MIRA
INFORM REPORT
|
Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
RELIABLE REFRACTORIES PRIVATE LIMITED |
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Registered Office : |
119 Subhash Nagar Extension, Opposite UIT, Bhilwara – 311 001,
Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.11.1995 |
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Com. Reg. No.: |
17-011100 |
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CIN No.: [Company
Identification No.] |
U26921RJ1995PTC011100 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHR02424C |
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PAN No.: [Permanent
Account No.] |
AABCR0672F |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturers of Mixture, Insulation Bricks ( Shaped Bricks, Packed Bricks,
Green Bricks) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 41596 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
119 Subhash Nagar Extension, Bhilwara – 311 001, |
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Tel. No.: |
91-1482-222840 |
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Mobile No.: |
91-1482-238976 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Dinesh Kumar Mehta |
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Designation : |
Whole time Director |
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Address : |
13/27 New Swapneel, Kanti Nagar, JB Nagar, Andheri (East), Mumbai –
400 059, |
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Date of Birth/Age : |
01.03.1961 |
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Date of Appointment : |
21.11.1995 |
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Name : |
Mr. Manish Srivastav |
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Designation : |
Whole Time Director |
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Address : |
119, Subhash Nagar Extention, Bhilwara – 311 001, Rajasthan |
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Date of Birth/Age : |
24.09.1961 |
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Date of Appointment : |
21.11.1995 |
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Name : |
Mr. Manohar Lal Mehta |
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Designation : |
Director |
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Address : |
Sindhu Nagar, Bhilwara – 311 001, Rajasthan |
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Date of Birth/Age : |
10.04.1934 |
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Date of Appointment : |
09.12.1995 |
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Name : |
Miss Anita Mehta |
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Designation : |
Director |
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Address : |
13/27 New Swapneel, Kanti Nagar, JB Nagar, Andheri (East), Mumbai –
400 059, |
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Date of Birth/Age : |
24.04.1966 |
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Date of Appointment : |
09.12.1995 |
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Name : |
Mr. Jayant Mehta |
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Designation : |
Director |
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Address : |
13/27 New Swapneel, Kanti Nagar, JB Nagar, Andheri (East), Mumbai –
400 059, |
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Date of Birth/Age : |
08.07.1964 |
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Date of Appointment : |
09.12.1995 |
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Name : |
Mr. Kanhaiya Lal Srivastav |
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Designation : |
Director |
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Address : |
119, Subhash Nagar Extention, Bhilwara – 311 001, Rajasthan |
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Date of Birth/Age : |
10.06.1931 |
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Date of Appointment : |
09.12.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Dinesh Mehta |
|
58000 |
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Mr. Manish Srivastav |
|
40500 |
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Mr Manoharlal Mehta |
|
30000 |
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Mrs Anita Mehta |
|
27500 |
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Mr. Jayant Mehta |
|
33000 |
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Mr. K l Srivastav |
|
27700 |
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Mrs Anuradha Srivastav |
|
7300 |
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Mrs Swarnlata Srivastav |
|
10000 |
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Mrs Sunder Devi Mehta |
|
10000 |
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Mr. Rajeev Mehta |
|
2500 |
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Mr. Mahaveer Mahatma |
|
2500 |
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Mrs Manorama Jaghdhari |
|
1700 |
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Mrs Rashmi Joshi |
|
1500 |
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Mr. Rakesh Srivastav |
|
1500 |
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Mrs Renu Srivastav |
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1500 |
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Mr. Anurag Jagdhari |
|
1800 |
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Mr. Sarvesh Srivastav |
|
1000 |
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Mrs Manju Bapna |
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20000 |
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Mr. Nirmal Bapna |
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5000 |
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Mr. Prabhash Srivastav |
|
1000 |
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Mrs Rekha Mehta |
|
7000 |
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Mr. Deepak Trivadi |
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3000 |
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Mr. Sampat Surana |
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15000 |
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Mr. Anil Jain |
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10000 |
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Mrs. Basanti Devi Jain |
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30000 |
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Mr. Rajmal Kothari |
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500 |
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Mr. Sushil Trivedi |
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250 |
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Mr. L J Janwaya |
|
250 |
Equity Share Break – up ( Percentage of Total Equity):
|
Sr. No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Mixture, Insulation Bricks ( Shaped Bricks, Packed
Bricks, Green Bricks) |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. A K Kasliwal and company Chartered Accountants |
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Address : |
80, Petch Area, Bhilwara – 311 001, Rajasthan |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
3.500 |
3.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
6.899 |
3.550 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
10.399 |
7.050 |
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LOAN FUNDS |
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1] Secured Loans |
|
6.704 |
7.943 |
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2] Unsecured Loans |
|
0.269 |
0.269 |
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TOTAL BORROWING |
|
6.973 |
8.212 |
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DEFERRED TAX LIABILITIES |
|
3.020 |
3.452 |
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TOTAL |
|
20.392 |
18.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.670 |
11.672 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.429 |
4.943 |
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Sundry Debtors |
|
6.428 |
5.848 |
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Cash & Bank Balances |
|
3.251 |
1.051 |
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Other Current Assets |
|
1.030 |
0.939 |
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Loans & Advances |
|
0.830 |
0.194 |
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Total
Current Assets |
|
15.968 |
12.975 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.743 |
4.731 |
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Provisions |
|
2.582 |
1.301 |
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Total
Current Liabilities |
|
7.325 |
6.032 |
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Net Current Assets |
|
8.643 |
6.943 |
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MISCELLANEOUS EXPENSES |
|
0.079 |
0.099 |
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TOTAL |
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20.392 |
18.714 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
48.576 |
40.036 |
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Other Income |
|
0.423 |
0.270 |
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Total Income |
|
48.999 |
40.306 |
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Profit/(Loss) Before Tax |
|
4.422 |
3.452 |
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Provision for Taxation |
|
1.418 |
0.489 |
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Profit/(Loss) After Tax |
|
3.004 |
2.963 |
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Expenditures : |
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Cost of Goods Sold |
|
33.257 |
28.115 |
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Administrative and Selling Expenses |
|
9.147 |
6.613 |
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Financial Charges |
|
0.974 |
1.186 |
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Depreciation & Amortization |
|
1.199 |
0.940 |
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Total Expenditure |
|
44.577 |
36.854 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
6.13 |
7.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
9.10 |
8.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
15.99 |
14.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.42 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.37 |
2.02 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.17 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U29621RJ1995PTC011100 |
|
Name of the company |
RELIABLE REFRACTORIES PRIVATE LIMITED |
|
Address |
119 Subhash Nagar Extension, Opposite U.I.T.
Bhilwara – 311 001, Rajasthan |
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This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
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Particular of the charge holder
|
UCO Bank, EmailID: www.ucobhil@sancharnet.in |
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Date of the instrument modifying the charge |
14.06.2006 |
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Amount Secure by the charge |
Rs.14.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Charge Dated 27.01.2005 for Rs.10.500 millions cash credit
(hypothecation) Limit of Rs.4.000 millions and Bank Guarantee of Rs. 6.500
millions Interest @11% p.a. calculated on Daily Balance, Chargeable at
monthly resets (Subject to Change as may be applicable from time to time )
Margin@25% on Stocks for CC Limit and @10% on Bank Guarantee period of
sanction – 1Year other term and conditions as per sanction letter. |
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Description of the property charge whether it is a charge on |
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Modification charge Charge identification number of the charge to be modified |
80006364 |
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Date of instrument modifying the charge |
14.06.2006 |
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Particulars of the Property charged
|
First Charge on stocks of Raw Material, stock in Process, Consumable
Stores and Spares, Finished Goods, and Book Debts valued at Rs.8.231 millions
as on 30.04.2006 and first charge on value of net Blick Rs. 12.235 millions
as on 31.03.2006 ( Provisional) – |
|
Particulars of Present Modification |
CC (Hypothecation) Limit of Rs.4.000 millions enhanced to Rs.7.500
millions Bank Guarantee of Rs.6.500 millions is renewed at existing level (
Total Rs.14.000 millions) interest @10.50% p.a. being 1% below BPLR |
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Brief Description of the instrument modifying the charge under
section135 |
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OTHER INFORMATION:
The Company is ISO-9001 Certified Company with all most modern
facilities.
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.41.24 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.56.06 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|