MIRA
INFORM REPORT
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Report Date : |
26.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
INNOVA RUBBERS PRIVATE LIMITED |
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Registered Office : |
A – 26, MIDC, Ambad, Nashik – 422010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.01.2000 |
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Com. Reg. No.: |
11-123743 |
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CIN No.: [Company
Identification No.] |
U25110MH2000PTC123743 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI04963A |
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PAN No.: [Permanent
Account No.] |
AAACI6355F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automobile Rubber Parts |
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 220000 |
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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. Trade relations are reported as fair. Business is active. General financial
position is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sachin |
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Designation : |
Finance and Costing |
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Date : |
17.04.2008 |
LOCATIONS
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Registered Office : |
A – 26, MIDC, Ambad, Nashik – 422010, Maharashtra, India |
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Tel. No.: |
91-253-2381065 / 1809 / 2381059 |
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Fax No.: |
91-253-2381411 |
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E-Mail : |
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Website : |
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Branch Office : |
201 Plannet Industrial Estate, Subhash Road, Vile Parle [East], Mumbai
400057, Maharashtra, India |
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Tel. No.: |
91-22-28345256 |
DIRECTORS
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Name : |
Mr. Hemant Bakshi |
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Designation : |
Director |
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Address : |
D-J Classic Co-operative Housign Society Near Prasad Mandal Karyalaya
Off Gangapur Road, Nashik – 422013,Maharashtra, India |
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Date of Birth/Age : |
20.04.1956 |
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Date of Appointment : |
20.01.2000 |
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Name : |
Mr. Sachin Ambardekar |
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Designation : |
Director |
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Address : |
1/202 Kalpita Enclave Sahar Andheri Road, Andheri [East], Mumbai –
400039, Maharashtra, India |
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Date of Birth/Age : |
14.06.1975 |
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Date of Appointment : |
20.01.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Equity Shareholders |
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No. of Shares |
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Bakshi Madhav Hemant |
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218800 |
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Ambardekar Vasudeo Shriram |
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218800 |
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Mekal Santosh Saroja |
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262800 |
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Bakshi Purshuram Madhav |
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97200 |
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Ambardekar Shriram Sachin |
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97200 |
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Mekal Vasant Asha |
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97200 |
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Bakshi Hemant Madhura |
|
44000 |
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Ambardekar Shriram Vijaya |
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44000 |
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Total |
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1080000 |
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Names of
Preference Shareholders |
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No. of Shares |
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P. P. Phadnis |
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1 |
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Dabadge N. V. |
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1 |
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Mekal Santosh Vasant |
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1 |
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Ugaokar Ram Laxman |
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1 |
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Ugaokar J L |
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1 |
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Ugaokar Aparna L |
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1 |
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Ugaokar Pooja L |
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1 |
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Bakshi Shrikant |
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1 |
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Dixit Nahar Ambadas |
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1 |
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Mr. Jain |
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1 |
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Savla Nirmala |
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1 |
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Bakshi Sandeep |
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1 |
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Charankar Satyajit |
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1 |
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Bhabal Sudam N. |
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1 |
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Shepal Satish |
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1 |
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Charankar P. K. |
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1 |
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Charankar Dipti |
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1 |
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Bakshi Madhav Hemant |
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83 |
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Total |
|
100 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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67.00 |
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Other |
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33.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile Rubber Parts |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
USA and Europe |
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Imports : |
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Products : |
Machinery |
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Countries : |
UK |
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Terms : |
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Selling : |
Credit [60 days] |
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Purchasing : |
Credit [30-60 days] |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
500 |
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Bankers : |
The Shamrao Vitthal Co-operative Bank Limited Gala No. L-15 and G – 16, Utility Centre, Opposite Rajiv Gandhi
Bhavan, N. M. C. Sharanpur Road, Nashik – 422001, Maharashtra, India |
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Facilities : |
C/C and Term Loan |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi and Parulekar Chartered Accountants |
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Address : |
13/14, Bell Building, Sir Pherozeshah Mehta Road, fort, Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2997000 |
Equity Shares |
Rs. 10/- each |
Rs. 29.970 Millions |
|
3000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.030 Million |
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Total |
|
Rs. 30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1687425 |
Equity Shares |
Rs. 10/- each |
Rs. 16.874
Millions |
|
1200 |
Preference Shares |
Rs. 10/- each |
Rs. 0.012
million |
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Total |
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Rs. 16.886 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.887 |
10.801 |
10.801 |
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2] Share Application Money |
12.600 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.394 |
13.187 |
7.311 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.881 |
23.988 |
18.112 |
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LOAN FUNDS |
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1] Secured Loans |
113.458 |
63.500 |
22.740 |
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2] Unsecured Loans |
68.870 |
34.458 |
39.938 |
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TOTAL BORROWING |
182.328 |
97.958 |
62.678 |
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DEFERRED TAX LIABILITIES |
13.475 |
5.400 |
0.000 |
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TOTAL |
250.684 |
127.346 |
80.790 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
135.201 |
76.677 |
59.298 |
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Capital work-in-progress |
35.841 |
16.717 |
0.000 |
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INVESTMENT |
0.869 |
0.403 |
0.403 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
37.867
|
6.416 |
8.438 |
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Sundry Debtors |
95.655
|
82.057 |
41.441 |
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Cash & Bank Balances |
7.222
|
8.878 |
4.478 |
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Other Current Assets |
6.789
|
4.082 |
0.000 |
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Loans & Advances |
18.790
|
4.878 |
8.811 |
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Total
Current Assets |
166.323
|
106.311 |
63.168 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
82.696
|
70.511 |
33.653 |
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Provisions |
4.854
|
2.251 |
8.426 |
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Total
Current Liabilities |
87.550
|
72.762 |
42.079 |
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Net Current Assets |
78.773
|
33.549 |
21.089 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
250.684 |
127.346 |
80.790 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover Including Other Income |
|
436.029 |
328.539 |
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Profit/(Loss) Before Tax |
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8.735 |
9.156 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
|
8.735 |
9.156 |
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Earnings in Foreign Currency |
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34.390 |
36.091 |
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Expenditures : |
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Interest |
|
10.759 |
7.073 |
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Depreciation & Amortization |
|
16.848 |
10.501 |
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Other Expenditure |
|
399.687 |
301.809 |
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Total Expenditure |
|
427.294 |
319.383 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.00
|
2.79 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.00
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2.79 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.90
|
5.00 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.38 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.92
|
7.12 |
5.78 |
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Current Ratio (Current Asset/Current Liability) |
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1.90
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1.46 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
INNOVA RUBBERS
PRIVATE LIMITED |
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Presented By |
The Shamrao Vitthal Co-operative Bank Limited 5 Utility Centre, Opposite Rajiv Gandhi Bhavan, N. M. C. Sharanpur
Road, Nashik – 422001, Maharashtra, India |
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1) Date and description of instrument creating the change |
No instrument was
executed. However, the Equitable Mortgage has been created by way of deposit
of title deeds on 15.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 14.600
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 |
All that piece and
parcel of property bearing Plot No. A 26 adm. 1500 sq. mtrs. Situate lying
and being at Additional Industrial Area MIDC Ambad, Nashik within
Registration n Sub Registration District Nashik, along with factory building,
plant and machinery installed therein, belonging to the Borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due
repayment of the following credit facilities together with all interest,
costs, charges and expenses there of granted by the Bank to the borrower : Rs in Millions
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5) Name and Address and description of the person entitled to the charge. |
The Shamrao Vitthal Co-operative Bank Limited Gala No. L-15 and G – 16, Utility Centre, Opposite Rajiv Gandhi
Bhavan, N. M. C. Sharanpur Road, Nashik – 422001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
No instrument was
executed. However the equitable Mortgage has been extended over the immovable
property on 03.02.2005 |
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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. |
By this
modification the immovable property as mentioned in the Column No. 3
hereinabove, shall now hold good to secure the additional cash credit
facility of Rs. 5.000 Millions granted by the Bank to the Borrower. Hence the
charge has been enhanced from Rs. 0.146 Million. Therefore, the
overall charge now stands at Rs. 19.600 Millions |
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Corporate
identity number of the company |
U25110MH2000PTC123743 |
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Name of the
company |
INNOVA RUBBERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
201 Plannet Industrial Estate, Subhash Road, Vile Parle [East], Mumbai
400057, Maharashtra, India |
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This form is for |
Modification of
Charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
The Shamrao Vitthal Co-operative Bank Limited Gala No. L-15 and G – 16, Utility Centre, Opposite Rajiv Gandhi
Bhavan, N. M. C. Sharanpur Road, Nashik – 422001, Maharashtra, India |
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Amount secured by
the charge |
Rs. 7.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
To secure the due
repayment of cash credit facility granted by the bank to the company. Rate of interest
: 14 % p.a. being 2 % over and above the banks prime lending rate which is 12
% p.a. as at present, rising or falling with bank’s prime lending rate or at
such lending rate that the bank may determine to charge from time to
time. |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
All present and future,
stocks, viz. rubber compound, sheet metal, M S Pipes, Chemlok, Phosphating
chemicals etc of the company. All present and
future, book debts arising out of business transactions, due to the
company. |
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Brief description
of the instrument modifying the charge under section 135 |
Supplementary
deed of hypothecation for additional advances |
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Date of
instrument modifying the charge |
26.08.2006 |
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Particulars of
the present modification |
By this
modification, the charge has been enhanced from Rs. 12 Millions to Rs. 24.200
Millions due to an additional cash credit of Rs. 12.200 Millions. Therefore
the overall charge now stands at Rs. 24.200 Millions |
AS PER WEBSTIE
Company Profile
Theirs is
a conglomerate of companies which 30 years ago was a single manufacturing unit
employing 7 people, manufacturing only one item for one customer. Today, 30
years later their group consists of 6 manufacturing plants, 10 ancillaries
employing more than 600 people, covering critical and functionally important
range of over a 1000 products. They regard themselves as Technological Leaders
in the field of design, development and manufacture of Rubber and Rubber to
Metal Bonded Products, especially for automotive.
Location of The Plant
Their
plant is located at Ambad Industrial Estate, Nashik District, Maharashtra
State, India. Nashik is an industrial city having more than 10,8868 large and
small scale industrial units. Nashik is on the main line of Central Railway and
is linked to all the major cities of India. It is hardly 106 miles from the
Airport,
Production Facilities
Their
plant is capable of handling the production is large volumes. They have
in-house
- Rubber Mixing
Facility
- Well Equipped
Tool Room
- Press Shop
For Sub-assemblies
- State Of The
Art Designing Facility
- Full Fledged
Laboratory With All Types Of Testing Equipments
- Centralized
HRD Center
Their
moulding section is equipped with
- Fully Automatic Injection Moulding Machines
- Compression/Transfer Moulding Machines
- Vacuum Presses.
Quality
The
plant has received ISO9000 on 18th November, 1998 and QS9000 on 20th October,
2000 from Underwriter Laboratories, NY, USA. They adhere to the systems laid
down in the ISO9000 & QS 9000 Quality Systems. They have plans to achieve
ISO14000 very soon.
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.40.18 |
|
UK Pound |
1 |
Rs.79.25 |
|
Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|