1. Summary Information
|
|
|
Country |
|
|
Company Name |
RAJSRIYA
AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
Principal Name 1 |
Mr. Perumpulipakam Srinivasa Govindachari |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Govindachari Meera |
|
|
|
Registration # |
18-035944 |
|
Street Address |
Ground Floor, No 95, |
||
|
Established Date |
03.07.1996 |
SIC Code |
-- |
|
Telephone# |
Not Available
|
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-26556715 |
Business Style 2 |
- |
|
Homepage |
-- |
Product Name 1 |
Automobile Parts Components |
|
# of employees |
Not Available |
Product Name 2 |
- |
|
Paid up capital |
Rs.50,000,000/- |
Product Name 3 |
- |
|
Shareholders |
Directors or relatives of
directors 100% |
Banking |
HDFC Bank
Limited |
|
Public Limited Corp. |
No |
Business Period |
16 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
|
|
--- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
826,704,000 |
Current Liabilities |
429,595,000 |
|
Inventories |
176,597,000 |
Long-term Liabilities |
286,229,000
|
|
Fixed Assets |
491,453,000 |
Other Liabilities |
306,177,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,022,001,000 |
|
Invest& other Assets |
30,300,000 |
Retained Earnings |
453,053,000 |
|
|
0,000 |
Net Worth |
503,053,000 |
|
Total Assets |
1,525,054,000 |
Total Liab. & Equity |
1,525,054,000 |
|
Total Assets (Previous Year) |
908,602,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
3215,007,000 |
Net Profit |
241,007,000 |
|
Sales(Previous yr) |
1956,458,000 |
Net Profit(Prev.yr) |
140,303,000 |
|
Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJSRIYA AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ground Floor, No 95, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
03.07.1996 |
|
|
|
|
Com. Reg. No.: |
18-035944 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29142TN1996PTC035944 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHER02475E/ CHER08563C/ CHER06814D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR4226K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Parts Components |
|
|
|
|
No. of Employees
: |
Not Available |
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 2000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Latest
financials are not available as per previous year financials the company’s
seems to be performing well. Trade relations are reported as fair. Business
is active. Payments are unknown. In absence of latest financials. The company can considered normal for business dealings at usual trade
terms and condition. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating (A) |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
29 November 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating (A1) |
|
Rating Explanation |
Highest degree of safety. It carry lowest credit risk. |
|
Date |
29 November 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.
LOCATIONS
|
Registered Office : |
Ground Floor, No 95, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
91-44-26556715 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
N – 44, Sidco Industrial, 4th Phase, Hosur - 635126 |
|
Tel. No.: |
91-4344-277281/2780911/400990,400991 |
|
Fax No.: |
91-4344-277383 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
143, Sipcot Industrial Complex, Hosur- 635126 |
|
Tel. No.: |
91-4344-278749/278748/400970/400971 |
|
Fax No.: |
91-4344-276980 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
71-B, Sipcot Industrial Complex, Hosur- 635126, |
|
Fax No.: |
91-4344-400998 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Plot No:79 and 80, |
|
Tel. No.: |
91-4344-278092/278494/400900/400975 |
|
Fax No.: |
91-4344-275520 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
706, Door No.29/137B, Poornamallee Avadi Raod, |
|
Tel. No.: |
91-44-26556711 to 26556716 |
|
Fax No.: |
91-44-26556174 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
F31-34, 8th Cross Main Road, SIPCOT Industrial Park,
Irungattukkottai, Sriperumbudhur, Chennai , Tamilnadu, India |
|
Mobile: |
91-8939919377 |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Perumpulipakam Srinivasa Govindachari |
|
Designation : |
Managing director |
|
Address : |
94, |
|
Date of Birth/Age : |
02.09.1940 |
|
Date of Appointment : |
01.04.2000 |
|
Din No.: |
00597286 |
|
|
|
|
Name : |
Mr. Govindachari Meera |
|
Designation : |
Director |
|
Address : |
94, |
|
Date of Birth/Age : |
15.11.1945 |
|
Date of Appointment : |
03.07.1996 |
|
Din No.: |
00597362 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Perumpulipakam Srinivasa Govindachari |
|
175000 |
|
Govindachari Meera |
|
175000 |
|
Neeraj Chari |
|
100000 |
|
Sriya Chari |
|
50000 |
|
|
|
|
|
Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Parts Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Bankers : |
·
Bank of India, Surat Main Branch, Lalgate, Surat
– 395003, Gujarat, India ·
HDFC Bank Limited, HDFC Bank House Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
Rs.
in Millions
|
|
Financial
Institution: |
The Tamil Nadu Industrial Investment Corporation Limited, 692, Anna
Salai, Nandanam, Chennai – 600035, |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.Hariharan
And Associates Chartered Accountants |
|
Address : |
No.11, |
|
PAN No.: |
ABPFS0412G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
50.000 |
50.000 |
|
|
2] Share Application Money |
|
453.053 |
282.011 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
503.053 |
332.011 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
285.966 |
171.344 |
|
|
2] Unsecured Loans |
|
0.263 |
3.648 |
|
|
TOTAL BORROWING |
|
286.229 |
174.992 |
|
|
DEFERRED TAX LIABILITIES |
|
3.165 |
0.983 |
|
|
|
|
|
|
|
|
TOTAL |
|
792.447 |
507.986 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
491.453 |
277.973 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
30.300 |
93.012 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
176.597
|
95.145 |
|
|
Sundry Debtors |
|
251.471
|
120.281 |
|
|
Cash & Bank Balances |
|
272.269
|
180.465 |
|
|
Other Current Assets |
|
298.356
|
137.259 |
|
|
Loans & Advances |
|
4.608
|
4.467 |
|
Total
Current Assets |
|
1003.301
|
537.617 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
411.247
|
222.512 |
|
|
Other Current Liabilities |
|
18.348
|
23.413 |
|
|
Provisions |
|
303.012
|
154.691 |
|
Total
Current Liabilities |
|
732.607
|
400.616 |
|
|
Net Current Assets |
|
270.694
|
137.001 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
792.447 |
507.986 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
SALES |
|
3215.007 |
1956.458 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
1687.022 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
NA |
269.436 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
NA |
22.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
NA |
247.117 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
NA |
30.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
NA |
216.546 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
NA |
76.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
241.007 |
140.303 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
482.01 |
280.6 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
NA
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA
|
11.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA
|
26.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA
|
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.02
|
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.37
|
1.34 |
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
two 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 |
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 |
Yes |
UNSECURED LOAN
|
PARTICULARS |
31.03.2011 |
|
Loans directors unsecured |
0.118 |
|
Other debt unsecured |
0.145 |
|
Total |
0.263 |
Financial Results:
During the year, the Company could augment its sales portfolio, by touching a figure of Rs.3215.007 Millions against Rs.1956.458 Millions during the last year thus registering a growth rate of 64.33%.During the year under report the export turnover stood at Rs.2.357 Millions against Rs.2.201 Millions for the previous year. The Directors are confident that export turnover will increase in the coming years in view of the better quality and finish of the product, corresponding to international standards envisaged in the modernisation and technological up-gradation. The Company has developed expertise in making silencer with Euro III compliance. All the auto majors are in an off-loading spree and the Company has grown from a component supplier to a System Supplier. It has become possible as the Company has all the facilities under one roof and the Company is now supplying Exhaust System instead of just Silencers. During the year the Company commenced commercial bulk manufacture of major systems for TVS WEGO. These were under development over the last two years. The company is also in the process of developing major system for TVS four stroke mopeds.
Amalgamation:
1 Rajsriya Enterprises Private Limited (a
Wholly owned Subsidiary) has amalgamated with this company by the order of the
2 The Company has amalgamated due to
similarities in business and to achieve economics of sale
3 The amalgamation has been accounted using
“Purchase Method”
4 The investment of Rs.15.000 Millions outstanding in Rajsriya Automotive
Industries Private Limited books as on 31.03.2007 has been adjusted against
Rs.9.200 Millions Share Capital of Rajsriya Enterprises Private Limited and
Rs.5.800 Millions has been accounted as Goodwill. The Goodwill is being written
off over a period of five years and accordingly Rs.1.160 Millions has been
charged to Deprecation on account of such Goods during the year 31.03.2010
FIXED ASSETS:
·
Land
·
Goodwill
·
·
·
Plant and Machinery
·
Electrical Fittings
·
Furniture and Fixtures
·
Tools
·
Computers
·
Vehicles
·
Office Equipment
·
Additional capital WIP
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.54.24 |
|
|
1 |
Rs.84.29 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.