MIRA
INFORM REPORT
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Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
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Name : |
RAJAT WIRES PRIVATE LIMITED |
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Registered
Office : |
31/6, New |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.06.1990 |
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Com. Reg. No.: |
55 – 40591 |
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Capital Investment
/ Paid-up Capital : |
Rs.20.000 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1990PTC040591 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Exporter of Cold Drawn Steel Bars and Chq Wires. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 250000 |
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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 fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
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Name : |
Mr. Rajat |
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Designation : |
Director |
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Contact No.: |
91-9350385566 |
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Date : |
10.04.2012 |
LOCATIONS
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Registered Office : |
31/6, New |
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Tel. No.: |
91-11-28765422/ 25719528/ 46510708 |
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Mobile No.: |
91-9350385566 (Mr. Rajat) |
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Fax No : |
91-129-2231587/ 4176698/ 46510708 |
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E-Mail : |
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Website: |
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Area: |
Rented |
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Administrative Office /Factory 1: |
Plot No.262-J, Sector – 24, |
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Tel No : |
91-129-4150515/ 4150506/ 517/ 50636330/ 31/ 32/ 22344205/ 2230449/
4063630/ 31 / 32/ 33/ 4176698/ 418/ 4183939 |
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Fax No : |
91-129-2231587/ 4150507/ 5006765 |
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E-Mail : |
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Website : |
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Area: |
10000 sq. yards |
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Location : |
Owned |
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Factory 2 : |
L-74, MIDC, Taloja, Navi Mumbai, |
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Area : |
3986 sq.mtr |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Rohit Sachdev |
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Designation : |
Director |
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Address : |
B-23, Ashoka Arcade, Greater Kailash – I, |
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Date of Birth/Age : |
07.09.1975 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.02.2007 |
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Pan No : |
AATPS3123K |
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DIN No.: |
01338054 |
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Name : |
Mr. Kulbhushan Sachdev |
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Designation : |
Chairman cum Managing Director |
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Address : |
B-23, Ashoka Arcade, Greater Kailash – I, |
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Date of Birth/Age : |
01.09.1944 |
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Qualification: |
FCA |
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Date of Appointment : |
21.06.1990 |
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DIN No.: |
00850410 |
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Other Directorship :
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Name : |
Mr. Naresh Sachdev |
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Designation : |
Director |
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Address : |
1-34 Ashoka Vihar, Phase I, |
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Date of Birth/Age : |
19.09.1951 |
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Qualification: |
Graduate |
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Date of Appointment : |
21.06.1990 |
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DIN No.: |
01358929 |
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Name : |
Mr. Rajat Sachdev |
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Designation : |
Director |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
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Names of Shareholders |
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No. of Shares |
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Kulbhushan Sachdev |
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522775 |
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Naresh Kumar |
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29450 |
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K B Sachdev [HUF] |
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513762 |
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Rahul Sachdev |
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66050 |
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Rohit Sachdev |
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21602 |
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Rajat Sachdev |
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18101 |
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Shashi Sachdev |
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828251 |
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Shakuntala Rana |
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1 |
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Meenu Mahajan |
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1 |
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Yashpal Gulati |
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1 |
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Meena Sachdev |
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1 |
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Ambika Sachdev |
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1 |
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Mamta |
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1 |
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Ashvani Sachdev (HUF) |
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1 |
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Suraj Sachdev |
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1 |
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Chandan Kumar (HUF) |
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1 |
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Total |
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2000000 |
(AS ON 30.09.2011)
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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Bodies
corporate |
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Directors or relatives of directors |
100.00 |
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Other
top fifty shareholders |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cold Drawn Steel Bars and Chq Wires. |
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Products : |
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Exports : |
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Products : |
·
Bright Steel Bars ·
Chq Wire ·
Cold Drawn ·
Steel Bars |
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Countries : |
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Imports : |
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Products : |
Wire Rolls |
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Countries : |
· Spain China Italy Germany |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
· Mukand Limited Usha Martin Limited Sunflag Iron and Steel Company Limited Kalyani Steels Limited Saarstahi – Germany Global Steel Wires – Spain |
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Customers : |
OEM’s · Hindusan Motors Limited Bosch System (Private) Limited Bosch Chasis Systems India Limited Brakes India Limited HMT Limited Gabriel India Limited BHEL Escorts Limited Mahindta and Mahindra Lear India Limited |
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Suppliers : |
· Mukund Limited |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
·
Canara Bank, 8A, Nehru Ground, NIT, Faridabad – 121 001, Haryana, India ·
ICICI Bank Limited ·
Punjab National Bank ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Alok Kumar Gupta and Company Chartered Accountant |
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Address : |
House No – 877, Sector – 17, |
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Tel. No.: |
91-129-2285871 |
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Pan No. : |
AATPG4708Q |
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Memberships : |
· Faridabad Industries Associates |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- Each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2600000 |
Equity Shares |
Rs.10/- Each |
Rs.26.000 Millions |
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AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.688 |
28.523 |
20.227 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.688 |
38.523 |
30.227 |
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LOAN FUNDS |
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1] Secured Loans |
90.481 |
75.604 |
81.652 |
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2] Unsecured Loans |
12.928 |
18.339 |
28.440 |
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TOTAL BORROWING |
103.409 |
93.943 |
110.092 |
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DEFERRED TAX LIABILITIES |
11.100 |
10.137 |
8.811 |
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TOTAL |
176.197 |
142.603 |
149.130 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.124 |
94.064 |
93.065 |
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Capital work-in-progress |
7.984 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.934
|
60.644 |
35.346 |
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Sundry Debtors |
106.524
|
78.146 |
63.421 |
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Cash & Bank Balances |
0.365
|
0.159 |
0.265 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.299
|
6.084 |
6.500 |
|
Total
Current Assets |
186.122
|
145.033 |
105.532 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
104.544
|
93.373 |
46.935 |
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Other Current Liabilities |
3.038
|
2.721 |
3.086 |
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Provisions |
3.857
|
0.913 |
0.016 |
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Total
Current Liabilities |
111.439
|
97.007 |
50.037 |
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Net Current Assets |
74.683
|
48.026 |
55.495 |
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MISCELLANEOUS EXPENSES |
0.406 |
0.513 |
0.570 |
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TOTAL |
176.197 |
142.603 |
149.130 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income (Gross Sales) |
571.410 |
419.061 |
355.090 |
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Other Income |
6.359 |
5.973 |
6.785 |
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TOTAL (A) |
577.769 |
425.034 |
361.875 |
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Less |
EXPENSES |
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Raw Materials |
441.243 |
371.493 |
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Manufacturing Expenses |
34.178 |
21.531 |
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Employees Remuneration and Benefits |
18.306 |
13.014 |
334.183 |
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Administrative, Selling and Other Expenses |
15.651 |
10.393 |
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Change in finished goods stock |
23.751 |
(25.755) |
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TOTAL (B) |
533.129 |
390.676 |
334.183 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44.640 |
34.358 |
27.692 |
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Less |
FINANCIAL
EXPENSES (D) |
19.934 |
18.310 |
16.315 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.706 |
16.048 |
11.377 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.094 |
4.753 |
4.325 |
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PROFIT BEFORE
TAX (E-F) (G) |
19.612 |
11.295 |
7.052 |
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Less |
TAX (H) |
6.447 |
2.999 |
2.173 |
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PROFIT AFTER TAX
(G-H) (I) |
13.165 |
8.296 |
4.879 |
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IMPORTS |
|
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|
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|
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Raw Materials |
57.726 |
32.285 |
24.522 |
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Capital Goods |
7.307 |
2.055 |
18.826 |
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TOTAL IMPORTS |
65.033 |
34.340 |
43.348 |
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Earnings Per
Share (Rs.) |
6.58 |
8.30 |
-- |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
590.000 |
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The above information has been parted by Mr. Rajat.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.28
|
1.95 |
1.35 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.43
|
2.69
|
1.99 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.02
|
4.72 |
3.55 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.29 |
0.23 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.48
|
4.96 |
5.30 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.50 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
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 |
Yes |
|
13) Reasons for
variation <> 20% |
------ |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
------ |
|
22) Litigations
that the firm / promoter involved in |
------ |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
------ |
|
26) Buyer visit
details |
------ |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
PERFORMANCE OF THE
COMPANY AND FUTURE OUTLOOK:
During the year, the company’s gross sales were Rs.571.400 Millions as
against Rs.419.000 Millions in 2009-10. Net Profit stands at Rs.13.100 Millions
in 20010-11 as against Rs.8.200 Millions in 2009-10. The company has shown
growth in revenues and further expects to improve it in the current year.
TRADE REFERENCE:
·
Bosch System (Private) Limited
Mukund Limited
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1990PTC040591 |
|
Name of the
company |
RAJAT WIRES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
31/6, New |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90044794 |
|
Type of charge |
Immovable Property Movable Property |
|
Particular of
charge holder |
Canara Bank, 8A, Nehru Ground, NIT, |
|
Nature of
instrument creating charge |
Letter Evidencing
deposit of title deeds dated 20.10.2010 |
|
Date of
instrument Creating the charge |
20.10.2010 |
|
Amount secured by
the charge |
Rs. 194.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per bank norms Terms of
Repayment Payable on demand Margin As per Bank’s
norms Extent and
Operation of the charge First charge on assets
to secure limits amounting to Rs. 194.600 Millions granted to Gopalsons
Steels (Private) Limited |
|
Short particulars
of the property charged |
EMT of landed
properties of the company situated at Plot No. 262J, Sector 24, Faridabad
admeasuring 9888.88 sq.yards with building constructed thereon and machinery
stored therein. |
|
Particulars of
the present modification |
The enhanced
limits of Rs 194.600 Millions granted to Gopalsons Steels (Private) Limited
stands collaterally secured by Equitable Mortgage of landed properties of the
company situated at Industrial Plot No. 262 J, Sector 24, Faridabad measuring
9888.88 sq. yards including all building thereon and all machinery
therein. |
FIXED ASSETS:
- Land Freehold
- Land Mumbai
- Building Block – I
- Building Block – II
- Building Block – III
- Building – Mumbai
- Plant and Machinery – Mumbai
- Plant and Machinery –
- Weighing Scales
- Power Sub Station
- Material Testing Equipments
- Material Handling Equipments
- Effluent Treatment Plant
- Boiler
- D.G. Set
- Furnace
- Electrical Fittings
- Furniture and Fixtures
- Fans
- Cycle
- Motor Cars
- Computers
- Office Equipments
- Fire Fighting Equipments
- Vehicle
- Air Conditioner
- Pollution Control Equipment
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.51.63 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.