MIRA INFORM REPORT
|
Report
Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
RMG
POLYVINYL INDIA LIMITED |
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Registered
Office : |
302, Elite House,
3rd Floor, 36 Community Center, Kailash Colony Extn., New Delhi-110048 |
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Country: |
India |
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Financials
(as on): |
30.09.2005 |
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Date
of Incorporation : |
12.09.2003 |
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Com.
Reg. No.: |
55-96206 |
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CIN
No.: [Company Identification No.] |
U70101DL1298PTG96206 U74899DL1998PLC096206 |
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IEC
No. |
0598052674 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELR08012E / DELR09971D |
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PAN No.: [Permanent Account No.] |
AAACG2886R |
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Legal
Form : |
A Closely Held Public Limited Liability Company. |
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Line
of Business : |
Manufacturer,
Exporter and Importer of: Heavy
Duty “Contract” Vinyl Flooring – Brand Name: “WONDERFLOOR”, Printed
Flooring – Brand Name: GEMINI DESIGNS PRINT, Plain/Printed/Embossed
Artificial Leather both Foamed Type & Calendered Types, Plain/Printed/Embossed
Films and Sheetings, Anti-slip
Vinyl Flooring, PVC
Compounds, Tarpaulin, PVC
Geomembrane |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
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Status
: |
Moderate |
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Payment
Behaviour : |
Slow but
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established company and seeks joint
venture partner for modernization. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
Profit margin is low. Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
302, Elite House,
3rd Floor, 36 Community Center, Kailash Colony Extn., New Delhi-110048, India |
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Tel.
No.: |
91-11-51632024/51632022 |
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Fax
No.: |
91-11-26226482 |
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E-Mail
: |
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Website: |
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Location : |
Owned |
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Factory
1 : |
10/1,
Industrial Area, Sikandrabad, District Bulandshahar-203205 |
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Tel.
No.: |
91-05735-221877/221878 |
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E-Mail
: |
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Location : |
Owned |
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Branches
1: |
302, 3rd Floor, Elite House, 36 Community
Centre, Zamprudur, New Delhi-110048, India |
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Tel.
No.: |
91-11-51632024/51632022 |
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Fax
No.: |
91-11-26226482 |
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E-Mail
: |
info@rmgpoly.com |
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Branch
2: |
10585, Nabi Karim, Jhandewalan Road, New Delhi-110055 |
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Location: |
Owned |
DIRECTORS
|
Name : |
Mr. Arvind Goenka |
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Designation
: |
Director |
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Address
: |
No.1, Green Avenue, Sector D-3, Vasant Kunj, New
Delhi-110070 |
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Date
of Birth/Age : |
30.10.1969 |
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Qualification
: |
B.Com (HONS) |
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Experience
: |
15 Years |
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|
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Name : |
Mrs. Indira Goenka |
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Designation
: |
Director |
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Address
: |
No.1, Green Avenue, Sector D-3, Vasant Kunj, New
Delhi-110070 |
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Date
of Birth/Age : |
28.08.1946 |
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Qualification
: |
B.A. |
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Experience
: |
30 Years |
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Name : |
Mr. Umesh Agarwal |
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Designation
: |
Director |
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Address
: |
B-705, Badrinath Apartment, Malad, Mumbai |
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Date
of Birth/Age : |
52 Years |
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Qualification
: |
B.E. |
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Experience
: |
25 Years |
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Name : |
Mr. S.G.Gupta |
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Designation
: |
Director |
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Address
: |
715, Sector 28-D, Faridabad, Haryana |
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Date
of Birth/Age : |
52 Years |
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Qualification
: |
M.Sc |
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Experience
: |
30 Years |
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Name : |
Mr. P.D.Taneja |
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Designation
: |
Director |
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Address
: |
76-A, Ratan Garden, Gurgaon, Haryana |
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Date
of Birth/Age : |
08.07.1951 |
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Qualification
: |
F.C.A. |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mrs.
Nisha Goenka |
639360 |
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Mr.
Vasudeo Sanghai |
400000 |
|
Mrs. Usha
Devi Sanghai |
400000 |
|
M/s.
Aajiwan Industries Limited |
400000 |
|
Mrs.
Manvi Goenka |
260000 |
|
Mr.
Arvind Goenka |
250160 |
|
Mr.
Amitabh Goenka |
250160 |
|
Total |
8353920 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer,
Exporter and Importer of: Heavy
Duty “Contract” Vinyl Flooring – Brand Name: “WONDERFLOOR”, Printed
Flooring – Brand Name: GEMINI DESIGNS PRINT, Plain/Printed/Embossed
Artificial Leather both Foamed Type & Calendered Types, Plain/Printed/Embossed
Films and Sheetings, Anti-slip
Vinyl Flooring, PVC
Compounds, Tarpaulin, PVC
Geomembrane |
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Products
with Brand Name: |
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Exports
to : |
UAE, Sudan, South Africa, Jordan, Brazil, Bolivia etc. |
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Imports
from : |
Germany, Korea, Malaysia |
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Terms
: |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
PVC
Sheet/ Films/ Floorings/ Artificial Leather |
M.T. |
2000 |
1032 (September 04 to March 05) 6500 M.T.(April 05 to December 05) |
GENERAL INFORMATION
|
Customers
: |
Wholesalers, Retailer and OEM’s |
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No. of
Employees : |
119 |
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Bankers
: |
Centurion Bank of Punjab Limited M-29, Outer Circle, Connaught Place, New Delhi-110001 HDFC Bank Limited H-39, Outer Circle, Connaught Place, New Delhi-110001 |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Manoj Ambuj &
Associates Chartered Accountant Mr. Manoj Kumar Gupta |
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Address: |
FC-82, Shivaji Enclave, New Delhi-110027 |
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Tel
No.: |
91-25150506/9811124324 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100 each |
50.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100 each |
40.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
30.09.2005 |
31.03.2005 |
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|
SHAREHOLDERS
FUNDS |
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|
|
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|
1] Share
Capital |
|
40.000 |
40.000 |
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|
2] Share
Application Money |
|
0.000 |
0.000 |
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|
3]
Reserves & Surplus |
|
30.200 |
27.400 |
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|
4]
(Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH
|
|
70.200 |
67.400 |
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|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
1.200 |
1.200 |
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2]
Unsecured Loans |
|
16.700 |
14.900 |
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TOTAL
BORROWING
|
|
17.900 |
16.100 |
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|
DEFERRED
TAX LIABILITIES |
|
0.000 |
0.400 |
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|
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TOTAL
|
|
88.100 |
83.900 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
|
72.600 |
70.300 |
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Capital work-in-progress
|
|
4.500 |
4.400 |
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INVESTMENT
|
|
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
|
15.400 |
3.000 |
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Sundry Debtors
|
|
10.000 |
4.400 |
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Cash & Bank Balances
|
|
0.600 |
0.900 |
|
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Other Current Assets
|
|
0.000 |
0.000 |
|
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Loans & Advances
|
|
9.600 |
11.400 |
Total Current Assets
|
|
35.600 |
19.700 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
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|
|
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Current Liabilities
|
|
24.600 |
10.500 |
|
|
Provisions
|
|
0.100 |
0.100 |
Total Current Liabilities
|
|
24.700 |
10.600 |
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Net
Current Assets
|
|
10.900 |
9.100 |
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MISCELLANEOUS EXPENSES
|
|
0.100 |
0.100 |
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|
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TOTAL
|
|
88.100 |
83.900 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
30.09.2005 |
31.03.2005 |
Sales Turnover [including other income]
|
|
80.850 |
45.600 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
2.371 |
1.000 |
Provision for Taxation
|
|
0.000 |
0.500 |
Profit/(Loss) After Tax
|
|
2.371 |
0.500 |
|
|
|
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Export Value
|
|
26.642 |
6.600 |
|
|
|
|
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Import Value
|
|
8.599 |
2.800 |
|
|
|
|
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Total Expenditure
|
|
79.372 |
46.100 |
KEY
RATIOS
|
PARTICULARS |
|
|
30.09.2005 |
31.03.2005 |
PAT / Total Income
|
(%)
|
|
2.933 |
1.096 |
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
|
2.933 |
2.193 |
|
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|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
2.191 |
1.111 |
|
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|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.034 |
0.015 |
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|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
0.352 |
0.157 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
1.447 |
1.876 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY :
They have restarted the
factory in September 04, after purchasing it from the government. They are
manufacturing vinyl floorings by the calendaring process and are manufacturing
products up to 2 meters wide and up to 3.0 mm thickness. They products have
already received the RDSO registration for supplies to Indian railways and the
company has obtained ISO 9001:2000 quality systems certificate from TUV
group,Germany. They are looking for collaboration to modernize they product
line and are already looking for a joint venture partner wherein they could modernize
they plant and machinery and cater to the
markets Europe and U.K. at present the company is already exporting its
goods to African countries, Gulf countries, Central Asian Republics and South
American Countries.
TRADE
REFERENCE:
- Decolene Fibres Private Limited
1/24, WHS Kirtinagar Timber Market
New Delhi-110015
2 .
D.L. Millar and Company Limited
3, NetajiSubhas Road,
Kolkata-700001
3. Silvassa
Plast
60, Rama Marg, Najafgarh Road,
New Delhi-110015
4.
Dossa Harjee
257/259, yusuf Mehar Ali Road,
Mumbai – 400003
5. 1000
Plus Trade Incorporation
“Ashirwad”, Sector D-3, Vasant kunj, New Delhi-110070
6. Kanchan
Add Chem Private Limited
4598/12B, 2nd Floor, Gola Cottage, Darya Ganj,
New Delhi-1100002
7. Amar
Udyog
1932, Chandi Chowk,
Delhi- 110006
- Madhu Sales Corporation
XV-10650, Jhandewalan Road, Nabi
Karim, New Delhi – 110055
Imports
of:
Ø PVC Resin
Ø Poly-Beek Kunststoffe GMBH
Ø PVC Resin
Ø LG Chemicals
Ø D.O.P
Ø BASF
Ø Titanium Dioxide
Ø Dioxide
Websites
Details
ABOUT US
RMG Polyvinyl India Limited
is an ISO 9001:2000 Systems approved company and is the largest manufacturer
and exporter from India for PVC Floor Coverings, Films, Sheetings and
Artificial Leather. The company has two modern calendaring lines, one from
Germany and the other from U.S.A.
RMG’s Flooring range is marketed in India and Overseas under the brand name of
“WONDERFLOOR”.
Wonderfloor Vinyl Floor
Covering primarily consists of the following products:
1. Contract
Flooring (Heavy Duty PVC Flooring)
2. Embossed Flooring (Antiskid)
3. Anti-Static and Conductive (ESD) Flooring
4. Switch Board Matting (High Insulation Vinyl Floor Mats)
5. Printed Flooring (also known as PVC Linoleum)
6. PVC Printed Flooring with Jute backing
7. PVC for Auto Vehicles.
The products are well
accepted globally with its major markets being the Middle East, Gulf, Americas,
various countries in Africa and parts of Europe including Italy, Germany.
RMG is also a favoured
supplier to various PVC user industries of PVC Compounds including Recycled PVC
Compounds. The user industries range from shoes, hose, cables, PVC Flooring
etc. Other specialized products include supplies of top layer film to PVC
Calendaring units.
The company is also involved
in imports of special flooring products from Europe & America and
distribution in India.
RMG has a well set up
distributor and dealer network and several Regional Sales Offices spread out in
India and overseas. The group has been receiving the coveted “TOP
EXPORTER’S AWARD” from the Ministry of Commerce, Government of India, for PVC
Floor coverings for the last 3 years.
They have as they clients,
some of the most reputed institutions in India including The Reserve Bank of
India, The Indian Railways and The Indian Armed Forces. Overseas the products
have been used extensively in commercial applications like hospitals,
gymnasiums, schools, super markets etc. and have also found good acceptance in
the Prefabricated Building Industry.
PRODUCTS
Contract Flooring (Heavy Duty PVC Flooring)
Embossed Flooring (Antiskid Flooring)
Anti-Static And Conductive (ESD) Flooring
Switch Board Matting (High Insulation Vinyl Mats)
Printed Flooring (Also Known As PVC Linoleum)
PVC Printed Flooring With Jute Backing
PVC For Auto Vehicles
PVC Films And Sheetings
PVC Artificial Leather
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 records 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.44.64 |
|
UK Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.58.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |