MIRA
INFORM REPORT
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Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
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Name : |
RADIANT CORPORATION PRIVATE LIMITED |
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Formerly Known
As : |
Radiant Cables Limited |
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Registered
Office : |
B-1, Industrial Estate, Sanathnagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.10.1976 |
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Com. Reg. No.: |
01-002083 |
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CIN No.: [Company Identification
No.] |
U31300AP1976PTC002083 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDR00004E |
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PAN No.: [Permanent Account No.] |
AABCR0719B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Special Electric and Electronic Equipment, Wires and
Cables, Cable Systems, Control Systems and Components |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 2911000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relation are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered good 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 |
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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 |
LOCATIONS
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Registered Office : |
B-1, Industrial Estate, Sanathnagar, |
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Tel. No.: |
91-40-23704470 / 71 / 73 |
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Fax No.: |
91-40-23703421 / 23704472 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Ashok Kundalia |
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Designation : |
Managing Director |
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Address : |
Flat No.B-101, Pasha Court, Punjagutta, |
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Date of Birth/Age : |
24.09.1956 |
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Date of Appointment : |
27.05.2007 |
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DIN : |
00260377 |
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Name : |
Mr. Rajendra Kumar Duggar |
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Designation : |
Director |
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Address : |
Flat 12C |
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Date of Birth/Age : |
26.11.1950 |
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Date of Appointment : |
24.07.1997 |
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DIN : |
00403512 |
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Name : |
Mrs. Preeti Ashok Kundalia |
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Designation : |
Whole-time Director |
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Address : |
Flat No.B-101, Pasha Court, Punjagutta, |
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Date of Birth/Age : |
08.03.1958 |
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Date of Appointment : |
14.08.2009 |
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DIN : |
00464922 |
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Name : |
Mr. Satish Sadashiv Godboe |
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Designation : |
Director |
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Address : |
40/2, Paranjpe Bungalow, Near |
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Date of Birth/Age : |
03.06.1947 |
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Date of Appointment : |
06.02.2009 |
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DIN : |
02524098 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Mr. Ashok Kundalia |
|
23000 |
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Mrs. Preeti Ashok Kundalia |
|
23200 |
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Sambhav Ashok Kundalia |
|
16900 |
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|
16900 |
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Total |
|
80000 |
As on 29.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Special Electric and Electronic Equipment, Wires and
Cables, Cable Systems, Control Systems and Components |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Compounds and Conductor |
M.T. |
|
970.37 |
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Wires and Cables (Core KM) |
MT |
|
3792.86 |
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Wt. of Aluminum (MT/Shift/Year) |
|
787.80 |
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Wt. of Copper (MT/Shift/Year) |
|
617.80 |
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Compound (MT/Shift/Year) |
|
600.00 |
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GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dagliya and Company Chartered Accountant |
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Address : |
2nd Floor, |
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Tel. No.: |
91-40-27713308 / 27712769 |
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Fax No.: |
91-40-27713488 |
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E-Mail : |
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PAN No.: |
AAAFD6954E |
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Associates : |
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CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
80,000 |
Equity Shares |
Rs.1000/-each |
Rs.80.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
80,000 |
Equity Shares |
Rs.1000/-each |
Rs.80.000 million |
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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 |
|
|
|
|
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1] Share Capital |
80.000 |
80.000 |
80.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
647.834 |
493.246 |
322.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
727.834 |
573.246 |
402.185 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
6.423 |
94.381 |
275.955 |
|
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2] Unsecured Loans |
0.000 |
243.988 |
162.897 |
|
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TOTAL BORROWING |
6.423 |
338.369 |
438.852 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
734.257 |
911.615 |
841.037 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.421 |
192.115 |
244.814 |
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Capital work-in-progress |
35.960 |
18.389 |
0.992 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
9.236 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
119.150
|
174.047 |
133.640 |
|
|
Sundry Debtors |
153.998
|
433.859 |
483.627 |
|
|
Cash & Bank Balances |
7.190
|
12.875 |
8.136 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
320.615
|
106.934 |
85.548 |
|
Total
Current Assets |
600.953
|
727.715 |
710.951 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors and Liabilities |
8.212
|
23.704 |
25.319 |
|
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Provisions |
7.865
|
2.900 |
99.662 |
|
Total
Current Liabilities |
16.077
|
26.604 |
124.981 |
|
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Net Current Assets |
584.876
|
701.111 |
585.970 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.025 |
|
|
|
|
|
|
|
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TOTAL |
734.257 |
911.615 |
841.037 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
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|
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|
|
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Income |
|
1290.503 |
1271.978 |
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Other Income |
|
0.489 |
15.446 |
|
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TOTAL (A) |
769.880 |
1290.992 |
1287.424 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
719.776 |
726.514 |
|
|
|
Manufacturing Expenses |
|
18.497 |
15.309 |
|
|
|
Salaries, wages to employees |
|
67.758 |
52.654 |
|
|
|
Duties and taxes |
|
49.028 |
56.370 |
|
|
|
Other Expenses |
|
20.694 |
19.975 |
|
|
|
Increase / decrease in stocks |
|
(7.026) |
27.065 |
|
|
|
Misc. Expenses |
|
0.026 |
6.268 |
|
|
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TOTAL (B) |
480.773 |
868.753 |
904.155 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
289.107 |
422.239 |
383.269 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
13.023 |
76.522 |
34.919 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
276.084 |
345.717 |
348.350 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.145 |
29.167 |
29.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
256.939 |
316.550 |
319.329 |
|
|
|
|
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|
|
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Less |
TAX (I) |
63.482 |
95.486 |
87.105 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
193.457 |
221.064 |
232.224 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
437.191 |
238.627 |
218.595 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
22.500 |
25.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
160.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
27.192 |
|
|
BALANCE CARRIED
TO THE B/S |
630.648 |
437.191 |
238.627 |
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Deemed Export |
99.873 |
282.521 |
194.625 |
|
|
TOTAL EARNINGS |
99.873 |
282.521 |
194.625 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
204.402 |
300.252 |
290.442 |
|
|
TOTAL IMPORTS |
204.402 |
300.252 |
290.442 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2418 |
2763 |
2903 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
25.13
|
17.12 |
18.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
24.53 |
25.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.97
|
34.41 |
33.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.55 |
0.79 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.03
|
0.64 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
37.38
|
27.35 |
5.69 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from B-2, Industrial Estate, Sanathnagar,
REVIEW OF OPERATIONS
:
The company achieved a turnover of Rs.769.900
million, including export of the 100% EOU division, as compared to Rs.1290.900
million of previous year. The directors are hopeful of increased business and
also working results in the current financial year.
Contingent Liabilities :
(Rs.in million)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Un-redeemed Bank Guarantees |
80.393 |
90.000 |
|
Letter of Credit Open and Outstanding |
31.792 |
1.205 |
|
Custom Duty |
7.802 |
7.805 |
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Testing Equipments and Auxiliaries
- Electrical Equipments and Auxiliaries
- Furniture and Fixtures
- Computers
- Vehicles
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31300AP1976PTC002083 |
|
Name of the
company |
RADIANT
CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-1, Industrial
Estate, Sanathnagar, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
80005720 |
|
Type of charge |
|
|
Particular of charge
holder |
State Bank of Email : sanathnagar@sbhyd.co.in
|
|
Nature of
instrument creating charge |
Working Capital limits
are reduced from Rs.542.500 million to Rs.400.000 millions as per the
following documents. 1) Sanction
Letter No. F-13/Cr/Gr-I/253, dt.24.8.09. 2) Agreement of
loan for overall limits. 3) Agreement of
Hypothecation of Goods and Assets. 4) Letter regarding
the grant of individual limits within the overall limit. 5) No charge/lien
letter dt 25.8.09 (in respect of the Assets / Plant and Machinery released
from the Bank's Charge) with list of Assets. 6) Board
Resolution dated 25.8.09 |
|
Date of instrument
Creating the charge |
25.08.2009 |
|
Amount secured by
the charge |
Rs.477.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Cash Credit - 2% below SBH BPLR Floating i.e. @ 10.25% p.a.(Floating) Export Packing
Credit - 2.75% below SBH BPLR Floating
i.e. @ 9.50% p.a. (Floating) (Under SBH Exporters Gold Card Scheme) Terms of
Repayment - Fund Based Working Capital Limits - On demand Term Loans - As
per the repayment schedule stipulated by the Bank. Margin - Funded
Limits - 10% - 25% Non-Funded Limits
- 5% (As detailed in
the Sanction / Arrangement letter dated 24.08.2009) Extent and
Operation of the charge - (1) Working Capital Limits: Rs.400.000 millions
(FB:Rs.175.000 millions, NFB:Rs.225.000 millions) a. First Charge on all present and
future Current Assets of the company. b. Extension of First Charge on all
present and future Fixed Assets of the company, excluding Assets/Plant and Machinery of Rs.84.700 millions (Net Block and CWIP of
Rs.10.600 millions as on 31.03.09) pertaining to Hived off Divisions (Specialty and Radiation) c. Equitable Mortgage of Land and Bldg. detailed
under Point No.15 Others - (2) Term
Loans - Rs.45.000 millions and Rs.32.500 millions: First Charge on all
present and future Fixed Assets of the Company, excluding P and M of
Rs.84.700 millions (Net Block and CWIP of Rs.10.600 millions as on 31.03.09)
pertaining to Hived off Divisions (Specialty and Radiation); Equitable
Mortgage of Land and Bldg. detailed under Point No.15 (3) Charge / lien
on assets (P and M) to the extent of Rs.84.700 millions (Net Block and CWIP
of Rs.10.600 millions as on 31.03.09) trfrd to Radiant-RSCC Specialty Cable
private limited. is released. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Charge on
all present and future Current Assets of the Company. First Charge on present
and future Fixed Assets of the Company excluding Plant and Machinery of
Rs.84.700 millions (Net Block and CWIP of Rs.10.600 millions as on 31.03.09)
pertaining to Hived-off Divisions. Equitable Mortgage of Land and Buildings
situated at B-1 and B-2; B-4; B-6, Industrial Estate, Sanathnagar, |
|
Date of
instrument modifying the charge |
28.03.2009 |
|
Particulars of
the present modification |
1. Working Capital
limits are reduced from Rs.542.500 million to Rs.400.000 millions.(FB limits
from Rs 295.000 millions to Rs 175.000 million and NFB Limits from Rs 247.500
million to Rs 225.000 millions) 2. Charge / lien
on Assets / Plant and Machinery to the extent of Rs.84.700 millions (Net
Block including CWIP of Rs.10.600 millions as on 31.03.2009) pertaining to
Hived off Divisions (Specialty and Radiation) of the Company transferred to Radiant - RSCC Specialty Cable Pvt. Ltd.,
is released. |
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.