1. Summary Information
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Country |
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Company Name |
RAJSRIYA
AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
Principal Name 1 |
Mr. Perumpulipakam Srinivasa Govindachari |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Govindachari Meera |
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|
|
Registration # |
18-035944 |
|
Street Address |
Ground Floor, No 95, |
||
|
Established Date |
03.07.1996 |
SIC Code |
-- |
|
Telephone# |
Not Available
|
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-26556715 |
Business Style 2 |
- |
|
Homepage |
-- |
Product Name 1 |
Automobile Parts Components |
|
# of employees |
Not Available |
Product Name 2 |
- |
|
Paid up capital |
Rs.50,000,000/- |
Product Name 3 |
- |
|
Shareholders |
Directors or relatives of
directors 100% |
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
15 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
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|
--- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
826,704,000 |
Current Liabilities |
429,595,000 |
|
Inventories |
176,597,000 |
Long-term Liabilities |
286,229,000
|
|
Fixed Assets |
491,453,000 |
Other Liabilities |
306,177,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,022,001,000 |
|
Invest& other Assets |
30,300,000 |
Retained Earnings |
453,053,000 |
|
|
0,000 |
Net Worth |
503,053,000 |
|
Total Assets |
1,525,054,000 |
Total Liab. & Equity |
1525,054,000 |
|
Total Assets (Previous Year) |
908,602,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
3215,007,000 |
Net Profit |
241,007,000 |
|
Sales(Previous yr) |
1956,458,000 |
Net Profit(Prev.yr) |
140,303,000 |
|
Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAJSRIYA AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Ground Floor, No 95, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.07.1996 |
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Com. Reg. No.: |
18-035944 |
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Capital
Investment/ Paid-up Capital: |
Rs.50.000 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U29142TN1996PTC035944 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER02475E/ CHER08563C/ CHER06814D |
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PAN No.: [Permanent Account No.] |
AABCR4226K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile Parts Components |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2012000 |
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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
trade terms and conations. |
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 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
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Registered Office : |
Ground Floor, No 95, |
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Tel. No.: |
Not Available |
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Fax No.: |
91-44-26556715 |
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E-Mail : |
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Factory 1 : |
N – 44, Sidco Industrial, 4th Phase, Hosur - 635126 |
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Tel. No.: |
91-4344-277281/2780911/400990,400991 |
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Fax No.: |
91-4344-277383 |
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E-Mail : |
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Factory 2 : |
143, Sipcot Industrial Complex, Hosur- 635126 |
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Tel. No.: |
91-4344-278749/278748/400970/400971 |
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Fax No.: |
91-4344-276980 |
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E-Mail : |
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Factory 3 : |
71-B, Sipcot Industrial Complex, Hosur- 635126, |
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Fax No.: |
91-4344-400998 |
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E-Mail : |
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Factory 4 : |
Plot No:79 and 80, |
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Tel. No.: |
91-4344-278092/278494/400900/400975 |
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Fax No.: |
91-4344-275520 |
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E-Mail : |
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Factory 5 : |
706, Door No.29/137B, Poornamallee Avadi Raod, |
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Tel. No.: |
91-44-26556711 to 26556716 |
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Fax No.: |
91-44-26556174 |
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E-Mail : |
DIRECTORS
As on 31.08.2011
|
Name : |
Mr. Perumpulipakam Srinivasa Govindachari |
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Designation : |
Managing director |
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Address : |
94, |
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Date of Birth/Age : |
02.09.1940 |
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Date of Appointment : |
03.07.1996 |
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Din No.: |
00597286 |
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Other Directorship:
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Name : |
Mr. Govindachari Meera |
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Designation : |
Director |
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Address : |
94, |
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Date of Birth/Age : |
15.11.1945 |
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Date of Appointment : |
03.07.1996 |
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Din No.: |
00597362 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS
As on 31.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Perumpulipakam Srinivasa Govindachari |
|
35000 |
|
Govindachari Meera |
|
35000 |
|
Neeraj Chari |
|
20000 |
|
Sriya Chari |
|
10000 |
As on 31.08.2011
Equity Share Break –up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Parts Components. |
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GENERAL INFORMATION
|
Customers : |
·
TVS Motor Company Limited, Hosur and ·
WABCO- TVS ( ·
Lucas TVS Limited, Chennai ·
·
Brakes India Limited, Chennai ·
TURBO Energy Limited, Chennai ·
TAFE Access Limited, Chennai ·
Mando India Limited ·
Rane NSK Steering Systems Limited ·
Sona Koyo Steering Systems Limited, Chennai ·
TENNECO RC India Private Limited ·
Stanadyne Amalgamations Private Limited ·
G.E ·
Mando ·
Bowe |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of |
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Facilities : |
Rs.in
Millions
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Banking
Relations : |
-- |
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Financial
Institution: |
The Tamil Nadu Industrial Investment Corporation Limited, 692, Anna
Salai, Nandanam, Chennai – 600035, |
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Auditors : |
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Name : |
S.Hariharan
And Associates Chartered Accountants |
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Address : |
No.11, |
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Pan No.: |
ABPFS0412G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
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|
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
10.000 |
|
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2] Share Application Money |
453.053 |
282.011 |
216.729 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
503.053 |
332.011 |
226.729 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
285.966 |
171.344 |
146.595 |
|
|
2] Unsecured Loans |
0.263 |
3.648 |
3.911 |
|
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TOTAL BORROWING |
286.229 |
174.992 |
150.506 |
|
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DEFERRED TAX LIABILITIES |
3.165 |
0.983 |
5.240 |
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|
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TOTAL |
792.447 |
507.986 |
382.475 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
491.453 |
277.973 |
226.425 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
30.300 |
93.012 |
105.612 |
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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 |
176.597
|
95.145 |
69.565 |
|
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Sundry Debtors |
251.471
|
120.281 |
228.530 |
|
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Cash & Bank Balances |
272.269
|
180.465 |
11.325 |
|
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Other Current Assets |
298.356
|
137.259 |
31.509 |
|
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Loans & Advances |
4.608
|
4.467 |
0.000 |
|
Total
Current Assets |
1003.301
|
537.617 |
340.929 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
411.247
|
222.512 |
214.281 |
|
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Other Current Liabilities |
18.348
|
23.413 |
11.993 |
|
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Provisions |
303.012
|
154.691 |
64.217 |
|
Total
Current Liabilities |
732.607
|
400.616 |
290.491 |
|
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Net Current Assets |
270.694
|
137.001 |
50.438 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
792.447 |
507.986 |
382.475 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
SALES |
3215.007 |
1956.458 |
1834.800 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
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|
|
|
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TOTAL |
NA |
1687.022 |
1629.959 |
|
|
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|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
269.436 |
204.841 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
22.319 |
19.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
247.117 |
185.544 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
30.571 |
32.735 |
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|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
216.546 |
152.809 |
|
|
|
|
|
|
|
|
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Less |
TAX |
NA |
76.243 |
52.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
241.007 |
140.303 |
99.827 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
482.01 |
280.6 |
199.65 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.06 |
8.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
26.55 |
26.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.65 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.02
|
1.73 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.34 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
No |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Note:
Registered office of the company has been
shifted from 95,
Financial Results:
During the year, the Company could augment its sales portfolio, by touching a figure of Rs.3215.007 Millions against Rs.1956.458 Millions during the last year thus registering a growth rate of 64.33%.During the year under report the export turnover stood at Rs.2.357 Millions against Rs.2.201 Millions for the previous year. The Directors are confident that export turnover will increase in the coming years in view of the better quality and finish of the product, corresponding to international standards envisaged in the modernisation and technological up-gradation. The Company has developed expertise in making silencer with Euro III compliance. All the auto majors are in an off-loading spree and the Company has grown from a component supplier to a System Supplier. It has become possible as the Company has all the facilities under one roof and the Company is now supplying Exhaust System instead of just Silencers. During the year the Company commenced commercial bulk manufacture of major systems for TVS WEGO. These were under development over the last two years. The company is also in the process of developing major system for TVS four stroke mopeds.
Amalgamation:
1 Rajsriya Enterprises Private Limited (a
Wholly owned Subsidiary) has amalgamated with this company by the order of the
2 The Company has amalgamated due to
similarities in business and to achieve economics of sale
3 The amalgamation has been accounted using
“Purchase Method”
4 The investment of Rs.15.000 Millions outstanding in Rajsriya Automotive
Industries Private Limited books as on 31.03.2007 has been adjusted against
Rs.9.200 Millions Share Capital of Rajsriya Enterprises Private Limited and
Rs.5.800 Millions has been accounted as Goodwill. The Goodwill is being written
off over a period of five years and accordingly Rs.1.160 Millions has been
charged to Deprecation on account of such Goods during the year 31.03.2010
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29142TN1996PTC035944 |
|
Name of the
company |
RAJSRIYA AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ground Floor, No 95, Email: finance_hosur@rajsriya.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10159737 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
HDFC Bank
Limited, Hdfc Bank House
Senapati Bapat Marg, Lower
Parel (West), Mumbai – 400013, |
|
Nature of
instrument creating charge |
Letter dated 29th
November 2011 issued by HDFC bank confirming the reduction in Bill/Invoice
discounting facility by Rs.30.000 Millions |
|
Date of
instrument Creating the charge |
29.11.2011 |
|
Rs.77.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate Of Interest: Any such rate as
may be advised to the Company from time to time in respect of the credit
facilities. Terms Of
Repayment: Repayable on demand MARGIN As may be prescribed by the Bank from time to time for the credit
facilities. Extent And
Operation Of The Charge Hypothecation by
way of Exclusive Charge in favour of HDFC Bank Limited., on all the
Stock-in-trade, Book Debts and movable Plant and Machinery of the Company
both present and future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of Exclusive Charge in favour of HDFC Bank Limited., on all the Stock-in-trade,
Book Debts and movable Plant and Machinery of the Company both present and
future |
|
Particulars of
the present modification |
Bill / Invoice
Discounting facility of Rs.3.000 Millions paid off and credit facilities are
reduced from Rs107.500 Millions to Rs77.500 Millions The charge will continue
to cover the credit facilities up to Rs.77.500 Millions. |
FIXED ASSETS:
·
Land
·
Goodwill
·
·
·
Plant and Machinery
·
Electrical Fittings
·
Furniture and Fixtures
·
Tools
·
Computers
·
Vehicles
·
Office Equipment
·
Additional capital WIP
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.53.24 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.