MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RUBAMIN
LIMITED |
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Registered Office : |
Synergy House, Subhanpura, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.09.1987 |
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Com. Reg. No.: |
04-9942 |
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CIN No.: [Company
Identification No.] |
U24299GJ1987PLC009942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDR00824F |
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PAN No.: [Permanent
Account No.] |
AAACR8758H |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturers
and Marketers of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1900000 |
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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
experience 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 : |
Synergy House, Subhanpura, |
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Tel. No.: |
91-265-2282078-88 |
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Fax No.: |
91-265-2282077 |
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E-Mail : |
Cobalt (RL) Zinc Oxide (RL) Pharmaceuticals & Fine Chemicals
(RLL) |
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Website : |
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Location : |
Owned
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Factory 1 : |
23, Shree
Laxmi Industrial Estate, Village Dunia, Halol - 389350, District Panchmahals, |
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Tel. No : |
91-2676-220265/220927/223687 |
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Factory 2 : |
Plot
No. 3, |
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Factory 3 : |
Block
No. 21, Village Dabhasa, Taluka Padra, District |
DIRECTORS
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Name : |
Mr.
Atul Nandkishor Dalmia |
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Designation : |
Managing Director |
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Address : |
29, Charotar Society, |
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Date of Birth/Age : |
5th January 1959 |
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Qualification : |
B.E.(Civil) |
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Date of Appointment : |
1st September 1987 |
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Name : |
Mr.
Anil Ramanlal Patel |
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Designation : |
Director |
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Address : |
Plot No. 8, Survey 79, At & Post Sevasi, Savli,
Vadodara, |
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Date of Birth/Age : |
23 December1951 |
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Qualification : |
M.Sc. (Chem.) |
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Date of Appointment : |
1st
September 1987 |
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Name : |
Mr. Ajit
Chandulal Kapadia |
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Designation : |
Director |
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Address : |
4-B, Mamia Society, Near Amrakunj, |
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Date of Birth/Age : |
4th January 1942 |
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Date of Appointment : |
16th August 2001 |
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Other Directorship : |
Managing Director of HOECL (Hindustan Oil Exploration
Company Limited) |
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Name : |
Dr.
Prasad Radhanath Das |
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Designation : |
Director |
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Address : |
34, Nrahmeshwar
Bag, |
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Date of Birth/Age : |
1st November,
1945 |
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Date of Appointment : |
26th
March 2002 |
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Name : |
Mr. Alok
Srivastava T. |
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Designation : |
Director |
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Address : |
Raw House II-D,
Rahejamittal Complex, Gurgaon, Haryana |
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Date of Birth/Age : |
2nd
May 1955 |
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Date of Appointment : |
17th
July 2004 |
KEY EXECUTIVES
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Name : |
Mr.
Navin M. Dalmia |
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Designation : |
Company Secretary |
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Address : |
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Date of Birth/Age : |
10th August 1967 |
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Date of Appointment : |
1st October 1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr.
Atul Nandkishore Dalmia |
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518,000 |
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Mr.
Nandkishore Jamnadhar Dalmia |
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450,000 |
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Ms.
Seema Atul Dalmia |
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218,800 |
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Mr.
Gyan Nandkishore Dalmia |
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88,200 |
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Mr.
Anil Ramanlal Patel |
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834,400 |
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Ms.
Mita Anil Patel |
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201,600 |
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Ms.
Shantaben Ramanlal Patel |
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140,400 |
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Ms.
Helan Anil Patel |
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48,600 |
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Total |
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2,500,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Marketers of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt. |
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Products : |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
L/C
(120 days) terms |
PRODUCTION STATUS
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PARTICULARS |
Unit |
Installed
Capacity |
Actual
Production |
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Zinc Oxide |
M.T |
900.000 |
572.917 |
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Fine Chemical |
KG |
10.806 |
21.335 |
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Cobalt / Nickel/Copper Metal and its salts |
M.T. |
84.000 |
60.790 |
GENERAL INFORMATION
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Suppliers : |
·
West Star Inc., ·
Gref Metal Processing, Holand ·
American Iron and Metal Co., ·
Energy Process Equipment ·
Nodule Cast ·
Shakun Plastic ·
Sobead ·
Teckson Engineers |
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Customers : |
·
Mintex International Inc., |
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No. of Employees : |
175 |
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Bankers : |
·
State Bank Of Industrial Finance Branch, “Marble Arcade” Race Course,
District ·
Bank
of ·
ICICI
Bank ·
Dena Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K C
Mehta and Company Chartered
Accountants |
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Address : |
5,
Molalisa Apartments, 48, Nutan Bharat Society, |
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Tel. No.: |
91-265-5511000
/ 004 |
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Fax No.: |
91-265-5510666 |
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E-Mail : |
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Memberships : |
·
Federation of ·
·
CAPEXIL |
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Associates : |
·
Rubamin Exports Private Limited ·
Gyan Holdings Private Limited ·
Rubamin Industry ·
Zincollied ( ·
Techno Chemicals ·
Atul Chemicals |
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Subsidiaries : |
·
Rubamin Investment Private Limited ·
Synergy Multibase Limited ·
Soft Genie Limited ·
Rubamin FZE ·
Rubaco SPRL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
25,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 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 |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
458.472 |
365.800 |
270.730 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
483.472 |
390.800 |
295.730 |
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LOAN FUNDS |
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1] Secured Loans |
518.131 |
277.406 |
178.942 |
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2] Unsecured Loans |
121.095 |
50.809 |
42.450 |
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TOTAL BORROWING |
639.226 |
328.215 |
221.392 |
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DEFERRED TAX LIABILITIES |
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19.988 |
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TOTAL |
1122.698 |
719.015 |
537.110 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
439.432 |
288.125 |
269.305 |
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Capital work-in-progress |
33.975 |
10.073 |
0.325 |
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INVESTMENT |
22.423 |
22.423 |
20.587 |
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Pre Operating Expenditure |
0.000 |
0.000 |
6.570 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
225.767
|
148.669 |
123.274 |
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Sundry Debtors |
260.809
|
196.713 |
173.623 |
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Cash & Bank Balances |
3.198
|
9.249 |
10.226 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
309.986
|
180.323 |
74.230 |
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Total Current Assets |
799.760
|
534.954 |
381.353 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
123.039
|
72.299 |
110.761 |
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Provisions |
49.853
|
66.000 |
35.530 |
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Total Current Liabilities |
172.892
|
138.299 |
146.291 |
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Net Current Assets |
626.868
|
396.655 |
235.062 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.739 |
5.261 |
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TOTAL |
1122.698 |
719.015 |
537.110 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
1237.646 |
1055.960 |
775.524 |
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Profit/(Loss)
Before Tax |
111.772 |
118.824 |
111.860 |
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Provision for
Taxation |
55.793 |
61.355 |
37.668 |
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Profit/(Loss)
After Tax |
55.979 |
57.469 |
74.192 |
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Export Value |
345.417 |
278.322 |
NA |
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Import Value |
596.158 |
436.926 |
NA |
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Total Expenditure |
1125.874 |
937.136 |
663.664 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.52
|
5.44 |
9.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.03
|
11.25 |
14.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.02
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14.44 |
17.19 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.30 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.68
|
1.19 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
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4.63
|
3.87 |
2.61 |
LOCAL AGENCY FURTHER INFORMATION
History
The
Rubamin Group has always been international in its approach - be it establishment
of manufacturing practices, induction of technology, development of products
and markets or adherence to quality norms or standards. Each area of activity has a Chief Executive
in-charge of entire operations, empowered with the authority to run
independently. This has helped the group
to spread its wings in diverse fields of business.
VARIOUS
MILESTONES ACHIEVED BY THE COMPANY
1985 Commissioned first Rotary Calciner for Zinc
Oxide production. Capacity – 1000 TPA
1994 Commissioned continuous Rotary
Calciner for production of high quality Zinc Oxide with combined capacity 1000
TPA
1995 Entered into Pharmaceutical Intermediates
and Specialty Fine-Chemicals business
1996 Ventured
into knowledge based business of Information Technology
1998 Setup Cobalt and Nickel refinery based on
indegeneously developed technology
1999 Commissioned new facility with
investment of around Rs.150.0 millions for manufacture of Specialty/Fine
Chemicals and Pharmaceutical Intermediates
Business
Subject
is engaged in the business as manufacturers and marketers of Zinc Oxide, Fine
Chemical, Cobalt Metal, Nickel and Cobalt.
The
company is one of the leading manufacturers and exporters of Zinc Oxide in
The
company is also one of the largest manufacturers of Cobalt Metal in
Its'
product range includes :
·
Arylpiperazines
·
Benzyhydryl Derivatives
·
Benzimidazole Derivatives
·
Benzophenonoe
·
Chloroethylamine Salts
·
Diphenyl Ethers
Its
main products include two major segments :
·
Inorganic Chemicals : Zinc Oxide, Cobalt, Nickel, Copper and other
Derivatives
·
Organic Chemicals : Speciality Fine Chemicals for Pharmaceutical
Industry.
It has
the following Divisions :
·
Zinc Oxide (Chemical Division)
·
Rubamin Pharmaceuticals (Pharmaceutical Division)
·
Rubamin System (Information
Technology Division)
·
Wind Mill Division
Fixed Assets
- Land and Land Development
- Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
Review of operation
Total Turnover of the
company increased to Rs. 1162.464 Millions from Rs. 1046.834 Millions an
increase of 11.04 %
Operating Profit
declined marginally to Rs. 226.837 Millions from Rs. 234.937 Millions mainly on
account of the lower prices for Cobalt in the international market.
Profit after tax
before Extra Ordinary Items, declined to Rs. 112.011 Millions from Rs. 115.550
Millions.
Business Wise Performance
Sales turnover
increase by 43 % in year 2005-06 over the previous year 2004-05. this growth
has been achieved due to 15 % growth in volume sales and a 24 % increase in
average sales realization per kg of product sold, over last year. New product
sales, defined as those which are introduced in the last 3 years, constituted
42 % of the sales turnover, as increase
of 20 % from last year.
Operating Profit
has jumped by more than 50 % in comparison to Last year. Improvement in
performance was mainly on account of the newer and better product mix as well
productivity initiatives in the manufacturing and process development area.
Profit could have been higher but for the 12 weeks engagement of the planned
renovation and modernization program in the manufacturing facility which was
necessitated to take care of the improvements required in the plant. The
objectives targeted and achieved are, de-bottlenecking, improved and logical
unitization of reactor capacity, maintaining the quality of assets and to
protect future years business. Total capital commitment was Rs. 74.400 Million
for the two production modules, creating the neew cGMP Kilo laboratory and
additional space in R & D block, including instrumentation.
There was a
continuous focus on improving EHS compliances. It resulted in a significant
improvement in the safety performance.
During the year there was a reduction of 35 % in incident rate as compared to
the last year.
Some of the other
significant efforts for improving the performance of the business were:
The vision,
objective, strategies and action plan has been cascaded down to 2nd
and 3rd line of management level. This has put entire team on a same
platform, thus enabling everone to identify his role and objectives with that
of the organization.
The facility R
& D, QA and manufacturing process were audited by large Global
Pharmaceutical and Fine Chemicals companies.
Two senior
positions of COO and Head of the Operations were filed up with senior personnel
from the Pharmaceuticals industry.
Implementation of
stage-gate process which is helping the business to screen incoming good
business from average.
In spite of a
difficult year where raw material prices were on the rise, the supply chain
initiatives, especially in the 2nd quarter helped the business to
contain costs.
Key Accounts management
practice has helped the business to improve service performance and better
understanding with the customer.
Quality of R &
D resource i.e. the work space, infrastructure, instrumentation and manpower
increase. With an average strength of 37 personnel, the business was in a goods position to meet the commitments,
except for some minor devotions in certain cases. Five syntheses labs and an
analytical lab were added during the year.
Two major
international patents were filed for registration, setting a new standard of
working on non-infringing processes.
Future
The course set by a
5 year Strategic Plan will be followed in the year 2006-07. Sales are budgeted
at 25 % higher then the last year with much higher profitability targets.
The strategy will
be further refined based on the learning and changing extent environment. It
would be the endeavour to remain current and relevant in the business model,
keeping customer requirement in view.
With purpose in
place, a greater focus will be to invest in developing people capacity
especially in R & D Business Developing and manufacturing.
There will be a
thrust to develop high value add low volume business for cGMP kilo lab.
EHS will remain the highest concern area and
investment in training and technology will be made to comply with all statutory
requirements.
Based on key
Accounts Management concept, the business development and R & D team is
working to develop a very robust R & D pipe line for the future years.
During the year the
company has taken steps to De-merge its Pharma Business into a Separate company
under a scheme of demerger filed with the Honble High Court of Gujarat as part
of its exercise to focus on metal business.
Zinc Oxide Business
There has been
marginal decline in Volumes of Zinc Oxide Business due to de-growth in the
Sodium Hydro Sulphite industry and will continue to remain like this in coming
years. The operating margin have improved with the improvements in the yield
and cost efficiency measures yielding results. There has been a dramatic
increase in Zinc price but the company
has no impact of the same as the buying and selling price are both
linked with the international Zinc price and company stand to receive only the treatment
charges.
Future
The business is
expected to remain stale and firmly dependent on steadiness of Raw Materials
supply from main supplier. The company is exploring the possibilities of expansions through inorganic route and
diversification in other value added allied produces in the industry.
Cobalt Business
In cobalt business
they have had excellent growth volumes in the last few years and other next
year budgets are also showing a continuing trend of substantial increase in
volumes. Improvement in processing cost, recoveries and the quality are also
very impressive. They have not had impressive increase in profit because of sharp decline in cobalt price and
thereby the gross margins have declined sharply.
Last year they took
a major initiative of expending their operations in
The company has
acquired a very large industrial land and them intent to put their unit
following by a leaching plant, which can upgrade this concentrate to value
added intermediates. This will make them a very strong fully integrated company
in cobalt and copper. In times to come they can leverage their technical
competence and their presence in Congo to get into other metals also Congo has
the richest cobalt ore co-existing with copper available on the surface which
can easily be mined in open cast mining system. Not only Congo is extremely
rich in cobalt and copper, but also ahs very rich deposits of several other
minerals like gold, silver, zinc led, lin, platinum etc. the political
situation in Congo is now fast improving with the first General election being
held in June this year. The confidence of World Bank and the international
investing community has increased in
Quality
Quality Management
Systems at each of the Plants have been adopted benchmarking against
world-class operating models viz. ISO 9001 / ISO 9002 / ISO 14001 / OHSAS
18001. Quality related training continued
to receive priority focus.
Foreign exchange earnings and outgo
The company has had
a strong focus in the past, and expects its export thrust to continue in the
future. One of its plants is 100 % export oriented of which 79.15 % of total
production was exported during the year under review. Over the years, the
company has established a substantial direct export marketing network. The
company has developed its own website to enhance its visibility. Further, the
company has taken part in several internationals exhibitions to promote its
products.
Notes forming Part of Accounts
A scheme of
arrangement under section 391-394 of the Companies Act was approved by the
shareholders of the company on the 4th January 2006 for damager of
company’s industrial undertaking at Village Dabhasa, Padra, Vadodara.
The Gujarat High
Court upon receipt of the written consents of shareholders and the creditors
had dispensed with holding of meeting of the creditors and the creditors and
the shareholders.
The company’s
petition for demerger of the above unit was admitted by Gujarat High Court,
Ahemedabad. The advertisements in newspapers as directed by Gujarat High Court
were published.
No objection to the
contents of the scheme has so far been received from any person.
Upon receipt of the
order of the Gujarat High Court, the industrial undertaking at Dabhasa would
stand demerged from the company and shall stand transferred to and vested in
Rubamin Laboratories Limtied as a going concern with effect from April 1, 2006.
On the scheme
becoming effective, the shareholder’s of the company would be allotted equity shares
of Rs. 10/-e ach fully paid up in the proportion to their shareholding of the
company.
|
Contingent lovability not provided for in
respect of |
Rs In Millions |
|
Unexpired Bank
Guarantees issued by Banks |
0.513 |
|
Letters of Credit
issued by Banks |
4.144 |
|
Sales tax demand
in Appeal / Dispute |
0.520 |
|
Income tax demand
in Appeal / Dispute |
1.053 |
|
Bill Discounted
with Bank |
11.505 |
|
Name of the company |
RUBAMIN LIMITED |
|
Presented By |
The Managing
Director |
|
1) Date and description of instrument creating the change |
Mortgage on
27.08.1996 by way of constructive delivery of title deeds in respect of
immovable properties at 23, Shree laxmi Industrial Estate, Village Dunia,
Halal, Panch Mahals in favour of Stage Bank of Vide Memorandum
of Entry dated 19.04.1996 the title deeds in respect of office premises at
103 and 201 adm 2495 sq.ft,. and 3228 sq. ft. of complex known as “Synergy
House” Subhanpura, |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Working capital
facilities aggregating Rs. 45.000 Millions 27.08.1996 Credit facilities
aggregating Rs. 45 Millions 19.04.1996 |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Mortgage by way
of constructive delivery of title deeds in respect of immovable properties at
23, Shree laxmi Industrial Estate, Village Dunia, Halal, Panch Mahals in
favour of Bank of Baroda Immovable
property of the company being office premises bearing no 103 and 201 adm 2495
sq.ft,. and 3228 sq. ft. of complex known as “Synergy House” Subhanpura, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The terms and
conditions with reference to the above three charge are indicated in the
documents of modification filed last. |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank Of Industrial
Finance Branch, “Marble Arcade” Race Course, District |
|
6) Date and brief description of instrument modifying the charge |
No instrument was
executed. However vide Memorandum of Entry dated 30.07.2004 consent of
the company was accorded to allow State Bank Of India, Industrial Finance Branch, “Marble
Arcade” Race Course, District Baroda – 390007 to continue to hold title
deposit in respect of the properties descried in the memorandum of Entry
attached herewith with an intent to create equitable mortgage on the said
properties |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Modification
sought is to cover the credit facilities to the tune or Rs. 418.300 Millions
to merge both the charges on the immovable properties situated at Village
Dunia, Halos at The memorandum
of entry covers the property as
follows Property of the
company at at Plot nos. B/23, B/31 to B/31 of Laxmi Industiral Estate,
Village Dunia, Haloal, Panch Mahals Property of the company
at at Plot nos. B/13, B/14 to B/19 and B/20 of Laxmi Industiral Estate,
Village Dunia, Haloal, Panch Mahals Office premises
at 103 and 201 Synergy House, Subhanpura, Lease hold rights
in the land at Village Pransala, Upleta, Thus by a single
Memorandum of Entry dated 30.07.2004 the changes created Separately are
merged. |
As Per Website
Rubamin
is a fast growing group having two companies operating in fields of Inorganic
and Organic chemicals.
Rubamin
Limited
Cobalt
Metal & salts
Zinc
Oxide
Rubamin
Laboratories Limited
Pharmaceuticals
& Fine Chemicals
The
Group has three manufacturing sites in
Business
Structure and Management
The two
business of Rubamin group are run as a separate Strategic Business Unit and
Profit centre. These are supported by centralised corporate functions like
H.R., Finance & Accounts and MIS.
Rubamin Limited - Board of Directors:
Atul
Dalmia – Managing Director
Chemical Engineer from BITS-Pilani. He founded Rubamin in 1985
Anil
Patel – Managing Director
A Post-Graduate in Science, he is the co-founder of the Rubamin Group
Ajit
Kapadia – Independent Director
Masters Degree in Chemical Engineering from
Dr.
Radhanath Prasad Das – Independent Director
Internationally known metallurgical engineer. He is a B. Tech and M. Tech from
IIT,
Alok
Chandra Gupta – Director
Alok Chandra Gupta is also the Chief Executive Officer of Rubamin Limited. He
has done his B.Tech (Chemical Engg.) from IIT,
Rubamin Laboratories Limited - Board of Directors:
Atul
Dalmia – Director
Chemical Engineer from BITS-Pilani. He founded Rubamin in 1985
Anil Patel – Director
A Post-Graduate in Science, he is the co-founder of the Rubamin Group
Alok Srivastava – Independent Director
He is an MBA from XLRI Jamshedpur. He was Managing Director of Ranbaxy Fine
Chemicals & Ranbaxy
Dr. Arun Mandal - Director
Dr. Arun Mandal is also the Chief Executive Officer for Rubamin Laboratories
Limited. He has done his Post-Graduation in Chemistry from IIT and Ph.D. from
New
R&D facility at Rubamin Pharma
Date :
15/08/2006
Rubamin
Laboratiries Ltd's R&D facilities are being strengthened with the
commissioning of three new laboratories and addition of analytical
instrumentation worth Rs 10 Million.
This
has significantly added to their R&D capabilities resulting in a speedier
response to the development needs of their customers.
CRISIL
assigns A+ Rubamin's Rs100mn NCD Program
Date :
06/10/2005
CRISIL’s
rating on Rubamin Limited (Rubamin) reflects the company’s diversified business
profile, established position in the domestic zinc market, increasing presence in
exports, and soundfinacial risk profile.
Rubamin’s
presence in three business segments of zinc oxide, cobalt and specialty
chemicals provides cushion against downturns in any of its business segment.
Further, growing share of export (42%) in the company’s gross sales reduces its
geographic dependence on specific markets.
The
growing share of exports is primarily driven by an increasing demand for cobalt
from the rechargeable battery and aerospace segments in the global market.
Rubamin
has more than 15 years of experience in the zinc oxide business and it is the
market leader in this segment. The company has a sound financial risk profile
marked by healthy operating and net margins, comfortable capital structure, and
good debt protection ratios.
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.40.76 |
|
|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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 |
|