MIRA INFORM REPORT
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Report No. : |
323151 |
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Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAMSAYS CORPORATION PRIVATE LIMITED |
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Registered
Office : |
18, Lodd Govindass Nagar Road, Chennai - 600002, Tamilnadu |
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Tel No.: |
91-44-28614240 / 28612550 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.2007 |
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Com. Reg. No.: |
18-064917 |
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Capital
Investment / Paid-up Capital : |
Rs.30.010 Million
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CIN No.: [Company Identification
No.] |
U28990TN2007PTC064917 |
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TIN No.: |
Not Available |
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IEC No.: |
0408011599 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHER09408A |
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PAN No.: [Permanent Account No.] |
AADCR8596A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Importing of turned / machined and pressed components for Automotive Industries. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 504000 |
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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. There seems some continuous dip in the profit of the company however
net with of the company is satisfactory. General financial position of the
company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered normal 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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
NOT AVAILABLE
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 (GENERAL DETAILS)
|
Name : |
Mr. Sridhar |
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Designation : |
Accounts Department |
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Contact No.: |
91-44-28614240 |
|
Date : |
19.05.2015 |
LOCATIONS
|
Registered Office : |
18, Lodd Govindass Nagar Road, Chennai - 600002, Tamilnadu, India |
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Tel. No.: |
91-44-28614240 / 28612550 |
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Fax No.: |
91-44-28614239 |
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E-Mail : |
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Website : |
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Factory 1 : |
13/1, A-B, Salai, Chemmencherry Village, Shollinganallur, Chennai -
600116, Tamilnadu, India |
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Factory 2 : |
Located at: Chennai, Tamilnadu, India |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. R. Krishnankumar |
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Designation : |
Managing Director |
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Address : |
No.18, LGN Road, Mount Road, Chennai - 600002, Tamilnadu, India |
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Date of Birth/Age : |
07.11.1966 |
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Date of Appointment : |
28.09.2007 |
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DIN No.: |
01293975 |
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Other Directorship:
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Name : |
Mr. R P Ramaswamy |
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Designation : |
Director |
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Address : |
No.18, LGN Road, Mount Road, Chennai - 600002, Tamilnadu, India |
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Date of Birth/Age : |
02.06.1941 |
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Date of Appointment : |
28.09.2007 |
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DIN No.: |
01302632 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Sridhar |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
R P Ramaswamy |
1500000 |
49.98 |
|
R. Krishnakumar |
1500000 |
49.98 |
|
R. Seethalakshmi |
500 |
0.02 |
|
K. Devasena |
500 |
0.02 |
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Total |
3001000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Importing of turned / machined and pressed components for Automotive Industries. |
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Products : |
Turned / Machined and Pressed Components |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and L/C |
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Purchasing : |
Cash and L/C |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long Term Borrowings The company availed loan pf Rs.15.200 Million from Indian Bank during
the reporting period. It carried interest at 12.30% p.a. and is repayable in
72 Installments. The loan is secured by hypothecation of plant and machinery.
Short Term Borrowings Cash credit from Indian bank carries interest at 14.50%
p.a. and is secured by hypothecation of stock and book debts. |
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Auditors : |
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Name : |
Vajai Sarathy and Company Chartered Accountants |
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Address : |
N.No.39, O.No.18-A, Rajamannar Street, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Tel. No.: |
91-44-28152948/ 28153830 |
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E-Mail : |
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PAN No.: |
AAAFV5754A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3001000 |
Equity Shares |
Rs.10/- each |
Rs.30.010 Million |
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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|
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(a) Share Capital |
30.010 |
30.010 |
30.010 |
|
(b) Reserves & Surplus |
146.446 |
137.450 |
121.018 |
|
(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) |
176.456 |
167.460 |
151.028 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
19.508 |
25.288 |
12.484 |
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(b) Deferred tax liabilities (Net) |
5.680 |
11.522 |
12.974 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
25.188 |
36.810 |
25.458 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
25.324 |
29.626 |
12.333 |
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(b) Trade
payables |
61.694 |
58.085 |
59.681 |
|
(c) Other current
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term
provisions |
4.003 |
3.388 |
4.430 |
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Total Current
Liabilities (4) |
91.021 |
91.099 |
76.444 |
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TOTAL |
292.665 |
295.369 |
252.930 |
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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 |
178.433 |
202.249 |
163.886 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.766 |
4.826 |
4.057 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.074 |
|
Total Non-Current
Assets |
183.199 |
207.075 |
168.017 |
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(2)
Current assets |
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|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
20.469 |
20.211 |
9.581 |
|
(c) Trade
receivables |
48.028 |
46.172 |
51.130 |
|
(d) Cash
and cash equivalents |
31.783 |
7.828 |
19.288 |
|
(e)
Short-term loans and advances |
9.186 |
14.083 |
4.914 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
109.466 |
88.294 |
84.913 |
|
|
|
|
|
|
TOTAL |
292.665 |
295.369 |
252.930 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
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Other Income |
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TOTAL |
591.268 |
575.606 |
609.239 |
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Less |
EXPENSES |
577.614 |
550.815 |
571.105 |
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PROFIT/(LOSS)
BEFORE TAX |
13.654 |
24.791 |
38.134 |
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Less |
TAX |
4.658 |
8.359 |
12.535 |
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PROFIT/(LOSS)
AFTER TAX |
8.996 |
16.432 |
25.599 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
137.450 |
121.018 |
95.419 |
||
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||
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BALANCE CARRIED
TO THE B/S |
146.446 |
137.450 |
121.018 |
||
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EARNINGS IN
FOREIGN CURRENCY |
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||
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Export Earnings |
24.537 |
17.832 |
17.212 |
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Unrealized Earnings at the end of the year |
6.567 |
4.792 |
1.887 |
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TOTAL EARNINGS |
31.104 |
22.624 |
19.099 |
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||
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Earnings /
(Loss) Per Share (Rs.) |
2.99 |
5.48 |
6.36 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.67 |
8.39 |
15.08 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.15 |
0.25 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.25 |
0.33 |
0.16 |
|
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
0.97 |
1.11 |
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 |
30.010 |
30.010 |
30.010 |
|
Reserves & Surplus |
121.018 |
137.450 |
146.446 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
151.028 |
167.460 |
176.456 |
|
|
|
|
|
|
Long Term borrowings |
12.484 |
25.288 |
19.508 |
|
Short Term borrowings |
12.333 |
29.626 |
25.324 |
|
Total
borrowings |
24.817 |
54.914 |
44.832 |
|
Debt/Equity
ratio |
0.164 |
0.328 |
0.254 |
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 |
|
Total Income |
609.239 |
575.606 |
591.268 |
|
|
|
(5.520) |
2.721 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
609.239 |
575.606 |
591.268 |
|
Profit |
25.599 |
16.432 |
8.996 |
|
|
4.20% |
2.85% |
1.52% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter ID Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
|
|
32 |
Litigations that the firm/promoter
involved in |
---------- |
|
33 |
Market information |
---------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Due to Directors |
3.764 |
22.409 |
|
Total |
3.764 |
22.409 |
Notes:
Loan from directors are unsecured loan that carries interest at 10% p.a.
and are repayable on demand.
CORPORATE
INFORMATION
The company was established in the year 2008 and involves in
manufacturing of turned/machined and pressed components for Automotive
Industries. Company, having its registered office at Chennai, has its
Manufacturing Units at 3 Locations Chennai, Chemmencherry and Chennai. The
company caters both Domestic and Foreign markets.
FUTURE PROSPECTS
The directors are hopeful of achieving better profits in the years to
come.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10210100 |
09/02/2015 * |
74,015,000.00 |
INDIAN BANK |
TRIPLICANE
BRANCH, 84, BIG STREET, CHENNAI, TAMIL |
C45603289 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.63.87 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
43 |
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.