MIRA
INFORM REPORT
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Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUKMINIRAMA STEEL ROLLINGS PRIVATE LIMITED |
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Registered
Office : |
L- 26 Cuncolim Industrial Estate Cuncolim, Salcete-403 703, |
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Country : |
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Financials (as
on) : |
31.03.2010 (CONSOLIDATED) |
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Date of
Incorporation : |
26.03.1998 |
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Com. Reg. No.: |
24-2541 |
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CIN No.: [Company Identification
No.] |
U27106GA1998PTC002541 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRR03469E |
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PAN No.: [Permanent Account No.] |
AABCR3425L |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer of CTD and TMT Bars and Miss Rolls, M. I. Ingots, Angel channels.
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 990000 |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Nagesh |
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Designation : |
Accounts Manager |
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Contact No.: |
91-832-6483032 |
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Date : |
28.01.2010 |
LOCATIONS
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Registered Office : |
L- 26 Cuncolim Industrial Estate Cuncolim, Salcete-403 703, |
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Tel. No.: |
91-832-2866269/2764595/96/2764671 |
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Fax No.: |
91-832-2866267 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
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Location : |
Owned |
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Head Office : |
1st Floor, “Sriteja”, Plot No. 232, Phase II, Kavuri Hills, Madhapur, |
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Tel. No.: |
91-40-23118665 / 23118653 |
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Fax No.: |
91-40-23117168 |
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Factory 1 : |
Plot no L-6/L-7, Cuncolim Industrial Estate, Cuncolim 403703, |
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Corporate Office: |
Satya, 1st Floor, H. No.8-3-319/B/24/4, Sri Sai Saradhi
Nagar, Ameerpet, Hyderabad-500 073, |
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Tel. No.: |
91-40-23738582 |
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Fax No.: |
91-40-23735572 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Raghavendra Bhupal |
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Designation : |
Director |
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Address : |
D-11, La Marvel colony, Doan Paula, North Goa- 403 004, |
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Date of Birth/Age : |
29.07.1958 |
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Date of Appointment : |
26.03.1998 |
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Name : |
Mr. Gopal R. Bhupal |
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Designation : |
Director |
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Address : |
Plot No.19A,, Road no.3, Film Nagar, Hyderabad-500 033, |
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Date of Birth/Age : |
09.12.1954 |
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Date of Appointment : |
16.04.2004 |
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Name : |
Mr. Shivkumar Bhupal |
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Designation : |
Director |
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Address : |
Rukminirama Nilaya, H. No.320, N C Colony, Hospet, |
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Date of Birth/Age : |
08.04.1961 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Karthik G. Bhupal |
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Designation : |
Director |
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Address : |
Plot No.19A,, Road no.3, Film Nagar, Hyderabad-500 033, |
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Date of Birth/Age : |
21.10.1984 |
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Date of Appointment : |
02.04.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Nagesh |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Gopal R. Bhupal |
|
99290 |
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Raghavendra Bhupal |
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37800 |
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Srinivasa Bhupal |
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19100 |
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Lalitha R. Bhupal |
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30625 |
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Anita S. bhupal |
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13300 |
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Radha S. Bhupal |
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9500 |
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Laxmi G. Bhopal |
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50720 |
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G. K. Middle East (FZC) |
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7940 |
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Lathik G. Bhupal |
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4500 |
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J. V. Ratnam |
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2200 |
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Susheela J. |
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1260 |
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Mamatha J. |
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17800 |
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Shivkumar B. |
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1400 |
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Ravikumar J. |
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1250 |
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Sirisha J. |
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1250 |
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Sudarshan Yarns and Fabrics, |
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13200 |
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Prajapati Financial Consultants, |
|
6000 |
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Diamond Financial Consultants, |
|
3200 |
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Sunflower Investment Adviosory Private Limited, |
|
3000 |
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Lotus Vintrade Private Limited, |
|
9000 |
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Oxford Tradelink Private Limited, |
|
3000 |
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Bhagirathi Tie Up Private Limited, |
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3000 |
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Neo Beam Traders private Limited, |
|
5000 |
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Platinum Commodeal Private Limited, |
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4000 |
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Anubhav Commodeal Private Limited, |
|
6000 |
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Radiant Agencies Private Limited, |
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6000 |
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Action Dealers Private Limited, |
|
4000 |
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Pacific Barter Peivate Limited , |
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4000 |
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Trend Suppliers Private Limited, |
|
6000 |
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Total |
|
373335 |
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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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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2.13 |
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Directors
or relatives of directors |
|
97.87 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of CTD and TMT Bars and Miss Rolls, M. I. Ingots, Angel
channels. |
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Products: |
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Terms : |
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Selling : |
Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
Cash and Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
Note: ·
Term loan and working capital loan from State
Bank of India is secured by way of equitable mortgaged of Land and Building now
Stands thereon and to be constructed hereafter thereon and situated in plot
No. L- 26 Cuncolim Industrial Estate Cuncolim, Salcete-403 703, Goa and
Hypothecation of whole of stock of Raw Material, Finished Goods, Stock in
Process, Stores and Spares, all present and future Book Debts, outstanding
money’s receivables, claims Bills, contractors and engagements, Securities,
Investment rights and Assets, Equitable mortgaged of residential property
situated at Plot No.C/35D No.164 B Situated at Hospet and personal guarantee
of directors collateral security. Total loan of Rs.441.100 millions was
further secured by additional security which comprises of mortgage of plot
and parcel of Land measuring 9250 sq. mtrs. Situated at plot No.L-17,
Cuncolim Industrial Estates, Concolim Goa, Including Plant and Machinery
errcted and to be erected. ·
Loan from HDFC
Banks Limited is obtained on hypothecation of Mercedes -Benz, Tata India
Car, mobile crane &
Wheel loader ·
Loan from Axis Bank Limited
is obtained on hypothecation of Toyota
Innova and Tata lndica
vehicles. ·
Loan from Tata Motors Finance Limited is
obtained on hypothecation of Safari vehicle and Mint Bus |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
D.V. Sarovar and Company Chartered Accountants |
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Address : |
3/14, |
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Memberships : |
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Collaborators : |
Rukminirama Ferro Alloys and Power Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.100/- Each |
Rs.80.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
373335 |
Equity Shares |
Rs.100/- Each |
Rs.37.333
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET (CONSOLIDATED)
|
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 |
37.333 |
24.923 |
19.120 |
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2] Share Application Money |
46.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
163.197 |
104.355 |
74.369 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
247.030 |
129.278 |
93.489 |
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LOAN FUNDS |
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1] Secured Loans |
401.607 |
102.560 |
129.732 |
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2] Unsecured Loans |
5.385 |
7.470 |
5.402 |
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TOTAL BORROWING |
406.992 |
110.030 |
135.134 |
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DEFERRED TAX LIABILITIES |
18.070 |
18.623 |
19.174 |
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TOTAL |
672.092 |
257.931 |
247.797 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
139.263 |
126.650 |
132.366 |
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Capital work-in-progress |
304.257 |
25.512 |
17.437 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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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 |
129.460
|
77.521 |
116.789 |
|
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Sundry Debtors |
79.026
|
71.336 |
105.361 |
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Cash & Bank Balances |
28.073
|
59.278 |
18.622 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
79.468
|
16.965 |
22.883 |
|
Total
Current Assets |
316.027
|
225.100 |
263.655 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
30.360
|
84.132 |
135.927 |
|
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Other Current Liabilities |
85.177
|
35.699 |
30.234 |
|
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
115.537
|
119.831 |
166.161 |
|
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Net Current Assets |
200.490
|
105.269 |
97.494 |
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MISCELLANEOUS EXPENSES |
27.582 |
0.000 |
0.000 |
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TOTAL |
672.092 |
257.931 |
247.797 |
|
PROFIT & LOSS
ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1488.421 |
1768.480 |
1378.830 |
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Other Income |
20.888 |
9.370 |
3.655 |
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TOTAL (A) |
1509.309 |
1777.850 |
1382.485 |
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Less |
EXPENSES |
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TOTAL (B) |
1471.346 |
1729.521 |
1344.142 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.963 |
48.329 |
38.343 |
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Less |
FINANCIAL
EXPENSES (D) |
9.405 |
12.196 |
10.336 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.558 |
36.133 |
28.007 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.618 |
14.982 |
12.092 |
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PROFIT BEFORE
TAX (E-F) (G) |
13.940 |
21.151 |
15.915 |
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Less |
TAX (H) |
4.738 |
7.488 |
5.614 |
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PROFIT AFTER TAX
(G-H) (I) |
9.202 |
13.663 |
10.301 |
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Less |
APPROPRIATIONS |
|
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|
Proposed Dividend |
0.000 |
6.231 |
3.804 |
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|
Tax on Proposed Dividend |
0.000 |
1.059 |
0.647 |
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|
BALANCE CARRIED
TO THE B/S |
9.202 |
6.373 |
13.663 |
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Earnings Per Share
(Rs.) |
32.07 |
62.19 |
- |
|
Expected Sales (2010-2011) : Rs.2000.000 millions
KEY RATIOS
(CONSOLIDATED)
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.61
|
0.77 |
0.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.94
|
1.20 |
1.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.06
|
6.01 |
4.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.16 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
1.78 |
3.22 |
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Current Ratio (Current Asset/Current Liability) |
|
2.74
|
1.88 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Creditors for
capital expenditure |
13.105 |
3.165 |
2.921 |
|
Creditors for Raw Materials |
61.242 |
68.192 |
122.375 |
|
Creditors for Stores and Spares |
9.286 |
4.866 |
6.989 |
|
Creditors for Expenses |
1.889 |
1.909 |
3.642 |
Performance:
During the year
the Company has posted a turnover of Rs.1488.421 millions as against 1768.480
millions in the previous year. This constitutes a decrease a of 16% in
turnover. Whereas the profits for the year stood at Rs.9.202 millions as against Rs.13.663 millions during the previous year. The fall in turnover and
profits can be mainly attributed to the recessionary market conditions prevalent in the steel market during the entire
year.
The Steel Industry
is currently reeling due to this negative trend, any reversal in the present
market conditions, could bring about desired results.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27106GA1998PTC002541 |
|
Name of the
company |
RUKMINIRAMA STEEL
ROLLINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80010971 |
|
Type of charge |
Book Debts Movable Property Immovable
Property Others Hypo. Raw
Material Finished Goods, Stock In Process, Plant and Machinery |
|
Particular of
charge holder |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
agreement of hypo. Of goods & assets for increase in the overall limit 2) Supplemental
agreement of pledge of goods &assets for increase in the overall limit 3) Supplemental
agreement of loan for increase in the overall limit 4) Letter
regarding the grant of individual limits within the overall limit 5) Supplemental
deed of guarantee for increase in overall limit 6) Memorandum of
deposit for creation of further charge for term loan/overall limit 7) Memorandum for
recording of extension |
|
Date of
instrument Creating the charge |
13.10.2010 |
|
Amount secured by
the charge |
Rs.623.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The rate of
interest is 7.25% over base rate applicable to sb-10 credit rating effective
rate will be 14.75% per annum at monthly rests. Terms of
Repayment As per banks
terms and conditions Margin Cash Credit
Existing Raw
Material-Domestic 25% Raw
Materials-Imported 15% Stocks In
Process 40% Finished
Goods
25% Receivables
(Cover 90 Days) 50% Extent and
Operation of the charge To the extent of
Rs.623.000 millions |
|
Short particulars
of the property charged |
Hypothecation of
stocks of raw materials, stock in process, finished goods, consumables and
book debts and plant & machinery Creation of equitable
mortgage of all the plot and parcel of land bearing no. L-17, admeasuring
9250 square meters in the property known as cuncolim industrial estate
bearing survey no. 317. Village Cuncolim,
Taluka Salcette, Sub - Creation of
equitable mortgage allthe plot of land no. L-26 admeasuring 15000/- sq. Mtrs.
In the property known as cuncolim industrial estate bearing survey no. 317
registered in the land registration Office and
registered in the taluka revenue office of the respective martiz predial and
situated within the Village Panchayat Limits of Cuncolim, Extension of
eqtbl. Mortg All that property
being land admeasuring acre 4-16 cents in survey no. 14 b paiki situated
within the limits of All that property
being land admeasuring acre 4-17 cents in survey no. 14 c, situated within
the limits of All that property
being land admeasuring acre 14-16 cents in Survey No. 14 C, situated within
the limits of |
|
Particulars of
the present modification |
With the present
modification the overall limit is revised/ enhanced from Rs.590.800 millions
to Rs. 623.000 millions |
Fixed Assets:
·
Land
·
Factory building
·
Furniture and Fixture
·
Office Equipments
·
Plant and machinery
·
Computer
·
Lab Equipment
·
Vehicle
·
Electrical Installation
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.