MIRA
INFORM REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
RATNAGIRI IMPEX PRIVATE LIMITED (w.e.f. 07.04.2000) |
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Formerly Known
As : |
GALAXY ANTENNA SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.12.1991 |
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Com. Reg. No.: |
08-012578 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000
Millions |
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CIN No.: [Company Identification
No.] |
U32201KA1991PTC012578 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRR01269C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importers
and Distributors of Motorized Agriculture and Landscape Maintenance
Equipment. |
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No. of Employees
: |
Not
Available |
RATING & COMMENTS
|
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 353480 |
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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 an 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 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 DECLINED BY
|
Name : |
Mrs. M. Ubena |
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Designation : |
Accountant |
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|
Name : |
Mr. |
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Designation : |
Director |
LOCATIONS
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Registered Office : |
Annapurna House, No. 1/1G, 7th Cross, New Guddadahalli, Mysore
Road, Bangalore-560026, |
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Tel. No.: |
91-80-26753601/02/32710162/246 |
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Fax No.: |
91-80-26751658 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Suryanarayani Annappa Setty Vasudeva Murthy |
|
Designation : |
Director |
|
Address : |
Flat No. 102, Brigade Ratna, |
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Date of Birth/Age : |
24.03.1949 |
|
Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Suryanarayani Annappa Setty Sundresh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.11.1952 |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Suryanarayani Annappa Setty Chandra Mohan |
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Designation : |
Director |
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Address : |
Arunanjali Raghavendra Swamy Mutt Raod, Chikamagalur-577101. |
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Date of Birth/Age : |
19.07.1958 |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Suryanarayani Annappa Setty Gopalakrishna |
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Designation : |
Director |
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Address : |
No. G3, Brigade Hill View, |
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Date of Birth/Age : |
17.08.1961 |
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Date of Appointment : |
19.05.2000 |
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Name : |
Mr. Suryanarayani Vasudeva Murthy Aravind |
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Designation : |
Director |
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Address : |
Mandara, |
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Date of Birth/Age : |
10.10.1975 |
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Date of Appointment : |
10.01.2002 |
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Name : |
Mr. Suryanarayani Vasudeva Murthy Anand |
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Designation : |
Director |
|
Address : |
No. 102, Brigade Ratna Apartment, |
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Date of Birth/Age : |
22.06.1979 |
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Date of Appointment : |
01.10.2002 |
KEY EXECUTIVES
|
Name : |
Mrs. M. Ubena |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
No. of Shares |
|
Suryanarayani Annappa Setty Vasudeva Murthy |
48150 |
|
Suryanarayani Annappa Setty Sundresh |
75450 |
|
Suryanarayani Annappa Setty Chandra Mohan |
34350 |
|
Suryanarayani Annappa Setty Gopalakrishna |
66450 |
|
Suryanarayani Vasudeva Murthy Aravind |
6000 |
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Suryanarayani Vasudeva Murthy Anand |
15600 |
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S. Roopa |
10800 |
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S.G. Savitha |
7800 |
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S.A. Rajitha |
15600 |
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S.V. Sharada |
10800 |
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S.C. Nanditha |
9000 |
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Total |
300000 |
AS ON 15.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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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 : |
Importers
and Distributors of Motorized Agriculture and Landscape Maintenance
Equipment. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
Corporation
Bank, Industrial Finance Branch, Queen S Road, Bangalore-560027, Karnataka,
India. ·
Corporation
Bank, J C Road Branch, No. 66/1, 66/2, Aruna Complex, J C Road, Bangalore
560002, Karnataka, India ·
ICICI
Bank ·
Kotak
Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H R Suresh and Company Chartered Accountant |
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Address : |
B-4, IST Floor, B Block, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000
Millions |
Note:
Of the above 200000 equity shares, fully paid
up have been issued as bonus shares by capitalization of the retained earnings.
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 |
30.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
58.370 |
60.582 |
55.811 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
88.370 |
70.582 |
65.811 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
65.098 |
89.711 |
95.096 |
|
|
2] Unsecured Loans |
36.244 |
31.980 |
30.643 |
|
|
TOTAL BORROWING |
101.342 |
121.691 |
125.739 |
|
|
DEFERRED TAX LIABILITIES |
22.722 |
24.778 |
10.579 |
|
|
|
|
|
|
|
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TOTAL |
212.435 |
217.051 |
202.129 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
|
|
|
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FIXED ASSETS [Net Block] |
94.182 |
101.565 |
113.032 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.011 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
125.511
|
73.930
|
52.285
|
|
|
Sundry Debtors |
24.054
|
47.732
|
48.061
|
|
|
Cash & Bank Balances |
8.889
|
8.591
|
12.255
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000
|
|
|
Loans & Advances |
44.825
|
35.013
|
21.173
|
|
Total
Current Assets |
203.279
|
165.266
|
133.774
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
49.816
|
34.553
|
35.878
|
|
|
Other Current Liabilities |
13.735
|
5.565
|
3.280
|
|
|
Provisions |
21.475
|
9.662
|
5.552
|
|
Total
Current Liabilities |
85.026
|
49.780
|
44.710
|
|
|
Net Current Assets |
118.253
|
115.486
|
89.064
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
212.435 |
217.051 |
202.129 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
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|
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
388.733 |
330.579 |
260.449 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
347.919 |
274.069 |
208.608 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
347.919 |
274.069 |
208.608 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.814 |
56.510 |
51.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
17.613 |
10.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.814 |
38.897 |
41.449 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.017 |
14.716 |
6.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27.797 |
24.181 |
35.182 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.499 |
18.309 |
5.703 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
21.298 |
5.872 |
29.479 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
45.658 |
20.848 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
2.500 |
3.500 |
|
|
|
Dividend |
NA |
1.000 |
1.000 |
|
|
|
Tax on Dividend |
NA |
0.169 |
0.169 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
47.861 |
45.658 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
70.99 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.47 |
1.77 |
11.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.34
|
9.06
|
14.25
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.34
|
0.53
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.36
|
2.78
|
2.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
3.31
|
2.99
|
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
Land
·
Building
·
Computer and Software
·
Furniture and Fixtures
·
Plant and Machinery
·
Moulds, Dies, Patterns
·
Electrical Machinery /
Equipments
·
Vehicles
FORM 8
|
Corporate
identity number of the company |
U32201KA1991PTC012578 |
|
Name of the
company |
RATNAGIRI IMPEX PRIVATE LIMITED (w.e.f. 07.04.2000) |
|
Address of the
registered office or of the principal place of business in |
Annapurna House, No. 1/1G, 7th Cross, New Guddadahalli,
Mysore Road, Bangalore-560026, Karnataka. |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Corporation Bank,
J C Road Branch, No. 66/1, 66/2, Aruna Complex, J C Road, Bangalore 560002,
Karnataka, India Email: cb251@corpbank.co.in |
|
Nature of
instrument creating charge |
Supplemental Common
Deed of Hypothecation of Movables/Assets/Debts. Memorandum of
Deposit of Title Deeds. (Both the above
pertain to the same charge) |
|
Date of
instrument Creating the charge |
26.03.2011 |
|
Amount secured by
the charge |
Rs. 240.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC - Base Rate +
3.60% i.e.13% p.a.; BG Commission - 50%; Inland/Import LC cum Buyers credit
Commission - 75%; TL II and New - Base Rate + 4.20% i.e. 13.60% p.a. Subject
to revision from time to time Terms of repayment CC - Running
account repayable on demand Inland/Import LC
cum Buyers credit - DA/DP (if DA, Usance not to exceed 120 days) TL II - Repayable
in 72 EMI's Rs.0.688 million each with initial repayment holiday upto August
2009. The repayment will commence from September 2008 and end with August
2014. New TL -
repayable not to exceed 84 months in 78 monthly installments of Rs.0.597
million per month with an initial repayment holiday of 6 months. Margin CC - 25% on stock
in trade, 40% on book debts, BG/Inland/Import
LC cum Buyers credit Cash Margin - 15% TL II - 25% New TL - 25% on
Project Cost Extent and operation of the charge The charge shall operate
to the extent of entire loan amount plus interest, cost, commission,
expenses, liquidated damages and other charges if any thereon. Other The said amount
of Rs. 240.000 millions comprises of CC of Rs. 60.000 millions and BG of
Rs.5.000 millions ( continued at the existing level); Inland/Import Letter of
Credit cum Buyers credit of Rs.100.000 millions ( enhanced form Rs.70.000
millions); TL II of Rs.28.500 millions (reduced from Rs.36.400 millions); TL
IV of Rs.46.500 millions now sanctioned; and TL I Rs.4.400 millions; TL III
of Rs.40.000 millions since closed. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of first charge on the entire stocks, stock in trade, book debts, present
and future and entire movable fixed assets including plant, machinery, wind
mill generator etc., stored/installed
at units in Bangalore, Chickmagalur etc. or at any other place belonging to
the company. And Equitable Mortgage
by way of first charge on immovable property of the company land with
building (existing to be constructed) situated at all that piece and parcel
of industrial property bearing plot No.17-C, formed in Sy. No.66 (Part),
(formed by KIADB), at Talaguppe village, Bidadi hobli, Ramanagar Taluk in
Bidadi industrial area, 2nd phase, Ist Sector. Admeasuring North 111.70 sq
mtrs; south 49.5 sq mtrs; East 125.65 sq mtrs; and West 108.80 sq mtrs. Bounded on East
by: Buffer land and Private Property West by: KIADB Road No.6 North by: Property Plot
No.17-D South by: Property Plot
No.17-P |
|
Date of
instrument modifying the charge |
18.08.2010 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands enhanced from Rs.215.800 millions to
Rs.240.000 millions. Account Transfer
to Industrial Finance Branch, Bangalore to J C Road Branch, Bangalore (All other terms
and conditions remains unchanged). |
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.44.99 |
|
|
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
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 |
NO |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.