MIRA INFORM REPORT

 

 

Report Date :

25.03.2013

 

IDENTIFICATION DETAILS

 

Name :

RAJESHWARI METALLURGICALS PRIVATE LIMITED (w.e.f.28.05.2010)

 

 

Formerly Known As :

RAJESHWARI METALLURGICALS LIMITED

 

RAJESHWARI METALLURGICAL COMPANY PRIVATE LIMITED

 

 

Registered Office :

No. 79, Industrial Suburb, Yeswanthpur, Bangalore – 560022, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

20.11.1989

 

 

Com. Reg. No.:

08-010519

 

 

Capital Investment / Paid-up Capital :

Rs. 4.246 Millions

 

 

CIN No.:

[Company Identification No.]

U27320KA1989PTC010519

 

 

PAN No.:

[Permanent Account No.]

AAACR8980R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Non-Ferrous Metals like Copper, Brass, Aluminum, Lead, Zinc, Tin and Nickel, etc.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 91000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. There appears dip in the profitability in the current year.

 

However, Networth of the company is good. There appears very low external borrowing.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

Note: Latest Profit and Loss Account of the company is not available. 

 

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)

India

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ratan

Designation :

Accounts Department

Contact No.:

91-80-23371936

Date :

23.03.2013

 

 

LOCATIONS

 

Registered Office/ Factory :

No. 79, Industrial Suburb, Yeswanthpur, Bangalore – 560022, Karnataka, India

Tel. No.:

91-80-23371963/ 23372830

Fax No.:

91-80-23373292

E-Mail :

graplind@gmail.com

info@rajmet.net

Website :

www.rajmet.net

 

 

Branches :

Located at:

 

Ø  Chennai

Ø  Bhiwandi

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Venkatasubramani Muthukali

Designation :

Director

Address :

Tauntan Court, 8A Tailors Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

17.10.1964

Date of Appointment :

20.11.1989

DIN No.:

00418761

 

 

Name :

Mr. Raja Shekaran Poochi

Designation :

Director

Address :

No. 22/1, Ponnvilla, 10th Main, 18th Cross Malleswaram, Bangalore – 560055, Karnataka, India  

Date of Birth/Age :

05.06.1959

Date of Appointment :

20.11.1989

DIN No.:

00767944

 

 

Name :

Mr. Jayaram Muthukali

Designation :

Director

Address :

#234, Vedasandur, 5th Cross, 2nd Block, RMV 2nd Stage, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

10.05.1960

Date of Appointment :

20.11.1989

DIN No.:

01203830

 

 

KEY EXECUTIVES

 

Name :

Mr. Ratan

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

M. Jayaram

 

174032

M. Venkatasubramani

 

137783

Kalpana Jayaram

 

55416

Selvi Venkatasubramani

 

37450

Siddharth

 

9916

Gautam

 

9916

Meenakshi Ammal

 

100

Porkodi Rajashekaran

 

1

 

 

 

Total

 

424614

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Non-Ferrous Metals like Copper, Brass, Aluminum, Lead, Zinc, Tin and Nickel, etc.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

State Bank of India, SME Branch, Kumarapark, No. 179, 2nd Floor, S C Road, Sheshadripuram, Bangalore – 560020, Karanataka, India

 

 

Facilities :

 

Short Term Borrowings

31.03.2012

31.03.2011

 

(Rs. In Millions)

Secured Loans

 

8.958

Unsecured Loans

 

0.000

Total

0.143

8.958

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Manian and Rao

Chartered Accountants

Address :

No. 361, I Floor, 7th Cross, I Block, Jayanagar, Bangalore – 560011, Karnataka, India

Tel. No.:

91-80-26569500

Fax No.:

91-80-26569501

E-Mail :

contact@manian-rao.com

Income-tax PAN of auditor or auditor's firm :

ARYPJ9251J

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

970000

Equity Shares

Rs. 10/- each

Rs. 9.700 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

424614

Equity Shares

Rs. 10/- each

Rs. 4.246 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

4.246

4.246

4.246

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

18.566

19.015

16.048

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

22.812

23.261

20.294

LOAN FUNDS

 

 

 

1] Secured Loans

 

8.958

6.803

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

0.143

8.958

6.803

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

22.955

32.219

27.097

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.428

0.537

0.593

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

1.281

1.281

1.281

DEFERRED TAX ASSETS

0.087

0.094

0.100

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.711

2.327

16.790

 

Sundry Debtors
29.578

37.913

22.261

 

Cash & Bank Balances
7.646

6.540

6.467

 

Other Current Assets
2.222

2.931

0.000

 

Loans & Advances
5.713

11.811

21.261

Total Current Assets
45.870

61.522

66.779

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
23.138

22.729

37.177

 

Other Current Liabilities
1.573

7.128

0.972

 

Provisions
0.000

1.358

3.507

Total Current Liabilities
24.711

31.215

41.656

Net Current Assets
21.159

30.307

25.123

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

22.955

32.219

27.097

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

 

139.180

383.289

 

 

Other Income

 

1.340

3.951

 

 

TOTAL                                     (A)

 

140.520

387.240

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases and Expenses

 

115.214

351.531

 

 

Payment to Employee

 

0.930

0.855

 

 

Administration, Selling and Distribution Expenses

 

4.183

11.895

 

 

Loss on Trading in Metal Futures

 

0.000

0.710

 

 

Increase/ (Decrease) in stock

 

14.463

11.288

 

 

TOTAL                                     (B)

 

134.790

376.279

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

 

5.730

10.961

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

1.203

1.941

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

4.527

9.020

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

0.139

0.157

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

 

4.388

8.863

 

 

 

 

 

Less

TAX                                                                  (H)

 

1.364

2.756

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

3.024

6.107

 

 

 

 

 

Less

INCOME TAX PAID (PREVIOUS YEAR)

 

0.057

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

15.871

9.764

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

18.838

15.871

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

7.12

14.38

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

250.000

 

 

 

 

 

The above information has been parted by Mr. Ratan (Accounts Department)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
N.A.

2.15

1.58

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
N.A.

3.15

2.31

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
N.A.

7.07

13.16

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
N.A.

0.19

0.44

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.01

0.39

0.34

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.86

1.97

1.60

 

 

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

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last two 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

No

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

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

No

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U27320KA1989PTC010519

Name of the company

RAJESHWARI METALLURGICALS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

No. 79, Industrial Suburb, Yeswanthpur, Bangalore – 560022, Karnataka, India

Email: graplind@gmail.com

This form is for

Modification of charge

Charge identification number of the modified 

90195195

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

State Bank of India, SME Branch, Kumarapark, No. 179, 2nd Floor, S C Road, Sheshadripuram, Bangalore – 560020, Karanataka, India

Email: rjr.cs69@gmail.com

Nature of description of the instrument creating or modifying the charge

Agreement of loan cum hypothecation SME-2.

Date of instrument Creating the charge

06.01.2012

Amount secured by the charge

Rs. 17.700 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

LC/FC Limit - As Per Sanction.

 

Terms of Repayment

LC/FC limit - repayable on demand. Advance is for a period of 12 months.

 

Margin

Letter Of Credit : 25%

 

Extent and Operation of the charge

Exclusive first charge on the assets of the company and to the full extent.

 

Others

Letter of credit Rs. 17.500 Millions forward contract Rs. 0.200 Million; total Rs. 17.700 Millions.

 

Short particulars of the property charged

Hypo. of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery etc.,

Date of Modification

30.03.1995

Particulars of the present modification 

The amount secured by the charge stands increased to Rs. 17.700 Millions. The securities described and above continue for the enhanced limit. All other terms and conditions remain unchanged.

 

 

FIXED ASSETS:

 

Ø  Land

Ø  Building

Ø  Electrical Fittings

Ø  Plant and Machinery

Ø  Office Equipments

Ø  Furniture and Fixture

Ø  Electrical Motors

Ø  Generator

Ø  Vehicles

Ø  Computers

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 54.34

UK Pound

1

Rs. 82.56

Euro

1

Rs. 70.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

BVA

 

 

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

4

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.