MIRA
INFORM REPORT
|
Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
RAMSONS ORGANICS LIMITED |
|
|
|
|
Registered Office : |
AL-146, Shalimar Bagh, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
06.10.1997 |
|
|
|
|
Com. Reg. No.: |
55543 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1997PLC055543 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELR05569E |
|
|
|
|
Legal Form : |
A closely held public limited
liability company. |
|
|
|
|
Line of Business : |
Manufacturers of Natural Stones and its Articles. |
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 330000 |
|
|
|
|
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 / Factory : |
AL-146, Shalimar Bagh, |
|
Tel. No.: |
91-11-27474389 / 124-2384411 |
|
Fax No.: |
91-124-2384422 |
|
E-Mail : |
|
|
|
|
|
Factory : |
|
DIRECTORS
|
Name : |
Mr. Yogesh Sachdeva |
|
Designation : |
Managing Director |
|
Address : |
G – 59, South city I, Gurgaon, |
|
Date of Birth/Age : |
15.10.1961 |
|
Date of Appointment : |
06.10.1997 |
|
|
|
|
Name : |
Ms. Renu Sachdeva |
|
Designation : |
Director |
|
Address : |
G – 59, South city I, Gurgaon, |
|
Date of Birth/Age : |
07.08.1964 |
|
Date of Appointment : |
25.10.1999 |
|
|
|
|
Name : |
Mr. Sunil Chhabra |
|
Designation : |
Director |
|
Address : |
297/7, Urban Estate, Gurgaon, |
|
Date of Birth/Age : |
05.04.1963 |
|
Date of Appointment : |
25.10.1999 |
|
Date of Ceasing : |
28.10.2004 |
|
|
|
|
Name : |
Mr. Pankaj Mani Sachdeva |
|
Designation : |
Director |
|
Address : |
952/4, Urban Estate, Gurgaon, |
|
Date of Birth/Age : |
14.08.1972 |
|
Date of Appointment : |
15.05.2001 |
|
|
|
|
Name : |
Mr. Rajan Dhingra |
|
Designation : |
Director |
|
Address : |
E – 84, LIC Colony, Paschin Vihar, |
|
Date of Birth/Age : |
23.05.1960 |
|
Date of Appointment : |
15.12.2001 |
|
Date of Ceasing : |
01.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Yogesh Sachdeva |
|
441400 |
|
Sunil Sachdeva |
|
22100 |
|
Ram Lal Sachdeva |
|
100 |
|
P. M. Sachdeva |
|
1100 |
|
Savitri Sachdeva |
|
40100 |
|
Renu Sachdeva |
|
210100 |
|
Suman Sachdeva |
|
100 |
|
Sunil Chhabra |
|
50000 |
|
Samita Chhabra |
|
47000 |
|
M. L. Chhabra |
|
13500 |
|
Sunil Chhabra - HUF |
|
9500 |
|
Ramsons Projects Limited |
|
165000 |
|
Total |
|
1000000 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Bodies corporate |
|
17.00 |
|
Directors or relatives of directors |
|
83.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Natural Stones and its Articles. |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sobti Arora and Grover Chartered Accountants |
|
Address : |
301, C – 2/4, Pragari Market, Ashok Vihar – II, |
|
|
|
|
Associates/Subsidiaries : |
Ramsons Projects Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
74.295 |
45.174 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
84.295 |
55.174 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
26.789 |
17.947 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
26.789 |
17.947 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
111.084 |
73.121 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
16.036 |
14.611 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.495 |
1.495 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
48.892 |
26.675 |
|
|
Sundry Debtors |
|
62.796 |
53.309 |
|
|
Cash & Bank Balances |
|
2.039 |
4.157 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
10.692 |
4.075 |
|
Total
Current Assets |
|
124.419 |
88.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
30.894 |
30.507 |
|
|
Provisions |
|
|
0.750 |
|
Total
Current Liabilities |
|
30.894 |
31.257 |
|
|
Net Current Assets |
|
93.525 |
56.959 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.028 |
0.056 |
|
|
|
|
|
|
|
|
TOTAL |
|
111.084 |
73.121 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
148.753 |
107.330 |
|
|
Other Income |
|
1.739 |
[0.743] |
|
|
Total Income |
|
150.492 |
106.587 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
29.146 |
19.531 |
|
|
Provision for Taxation |
|
0.025 |
0.618 |
|
|
Profit/(Loss) After Tax |
|
29.121 |
18.913 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
|
148.754 |
107.330 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
66.778 |
48.567 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.478 |
0.426 |
|
|
Managerial Remuneration |
|
0.215 |
0.397 |
|
|
Payment to Auditors |
|
0.012 |
0.011 |
|
|
Interest |
|
1.357 |
0.838 |
|
|
Insurance Expenses |
|
0.349 |
0.015 |
|
|
Power & Fuel |
|
1.066 |
0.868 |
|
|
Other Expenditure |
|
51.091 |
35.933 |
|
Total Expenditure |
|
121.346 |
87.055 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
19.35 |
17.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
19.59 |
18.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
20.75 |
18.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.35 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.68 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.03 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Furniture
- Office Equipment
- Plant and Machinery
- Vehicles
- Computer
- Cycle
Bankers Charges
Report as per Registry
|
Name of the company |
RAMSONS ORGANICS
LIMITED |
|
Presented By |
Canara Bank, old
Railway Road, Gurgaon, Haryana, |
|
1) Date and description of instrument creating the change |
11.08.2005 Hypothecation
Agreement of Goods and Book debts |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.850
Millions |
|
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
the following All the goods and
commodities including Vibrating Machine, Chain Broken Machine and other Machines,
purchased, acquired, received under the DALC limit now lying or hereafter
stored at the godowns, yards an premises of the borrower at Gurgaon or
wherever else and same may be. All the book –
debts, outstanding moneys, receivables, claims, bills, arising out of the
sale disposal of the goods received under DA LC Limit which are now due and
owing. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
All amounts
payable under the DA LC Limit in case of default, shall carry interest at the
rate of 16.25 % p.a. with monthly rests or at such other rate as may be
specified by the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, old |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1997PLC055543 |
|
Name of the
company |
RAMSONS ORGANICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
AL-146, Shalimar Bagh, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Canara Bank Old |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement for packing credit advances |
|
Date of
instrument Creating the charge |
18.01.2007 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The interest on
packing credit limit shall be charged at the rate of 17.25 % p.a. with
monthly rests or at such other rates as may be prescribed by the bank form
time to time. Terms of
repayment As may be
prescribed by the bank from time to time. Margin As may be
prescribed by the bank from time to time. Extent operation
of the charge 100 % |
|
Short particulars
of the property charged |
The whole of
borrower’s present and future stocks of raw materials, goods in process of
manufacture and all finished and manufactured goods and articles such as
Natural Stone, together with all stores, components and spares which now
belong to or may hereafter form time to time during the continuance of this
security, belong to the borrower and which are or shall or may be brought
into, stored or be in or upon or about the borrower’s factory, godowns and
other premises or wherever else the same may be. |
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.40.96 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|