MIRA
INFORM REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
RAMCO STEELS PRIVATE LIMITED |
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Registered
Office : |
LGF-6, Basement, J-1, Kailash Colony, New Delhi-110048 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.03.1992 |
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Com. Reg. No.: |
55-048248 |
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CIN No.: [Company Identification
No.] |
U74899DL1992PTC048248 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELR07963E |
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PAN No.: [Permanent Account No.] |
AAACR0261K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Forged Components, Machine Components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 1300000 |
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Status : |
Good |
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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 fine track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are reported to be 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 : |
LGF-6, Basement, J-1, Kailash Colony, New Delhi-110048, |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 75, Sector 25, |
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Tel. No.: |
91-129-4061230 |
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Fax No.: |
91-129-4061229 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Brij Mohan Mittal |
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Designation : |
Managing sDirector |
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Address : |
B-313, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
21.06.1940 |
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Date of Appointment : |
16.05.2000 |
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DIN No.: |
00047751 |
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Name : |
Mr. Paresh Mittal |
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Designation : |
Director |
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Address : |
B-313, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
06.02.1966 |
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Date of Appointment : |
28.09.1993 |
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DIN No.: |
00047767 |
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Name : |
Mr. Nitin Mittal |
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Designation : |
Director |
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Address : |
2nd Floor, D-827, New Friends Colony, New Delhi-110025, |
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Date of Birth/Age : |
11.12.1972 |
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Date of Appointment : |
18.12.1999 |
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DIN No.: |
00047782 |
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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Brij Mohan Mittal |
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124000 |
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Darshan Mittal |
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124000 |
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Paresh Mittal |
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126000 |
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Nitin Mittal |
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126000 |
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Total |
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500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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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 : |
Manufacturers and Exporters of Forged Components, Machine Components. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
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Actual
Production |
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Rough Steel Forgings |
Pcs. and Kgs. |
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1746175 Pcs 51831 Kgs. |
GENERAL INFORMATION
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Customers : |
·
Kubota Corporation, ·
Dana Corporation, ·
GE Motors India Limited ·
Kennametal Inc. ·
CAB Inc, ·
Denso India Limited ·
Bharat Gears Limited, ·
Sons Somic Limited |
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No. of Employees: |
500 Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Borar and Associates Chartered Accountant |
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Address : |
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Tel. No.: |
91-129-2414987/ 2414227 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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 |
5.000 |
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 |
134.944 |
129.107 |
123.853 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
139.944 |
134.107 |
128.853 |
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LOAN FUNDS |
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1] Secured Loans |
95.088 |
86.872 |
90.182 |
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2] Unsecured Loans |
0.000 |
2.500 |
2.500 |
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TOTAL BORROWING |
95.088 |
89.372 |
92.682 |
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DEFERRED TAX LIABILITIES |
7.487 |
7.281 |
6.690 |
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TOTAL |
242.519 |
230.760 |
228.225 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
116.609 |
116.064 |
103.436 |
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Capital work-in-progress |
0.514 |
0.426 |
1.432 |
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INVESTMENT |
0.000 |
10.000 |
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 |
41.761
|
22.124 |
44.690 |
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Sundry Debtors |
78.506
|
77.652 |
75.982 |
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Cash & Bank Balances |
2.376
|
2.943 |
1.387 |
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Other Current Assets |
2.011
|
3.508 |
4.779 |
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Loans & Advances |
10.938
|
16.678 |
17.073 |
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Total
Current Assets |
135.592
|
122.905 |
143.911 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.976
|
0.494 |
0.290 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
10.196
|
18.635 |
20.554 |
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Net Current Assets |
125.396
|
104.270 |
123.357 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
242.519 |
230.760 |
228.225 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
307.557 |
148.031 |
185.073 |
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Job Work |
7.223 |
227.165 |
177.676 |
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Other Income |
8.000 |
17.604 |
19.013 |
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TOTAL |
322.780 |
392.800 |
381.762 |
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Less |
EXPENSES |
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|
200.768 |
185.954 |
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Directors Salary |
|
0.840 |
0.720 |
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Bonus |
300.152 |
3.542 |
3.320 |
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Ex Gratia Payment to Employees |
|
0.425 |
0.459 |
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Other Expenses |
|
163.927 |
156.408 |
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TOTAL |
300.152 |
369.502 |
346.861 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
22.628 |
23.298 |
34.901 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
14.134 |
15.532 |
14.121 |
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PROFIT BEFORE
TAX |
8.494 |
7.766 |
20.780 |
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Less |
TAX |
2.657 |
2.510 |
5.413 |
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PROFIT AFTER TAX
|
5.837 |
5.256 |
15.367 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
129.107 |
123.852 |
108.487 |
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BALANCE CARRIED
TO THE B/S |
134.944 |
129.108 |
123.854 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
75.884 |
151.081 |
NA |
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TOTAL EARNINGS |
75.884 |
151.081 |
NA |
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IMPORTS |
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Plant and Machinery |
0.000 |
14.886 |
NA |
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Testing and Checking Equipments |
1.256 |
0.000 |
NA |
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TOTAL IMPORTS |
1.256 |
14.886 |
NA |
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Earnings Per
Share (Rs.) |
11.67 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.81
|
1.34 |
4.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.76
|
5.25 |
11.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.37
|
3.33 |
8.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.81 |
0.88 |
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Current Ratio (Current Asset/Current Liability) |
|
13.30
|
6.60 |
7.00 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 1386, IInd
Floor, Chandani Chowk,
Operations:
During the financial Year 2009-10, the company has made export sales of
Rs. 71.527 Millions as against the previous year’s export sales of Rs. 148.031
Millions and made domestic sales of Rs. 236.030 Millions as against the
previous year’s domestic sales of Rs. 227.164 Millions. Due to recession in the
foreign market, the Export Sales of F.Y. 2009-10 has been reduced by 51.68% as
compared to previous year’s export sale. Inspite of downfall in the sales, the
company has achieved operating profit of Rs. 22.628 Millions as against
previous year’s operating profit of Rs. 23.280 Millions.
The company has earned other income of Rs. 8.000 Millions as against
previous year’s other income of Rs. 8.529 Millions.
In the current financial year, the company has handsome orders in hand
and expects better working results.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1992PTC048248 |
|
Name of the
company |
RAMCO STEELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
LGF-6, Basement, J-1, Kailash Colony, New Delhi-110048, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10115756 |
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Type of charge |
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Particular of
charge holder |
Standard Chartered Bank, 10, |
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Nature of
instrument creating charge |
Hypothecation
Agreement (Supplemental) |
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Date of
instrument Creating the charge |
04.03.2011 |
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Amount secured by
the charge |
Rs. 298.563 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Facility
Letter Dated 26.02.2011 Terms of
Repayment As per Facility
Letter Dated 26.02.2011 Margin As per Facility Letter
Dated 26.02.2011 Extent and
Operation of the charge As per Facility
Letter Dated 26.02.2011 |
|
Short particulars
of the property charged |
Hypothecation by
way of 1st and exclusive charge over co’s all present and future
stocks and book debts of the company stored or to be stored at the company’s
godowns or premises or wherever else the same may be. |
|
Date of
instrument modifying the charge |
26.08.2010 |
|
Particulars of
the present modification |
Bank’s first
and exclusive charger over all present
and future stocks, book debts and plant and machinery of the company or to be
stored at the company’s godowns or premises or wherever else the same may be already registered for Rs.
251.763 Millions shall stand enhanced to Rs. 298.563 Millions |
AS PER WEBSITE
Profile:
Subject is a composite unit having a hot-forge shop, proof machining
facility and a CNC machine shop, within the same premises. The company serves the
automotive, mining, hydraulics and other light engineering industries, both in
Ramco enjoys a good reputation amongst its clients for the strong value
proposition that it offers, without fail, year after year. At Ramco, they take
pride in constantly exhibiting the following:
- flexibility
to customers’ changing demands
- commitment to
quality and delivery
- fast response
time to enquiries (3 - 5 days)
- short lead
time for sample development (3 - 4 weeks)
- quick ramp up
for new projects
- competitive
pricing
- confidence in
the team and
- financial
stability
Over the years, they have developed a healthy relationship with the long-term
suppliers and other well managed, cutting-edge manufacturing companies of the industry.
With offices and plants in
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.