MIRA
INFORM REPORT
|
Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAMBO
FABRICS PRIVATE LIMITED |
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Registered Office : |
3/133,
Mittal Industrial Estate, Sakinaka, Andheri (East), Mumbai – 400059 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.03.1989 |
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Com. Reg. No.: |
11-50844 |
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CIN No.: [Company
Identification No.] |
U17100MH1989PLC050844 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR16241B |
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PAN No.: [Permanent
Account No.] |
AAACR3492D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Fabrics, Gray Fabrics and Yarn |
RATING & COMMENTS
|
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
150000 |
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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
|
Registered Office : |
3/133,
Mittal Industrial Estate, Sakinaka, Andheri (East), Mumbai – 400059 |
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Tel. No.: |
91-22-28503889 |
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Fax No.: |
91-22-28594684 |
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Factory
1 : |
107/3
– A, Mittal Industrial Estate, Sakinaka, Andheri (East), Mumbai |
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Tel.
No.: |
91-22-28514086 |
DIRECTORS
|
Name : |
Mr.
Bhintade Balasaheb |
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Designation : |
Director
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Address : |
C –
506, Bhawani Nagar, Zenith Cooperative Housing Society, Marpl Maroshi Road,
Andheri (East), Mumbai – 400059 |
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Date of Birth/Age : |
01.06.1952 |
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Date of Appointment : |
01.03.1989 |
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Name : |
Mr.
Nilesh Bhimtade |
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Designation : |
Director
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Address : |
C –
506, Bhawani Nagar, Zenith Cooperative Housing Society, Marpl Maroshi Road,
Andheri (East), Mumbai – 400059 |
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Date of Birth/Age : |
27.02.1981 |
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Date of Appointment : |
01.02.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
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Mr.
Balasaheb Bhintade |
17255 |
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Mr.
Kaluram Bhintade |
500 |
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Mr.
Sandeep Bhintade |
8450 |
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Ms.
Manda Kolte |
700 |
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Mr.
Balasaheb Bhintade (HUF) |
250 |
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Ms.
Nirmala Bhintade |
13180 |
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Mr.
Nilesh Bhintade |
8665 |
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Ms.
Manju Bhandari |
200 |
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Mr.
Hardeo Prasad Sharma |
500 |
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Ms.
Shushila Sharma |
500 |
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M/s.
Italic Financial Consultants Private Limited |
200 |
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M/s.
Mansi Securities & Comm. Limited |
500 |
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M/s.
Mansi Securities & Comm. Limited |
10000 |
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m/S. Raghu
Vincom Private Limited |
3000 |
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M/s.
Rambo Export |
1250 |
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M/s.
Hemakuta Industrial Investment |
10000 |
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M/s.
Flex Mercantile India Private Limited |
10000 |
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M/s.
Talent Infoway Limited |
10000 |
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M/s.
Express Polyplast Private Limited |
10000 |
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M/s.
Apolla Retailers Private Limited |
10000 |
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M/s.
Umang Travels Tradelink Private Limited |
10000 |
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M/s.
Stock World Finlease Private Limited |
10000 |
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M/s.
Umang Credit Capital Limited |
5000 |
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M/s.
Vidyadevi Family Trust |
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Fabrics, Gray Fabrics and Yarn |
PRODUCTION
STATUS
|
Particulars |
Unit |
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Actual Production |
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Yarn |
Kgs. |
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|
-- |
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Fabrics |
Mig. |
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|
1578033 |
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Finished Fabrics |
Mtrs. |
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|
886383 |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Jangid
& Associates Chartered
Accountant |
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Address: |
Iman
Building, 3rd Floor, 24 Veer Nariman Road, Mumbai – 400023 |
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Tel. No.: |
91-22-22832896 |
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Fax No.: |
91-22-22832937 |
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Associates/Subsidiaries : |
M/s.
Friends Textile Consultancy Proprietor
– Shri Balasaheb Bhintade – Director of the company P M
Technologies Proprietor
– Shri Balasaheb Bhintade (HUF) -
Karta is the Director of the company M/s.
Nilesh Silk Mills Proprietor
is the wife of Shri Balasaheb Bhintade who is Director of the company M/s.
Manoj Silk Mills Proprietor
– Shri Nilesh Bhintade is the Director of the company |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
150000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 15.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
140250 |
Equity
Shares |
Rs. 100/- Each |
Rs. 14.025 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.025 |
5.100 |
6.525 |
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2] Share Application Money |
7.000 |
8.925 |
0.000 |
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3] Reserves & Surplus |
19.541 |
20.536 |
16.291 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
40.566 |
34.561 |
22.816 |
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LOAN FUNDS |
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1] Secured Loans |
33.290 |
27.526 |
22.810 |
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2] Unsecured Loans |
1.800 |
0.000 |
1.125 |
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TOTAL BORROWING |
35.090 |
27.526 |
23.935 |
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DEFERRED TAX LIABILITIES |
4.509 |
0.000 |
0.000 |
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TOTAL |
80.165 |
62.087 |
46.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.454 |
30.520 |
32.416 |
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Capital work-in-progress |
0.000 |
3.155 |
0.000 |
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INVESTMENT |
0.001 |
0.002 |
0.001 |
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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 |
29.561
|
25.143 |
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Sundry Debtors |
16.222
|
16.969 |
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Cash & Bank Balances |
2.002
|
0.846 |
37.715 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
2.735
|
2.815 |
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Total Current Assets |
50.520
|
45.773 |
37.715 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
16.026
|
16.814 |
23.398 |
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Provisions |
1.790
|
0.565 |
0.000 |
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Total Current Liabilities |
17.816
|
17.379 |
23.398 |
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Net Current Assets |
32.704
|
28.394 |
14.317 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.016 |
0.017 |
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TOTAL |
80.165 |
62.087 |
46.751 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
89.284 |
87.986 |
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Profit/(Loss)
Before Tax |
|
4.829 |
4.655 |
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Provision
for Taxation |
|
1.953 |
0.350 |
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Profit/(Loss)
After Tax |
|
2.876 |
4.305 |
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Total
Expenditure |
|
84.455 |
83.330 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
3.22
|
4.89 |
-- |
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Net
Profit Margin (PBT/Sales) |
(%) |
5.40
|
5.29 |
-- |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
4.92
|
6.10 |
-- |
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Return
on Investment (ROI) (PBT/Networth) |
|
4.92
|
6.10 |
-- |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.30
|
1.29 |
2.07 |
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Current
Ratio (Current
Asset/Current Liability) |
|
2.83
|
2.63 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
Projected & Finance
During
the year 2004 – 2005 the company has taken up future expansion program to
installing additional second hand imported 24 weaving machine at existing sites
at Bhiwandi. The total cost of project would be 49.000 Millions which would be
financed by Term loan & internal accruals and issue of further shares. The
expansion project expected to be completed by December 2005
Fixed Assets
- Land
- Factory Building
- Plant & Machinery
- Motor Car
- Electrical Installation
- Office Equipment
- Office Premises
- Computer
- Furniture & Fixture
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Name
of the company |
RAMBO
FABRICS PRIVATE LIMITED |
|
Date
and Description of the instrument creating charge |
Agreement
of hypothecation of goods and assets dated 04.09.2001 |
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Amount
Secured by the charge or amount owing on security of the charge |
Rs.
43.500 Millions |
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Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
All
present and future goods, book debts, movables and all other assets of the
company including document of title to goods, outstanding moneys by the cash
assistance under the duty drawback. Credit scheme any other scheme.
Possession or under the control of the company or the bank or of any third
party whether in India all such goods and other movable assets as may be in
course of shipment or delivery |
|
Gist
of the terms and conditions and extent & operation of charge Margin – 25% Rate
of Interst |
Facilities
within the aggregate amount secured to be decided between the bank and the
company from time to time Interest
to be charged at such rates as may be determined by the bank from time to
time Margin
to be maintained as stipulated by the bank from time to time Security
created by way first charge and to cover the principal amount together with
all interest |
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Name,
address and description of the person entitled to charge |
State
Bank of India, Kandivli Industrial Estate Branch, Kandivli, Mumbai – 400067 |
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Date
and brief of the description of instrument modifying the charge |
Ni
instrument was executed. Charge created on 06.01.2006 by way of equitable
mortgage by deposit of tile deeds |
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Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Past
Modification Vide
modification dated 04.10.2001 additional security of various Vide
modification dated 19.02.2004 charge over movable property was enhanced from
Rs. 43.500 Millions to Rs. 63.500
Millions Vide
modification dated 19.02.2004 charge over various immovable properties were
extended to cover the enhanced credit facilities Vide
modification dated 22.10.2005 over movable property Present
Modification The
charge over immovable properties now stands enhanced from Rs. 63.500 Millions
to Rs. 78.200 Millions The
enhanced limit of Rs. 78.200 Millions is secured against the following
immovable properties Gala
No. 17 & 18 admeasuring 150.43 Sq. ft on the first floor of the
industrial Estate known as “Shailesh Industrial Estate” Survey Nos. 30,31, & 35 of plot Nos.
15 & 16 situate Registation Sub – District of Thane Gala
No. 68 & 61 admeasuring 1500 Sq. ft on the first floor of the industrial
Estate known as “Dewan & Shah Industrial Estate” Survey Nos.31, 34 to 37 Registation Sub –
District of Thane Gala
No. 73 & 74 admeasuring 1500 Sq. ft on the first floor of the industrial
Estate known as “Dewan & Shah Industrial Estate” Survey Nos.31, 34 to 37 Registation Sub –
District of Thane |
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 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.44.30 |
|
UK
Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|