MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
RENTWORKS INDIA PRIVATE LIMITED |
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Registered Office : |
Sandoz house,n 4th Floor, Dr Annie Besant Road Worli
Mumbai;400018, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.02.2001 |
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Com. Reg. No.: |
131029 |
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CIN No.: [Company
Identification No.] |
U71230MH2001PTC131029 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR10500A |
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PAN No.: [Permanent
Account No.] |
AABCR8889C |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s
profitability is under secure pressure. It has some accumulated losses.
Payments are reported as slow. The company can be considered for small business with slight caution
initially. |
LOCATIONS
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Registered Office : |
Sandoz house,n 4th Floor, Dr Annie Besant Road Worli
Mumbai;400018, |
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Tel. No.: |
91-22-56950595 |
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Fax No.: |
91-22-56950590 |
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Website : |
DIRECTORS
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Name : |
Mr. Robert Warwick Medway |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.05.1967 |
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Date of Appointment : |
27.02.2001 |
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Name : |
Mr. Glenn Keith Goodall |
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Designation : |
Director |
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Address : |
10 the Greenway, Terrey Hills, |
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Date of Birth/Age : |
14.05.1962 |
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Date of Appointment : |
27.02.2001 |
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Name : |
Mr. Alan Van Niekerk |
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Designation : |
Director |
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Address : |
102, Centennial ave, Lane Cove, NSW 2006, |
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Date of Birth/Age : |
08.11.1954 |
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Date of Appointment : |
27.02.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Rentworlks Mauritius Limited |
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459024 |
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Financial consulting Associates, Mauritius Jointly with Rentworks
Maritius Limited |
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1 |
Equity Share Break up:
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Category |
Percentage |
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Froeign holding (foreign institutional investor(s),
Foreign companies(s), foreign financial institution(s), “Non-resident
indian(s or Overseas corporate bodies or Others |
100.00 |
BUSINESS DETAILS
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Line of Business : |
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GENERAL INFORMATION
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Customers : |
In
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No. of Employees : |
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Bankers : |
UTI Bank Limited Nariman Point
Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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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4.590 |
4.590 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(43.610) |
(79.538) |
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NETWORTH |
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(39.020) |
(74.948) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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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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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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Long Term Liability |
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0.000 |
0.706 |
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TOTAL |
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(39.020) |
(74.242) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.635 |
0.966 |
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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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30.000 |
0.000 |
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DEFERREX TAX ASSETS |
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11.808 |
1.949 |
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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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43.915 |
27.743 |
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Cash & Bank Balances |
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208.507 |
97.710 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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68.656 |
11.026 |
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Total
Current Assets |
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321.078 |
136.479 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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521.967 |
311.080 |
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Provisions |
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44.768 |
13.259 |
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Total
Current Liabilities |
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566.735 |
324.339 |
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Net Current Assets |
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(245.657) |
(187.860) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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Investment in unguaranteed residuals |
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161.194 |
110.703 |
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TOTAL |
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(39.020) |
(74.242) |
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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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(14.52) |
(4.32) |
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Current Ratio (Current Asset/Current Liability) |
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0.56 |
0.42 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
RentWorks India
Private Limited |
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Presented By |
Rabo India
Finance Private Limited and the company |
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1) Date and description of instrument creating the change |
Deed of Hypothecation dated 20.11.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.300.000
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 |
First exclusive
charge on Escrow account no into which all the payments from NPIL would be
directly deposited as under the sale of receivables agreement pertaining to
IT, Office and other Equipments. first exclusive charge on equipments finance
under the deed of hypothecation date 20.11.2003 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Tenor: Not to
Exceed 4.5 years form the date of First disbursement Rate of
discounting: 8.00% p.a payable quarterly in advance. Payment Date: As
per the Lease rental Schedule which would be executed between NPIL and RIPL Overdue rate:
State Bank of |
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5) Name and Address and description of the person entitled to the charge. |
Rabo India
Finance Private Limited 1-A, Janpath, Corporate Office
at, |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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Corporate
identity number of the company |
U99999MH2001PTC131029 |
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Name of the
company |
RENTWORKS INDIA
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5th
Floor, c-Wing, |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
UTI Bank Limited Nariman Point
Branch, |
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Nature of instrument
creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
03.03.2006 |
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Amount secured by
the charge |
Rs.50.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The company has
agreed to function as the Servicing and Security Agent for and on behalf of
UTI Bank to enforce the Underlying Security on behalf of UTI Bank, on the
instructions given by UTI Bank, in case of anyevent of default. |
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Description of
the property charged |
Furniture and
Fixture, Plant and Machinery and Others |
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Particulars of
the property charged |
Hypothecation of
all present and future interest, title and ownership resting with the company
over equipment renter by the render viz. M/s. National Commodity Derivativas
and Exchange Limited. from the company and financed by UTI Bank i.e, the
receivable whereof has been purchased by UTI Bank viz. Desktops, Laptops, Fax
machine, EPABX, Furniture etc. a detailed list, wherof shall be furnished from
time to time, stored or brought into or upon the factory, godowns of Renter
of company or in transit, more Particularly described in scheduled I to the
Deed of Hypothecation. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.18 |
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1 |
Rs.82.02 |
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Euro |
1 |
Rs.56.07 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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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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30 |
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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