MIRA
INFORM REPORT
|
Report Date : |
18.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
RMP BEARINGS LIMITED |
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Registered Office : |
8. Pragatishil Society, Opposite Mangal Maitry Hall, Paldi, Ahmedabad
– 363610, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.11.1995 |
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Com. Reg. No.: |
04-28062 |
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CIN No.: [Company
Identification No.] |
U29130GJ1995PLC028062 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00171D |
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PAN No.: [Permanent
Account No.] |
AABCR0266K |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
The company is engaged in manufacturing and marketing of Bearing –
Accessories, Auto Spares, Textile Machinery etc. |
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 360000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed 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 dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
8. Pragatishil Society, Opposite Mangal Maitry Hall, Paldi, Ahmedabad
– 363610, |
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Tel. No.: |
91-79-26581492 / 26589135 |
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Fax No.: |
91-79-26581492 / 26589135 |
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E-Mail : |
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Website : |
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Factory : |
Station Road, Ranpur – 363
610, Ahmedabad, |
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Tel. No.: |
91-2711-238227, 238190, 238191
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Fax No.: |
91-2711-238496 |
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E-Mail : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Chunilal M. Makwana |
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Designation : |
Chairman |
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Address : |
Station Road, Ranpur – 363
610, Ahmedabad, |
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Date of Appointment : |
08.11.1995 |
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Name : |
Ms. Jayshree B. Rathod |
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Designation : |
Director |
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Address : |
10, Raj Niket, Malabar Hill, Mumbai |
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Date of Appointment : |
08.11.1995 |
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Date of Ceasing : |
04.04.2005 |
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Name : |
Mr. Malti B. Makwana |
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Designation : |
Director |
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Address : |
Station Road, Ranpur, Dist. Ahmedabad |
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Date of Appointment : |
08.11.1995 |
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Mr. Kirit Rathod |
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Name : |
Director |
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Designation : |
23, Khushnuma Society, 29/B, |
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Address : |
08.11.1995 |
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Date of Appointment : |
04.04.2005 |
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Name : |
Mr. Harish Makwana |
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Designation : |
Director |
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Address : |
Station Road, Ranpur – 363
610, Ahmedabad, |
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Date of Appointment : |
08.11.1963 |
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Date of Ceasing : |
08.11.1995 |
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Name : |
Mr. Bhupendra Makwana |
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Designation : |
Director |
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Address : |
Station Road, Ranpur – 363
610, Ahmedabad, |
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Date of Appointment : |
21.01.1952 |
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Date of Ceasing : |
08.11.1995 |
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Name : |
Mr. Rajednra Makwana |
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Designation : |
Director |
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Address : |
Station Road, Ranpur – 363
610, Ahmedabad, |
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Date of Appointment : |
07.03.1961 |
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Date of Ceasing : |
08.11.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Bhupendra C. Makwara |
|
99950 |
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Harish Makwana |
|
215000 |
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Chunilal M. Makwana |
|
220000 |
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Malti Makwana |
|
200000 |
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Rajednra Makwana |
|
215000 |
|
Borgosesia Rings Private Limited |
|
100000 |
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B. C. Makwana – HUF |
|
50 |
|
Texspin Bearings Limited |
|
949900 |
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|
50 |
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Dhrumi Makwana |
|
50 |
|
Rasik Wadhwana |
|
4932980 |
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Total |
|
6932980 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
|
Bodies corporate |
|
52.50 |
|
Directors or relatives of directors |
|
47.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing and marketing of Bearing –
Accessories, Auto Spares, Textile Machinery etc. |
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Products : |
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Brand Names : |
`DELUXE’ |
GENERAL INFORMATION
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Customers : |
Angular Contact
Clutch Release Bearing › Tata Motors Limited › Mahindra & Mahindra › Yamaha › New › Maruti – Suzuki › Force Motors. (Bajaj) › Tafe › Ashok Leyland › International Tractors › Rane › Luk India Limited › Angular Contact
Thrust Bearing › Sona Koyo Steering System › Rane TRW |
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No. of Employees : |
120 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Shah and Company Chartered Accountants |
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Address : |
Harikrupa Shopping Centre, Near City Gold Cinema, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
6,500,000 |
Preference Shares |
Rs. 10/- each |
Rs. 65.000 Millions |
|
|
Total |
|
Rs. 85.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
6,500,000 |
Preference Shares |
Rs. 10/- each |
Rs. 65.000 Millions |
|
|
Total |
|
Rs. 85.000
Millions |
Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
4,932,980 |
Preference Shares |
Rs. 10/- each |
Rs. 49.330 Millions |
|
|
Total |
|
Rs. 69.330
Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
4,932,980 |
Preference Shares |
Rs. 7.50/- each |
Rs. 36.997 Millions |
|
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Total |
|
Rs. 56.997
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 |
69.330 |
69.330 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.708 |
15.591 |
10.144 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
90.038 |
84.921 |
30.144 |
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LOAN FUNDS |
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1] Secured Loans |
53.913 |
41.358 |
11.270 |
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2] Unsecured Loans |
10.109 |
9.420 |
18.137 |
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TOTAL BORROWING |
64.022 |
50.778 |
29.407 |
|
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DEFERRED TAX LIABILITIES |
6.790 |
6.224 |
5.601 |
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TOTAL |
160.850 |
141.923 |
65.152 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.934 |
45.132 |
43.457 |
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Capital work-in-progress |
0.000 |
0.651 |
0.000 |
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INVESTMENT |
74.373 |
0.255 |
0.255 |
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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 |
40.379
|
28.791 |
30.270 |
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Sundry Debtors |
50.863
|
41.620 |
29.269 |
|
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Cash & Bank Balances |
1.038
|
6.149 |
0.550 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
8.571
|
68.314 |
3.142 |
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Total
Current Assets |
100.851
|
144.874 |
63.231 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.848
|
42.133 |
41.704 |
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Provisions |
11.460
|
6.856 |
0.100 |
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Total
Current Liabilities |
68.308
|
48.989 |
41.804 |
|
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Net Current Assets |
32.543
|
95.885 |
21.427 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.013 |
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TOTAL |
160.850 |
141.923 |
65.152 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
174.007 |
147.674 |
111.760 |
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Other Income |
0.969 |
0.032 |
0.030 |
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Total Income |
174.976 |
147.706 |
111.790 |
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Profit/(Loss) Before Tax |
20.803 |
12.826 |
1.242 |
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Provision for Taxation |
7.766 |
5.123 |
0.877 |
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Profit/(Loss) After Tax |
13.037 |
7.703 |
0.365 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
0.000 |
0.028 |
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Imports : |
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Total Imports |
NA |
0.521 |
0.656 |
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Expenditures : |
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Raw Material Consumed |
72.241 |
59.868 |
49.235 |
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Consumption of stores and spares parts |
10.019 |
7.956 |
54.749 |
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Increase/(Decrease) in Finished Goods |
[9.092] |
0.480 |
0.000 |
|
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Salaries, Wages, Bonus, etc. |
23.514 |
19.276 |
0.000 |
|
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Managerial Remuneration |
1.376 |
1.346 |
0.000 |
|
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Payment to Auditors |
0.083 |
0.055 |
0.000 |
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Interest |
6.841 |
3.497 |
3.717 |
|
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Insurance Expenses |
0.784 |
0.771 |
0.000 |
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Power & Fuel |
6.363 |
6.032 |
0.000 |
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Depreciation & Amortization |
2.535 |
2.892 |
2.847 |
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Other Expenditure |
39.509 |
32.706 |
0.000 |
|
Total Expenditure |
154.173 |
134.879 |
110.548 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
7.45
|
5.22 |
0.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.96
|
8.69 |
1.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.44
|
6.75 |
1.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.15 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
1.17 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
|
1.48
|
2.96 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Furniture and
Fixture
- Plant and
Machinery
- Computer
- Office
Equipments
- Building
- Well
- Vehicles
- Cycle
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Corporate
identity number of the company |
U29130GJ1995PLC028062 |
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Name of the
company |
RMP BEARINGS LIMITED |
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Address of the
registered office or of the principal place of business in |
8. Pragatishil Society, Opposite Mangal Maitry Hall, Paldi, Ahmedabad
– 363610, |
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This form is for |
Modification of Charge |
|
Type of charge |
Equitable mortgage or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
Bank of Fatehpura Branch Paldi, Bhatha,
Ahmedabad – 380006, |
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Amount secured by
the charge |
Rs. 197.828
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Terms and
conditions of the sanction of texpin bearings limited Fresh term loan A/c
IV of Rs. 54 Millions, rate of interest 10.50 % p.a. with monthly rest,
period 54 months moratorium period of first 6 months and repayment 48 equal
monthly installment each of Rs. 1.125 Millions Additional cash
credit of Rs. 15.000 Millions Rate of interest
11 % p.a. with monthly rest, period 12 months and margin 25 % on raw material
30% on stock in process and finished goods and 50 % on book debts. |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
Immovable
properties of the company situate lying and being at survey no 8/9 adm.
7856.23 sq mtrs. firings part of survey no 3567 of village Ranpur, Taluka
Ranpur, Ahmedabad |
|
Charge
identification number of the charge to be modified |
90104340 |
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Brief description
of the instrument modifying the charge under section 135 |
Extension cum
creation of equitable mortgage by constructive delivery by giving oral assent
to bank on 16.06.2006 |
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Date of instrument
modifying the charge |
16.06.2006 |
|
Particulars of
the present modification |
Secure additional
credit facility of Rs. 69.000 Millions comprising of term loan A/c IV of Rs.
54 millions and additional cash credit of Rs. 15 millions making aggregate of
Rs. 128.228 millions |
PROFILE
Established in 1978, subject is the major contributors to the automotive & Textile industry who has carved out a niche of itself as a provider of unmatched innovative solutions and products to the automotive industry. Major focus of subject’s products is technological components & systems with customized solutions. As an individual partner to the automotive industry in product development & serial production, subject have joined in the elite group as a solution provider.
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 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|