MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RIBBEL INTERNATIONAL LIMITED |
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Registered Office : |
5A/4A, Ansari Road, Darya Ganj, New Delhi 110 002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.1992 |
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Com. Reg. No.: |
55-50010 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PLC050010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR09236D |
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PAN No.: [Permanent
Account No.] |
AAACR4715M |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
Manufacturer, Exporter and Supplier of a wide range of disposable surgical products. |
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 180000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
5A/4A, Ansari Road, Darya Ganj, New Delhi 110 002, India |
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Tel. No.: |
91-11-23264399 / 23279456 |
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Mobile No.: |
91-9313664994 / 9313664399 91-9810269373 (Mr. Vikram Kanodia, Director) |
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Fax No.: |
91-11-23264398 / 23844177 |
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E-Mail : |
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Website : |
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Area : |
800 sq.fts. |
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Location : |
Commercial –
Rented |
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Overseas Office
: |
Queens Surgical
Corporation, 130-18, 90th Avenue, Richmond Hill, NY 11418 |
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Tel. No.: |
1-718-849-2030 |
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Fax No.: |
1-718-849-2286 |
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E-Mail : |
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Factory 1 : |
20th Mile
Jatheri Road, P. O. Rai Sonepat, Haryana, India |
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Tel. No.: |
91-130-2368060 /
2368063 / 2368080 |
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Fax No.: |
91-130-2368061 |
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Area : |
1,72,223 sq.fts. |
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Location : |
Industrial –
Owned |
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Branches : |
Located at :- P. O. Box No.7150,
IPHO, New Delhi – 110 002 |
DIRECTORS
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Name : |
Mr. Rajendra
Kumar Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, Delhi – 110 007 |
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Date of Birth: |
02.11.1950 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
19.08.1992 |
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Other Directorships : |
Kanodia Hosiery Mills Private Limited, India |
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Name : |
Mr. Vinay Kanodia
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, Delhi – 110 007 |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
19.08.1992 |
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Name : |
Mr. Ajay Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, Delhi – 110 007 |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
19.08.1992 |
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Name : |
Mr. Arun Gupta |
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Designation : |
Director |
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Address : |
Inden Birken, 152
– S, 5600 Wuppertally – I, Germany |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
10.01.1994 |
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Name : |
Mrs. Liva Gupta |
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Designation : |
Director |
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Address : |
Inden Birken, 152
– S, 5600 Wuppertally – I, Germany |
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Date of Casing : |
14.08.1999 |
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Date of Appointment : |
10.01.1994 |
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Name : |
Ms. Suman Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, Delhi – 110 007 |
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Date of Birth: |
11.09.1953 |
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Date of
Appointment : |
14.08.1999 |
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Name : |
Mr. Vikram
Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, Delhi – 110 007 |
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Date of Birth: |
01.11.1979 |
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Date of
Appointment : |
14.08.1999 |
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Name : |
Mr. Avinash
Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, Delhi – 110 007 |
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Date of Birth: |
04.01.1982 |
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Date of
Appointment : |
02.06.2000 |
MAJOR SHAREHOLDERS
As on 28.09.2005
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Names of
Shareholders |
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No. of Shares |
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Ms. Shanti Devi
Kanodia |
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10 |
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Mr. Rajender
Kanodia |
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6300 |
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Mr. Suman Kanodia |
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6910 |
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Mr. Vikram
Kanodia |
|
4400 |
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Mr. Avnish
Kanodia |
|
4500 |
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R. K. Kanodia
& Sons (HUF) |
|
250 |
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Kauka Kanodia |
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200 |
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Yadu Mandan Garg |
|
170 |
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Total |
|
22740 |
Equity Share
Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
|
Percentage |
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Directors or relatives
of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of a wide range of disposable surgical products. |
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Products : |
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Brand Names : |
“RIBBEL” |
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Exports to : |
·
Argentina ·
Brazil ·
Canada ·
Germany ·
Holland ·
Italy ·
Mexico ·
Middle East ·
Portugal ·
South Korea ·
Malaysia ·
Singapore ·
New Zealand ·
Vietnam ·
Moscow ·
Sri Lanka ·
Turkey ·
Argentina ·
Russia ·
South East
Asia ·
USA ·
UK |
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Imports from : |
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PRODUCTION
STATUS
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Particulars |
Unit
|
Installed Capacity |
Actual Production |
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Surgical Blades |
Million per annum |
48.50 |
28.03 |
GENERAL INFORMATION
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Suppliers : |
v
The Leader
Pack, Portugal v
A. B.
Sandvik, SE-811 81 Sanviken, Sweden v
Kaltband Ag,
Cold Rolling Mill, CH-5734 Reinach, Switzerland v
Branopack
GmbH, Industriestrasse 5-7, 65760 Eschbotn, Germany v
Tata SSL
Limited, 307, Vikram Tower, Rajendra Place, New Delhi-110008 v
The Klamer Group
Inc, Japan v
Orient
Abrasivs Limited, India v
Sterling
Abrasive Limited, India |
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Customers : |
v
Kapish
Enterprises, Patna, India v
PMH Product,
Portugal v
Znc Inc,
U.S.A. v
Ugur
Medical, Turkey |
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Gopal Mittal adn
Associates Chartered
Accountants |
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Address: |
301-302, 3rd
Floor, 79 Shyam Lal Marg, Daryaganj, New Delhi-110002, India |
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Tel. No.: |
91-11-23282206 /
23285390 |
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Associates/Subsidiaries : |
Ø
Kanodia
Flour Mills Private Limited Ø
Shanti Paper
and Machines Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,740 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.274 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 |
2.274 |
2.274 |
2.274 |
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2] Share Application Money |
0.736 |
0.736 |
0.736 |
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3] Reserves & Surplus |
33.817 |
33.288 |
30.662 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.827 |
36.298 |
33.672 |
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LOAN FUNDS |
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1] Secured Loans |
40.938 |
10.127 |
13.377 |
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2] Unsecured Loans |
4.235 |
2.153 |
2.584 |
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TOTAL BORROWING |
45.173 |
12.280 |
15.961 |
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DEFERRED TAX LIABILITIES |
2.636 |
2.676 |
2.664 |
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TOTAL |
84.636 |
51.254 |
52.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.040 |
24.034 |
29.351 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
16.950
|
9.468
|
15.577
|
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Sundry Debtors |
9.697
|
10.364
|
11.933
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Cash & Bank Balances |
4.697
|
5.586
|
1.982
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
21.055
|
17.578
|
4.472
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Total Current Assets |
52.399
|
42.996
|
33.964 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
30.723
|
12.334
|
11.018 |
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Provisions |
2.535
|
3.442
|
0.000 |
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Total Current Liabilities |
33.258
|
15.776
|
11.018 |
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Net Current Assets |
19.141
|
27.22
|
22.946 |
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MISCELLANEOUS EXPENSES |
1.455 |
0.000 |
0.000 |
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TOTAL |
84.636 |
51.254 |
52.297 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
59.129 |
81.818 |
56.616 |
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Other Income |
0.397 |
5.728 |
1.208 |
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Total Income |
59.526 |
87.546 |
57.824 |
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Profit/(Loss) Before Tax |
0.312 |
5.777 |
2.016 |
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Provision for Taxation |
0.511 |
2.302 |
0.484 |
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Profit/(Loss) After Tax |
[0.199] |
3.475 |
1.532 |
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Earnings in Foreign Currency : |
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Export Earnings |
48.693 |
66.870 |
NA |
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Imports : |
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Raw Materials |
0.000 |
NA |
NA |
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Stores & Spares |
0.000 |
20.425 |
18.527 |
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Total Imports |
0.000 |
20.425 |
18.257 |
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Expenditures : |
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Raw Material Consumed |
15.099 |
16.956 |
12.468 |
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Purchases made for re-sale |
5.679 |
6.854 |
1.887 |
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Consumption of stores and spares parts |
9.822 |
20.425 |
18.527 |
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Increase/(Decrease) in Finished Goods |
0.987 |
4.329 |
[1.465] |
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Salaries, Wages, Bonus, etc. |
4.988 |
4.482 |
3.519 |
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Managerial Remuneration |
0.612 |
0.612 |
0.6120 |
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Payment to Auditors |
0.053 |
0.056 |
0.055 |
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Interest |
2.429 |
1.665 |
1.968 |
|
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Insurance Expenses |
0.053 |
0.119 |
0.091 |
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Power & Fuel |
4.672 |
5.069 |
3.588 |
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Depreciation & Amortization |
2.100 |
1.970 |
1.757 |
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Other Expenditure |
12.710 |
19.232 |
12.801 |
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Total Expenditure |
59.214 |
81.769 |
55.808 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[0.33]
|
3.96
|
2.64
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
7.06
|
3.56
|
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Return on Total
Assets (PBT/Total Assets} |
(%) |
0.27
|
13.43
|
5.93
|
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Return on
Investment (ROI) (PBT/Networth) |
|
0.008
|
0.15
|
0.05
|
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Debt Equity Ratio (Total
Liability/Networth) |
|
2.13
|
0.43
|
0.32
|
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Current Ratio (Current
Asset/Current Liability) |
|
1.58
|
2.72
|
3.08 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject has been
accredited by ISO 9001 certification by DNV (Det Norske Veritas) of Rotterdam,
Holland EN 46002 certification and allowed to use the CE mark on products certified
by DNV (Det Norske Veritas) Norway, under the medical device directive
93/42/EEC, the products are also registered with FDA in USA, BIS in India, MOH
in Russia and TGA in Australia.
Bankers Charges
Report as per Registry
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Union Bank of
India 26/3, East Patel Nagar, New Delhi –
110008, Delhi, India Email : webmaster@unionbankofindia.com |
|
Nature or description of the instrument creating charge |
Term loan agreement – hypothecation of movable [SD –19] |
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Date of the instrument creating charge |
07.08.2006 |
|
Amount Secure by the charge |
Rs. 10.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
FDBP / FUDBP [L/C and / or order] 120 days DA against the goods covered by bills with the interest @ Usual for PCL and with the margin Nil. |
|
Description of the property charge whether it is a charge on |
Others |
|
Particulars of the Property charged |
Flat No – 4/2 at 1st Floor, Roop Nagar, Sh. Rajinder Kumar Kanodia Plot No. 10 & 11, Sector, SIDCUL, Ranipur, Haridwar, Ribbel International Limited Plant and Machinery Unit – I, At Soneat Ribbel International Limited Property no Khasta No. 16-24, 25, 25/2, 30-4/1/2 % 5/1, Snepat Industrial Area, Sonepat Haryana – India The name of Modern Straw Mills Private Limited |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10018161 |
|
Corporate
identity number of the company |
U74899DL1992PLC050010 |
|
Name of the
company |
RIBBEL INTERNATIONAL LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
5A/4A, Ansari Road, Darya Ganj, New Delhi 110 002, India |
|
Type of charge |
Others Immovable
Property Floating Charge |
|
Particular of
charge holder |
Union Bank of India,
26/3, East Patel Nagar, New Delhi – 110008, Delhi, India |
|
Nature of
description of the instrument creating or modifying the charge |
Trust Receipts
AD-06 |
|
Date of
instrument Creating the charge |
26.03.2008 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @Usual or such
other rates as may be prescribed by the bank from time to time. Terms of
Repayment Repayable on demand
with interest thereon. Margin @10% Extent and
Operation of the charge Import L/C
(sight) was secured against the goods covering import of required material
under L/C |
|
Short particulars
of the property charged |
|
|
Particulars of
the present modification |
LC Limit has been
reduced from Rs. 10.000 Millions to Rs. 5.000 Millions |
Fixed
Assets
Ø
Land
Ø
Building
Ø
Plant and
Machinery
Ø
Die and Tools
Ø
Electrical
Goods
Ø
Furniture
Ø
Office
Equipments
Ø
Vehicles
Ø
Computer
Ø
UPS
Ø
Neon Sign
Boards
Ø
Water Tank
Ø
Generator
Ø
Cellular Phone
Ø
Road
Ø
Room A. C.
Ø
Refrigerator
Ø
Split A. C.
Ø
Georgia
Vending
Ø
Hydraulic
Pallet
Ø
CC TV
Profile
Ribbel International Limited is an ISO 9001 certified company
manufacturing a wide range of disposable surgical products using high quality raw
materials and state of the art manufacturing process, under a stringent quality
control and sterile environment. Since their product plays a critical role in
the demanding field of surgery, their primary objective is to manufacture
products that meet strictest hygienic standards. As an affirmation of their
standards, surgeons is more than 85 countries world wide, including Argentina,
Brazil, Canada, Germany, Holland, Italy, Mexico, Middle East, Portugal, Russia,
South East Asia, U.S.A, U.K, with great trust, are using Ribbel's blades
The Ribbel product portfolio includes surgical blades made of high
carbon steel and fine stainless steel, disposable scalpels, thump scalpels,
stitch, cutters, post-mortem knives, skin graft blades, blood lancets, blade removers,
disposable biopsy punch, other disposable & surgical instruments. These are
made with Swiss Carbon Steel, Stainless Steel from Sweden & other raw
materials from Germany & U.K. Their products are sterilized by Gamma
Radiation at a minimum dosage of 2.5 m. Rads or 25 KGy, with sterility
guaranteed for 5 years, as long as the packing remains unbroken.
All Ribbel standard fitting surgical blades and scalpels are produced in
accordance with BS 2982 1992 / ISO 7740 1985 / EN 27740 1992. They have been accredited
by ISO 13485 and are allowed to use the CE mark on their products, under the
Medical Device Directive 93 / 42 EEC. They have IOS 9001 certification by DNV (
Det Norske Veritas) Norway. Their products are also registered in USA, BIS in
India, MOH in Russia and TGA in Australia.
Ribbel has made a significant contribution by providing excellent
services to the fraternity of Medice which is the most demanding environment.
Entrusted with the confidence od the eminent Surgeons, who have dedicated their
lives to nurture mankind, they have undoubtedly become the leading market
players in the industry. Their products are trustworthy and have been grounded
on the substratum of invaluable inputs made by the team of scientists that
Research & Development professional's endeavor extensive expertise with
latest technology to build the surgeon faith, safety and demand worldwide.
Awards & Achievements
Subject is
accredited with an ISO 9002, certified by DNV (Det Norske Veritas) Rotterdam, Holland.
The CE Marking on all its surgical blades is certified by DNV (Det Norske
Veritas), Norway. With such credentials, the company’s surgical blades have
earned the trust of surgeons, worldwide. The company within a short span of
time has developed an entire range of new products, i.e., blood lancets, skin
grafting blades, blade removers, and post-mortem knife blades. All set to
expand its horizons further, the company is looking towards developing
industrial blades, in addition to surgical blades.
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.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|