MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAJOO ENGINEERS LIMITED |
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Formerly Known
As : |
RAJOO ENTINEERS PRIVATE LIMITED
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 (Consolidated) |
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Date of
Incorporation : |
08.12.1986 |
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Com. Reg. No.: |
04-009212 |
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CIN No.: [Company Identification
No.] |
L27100GJ1986PLC009212 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTR00664G |
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PAN No.: [Permanent Account No.] |
AABCR3204M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
stock exchange. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Plastic Extrusion Machineries. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 730000 |
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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 normal for 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 |
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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
|
Name : |
Mr. Jaydeep J Aghera |
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Designation : |
Sales Engineer |
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Contact No.: |
91-9909988936 |
|
Date : |
13.11.2010 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-2874-221175/ 76 |
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Mobile No.: |
91-9909988936 (Mr. Jayadeep J Agher) |
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Fax No.: |
91-2874-221326 |
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E-Mail : |
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Website : |
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Area : |
4500 sq.ft. (Owned) |
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Factory : |
Survey No. 210, Plot No. 1, Industrial Area, Veraval (Shapur),
Rajkot-360002, |
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Tel. No.: |
91-2827-252701/ 2/ 3 |
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Fax No.: |
91-2827-252700 |
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Marketing Netowrk International : |
Located At: ·
·
·
·
·
·
·
·
·
·
·
·
·
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Marketing Network : |
708, PP Tower, C-1, 2, |
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Tel. No.: |
91-11-42471342 |
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Fax No.: |
91-11-42471343 |
DIRECTORS
As on 20.08.2010
|
Name : |
Mr. Chandrakant N Doshi |
|
Designation : |
Chairman and Managing Director |
|
Address : |
“Shrutina:, 10-Cl, Panchvati Society, |
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Date of Appointment : |
07.07.2009 |
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Name : |
Mr. Rajesh N Doshi |
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Designation : |
Joint Managing Director |
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Address : |
“Shrutina:, 10-Cl, Panchvati Society, |
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Date of Appointment : |
07.07.2009 |
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Name : |
Mr. Jayantilal P Aghera |
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Designation : |
Whole Time Director |
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Address : |
“Jay Deep”, 1/3, Saurashtra Kala Kendra Society, Near Raiya Nagar
Palika, |
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Date of Appointment : |
09.12.1986 |
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Name : |
Mr. Khimajibhai P Aghera |
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Designation : |
Whole Time Director |
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Address : |
S.B.S. Colony, Manavadar-362630, |
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Date of Appointment : |
15.08.1995 |
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Name : |
Mr. Ramesh A Shah |
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Designation : |
Director |
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Address : |
Flat No. A-104, Mangal Darshan, |
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Date of Appointment : |
15.09.2003 |
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Name : |
Mr. Sunil Jain |
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Designation : |
Director |
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Address : |
39/10l, Shakti Nagar, Delhi-110007, |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr. Kishor R Doshi |
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Designation : |
Director |
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Address : |
B-103, Aakar, Rajhans Residency Complex, |
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Date of Appointment : |
15.09.2003 |
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Name : |
Mr. Mahasukhlal S Mehta |
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Designation : |
Director |
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Address : |
92, |
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Date of Appointment : |
15.09.2003 |
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Name : |
Ms. Prabhaben R Vaja |
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Designation : |
Director |
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Address : |
At. Sardarnagar Society, Manavadar-362630, |
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Date of Birth/Age : |
15.03.1956 |
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Date of Appointment : |
10.08.2009 |
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Name : |
Mr. Amit R Shah |
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Designation : |
Director |
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Address : |
R. H. No. 15, Sancheti Estate, |
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Date of Birth/Age : |
16.04.1960 |
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Date of Appointment : |
20.08.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Jaydeep J Aghera |
|
Designation : |
Sales Engineer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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17,785,800 |
48.44 |
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|
17,785,800 |
48.44 |
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Total shareholding of Promoter and Promoter Group (A) |
17,785,800 |
48.44 |
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(B) Public Shareholding |
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|
|
|
|
|
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|
3,000 |
0.01 |
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|
3,000 |
0.01 |
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3,512,660 |
9.57 |
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10,735,054 |
29.23 |
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4,433,565 |
12.07 |
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250,671 |
0.68 |
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125,815 |
0.34 |
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|
124,856 |
0.34 |
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18,931,950 |
51.56 |
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Total Public shareholding (B) |
18,934,950 |
51.56 |
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Total (A)+(B) |
36,720,750 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
36,720,750 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionEquity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage of
Holding |
|
Foreign holdings (Foreign institutional investor(s), Foreign comapnie(s)
Foreign financial institution(s), Non-resident indian(s) or overseas
corporate bodies or others) |
|
0.27 |
|
Bodies corporate (not mentioned above) |
|
7.74 |
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Directors or relatives of directors |
|
53.62 |
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Other Top fifty (50) shareholders (other than listed above) |
|
22.94 |
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Others |
|
15.42 |
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Mutual Funds |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Plastic Extrusion Machineries. |
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Products : |
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Exports : |
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Products : |
Plastic Extrusion Plant and Machinery |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit ( 30 Days) |
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Purchasing : |
L/C, Cash and Credit ( 30 Days) |
PRODUCTION STATUS
As on 31.03.2010
(Consolidated)
|
Particulars |
Unit |
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|
Actual
Production |
|
Thermoplastic Extrusion Plants |
Nos. |
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|
96 |
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Post Extrusion Equipments |
Nos. |
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|
86 |
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Miscellaneous Parts |
Nos. |
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|
3077 |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M N Manvar and Company Chartered Accountant |
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Address : |
504, |
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Associates/Subsidiaries : |
·
Essan Polymers
Private Limited Address: Activity: Manufacturer of Monolayer Foam Film. ·
Essan Multipack
Limited Address: Activity: Manufacturer of Monolayer Foam Film. ·
Essan Speciality
Films Private Limited Activity: Manufacturer of Mololayer and Multilayer Speciality Sheet
Products. ·
Shruti Engineers
Private Limited Activity: Manufacturer of Calibration baskets, Air Rings and aluminum
Casting Products. ·
Vishwakarma
Fabricators Private Limited Activity: Manufacturer of Structural Parts, Frames Enclosure and Steel
Fabrication components. ·
Hitesh Engineering Private Limited ·
Tanmay Engineers Private Limited ·
Kankai Packaging Private Limited ·
Essen Polybags Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 1/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30810000 |
Equity Shares |
Rs. 1/- each |
Rs. 30.810
Millions |
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Add: |
Issued during the year |
|
|
|
3600000 |
Equity Shares |
Rs. 1/- each |
Rs. 3.600
Millions |
|
34410000 |
Total |
|
Rs. 34.410 Millions |
Note:
The Share Capital of the company was
subdivided form Rs. 10 each to Re. 1 each with effect from 10.08.2009. Further,
the company allotted 3600000 equity shares of Re. 1 each of premium of Rs. 8
per share on 06.10.2009 on conversion of share warrents.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (Consolidated) |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.410 |
30.810 |
30.810 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Warrant |
0.000 |
3.240 |
0.000 |
|
|
4] Reserves & Surplus |
149.228 |
87.058 |
68.610 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
183.638 |
121.108 |
99.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.698 |
2.435 |
54.920 |
|
|
2] Unsecured Loans |
1.530 |
38.395 |
45.108 |
|
|
TOTAL BORROWING |
20.228 |
40.830 |
100.028 |
|
|
DEFERRED TAX LIABILITIES |
13.661 |
12.296 |
15.219 |
|
|
|
|
|
|
|
|
TOTAL |
217.527 |
174.234 |
214.667 |
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APPLICATION OF FUNDS |
|
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|
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|
|
|
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FIXED ASSETS [Net Block] |
148.184 |
75.831 |
75.459 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.268 |
3.115 |
4.265 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
72.613
|
68.385 |
54.350 |
|
|
Sundry Debtors |
79.660
|
62.822 |
143.705 |
|
|
Cash & Bank Balances |
96.041
|
58.911 |
21.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
69.057
|
72.534 |
49.384 |
|
Total
Current Assets |
317.371
|
262.652 |
268.839 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
127.841
|
101.908 |
74.755 |
|
|
Other Current Liabilities |
82.559
|
34.100 |
30.606 |
|
|
Provisions |
37.896
|
31.356 |
28.535 |
|
Total
Current Liabilities |
248.296
|
167.364 |
133.896 |
|
|
Net Current Assets |
69.075
|
95.288 |
134.943 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
217.527 |
174.234 |
214.667 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (Consolidated) |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
733.821 |
508.698 |
428.011 |
|
|
|
Other Income |
9.388 |
3.657 |
11.759 |
|
|
|
TOTAL (A) |
743.209 |
512.355 |
439.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
499.107 |
361.175 |
301.944 |
|
|
|
Purchase- Trading |
0.174 |
0.000 |
0.000 |
|
|
|
Manufacturing and Other Expenses |
143.105 |
104.400 |
124.627 |
|
|
|
Increase/ Decrease in stock of finished goods and stock in process |
22.707 |
[11.306] |
[31.900] |
|
|
|
TOTAL (B) |
665.093 |
454.269 |
394.671 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.116 |
58.086 |
45.099 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
[1.767] |
4.811 |
0.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
79.883 |
53.275 |
44.823 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.737 |
8.031 |
7.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
68.146 |
45.244 |
37.295 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.141 |
19.401 |
15.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43.005 |
25.843 |
21.536 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.139 |
51.691 |
39.625 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
3.000 |
3.000 |
|
|
|
Proposed Dividend |
9.635 |
7.394 |
6.470 |
|
|
BALANCE CARRIED
TO THE B/S |
97.509 |
67.140 |
51.691 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials including components purchased |
42.434 |
37.359 |
NA |
|
|
TOTAL IMPORTS |
42.434 |
37.359 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.25 |
-- |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd Quarter |
30.06.2010 3rd
Quarter |
|
Net Sales |
136.020 |
164.050 |
179.460 |
|
Total Expenditure |
118.330 |
141.400 |
162.290 |
|
PBIDT (Excl OI) |
17.690 |
22.650 |
17.170 |
|
Other Income |
-0.050 |
0.000 |
0.110 |
|
Operating Profit |
17.640 |
22.650 |
17.280 |
|
Interest |
0.070 |
1.620 |
2.970 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
17.570 |
21.030 |
14.310 |
|
Depreciation |
3.030 |
2.970 |
4.760 |
|
Profit Before Tax |
14.540 |
18.060 |
9.550 |
|
Tax |
4.460 |
6.370 |
3.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
10.080 |
11.690 |
6.450 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
10.080 |
11.690 |
6.45 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (Consolidated) |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.79
|
5.04 |
4.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.29
|
8.89 |
8.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.64
|
13.37 |
10.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.37 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
1.72 |
2.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.57 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 (Consolidated) |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Expenses |
4.284 |
2.100 |
7.763 |
|
- Goods |
120.192 |
99.236 |
65.734 |
|
- Labour Job |
0.367 |
0.410 |
0.807 |
|
- Capital Goods |
2.998 |
0.162 |
0.451 |
|
Total |
127.841 |
101.908 |
74.755 |
HISTORY:
Rajoo Engineers (REL) was incorporated in Dec.'86 as a private limited company,
and it was converted into a public limited company in May '92. The company is
promoted by C N Doshi. Its works is situated in Manavadar and in Shapar -
Veraval in
Performance
Review:
During the year, the company has achieved aggregate Sales to Rs. 743.209
Millions from Rs. 477.751 Millions in the
previous year showing 56% rise. Domestic sales have increased to Rs. 557.670
Millions from Rs. 244.643 Millions in the previous year showing 228% rise. The
net profit of the company has also increased to Rs. 43.005 Millions showing 66%
rise as compared to previous year. The company has successfully implemented
various cost reduction measures during the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L27100GJ1986PLC009212 |
|
Name of the
company |
RAJOO ENGINEERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
This form is for |
Modification of
Charge |
|
Charge identification
number of the charge to be modified |
10125874 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank Lidmited, “Titan” Near |
|
Nature of
instrument creating charge |
Link cum
Supplementary Document |
|
Date of
instrument Creating the charge |
16.02.2010 |
|
Amount secured by
the charge |
Rs. 180.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As prescribed by
bank Terms of
Repayment As prescribed by
bank Margin As prescribed by
bank Extent and
Operation of the charge Charge will
operate as first and exclusive charge in favour of bank till due repayment of
Loan, Interest and any other charges due on it. Others Present Limit CC Rs. 60.000
Millions (EPC/
PSC/FBP/FBD/FBN Being a sub limit of CC of Rs. 60.000 Millions) TL : Rs. 85.000
Millions ILC/ FLC/BG : Rs.
30.000 Millions (Sub Limit with
TI, ILC/ FLC of Rs. 60.000 Millions) Forward cover
(LER Value ) Rs. 5.500 Millions Total Ra. 180.500
Millions |
|
Short particulars
of the property charged |
Immovable
Property Situated at Industrial shed on Land of Plot No. 1 Paiki adm. 9527.
50 sq.mts. of S. No. 210 Paiki of
Veraval of Kotda Sangani Tal of Rajkot District. Immovable
Property Situated at Industrial shed on Plot No. 2 paiki and Plot No. 3 Adm.
607.64 sq. mts. Of S. No. 12/2 Paiki of Manavadar of Junagadh District Immovable
Property situated at Industrial shed on Land of Plot No. 2 Palki Adm. 199.75
sq. mts. Of S. No. 12/2 Paiki of Maavadar of Junagadh District. Immovable
Property situated at Industrial shed on Land of Plot No. 82, 83 and 84 total
land Adm. 506.00 sq.mt. of S. No. 12/1 and 18/1 Paiki of Manavadar of
Junagadh District |
|
Particulars of
the property charged |
06.11.2008 |
|
Particulars of
the present modification |
Charge has been modified
by way of decrease in total limit form Rs. 246.700 Millions to Rs. 180.500
Millions and release of charge over the property: (1) Land and Bu. At Plot no. S. No. 210 Adm.
774.81 sq. mts. Of Rs. 1.701 Millions out of total security valuing Rs.
54.126 Millions. (2) Further plant and machinery (Nitrtiding
Furnace, Nicke Plating Plant, Hand operated Crane ton and 2 ton value at Rs.
2.520 Millions) out of Rs. 35.793 Millions. All other securities mentioned in
present agreement will cover the modified charge of Rs. 180.500 Millions. |
Fixed Assets:
·
Land
·
Site Development
·
Approach Road
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computer
·
Fire Fighting Equipments
·
Vehicles
·
Electriciation
AS PER WEBSITE
Profile:
Subject was incorporated in December 1986 as a private
limited company, and it was converted into a public limited company in May
1992. The company is promoted by C N Doshi. Its works is situated in Manavadar
and in Shapar - Veraval in
Subject manufactures plastic processing machinery, used for the extrusion
processing of various thermoplastic raw materials into compounds such as
profiles, pipes, blown films, cables and wire insulation sheathings, flat cast
films, sheet extrusion, raffia tapes, monofilaments, co-extruded films,
calendaring, thermoforming and strapping. It has two units, at Manavadar and
Subject went public in August 1994 with its maiden issue to expand its capacity
from 65 pa to 156 pa. Subject has entered into a technical collaboration with
Wiffery machinery,
Rajoo Engineers Limited, having made a modest beginning in 1986, is
emerged as an undisputed global player in blown film and sheet extrusion lines.
Inspired by a unique blend of spiritual professionalism and technological
prowess, the company has become major supplier of world class machines at
affordable prices.
The Company entered into development of various extrusion systems and delivered
its first PPTQ film plant in 1988. And since then, never looked back,
continuing to add one after the extrusion line into its product range
consistently.
The Company made an Initial
Public Offering in 1994 and received an
overwhelming response from the capital market culminating in over-subscription
by about 24 times, which by itself is a record in the Asian Plastic Machinery
Manufacturing Industry.
It is a fact that none of the customers have ever gone sick. It is also a fact
that all the customers when expanding or diversifying, have repeatedly ordered
for the machines which is an ample proof of customer satisfaction. Repeat
orders contribute to more than 60% of Company's sales.
The Company enjoys the largest market share of blown film lines, sheet lines
and thermoformers on the Indian sub-continent. Leadership amongst the Asian
manufacturers of such equipments is undisputedly established.
Collaboration
Rajoo offers EPS sheet extrusion lines manufactured in technical
collaboration with Commodore Inc.,
The line incorporates a tandem foam extrusion system with a dia. 90mm extruder
operating in tandem with a dia. 115mm water cooled extruder with hydraulic
screen changer. The features include a high pressure gas injection system,
patented annular die head, air ring an easy change cooling mandrel with
take-off and sheet winder.
KEY MANAGEMENT:
C. N. Doshi
Chairman
The founder of Rajoo Group with more than 25 years of experience in the plastic
extrusion and precision machinery manufacturing industry, Mr. C.N.Doshi has
envisioned the growth and progress of the organization to towering heights.
Heading the business, he spearheads all the strategic spheres of the
organization.
R. N. Doshi
Managing Director
Responsible for the overall operations including production, new developments
and services, is the co-founder of this organisation., He has more than 23
years of experience in plastic processing, machinery manufacturing and product
developments. He is an expert in selection of world class inputs in the
products, cost reduction and inventory control to ensure the continued
competitiveness. His extensive management experience includes several
start-ups, plant installations and significant processing improvements in
record time.
J. P. Aghera
Technical Director
The development of new machines and overall manufacturing processes are
undertaken under the guidance of Mr. J. P. Aghera. He is with the Company since
inception. He has more than 30 years of experience in plastic processing and
bag making machineries. He acquired his technical skills through his experience
working in his family's machining workshop in Manavadar. He holds extra
ordinary skills in solving machinery related problems and equipment repairs and
machine design.
K. P. Aghera
Director
He is responsible for overall management and manufacturing of machines at
Manavadar works. He is with the company since its inception. He has more than
35 years of experience in machinery manufacturing and plastic processing. He
acquired his technical skills through his experience working in his family's
machining workshop in Manavadar.
Sunil Jain
President
The overall marketing, business development efforts and strategic areas at the
corporate level are the responsibility of Mr. Jain. He has more than 20 years
of experience in the flexible packaging industry and plastic extrusion
machinery industry. He has successfully developed key relationships with the
esteemed customers and overseas partners. He graduated with a bachelor degree
in Mechanical Engineering from BITS (Pilani), a reputed
Manish Vasavada
Vice President (Operations)
Having a versatile experience of 18 years in different functions of
manufacturing like production, operations, planning, supply chain management,
purchase and various others, Mr. Vasavada is a mentor for all the production
related activities at REL and heads the Operations at Works. As a qualified
Mechanical Engineer he has a result oriented approach driven by excellent
leadership qualities which has helped the team under him to work with complete
efficiency.
V. M. Rajpura
GM (Design)
He is responsible for overall design and machine configuration. He is
with them for last 14 years. He has more than 24 years of experience in design
and development of capital goods and plastic processing machineries.
J. T. Zalavadia
DGM - Finance
He is responsible for the overall financial management. He oversees the
organisation's functions in human resources, administration, Enterprise
Resource Planning (ERP) and corporate financial system. Prior to joining the
Company he was Director of a public limited company. Prior to that, he worked
with a nationalized bank. His previous experience included finance and general
management in various industries like cotton and oil mills.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED JUN 30, 2010
(Rs.
In Millions)
|
Particulars |
Quarter Ended 30.06.2010 (Unaudited) |
|
1. Net Sales/ Income from operations |
135.952 |
|
Other Operating Income |
0.068 |
|
Total Income (1) |
136.020 |
|
2. Total Expenditure |
|
|
a) Increase/ Decrease in stock in trade and finished
goods |
[13.246] |
|
b) Consumption of Raw Material |
91.999 |
|
c) Purchase of Traded Goods |
-- |
|
d) Employee Cost |
15.693 |
|
e) Depreciation |
3.031 |
|
f) Other Expenditure |
23.887 |
|
Total Expenditure (2) |
121.364 |
|
3. Profit from Operation before other
Income, Interest and |
14.656 |
|
4. Other Income |
[0.046] |
|
5. Profit before Interest and exceptional
Item (3+4) |
14.610 |
|
6. Interest |
0.069 |
|
7. Profit after interest but before
exceptional Items, tax (5+6) |
14.541 |
|
8. Exceptional Items |
-- |
|
9. Profit/ Loss from ordinary activities
before tax (7+8) |
14.541 |
|
10. Tax Expenses |
4.458 |
|
11. Profit/ Loss from ordinary activities
before tax (7+8) |
10.082 |
|
12. Extra Ordinary items (Net of tax
expenses) |
-- |
|
13. Net Profit/ Loss for the period (11-12) |
10.082 |
|
14. Paid-up Equity Share Capital (Face Value Rs. Per share) |
34.410 |
|
15. Reserves excluding Revaluation Reserve |
-- |
|
16. Basic and Diluted EPS per share |
|
|
Basic EPS |
0.29 |
|
Diluted EPS |
0.29 |
|
17. Public shareholding |
|
|
- Number of Shares |
16534200 |
|
- Percentage of Shareholding |
48.05% |
|
18. Promoters and promoter group
shareholding |
|
|
a. pledged encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of Shares (as a % of Total
Shareholding of promoter and promoter group) |
-- |
|
- Percentage of Share (as a % of Total Share
Capital of the company) |
-- |
|
b. Non-Encumbered |
|
|
- Number of Shares |
17875800 |
|
- Percentage of Shares (as a % of Total
Shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of Share (as a % of Total Share
Capital of the company) |
51.95% |
Note:
1)
The above financial results
were reviewed by the Audit Committee and taken on record by the Board of
Directors in meeting held on 30th July, 2010.
2)
During the quarter ended
June 30, 2010, the company did not
receive any complaint from the shareholders and no complaints remained
unsolved.
3)
The company operates
exclusively in one segment of activity i.e. manufacturing of plastic extrusion
and machinery.
4)
* Rs. 10 per share
** Re. 1/- per
share.
News:
Rajoo Engineers
and Hosonkawa Alpine AG,
Oct,2010
The markets in
The maxim ‘Excellence in Extrusion’ continues to drive Rajoo Engineers
and thus the technical collaboration with HOSOKAWA ALPINE AG of Germany – one
of the most reputed companies globally in this sector – comes as no surprise.
Both companies are long‐established
manufacturers of blown film lines. The HOSOKAWA ALPINE lines are used around
the world by customers with high quality and performance demands. The RAJOO
systems cover the demands in many newly industrialised countries such as
The markets in
In a first step, Rajoo Engineers Limited will assume responsibility for
marketing and service support for Alpine’s blown film systems in
‘Rajoo’s strong understanding of the developing economies coupled with
world class technology of Alpine will ensure a unique mix that customers would
benefit from, says Sunil Jain, President, Rajoo Engineers. ‘The brand and the
network of Rajoo will only raise the bar of customer satisfaction’, he adds.
This alliance with ALPINE would only further the focused efforts of Rajoo in
blown film lines, an area where the company enjoys premium market position.
‘Synergies will result from this cooperation in the areas of
international marketing, production and procurement as well as in joint product
development. For Alpine, this collaboration would also serve as an extension of
its manufacturing capability, wherein it could now source from India,
aggressively priced blown film solutions (using its technology and manufactured
by Rajoo Engineers), for its global markets.’, says Peter Krieg, President,
Hosokawa Alpine AG.
The existing Rajoo portfolio of the widest range of mono and multilayer
blown film lines up to seven layers, sheet lines up to five layers, water
quenched downward extrusion lines up to three layers, lines for foamed film and
sheets for various special applications and thermoformers will now be
supplemented by hybrid products as well as complete ALPINE systems, giving the
customer enough options to choose from.
About Rajoo
Based in
Rajoo Engineers JV
with Bausano of
Oct,2010
Known for bringing world class technology at the door step of the Indian
processors, with this JV (based in
The spirit of ‘Innovation’ continues to charter the Rajoo Engineers
growth story – a diversification into the pipe and profile extrusion machinery
– through a joint venture with Bausano and Figli S.p.a of
Bausano and Figli S.p.a started manufacturing twin screw extruders way
back in 1946 and is today one of the most reputed pipe and profile extrusion
machinery manufacturers in the world. Known for bringing world class technology
at the door step of the Indian processors, with this JV (based in
The Indian processors who currently use short extruders (18‐20L/D) will now be offered Rajoo‐Bausano 30 L/D
extruders to enhance melt homogenisation at much higher output levels using
similar size extruder and motor ratings. The rough inner pipe surface, a result
of the sizing done using the ‘floating bung technique’, will also be a thing of
the past with ‘vacuum sizing’ technique (resulting in lower energy consumption
for the farmers while transporting water) that is used by Rajoo‐Bausano. The patented high torque ‘Multi‐Drive’ system with
four synchronised motors driving the Rajoo‐Bausano extruder
with much smaller motors, consume less power with lower maintenance costs.
With operations scheduled to commence in 2011, Rajoo Bausano Extrusion
Private Limited will produce and market pipe and profile lines (including for
wood composite profiles) in
The existing Rajoo portfolio of the widest range of mono and multilayer
blown film lines up to seven layers, sheet lines up to five layers, water
quenched downward extrusion lines up to three layers, lines for foamed film and
sheets for various special applications and thermoformers will now be
supplemented by pipe and profile extrusion lines .
About Rajoo
Based in
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.