MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RUBY MICA COMPANY PRIVATE LIMITED |
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Registered Office : |
BBC Road, Giridih – 815 301, P S Giridih, Bihar |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.06.1988 |
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Com. Reg. No.: |
3019 |
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CIN No.: [Company
Identification No.] |
U00155JH1988PTC003019 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RCHR00504A |
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PAN No.: [Permanent
Account No.] |
AAACR9090C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Natural Mica |
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 280000 |
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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 company having satisfactory track. Trade relations are fair. 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 : |
BBC Road, Giridh – 815 301, Jharkhand |
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Tel. No.: |
91-6532-222957 / 222357 |
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Fax No.: |
91-6532-222857 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rajendra Kumar Bagaria |
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Designation : |
Director |
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Address : |
B.B.C. Road, Giridih – 815301, Jharkhand, India |
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Date of Birth/Age : |
31.01.1960 |
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Date of Appointment : |
01.06.1988 |
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Name : |
Mr. Chandan Kumar Bagaria |
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Designation : |
Director |
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Address : |
14, Gaon Marwari Mohalla, P. O. Pachamba, Giridih – 815 316,
Jharkhand, India |
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Date of Birth/Age : |
11.05.1959 |
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Date of Appointment : |
11.06.1988 |
KEY EXECUTIVES
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Name : |
Mr. C S Prakash Beria |
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Designation : |
Company Secretary |
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Address : |
10/1, Pricep Street, 2nd Floor, Kolkata, India |
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Tel No. : |
91-33-22371929 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies corporate |
2.32 |
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Directors or relatives of Director |
97.68 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Natural Mica |
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Exports : |
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Products : |
Mica insulating materials |
GENERAL
INFORMATION
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Bankers : |
·
State Bank of India ·
Indian Overseas Bank Giridih Branch, Makatpur, Shanti Bhawan
Road, Giridih – 815 301, Jharkhand, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kedia Agarwal and Associates Chartered Accountants |
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Address : |
Tah Complex, Gandhi Chowk, Giridih – 815 301, Jharkhand, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
172647 |
Equity Shares |
Rs.100/- each |
Rs.17.265
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
17.265 |
17.265 |
17.265 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
39.348 |
37.976 |
36.636 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.613 |
55.241 |
53.901 |
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LOAN FUNDS |
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1] Secured Loans |
16.575 |
9.462 |
11.451 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
16.575 |
9.462 |
11.451 |
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DEFERRED TAX LIABILITIES |
3.438 |
4.257 |
4.554 |
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TOTAL |
76.626 |
68.960 |
69.906 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.972 |
51.773 |
40.205 |
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Capital work-in-progress |
0.000 |
0.000 |
15.475 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
11.064
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7.700 |
13.648 |
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Sundry Debtors |
11.186
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12.100 |
7.342 |
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Cash & Bank Balances |
4.647
|
3.945 |
3.210 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.054
|
2.681 |
0.622 |
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Total
Current Assets |
31.951
|
26.426 |
24.822 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.173
|
9.163 |
10.347 |
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Provisions |
0.124
|
0.076 |
0.249 |
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Total
Current Liabilities |
3.297
|
9.239 |
10.596 |
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Net Current Assets |
28.654
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17.187 |
14.226 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.626 |
68.960 |
69.906 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
58.099 |
58.687 |
61.004 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
58.099 |
58.687 |
61.004 |
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Profit/(Loss) Before Tax |
1.706 |
2.187 |
3.780 |
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Provision for Taxation |
0.334 |
0.847 |
1.165 |
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Profit/(Loss) After Tax |
1.372 |
1.340 |
2.615 |
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Earnings in Foreign Currency : |
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FOB Value |
36.862 |
31.579 |
37.502 |
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Total Earnings |
36.862 |
34.579 |
37.502 |
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Imports : |
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CIF Value |
0.646 |
0.754 |
6.036 |
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Total Imports |
0.646 |
0.754 |
6.036 |
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Expenditures : |
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Financial charges |
0.901 |
0.855 |
0.496 |
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Depreciation & Amortization |
6.132 |
6.048 |
5.206 |
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Other Expenditure |
49.360 |
49.597 |
51.522 |
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Total Expenditure |
56.393 |
56.500 |
57.224 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.36
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2.28 |
4.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.94
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3.73 |
6.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.13
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2.80 |
5.81 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.04 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35
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0.34 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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9.69
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2.86 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U00155JH1988PTC003019 |
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Name of the
company |
RUBY MICA COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
BBC Road, Giridih – 815 301, P S Giridih, Bihar, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Indian Overseas Bank Giridih Branch, Makatpur, Shanti Bhawan Road, Giridih – 815 301,
Jharkhand, India |
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Nature of
instrument creating charge |
F 379 C –
Confirmation Letter for Mortgage F 111 A – Guarantee
for Cash Credit |
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Date of
instrument Creating the charge |
30.01.2008 |
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Amount secured by
the charge |
Rs.135.400
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Cash Credit : BPLR (at present 13.25%) Term Loan : At BPLR + 0.25% (at present 13.50%) ·
Terms of
repayment Term Loan : Repayment would start as 20 quarterly equal installment of
Rs.4.720 millions starting from the October’2007 quarter. Cash Credit : Payable on demand ·
Margin 25% on Paid Stocks 40% on Book Debts ·
Extent and
operation of the charge First and Full charge on properties mortgaged. |
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Particulars of
the property charged |
Equitable mortgage
of two storied building (Original Sale Deed No. 8303/8048 and 8304/8049 dated
04.08.2003) located in Makatpur, town situated at Thoka No. 331, Holding No.
295 (part), Ward no. 1 (old) and 2 (new) P.S. + Distt. Giridih. Equitable
mortgage of landed property (Original Sale Deed No 6839 / 6650 dated
25.06.03, 8049/7808 dated 25.07.03, 8050/7809 dated 25.07.03, 11555/11118
dated 19.11.03 and 11559 / 11122 dated 19.11.03) at Vill. Mahutand, Gadi
Srirampur, Giridih, Khata No. 02, 06 and 07, Thana No. 261, measuring 18.22
Acres. |
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Particulars of
the present modification |
The Bank has
sanctioned working capital (cash credit) limit of Rs.41.000 millions
enhancing to total limit of Rs.135.400 millions including Term Loan of
Rs.94.400 millions to M/S Venkateswara Sponge and Iron Private Limited and
for the facilities the above two properties in the name of M/S Ruby Mica
Company (Private) Limited have been offered and mortgaged to the bank. |
Web Details
Subject
is a manufacturer and exporter of natural
mica in India since 1968.They manufacture as well as export mica in all sizes
and quality. They have set up the world's most advanced and India's only
state-of-the-art , fully integrated manufacturing facilities for production of
mica , mica paper, mica sheet and mica heated element . They also boast of a
well-equipped Test Laboratory for QA and R and D jobs.
They
produce the world's very best quality of mica mined locally, and source other
raw material from the renowned manufacturers only. They are also privileged to
have a highly qualified and trained team of engineers and labor for production
. With established market in USA , Europe and Japan , Ruby Mica has become a
trusted name as a large-scale producer of truly world-class mica for various uses
, chiefly electro-thermal insulation , in many industries .
Product Portfolio
Natural Mica in all forms , sizes and
qualities like Mica Blocks , Mica Splittings , Mica Waste/Scrap etc.
Punched Mica parts like Plates, Circles , Washers,
Strips etc. to any given dimensions / specifications .
Dry Ground Mica Parts and Flakes in mesh
sizes from 2-325
Mica Heating Element in all design , wattage
and voltage for use in Ironing Appliances, Toasters, Hair Dryers . etc
Uncalcined Muscovite / Phlogopite Mica Paper
in basis weights , 80-270 gsm , deckle width ( standard)
1040 mm in roll forms .
Flexible Rigid Mica Sheet bonded with
Silicone , Epoxy , Alkyd Vinyl and other resins in size 1200 x 1000 mm and
thickness 0.1-25 mm.
Mica Tube in various sizes and one meter
length.
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.43.58 |
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UK Pound |
1 |
Rs.81.43 |
|
Euro |
1 |
Rs.64.52 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--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 |
|
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 |
|