MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUCHI GLOBAL LIMITED |
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Registered
Office : |
611, Tulshiani Chambers Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.04.1996 |
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Com. Reg. No.: |
11-099082 |
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CIN No.: [Company Identification
No.] |
U51500MH1996PLC099082 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR12517B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Specialized in the Field of Agri Commodity and Trading of Various
Steel Product. |
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 1071000 |
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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 a well 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
|
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
|
Registered Office : |
611, Tulshiani Chambers Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-22851303 |
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Fax No.: |
91-22-22042865 |
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E-Mail : |
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Website : |
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Corporate Office : |
504, Mahaosh House, South Tukoganj, Nath Mandir Road, Indore – 452001,
Madhya Pradesh, India |
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Tel. No.: |
91-731-25518124 / 2518125 / 4017844 |
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Fax No.: |
91-731-2518127 |
DIRECTORS
As on 21.09.2010
|
Name : |
Mr. Umesh Shahra |
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Designation : |
Director |
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Address : |
28, Old Palasia, |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
02.09.1997 |
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DIN : |
00061312 |
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Name : |
Mr. Saket Barodia |
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Designation : |
Director |
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Address : |
40, |
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Date of Birth/Age : |
11.11.1968 |
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Date of Appointment : |
28.03.2004 |
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DIN : |
00683938 |
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Name : |
Mr. Ishwarlal Kalantri |
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Designation : |
Whole-time Director |
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Address : |
F/H 183, Scheme No. 54, Vijay Nagar, |
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Date of Birth/Age : |
08.03.1965 |
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Date of Appointment : |
01.04.2010 |
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DIN : |
03016709 |
KEY EXECUTIVES
|
Name : |
Ms. Aradhana Kulkarni |
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Designation : |
Secretary |
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Address : |
1-B, Shiv Shakti Nagar, |
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Date of Birth/Age : |
20.11.1979 |
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Date of Appointment : |
06.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shri Umesh Shahra |
|
6400 |
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Shri Kailash Chandra Shahra |
|
500 |
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Shri Suresh Shahra |
|
300 |
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Shri Manish Shahra |
|
300 |
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Shri NItesh Shahra |
|
300 |
|
Iron Global Limited, |
|
890000 |
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Ruchi Strips and Alloys Limited, Mumbai |
|
150000 |
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Anand Mangal Investment and Finance Limited, |
|
265000 |
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Promise Securities Private Limited, Mumbai |
|
15000 |
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Rushi Infrastructure Limited, Mumbai |
|
125000 |
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Ruchi Stock and Securities Private Limited, |
|
750000 |
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Rohini Forex Private Limited, Mumbai |
|
250200 |
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Param Urja Limited, |
|
100000 |
|
|
Total |
2553000 |
As on 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
99.69 |
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Directors or relatives of Directors |
0.27 |
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Other top fifty shareholders |
0.04 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Specialized in the Field of Agri Commodity and Trading of Various
Steel Product. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
101-250 Approximately |
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Bankers : |
MID-Corporate Branch, Siyaganj, |
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Facilities : |
Note : 1. The Term loan (IREDA) is secured by exclusive first charge by way of mortgage of land situated at Kambaneri Padukudi, Taluka Tenkasi and village Sernadamangalam, Taluka Sankarankovil, in Tamilnadu, along with all Building, Structures thereon and hypothecation of wind farms/machinery including all movable assets, receivables related to Wind farm and personal guarantee of Directors and other. Installments of term loan due within next one year Rs. 6.164 million 2. The Term Loan from Punjab National Bank is secured by exclusive charges on the goods purchased out of the said loan. Installments of term loan due within next one year Rs. NIL 3. The Demand Loan from Punjab National Bank is secured by pledge of Fixed Deposit Receipt. Installments of term loan due within next one year Rs. 166.975 million 4. Working capital loans are secured by way of hypothecation of stocks and book debts and all other movables both present and future wherever situated; in favor of the banks and personal guarantee of director and others. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Khasgiwala and Company Chartered Accountant |
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Address : |
317, Chetak Centre “Annex”, R.N.T. Marg, |
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Tel. No.: |
91-731-2517341 / 3046909 |
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E-Mail : |
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PAN No.: |
AACFA7732P |
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Other Related Parties: : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2553000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.530 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.530 |
25.530 |
25.530 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
242.413 |
227.846 |
205.692 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
267.943 |
253.376 |
231.222 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
234.844 |
83.146 |
103.824 |
|
|
2] Unsecured Loans |
10.000 |
4.000 |
195.539 |
|
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TOTAL BORROWING |
244.844 |
87.146 |
299.363 |
|
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DEFERRED TAX LIABILITIES |
15.030 |
15.858 |
16.300 |
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|
|
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|
|
|
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TOTAL |
527.817 |
356.380 |
546.885 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
51.894 |
50.220 |
51.884 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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INVESTMENT |
116.698 |
95.213 |
140.094 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
196.841
|
174.335 |
417.990 |
|
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Sundry Debtors |
445.889
|
823.254 |
758.986 |
|
|
Cash & Bank Balances |
456.873
|
381.013 |
294.257 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
298.447
|
286.619 |
132.946 |
|
Total
Current Assets |
1398.050
|
1665.221 |
1604.179 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
938.637
|
1348.890 |
1211.480 |
|
|
Other Current Liabilities |
61.005
|
62.207 |
7.212 |
|
|
Provisions |
39.183
|
43.177 |
30.580 |
|
Total
Current Liabilities |
1038.825
|
1454.274 |
1249.272 |
|
|
Net Current Assets |
359.225
|
210.947 |
354.907 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
527.817 |
356.380 |
546.885 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
6941.108 |
6822.368 |
4376.147 |
|
|
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Other Income |
34.785 |
62.602 |
30.705 |
|
|
|
TOTAL (A) |
6975.893 |
6884.970 |
4406.852 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
6886.361 |
6487.002 |
4307.380 |
|
|
|
Increase/ Decrease in Stocks |
(22.506) |
243.655 |
(65.090) |
|
|
|
Expenses |
33.587 |
83.715 |
62.396 |
|
|
|
TOTAL (B) |
6897.442 |
6814.372 |
4304.686 |
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|
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|
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.451 |
70.598 |
102.166 |
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|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
43.957 |
31.977 |
44.164 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.494 |
38.621 |
58.002 |
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|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.963 |
2.788 |
2.746 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
31.531 |
35.833 |
55.256 |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
16.964 |
13.679 |
20.154 |
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|
PROFIT AFTER TAX
(G-I) (J) |
14.567 |
22.154 |
35.102 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
204.187 |
182.033 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
218.754 |
204.187 |
NA |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (on FOB basis) |
41.109 |
538.196 |
570.701 |
|
|
|
Merchant Trade |
935.180 |
1076.303 |
618.642 |
|
|
TOTAL EARNINGS |
976.289 |
1614.498 |
1189.343 |
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.71 |
8.68 |
13.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.21
|
0.32 |
0.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.45
|
0.53 |
1.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.17
|
2.09 |
3.34 |
|
|
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.88
|
5.74 |
5.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.46
|
1.15 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE
The Company has continued its trading business activities in Hot Rolled Coil, Cold Rolled Coil, Tin Plate, Gold, Crude Sunflower Oil, Soyabean Meal, Soya Chunks, Granules, Lecithin, Black Gram, Indian Corn, Argentine Corn, Urad, Cotton, Cotton seeds, Cotton bales, Red Chilli, Wheat, Barley, Mustard etc. During the year under review, the Company has achieved sales & other income of Rs. 6975.893 millions as compared to the previous year's figure of Rs. 6884.971 millions. The Profit before tax of the Company was slightly lower to Rs. 31.531 millions as compared to Rs. 35.833 millions in the previous year. The reason attributed to the low profitability is decrease in exports of the company and also due to the carry over effects of the previous meltdown . The Company's Net Profit after tax has decreased from Rs. 22.154 millions to Rs. 14.567 millions due to higher Income Tax outgo on account of previous year's demand raised by the Income Tax Department during the current year.
The Company has achieved overall direct/indirect Export Turnover of Rs. 976.289 millions during the year as compared to Rs. 1614.499 millions in the previous year by exporting Yellow Soyabean, Soyabean meal, Defatted Soya Flour, Solvent Extracted Toasted Soya Chunks, Granules, Soya Grits, Lecithin, Crude Sunflower Oil, Soya Refined Oil, Indian Corn, Crude Degummed Soya Oil, Argentine Corn and Brazalian Corn to various countries looking to the opportunities available in the International market. As regard to the import activities, the Company has imported Hot Rolled Coils, Non-oriented electrical Steel Coils, Electrolytic Tin Plates, Acid Iron Ore Pellets, Cold Rolled Coils and other products depending upon the opportunities available in the domestic market.
During the year, the Company has generated 1.354 million units (previous year 21.98 Lac units) of electricity from 1.20 MW Wind Farm Project set up at Tenkasi, Tiruvananthpuram (Tamilnadu) and sold the same to State Electricity Board under PPA. During the year under review, there was a major breakdown in one of the Windmill for a period of approximately 10 months due to which less units of electricity was generated. Now, both the Windmills are working properly and hope to perform better in the current year.
The company has came across an opportunity, available in the market, to invest and become Anchor Investor of a regional commodity exchange. The Board has evaluated the feasibility of the project and has formed a Wholly owned subsidiary in the name “RGL Ventures Private Limited”. The regional commodity exchange has sought assent of the appropriate authorities for induction of Anchor Investor.
The Company is actively exploring the possibilities to augment its business volume in domestic as well as in international market.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51500MH1996PLC099082 |
|
Name of the
company |
RUCHI GLOBAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
611 Tulsiani Chembersnariman Point, Mumbai -
400021, |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
PUNJAB NATIONAL
BANK Mid-Corporate Branch, Siyaganj, |
|
Nature of
instrument creating charge |
Short term loan
of Rs. 500 Millions secured by Hypothecation of current assets. |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs. 500.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
a] Rate of
Interest - 10.50% b] Terms of
repayment – Bullet repayment
after 6 months from the date of
disbursement of each trench. C] Margin –
NIL d] Extent and
operation of the charge – First
charge on current assets. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive charge
on Current assets created out of Short Term Loan of Rs. 500.000 million |
FIXED ASSETS :
–
–
Building
–
Plant and Machinery
–
Furniture and Fixtures
–
Office Equipments
–
Computers
–
Vehicles
AS PER WEBSITE DETAILS
Subject was established in 1996 as a trading arm of the
Ruchi Group of Industries, specialised in the field of agri commodity and
trading of various steel product. The company is continuously engaged in its
regular business of marketing and trading of Steel, Tinplate, Gold, Agro
Products and other value added products. An agro commodity include soyabean ,
mustard seed, wheat, barley, maize, in pulses gram, moong,
tuwar, urad, masoor and in spices coriander, chilli and
green dry peas etc. The company also engaged in the business of
cotton. The company is purchasing kapas from the vendors and mandi then getting
it processed in various ginning & pressing factories thus getting cotton
and cotton seed, which is sold to various buying houses, textiles mills and
trading companies. The company has been also engaged in the business of
ready cotton bales which is purchased from different states i.e. Maharashtra,
In the competitive world commodity trading
Their primary mandate is to ensure customer satisfaction, the foundation of which is based on the experience in the import and export field. Indeed they have achieved the highest excavator sales and continue to build on this success.
Ruchi Group of Industries is well known industries conglomerate
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. 45.18 |
|
|
1 |
Rs. 73.04 |
|
Euro |
1 |
Rs. 61.43 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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.