MIRA
INFORM REPORT
|
Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAAJRATNA METAL INDUSTRIES LIMITED (w.e.f.25.10.1994) |
|
|
|
|
Formerly Known
As : |
RAAJRATNA CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
909, Sakar III, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.05.1988 |
|
|
|
|
Com. Reg. No.: |
04-010673 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.83.622 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231GJ1988PLC010673 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR9980M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Stainless Steel Wires. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There appears sharp dip in the profits during 2012. There appears an
external borrowing which tends to be increasing over years. However, trade relations are reported as decent. Business is active.
Payment terms are usually correct. The company can be considered for business dealings at usual trade
terms and conditions. Note: Mr. A. K. Parekh, Senior Manager [Bank of Baroda] has reported that
the subject maintains proper and very good relation with the bank. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
24th September, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3+ (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
24th September, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mrs. Sarita Khanna |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-79-27543681 |
|
Date : |
05.08.2013 |
LOCATIONS
|
Registered / Corporate Office/ Factory 1 : |
909, Sakar III, Near Income Tax Circle, Navrangpura, Ahmedabad -
380014, Gujarat, India |
|
Tel. No.: |
91-79-27543681/ 82/ 83/ 84 |
|
Fax No.: |
91-79-27543085/ 26568085 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
40000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Bileshwarpura, Ahmedabad - Mehsana Highway, Taluka Kalol, District Gandhinagar, Gujarat, India |
|
Tel. No.: |
91-27642-33664/ 5 |
|
Fax No.: |
91-27642-33663 |
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
126, Mittal Court, A Wing, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22829342/ 44/ 45/ 46 |
|
Fax No.: |
91-22-22829343 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2
: |
Shop No. 7, Anup Estate, Sector 10-A, Main Road, Gurgaon - 122001,
Haryana, India |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Arvindkumar Dalichand Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
15, Shanti Niketan Society, Opposite Gujarat College Road, Ellis Bridge, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
01.01.1956 |
|
Date of Appointment : |
01.04.2007 |
|
PAN No.: |
AACPS9853K |
|
DIN No.: |
00435340 |
|
|
|
|
Name : |
Mr. Babulal Dalichand Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
Sanghvi Mansion, 17 Lakdawala Building, 5th Khtwadi Lane, Mumbai - 400004, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1951 |
|
Date of Appointment : |
01.04.2007 |
|
PAN No.: |
AACPS4439D |
|
DIN No.: |
00601159 |
|
|
|
|
Name : |
Mr. Tarachand Dalichand Sanghvi |
|
Designation : |
Whole-time Director |
|
Address : |
43, Highway Park Society, Rambaug Road, Sabarmati, Ahmedabad – 380005, Gujarat, India |
|
Date of Birth/Age : |
18.07.1947 |
|
Date of Appointment : |
01.04.2007 |
|
PAN No.: |
ACIPS6387C |
|
DIN No.: |
00601195 |
|
|
|
|
Name : |
Mr. Naresh Babulal Sanghvi |
|
Designation : |
Whole-time Director |
|
Address : |
15, Shantiniketan Society, Near Gujarat College Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
13.06.1973 |
|
Date of Appointment : |
01.04.2007 |
|
PAN No.: |
AACPS4438C |
|
DIN No.: |
00601322 |
|
|
|
|
Name : |
Mr. Ashimkumar Rakhalraj Banerjee |
|
Designation : |
Whole-time Director |
|
Address : |
Evershine Apartment II, J. P. Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
04.09.1949 |
|
Date of Appointment : |
01.04.2007 |
|
PAN No.: |
AAUPB9079Q |
|
DIN No.: |
02010493 |
|
|
|
|
Name : |
Mr. Manish Babulal Sanghvi |
|
Designation : |
Whole-time Director |
|
Address : |
17, Sanghvi Mansion, Lakdawala Building, 1st Floor, Khetwadi, 5th Lane, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
23.05.1980 |
|
Date of Appointment : |
18.05.2010 |
|
PAN No.: |
AACPS6102P |
|
DIN No.: |
03089574 |
KEY EXECUTIVES
|
Name : |
Mr. Kinesh Shah |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mrs. Sarita Khanna |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Purvashi D. Adhvaryu |
|
Designation : |
Company Secretary |
|
Address : |
20, Avantika Park, Raw House, Behind Sun-N-Step Club, Memnagar,
Ahmedabad - 380061, Gujarat, India |
|
Date of Birth/Age : |
08.02.1977 |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
AFRPA1633B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
NOTE: MAJOR SHAREHOLDERS DETAIL FILE ATTACHED
AS ON 27.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
0.20 |
|
Directors or relatives of Directors |
99.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporters and Importer of Stainless Steel Wires. |
||||||
|
|
|
||||||
|
Products : |
·
Stainless Steel and Nickel Alloy Wires ·
Stainless Steel and Nickel Alloy Spring Wires ·
Stainless Steel Cold heading Wires ·
Stainless Steel Bright bars ·
Stainless Steel Profile Wires ·
Stainless Steel Reinforcement Bar |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C and Credit |
||||||
|
|
|
||||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
S.S. / Copper Wires |
MT |
36000 |
|
S.S. Scrap |
MT |
NA |
|
Power Generation |
Units |
6.75 MW |
Actual Production:
|
Particulars |
Unit |
Production |
|
|
|
|
Own |
Job Work |
|
S.S. / Copper Wires |
MT |
27878.968 |
3162.007 |
|
S.S. Scrap |
MT |
587.848 |
NA |
|
Power Generation |
Units |
10206583 |
NA |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
800 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
The Bank of Baroda Limited, Ashram Road, Vallabh Sadan,
Opposite Natraj Cinema,
Ahmedabd-380009, Gujarat, India Tel.
No.: 91-79-26580362/ 26580173 · State Bank of India, Overseas Branch, Navgivan, Ahmedabad, Gujarat, India · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · IDBI Bank Limited, IDBI Complex, Near Lal Bunglow, Off C. G. Road, Ahmedabad - 380006, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Note : Primary Security: The term loans are secured by way of Equitable Mortgage over the Fixed assets first charge over entire movable fixed assets and on windmill on standalone basis and joint hypothecation of Plant and Machinery of the company. Collateral
Security: Pari passu 2nd charge over current assets of the company. Personal guarantee of some of the directors of the company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Shah Kantilal and Company Chartered Accountants |
|
Address : |
804, Sarap Building, Opposite Navjivan Press, Off Ashram Road,
Ahmedabad – 380014, Gujarat, India |
|
PAN No.: |
AACFM6805H |
|
|
|
|
Name 2 : |
Mehta Lodha and Company Chartered Accountants |
|
Address : |
105, Sakar – I, Opposite Gandhigram
Railway Station, Ahmedabad – 380014, Gujarat, India |
|
PAN No.: |
AAMFS3865K |
|
|
|
|
Associates : |
· Raajratna Stockholding Private Limited, India U65990GJ1992PTC018491 · Raajratna Electrodes Private Limited, India U29308GJ1991PTC016444 · Raajratna Fasteners Private Limited , India · Real Strips Limited, India L27100GJ1990PLC014383 · Concept Infoway Private Limited, India U72900GJ2000PTC037745 · Raajratna Ventures Limited, India U27209GJ2004PLC044288 · Unical Chemicals India Private Limited, India U24100GJ2010PTC060200 |
|
|
|
|
Subsidiaries : |
· Erre Inox S. P. A, Italy · Raajratna Stainless Wire (USA) Inc., United States · Stainless Wire Limited, UK |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8362166 |
Equity Shares |
Rs. 10/- each |
Rs.83.622 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
83.622 |
83.622 |
|
(b) Reserves & Surplus |
|
1198.387 |
1166.249 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1282.009 |
1249.871 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
364.423 |
378.031 |
|
(b) Deferred tax liabilities (Net) |
|
169.019 |
167.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
16.817 |
13.610 |
|
Total Non-current
Liabilities (3) |
|
550.259 |
558.641 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
2469.136 |
2282.086 |
|
(b)
Trade payables |
|
490.391 |
226.148 |
|
(c)
Other current liabilities |
|
133.582 |
88.559 |
|
(d) Short-term
provisions |
|
113.246 |
141.532 |
|
Total Current
Liabilities (4) |
|
3206.355 |
2738.325 |
|
|
|
|
|
|
TOTAL |
|
5038.623 |
4546.837 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1345.345 |
1270.445 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
19.710 |
36.253 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
48.645 |
48.580 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
15.264 |
10.548 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1428.964 |
1365.826 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
970.540 |
787.734 |
|
(c)
Trade receivables |
|
2008.191 |
1863.177 |
|
(d) Cash
and cash equivalents |
|
38.630 |
3.689 |
|
(e)
Short-term loans and advances |
|
592.298 |
526.411 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
3609.659 |
3181.011 |
|
|
|
|
|
|
TOTAL |
|
5038.623 |
4546.837 |
|
SOURCES OF
FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
83.622 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
976.054 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1059.676 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1601.247 |
|
|
2] Unsecured Loans |
|
|
31.576 |
|
|
TOTAL BORROWING |
|
|
1632.823 |
|
|
DEFERRED TAX LIABILITIES |
|
|
145.853 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2838.352 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1166.929 |
|
|
Capital work-in-progress |
|
|
36.310 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
39.074 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
543.068
|
|
|
Sundry Debtors |
|
|
1092.659
|
|
|
Cash & Bank Balances |
|
|
1.285
|
|
|
Other Current Assets |
|
|
255.668
|
|
|
Loans & Advances |
|
|
83.401
|
|
Total
Current Assets |
|
|
1976.081
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
312.577
|
|
|
Other Current Liabilities |
|
|
12.191
|
|
|
Provisions |
|
|
55.274
|
|
Total
Current Liabilities |
|
|
380.042
|
|
|
Net Current Assets |
|
|
1596.039
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2838.352 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6012.575 |
5303.309 |
3085.665 |
|
|
|
Other Income |
11.340 |
12.248 |
124.530 |
|
|
|
TOTAL (A) |
6023.915 |
5315.557 |
3210.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4760.890 |
3968.037 |
|
|
|
|
Employee benefit expense |
150.194 |
124.063 |
|
|
|
|
Other expenses |
727.246 |
633.776 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(57.061) |
(49.583) |
|
|
|
|
Prior Period Expenses |
0.598 |
(0.041) |
|
|
|
|
TOTAL (B) |
5581.867 |
4676.252 |
2859.536 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
442.048 |
639.305 |
350.659 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
218.198 |
160.302 |
100.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
223.850 |
479.003 |
250.529 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
141.896 |
126.068 |
111.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
81.954 |
352.935 |
139.351 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.520 |
114.146 |
53.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
56.434 |
238.789 |
85.857 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
936.249 |
796.054 |
779.069 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
50.000 |
20.117 |
|
|
|
Proposed Dividend |
20.905 |
41.811 |
41.811 |
|
|
|
Corporate
Dividend Tax |
3.391 |
6.783 |
6.944 |
|
|
|
|
44.296 |
98.594 |
68.872 |
|
|
BALANCE CARRIED
TO THE B/S |
948.387 |
936.249 |
796.054 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4310.971 |
3739.044 |
1984.765 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2082.507 |
965.819 |
701.717 |
|
|
|
Stores & Spares |
88.139 |
48.567 |
33.012 |
|
|
|
Capital Goods |
71.848 |
109.119 |
29.651 |
|
|
|
Trading Goods |
0.000 |
0.000 |
0.307 |
|
|
TOTAL IMPORTS |
2242.494 |
1123.505 |
764.687 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.75 |
28.56 |
10.27 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
6120.000 |
|
|
|
|
|
The above information has been parted by Mrs. Sarita Khanna [Accounts
Department]
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
0.94
|
4.49
|
2.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.36
|
6.65
|
4.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.65
|
7.91
|
4.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.28
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.21
|
2.13
|
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.16
|
5.20 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
129.153 |
85.426 |
NA |
|
|
|
|
|
|
Sr. No. |
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 |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10215128 |
29/03/2010 |
72,000,000.00 |
IDBI BANK LIMITED |
IDBI COMPLEX, NEAR LAL BUNGLOW, OFF C. G. ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
A83666628 |
|
2 |
90098705 |
20/07/2013 * |
3,900,000,000.00 |
BANK OF BARODA |
ASHRAM ROAD BRANCH, VALLABH SADAN, OPPOSITE NATRAJ CINEMA, AHMEDABAD - 380009, Gujarat, INDIA |
B80544554 |
|
3 |
90098129 |
26/12/1996 * |
41,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPORATION O |
163, BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
62.382 |
2.439 |
|
Total
|
62.382 |
2.439 |
CORPORATE
INFORMATION:
Subject is a public Limited company domiciled in India and
Incorporated under the provisions of the Companies Act, 1956.
OPERATIONS AND FUTURE
PROSPECTS
The Company has performed satisfactorily during the year under, Net Sales has gone up to Rs.5950.400 millions against Rs.5234.200 millions compared to previous year and Net profit after tax stood at Rs. 56.400 millions against Rs.238.800 millions compared to previous year. The Net sales increased by13.68 % during the current year when compared with previous year in value terms and the sales in quantity is increased by 7.30%, when compared with previous year.
The Company has installed Nickel Plating Plant to manufacture Nickel Coated Wires during the year which has started commercial production in October 2011.
FUTURE PROSPECTS
The Company is upgrading the existing Machineries with new equipments, to get more production and higher value addition/realization of the final products, So that the Company will have edge over their competitors. They will have the benefit of latest Technology used by the Company.
FIXED ASSETS
·
Land
·
Buildings
·
Residential building
·
Office building
·
Factory building
·
Plant and Equipment
·
Factory equipments
·
Office equipment
·
Computer equipments
·
Furniture and Fixtures
·
Vehicles
·
Computer
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 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 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 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. 61.54 |
|
|
1 |
Rs. 94.37 |
|
Euro |
1 |
Rs. 81.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.