MIRA
INFORM REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAJCO METAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
19 Oriental Insurance Building, 31, Dr. V B Gandhi Marg, Fort, Mumbai
– 400 023, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
09.02.1983 |
|
|
|
|
Com. Reg. No.: |
11-29288 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.200 millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U27100MH1983PTC029288 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14820B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS9679K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of refrigeration and plumbing copper Coils, tubes, pipes
and sections. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
19 Oriental Insurance Building, 31, Dr. V B Gandhi Marg, Fort, Mumbai
– 400 023, |
|
Tel. No.: |
91-22-24181856 / 24166706 / 24121804 / 22843567 |
|
Fax No.: |
91-22-24166426 / 22844817 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.C-4, Murbad Industrial Area, MIDC Murbad, District Thane, |
|
Tel. No.: |
91-2524-222382 / 222383 |
|
Fax No.: |
91-2524-224830 |
|
|
|
|
Sales Office : |
Opposite Acme Industrial Estate, |
|
Tel. No.: |
91-22-24166706 / 24181856 / 24121804 |
|
E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Harjindersingh G Arora |
|
Designation : |
Managing Director |
|
Address : |
85, Ashoka Apartment, |
|
Date of Birth/Age : |
16.12.1942 |
|
Date of Appointment : |
09.02.1983 |
|
DIN No.: |
00140079 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U27100MH1983PTC029288 |
Rajco Metal
Industries Private Limited |
Managing
director |
01-01-11 |
09-02-83 |
Active |
NO |
|
2 |
U92411MH1933PLC002813 |
The Cricket Club
Of India Limited |
Director |
18-12-09 |
18-12-09 |
Active |
NO |
|
|
|
|
Name : |
Mr. Gurmit Harjindersingh Arora
|
|
Designation : |
Whole Time Director |
|
Address : |
85, Ashoka Apartment, |
|
Date of Birth/Age : |
22.09.1963 |
|
Date of Appointment : |
04.04.1985 |
|
DIN No.: |
00139945 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U27100MH1983PTC029288 |
Rajco Metal
Industries Private Limited |
Whole-time
director |
01-01-11 |
04-04-85 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Harjindersingh G Arora |
|
98175 |
|
Surinder Kaur |
|
1000 |
|
G |
|
10200 |
|
Gurmit Singh Arora |
|
42425 |
|
Jatinder Kaur |
|
5550 |
|
|
|
750 |
|
Gurcharan Singh |
|
1500 |
|
Simrat Kaur |
|
2400 |
|
Total |
|
162000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of refrigeration and plumbing copper Coils, tubes, pipes
and sections. |
||||
|
|
|
||||
|
Products : |
·
Copper Tubes ·
Fittings ·
Pipes ·
Refrigeration ·
Copper Coils |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Copper Tubes |
Tonnes |
NA |
NA |
704.77 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited 3rd Floor, ·
Union Bank of Mumbai Samachar Marg Branch, 66/80, Mumbai
Samachar Marg, Fort, Mumbai – 400 023, |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arun Arora Chartered Accountant |
|
Address : |
304, Marine Chambers, New Marine Lines, Mumbai – 400 020, |
|
Tel. No.: |
91-22-22055858 / 22014121 |
|
Fax No.: |
91-22-22004139 |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
162000 |
Equity Shares |
Rs.100/- each |
Rs.16.200
millions |
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 |
|
|
|
|
|
1] Share Capital |
16.200 |
16.200 |
13.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.463 |
31.795 |
39.174 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.663 |
47.995 |
52.524 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
45.663 |
58.828 |
54.515 |
|
|
2] Unsecured Loans |
5.076 |
5.633 |
5.984 |
|
|
TOTAL BORROWING |
50.739 |
64.461 |
60.499 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.402 |
112.456 |
113.023 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45.813 |
48.235 |
50.571 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.949
|
63.172 |
48.843 |
|
|
Sundry Debtors |
68.868
|
64.254 |
96.112 |
|
|
Cash & Bank Balances |
1.085
|
1.985 |
0.170 |
|
|
Other Current Assets |
1.674
|
5.025 |
4.186 |
|
|
Loans & Advances |
16.575
|
15.458 |
9.825 |
|
Total
Current Assets |
144.151
|
149.894 |
159.136 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.567
|
83.520 |
94.796 |
|
|
Other Current Liabilities |
8.077
|
1.356 |
0.846 |
|
|
Provisions |
0.921
|
0.800 |
1.045 |
|
Total
Current Liabilities |
90.565
|
85.676 |
96.687 |
|
|
Net Current Assets |
53.586
|
64.218 |
62.449 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.402 |
112.456 |
113.023 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
348.092 |
489.196 |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
300.414 |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
294.635 |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
1.141 |
16.942 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
NA |
5.836 |
6.873 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX |
0.938 |
(7.459) |
10.069 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.271 |
(0.040) |
3.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
0.667 |
(7.419) |
6.179 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
5.599 |
4.420 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(1.780) |
5.599 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Copper Fittings / Raw Material |
9.679 |
15.901 |
21.186 |
|
|
|
Oil and Lubricants |
0.000 |
0.123 |
0.000 |
|
|
|
Machinery |
0.000 |
0.090 |
8.653 |
|
|
TOTAL IMPORTS |
9.679 |
16.114 |
29.839 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.12 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.22
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(2.14) |
2.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.49
|
(3.76) |
4.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(0.16) |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
3.13 |
2.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.75 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company has recorded an income of Rs.300.414 mi
CONTINGENT
LIABILITY (As on 31.03.2010)
·
Towards Excise Authorities disputed by the Company
is Rs.0.809 millions
FORM 8
|
Corporate identity number of the company |
U27100MH1983PTC029288 |
|
Name of the company |
RAJCO METAL INDUSTRIES PVT LTD |
|
Address of the registered office or of the principal place of business in |
19 Oriental Insurance Building, 31, Dr. V B Gandhi Marg, Fort, Mumbai
– 400 023, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90166015 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Union Bank of Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400 023, |
|
Nature of instrument creating charge |
Agreement of modification
(Foreign Currency Loan) |
|
Date of instrument Creating the charge |
06.09.2008 |
|
Amount secured by the charge |
Rs.36.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Interest : LIBOR + 500 BPS Terms of Repayment On Demand Margin As per sanction terms Extent and Operation of the charge To secure the foreign currency loan of Rs.36.000 millions equivalent to
us $ 813,375.51 granted by the bank to the company. Others NIL |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of stock of raw materials, stock in process, finished
goods and receivables. |
|
Particulars of the present modification |
The bank at the request of the company has converted the rupee
component of the cash credit facility of Rs.36.000 millions into us $
813375.51 out of the total cash credit rupee component of Rs.60.000 millions
which is secured by way of first charge against hypothecation of the
company's stock of raw materials, stock-in- process, finished goods and
receivables. |
FIXED ASSETS
·
·
·
Plant and Machinery
·
Electrification
·
Motor Car
·
Jeep
·
Truck
·
Furniture and Fixtures
·
Fire Extinguisher
·
Moulds
·
Office Equipment
·
Borewell
·
Mobile Phone
·
Air Conditioner
·
Refrigerator
·
Computer and Printer
·
Ship/Barge
·
Flat at
·
Household Appliances
·
Machinery W.I.P.
·
Factory Building W.I.P.
WEB DETAILS
Subject is the manufacturer
of Copper based products in
Subject copper
tubes are used for air conditioning, refrigeration, heat exchangers, packaged
air-conditioners, VRFs, VRVs, VAM, chillers, condensers, cooking gas pipe
lines, medical gas piping systems (MGPS).
Their Plant is well
equipped to manufacture copper tubes of the highest standard, due to integrated
production facilities for Melting, Extrusion, Drawing, Vacuum Annealing,
Finishing and Eddy current testing. They manufacture tubes and coils as per
ASTM, EN, JIS, DIN, IS and as per client’s internal specifications.
Subject is the winner of many awards for quality
and delivery from some of the most reputed OEMs in
Subject is now the exclusive distributor for Rajco
Flowflex fittings from Flowflex Components Limited,
Flowflex Components
an ISO 9002 accredited firm is approved by WRAS, BRITISH GAS
PROFILE
Subject has been
manufacturing copper tubes since the last 35 years. It is now the largest
manufacturer of copper tubes in
Their tubes confirm
to various international standards like EN 1057, ASTM B 68, ASTM B 75, ASTM B
280, and JIS H3300. Tubes are also manufactured to suit client’s specific
requirements.
Their plant is
situated at Murbad, approximately 90 kms from Mumbai. Subject is an ISO 9001
certified company. All the processes for manufacturing copper tubes are in
house – from melting of the copper raw material (using an induction furnace),
preparation of billets, extrusion of the mother tube, drawing the tube to
required dimensions, annealing (including bright annealing in an inert
atmosphere), on-line eddy current testing, checking, finishing, inspection and
packing. They have the appropriate machinery for manufacturing all tools
in-house etc.
This ensures that they manufacture tubes that
consistently confirm to stringent international standards. In parameters like
finish and cleanliness of inner surface, straightness, chemical composition,
temper, dimensional tolerances etc. they have been able to satisfy their most
demanding customers consistently.
They have all the
necessary lab equipment at the plant to test raw materials, in-process tubes
and finished copper tubes and ensure that they confirm to the applicable
standard – they test tensile strength, yield strength, Vickers hardness,
elongation, expansion, micro structure, carbon film/content, chemical
composition, non-destructive tests like hydrostatic, pneumatic, ultrasonic
(Eddy current ) tests etc. A Test Certificate is issued with every batch and
also can get the materials tested by third party organizations e.g. Lloyds,
SGS, Bureau Veritas, RITES etc.
They distribute
copper and bronze (gun metal) fittings imported from Flow Flex Limited,
Their constant R
and D and investment in new plant and machinery ensures that they achieve
improvements in quality, productivity and customer satisfaction. Subject
quality today is a benchmark in the industry. Subject has been awarded many
prizes for ‘Best Quality’, ‘Best Delivery’ and ‘Best Partner’.
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.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.