement for increase in Cash Credit limit dt.19.08.2010. 2.Agreement
for irrevocable letter of credit/Authority for payment dt.19.8.2010. 3.
Agreement for irrevocable letter of credit/authority for payment
dt.19.8.2010. 4.
Letter from party to Bank confirming extension of equitable mortgage
dt.19.8.2010. |
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Date of
instrument Creating the charge |
19.08.2010 |
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Amount secured by
the charge |
Rs. 41.484 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest OCC-BR(8%)
+spread (7.25%) + 0.50% (TP)=15.75% p.a. Inland LC-LC-Card rate Terms of
repayment OCC-S/L/Inland
LC-One year Deferred payment LC- 5 installments in 30 months. Margin OCC-25%
LC-Cash margin-10% MTL-50% for land and 25% for others Extent and
operation of the charge First
exclusive charge on the existing movables, machineries and extension of
existing charge on immovable properties, for the enhanced limit of Rs.41484210/-
together with interest costs charges and other expenses which may be debited
to appropriate account(s) from time to time. The charge operates by way first
exclusive charge movable and immovable properties mentioned in the agreement
as in item No.15 of this form. |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation
of movable assets of stocks book debts and goods, Hypothecation of machinery one
set of JBF-13B4SXL bolt former and one set of CGR-254H thread rolling machine
valued at US$206204.64(approx INR-9.795 millions) Extention of equitable
mortgage by way of immovable property situated
S. Nos 508/5A, 5B, 5C,5D, 509/4 (Part), 5(Part), 6C, D and 6E, 510/2, 510/3
of Kulayaneri village, Veerakkerlampudur Taluk, Tirunelveli dist . |
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Charge
identification number of the charge to be modified |
10210100 |
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Date of
instrument modifying the charge |
29.04.2010 |
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Particulars of the
present modification |
By
the present modification the credit facilities enhanced from Rs.2,51,00,000/-
millions to 4,14,84,210 for the following :- Facility Existing revised Rs. in millions OCC
and MTL 25.100 33.100 Sub
Limit-LC --
( 6.000) Deferred
LC fresh –
8.384 Total 25.100 41.484 |
FIXED ASSESTS
ü Plant and
Machinery
ü Building
ü Car – Swift
ü Computer and
Accessories
ü Electrical and
Fittings
ü Fax Machine
ü Furniture and
Fittings
ü Motor Car
ü Office Equipments
ü Plant and
Machinery
Web Side Details
Profile
They have started
their industry four decades ago, and we have specialized in manufacturing cold
formed parts and they went into cold forming in the year 1990 and from that day
we have been achieving their objective of forging special components and
supplying to various OEMS.
They are specialist in manufacturing cold forged parts and sub assemblies for
automative applications like Chasis, Drive Train, Auto electrical and sub -
assemblies.
They have specialized in manufacturing auto elecrical components.
They have technical consultants in India, Japan and Germany who give them
complete technical knowhow in manufacturing forged parts and assemblies.
They can manufacture parts in Aluminum, Brass, Copper, Stainless Steel.
They have capacity to manufacture and supply special formed parts from 4mm dia
to 30mm dia to a length of 200mm max.
They have Multi-station headers and thread rolling machines for development of
critical parts.
They also have In-house facilities for Heat treatment, CNC machining, Rack
Broaching, Induction hardening, Centrifugal finishing, ultrasonic cleaning,
Plating etc
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 |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.