MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
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Name : |
REXELLO CASTORS PRIVATE LIMITED |
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Registered Office : |
23-D, Mahal Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.09.1980 |
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Com. Reg. No.: |
11-23111 |
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CIN No.: [Company
Identification No.] |
U36109MH1980PTC023111 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR16660A |
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PAN No.: [Permanent
Account No.] |
AABCR1775R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Castor wheels, Trolley wheels, Trolleys and other
Industrial Wheels. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 190000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Profit of
the company in the current year is low. Trade relations are fair. Business is
active. Payments are reported regular and as per commitments. The company can be considered for normal 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 |
INFORMATION PARTED BY
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Name : |
Mr. Kazim Merchant |
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Designation : |
Director |
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Contact No.: |
91-98203345016 |
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Date : |
16.04.2011 |
LOCATIONS
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Registered Office / Factory: |
23-D, Mahal Industrial Estate, |
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Tel. No.: |
91-22-40917777/26873625/26874456/66921721 |
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Mobile No.: |
91-9820334016 (Mr. Kazim Merchant) |
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Fax No.: |
91-22-26873580/26874639 |
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E-Mail : |
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Website : |
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Head Office : |
460, |
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Corporate Office : |
Navsonarbala, |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Amirali Mohamedali Merchant |
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Designation : |
Director |
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Address : |
460, Rexello House, |
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Date of Birth/Age : |
25.11.1931 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mrs. Zarina Haiderali Merchant |
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Designation : |
Director |
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Address : |
460, Rexello House, |
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Date of Birth/Age : |
23.09.1932 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mr. Tanvir Hussein Haiderlai Merchant |
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Designation : |
Director |
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Address : |
460, Rexello House, |
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Date of Birth/Age : |
29.07.1950 |
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Date of Appointment : |
01.04.1985 |
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Name : |
Mrs. Yasin Reza Amirali Merchant |
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Designation : |
Director |
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Address : |
460, Rexello House, |
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Date of Birth/Age : |
17.12.1966 |
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Date of Appointment : |
01.04.1997 |
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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Amirali Mohamedali Merchant |
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525 |
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Zarina Haiderali Merchant |
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150 |
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Tanvir Hussein Haiderlai Merchant |
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150 |
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Tehsinabbas Haiderali Merchant |
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150 |
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Raiz Haiderali Merchant |
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150 |
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Munir Haiderali Merchant |
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150 |
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Yasin Reza Amirali Merchant |
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225 |
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Total |
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1500 |
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 |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Castor wheels, Trolley wheels, Trolleys and other
Industrial Wheels. |
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Products : |
Castors
Wheels
Trolleys
Other products
Non-powered ground support equipment for airports, etc. |
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Exports : |
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Products : |
Zeals, Trolies |
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Countries : |
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Terms : |
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Purchasing : |
Cash |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Trolley Wheels (87169090) |
Nos |
226919 |
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Castor Wheels (83022000) |
Nos |
1158675 |
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Trolley (87168090) |
Nos |
2945 |
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Conveyor (84289090) |
Nos |
24289 |
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Door RNR Treklg (38024110) |
Nos |
17180 |
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Solid Rubber Wheel (40169390) |
Nos |
36 |
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Moulding P. Wheel (39269099) |
Nos |
1113 |
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Bed Pld Trolley (94035010) |
Nos |
77 |
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Skipping Ropes (95069990) |
Nos |
-- |
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Tool Set (82077090) |
Nos |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
150 (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 : |
N.S. Virani and Company Chartered Accountants |
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Address : |
28, |
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Tel. No.: |
91-22-22624390/30203630 |
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Fax No.: |
91-22-22658831 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500 |
Equity Shares |
Rs.100/- each |
Rs.0.150
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.150 |
0.150 |
0.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
49.479 |
50.233 |
45.440 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
49.629 |
50.383 |
45.590 |
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LOAN FUNDS |
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1] Secured Loans |
16.584 |
16.374 |
16.158 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
16.584 |
16.374 |
16.158 |
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DEFERRED TAX LIABILITIES |
1.104 |
1.320 |
1.361 |
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TOTAL |
67.317 |
68.077 |
63.109 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.760 |
25.239 |
27.675 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.575 |
4.958 |
2.819 |
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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 |
37.643
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29.194
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33.172 |
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Sundry Debtors |
13.662
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18.814
|
12.805 |
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Cash & Bank Balances |
1.419
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1.566
|
0.741 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
9.843
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11.619
|
15.240 |
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Total
Current Assets |
62.567
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61.193
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61.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.640
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16.460 |
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Other Current Liabilities |
2.676
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1.709
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21.347 |
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Provisions |
1.269
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5.144
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7.996 |
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Total
Current Liabilities |
30.585
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23.313
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29.343 |
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Net Current Assets |
31.982
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37.880
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32.615 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.317 |
68.077 |
63.109 |
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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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PROFIT BEFORE
TAX |
0.691 |
13.426 |
9.659 |
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Less |
TAX |
0.137 |
4.337 |
2.531 |
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PROFIT AFTER TAX
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0.554 |
9.089 |
7.128 |
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Earnings Per
Share (Rs.) |
369.33 |
6059.33 |
4752.00 |
Expected Sales (2010-2011) : Rs.
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
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15.53 |
10.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.27 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.95
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0.79 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
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2.05
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2.62 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year, the Company has earned a profit of Rs. 0.554 Millions and after deduction of excess Income Tax w/off of Rs. 0.025 Million, provision for Gratuity of Rs. 0.053 Million, provision for Corporation Tax of Rs. 0.059 Million, provision for FBT of Rs. Nil/- and transferred to General Reserve Nil/- and adding the balance carried forward from previous year of Rs. 0.633 Million and provision for Deferred Tax Liability of Rs. 0.216 Million, the balance of Rs. 0.529 Million is proposed to be carried forward to the Balance Sheet.
Bankers Charges Report
as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36109MH1980PTC023111 |
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Name of the
company |
REXELLO CASTORS
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
23-D, Mahal Industrial Estate, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
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Particular of
charge holder |
State Bank of
India, R and C Building, Ground Floor, Sir J. J. Road, Mumbai-400008,
Maharashtra, India |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Letter of
Arrangement dated 20th March, 2009. |
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Date of
instrument Creating the charge |
20.03.2009 |
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Amount secured by
the charge |
Rs.16.900
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital :
Interest at 1% above SBAR = 12.25% w.e.f. 27/02/2008 with minimum of 13.25% Term Loan :
Interest at 1.5% above SBAR = 12.25% w.e.f. 27/02/2008 with minimum of 13.75% Terms of
Repayment Term loan is
payable at 36 installment of Rs. 117,032/-, the 1st installment to commence
on 31/01/2009 and last installment is fall due on 31/01/2012. Margin For Working
Capital 33.33% and For Term Loan 20% Extent and
Operation of the charge Fund Based
facility of Rs. 13.500 Millions secured by hypothecation of Stocks and book
debts, Fixed deposit of Rs. 2.939 Millions standing in the name of Rexello
Castors Private Limited. Term loan of Rs.
3.400 Millions secured by equitable
mortgage of unit no. 21, Ground Floor, B-block, Nand Bhuvan Industrial
Estate, Mahal Industrial Area, Mahakali Caves Road, Andheri (E), Mumbai 93. |
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Short particulars
of the property charged |
Fund Based facility
of Rs. 13.500 Millions secured by hypothecation of Stocks and book debts,
Fixed deposit of Rs. 2.939 Millions standing in the name of Rexello Castors
Private Limited. Term loan of Rs.
3.400 Millions secured by equitable
mortgage of unit no. 21, Ground Floor, B-block, Nand Bhuvan Industrial
Estate, Mahal Industrial Area, Mahakali Caves Road, Andheri (E), Mumbai 93. |
Trade References:
- Godrej
Fixed Assets
- Land and Building
- Plot at Pune
- Plant and Machinery
- Furniture and Fixture
- Vehicle
- Office Equipments
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.44.30 |
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|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.