MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RAVIRAJ FOILS LIMITED |
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Registered Office : |
Survey No. 169, P O Chharodi, Sanand Viramgam Highway, Sanand – 382
170, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.04.1996 |
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Com. Reg. No.: |
029467 |
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CIN No.: [Company
Identification No.] |
U27203GJ1996PLC029467 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00249E |
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PAN No.: [Permanent
Account No.] |
AAACR7333J |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Blister Foil, Strip Pack
Foil, Lidding Foil, Lidding Foil, Cigarette Foil, Triple Laminate for packaging,
Four Ply packaging, Cable Wrap, Tagger Foil, House Foil |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. The
company has good amount of accumulated losses. Payments are reported as slow
but correct. The company can be considered good for small to mediocre business
dealings initially. |
LOCATIONS
|
Registered Office : |
Survey No. 169, P O Chharodi, Sanand Viramgam Highway, Sanand – 382
170, Gujarat, India |
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Tel. No.: |
91-2717-273306 / 273307 / 273308 |
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Fax No.: |
91-2717-273263 |
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E-Mail : |
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Website : |
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Corporate Office : |
702, ‘SAFFRON’, 7th Floor, Ambavadi, Ahmedabad – 380 006,
India |
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Tel. No.: |
91-79-26468639, 26468640 |
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Fax No.: |
91-79-26566144 |
DIRECTORS
|
Name : |
Mr. Ravubha B. Vaghela |
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Designation : |
Director |
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Address : |
“SHIVAM Bunglow, Sanand, Dist: Ahmedabad |
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Date of Birth/Age : |
15.08.1944 |
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Date of Appointment : |
Since Incorporation |
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Name : |
Mr. Jaydipsinh Vaghela |
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Designation : |
Managing Director |
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Address : |
“SHIVAM Bunglow, Sanand, Dist: Ahmedabad |
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Date of Birth/Age : |
24.07.1968 |
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Date of Appointment : |
Since Incorporation |
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Name : |
Mr. Rajendrasinh R. Vaghela |
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Designation : |
Director |
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Address : |
“SHIVAM Bunglow, Sanand, Dist: Ahmedabad |
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Date of Birth/Age : |
17.11.1970 |
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Date of Appointment : |
Since Incorporation |
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Name : |
Mr. Dilipbhai Ratilal Patel |
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Designation : |
Director |
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Address : |
Udyog Bhavan, Sector 11, Gandhinagar – 382 001 |
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Date of Birth/Age : |
23.08.1948 |
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Date of Appointment : |
30.07.1999 |
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Name : |
Mr. Ramesh Natwarlal Barot |
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Designation : |
Director |
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Address : |
Udyog Bhavan, Sector 11, Gandhinagar – 382 001 |
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Date of Birth/Age : |
11.08.1959 |
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Date of Appointment : |
16.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Jaydipsinh Vaghela |
1250000 |
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Rajendrasinh R. Vaghela |
1089000 |
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Ravubha B. Vaghela |
1878800 |
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Induben R. Vaghela |
147900 |
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Rekhaben R. Vaghela |
288100 |
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Rakshaben J. Vaghela |
145300 |
|
Ayub Husenbhai Mir |
1100 |
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Bapalal H Vaghela |
25000 |
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Ijmatkhan J Khan Pathan |
20000 |
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Jatubha D Vaghela |
20000 |
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Jayendrasinh V Chudasama |
7500 |
|
Kalabhai P Solanki |
20000 |
|
Merubha L Vaghela |
20000 |
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Rajendrasinh B Chauhan |
15000 |
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Vanrajsinh D Vaghela |
12500 |
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Vikramsinh D vaghela |
10000 |
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Total |
4950200 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Blister Foil, Strip Pack
Foil, Lidding Foil, Lidding Foil, Cigarette Foil, Triple Laminate for
packaging, Four Ply packaging, Cable Wrap, Tagger Foil, House Foil |
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Products : |
Light Gauge Foil: 7, 8, 9 and 12 micron Medium Gauge Foil: 15-50 micron Heavy Guage Foil: 60-200 micron Tagger Foil: 50-100 micron AC fins stock Foil: 100-130 micron Web Stock Foil: 15, 20, 30 and 40 micron Pharma Foil: 25, 30 and 40 micron poly laminated foil Printed Pharma Foil: 5 colours Blister Pack Foil: 20 and 25 micron Printed Blister Pack Foil: 5 colours Poly-Al Tape for Jelly-filled Telecom. Cables Lidding Foil: Plain and printed 30-38 and 40 microns Cigarette Foil: Plain and Coated House Foil |
GENERAL
INFORMATION
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Bankers : |
Dena Bank Ashram Road, Ahmedabad – 380 009, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
G. K. Choski and Co. Chartered Accountants “Madhuban”, Nr. Madalpur Underbridge, Ellisbridge, Ahmedabad - 380 006,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity |
Rs. 10/- each |
Rs. 50.000 Millions |
|
3360000 |
Preference |
Rs. 10/- each |
Rs. 33.600 Millions |
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Total |
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Rs. 83.600
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4950200 |
Equity |
Rs. 10/- each |
Rs. 49.502
Millions |
|
3360000 |
Preference |
Rs. 10/- each |
Rs. 33.600
Millions |
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Total |
|
83.102 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 |
83.102 |
83.102 |
79.502 |
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2] Share Application Money |
0.000 |
0.000 |
0.440 |
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3] Reserves & Surplus |
10.000 |
10.000 |
10.000 |
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4] (Accumulated Losses) |
(98.663) |
(101.325) |
(108.837) |
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NETWORTH |
(5.561) |
(8.223) |
(18.895) |
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LOAN FUNDS |
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1] Secured Loans |
98.625 |
84.704 |
103.435 |
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2] Unsecured Loans |
39.339 |
33.248 |
44.318 |
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TOTAL BORROWING |
137.964 |
117.952 |
147.753 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
132.403 |
109.729 |
128.858 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
115.074 |
129.082 |
142.807 |
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Capital work-in-progress |
7.476 |
7.345 |
7.531 |
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INVESTMENT |
0.040 |
0.040 |
0.040 |
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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 |
61.078
|
44.245 |
39.029 |
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Sundry Debtors |
65.695
|
81.635 |
123.588 |
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Cash & Bank Balances |
7.553
|
10.201 |
8.460 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.261
|
12.449 |
15.090 |
|
Total
Current Assets |
148.587
|
148.530 |
186.167 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
138.075
|
175.777 |
208.924 |
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Provisions |
0.858
|
0.189 |
0.001 |
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Total
Current Liabilities |
138.933
|
175.966 |
208.925 |
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Net Current Assets |
9.654
|
(27.436) |
(22.758) |
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MISCELLANEOUS EXPENSES |
0.159 |
0.698 |
1.238 |
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TOTAL |
132.403 |
109.729 |
128.858 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
403.058 |
408.253 |
362.628 |
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Other Income |
7.372 |
8.032 |
59.447 |
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Total Income |
410.430 |
416.285 |
422.075 |
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Profit/(Loss) Before Tax |
2.730 |
7.700 |
41.985 |
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Provision for Taxation |
0.068 |
0.188 |
0.000 |
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Profit/(Loss) After Tax |
2.662 |
7.512 |
41.985 |
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Earnings in Foreign Currency : |
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Export Earnings |
42.909 |
56.235 |
35.664 |
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Total Earnings |
42.909 |
56.235 |
35.664 |
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Expenditures : |
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Raw Material Consumed |
329.020 |
332.755 |
298.251 |
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Purchases made for re-sale |
25.427 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
4.599 |
5.617 |
4.410 |
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Increase/(Decrease) in Finished Goods |
(18.405) |
(4.075) |
3.899 |
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Salaries, Wages, Bonus, etc. |
10.303 |
11.790 |
11.940 |
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Payment to Auditors |
0.085 |
0.085 |
0.060 |
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Interest |
14.200 |
13.418 |
14.392 |
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Insurance Expenses |
0.722 |
1.031 |
1.096 |
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Power & Fuel |
14.470 |
17.479 |
15.681 |
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Depreciation & Amortization |
14.050 |
14.090 |
14.243 |
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Other Expenditure |
13.229 |
16.395 |
16.118 |
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Total Expenditure |
407.700 |
408.585 |
380.090 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.65
|
1.80 |
9.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.68
|
1.87 |
11.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
2.77 |
12.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.49)
|
(0.94) |
(2.22) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(49.79)
|
(35.74) |
(18.88) |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
0.84 |
0.89 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
RAVIRAJ FOILS LIMITED |
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Presented By |
Shri Ravubha B.
Vaghela, Director |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation (Book Debts) Dated 31.03.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
millions (Rupees Five Millions only) |
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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
over entire tangible movable assets like all present and future book debts of
the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Repayment on
Demand ·
Interest @
4% over DBPLR plus ·
Interest tax |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Ashram Road
Branch, Ahmedabad – 380 009, Gujarat, India |
|
6) Date and brief description of instrument modifying the charge |
Supplementary
Agreement of Hypothecation against goods, books, debts and other movable
assets to secure additional / further multiple facilities Dated 31.12.2004 |
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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. |
The said hypothecated
assets has now been secured for an Aggregate advance / credit facilities of
Rs. 102.961 millions in the manner mentioned in the said Supplementary
Agreement of Hypothecation dated 31.12.2004. |
|
Corporate identity
number (CIN) Foreign company registration number |
U27203GJ1996PLC029467 |
|
Name of the
Company |
RAVIRAJ FOILS
LIMITED |
|
Address |
Survey No. 169, P O Chharodi, Sanand Viramgam Highway, Sanand – 382
170, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
·
Immovable
property ·
Book Debts ·
Movable
property |
|
Particulars of
the charge holder |
Dena Bank Ashram Road,
Ahmedabad – 380 009, Gujarat, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Memorandum of
Entry |
|
Date of the
instrument creating or modifying the charge |
22.11.2007 |
|
Amount secured by
the charge |
Rs. 100.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate of
Interest Interest as may be prescribed by the Bank from time to time. ·
Terms of
repayment Repayment on Demand ·
Margin L/C: 1st Rs.50.00 millions @10% 2nd Rs.50.00
millions @25% ·
Extent and
operation of the charge First and single charge |
|
Short particulars
of the property charged (including location of the property) |
As detailed in
the Memorandum of Entry |
|
Particular of the
present modification |
Vide the present
modification, the aggregate limits enjoyed by the Company are reduced to Rs.
100.000 millions as detailed in the Ninth Schedule to the Memorandum of
Entry. Further, the properties mentioned at Part IIA and Part IIB of the
Seventh Schedule to the MOE dated 22.03.2007 are released and additional
property mentioned at Schedule Eight to the MOE dated 22.11.2007 is provided
as security by the Guarantor, Satyam Reality Developers Private Limited. |
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 focuxses 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.42.86 |
|
UK Pound |
1 |
Rs.83.58 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
32 |
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 |
|