MIRA
INFORM REPORT
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Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
RINE ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
RINE ALLOY CASTINGS PRIVATE LIMITED |
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Registered Office : |
73 HPSIDC, Industrial Area, Baddi 173205, Himachal Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.02.1991 |
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Com. Reg. No.: |
06-11085 |
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CIN No.: [Company
Identification No.] |
U27109HP1991PTC011085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLR11259D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Ferrous and Non Ferrous Castings. |
RATING &
COMMENTS
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MIRAs 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 50000 |
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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. Directors are reported
as experienced and respectable businessmen. Trade relations are fair.
Business is active. 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. |
LOCATIONS
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Registered Office/ Factory : |
73 HPSIDC, Industrial Area, Baddi, Himachal Pradesh 173205, India |
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Tel. No.: |
91-1795-244274 / 887 |
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Fax No.: |
91-1795-247495 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Krishan Gopal |
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Designation : |
Managing Director |
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Address : |
950, Sector 8, Panchkula, Panchkula 134109, Haryana |
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Date of Appointment : |
14.02.1991 |
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Name : |
Mr. Bhagirath Lal |
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Designation : |
Director |
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Address : |
64, Phase II, Sas Nagar, Ropar 160151, Punjab |
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Date of Appointment : |
14.02.1991 |
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Name : |
Mr. Madan Gopal Goel |
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Designation : |
Director |
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Address : |
917, Sector 8 , Panchkula, Panchkula 134109, Haryana |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Sandeep Rai |
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Designation : |
Director |
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Address : |
64, Phase III, Mohali |
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Date of Appointment : |
01.11.2002 |
KEY EXECUTIVES
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Name : |
Mr. Sanjeev Sharma |
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Designation : |
Company Secretary |
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Address : |
# 958, Sector 2, Panchkula 134109 |
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Tel No. : |
91-172-2576761 / 2566516 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Category |
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Percentage |
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Directors or Relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ferrous and Non Ferrous Castings. |
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Products : |
·
Cast Iron Articles ·
Axles Box Housing ·
SGCI Inserts |
GENERAL
INFORMATION
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Bankers : |
·
Punjab
National Bank Sector 4, Panchkula,
Panchkula 134109, Haryana, India ·
State Bank
of India Industrial
Estate, Chandigarh
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kumar Nohria and Company Chartered Accountants |
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Address : |
Sco. 2470. Sector 22C, Chandigarh 160022, India |
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 |
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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 |
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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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5.000 |
3.700 |
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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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7.687 |
7.721 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.687 |
11.421 |
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LOAN FUNDS |
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1] Secured Loans |
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13.447 |
10.714 |
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2] Unsecured Loans |
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0.946 |
1.355 |
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TOTAL BORROWING |
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14.393 |
12.069 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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27.080 |
23.490 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.729 |
12.282 |
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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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0.000 |
0.050 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.145 |
11.373 |
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Sundry Debtors |
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53.440 |
18.871 |
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Cash & Bank Balances |
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4.887 |
1.844 |
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Other Current Assets |
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14.645 |
8.855 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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87.117 |
40.943 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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71.324 |
29.484 |
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Provisions |
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0.442 |
0.301 |
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Total
Current Liabilities |
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71.766 |
29.785 |
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Net Current Assets |
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15.351 |
11.158 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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27.080 |
23.490 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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221.507 |
179.752 |
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Total Income |
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221.507 |
179.752 |
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Profit/(Loss) Before Tax |
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0.408 |
0.964 |
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Provision for Taxation |
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0.442 |
0.314 |
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Profit/(Loss) After Tax |
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[0.034] |
0.650 |
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Expenditures : |
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Depreciation & Amortization |
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1.664 |
1.856 |
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Other Expenditure |
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219.435 |
176.932 |
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Total Expenditure |
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221.099 |
178.788 |
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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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PAT / Total Income |
(%) |
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[0.02] |
0.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.18 |
0.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.41 |
1.81 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.79 |
3.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Corporate
identity number (CIN) Foreign company registration number |
U27109HP1991PTC011085 |
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Name of the
Company |
RINE ENGINEERING PRIVATE LIMITED |
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Address |
73 HPSIDC, Industrial Area, Baddi, Himachal Pradesh 173205, India |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
Property Movable Property
(Not being pledge) Book Debts |
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Particulars of
the charge holder |
Punjab National
Bank Sector 4,
Panchkula, Panchkula 134109, Haryana, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Confirmation
Letter of Deposited of Title deeds |
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Date of the
instrument creating or modifying the charge |
15.10.2007 |
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Amount secured by
the charge |
Rs.30.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Interest: 13% BPLR Subject
to charged as per agreement terms and conditions. Terms of
repayment: On Demand Margin: Stocks 25% Book Debts 40% Extent and
operation of the charge: 100% |
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Short particulars
of the property charged (including location of the property) |
Various Raw Materials
Manufacturing Material, Raw Materials Including excisable raw material Stocks in
process, semi finished and finished goods, (including bought out finished
goods) Viz. SGCI Interest BCP Botom, Axle Box Housing EMU and to be extended
on current and fixed assets of the company and book debts outstanding degrees
money receivables, Government Subsidies, Claims, Bill Contracts and
Investments. |
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Particular of the
present modification |
Charge Further
Secured by way of deposit of Equitable mortgage of title deeds of Property
vide. Sale Deed No 976
dated 21.10.1992 of Plot No.73 A and B Measuring 4373 sq. mtrs In the name of
M/s RINE ENGINEERING PRIVATE LIMITED. Duly registered in the office of sub
registered nalagarh. Conveyance deed
No.642 Dated 24.05.1997 of Plot no.73 c Measuring 1920 sq. Mtrs in the name
of M/s RINE ENGINEERING PRIVATE LIMITED. Duly registered in the office of sub
registered nalagarh. At Industrial
Area, Baddi, the Nalagarh, Solan |
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Name of the company |
RINE ENGINEERING PRIVATE LIMITED |
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Presented By |
B. L. Goel |
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1) Date and description of instrument creating the change |
Agreement for the
grant of small Industrial Advances Dated 28.03.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Raw Materials, Semi finished
and Finished Goods and all present and future goods, Book debts movable and
other assets of the company. General
Hypothecation of the goods, Book debts, movable and other assets of the
borrower. Hypothecation of
all debtors both present and future including goods, Book debts, immovable
and other assets of the borrower including DDP of Rs.1.500 Millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @3% p.a.
over state Bank Advance rate with Maximum of 15.30% p.a. Subject to charges
from time to time. Margin: 25% on
Bank guarantee, 40% On cash Credit (Book debts)
Repayable on demand Extent and
operation of charge 100% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Industrial
Estate, Chandigarh |
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6) Date and brief description of instrument modifying the charge |
04.07.2002 No.
instrument was extended. An Equitable mortgage by deposit of title deeds with
created by the company in favour of state Bank of India, SSI Branch, Mohali
in respect of immovable property of the company situated at plot no.73 C,
Industrial Area, Baddi, District Solam, Himachal Pradesh. |
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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. |
Equitable
mortgage of the immovable property of the company situated at plot no.73 C,
Industrial Area, Baddi, District Solam, Himachal Pradesh was crated in favour
of state Bank of India, SSI Branch, Mohali as a collateral security to secure
the due repayment of loan of Rs.13.000 Millions dated 28.03.2002 Branch of state
Bank of India charged from Industrial Estate, Chandigarh to state Bank of
India, SSI Branch, Mohali. |
Website details:
·
Corporate Profile:
An ISO 9001: 2000 Foundry having jobbing and
mass production.
Facility : Chemical Laboratory, Emission Spectrometer,
Physical and Metallurgical lab facility, Machine moulding with jot squeeze
moulding machine and greensands oil bonded and CO2 (Sodium Silicate).
Melting Unit: 1.5 MT and 2.5 MT induction
furnace and 5 Mt capacity Arc Furnace.
Heat treatment : Annealing, normalizing,
hardening and tempering
Metal Grade : Different grades of SG Iron and
Steel Castings.
Capacity : 1000 MT / Month.
Start Date : 31.12.2005
Expiry Date : 31.12.2006
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 Intl
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 companys 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.39.27 |
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UK Pound |
1 |
Rs.76.88 |
|
Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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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 |
|
45 |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|