MIRA
INFORM REPORT
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Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAKSAN TRANSFORMERS PRIVATE LIMITED |
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Registered
Office : |
40, First Floor, Bhera Enclave, Paschim Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.07.1995 |
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Com. Reg. No.: |
55-184910 |
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Capital Investment
/ Paid-up Capital : |
Rs.8.624 millions |
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CIN No.: [Company Identification
No.] |
U31103DL1995PTC184910 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Transformers |
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No. of Employees
: |
40 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80000 |
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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 tarde
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. Yogendra |
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Designation : |
Account Manager |
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Contact No.: |
91-130-6535990 |
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Date : |
12.09.2011 |
LOCATIONS
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Registered Office : |
40, First Floor, Bhera Enclave, Paschim Vihar, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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Factory : |
Plot No. 1413, HSIDC, Industrial Estate Rai, Sonepat 131029, |
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Tel. No.: |
91-130-6535990 / 6451990 |
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Fax No.: |
91-130-2366991 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sanjeev Kanda |
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Designation : |
Director |
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Address : |
House No. 40, First Floor, Bhera Enclave, Paschim Vihar, Delhi – 110
063, India |
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Date of Birth/Age : |
27.02.1970 |
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Date of Appointment : |
21.07.1995 |
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DIN No. : |
01066817 |
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Name : |
Mr. Premwati Kanda |
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Designation : |
Director |
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Address : |
House No. 40, First Floor, Bhera Enclave, Paschim Vihar, Delhi – 110
063, India |
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Date of Birth/Age : |
07.01.1935 |
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Date of Appointment : |
21.07.1995 |
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DIN No. : |
01210574 |
KEY EXECUTIVES
|
Name : |
Mr. Yogendra |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Sanjeev Kanda |
|
810550 |
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Premwati Kanda |
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21850 |
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Sanjeev Kanda HUF |
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25000 |
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Renu Kanda |
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5000 |
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Total |
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862400 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transformers |
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Products : |
·
Power and Distribution Transformers ·
Induction / Arc Furnace Transformers ·
Dual Ratio Transformers ·
Testing Transformers ·
Dry Type Transformers |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Installed
Capacity |
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Transformers |
3600 Per annum |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
40 Approximately |
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Bankers : |
·
Bank of 6, Shopping Complex, Shalimar Bagh, ·
HDFC Bank ·
Canara Bank ·
ICICI Bank |
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Facilities : |
Note ·
Cash Credit Limit is secured by way of
Hypothecation of Stock and Book-Debts and Equitable mortgage of Factory Land
and Building of the company situated at Plot No. 1413, I.E. Rai,
Distt.Sonepat. ·
Term Loan from Canara Bank is secured by way of
Hypothecation of Car |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
T U and Company Chartered Accountant |
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Address : |
5/491, Indra Colony, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
862400 |
Equity Shares |
Rs.10/- each |
Rs.8.624
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
8.624 |
8.474 |
8.474 |
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2] Share Application Money |
0.000 |
1.500 |
0.000 |
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3] Reserves & Surplus |
11.397 |
5.377 |
3.368 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.021 |
15.351 |
11.842 |
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LOAN FUNDS |
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1] Secured Loans |
19.154 |
18.452 |
25.733 |
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2] Unsecured Loans |
2.751 |
1.643 |
0.093 |
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TOTAL BORROWING |
21.905 |
20.095 |
25.826 |
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DEFERRED TAX LIABILITIES |
0.087 |
0.020 |
0.097 |
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TOTAL |
42.013 |
35.466 |
37.765 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.200 |
8.349 |
8.949 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
16.947
|
8.647 |
22.243 |
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Sundry Debtors |
13.489
|
20.797 |
2.507 |
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Cash & Bank Balances |
12.653
|
4.725 |
8.601 |
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Other Current Assets |
0.000
|
0.000 |
0.012 |
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Loans & Advances |
9.619
|
8.651 |
6.046 |
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Total
Current Assets |
52.708
|
42.820 |
39.409 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.188
|
11.692 |
5.066 |
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Other Current Liabilities |
10.551
|
2.948 |
5.046 |
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Provisions |
2.205
|
1.137 |
0.580 |
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Total
Current Liabilities |
20.944
|
15.777 |
10.692 |
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Net Current Assets |
31.764
|
27.043 |
28.717 |
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MISCELLANEOUS EXPENSES |
0.049 |
0.074 |
0.099 |
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TOTAL |
42.013 |
35.466 |
37.765 |
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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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GROSS
SALES |
191.136 |
116.510 |
68.724 |
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PROFIT BEFORE
TAX |
6.942 |
3.071 |
1.632 |
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TAX |
2.272 |
1.041 |
0.573 |
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PROFIT AFTER TAX
|
4.670 |
2.030 |
1.059 |
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Earnings Per
Share (Rs.) |
5.42 |
-- |
-- |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
166.200 |
Expected Sales (2011-2012) : Rs.200.000 millions
The above information has been parted by Mr. Yogendra
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.32
|
6.00 |
3.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.20 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
2.34 |
3.08 |
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Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.71 |
3.69 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from E 100
Industrial Area, Phase 7, Mohali,
FORM 8
|
Corporate identity number of the company |
U31103DL1995PTC184910 |
|
Name of the company |
RAKSAN TRANSFORMERS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
40, First Floor, Bhera Enclave, Paschim Vihar, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10144493 |
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Type of charge |
Immovable property |
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Particular of charge holder |
Bank of 6, Shopping Complex, Shalimar Bagh, |
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Nature of instrument creating charge |
Supplemental Memorandum of Entry dated 18.03.2011 |
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Date of instrument Creating the charge |
18.03.2011 |
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Amount secured by the charge |
Rs.100.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per various credit facilities granted to the company Terms of Repayment As per various credit facilities granted to the company Margin As per various credit facilities granted to the company Extent and Operation of the charge 100% Others To secure all amounts payable under various credit facilities
aggregating to Rs.100.000 millions granted to/enjoyed by the Company with all
interests, costs, charges, expenses etc. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Collaterally secured by Equitable Mortgage on Immovable Property of
the company situated at Plot no. 1413, HSIDC, Industrial Estate, Rai,
Sonepat, Haryana admeasuring 1012.50 sq. mtrs. |
|
Particulars of the present modification |
Extent of operation of charge over Immovable property of the Company
situated at Plot no. 1413, HSIDC,
Industrial Estate, Rai, Sonepat, Haryana admeasuring 1012.50 sq. mtrs. stands
enhanced to secure various credit facilities amounting to Rs.100.000 millions
granted to the company. Other Terms and Conditions remain the same. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
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.48.82 |
|
|
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
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 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
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.