MIRA INFORM REPORT

 

 

Report Date :

05.07.2011

 

IDENTIFICATION DETAILS

 

Name :

K RASIKLAL EXIM PRIVATE LIMITED

 

 

Registered Office :

Rawal, Chambers, 339/341 Samuel Street, 2nd Floor, Mumbai – 400003,  Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.09.2000

 

 

Com. Reg. No.:

11-128614

 

 

Capital Investment / Paid-up Capital :

Rs.6.150 Millions

 

 

CIN No.:

[Company Identification No.]

U51900MH2000PTC128614

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of all kinds of Chemicals.

 

 

No. of Employees :

4 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 259000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

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.

 

The company can be considered good 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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Rawal Chambers 339/341, Samuel Street, 2nd floor Mumbai: 400003 Maharashtra, India

Tel. No.:

91-22-66313200 / 23433013 / 66313221

Fax No.:

91-22-23444717

E-mail:

krasik@vsnl.com

purchase@krasiklal.com

sales@krasiklal.com

Website :

www.krasiklal.com

Area :

400 Sq. ft

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Atul Shah

Designation :

Director

Address :

9, Neelkanth Darshan, 60 Ft. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

11.07.1962

Qualification :

Graduate

Date of Appointment :

11.09.2000

 

 

Name :

Mr. Yogesh Shah

Designation :

Director

Address :

9, Neelkanth Darshan, 60 Ft. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

08.04.1966

Qualification :

Graduate

Date of Appointment :

04.11.2000

 

 

Name :

Mr. Rasiklal Shah

Designation :

Director

Address :

12, Neelkanth Darshan, 60 Ft. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

04.06.1933

Qualification :

Under Graduate

Date of Appointment :

11.09.2000

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 30.09.2010

 

Names of Shareholders

 

No. of Shares

Alpa Shah

83600

Sharda R. Shah

57500

Shejal A. Shah

63600

Rasiklal Shah

50096

Atul Shah

130090

Yogesh Shah

90100

Saoj Shah

1

Rasiklal Shah (HUF)

50001

Atul Shah (HUF)

60001

Yogesh Shah (HUF)

30001

Niru Kamdar

1

Neeta Kamdar

1

Soham Shah

1

Sagar Shah

7

Total

615000

 

As On 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of all kinds of Chemicals.

 

 

Products :
  • Pharmaceutical Raw Material
  •  
  • 1:3 Di Fluoro Benzene (D.F.B.) 2,2,4
  • 1:3 Di Fluoro Benzene (D.F.B.)
  • 2,2,4 Trichloro Acetophenone (TCAP)
  • 2- Methoxy Propene
  • 2,2 Dimethoxy Propane (DMP)
  • 2,4 Dichloro Benzyl Chloride (D.C.B.C.)
  • 2,4 Xylidine
  • 2,6 Dichloro Phenol (DCP)
  • Acetonitrile (ACN)
  • Acetophenone
  • Alpha Naphthol 96% and 99.5%
  • Amino Guanidine Bicarbonate (AGB)
  • Biphenyl
  • Boron Trifluoride Etherate (BTF)
  • Bronopol
  • 2-Cyano Acetamide
  • Cyclohexane
  • Di Ethyl Carbonate (DEC)
  • Di Ethyl Malonate (DEM)
  • Di Methyl Formamide (DMF)
  • Di Methyl Malonate (DMM)
  • Dimethyl Sulfoxide (DMSO)
  • Di-Isopropyl Ethyl Amine (DIPEA)
  • Di-Isopropyl Ether
  • Ethyl Aceto Acetate (EAA)
  • Ethyl 4-Chloro Aceto Acetate (E4CAA)
  • Ethyl Cyano Acetate (ECA)
  • Formamide
  • Gamma Butyro Lactone (GBL)

 

 

Imports :

 

Products :

Chemicals

Countries :

China, Japan and Taiwan

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

L/C, Credit and D/A

 

 

GENERAL INFORMATION

 

Suppliers :
  • Tosoh Corporation, Japan
  • Hebei Chengxin Company Limited, China
  • Zibo Wanchang Scientific and Techno. Company, China
  • Cidic Company Limited, China
  • Goldlink Industries. China
  • Zhejiang Medicines and Health Products I and E Company Limited, China
  • Zhenjiang Maoyuan Chemical Company Limited,  China
  • Ineos Oxide Limited
  • Trigon Gulf Fzco., Dubai
  • Nippon, Japan

 

 

Customers :

Wholesalers, Retailers and Endusers

 

 

No. of Employees :

4 (Approximately)

 

 

Bankers :

Union Bank of India, Khand Bazar Branch, 109, Kazi Syed Street, Khand Bazar, Mumbai – 400 003, Maharashtra, India

 

 

Facilities :

Unsecured Loans

31.03.2010

Rs. in Millions)

31.03.2009

(Rs. in Millions)

Loans from Directors/ Shareholders

16.543

25.285

Total

16.543

25.585

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BRV and Associates

Chartered Accountants

Address :

7/10, Botawala Building, 1st Floor, Horniman Circle, Mumbai – 400001, Maharashtra, India

Pan No.:

AAFFB0462N

 

 

Associate:

  • K. Rasiklal and Company
  • G.S.L Finance Limited
  • Shah Dye Chem Corporation
  • P.K. Enterprises
  • Kinnari Enterprises

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Share

Rs.10/- each

Rs.10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

615000

Equity Share

Rs.10/- each

Rs.6.150 Millions

 

 

 

 

 

 

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

6.150

5.550

4.550

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

58.686

45.269

28.670

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

64.836

50.819

33.220

LOAN FUNDS

 

 

 

1] Secured Loans

0.600

0.000

0.000

2] Unsecured Loans

16.543

25.285

21.190

TOTAL BORROWING

17.143

25.285

21.190

DEFERRED TAX LIABILITIES

0.000

0.003

0.000

 

 

 

 

TOTAL

81.979

76.107

54.410

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.948

0.962

0.249

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.010

0.000

0.023

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
61.636

43.162
44.487

 

Sundry Debtors
109.236

91.690
75.178

 

Cash & Bank Balances
13.288

14.095
9.834

 

Other Current Assets
0.000

0.000
0.000

 

Loans & Advances
7.920

8.806
6.492

Total Current Assets
192.080

157.753

135.991

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
105.245

75.438
76.363

 

Provisions
6.814

7.170
5.490

Total Current Liabilities
112.059

82.608
81.853

Net Current Assets
80.021

75.145
54.138

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

81.979

76.107

54.410

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

475.369

454.679

331.006

 

 

Other Income

3.501

2.737

2.597

 

 

TOTAL                                     (A)

478.870

457.416

333.603

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of sales

431.357

413.798

301.606

 

 

Administrative expenses

9.692

7.227

6.427

 

 

Selling and distribution expenses

11.645

8.644

5.426

 

 

Rates and taxes

9.068

11.499

7.753

 

 

TOTAL                                     (B)

461.762

441.168

321.212

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

17.108

16.248

12.391

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

6.752

7.097

5.469

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

10.356

9.151

6.922

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.379

0.184

0.084

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

9.977

8.967

6.838

 

 

 

 

 

Less

TAX                                                                  (H)

3.587

3.317

2.587

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

6.390

5.650

4.251

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

15.819

10.220

NA

 

SHORT / EXCESS PROVISION FOR TAX

0.127

(0.051)

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

22..336

15.819

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

0.594

1.330

NA

 

 

 

 

 

 

IMPORTS

348.128

296.307

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

10.91

11.10

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.33

1.23

1.27

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.10

1.96

2.07

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.14

5.65

5.02

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.15

0.18

9.96

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.99

2.12

2.46

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.71

1.91

1.66

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE:

 

Originally established in 1977 as K Rasiklal and Company.

 

Named changed to present K Rasiklal Exim Private Limited in 2002

 

Bankers Charges Report as per Registry

 

This form is for

Modification of charge

Charge identification number of the modified 

90143659

Corporate identity number of the company

U51900MH2000PTC128614

Name of the company

K RASIKLAL EXIM PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Rawal Chambers 339/341, Samuel Street, 2nd floor Mumbai: 400003 Maharashtra, India

Type of charge

Book Debts

Movable Property

Particular of charge holder

Union Bank of India, Khand Bazar Branch, 109, Kazi Syed Street, Khand Bazar, Mumbai – 400 003, Maharashtra, India

E-mail: cbskhandbazar@unionbankofindia.com

Nature of description of the instrument creating or modifying the charge

Supplementary agreement of hypothecation agreement of goods and debts

Date of instrument Creating the charge

11.01.2011

Amount secured by the charge

Rs.180.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

LC Usual and Buyers Credit Usual

Cash Credit (Hypothecation)  Stocks/Book-Debts As Determined by the Bank from time to time

 

Terms of Repayment :

On demand

 

Margin :

As per sanction terms

 

Extent and Operation of the charge

To secure Revised (Import LC DP/DA 180 days) facility of Rs.180.000 millions W/W Buyers Credit facility of (Rs.50.000 millions) W/W Third Party LC (Rs.20.000 millions) W/W Cash Credit (Hypothecation) Stocks/Book-Debts facility of (Rs.30.000 millions) granted by the Bank to the Company

Short particulars of the property charged

That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank for the enhanced (Import LC DP/DA 180 days) facility of Rs.180.000 millions W/W Buyers Credit facility of (Rs.50.000 millions) W/W Third Party LC (Rs.20.000 millions) W/W Cash Credit (Hypothecation) Stocks/Book-Debts facility of (Rs.30.000 millions) granted by the Bank to the Company

Date of latest modification prior to the present modification

12.04.2010

Particulars of the present modification 

Vide this modification an additional sum of Rs.30.000 millions has been granted by the Bank thereby enhancing (Import LC DP/DA 180 days) facility from Rs.1500.00 millions to Rs.180.000 millions W/W Buyers Credit facility of(Rs.50.000 millions) W/W Third Party LC (Rs.200.00 millions) W/W CC (Hypothecation) Stocks/Book-Debts facility of (Rs.30.000 millions) and That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation Agreement shall continue to be a security for the Bank for the enhanced limits

 

 

FIXED ASSETS:

 

v      Computer

v      Motor Car

v      Air Conditioner

v      Printer

v      Mobile

v      Fax Machine

v      Furniture

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.45

UK Pound

1

Rs.71.53

Euro

1

Rs.64.62

 

 

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

NO

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.