MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
EXIM RAJATHI INDIA PRIVATE LIMITED |
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Registered
Office : |
No.11, First Line, Beach Road, Nagapattinam – 600001, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
21.04.2003 |
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Com. Reg. No.: |
050718 |
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Capital Investment
/ Paid-up Capital : |
Rs.150.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909TN2003PTC050718 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Agro Products, Spices, Oil Seeds, Iron Ore |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1550768 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the financials of the company with government
departments after the year 2007. However, trade relations are reported as
fair. Business is active. Payment terms are not known. The company can be considered for business dealings at usual trade
terms an conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Venkatesh |
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Designation : |
Accounts Department |
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Contact No.: |
91-44-42161666 |
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Date : |
25.07.2011 |
LOCATIONS
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Registered Office : |
No.11, First Line, Beach Road, Nagapattinam – 600001, Tamil Nadu,
India |
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Tel. No.: |
91-44-42161666 |
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Fax No.: |
91-44-42184606 |
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E-Mail : |
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Location : |
Owned |
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Admin Office : |
Gulam Towers, RK Salai, Mylapore, Chennai – 600001, Tamil Nadu, India |
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Location : |
Owned |
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Branches : |
702 Great Esteem Summit B Wing Plot No 66 Sector 15 CBD Belapur, Navi
Mumbai – 400614, India Located at: ·
Pune ·
Mangalore |
DIRECTORS
AS ON 14.07.2007
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Name : |
Mr. N Murughasan |
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Designation : |
Director |
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Address : |
11A, Kasa Majorroad, Manohar Avenue, Egmore, Chennai |
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Date of Birth/Age : |
06.06.1948 |
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Date of Appointment : |
21.04.2003 |
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Name : |
Mr. M Rajasekar |
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Designation : |
Director |
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Address : |
11A, Kasa Majorroad, Manohar Avenue, Egmore, Chennai |
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Date of Birth/Age : |
11.02.1974 |
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Date of Appointment : |
21.04.2003 |
KEY EXECUTIVES
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Name : |
Mr. Venkatesh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 14.07.2007
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Names of Shareholders |
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No. of Shares |
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N Murughasan |
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2500 |
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M Rajasekar |
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14995000 |
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M. Madan Prakash |
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2500 |
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Total |
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15000000 |
AS ON 14.07.2007
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Agro Products, Spices, Oil Seeds, Iron Ore |
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Exports : |
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Products : |
Spices, Oil, etc |
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Countries : |
Asian Countries |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
Punjab National bank ·
3i Infotech Trusteeship Services Limited, 3rd to
6th floor, International Infotech Park, Tower No.5, Vashi Railway Station
Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Varadarajan and Company Chartered Accountant |
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Address : |
68, 1st main Road, CIT Nagar, Nandanam, Chennai – 600035,
Tamil Nadu, India |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Share Application Money Pending Allotment |
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Rs.145.730 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Sales Turnover (Approximately) |
1500.000 |
1860.000 |
5690.000 |
Note: Due to Recession sales turnover has decreased.
The above information has been parted by Mr. Venkatesh (Accountant).
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
150.000 |
150.000 |
0.150 |
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2] Share Application Money |
145.730 |
145.730 |
99.850 |
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3] Reserves & Surplus |
91.962 |
42.315 |
2.745 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
387.692 |
338.045 |
102.745 |
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LOAN FUNDS |
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1] Secured Loans |
1000.204 |
1100.680 |
0.000 |
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2] Unsecured Loans |
385.276 |
51.285 |
86.366 |
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TOTAL BORROWING |
1385.480 |
1151.965 |
86.366 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1773.172 |
1490.010 |
189.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
151.232 |
119.669 |
75.212 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
211.682 |
167.827 |
109.948 |
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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 |
1083.767
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372.280 |
0.000 |
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Sundry Debtors |
300.299
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315.611 |
0.000 |
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Cash & Bank Balances |
45.568
|
76.414 |
2.083 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
270.971
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590.466 |
1.431 |
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Total
Current Assets |
1700.605
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1354.771 |
3.514 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
202.486
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91.132 |
0.059 |
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Other Current Liabilities |
88.512
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61.994 |
0.000 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
290.998
|
153.126 |
0.059 |
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Net Current Assets |
1409.607
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1201.645 |
3.455 |
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MISCELLANEOUS EXPENSES |
0.651 |
0.869 |
0.496 |
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TOTAL |
1773.172 |
1490.010 |
189.111 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SALES |
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Export Sales |
3613.396 |
2416.135 |
190.328 |
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Other Income |
6.528 |
23.773 |
NA |
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TOTAL (A) |
3619.924 |
2439.908 |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
247.599 |
187.400 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
159.536 |
122.520 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
88.063 |
64.880 |
2.865 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.491 |
6.434 |
0.119 |
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PROFIT BEFORE
TAX (E-F) (G) |
75.572 |
58.446 |
2.746 |
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Less |
TAX (I) |
25.537 |
18.877 |
0.001 |
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PROFIT AFTER TAX
(G-I) (J) |
50.135 |
39.569 |
2.745 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.315 |
2.746 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
92.450 |
42.315 |
2.745 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
3393.000 |
2225.800 |
NA |
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TOTAL EARNINGS |
3393.000 |
2225.800 |
NA |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.38
|
1.62 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.09
|
2.42 |
1.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.08
|
3.96 |
3.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.32
|
3.86 |
0.84 |
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Current Ratio (Current Asset/Current Liability) |
|
5.84
|
8.85 |
59.56 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sundry Creditors |
202.486
|
91.132 |
0.059 |
FIXED ASSETS:
·
Land and Building
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Plant and Equipment
·
Vehicle
·
Computer and Peripherals
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Furniture and Fittings
·
Office Equipment
FORM 8:
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Corporate identity number of the company |
U51909TN2003PTC050718 |
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Name of the company |
EXIM RAJATHI INDIA PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
No.11, First Line, Beach Road,
Nagapattinam – 600001, Tamil Nadu, India |
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This form is for |
Creation of charge |
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Type of charge |
Others |
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Particular of charge holder |
3i Infotech Trusteeship Services Limited |
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Nature of instrument creating charge |
Deed of Hypothecation dated 26th December
2009 |
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Date of instrument Creating the charge |
26/12/2009 |
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Amount secured by the charge |
Rs.50.000 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 13.25% P.A. ( Subject to revision from
time to time ) Terms of Repayment The Borrower shall, unless otherwise
agreed to by the Bank, repay to the Bank forthwith on demand such of the
amounts as may be outstanding of the Overdraft Facility, together with all
interest, costs, charges, expenses and monies whatsoever stipulated in, or
payable under, the Facility Agreement and/or the other Transaction Documents. Extent and Operation of the charge Subservient charge. |
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Short particulars of the property charged |
Current assets of the company. |
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.44.28 |
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|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.16 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.