MIRA
INFORM REPORT
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Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
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Name : |
RAJAT WIRES PRIVATE LIMITED |
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Registered Office : |
31/6, New |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
21.06.1990 |
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Com. Reg. No.: |
55 – 40591 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC040591 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer of Wire Rolls and Manufacturer and Exporter of Cold Drawn Steel Bars and Chq Wires. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 150000 |
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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 fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered 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
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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. Sanjiv Bhattacharya |
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Designation : |
Vice President Marketing |
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Date : |
02.03.2011 |
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Name : |
Mr. A K Roy |
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Designation : |
Chartered Accountant |
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Date : |
02.03.2011 |
LOCATIONS
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Registered Office : |
31/6, New |
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Tel. No.: |
91-11-28765422/ 25719528/ 46510708 |
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Mobile No.: |
91-9910149595 (Mr. A K Roy) |
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Fax No : |
91-129-2231587/ 4176698 |
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E-Mail : |
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Website: |
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Area: |
Rented |
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Administrative Office /Factory 1: |
Plot No.262-J, Sector – 24, |
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Tel No : |
91-129-4150515/4150506/517/50636330/31/32/22344205/2230449/4063630/31
/32/33/ 4176698 |
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Fax No : |
91-129-2231587 / 4150507/5006765 |
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E-Mail : |
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Website : |
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Area: |
10000 sq. yards (Owned) |
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Factory 2 : |
L-74, MIDC, Taloja, Navi Mumbai, |
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Area : |
3986 sq.mtr (Owned) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rohit Sachdev |
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Designation : |
Director |
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Address : |
B-23, Ashoka Arcade, Greater Kailash – I, |
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Date of Birth/Age : |
07.09.1975 |
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Qualification: |
Graduate |
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Experience: |
10 Years |
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Date of Appointment : |
01.02.2007 |
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Pan No : |
AATPS3123K |
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DIN No.: |
01338054 |
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Name : |
Mr. Kulbhushan Sachdev |
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Designation : |
Chairman cum Managing Director |
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Address : |
B-23, Ashoka Arcade, Greater Kailash – I, |
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Date of Birth/Age : |
01.06.1944 |
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Qualification: |
FCA |
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Date of Appointment : |
21.06.1990 |
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DIN No.: |
00850410 |
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Name : |
Mr. Naresh Sachdev |
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Designation : |
Director |
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Address : |
1-34 Ashoka Vihar, Phase I, |
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Date of Birth/Age : |
19.09.1951 |
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Qualification: |
Graduate |
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Experience: |
35 Years |
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Date of Appointment : |
21.06.1990 |
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DIN No.: |
01358929 |
KEY EXECUTIVES
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Name : |
Mr. Sanjiv Bhattacharya |
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Designation : |
Vice President Marketing |
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Name : |
Mr. A K Roy |
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Designation : |
Chartered Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Kulbhushan Sachdev |
510562 |
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Naresh Kumar |
29450 |
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K B Sachdev [HUF] |
513762 |
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Rahul Sachdev |
66050 |
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Rohit Sachdev |
21602 |
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Rajat Sachdev |
18101 |
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Akshay Sachdev |
7200 |
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Sunita Sachdev |
5001 |
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Shashi Sachdev |
828251 |
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Shakuntala Rana |
1 |
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Ompiyari Gupta |
1 |
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Meenu Mahajan |
1 |
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Anil Gupta |
1 |
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Manoj Gupta |
1 |
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Chander Prakash |
1 |
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Yashpal Gulati |
1 |
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Meena Sachdev |
1 |
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Suraj Sachdev (HUF) |
1 |
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N. K Sachdev (HUF) |
1 |
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Ambika Sachdev |
1 |
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Chand Prakash Sachdev |
1 |
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Manoj Gupta (HUF) |
1 |
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Anil Mahajan (HUF) |
1 |
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Chander Prakash (HUF) |
1 |
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Mamta |
1 |
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1 |
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Ashvani Kr Sachdev HUF |
1 |
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Rekha Gupta |
1 |
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Suraj Sachdev |
1 |
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Chandan Kumar (HUF) |
1 |
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Total
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2000000 |
Equity share
breakup (percentage of total equity)
AS ON (30.09.2010)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of Wire Rolls and Manufacturer and Exporter of Cold Drawn Steel Bars and Chq Wires. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Wire Rolls |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
OEM’s – Vendor |
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No. of Employees : |
Approximately 350 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Alok Kumar Gupta and Company Chartered Accountant |
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Address : |
House No – 877, Sector – 17, |
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Tel. No.: |
91-129-2285871 |
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Pan No. : |
AATPG4708Q |
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Associates/Subsidiaries : |
Gopal Sons |
CAPITAL STRUCTURE
AS ON (30.09.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
AS ON (31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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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 |
10.000 |
10.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.523 |
20.227 |
15.347 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.523 |
30.227 |
20.347 |
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LOAN FUNDS |
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1] Secured Loans |
75.604 |
81.652 |
77.198 |
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2] Unsecured Loans |
18.339 |
28.440 |
29.580 |
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TOTAL BORROWING |
93.943 |
110.092 |
106.778 |
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DEFERRED TAX LIABILITIES |
10.137 |
8.811 |
7.556 |
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TOTAL |
142.603 |
149.130 |
134.681 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.064 |
93.065 |
85.464 |
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Capital work-in-progress |
0.000 |
0.000 |
7.631 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
60.644 |
35.346 |
33.752 |
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Sundry Debtors |
78.146 |
63.421 |
42.522 |
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Cash & Bank Balances |
0.159 |
0.265 |
0.500 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
6.084 |
6.500 |
7.372 |
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Total
Current Assets |
145.033 |
105.532 |
84.146 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
93.373 |
46.935 |
39.837 |
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Other Current Liabilities |
2.721 |
3.086 |
3.298 |
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Provisions |
0.913 |
0.016 |
0.042 |
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Total
Current Liabilities |
97.007 |
50.037 |
43.177 |
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Net Current Assets |
48.026 |
55.495 |
40.969 |
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MISCELLANEOUS EXPENSES |
0.513 |
0.570 |
0.617 |
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TOTAL |
142.603 |
149.130 |
134.681 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income (Gross Sales) |
419.061 |
355.090 |
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Other Income |
5.972 |
6.785 |
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TOTAL (A) |
425.033 |
361.875 |
329.760 |
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Less |
EXPENSES |
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Administrative Expenses |
390.675 |
334.183 |
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Advertising Expenses |
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TOTAL (B) |
390.675 |
334.183 |
323.853 |
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(Including
Depreciation and Financial Expenses) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.358 |
27.692 |
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Less |
FINANCIAL
EXPENSES (D) |
18.310 |
16.315 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.048 |
11.377 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.753 |
4.325 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.295 |
7.052 |
5.907 |
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Less |
TAX (H) |
2.999 |
2.173 |
3.333 |
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PROFIT AFTER TAX
(G-H) (I) |
8.296 |
4.879 |
2.574 |
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IMPORTS |
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Raw Materials |
32.285 |
24.522 |
NA |
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Stores & Spares |
0.000 |
0.000 |
NA |
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Capital Goods |
2.055 |
18.826 |
NA |
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Others |
0.000 |
0.000 |
NA |
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TOTAL IMPORTS |
34.340 |
43.348 |
NA |
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Earnings Per
Share (Rs.) |
8.30 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
30.03.2008 |
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PAT / Total Income |
(%) |
1.95 |
1.35 |
0.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.69
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1.99 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.72 |
3.55 |
3.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.23 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.96 |
5.30 |
7.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.50 |
2.11 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Performance of the
Company and Future Outlook:
During the year, the company’s gross receipts were Rs. 419.000 Millions
as against Rs. 355.000 Millions in 2008-09. Net Profit stands at Rs. 8.295
Millions in 2009-10 as against Rs. 4.879 Millions in 2008-09. Even under global
recession, the company has shown growth in revenues and further expects to
improve it in the current year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1990PTC040591 |
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Name of the
company |
RAJAT WIRES PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in |
31/6, New |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90044794 |
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Type of charge |
Immovable Property Movable Property |
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Particular of
charge holder |
Canara Bank, 8A, Nehru Ground, NIT, |
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Nature of instrument
creating charge |
Letter Evidencing
deposit of title deeds dated 20.10.2010 |
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Date of
instrument Creating the charge |
20.10.2010 |
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Amount secured by
the charge |
Rs. 194.600
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per bank norms Terms of
Repayment Payable on demand Margin As per Bank’s
norms Extent and
Operation of the charge First charge on
assets to secure limits amounting to Rs. 194.600 Millions granted to
Gopalsons Steels (Private) Limited |
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Short particulars
of the property charged |
EMT of landed
properties of the company situated at Plot No. 262J, Sector 24, Faridabad
admeasuring 9888.88 sq.yards with building constructed thereon and machinery
stored therein. |
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Particulars of
the present modification |
The enhanced
limits of Rs 194.600 Millions granted to Gopalsons Steels (Private) Limited stands
collaterally secured by Equitable Mortgage of landed properties of the
company situated at Industrial Plot No. 262 J, Sector 24, Faridabad measuring
9888.88 sq. yards including all building thereon and all machinery therein. |
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Name of the company |
RAJAT WIRES
PRIVATE LIMITED |
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Presented By |
RAJAT WIRES
PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Supplement Common
Hypothecation Agreement dated 08.06.2005 deed of hypothecation re-machinery dated
08.062005 registered on 27.06.2005 charge modified on 08.06.2005registered on
27.06.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.18.800
millions |
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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 that plant,
machinery, tools and accessories, already purchased as also the machinery
etc. to be purchased hereafter particulars whereof will be furnished
hereafter which are erected / to be
erected / kept / to be kept or in transit for being erected at the premises
in the occupation of the borrower at L-74, Taloja Industrial Area, MIDC, Navi
Mumbai, Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
the items described in Col.3. above to secure Term Loan of Rs.18.800
Millions. The term loan shall be repaid in 20 quarterly installments of
Rs.0.094 Million. The term loan shall carry interest @ 10.60% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, 8A, Nehru Ground, NIT, |
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6) Date and brief description of instrument modifying the charge |
Letter evidencing
deposit of title deeds 08.08.2005 |
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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. |
The term loan of Rs.18.800
Millions is collaterally secured by equitable mortgage of the properties of
the company situated at industrial Plot No.L-74, Taloja Industrial Area,
within allege limit of Tondare District, Raigad, |
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U74899DL1990PTC040591 |
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Name of the
company |
RAJAT WIRES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
31/6, New |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Canara Bank, 8A,
Nehru Ground, NIT, E-Mail: del0330@canbank.co.in |
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Nature of description
of the instrument creating or modifying the charge |
Can mobile
Agreement dated 31.10.2009 |
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Date of
instrument Creating the charge |
31.10.2009 |
|
Amount secured by
the charge |
Rs.1.097 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
at 10% p.a. Terms of
Repayment EMI of Rs.0.023
million each beginning from November 2009. Margin As per bank’s
norms Extent and
Operation of the charge First charge on
assets to secure Car loan of Rs.1.097 millions |
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Short particulars
of the property charged |
Hypothecation of
Toyota Carolla ALT-15 car |
FIXED ASSETS:
- Land Freehold
- Land Mumbai
- Building Block – I
- Building Block – II
- Building Block – III
- Building – Mumbai
- Plant and Machinery – Mumbai
- Plant and Machinery –
- Weighing Scales
- Power Sub Station
- Material Testing Equipments
- Material Handling Equipments
- Effluent Treatment Plant
- Boiler
- D.G. Set
- Furnace
- Electrical Fittings
- Furniture and Fixtures
- Fans
- Cycle
- Motor Cars
- Computers
- Office Equipments
- Fire Fighting Equipments
- Vehicle
- Air Conditioner
- Pollution Control Equipment
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.45.03 |
|
|
1 |
Rs.72.98 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.