MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RINAC INDIA LIMITED |
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Registered Office : |
No.5, Saraswathi Nivas, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.01.1994 |
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Com. Reg. No.: |
08 -15169 |
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CIN No.: [Company
Identification No.] |
U52334KA1994PLC015169 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR00790G |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Prefdab Rooms, Insulated Doors, Refrigeration Units. |
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 355952 |
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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 records. 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/ Corporate Office : |
No.5, Saraswathi Nivas, |
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Tel. No.: |
91-80-25542929/ 25542998/ 41132998 / 41132929 |
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Fax No.: |
91-80-25511750 |
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E-Mail : |
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Website : |
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Central Admin. & |
Survey No. 128/1
and 128/2, Herohally Village, Vishwaneedam Post, Magadi Main Road,
Byadarahalli, Bangalore – 560 091 |
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Tel. No.: |
91-80-55359823/24/25 |
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Fax No.: |
91-80-23588464 |
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E-Mail : |
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Manufacturing Units |
Unit I : Survey No: 2,
Tavarekere Hobli, |
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Tel. No.: |
91-80-28434507 /
28434508 / 56950039 |
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Fax No.: |
91-80-28430490 |
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E-Mail : |
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Manufacturing Units |
Unit II : Survey No. 128/1
and 128/2, Herohally Village, Vishwaneedam Post, Magadi Main Road,
Byadarahalli, Bangalore – 560 091, Karnataka, India |
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Tel. No.: |
91-80-30622061 |
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Telefax No.: |
91-80-23588222 |
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E-Mail : |
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Branches : |
Located at : v Ahmedabad v v v Chennai v v v v v Kolkata v Mumbai v Pune |
DIRECTORS
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Name : |
Mr. P V Balasubramanian |
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Designation : |
Whole time Director |
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Address : |
46/4, 1 Cross, |
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Date of Birth/Age : |
10.05.1954 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. U Haridas |
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Designation : |
Managing Director |
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Address : |
361/1036, MM Layout, RT Nagar Post, Bangalore-560032, Karnataka |
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Date of Birth/Age : |
23.10.1950 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. P Sukumaran |
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Designation : |
361/1036, MM Layout, RT Nagar Post, Bangalore-560032, Karnataka |
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Address : |
23.07.1957 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. U Balakrishnan |
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Designation : |
Whole time Director |
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Address : |
23, 4th Main Sadhananda Nagara, Indira Nagar Post, NGEF
Layout, Bangalore-560038, Karnataka |
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Date of Birth/Age : |
19.03.1954 |
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Date of Appointment : |
05.04.1995 |
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Name : |
Mr. P V Venkiteswaran |
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Designation : |
Director |
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Address : |
29, 1 Cross |
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Date of Birth/Age : |
15.05.1950 |
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Date of Appointment : |
05.04.1995 |
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Name : |
Mr. P K Ganapathy |
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Designation : |
Director |
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Address : |
208, Anjaneya Apartment, 58/1, GM Palaya, New Thippasandra Post,
Bangalore-560075, Karnataka |
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Date of Birth/Age : |
29.11.1952 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. M Alexander Sebastian |
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Designation : |
Director |
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Address : |
Flat No.305, Saraswathi Nivas No.5, |
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Date of Birth/Age : |
01.03.1953 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Augustine Dias |
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Designation : |
Whole time Director |
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Address : |
# 2406, 2nd |
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Date of Birth/Age : |
06.01.1946 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Anbu Thomas Samuel |
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Designation : |
Director |
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Address : |
7/1, 2nd Cross, 8th |
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Date of Birth/Age : |
05.04.1954 |
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Date of Appointment : |
14.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr. P V Balasubramanian |
181000 |
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Mr. U Haridas |
85630 |
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Mr. P Sukumaran |
92735 |
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Mr. P V Parameswaran |
100 |
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Mr. U Bhaskaran |
100 |
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Mr. U Balakrishnan |
85235 |
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Mr. P V Venkiteswaran |
102200 |
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Modular Cold Rooms |
4200 |
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Polynate Foams Private Limited |
18000 |
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Mr. P Sivakumar |
13300 |
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Mrs. Lakshmi Suresh |
5000 |
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Mrs. Gracy Paul |
5000 |
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Mr. Shane Paul |
5000 |
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Mrs. Girija Moorthy |
3500 |
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Mr. Krishna Moorthy V S |
3500 |
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Mr. N Venkatachalam |
5000 |
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Mr. K R Sivaramakrishnan |
1300 |
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Mrs. Kamala Narayanan |
1500 |
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Ms. Meenakshi Balan |
5000 |
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Mrs. Indira Devi C |
5000 |
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Mr. Narayanan T |
2500 |
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Mr. Anil S Rao |
2500 |
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Mrs. K Geetha |
2500 |
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Mr. A B Menon |
5000 |
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Mr. Ambrish M Mehta |
10000 |
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Mrs. Nalini Sasidharan |
26600 |
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Mr. K P Sasidharan |
20000 |
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Mr. V K Menon |
5000 |
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Mr. Minimol Surjit |
2500 |
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Mr. Valsala Vijayagopal |
2000 |
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Mr. P V Sankari |
2500 |
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Mr. K P Narayani |
2500 |
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Mr. K Parasuraman |
2500 |
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Mr. P V Rugmani |
2500 |
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Mr. P R Krishnan |
2500 |
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Mr. V Krishnan |
2500 |
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Mrs. J Mary Rose |
1000 |
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Mr. C S Rama |
500 |
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Mr. T V Manjunath |
1000 |
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Mr. Shadakshari Devi |
500 |
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Mr. H K Raju |
500 |
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Mr. B S Guruprasad |
1000 |
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Ms. Sujatha Prasad |
500 |
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Ms. Madhu K R |
13300 |
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Ms. Lily K Mathew |
1500 |
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Mr. R Anish Simha |
13580 |
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Mr. Prakash C Sharma |
2500 |
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Ms. Leena L Nambiar |
1500 |
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Mrs. Padmaja P Raikar |
500 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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1.94 |
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Directors/ Relatives of Directors |
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66.95 |
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Other top 50 shareholders |
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26.45 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Prefdab Rooms, Insulated Doors, Refrigeration Units. |
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Products : |
v
Pre- Fab Rooms v
Ref Systems v
EPS Panels v Walk-in Cold
Room v Prefabricated v v Insulated Doors v Pre Coolers v Stability
Chambers v Clean Rooms v Blast Chillers v Freezers and
IQFs |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
Around 250 |
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Bankers : |
Punjab National Bank, Large Corporate Branch, HDFC Bank Limited, MG Road Branch, M G Road, Centenary Building, No.
28, MG Road, Bangalore - 560 001, Karnataka. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Venu & Venugopal Chartered Accountants |
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Address : |
1-A, HVS Corner, |
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Associates/Subsidiaries
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Rinac Soft Solutions Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5757400 |
Equity Shares |
Rs.10/- each |
Rs.57.574
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
57.574 |
11.515 |
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2] Share Application Money |
0.000 |
0.250 |
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3] Reserves & Surplus |
31.414 |
53.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
88.988 |
64.950 |
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LOAN FUNDS |
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1] Secured Loans |
46.107 |
40.756 |
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2] Unsecured Loans |
0.000 |
0.000 |
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TOTAL BORROWING |
46.107 |
40.756 |
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DEFERRED TAX LIABILITIES |
7.660 |
5.572 |
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TOTAL |
142.755 |
111.278 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.316 |
48.962 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
76.629 |
70.290 |
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Sundry Debtors |
119.575 |
121.504 |
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Cash & Bank Balances |
6.728 |
8.468 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
24.879 |
19.747 |
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Total
Current Assets |
227.811 |
220.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
154.471 |
154.335 |
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Provisions |
5.465 |
3.860 |
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Total
Current Liabilities |
159.936 |
158.195 |
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Net Current Assets |
67.875 |
61.814 |
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MISCELLANEOUS EXPENSES |
0.564 |
0.000 |
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TOTAL |
142.755 |
111.278 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
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Sales Turnover |
615.111 |
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Total Income |
615.111 |
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Profit/(Loss) Before Tax |
39.995 |
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Provision for Taxation |
13.987 |
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Profit/(Loss) After Tax |
26.008 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
575.116 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
575.116 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.22 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
6.50 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.23 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.31 |
3.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.42 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
History:
The subject company has achieved a gross turnover of Rs. 615.150
millions as compared to last year performance of Rs. 526.122 millions. The
subject company has achieved a 17% growth attained during the financial year
2005-06.
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U52334KA1994PLC015169 |
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Name of the company |
RINAC INDIA LIMITED |
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Address |
No.5, Saraswathi Nivas, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
Punjab National Bank Large Corporate Branch, No.28, M Bangalore-560001, Karnataka |
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Nature or description of the instrument creating charge |
Letter Re: Deposit of title deeds for creation of equitable mortgage |
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Date of the instrument creating charge |
07.09.2006 |
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Amount Secure by the charge |
Rs.106.400 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : As applicable to respective limits. Terms of repayment : As applicable to respective limits. Margin : As per bank’s norms from time to time. Extent and operation of the charge : The charge shall operate to the extent of Rs.106.400 millions plus interest and other charges thereon. |
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Particulars of the present modification |
By the above, the credit limits aggregating Rs.106.400 millions are additionally secured by company’s immovable properties (All other terms remain unchanged) |
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Date of latest modification prior to the present modification |
29.03.2006 |
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Particulars of the Property charged |
Charge by way of equitable mortgage of four immovable poperites with all structures thereon, fixtures and fittings thereon situate at Sy. No.9/2 and 8, Sy. No.2, Units bearing Nos. 104, 105 and 106 in Bhagtani Enclave, Sonapur Lane, Bhandup, Sub Disterict of Bombay City, Plot No.20, 21, 30 and 31, Sector 4 in Uttaranchal. |
Website Details :
Vision
The Subject vision is focused on excellence, the highest quality in products
and in being the leader in the subcontinent as the provider of Cold Chain and
Clean room infrastructure, ever meeting the aspirations of Investors and
Employees for a Better tomorrow.
Let us redefine quality day after day, continuously assimilating new skills to
provide world-class products and services, setting higher and higher standards
for a performance that keeps the customer oriented towards us, the Team–Rinac
with an exuberant morale.
Quality Policy
Customer
Satisfaction through quality products and services achieved by thoroughly
trained and committed staff and their consistent adherence to systems,
procedures and their improvements.
Clients
They are indebted to the names listed here, who have helped subject
attain its present status of being an organization that provides unique
tailor-made cooling solutions for their complex preservation needs, no matter
what the industry.
Subject has the distinction of being the first company to have successfully
developed a cold room of international standards indigenously. Subject's
Walk-in cold rooms in particular occupy the pride of place in its range.
Subject added yet another feather to its cap by emerging as the first Indian
company to offer continuous cooling solutions by providing the entire cold
chain equipment from one single source.
Owing to its strong association with developments in a wide spectrum of
activities, Subject has naturally become the choice of several leading names
across the country, which has resulted in winning relationships...to treasure.
v Agro
v
Trucks
v
Pharma
v
Research
v
Dairy
v
Industry
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.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/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 |
|