MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
RISHABRAJ ESTATE DEVELOPERS PRIVATE LIMITED (W.E.F. 02.03.2007) |
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Formerly Known
As : |
SUPREME RAYMONS ( SUPREME RAYMONS ( |
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Registered
Office : |
5-B, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.04.1995 |
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Com. Reg. No.: |
11-87216 |
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Capital
Investment / Paid-up Capital : |
Rs.4.910 millions |
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CIN No.: [Company Identification
No.] |
U17110MH1995PTC087216 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Shares |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 63000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
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) |
|
|
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 : |
5-B, |
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Tel. No.: |
91-22-28504549 |
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Fax No.: |
91-22-40664066 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mrs. Surajdevi Ratanchand Jain |
|
Designation : |
Director |
|
Address : |
501, Raj Bhavan, 5th Floor, Daulat Nagar, Road No. 9,
Borivali (East), Mumbai – 400 066, |
|
Date of Birth/Age : |
25.07.1957 |
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Date of Appointment : |
17.11.1995 |
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DIN No. : |
02362322 |
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|
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Name : |
Mr. Harish Ratanchand Jain |
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Designation : |
Director |
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Address : |
501, Raj Bhavan, 5th Floor, Daulat Nagar, Road No. 9,
Borivali (East), Mumbai – 400 066, |
|
Date of Birth/Age : |
15.11.1977 |
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Date of Appointment : |
09.09.2002 |
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DIN No. : |
01603945 |
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|
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Name : |
Ms. Leena Kiran Jain |
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Designation : |
Director |
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Address : |
501, Raj Bhavan, 5th Floor, Daulat Nagar, Road No. 9,
Borivali (East), Mumbai – 400 066, |
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Date of Birth/Age : |
15.09.1984 |
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Date of Appointment : |
12.07.2006 |
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DIN No. : |
02348284 |
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Name : |
Mr. Ratanchand Deshmalji Jain |
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Designation : |
Director |
|
Address : |
501, Raj Bhavan, 5th Floor, Daulat Nagar, Road No. 9,
Borivali (East), Mumbai – 400 066, |
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Date of Birth/Age : |
19.10.1957 |
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Date of Appointment : |
29.09.2008 |
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DIN No. : |
01604521 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ratanchand Deshmalji Jain |
|
48980 |
|
Harish R Jain |
|
37800 |
|
Leena Jain |
|
128600 |
|
Raj Rajendra Textile Exports Limited |
|
238500 |
|
Ganpat R Jain |
|
36000 |
|
Bharat Kumar O Patiyat HUF |
|
10 |
|
Hitesh Dhanetia |
|
10 |
|
Jagdish Chnadra Somani HUF |
|
10 |
|
Kamala Somani |
|
10 |
|
Ratanchand Deshmalji Jain HUF |
|
10 |
|
Kiran R Jain |
|
10 |
|
Harish R Jain HUF |
|
10 |
|
|
|
10 |
|
Kiran R Jain HUF |
|
900 |
|
Lakhi Prasad Agarwal HUF |
|
10 |
|
Kusum Devi Bajaj |
|
10 |
|
Otmal Dharamji |
|
10 |
|
Mohit G Poddar |
|
10 |
|
Shanti Devi |
|
10 |
|
Prache Poddar |
|
10 |
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Smt. Rekha H Jain |
|
10 |
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Smt. Suraj Devi R Jain |
|
10 |
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Global Impex |
|
10 |
|
Surajkumar O Patiyat HUF |
|
10 |
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Vikramkumar O Patiyat HUF |
|
10 |
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Umadevi Agarwal |
|
10 |
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Ajay Agrawal |
|
10 |
|
Super Kirana Stores |
|
10 |
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Total |
|
491000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
48.58 |
|
Directors
or relatives of directors |
|
51.38 |
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Others
|
|
0.04 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Shares |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State
Bank of Kandivali Industrial Estate, Kandivali, Mumbai, ·
The
Cosmos Co-Operative Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bharat J Rughani and Company Chartered Accountant |
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Address : |
4, Shree Dutt Apartment, |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
491000 |
Equity Shares |
Rs.10/- each |
Rs.4.910
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 |
4.910 |
3.960 |
3.960 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.540 |
9.490 |
9.513 |
|
|
4] (Accumulated Losses) |
(6.640) |
(3.459) |
0.000 |
|
|
NETWORTH |
15.810 |
9.991 |
13.473 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
72.590 |
22.285 |
33.018 |
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|
TOTAL BORROWING |
72.590 |
22.285 |
33.018 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.400 |
32.276 |
46.491 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.211 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.200 |
13.295 |
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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 |
127.764
|
27.418 |
4.217 |
|
|
Sundry Debtors |
7.047
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1.842
|
0.083 |
0.051 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.718
|
11.740 |
29.360 |
|
Total
Current Assets |
148.371
|
39.241 |
33.628 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.662
|
6.620 |
0.034 |
|
|
Other Current Liabilities |
23.385
|
0.247 |
0.090 |
|
|
Provisions |
0.135
|
0.298 |
0.308 |
|
Total
Current Liabilities |
60.182
|
7.165 |
0.432 |
|
|
Net Current Assets |
88.189
|
32.076 |
33.196 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.400 |
32.276 |
46.491 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
45.044 |
9.988 |
11.129 |
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EXPENSES |
NA |
36.727 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3.930) |
(3.482) |
0.268 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.008 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX |
(3.938) |
(3.482) |
0.268 |
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|
Less |
TAX |
0.000 |
0.000 |
0.135 |
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|
PROFIT AFTER TAX
(G-H) |
(3.938) |
(3.482) |
0.133 |
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|
|
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|
|
Earnings Per
Share (Rs.) |
|
(8.79) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.74)
|
(34.86) |
2.41 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.65)
|
(8.87) |
0.80 |
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.25)
|
(0.35) |
0.02 |
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.40
|
2.95 |
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
5.48 |
77.84 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Name of the company |
SUPREME RAYMONS ( |
|
Presented By |
Jointly Company
and Chargeholder |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of goods and assets dated 06.09.99 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods, book debts, movables and other assets including documents of
title to the goods, outstanding moneys, receivables including receivables by
way of cash assistance and / or cash incentives including claims by way of
refund of customs / excise duties, bills, invoices, documents, contracts,
insurance policies, guarantees, engagements, securities, investments and
rights and the present and future machinery, belonging to or in the
possession or under the control of the company wherever lying, stored and
kept and whether in the possession of the company or of the bank or of any
third party whether in India or elsewhere throughout the world including all
such goods, other movable assets as may be in course of shipment, transit or
delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. Facilities within the aggregate amount
secured to be decided between the bank and the company from time t time. 2. Interest to be charged at such rates as
may determined by the bank from time to time. 3. Margin to be maintained as stipulated by
the bank from time to time. 4. Security created by way of first charge
and to cover principal liability together with all interest, costs, charges,
expenses etc. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Kandivali
Industrial Estate, Kandivali, Mumbai, |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit dated 19.09.2002. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Past Modification Vide modification
dated 27.02.2001, total amount secured was enhanced from Rs.5.000 millions to
Rs.6.000 millions Present
Modification Total amount
secured now stands enhanced from Rs.6.000 millions to Rs.8.500 millions. |
Fixed Assets
·
Air Conditioner
·
Furniture and Fixture
·
Computer
·
Motor Cycle
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.