%2020-Jun-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RAVI ENGINEERING WORKS (a unit of JANAK INDUSTRIES PRIVATE LIMITED) |
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Registered Office : |
C – 152, Vikas Puri, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
55.040328 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC040328 |
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PAN No.: [Permanent
Account No.] |
AAACJ0311Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Export of Rubber Processing Machinery |
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 12280 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Head Office/Factory : |
29 / 19, Street No. 6, Anand Parbat, Industrial Area, |
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Tel. No.: |
91-11-28717282 / 28715517 / 65489741 / 6548974 |
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Fax No.: |
91-121-28714369 / 25731310 |
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Mobile No.: |
91-9810012024 |
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E-Mail : |
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Area : |
440sq.mts |
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Location : |
Owned |
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Factory : |
18 / 14 Street No. 5, Anand Prabat, industrial Area, |
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Area : |
1000sq.fts |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. J R Sethi |
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Designation : |
Chairman |
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Address : |
C – 152, Vikas Puri, |
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Date of Birth/Age : |
15.01.1948 |
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Qualification : |
Graduate |
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Experience : |
30 Years |
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Name : |
Mr. Sachin Sethi |
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Designation : |
Chief Executive |
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Address : |
C – 152, Vikas Puri, |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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2750 |
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Mr. Janka Raj Sethi |
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27558 |
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Mr. Janak Raj Sethi HUF |
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100 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Rubber Processing Machinery |
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Products : |
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Exports : |
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Products : |
As above |
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Countries : |
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Terms : |
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Selling : |
Advance or 30 – 45 days Credit (LC Only) |
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Purchasing : |
Cash or 30 days Credit |
GENERAL INFORMATION
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Suppliers : |
Purchasing raw materials form open market |
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Customers : |
Automotive Components Footwear & Sports Shoes Moja Shoes Pvt. Ltd., Sonepat Tyres, Tubes & Flaps Jai Shanti Tyres (Pvt.) Ltd., Varanasi Cables K.E.I. Indrustries Ltd., Bhiwadi Rubber Hoses
& Railway Components Paramount
Rubber, Faridabad Precured Tread Rubber NBK Rubber (P) Ltd., Hyderabad Govt. & Research Institute Ordnance Equipment Factory, Navel Cerscent Engineering college, Chennai |
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No. of Employees : |
20 |
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Bankers : |
Bank of Karol Bagh, Canara Bank Karol Bagh, UTI Bank Limited Vikas Puri, |
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Facilities : |
No Overdraft |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Bharat Bjushan VIJ Chartered Accountants |
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Address : |
10 (FF), 11 – B, |
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Memberships : |
AIRIA, EEPC |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30408 |
Equity Shares |
Rs.100/-
each |
Rs.3.040
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.041 |
3.041 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.029 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.070 |
3.041 |
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LOAN FUNDS |
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1] Secured Loans |
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1.724 |
2.621 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.724 |
2.621 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.794 |
5.662 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.070 |
0.070 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.320 |
1.445 |
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Cash & Bank Balances |
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0.211 |
0.166 |
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Other Current Assets |
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6.110 |
4.223 |
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Loans & Advances |
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0.259 |
0.807 |
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Total
Current Assets |
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6.900 |
6.641 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.069 |
0.573 |
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Provisions |
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0.107 |
0.510 |
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Total
Current Liabilities |
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2.176 |
1.083 |
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Net Current Assets |
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4.724 |
5.558 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.034 |
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TOTAL |
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4.794 |
5.662 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
18.000 |
8.410 |
15.252 |
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Other Income |
NA |
0.121 |
0.063 |
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Total Income |
18.000 |
8.531 |
15.315 |
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Profit/(Loss) Before Tax |
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0.063 |
0.005 |
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Provision for Taxation |
NA |
0.017 |
0.012 |
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Profit/(Loss) After Tax |
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0.046 |
(0.007) |
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Expenditures : |
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Purchases made for re-sale |
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7.692 |
14.652 |
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Salaries, Wages, Bonus, etc. |
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0.042 |
0.046 |
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Payment to Auditors |
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0.003 |
0.003 |
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Managerial Remuneration |
NA |
0.236 |
0.120 |
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Insurance Expenses |
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0.168 |
0.116 |
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Other Expenditure |
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0.327 |
0.373 |
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Total Expenditure |
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8.468 |
15.310 |
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%2020-Jun-2007_files/image003.gif){kind=small}
%2020-Jun-2007_files/image004.gif){kind=small}
Expected Sales (2007 – 08) – Rs.20.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.53 |
(0.04) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.74 |
0.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.90 |
0.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.70 |
0.53 |
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Current Ratio (Current Asset/Current Liability) |
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3.17 |
6.11 |
LOCAL AGENCY FURTHER INFORMATION
Date of
Incorporation:
1978 –
Now unit of Janak Industries private Limited – 30.05.1990
Company Details:
For
more than 25 years Subject has been a technological leader in the manufacturing
of Rubber
Processing Machinery. A Company that is both dedicated & determined o
use its resources, talent & imagination to produce the finest
equipment possible.
The result is a standard of excellence that has gained nation wide attention
and accepptance, They know that their primary job is to enhance the producitivity
& profitablity of their customers.
Manufacturing
Facilities
Their company has the best infrastructural facilities in combination with the
skilled personnels who thoroughly supervises the entire manufacturing process.
Production unit is equipped with latest machines that work round the clock to
manufacture premium quality machines. Besides, they posses the fastest means of
communication, that very well connects their in-house activities and enables
fast work execution. Their strong background helps them to generate best series
of machineries in all categories i.e. rubber mixing mill, hydraulic press,
dispersion kneader, uni drive rubber mixing machine, rubber calender, rubber
extruder and synaprene cutter machine.
Positive Traits
Well-versed technicals knowledge
Stringent quality control
Excellent after sales services
Assured quality
Global business network
They are also
registered with:
NSIC (The National Small Industries
Corporation Limited)
Andhra Pradesh Financial Corporation
Kerala Financial Corporation
Their Turnkey
Solutions
Some of the complete projects handled by them on turnkey basis are :
- Hawai Chappal /
Beach Sandals
- Micro - Cellular sheets
- EVA sheets / Chappals
- EVA Tyres
- Tyres & Tube (Cycle & Light Motor Vehicle)
- Solid Tyres
- Flaps / Envelops
- Moulded & Extruded auto Components
- Rubber hoses (Low and High Pressure)
- LPG rubber tubing
- Precured treads rubber (Hot and Cold)
- Battery Containers
- Rice rollers
- Printings, paper and industrial machine rubber rollers
- Sports shoes
- Jogger soles single / double colour
- Phylon soles
- Oil seals
- Floors / Car / Scooter rubber mats
- Reclaim rubber
- Crumb rubber
- Tennis ball
- Inner bladder for football
- Ruber Cables
Their primary aim is to
enhance the productivity & profitability of their customers by supplying
them reliable and durable range of Rubber Processing Machinery, Plastic
Processing Machinery and EVA Compounding Line
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.40.82 |
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1 |
Rs.81.18 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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