MIRA
INFORM REPORT
|
Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
K RASIKLAL EXIM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Rawal, Chambers, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.09.2000 |
|
|
|
|
Com. Reg. No.: |
11-128614 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.43.050 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH2000PTC128614 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of all kinds of Chemicals. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in profitability during the current year. However, general financial position seems to be good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions |
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
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB+ (Fund Based Long Term) |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
June 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 BY
|
Name : |
Mr. Umesh Udek |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-23433013 |
|
Date : |
28.02.2013 |
LOCATIONS
|
Registered Office : |
Rawal Chambers 339/341, Samuel Street, 2nd floor Mumbai: 400003 Maharashtra, India |
|
Tel. No.: |
91-22-66313200 / 23433013 / 66313221 |
|
Fax No.: |
91-22-23444717 |
|
E-mail: |
|
|
Website : |
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|
Area : |
400 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
509, Atlantic Commercial Tower, Patel Chowk, R B Mehta Marg, Ghatkopar
(East), Mumbai-400077, Maharashtra, India
|
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Rasiklal Manganlal Shah |
|
Designation : |
Director |
|
Address : |
12, Neelkanth Darshan, |
|
Date of Birth/Age : |
04.06.1933 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
11.09.2000 |
|
DIN No.: |
01879223 |
|
|
|
|
Name : |
Mr. Yogesh Rasiklal Shah |
|
Designation : |
Director |
|
Address : |
9, Neelkanth Darshan, |
|
Date of Birth/Age : |
08.04.1966 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
04.11.2000 |
|
DIN No.: |
01879245 |
|
|
|
|
Name : |
Mr. Atul Shah |
|
Designation : |
Director |
|
Address : |
9, Neelkanth Darshan, |
|
Date of Birth/Age : |
11.07.1962 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
11.09.2000 |
|
DIN No.: |
01879255 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Udek |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Alpa Shah |
585200 |
|
Shardar R Shah |
402500 |
|
Shejal A Shah |
445200 |
|
Rasiklal Shah |
1 |
|
Atul Shah |
910630 |
|
Yogesh Shah |
630700 |
|
Saroj Shah |
7 |
|
Rasiklal M Shah (HUF) |
56 |
|
Atul R Shah |
420007 |
|
Yogesh R Shah (HUF) |
210007 |
|
Niru Kamdar |
7 |
|
Neeta Kamdar |
7 |
|
Soham Shah |
350339 |
|
Sagar Shah |
350339 |
|
TOTAL
|
4305000 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of all kinds of Chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
·
Union Bank of India, Khand Bazar Branch, 109,
Kazi Sayed Street, Khand Bazar, Mumbai-400003, Maharashtra, India ·
City Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
B Y and Associates Chartered Accountant |
|
Address : |
510-513, Apeejay House, 130, Mumbai Samachar Marg, Fort,
Mumbai-400001, Maharashtra, India |
|
PAN No.: |
AAFFB0462N |
|
|
|
|
Associates : |
·
K Rasiklal and Company ·
GSL Finance Limited ·
Shah Dye Chem Corporation ·
P K Enterprise ·
Kinnari Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4305000 |
Equity Shares |
Rs.10/- each |
Rs. 43.050
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
43.050 |
6.150 |
6.150 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.005 |
66.372 |
58.686 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
79.055 |
72.522 |
64.836 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.097 |
0.360 |
0.600 |
|
|
2] Unsecured Loans |
34.726 |
26.156 |
16.543 |
|
|
TOTAL BORROWING |
34.823 |
26.516 |
17.143 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
113.878 |
99.038 |
81.979 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.345 |
1.657 |
1.948 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.113 |
0.083 |
0.010 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
51.744
|
52.117 |
61.636
|
|
|
Sundry Debtors |
147.877
|
167.987 |
109.236
|
|
|
Cash & Bank Balances |
11.945
|
20.165 |
13.288
|
|
|
Other Current Assets |
7.321
|
10.389 |
0.000
|
|
|
Loans & Advances |
9.718
|
10.907 |
7.920
|
|
Total
Current Assets |
228.605
|
261.565 |
192.080 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
105.205
|
150.272 |
103.177 |
|
|
Other Current Liabilities |
0.734
|
1.681 |
2.068
|
|
|
Provisions |
10.246
|
12.314 |
6.814
|
|
Total
Current Liabilities |
116.185
|
164.267 |
112.059 |
|
|
Net Current Assets |
112.420
|
97.298 |
80.021
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
113.878 |
99.038 |
81.979 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
557.924 [Gross Income] |
563.016 [Gross Income] |
475.369 |
|
|
|
Other Income |
NA |
NA |
3.501 |
|
|
|
TOTAL (A) |
NA |
NA |
478.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
|
|
431.357 |
|
|
|
Administrative expenses |
|
|
9.692 |
|
|
|
Selling and distribution expenses |
|
|
11.645 |
|
|
|
Rates and taxes |
|
|
9.068 |
|
|
|
TOTAL (B) |
|
|
461.762 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
17.108 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
6.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
10.356 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.379 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
9.977 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
3.587 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
6.533 |
7.686 |
6.390 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
15.819 |
|
|
|
|
|
|
|
|
|
|
SHORT
/ EXCESS PROVISION FOR TAX |
NA |
NA |
0.127 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
22.336 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.221 |
0.594 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
384.259 |
388.577 |
348.128 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.92 |
12.50 |
10.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
1.33
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
2.10
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
5.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.44
|
0.37 |
0.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.59 |
1.71
|
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 |
Yes |
|
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 |
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 |
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 |
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Atul Shah |
4.363 |
1.983 |
|
Daksha V Shah |
0.717 |
0.560 |
|
GSL Finance Limited |
13.359 |
8.993 |
|
Rasiklal M Shah |
3.521 |
4.300 |
|
Yogesh R Shah |
2.173 |
2.000 |
|
Alpa Y Shah |
0.806 |
1.293 |
|
Atul R Shah HUF |
0.908 |
0.800 |
|
Ramila K Shah |
0.868 |
0.754 |
|
Dhirajlal P Shah |
1.659 |
1.296 |
|
Paresh Dye Chem |
0.486 |
0.377 |
|
Neeta N Kamdar |
0.345 |
0.300 |
|
Niru I Kamdar |
0.287 |
0.250 |
|
Soham Y shah |
0.636 |
0.560 |
|
Sharda R Shah |
0.443 |
0.390 |
|
Sejala A Shah |
2.312 |
0.675 |
|
Shah Dyechem Corporation |
0.863 |
0.750 |
|
Kinnari Enterprise |
0.980 |
0.875 |
|
|
|
|
|
TOTAL |
34.726 |
26.156 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Trade Creditors |
24.530 |
56.635 |
48.352 |
|
Creditors for Import |
80.675 |
93.637 |
54.825 |
|
|
|
|
|
|
TOTAL |
105.205 |
150.272 |
103.177 |
FINANCIAL
HIGHLIGHTS
The performance of the company was satisfactory. The Company’s gross
income increased from Rs. 563.016 Millions to Rs. 557.924 Millions for the
year. Net profit after tax was Rs. 6.533 Millions compared to Rs. 7.686
millions previous financial year
FIXED ASSETS
· Computer
· Motor Car
· Air Conditioner
· Printer
· Mobile
· Fax Machine
· Furniture
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. 54.48 |
|
|
1 |
Rs. 82.71 |
|
Euro |
1 |
Rs. 71.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.