MIRA
INFORM REPORT
|
Report Date : |
23.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE COMMODITIES LIMITED |
|
|
|
|
Registered
Office : |
11th Floor, R-Tech IT Park, Western Express Highway, Goregaon (East),
Mumbai - 400063, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-154611 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51100MH2005PLC154611 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR0446F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Commodity Broker |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 469000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Reliance Group”. It is a well established and reputed company having a good track
record. Financial strength of the company is strong. There appears no
external borrowing. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. In view of experienced promoters, the company can be considered normal
for business dealings. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of
financial obligation it carry lowest credit risk. |
|
Date |
February 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 DECLINED
Management Non Cooperative.
LOCATIONS
|
Registered Office/ Corporate Office : |
11th Floor, R-Tech IT Park, Western Express Highway, Goregaon (East),
Mumbai - 400063, Maharashtra, India |
|
Tel. No.: |
91-22-33201212 |
|
Fax No.: |
91-22-33201555 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 21.05.2012
|
Name : |
Mr. Amit Bapna |
|
Designation : |
Director |
|
Address : |
503, Purna Apartments Sir Pochkanawal Road, Worli, Mumbai – 400030,
Maharashtra, India |
|
Date of Birth/Age : |
20.01.1975 |
|
Date of Appointment : |
08.07.2005 |
|
DIN No.: |
00008443 |
|
|
|
|
Name : |
Mr. Mohan Ramachandran Vellore |
|
Designation : |
Director |
|
Address : |
A – 2201, 2nd Floor, Flower Valley Complex, Eastern Express
Highway, Thane (West), Mumbai – 400601, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1953 |
|
Date of Appointment : |
27.04.2009 |
|
DIN No.: |
01072442 |
|
|
|
|
Name : |
Mr. Srinivasan Venkateswaran Krishnan |
|
Designation : |
Director |
|
Address : |
Flat No.1601, B Wing, 16th Floor, Dosti Elite, Metal Rolling
Compound, Near Sion Telephone Exchange, Sion (East), Mumbai – 400022,
Maharashtra, India |
|
Date of Birth/Age : |
31.01.1965 |
|
Date of Appointment : |
27.04.2009 |
|
DIN No.: |
01827316 |
MAJOR SHAREHOLDERS
As on: 21.05.2012
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Capital Limited, India |
|
2999930 |
|
Reliance Capital Limited Jointly With Mr. V R Mohan |
|
10 |
|
Reliance Capital Limited Jointly With Mr. Yogesh Deshpande |
|
10 |
|
Reliance Capital Limited Jointly With Mr. Amit Bapna |
|
10 |
|
Reliance Capital Limited Jointly With Mr. Neeraj Dwivedi |
|
10 |
|
Reliance Capital Limited Jointly With Ms. Parul Jain |
|
10 |
|
Reliance Capital Limited Jointly With Mr. Dipak K Shah |
|
10 |
|
Reliance Capital Limited Jointly With Mr. Chetan Raval |
|
10 |
|
Total |
|
3000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.05.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Commodity Broker |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Company Chartered Accountants |
|
Address : |
714-715 Tulsiani, Chambers 212, Free Press, Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
PAN No.: |
AAAFC0662N |
|
|
|
|
Holding company : |
Reliance Capital Limited (W.e.f. December 29 2010) CIN No.: L65910MH1986PLC165645 |
|
|
|
|
Fellow Subsidiary
company : |
· Reliance Securities Limited (w.e.f. December 29, 2010) CIN No.: U65990MH2005PLC154052 · Reliance Capital Asset Management Company Limited · Reliance Financial Limited · Reliance Infrastructure Finance Private Limited |
|
|
|
|
Ultimate Holding
Company (W.e.f. December 29 2010) : |
Reliance Innoventures Private Limited* |
Note: * No transaction taken place during the year.
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
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 |
|
30.000 |
30.000 |
|
(b) Reserves & Surplus |
|
87.412 |
37.520 |
|
(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) |
|
117.412 |
67.520 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.022 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.312 |
0.317 |
|
Total Non-current Liabilities (3) |
|
0.334 |
0.317 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
5.174 |
15.223 |
|
(c) Other current
liabilities |
|
477.242 |
474.980 |
|
(d) Short-term provisions |
|
0.244 |
0.000 |
|
Total Current Liabilities (4) |
|
482.660 |
490.203 |
|
|
|
|
|
|
TOTAL |
|
600.406 |
558.040 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.383 |
0.358 |
|
(ii) Intangible Assets |
|
0.710 |
0.880 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.004 |
|
(d) Long-term Loan and Advances |
|
6.002 |
5.702 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
7.095 |
6.944 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
10.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
92.570 |
32.034 |
|
(d) Cash and cash
equivalents |
|
470.511 |
188.815 |
|
(e) Short-term loans
and advances |
|
16.040 |
320.079 |
|
(f) Other current
assets |
|
14.190 |
0.168 |
|
Total Current Assets |
|
593.311 |
551.096 |
|
|
|
|
|
|
TOTAL |
|
600.406 |
558.040 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
30.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
21.314 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
51.314 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
25.300 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
25.300 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
76.614 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.710 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.033 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
3.260 |
|
|
Cash & Bank Balances |
|
|
147.166 |
|
|
Other Current Assets |
|
|
1.923 |
|
|
Loans & Advances |
|
|
83.559 |
|
Total
Current Assets |
|
|
235.908 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3.445 |
|
|
Other Current Liabilities |
|
|
142.502 |
|
|
Provisions |
|
|
14.090 |
|
Total
Current Liabilities |
|
|
160.037 |
|
|
Net Current Assets |
|
|
75.871 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
76.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
194.379 |
175.638 |
51.104 |
|
|
|
Other Income |
56.304 |
20.593 |
9.819 |
|
|
|
TOTAL (A) |
250.683 |
196.231 |
60.923 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
32.369 |
24.995 |
|
|
|
|
Other expenses |
141.859 |
148.140 |
|
|
|
|
TOTAL (B) |
174.228 |
173.135 |
21.144 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.455 |
23.096 |
36.779 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.531 |
0.631 |
3.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
74.924 |
22.465 |
33.302 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.475 |
0.471 |
0.546 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
74.449 |
21.994 |
32.756 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.558 |
5.788 |
14.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
49.891 |
16.206 |
18.505 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
37.520 |
21.314 |
2.809 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
87.411 |
37.520 |
21.314 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.63 |
5.40 |
6.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
19.90
|
8.26 |
30.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
38.30
|
12.52 |
64.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.40
|
3.94 |
13.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.63
|
0.33 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.12 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
|
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 |
Yes |
NOTE:
The registered office of the company has been shifted from 4th
Floor, Parijat House, Manjrekar Lane, Off Dr. E Moses Road, Worli Naka, Mumbai
– 400018, Maharashtra, India to present address w.e.f.10.07.2010
BACKGROUND:
Subject was incorporated on 8 July 2005. The Company is licensed by the Forward Market Commission to operate as commodity broker.
CONTINGENT
LIABILITIES:
(Rs. in Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Guarantees given by
scheduled banks on behalf of the Company towards |
|
|
|
- Collateral security deposit in favour of National Commodity and Derivatives Exchange Limited |
393.500 |
6.500 |
|
-Collateral security deposit in favour of Multi Commodity Exchange of India Limited |
406.500 |
41.000 |
FIXED ASSETS:
· Furniture and fixtures
· Office equipment
· Computer equipments
· Other equipments
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.59.41 |
|
|
1 |
Rs.90.74 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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.