MIRA
INFORM REPORT
|
Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RT METALS COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
602, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
18.05.2009 |
|
|
|
|
Com. Reg. No.: |
11-192437 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14.290
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2009PTC192437 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR25252D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECR3480Q |
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|
|
|
Legal Form : |
Private Limited Liability
Company |
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|
|
|
Line of Business
: |
Trader of Iron and Steel. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 67000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
appears to be low. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
602, Simran Plaza, corner of Third and Fourth Road, Next to Hotel Regal
Enclave, Khar (West), Mumbai-400052, Maharashtra, India |
|
Tel. No.: |
91-22-26052309/26052310 91-22-26463583 [Residential] |
|
Fax No.: |
91-22-26059040/26052309 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bhumit Kishore Gandhi |
|
Designation : |
Director |
|
Address : |
503, 5th Floor, Palm Grove, CHS, East Avenue, Santacruz
(East), Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
18.06.1981 |
|
Date of Appointment : |
18.05.2009 |
|
Din No.: |
02599843 |
|
|
|
|
Name : |
Mrs. Rupa Kishore Gandhi |
|
Designation : |
Director |
|
Address : |
503, 5th Floor, Palm Grove, CHS, East Avenue, Santacruz
(East), Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
04.10.1951 |
|
Date of Appointment : |
18.05.2009 |
|
Din No.: |
02602423 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhumit Kishore Gandhi |
|
359000 |
|
Rupa Kishore Gandhi |
|
370000 |
|
Bhoomika Gandhi |
|
100000 |
|
Bhumit Kishore Gandhi HUF |
|
200000 |
|
Kishore Kantilal Gandhi |
|
50000 |
|
Kishore Kantilal Gandhi HUF |
|
100000 |
|
Kunal Kishore Gandhi |
|
100000 |
|
Tina Kunal Gandhi |
|
150000 |
|
|
|
|
|
Total |
|
1429000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Iron and Steel. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Bank of Baroda, Khetwadi Branch, Shah Mansion, 213, Khetwadi Main
Road, Mumbai-400004, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Subramanium Bengali Sharma and Associates Chartered Accountants |
|
Address : |
106, Appolo Arcade, Near Sona Industrial, K. Singh Marg, Off Old
Nagardas Road, Andheri (East), Mumbai-400069, Maharashtra, India |
|
Tel. No.: |
91-22-42117000/7900/28397641 |
|
Fax No.: |
91-22-28397641 |
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E-Mail : |
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Website: |
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Pan No.: |
ACHFS7957E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1429000 |
Equity Shares |
Rs.10/- each |
Rs.14.290
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
14.290 |
14.290 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2.658 |
0.189 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
16.948 |
14.479 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
40.299 |
63.235 |
|
|
2] Unsecured Loans |
|
61.399 |
0.434 |
|
|
TOTAL BORROWING |
|
101.698 |
63.669 |
|
|
DEFERRED TAX LIABILITIES |
|
0.082 |
0.065 |
|
|
|
|
|
|
|
|
TOTAL |
|
118.728 |
78.213 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.029 |
0.030 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
41.860 |
34.556 |
|
|
Sundry Debtors |
|
112.969 |
66.600 |
|
|
Cash & Bank Balances |
|
0.188 |
0.046 |
|
|
Other Current Assets |
|
2.023 |
1.363 |
|
|
Loans & Advances |
|
6.847 |
0.000 |
|
Total
Current Assets |
|
163.887 |
102.565 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
45.188 |
24.382 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
45.188 |
24.382 |
|
|
Net Current Assets |
|
118.699 |
78.183 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
118.728 |
78.213 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
501.827 |
115.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
489.487 |
114.054 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
489.487 |
114.054 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
12.340 |
1.375 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
9.841 |
1.121 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2.499 |
0.254 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.015 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
2.484 |
0.254 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.015 |
0.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
2.469 |
0.189 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
1.73 |
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.49 |
0.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.52 |
0.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.67 |
6.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.63 |
4.20 |
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two 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 |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 REVIEW:
Fundamental of the Indian economy remained strong during the financial year 2010-11. GDP is estimated to be grown by 8.6% in financial year 2010-11 as compared to 8% in financial year 2009-10, which is remarkable considering the muted global economic scenario. The growth has been broad based across the major sub sector in the industry and services .The index of industrial production which is considered the gross barometer of the Indian industry is expected to have grown by 7.8% in financial year 2010-11. Despite the sluggish growth in the global markets, the employment generation continued to show an uptrend in India .The inflationary trends which have been steadily rising are a cause of concern. However Ministry of Finance and Government of India are taking remarkable steps to maintain or reduce the inflation The company will continue to keep a tight watch on commodity inflation in productivity to ensure that they stay profitable and competitive in market. The growth in the steel sector is fueled by the increased demand in infrastructure and real estate development.
The Company is well positioned to leverage this opportunity especially when the Government is expected to make key investment in the development of infrastructures which is likely to further the growth of the company.
During the financial year 2010-11 ,the company continues to make brisk progress .The company registered sales of Rs 501.828 Millions, up by more than 3 folds and net profit of Rs 2.486 Millions which is up by 8 times. Various initiatives are taken by company to maintain its growth in iron and steel markets are remarkable.
The outlook for the financial year 2011-12 is positive for the company. While the economic outlook continues to remain strong despite the inflation issue and the key sector in which the company operates continue to perform well, demand for the company’s product is improving. There is a healthy backlog of customer orders .Further productivity measures put in place during the economic slowdown continues to provide incremental profit margins. Overall, bearing unforeseen circumstanc.es, they expect a steady growth in terms of turnover matching with profitability for the fiscal year 2011-12.
Primary threats for inflation and leading competitors using price as a tool to win market share .However brand image of the company has helped us to secure customer orders despite slowdown in real estate and infrastructure sectors.
There are signs of overall inflation being contained but needs careful tracking and management to maintain profitability. Their efforts towards supplier's rationalization and commodity price controls are ensuring that they maintain a healthy performance of the company.
The company has effective and adequate internal control system which ensure reliable financial reporting, safeguarding of assets and adherence to management policies.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51909MH2009PTC192437 |
|
Name of the
company |
RT METALS COMPANY
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
602, Simran Plaza, corner of Third and Fourth Road, Next to Hotel
Regal Enclave, Khar (West), Mumbai-400052, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Bank of Baroda, Khetwadi Branch, Shah Mansion, 213, Khetwadi Main
Road, Mumbai-400004, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
04.02.2010 |
|
Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.25% over BPLR
minimum 14.25% p.a. with monthly rest. Terms of
Repayment On demand. Margin Stock - 30% Book-Debts - 40% Extent and Operation
of the charge The charge is
created to secure Cash Credit (Hypothecation of Goods and Book-Debts)
facility of Rs.80.000 Millions together with interest, interest tax,
additional interest, further interest, penal interest, commission, costs,
charges and expenses etc. payable to Bank. |
|
Short particulars
of the property charged |
Stocks both
present and future and including all stocks of RMs, WIP, SFGs, FGs such as
TMT Bars, MS Beams, Channels, Angles, pipes and plates, packing materials and
stores etc. All present and
future book-debts, outstanding, monies receivable, claims, bills, contracts,
engagements and securities which are due and owing during the course of the
Company. All tangible
movable machinery and plant and cranes, boats and crafts and the vehicles
together with spares, tools and accessories and other movables, both present
and future. Furniture,
fixtures and fittings and office equipment whether installed or not etc. to
the company's works at 602, Simran Plaza, Khar (West), Mumbai - 400052. |
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.56.42 |
|
|
1 |
Rs.88.45 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
26 |
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.