MIRA
INFORM REPORT
|
Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
RIBBEL INTERNATIONAL LIMITED |
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Registered Office : |
5A/4A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.08.1992 |
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Com. Reg. No.: |
50010 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PLC050010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR09236D |
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PAN No.: [Permanent
Account No.] |
AAACR4715M |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
Manufacturers and
Exporters of Disposable Surgical Products such as Surgical Blades Carbon and
Stainless Steel both, Disposal Scalpels, Stitch Cutter, Skin Grafting Knife,
Blood Lancets, Post Mortem Knife, Thumb Scalpel Non-Sterile and Biopsy Punch. It is also
engaged in manufacturing and exporting of Sterile and Non-Sterile Surgical
Blades and Disposable Scalpels both available in various sizes. They also
manufacture Stitch Cutters (Standard, Medium Long), Skin Grafting Knife
Blade, Blood Lancet, Blade Remover, Post Mortem Knife and Surgical
Instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 14000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
5A/4A, |
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Tel. No.: |
91-11-23264399 / 23279456 |
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Mobile No.: |
91-9313664994 / 9313664399 91-9810269373 (Mr. Vikram Kanodia, Director) |
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Fax No.: |
91-11-23264398 / 23844177 |
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E-Mail : |
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Website : |
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Area : |
800 sq.fts. |
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Location : |
Commercial –
Rented |
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Overseas
Office : |
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Tel. No.: |
1-718-849-2030 |
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Fax No.: |
1-718-849-2286 |
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E-Mail : |
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Factory 1 : |
20th |
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Tel. No.: |
91-130-2368060 /
2368063 / 2368080 |
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Fax No.: |
91-130-2368061 |
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Area : |
1,72,223 sq.fts. |
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Location : |
Industrial –
Owned |
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Branches : |
Located at :- P. O. Box
No.7150, IPHO, |
DIRECTORS
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Name : |
Mr. Rajendra
Kumar Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Qualification : |
B.Sc. |
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Date of Appointment : |
19.08.1992 |
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Other Directorships : |
Kanodia Hosiery Mills Private Limited, |
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Name : |
Mr. Vinay Kanodia
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
19.08.1992 |
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Name : |
Mr. Ajay Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
19.08.1992 |
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Name : |
Mr. Arun Gupta |
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Designation : |
Director |
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Address : |
Inden Birken, 152
– S, 5600 Wuppertally – I, |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
10.01.1994 |
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Name : |
Mrs. Liva Gupta |
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Designation : |
Director |
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Address : |
Inden Birken, 152
– S, 5600 Wuppertally – I, |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
10.01.1994 |
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Name : |
Ms. Suman Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Date of Appointment
: |
14.08.1999 |
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Name : |
Mr. Vikram
Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Date of
Appointment : |
14.08.1999 |
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Name : |
Mr. Avinash
Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Date of
Appointment : |
02.06.2000 |
MAJOR SHAREHOLDERS
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Names of
Shareholders |
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No. of Shares |
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Ms. Shanti Devi
Kanodia |
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10 |
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Mr. Rajender
Kanodia |
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6300 |
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Mr. Suman Kanodia |
|
6910 |
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Mr. Vikram
Kanodia |
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4400 |
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Mr. Avnish
Kanodia |
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4500 |
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R. K. Kanodia
& Sons (HUF) |
|
250 |
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Kauka Kanodia |
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200 |
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Yadu Mandan Garg |
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170 |
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Total |
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22740 |
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Equity Share |
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Percentage of holding |
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Directors or relatives of Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Disposable Surgical Products such as Surgical Blades Carbon and Stainless
Steel both, Disposal Scalpels, Stitch Cutter, Skin Grafting Knife, Blood
Lancets, Post Mortem Knife, Thumb Scalpel Non-Sterile and Biopsy Punch. It is also
engaged in manufacturing and exporting of Sterile and Non-Sterile Surgical
Blades and Disposable Scalpels both available in various sizes. They also
manufacture Stitch Cutters (Standard, Medium Long), Skin Grafting Knife
Blade, Blood Lancet, Blade Remover, Post Mortem Knife and Surgical
Instruments. |
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Products : |
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Brand Names : |
“RIBBEL” |
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Exports to : |
Argentina,
Brazil, Canada, Germany, Holland, Italy, Mexico, Middle East, Portugal, South
Korea, Malaysia, Singapore, New Zealand, Vietnam, Moscow, Sri Lanka, Turkey,
Argentina, Russia, South East Asia, USA, UK, etc. |
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Imports from : |
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PRODUCTION
STATUS
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Particulars |
Unit
|
Installed Capacity |
Actual Production |
|
Surgical Blades |
Million per annum |
48.50 |
28.03 |
GENERAL INFORMATION
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Suppliers : |
v
The
Leader v
A. B.
Sandvik, SE-811 81 v
Kaltband
Ag, Cold Rolling Mill, CH-5734 v
Branopack
GmbH, Industriestrasse 5-7, 65760 v
Tata
SSL Limited, 307, v
The
Klamer Group Inc, v
Orient
Abrasivs Limited, v
Sterling
Abrasive Limited, |
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Customers : |
v
Kapish
Enterprises, v
PMH v
Znc
Inc, v
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No. of Employees : |
200 |
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Bankers : |
26/3, |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Gopal Mittal
& Associates Chartered
Accountants 301-302, 3rd
Floor, 79 Shyam Lal Marg, Daryaganj, |
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Tel. No.: |
91-11-23282206 /
23285390 |
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Associates/Subsidiaries : |
Ř
Kanodia
Flour Mills Private Limited Ř
Shanti
Paper and Machines Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,740 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.274 millions |
FINANCIAL DATA
[all figures
are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.274 |
2.274 |
2.274 |
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2] Share Application Money |
0.736 |
0.736 |
0.736 |
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3] Reserves & Surplus |
33.288 |
30.662 |
29.138 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.298 |
33.672 |
32.148 |
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LOAN FUNDS |
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1] Secured Loans |
10.127 |
13.377 |
12.470 |
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2] Unsecured Loans |
2.153 |
2.584 |
2.384 |
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TOTAL BORROWING |
12.28 |
15.961 |
14.854 |
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DEFERRED TAX LIABILITIES |
2.676 |
2.664 |
2.180 |
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TOTAL |
51.254 |
52.297 |
49.182 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.034 |
29.351 |
19.941 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.468
|
15.577
|
11.942 |
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Sundry Debtors |
10.364
|
11.933
|
13.744 |
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Cash & Bank Balances |
5.586
|
1.982
|
3.954 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
17.578
|
4.472
|
6.907 |
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Total Current Assets |
42.996
|
33.964 |
36.547 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
12.334
|
11.018 |
7.306 |
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Provisions |
3.442
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Total Current Liabilities |
15.776
|
11.018 |
7.306 |
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Net Current Assets |
27.22
|
22.946 |
29.241 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.254 |
52.297 |
49.182 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
|
|
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Sales Turnover |
81.818 |
56.616 |
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Other Income |
5.728 |
1.208 |
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Total Income |
87.546 |
57.824 |
53.664 |
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Profit/(Loss) Before Tax |
5.777 |
2.016 |
5.860 |
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Provision for Taxation |
2.302 |
0.484 |
1.184 |
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Profit/(Loss) After Tax |
3.475 |
1.532 |
4.676 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
NA |
41.455 |
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Imports : |
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Raw Materials |
NA |
NA |
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Stores & Spares |
20.425 |
18.527 |
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Total Imports |
20.425 |
18.257 |
4.473 |
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Expenditures : |
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Raw Material Consumed |
16.956 |
12.468 |
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Purchases made for re-sale |
6.854 |
1.887 |
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Consumption of stores and spares parts |
20.425 |
18.527 |
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|
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Increase/(Decrease) in Finished Goods |
4.329 |
[1.465] |
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Salaries, Wages, Bonus, etc. |
4.482 |
3.519 |
|
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Managerial Remuneration |
0.612 |
0.6120 |
47.804 |
|
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Payment to Auditors |
0.056 |
0.055 |
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Interest |
1.665 |
1.968 |
|
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Insurance Expenses |
0.119 |
0.091 |
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Power & Fuel |
5.069 |
3.588 |
|
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Depreciation & Amortization |
1.970 |
1.757 |
|
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Other Expenditure |
19.232 |
12.801 |
|
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Total Expenditure |
81.769 |
55.808 |
47.804 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.96
|
2.64
|
8.71 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.06
|
3.56
|
10.92 |
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|
Return on Total
Assets (PBT/Total Assets} |
(%) |
13.43
|
5.93
|
10.37 |
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|
Return on
Investment (ROI) (PBT/Networth) |
|
0.15
|
0.05
|
0.18 |
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|
Debt Equity Ratio (Total
Liability/Networth) |
|
0.43
|
0.32
|
0.69 |
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|
Current Ratio (Current
Asset/Current Liability) |
|
2.72
|
3.08 |
3.34 |
LOCAL AGENCY FURTHER
INFORMATION
History
Subject has been
accredited by ISO 9001 certification by DNV (Det Norske Veritas) of Rotterdam,
Holland EN 46002 certification and allowed to use the CE mark on products certified
by DNV (Det Norske Veritas) Norway, under the medical device directive
93/42/EEC, the products are also registered with FDA in USA, BIS in India, MOH
in Russia and TGA in Australia.
Fixed
Assets
Ř
Land
Ř
Building
Ř
Plant
and Machinery
Ř
Die and
Tools
Ř
Electrical
Goods
Ř
Furniture
Ř
Office
Equipments
Ř
Vehicles
Ř
Computer
Ř
UPS
Ř
Neon
Sign Boards
Ř
Water
Tank
Ř
Generator
Ř
Cellular
Phone
Ř
Road
Ř
Room A.
C.
Ř
Refrigerator
Ř
Split
A. C.
Ř
Ř
Hydraulic
Pallet
Ř
CC
TV
Profile
Ribbel International Limited is an ISO 9001 certified company
manufacturing a wide range of disposable surgical products using high quality
raw materials and state of the art manufacturing process, under a stringent
quality control and sterile environment. Since their product plays a critical
role in the demanding field of surgery, their primary objective is to
manufacture products that meet strictest hygienic standards. As an affirmation
of their standards, surgeons is more than 85 countries world wide, including
Argentina, Brazil, Canada, Germany, Holland, Italy, Mexico, Middle East,
Portugal, Russia, South East Asia, U.S.A, U.K, with great trust, are using
Ribbel's blades
The Ribbel product portfolio includes surgical blades made of high
carbon steel and fine stainless steel, disposable scalpels, thump scalpels,
stitch, cutters, post-mortem knives, skin graft blades, blood lancets, blade
removers, disposable biopsy punch, other disposable & surgical instruments.
These are made with Swiss Carbon Steel, Stainless Steel from
All Ribbel standard fitting surgical blades and scalpels are produced in
accordance with BS 2982 1992 / ISO 7740 1985 / EN 27740 1992. They have been
accredited by ISO 13485 and are allowed to use the CE mark on their products,
under the Medical Device Directive 93 / 42 EEC. They have IOS 9001
certification by DNV ( Det Norske Veritas)
Ribbel has made a significant contribution by providing excellent
services to the fraternity of Medice which is the most demanding environment.
Entrusted with the confidence od the eminent Surgeons, who have dedicated their
lives to nurture mankind, they have undoubtedly become the leading market
players in the industry. Their products are trustworthy and have been grounded
on the substratum of invaluable inputs made by the team of scientists that
Research & Development professional's endeavor extensive expertise with
latest technology to build the surgeon faith, safety and demand worldwide.
Awards & Achievements
Subject is
accredited with an ISO 9002, certified by DNV (Det Norske Veritas)
Form 8 Particular for creation or modification of charges
|
|
U74899DL1992PLC050010 |
|
Name of the company |
RIBBEL INTERNATIONAL LIMITED |
|
Address |
5A/4A, |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Union Bank of 26/3, Email : webmaster@unionbankofindia.com |
|
Nature or description of the instrument creating charge |
Term loan agreement – hypothecation of movable [SD –19] |
|
Date of the instrument creating charge |
07.08.2006 |
|
Amount Secure by the charge |
Rs. 28.500 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
All those existing an future machinery / plant / vehicles / capital goods / assets / craft and all those assets / movable properties capable of passing by delivery, whether installed or not and whether now lying loose or in cases at the borrower site at Plot No. 10 % 11, Sector 6 B, Sidcul, Ranipur, Haridwar with the interest @ 1% below BPLR and with the margin @ 33 % against the hypothecation of plant and machinery, factory land and building. |
|
Description of the property charge whether it is a charge on |
Immovable Properties and Plant and Machinery |
|
Particulars of the Property charged |
Flat No – 4/2 at 1st Floor, Roop Nagar, Sh. Rajinder Kumar Kanodia Plot No. 10 & 11, Sector, SIDCUL, Ranipur, Haridwar, Ribbel International Limited Plant and Machinery Unit – I, At Soneat Ribbel International Limited Property
no Khasta No. 16-24, 25, 25/2, 30-4/1/2 % 5/1, Snepat Industrial Area,
Sonepat Haryana – The name of Modern Straw Mills Private Limited |
|
|
|
|
Corporation identity number or foreign company registrations number of the company |
U74899DL1992PLC050010 |
|
Name of the company |
RIBBEL INTERNATIONAL LIMITED |
|
Address |
5A/4A, |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Union Bank of 26/3, Email : webmaster@unionbankofindia.com |
|
Nature or description of the instrument creating charge |
Term loan agreement – hypothecation of movable [SD –19] |
|
Date of the instrument creating charge |
07.08.2006 |
|
Amount Secure by the charge |
Rs. 10.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
FDBP / FUDBP [L/C and / or order] 120 days DA against the goods covered by bills with the interest @ Usual for PCL and with the margin Nil. |
|
Description of the property charge whether it is a charge on |
Others |
|
Particulars of the Property charged |
Flat No – 4/2 at 1st Floor, Roop Nagar, Sh. Rajinder Kumar Kanodia Plot No. 10 & 11, Sector, SIDCUL, Ranipur, Haridwar, Ribbel International Limited Plant and Machinery Unit – I, At Soneat Ribbel International Limited Property
no Khasta No. 16-24, 25, 25/2, 30-4/1/2 % 5/1, Snepat Industrial Area,
Sonepat Haryana – The name of Modern Straw Mills Private Limited |
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 records 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.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|