MIRA INFORM REPORT
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Report No. : |
310020 |
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Report Date : |
02.03.2015 |
IDENTIFICATION DETAILS
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Name : |
RAJRANI STEEL CASTING PRIVATE LIMITED |
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Registered
Office : |
Plot No. D - 130, MIDC Malegaon, Taluka Sinnar, District Nashik, Sinnar, Nashik-422103, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.11.2003 |
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Com. Reg. No.: |
11-143324 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.372 Million |
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CIN No.: [Company Identification
No.] |
U51420MH2003PTC143324 |
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IEC NO.: |
3108018728 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKR01694A |
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PAN No.: [Permanent Account No.] |
AACCR7580B FT001 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of TMT Bars and Angles. |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However,
general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
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Rating |
Long Term Issues Rating = “IND B” |
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Rating Explanation |
Have high risk of default |
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Date |
September 2013 |
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Rating Agency Name |
FITCH |
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Rating |
Short Term Issues Rating = “IND A4” |
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Rating Explanation |
Have Minimal degree of safety and carry very high credit risk. |
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Date |
September 2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Arvind Agrawal |
|
Designation : |
Director |
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Contact No.: |
91-9823038639 |
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Date : |
28.02.2015 |
LOCATIONS
|
Registered Office/Factory : |
Plot No. D - 130, MIDC Malegaon, Taluka Sinnar, District Nashik, Sinnar, Nashik-422103, Maharashtra,
India |
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Tel. No.: |
91-2551-2502338 |
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Mobile No.: |
91-9823038639 (Mr. Arvind Agrawal) |
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Fax No.: |
91-2551-2597828 |
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E-Mail : |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Narendra Mithailal Agrawal |
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Designation : |
Director |
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Address : |
Flat No. 3, Nayantara – B Housing Society, Bhabha Nagar, Mombay Agra
Road, Nashik – 422001, Maharashtra, India |
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Date of Birth/Age : |
30.04.1969 |
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Date of Appointment : |
28.11.2003 |
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DIN No.: |
00483537 |
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Other Directorship:
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Name : |
Mr. Arvind Mithailal Agrawal |
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Designation : |
Director |
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Address : |
Hall No. 2894, Near Hiro Honda Show Room, 60 Feet Road, Nashik –
422001, Maharashtra, India |
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Date of Birth/Age : |
11.02.1971 |
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Date of Appointment : |
28.11.2003 |
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DIN No.: |
01326898 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
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No. of Shares |
|
Arvind Mithailal Agrawal |
|
175040 |
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Narendra Mithailal Agrawal |
|
88175 |
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Swati Narendra Agrawal |
|
36985 |
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Nilam Arvind Agrawal |
|
36985 |
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Beena Balkisan Bang |
|
40 |
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Total |
|
337225 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of TMT Bars and Angles. |
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Products : |
TMT Bars and Angles |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Scrap |
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Countries : |
UAE |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
80 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
A.S. Kothawade and Company Chartered Accountants |
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Address : |
1, First Floor, Shreeprakash Complex, Near Kulkarni Garden, Sharanpur
Road, Nashik- 422002, Maharashtra, India |
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Tel. No.: |
91-253-2580578/2573000/2570172 |
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Mobile No.: |
91-9850771700 |
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Fax No.: |
91-253-2580578/2573000/2570172 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAVFA2929D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Relative of Key Management Personal : |
Arvind M. Agrawal HUF Narendra M Agrawal HUF |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital : Rs. 12.700 million
Issued, Subscribed & Paid-up Capital : Rs. 3.482
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,270,000 |
Equity Shares |
Rs.10/- each |
Rs.12.700 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
337,225 |
Equity Shares |
Rs.10/- each |
Rs.3.372
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
3.372 |
3.372 |
3.372 |
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(b) Reserves & Surplus |
36.309 |
32.682 |
52.983 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
39.681 |
36.054 |
56.355 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
113.541 |
74.293 |
48.124 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
113.541 |
74.293 |
48.124 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
104.220 |
73.443 |
13.490 |
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(b)
Trade payables |
55.108 |
27.929 |
49.015 |
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(c)
Other current liabilities |
0.000 |
0.000 |
10.708 |
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(d)
Short-term provisions |
9.423 |
7.192 |
0.216 |
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Total
Current Liabilities (4) |
168.751 |
108.564 |
73.429 |
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TOTAL |
321.973 |
218.911 |
177.908 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
116.385 |
37.614 |
39.129 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
23.182 |
65.469 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.554 |
0.357 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.104 |
|
(e)
Other Non-current assets |
0.013 |
5.233 |
5.233 |
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Total
Non-Current Assets |
140.134 |
108.673 |
44.466 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
98.087 |
44.969 |
67.285 |
|
(c)
Trade receivables |
58.856 |
53.985 |
17.811 |
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(d)
Cash and cash equivalents |
5.114 |
2.571 |
43.754 |
|
(e)
Short-term loans and advances |
18.161 |
7.117 |
4.592 |
|
(f)
Other current assets |
1.621 |
1.596 |
0.000 |
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Total
Current Assets |
181.839 |
110.238 |
133.442 |
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|
|
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|
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TOTAL |
321.973 |
218.911 |
177.908 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Sales and Other Income |
478.898 |
315.927 |
386.184 |
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Less |
EXPENSES TOTAL |
446.909 |
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PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
31.989 |
(11.696) |
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Less |
FINANCIAL EXPENSES |
11.306 |
2.481 |
385.181 |
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|
(Including Finance and Depreciation Expenses) |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.683 |
(14.177) |
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|
|
|
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|
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Less
|
DEPRECIATION/
AMORTISATION |
17.253 |
6.377 |
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|
PROFIT/
(LOSS) BEFORE TAX |
3.430 |
(20.554) |
1.003 |
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Less
|
TAX |
(0.197) |
(0.253) |
(0.104) |
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|
PROFIT/
(LOSS) AFTER TAX ) |
3.627 |
(20.301) |
1.107 |
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|
Earnings / (Loss) Per
Share (Rs.) |
10.76 |
(60.20) |
3.28 |
|
Expected Sales (2014-15): Rs.600.000 Million
The above information has been parted by Mr. Arvind M. Agrawal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.76 |
(6.43) |
0.29 |
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|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.68 |
(3.70) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.15 |
(13.43) |
0.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
(0.57) |
0.02 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
5.49 |
4.10 |
1.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.02 |
1.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
3.372 |
3.372 |
3.372 |
|
Reserves & Surplus |
52.983 |
32.682 |
36.309 |
|
Net worth |
56.355 |
36.054 |
39.681 |
|
|
|
|
|
|
long-term borrowings |
48.124 |
74.293 |
113.541 |
|
Short term borrowings |
13.490 |
73.443 |
104.220 |
|
Total borrowings |
61.614 |
147.736 |
217.761 |
|
Debt/Equity ratio |
1.093 |
4.098 |
5.488 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales and Other Income |
386.184 |
315.927 |
478.898 |
|
|
|
(18.193) |
51.585 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales and Other Income |
386.184 |
315.927 |
478.898 |
|
Profit/Loss |
1.107 |
(20.301) |
3.627 |
|
|
0.29% |
(6.43%) |
0.76% |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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
|
Secured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loan from related parties |
113.541 |
74.293 |
|
Total |
113.541 |
74.293 |
Note:
Registered Office of the company has been shifted from PLOT NO. D - 130, MIDC MALEGAON TALUKA SINNAR, DISTRICT NASHIK, SINNAR-422103 MAHARASHTRA, INDIA TO THE PRESENT ADDRESS w.e.f. 18.08.2006.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10384190 |
29/10/2014 * |
177,550,000.00 |
BANK OF BARODA |
SPECIAL SSI
BRANCH, UDYOG BHAVAN, MALEGAON SINNER DIST., NASHIK, Maharashtra - 422103,
INDIA |
C31861396 |
* Date of charge modification
FIXED ASSETS:
- Land
- Factory Building
- Plant and Machinery
- Electric Installation
- Mound
- Furniture and Fixture
- Computer
- Vehicles
- Air Condition
- Weight Bridge
- Refrigerator
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.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.