MIRA
INFORM REPORT
|
Report Date : |
17.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAINBOW PACKAGING PRIVATE LIMITED |
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Registered Office : |
15 B, Changodar Industrial Estate, Sarkhej - Bavla Highway, Changodar,
Tal. Sanand, Ahmedabad – 382213, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.02.1986 |
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Com. Reg. No.: |
04-8506 |
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CIN No.: [Company
Identification No.] |
U25200GJ1986PTC008506 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00242R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Multilayer Blown Polyethylene Film / HDPE Barrel upto
220 LTRS. |
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 100000 |
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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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Registered Office / Factory : |
15 B, Changodar Industrial Estate, Sarkhej - Bavla Highway, Changodar,
Tal. Sanand, Ahmedabad – 382213, Gujarat, India |
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Tel. No.: |
91-79-251151 / 2 / 3 / 4 |
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Fax No.: |
91-2717-251153 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rajesh R. Makwana |
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Designation : |
Director |
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Address : |
8, Satkar Colony, Opposite Niharika Bunglows, Himmatlal Park,
Ahmedabad, Gujarat, India |
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Date of Appointment : |
28.03.2002 |
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Name : |
Mr. Gautam R. Makwana |
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Designation : |
Director |
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Address : |
8, Satkar Colony, Opposite Niharika Bunglows, Himmatlal Park,
Ahmedabad, Gujarat, India |
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Date of Appointment : |
28.03.2002 |
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Name : |
Mr. Manish Amin |
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Designation : |
Director |
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Address : |
474/1, G Road, Sector – 3C, Near Sector 3-4, Bus Stand, Gandhinagar,
Gujarat, India |
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Date of Appointment : |
04.03.2003 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
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Dineshchandra J. Makwana |
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50 |
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Charulataben J. Solanki |
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50 |
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Babubhai J. Parmar |
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375 |
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Mongiben Chimanlal Parmar |
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500 |
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Rajeshkumar R. Makwana |
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15386 |
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Maniben H. Chauhan |
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500 |
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Nivedita M. Chauhan |
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300 |
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Kaushalya D. Chauhan |
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300 |
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Narendra H. Chauhan |
|
181 |
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Laxmiben Shamjibhai Parmar |
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200 |
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Mohanbhai B. Solanki |
|
249 |
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Kiritben M. Solanki |
|
1250 |
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Rameshbhai H. Chauhan |
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1532 |
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Lavita M. Makwana |
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650 |
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Ushaben J. Parmar |
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490 |
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Motiben Pethabhai |
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500 |
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Gautambhai R. Makwana |
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75 |
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Vidhi G. Makwana |
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3300 |
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Sterling Enterprises Limited |
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1 |
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Shree Sklark Finance Limited |
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4389 |
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Mohanlal Sahyalal Solanki |
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670 |
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Shamjibhai Narsinhbhai Parmar |
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1200 |
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Laxmiben Shamjibhai Parmar |
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250 |
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Jethalal D. Makwala |
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670 |
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Manjuben J. Makwana |
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670 |
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Natwarlal G. Solanki |
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650 |
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Savitaben N. Solanki |
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650 |
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Kantilal G. Parmar |
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325 |
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Deenaben Bhanuprasad |
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670 |
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Arvindhai Lalbhai Teli |
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15000 |
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Niraj Shah |
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1205 |
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S. B. Fiber Private Limited |
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17275 |
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Nimaxiben Makwana |
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2750 |
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Jasumatiben N. Chavda |
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2100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Multilayer Blown Polyethylene Film / HDPE Barrel upto
220 LTRS. |
GENERAL
INFORMATION
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No. of Employees : |
About 35 |
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Bankers : |
State Bank of
India Credit Appraisal Cell,
Commercial Branch, “Paramsiddhi Complex”, Opposite V. S. Hospital,
Ellisbridge, Ahmedabad – 380006 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Surana Maloo and Company Chartered Accountants |
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Address : |
Shaival Plaza, Opposite Gujarat College, Ellsbridge, Ahmedabad –
380006, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67,488 |
Equity Shares |
Rs. 100/- each |
Rs. 6.749
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.749 |
6.749 |
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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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18.055 |
17.257 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
24.804 |
24.006 |
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LOAN FUNDS |
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1] Secured Loans |
|
16.463 |
15.123 |
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2] Unsecured Loans |
|
17.000 |
14.000 |
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TOTAL BORROWING |
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33.463 |
29.123 |
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DEFERRED TAX LIABILITIES |
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4.763 |
4.413 |
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TOTAL |
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63.030 |
57.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.819 |
32.728 |
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Capital work-in-progress |
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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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11.722 |
19.343 |
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Sundry Debtors |
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43.004 |
20.645 |
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Cash & Bank Balances |
|
3.606 |
5.539 |
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Other Current Assets |
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0.316 |
0.603 |
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Loans & Advances |
|
3.086 |
3.828 |
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Total
Current Assets |
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61.734 |
49.958 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.458 |
25.063 |
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Provisions |
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0.114 |
0.139 |
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Total
Current Liabilities |
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30.572 |
25.202 |
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Net Current Assets |
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31.162 |
24.756 |
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MISCELLANEOUS EXPENSES |
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0.049 |
0.058 |
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TOTAL |
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63.030 |
57.542 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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2.58 |
2.26 |
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Current Ratio (Current Asset/Current Liability) |
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2.02 |
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
RAINBOW
PACKAGING PRIVATE LIMITED |
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Presented By |
Mr. Rajesh R.
Makwana |
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1) Date and description of instrument creating the change |
Agreement for
hypothecation of goods and assets Form C2 Dated 25.08.2003. Memorandum of
Deposit for creation of charge for tem loan / Overall Limit Form No. C-9
Dated 25.08.2003 Agreement of Loan
of overall limit form C1 Dated 25.08.203 All agreement constitute
single charges. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
Millions |
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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 |
Hypothecation of
Raw Materials, Work-in-progress, finished goods situated 15-B, Changodar
Industrial Estate, Sarkhej-Bavla Highway, Ahmedabad and Equitable Mortgage of
land and Building and Plant and Machinery situated 15-B, Changodar Industiral
Estate, sarkhej-Bavla Highway Ahmedabad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin Stock 25 % Book Debts 40 % For Inland /
Foreign L/C 15 % Bank Guarantee 15
% Term Loan 45 % Interest 2.10 % Over
SBAR / SBMTLR Repayable on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Credit Appraisal
Cell, Commercial Branch, “Paramsiddhi Complex”, Opposite V. S. Hospital,
Ellisbridge, Ahmedabad – 380006 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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This form is for |
Modification of
Charges |
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Charge
identification number of the charge to be modified |
80002557 |
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Corporate
identity number of the company |
U25200GJ1986PTC008506 |
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Name of the
company |
RAINBOW PACKAGING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
15 B, Changodar Industrial Estate, Sarkhej - Bavla Highway, Changodar,
Tal. Sanand, Ahmedabad – 382213, Gujarat |
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Type of charge |
Immovable Property Book debts Movable property |
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Particular of
charge holder |
State Bank of
India Credit Appraisal
Cell, Commercial Branch, “Paramsiddhi Complex”, Opposite V. S. Hospital, Ellisbridge,
Ahmedabad – 380006 |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement
of Loan cum Hypothecation, and Memorandum for recording Extension of Mortgage
by deposit of title deeds |
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Date of
instrument Creating the charge |
26.12.2006 |
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Amount secured by
the charge |
Rs. 70.750
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Neew TL and Cash
Credit : 0.50 % above SBAR p.a. with monthly rests. Terms of
Repayment Term Loan of 8.250
Millions is to be repaid in 20 quarterly installments each of Rs. 0.4125
Millions commencing 01.10.2007 Margin Raw Material : 25
% SIP : 25 % Finished Goods :
25 % Receivable : 25 %
Letter of Credit
: 15 % Bank Guarantee :
15 % Term Loan : 25 % Extent and
operation of the charge The charge will
operate as security to cove the facilities granted together with interest
costs, charges and expenses payable by the borrower. |
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Short particulars
of the property charged |
All the present
and future stocks, goods, raw materials, book debts, movable plant and
machinery and other movable assets. All that piece or
parcel of N A constructed freehold property bearing sub plot No. 15-B, adm.
5389 sq. mtrs. in Changodar Industrial Estate bearing No. 355 part situate
lying and being at Mouje Changodar in Sanand in the registration district sub
district of Ahmedabad. |
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Date of latest
modification prior to the present modification |
24.04.2006 |
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Particulars of
the present modification |
The existing charge
of Rs. 52.500 Millions is further extended and modified to cover the enhanced
/ fresh limits of Rs. 70.750 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.17 |
|
UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.58.67 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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 |
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