MIRA INFORM REPORT

 

 

Report Date :

19.06.2007

 

IDENTIFICATION DETAILS

 

Name :

RANEE POLYMERS PRIVATE LIMITED

 

 

Registered Office :

C-1/47 Safdarjng Development Area, New Delhi – 110016

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

23.03.1990

 

 

Com. Reg. No.:

39611

 

 

CIN No.:

[Company Identification No.]

U74899DL1990PTC039611

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELR08580F

 

 

PAN No.:

[Permanent Account No.]

AAACR3031K

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturing of Motor Parts.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 280000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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 :

C-1/47 Safdarjng Development Area, New Delhi – 110016, India 

Tel. No.:

91-011-6517053

E-Mail :

skj11@vsnl.com

 

 

Factory 1 :

90, Phase IV, Udyog Vihar, Gurgaon – 122001, Haryana, India

Tel. No.:

91-1272-6342218 / 6347902 / 6340327

Fax No.:

91-1272-6517053

 

 

DIRECTORS

 

Name :

Mr. Subhash C. Jain

Designation :

Director

Address :

C-1/47 Safdarjng Development Area, New Delhi – 110016, India 

Date of Birth/Age :

05.01.1940

Date of Appointment :

01.04.1993

 

 

Name :

Ms. Neelam Jain

Designation :

Director

Address :

C-1/47 Safdarjng Development Area, New Delhi – 110016, India 

Date of Birth/Age :

13.02.1982

Date of Appointment :

01.07.1990

 

 

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

C-1/47 Safdarjng Development Area, New Delhi – 110016, India 

Date of Birth/Age :

14.12.1959

Date of Appointment :

01.05.1997

 

 

Name :

Mr. Abhishek Jain

Designation :

Director

Address :

C-1/47 Safdarjng Development Area, New Delhi – 110016, India 

Date of Birth/Age :

14.06.1984

Date of Appointment :

17.06.2002

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Neelam Jain

 

84750

Subhash Chand Jain and Son HUF

 

15537

Rajiv Jain and Son HUF

 

24225

Namrata Jain

 

150

Prerna Jain

 

28970

Abhishek Jain

 

63725

Rajiv Jain

 

134751

Subhash Chand Jain

 

70871

Sowbhagyawati Jain

 

26933

Mony V. Jain

 

15

Asha N. Jain

 

15

Vinay Chand Jain

 

15

Vinay Chand Jain – HUF

 

15

Raj Khanna

 

15

Naveen Chand Khanna and Son HUF

 

15

 

 

 

Equity Share Breakup

 

 

Category

 

Percentage of Holding

Directors of relatives of directors

 

100.00 %

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Motor Parts.

 

 

Products :
  • Air Compressor Intake Filters
  • Machinery
  • Injection Blow Moulding
  • Machines
  • Blow Moulding
  • Mouldings
  • Plastic
  • Flow Injection

 

 

GENERAL INFORMATION

 

Bankers :

State Bank of India, Commercial Branch, Palm Court, Gurgaon 

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

S. K. Jain

Chartered Accountants

Address :

43, Darya Ganj, New Delhi – 110043, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

450000

Equity Shares

Rs. 100/- each

Rs. 45.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

450000

Equity Shares

Rs. 100/- each

Rs. 45.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

45.000

45.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

25.893

13.542

NETWORTH

 

70.893

58.542

LOAN FUNDS

 

 

 

1] Secured Loans

 

89.815

81.190

2] Unsecured Loans

 

58.765

53.804

TOTAL BORROWING

 

148.580

134.994

 

 

 

 

TOTAL

 

219.473

193.536

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

188.912

155.632

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

1.384

0.120

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

11.445

11.525

 

Sundry Debtors
 

40.057

28.281

 

Cash & Bank Balances
 

1.143

1.492

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

16.864

16.742

Total Current Assets
 

69.509

58.040

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

36.872

19.484

 

Provisions
 

4.013

0.772

Total Current Liabilities
 

40.885

20.256

Net Current Assets
 

28.624

37.784

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.553

0.000

 

 

 

 

TOTAL

 

219.473

193.536

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover [Estimated]

 

225.000

200.000

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.67

2.65

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.70

2.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Bankers Charges Report as per Registry

 

Name of the company

RANEE POLYMERS PRIVATE LIMITED

Presented By

Subhash C. Jain, Director

1) Date and description of instrument creating the change

Agreement of Hypothecation of Goods and Assets dated 28.02.2005 and Agreement of Loan for overall limits dated 28.02.2005

2) Amount secured by the charge/amount owing on the securities of charge

 

Rs in Millions

Cash Credit [Hyp.]

10.000

Cash Credit [B.D.]

25.000

Letter of Credit

1.000

Bank Guarantee

5.000

Total

41.000

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

PRIME SECURITY

Exclusive First Charge on stock of raw material, spares, finished goods, book debts, reprievable, Cheques, drafts, investments lying in site, shop offices, Godown including goods in transit.

 

COLLATERAL SECURITY

  • 2nd charge on all fixed assets of the company WDV as on 31.03.2004
  • Ext. of charge on equitable mortgage of company Land and Building at D-3, Sector – 59, Noida
  • Equitable Mortgage of company Land and Building at 90, Udyog Vihar, Ph-IV, Gurgaon

4) Gist of the terms and conditions and extent and operation of the charge.
  • Rate of Interest on cash credit 10.25 % p.a. with monthly rest
  • Maintain margin of Raw Material, Stock in Process, Finished Goods and BG 25 % and on Book Debts / Receivables 30 % 

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Commercial Branch, Palm Court, Gurgaon 

6) Date  and brief description of instrument modifying the charge

Supplement deed regarding the Grant of Individual Limits within the Overall Limit dated 22.12.2005

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.

The following modification is made in the credit facilities

 

  • Cash Credit Limit increased form Rs. 10.000 Millions to Rs. 50.000 Millions
  • Cash Credit decreased to Nil
  • Letter of Credit of Rs. 1.000 Million remain unchanged
  • Bank Guarantee of Rs. 5.000 Millions remain unchanged
  • Rate of Interest on Cash Credit reduced form 10.25 % p.a. to 8.85 % p.a. with monthly rest

 

Corporate identity number of the company

U74899DL1990PTC039611

Name of the company

RANEE POLYMERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

C-1/47 Safdarjng Development Area, New Delhi – 110016, India 

This form is for

Creation of Charge

Type of charge

  • Simple Mortgage
  • Equitable mortgage or mortgage of property by deposition the title deeds

Particular of charge holder

State Bank of India

Commercial Branch, Palm Court, Gurgaon – 122101, Haryana, India

sbi.04079@sbi.co.in  

Nature of instrument creating charge

Form C.5, Letter Regarding the grant of individual limits within the overall limit.

Date of instrument Creating the charge

26.05.2006

Amount secured by the charge

Rs. 40.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

4.40 % Below SBAR

Description of the property charged indicating whether it is a charged on

  • Immovable properties
  • Plant and machinery
  • Stock in trade
  • Book dents

Particulars of the property charged

Equitable Mortgage of company land and building at D-3/Sector 59, Noida, 202, Udyog Vihar – I, Gurgaon and 157, Sector – 3, Manesar, Gurgaon

 

 

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.40.70

UK Pound

1

Rs.80.80

Euro

1

Rs.54.65

 

 

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

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

48

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions