|
Report Date : |
27.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJAMAHAL INTERNATIONAL PRIVATE LIMITED (w.e.f. 08.10.2012) |
|
|
|
|
Formerly Known
As : |
RAJAMAHAL ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.53, 17th A Main Road, 5th Block, Koramangala,
Bangalore – 560095, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.02.2010 |
|
|
|
|
Com. Reg. No.: |
052700 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.45.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U14200KA2010PTC052700 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Minerals, Silk by Products and Food Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management has failed to file its latest financials i.e. 2011-12 with the
government department. From the previous year’s financials of (2011) it seems
that it is company’s first year of business operations and the company has
performed well. However, the company is still improving. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office : |
No.53, 17th A Main Road, 5th Block, Koramangala,
Bangalore – 560095, Karnataka, India |
|
Tel. No.: |
91-80-25634232/ 33 |
|
Fax No.: |
91-80-25520542 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 23.08.2011)
|
Name : |
Mr. Sardar Pasha |
|
Designation : |
Director |
|
Address : |
No.48/1 Sanjeevappa Lane, Avenue Road Cross, Bangalore –
560002, Karnataka, India |
|
Date of Birth/Age : |
10.06.1957 |
|
Date of Appointment : |
25.02.2010 |
|
DIN No.: |
02554179 |
|
|
|
|
Name : |
Mr. Aslam Pasha |
|
Designation : |
Director |
|
Address : |
NO. 48/1 Sanjeevappa Lane, Avenue Road Cross, Bangalore –
560002, Karnataka, India |
|
Date of Birth/Age : |
10.06.1972 |
|
Date of Appointment : |
25.02.2010 |
|
DIN No.: |
02554216 |
KEY EXECUTIVES
|
Name : |
Mr. Amjad |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 23.08.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Syed Taj Pasha |
|
4500 |
|
Sardar Pasha |
|
9923 |
|
Shireen Banu |
|
6250 |
|
Muneer Pasha |
|
4500 |
|
Aslam Pasha |
|
14827 |
|
Sabiha Banu |
|
4500 |
|
Shaheena |
|
500 |
|
|
|
|
|
Total |
|
45000 |
(AS ON 24.09.2012)
|
Names of Allotment |
|
No. of Shares
Allotted |
|
|
|
|
|
Aslam Pasha |
|
650 |
|
|
|
|
|
Total |
|
650 |
(AS ON 03.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Minerals, Silk by Products and Food Products. |
|
|
|
|
Imports : |
|
|
Products : |
· Coal · Scrap |
|
Countries : |
· Indonesia · USA |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Bank of India MID Corporate
Branch, First Floor, No. 11, K G Road, Bangalore – 560009, Karnataka, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Venkatapur Basappa Mahadev Chartered Accountant |
|
Address : |
1st Stage, Near Varior Bakery, W.O.C. Road, Rajajingar,
Bangalore – 560044, Karnataka, India |
|
PAN No.: |
AMLPB2667F |
|
|
|
|
Group Companies
: |
· Rajamahal Silks · Pasha Associates · SAP Silks · STP Silks |
CAPITAL STRUCTURE
(AS ON 23.08.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.1000/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45650 |
Equity Shares |
Rs.1000/- each |
Rs.45.650
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.1000/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000 |
Equity Shares |
Rs.1000/- each |
Rs.45.000 Millions
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
45.000 |
|
|
2] Share Application Money |
|
|
0.778 |
|
|
3] Reserves & Surplus |
|
|
32.094 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
77.872 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
65.000 |
|
|
TOTAL BORROWING |
|
|
65.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
142.874 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.033 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
206.714 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
68.604 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.500 |
|
Total
Current Assets |
|
|
275.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
130.371 |
|
|
Provisions |
|
|
3.302 |
|
Total
Current Liabilities |
|
|
133.673 |
|
|
Net Current Assets |
|
|
142.145 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.696 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
142.874 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
107.885 |
|
|
|
Other Income |
|
|
0.500 |
|
|
|
TOTAL (A) |
|
|
108.385 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase In Stock |
|
|
(206.713) |
|
|
|
Purchases |
|
|
292.454 |
|
|
|
Direct Expenses |
|
|
9.230 |
|
|
|
Selling, General and Administration Expenditure |
|
|
2.903 |
|
|
|
Preliminary expenses write off |
|
|
0.174 |
|
|
|
TOTAL (B) |
|
|
98.048 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
10.337 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
10.337 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
10.337 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
3.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
7.094 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
157.64 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
6.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
9.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
3.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.06 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 one years |
Yes |
|
12] |
Profitability for last one 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 |
No |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOANS
|
Particulars |
31.03.2011 (Rs. In Millions) |
|
|
|
|
Rajamahal Silks |
65.000 |
|
|
|
|
Total |
65.000 |
FORM 8
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
-- |
|
Corporate
identity number of the company |
U14200KA2010PTC052700 |
|
Name of the
company |
RAJAMAHAL
ENTERPRISES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No.53, 17th A
Main Road, 5th Block, Koramangala, Bangalore – 560095, Karnataka, India |
|
Type of charge |
Book Debts Movable Property Other: Stocks,
Screening Plant, etc |
|
Particular of
charge holder |
Bank of India MID Corporate
Branch, First Floor, No. 11, K G Road, Bangalore – 560009, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
cum loan agreement (Plant and
machinery, stocks and book debts) |
|
Date of
instrument Creating the charge |
23/07/2011 |
|
Amount secured by
the charge |
Rs.433.100
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest CC: Interest @
3.50% over base rate, Presently 13.50% p.a. TL: Interest @ 4.00%
over base rate, Presently 14.00% p.a. Terms of
Repayment CC : Repayable on
demand TL : Repayable Margin Stocks : 25% Book debts : 30% TL : 25% PC/ FBP : 25% LC : 15% BG : 25% Extent and
Operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. Others Personal
properties offered as security is as per attachment enclosed The Limits
sanctioned are as under : i) TL : 3.100
Millions, ii) CC : 50.000
Millions iii) PC :
Rs.400.000 Millions iv) FBP, DA 60
days : 400.000 Millions Max of i) to iv)
Rs. 403.100 Millions i) LC : 30.000
Millions ii) BG : 30.000
Millions Max i) to ii) Rs.
30.000 Millions Total : 433.100 Millions |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stocks of raw materials such as silk
waste, silk fabrics, granite, iron ore
and raw silks, book debts, outstanding monies, receivables, claims, bills, etc. belonging to the company Hypothecation of
screening plant belonging to the company |
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 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.54.06 |
|
|
1 |
Rs.82.15 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.