MIRA
INFORM REPORT
|
Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
RATIONAL ENGINEERS LIMITED |
|
|
|
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Registered
Office : |
103, 1st Floor, Dhanalaxmi Residency, Next to Tip Top
Plaza, Thane – 400602, Maharashtra |
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Country : |
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|
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.02.1989 |
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Com. Reg. No.: |
050809 |
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Capital
Investment / Paid-up Capital : |
Rs.31.243 Millions |
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|
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CIN No.: [Company Identification
No.] |
U31200MH1989PLC050809 |
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|
|
|
Legal Form : |
A closely held public limited liability company |
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|
Line of Business
: |
Manufacturer and Exporter of Copper |
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|
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|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 443392 |
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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 a well established company having satisfactory track. The company
is doing well. 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.
INFORMATION PARTED BY
|
Name : |
Ms. Dipti |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-25824367 |
|
Date : |
17.10.2011 |
LOCATIONS
|
Registered Office : |
103, 1st Floor, Dhanalaxmi Residency, Next to Tip Top
Plaza, Thane – 400602, Maharashtra, India |
|
Tel. No.: |
91-22-25824367/68 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Factory : |
Plot No. 1, Gut No 18,26 and 27 Kusum Industrial Complex, Hamrapur Tal
Wada Dist, Thane, Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Mahendra Khayli Lal Jain |
|
Designation : |
Director |
|
Address : |
501, BDD No.3C, Green Enclav E, Pokhran Road 2, Near Vasant Vihar,
Thane – 4000602, Maharashtra, India |
|
Date of Birth/Age : |
22.11.1970 |
|
Date of Appointment : |
25.08.2006 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U31200MH1989PLC052364 |
ADITYA VIDYUT APPLIANCES
LTD |
Director |
03/12/1999 |
03/12/1999 |
- |
Active |
NO |
|
2 |
U51505MH2003PTC143265 |
ADITYA FABRICATION PRIVATE
LIMITED |
Director |
24/11/2003 |
24/11/2003 |
- |
Active |
NO |
|
3 |
U31200MH1989PLC050809 |
RATIONAL ENGINEERS LIMITED
|
Director |
25/08/2006 |
25/08/2006 |
- |
Active |
NO |
|
4 |
U65910MH2008PTC185509 |
KAJOL LEASING AND FINANCE
PRIVATE LIMITED |
Director |
06/08/2008 |
06/08/2008 |
- |
Active |
NO |
|
5 |
U31908MH2009PTC192539 |
ADITYA V.A. TECHNOLOGIES PRIVATE
LIMITED |
Director |
21/05/2009 |
21/05/2009 |
- |
Active |
NO |
|
6 |
U40105MH1991PLC167813 |
GEMINI INSTRATECH P.LTD. |
Managing director |
28/08/2010 |
22/03/2010 |
- |
Active |
NO |
|
7 |
U45400MH2011PTC220819 |
ARNAV CONSTRUCTION PRIVATE
LIMITED |
Director |
10/08/2011 |
10/08/2011 |
- |
Active |
NO |
|
Name : |
Ms. Chanda Mahendrakumar Jain |
|
Designation : |
Director |
|
Address : |
501, BDD No.3C, Green Enclav E, Pokhran Road 2, Near Vasant Vihar, Thane
– 4000602, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1973 |
|
Date of Appointment : |
26.11.2007 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U31200MH1989PLC050809 |
RATIONAL ENGINEERS LIMITED
|
Director |
26/11/2007 |
26/11/2007 |
- |
Active |
NO |
|
2 |
U65910MH2008PTC185509 |
KAJOL LEASING AND FINANCE
PRIVATE LIMITED |
Director |
06/08/2008 |
06/08/2008 |
- |
Active |
NO |
|
3 |
U45400MH2011PTC220819 |
ARNAV CONSTRUCTION PRIVATE
LIMITED |
Director |
10/08/2011 |
10/08/2011 |
- |
Active |
NO |
|
Name : |
Mr. Anish Dipak Jhaveri |
|
Designation : |
Director |
|
Address : |
C-38, Raji 3rd Floor, Opposite Canara Bank, R B Mehta Road,
Ghatkoper East, Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1970 |
|
Date of Appointment : |
26.11.2007 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U31200MH1989PLC050809 |
RATIONAL ENGINEERS LIMITED
|
Director |
26/11/2007 |
26/11/2007 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Dipti |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Promoters |
|
178080 |
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Mahendra Jain |
|
100500 |
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Chanda Jain |
|
29820 |
|
Prakash Jain |
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Others |
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|
Anish Jhaveri |
|
420 |
|
Pina Jhaveri |
|
705 |
|
Sujita Bhalerao |
|
105 |
|
T R Singh |
|
300 |
|
Neelam T Singh |
|
300 |
|
S R Bhalerao |
|
300 |
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V S Bhalerao |
|
300 |
|
Shankar Phad |
|
600 |
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Total |
|
311430 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Copper |
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Exports : |
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Products : |
Copper |
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Countries : |
Arabian Countries |
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Imports : |
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Products : |
Machinery |
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Countries : |
·
Australia ·
China |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
End Users ·
T and R Group ·
BHL ·
Arava |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
The Thane Janata Sahakari Bank Limited, Tip Top Plaza, Wagle
Industrial Estate, Wagle Estate, Thane – 400604, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B R Jajoo and Company Chartered Accountant |
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Address : |
Office No.4, Vikas Shopping Complex, Near Castle Mill, Thane – 400602,
Maharashtra, India |
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Tel No.: |
91-22-64524154 |
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Email: |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
311430 |
Equity Shares |
Rs.100/-
each |
Rs.31.143
Millions |
|
|
Share Application Money |
|
Rs.0.100
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
1000.000 |
Expected Sales (2011-2012) : Rs.1500.000 Millions
The above information has been parted by Ms. Dipti (Accounts Department)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
31.243 |
9.001 |
8.701 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
79.605 |
70.052 |
48.040 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
110.848 |
79.053 |
56.741 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
85.635 |
53.108 |
0.852 |
|
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2] Unsecured Loans |
27.684 |
2.377 |
0.449 |
|
|
TOTAL BORROWING |
113.319 |
55.485 |
1.301 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
224.167 |
134.538 |
58.042 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
104.281 |
54.087 |
32.284 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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INVESTMENT |
14.302 |
12.179 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.233
|
38.662 |
2.770 |
|
|
Sundry Debtors |
125.979 |
62.781 |
87.518 |
|
|
Cash & Bank Balances |
8.451 |
4.688 |
1.686 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
47.939
|
17.845 |
5.836 |
|
Total
Current Assets |
221.602
|
123.976 |
97.810 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
101.882
|
39.511 |
55.368 |
|
|
Other Current Liabilities |
4.000
|
3.703 |
2.919 |
|
|
Provisions |
10.136
|
12.490 |
13.765 |
|
Total
Current Liabilities |
116.018
|
55.704 |
72.052 |
|
|
Net Current Assets |
105.584
|
68.272 |
25.758 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
224.167 |
134.538 |
58.042 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
479.100 |
463.011 |
|
|
|
Other Income |
|
1.516 |
0.328 |
|
|
|
TOTAL (A) |
|
480.616 |
463.339 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
39.513 |
45.295 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
39.513 |
45.295 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.160 |
4.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
33.353 |
41.090 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
11.340 |
14.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
22.013 |
27.028 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
4.58 |
5.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
6.96 |
8.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
18.73 |
31.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.42 |
0.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
1.41 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.23 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Goods and Others |
101.882
|
39.511 |
55.368 |
NOTE:
The registered office address of the company
has been shifted from 132, 1st Floor, Ashoka Super Market Complex, S
V Road, Goregaon West, Mumbai – 400062, Maharashtra, India to present address
w.e.f. 02.12.2006
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
-- |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
FORM 8:
|
Corporate identity number of the company |
U31200MH1989PLC050809 |
|
Name of the company |
RATIONAL ENGINEERS LIMITED |
|
Address of the registered office or of the
principal place of business in |
103, 1st
Floor, Dhanalaxmi Residency, Next to Tip Top Plaza, Thane – 400602,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
The Thane Janata Sahakari Bank Limited |
|
Nature of instrument creating charge |
Deed Of Extention Of Charge. |
|
Date of instrument Creating the charge |
18.05.2011 |
|
Amount secured by the charge |
Rs.40.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As may be decided by the bank. Terms of Repayment As may be decided by the bank. Margin As may be decided by the bank. Extent and Operation of the charge Charge is Created For Immovable Property
of The Company In Favour of the Bank. |
|
Short particulars of the property charged |
Charge Is Secured Against Mortgage Of
Immovable Properties Situated At 1) The Sub-Divided Plot No.1, Admeasuring On
Or About 1193 Sq.Mtrs. Out Of New Gat No.18, 26, and 27, Situate At Village
Hamrapuir, Tal. Wada. Dist. Thane 2) All That Piece And Parcel Of The Land
Bearing The Gat Nos.296 and 297, In All Admeasuring On Or About 0-68-0 H-A-P,
Situate At Village Hamrapuir, Tal. Wada. Dist. Thane Alongwith The Structure
Resting On The Same And 3) The Sub Divided Plot No.71 Admeasuring On Or
Aboaut 790 Sq.Mtrs Our Of Survey No.36,37,39/1,41 Alongwith The Structure
Resting On The Same Situate At Village Aliyali, Tal Palghar, Dist Thane. The
Above Mentioned Properties Particularly Described As Property I, Ii and Iii
Respectively In The Said Deed. |
|
Particulars of the present modification |
Charge Modified By Provision Of Additional
Security Against Mortgage Of Immovable Properties Situated At 1)Sub-Divided
Plot No.1, Adm On Or About 1193 Sq.Mtrs. Out Of New Gat No.18, 26, and 27,
Situate At Village Hamrapuir Tal. Wada.2) All That Piece and Parcel Of Land Bearing Gat Nos.296 & 297, In All
Adm On Or About 0-68-0 H-A-P, Situate At Village Hamrapuir, Tal. Wada 3) Sub
Divided Plot No.71 Admeasuring On Or Aboaut 790 Sq. Mtrs Our Of S. No
36,37,39/1,41 Alongwith Structure As Described In Deed |
TRADE REFERENCES:
·
T and R Group
·
BHL
·
Arava
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.49.06 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.67.72 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.