MIRA
INFORM REPORT
|
Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RAINBOW PACKAGING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
15-B, B/H Trivedi Marble, Changodar Industrial Estate, Sarkhej Bavia
Road, Changodar, Ahmedabad- 382213, Gujarat |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
25.02.1986 |
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Com. Reg. No.: |
04-8506 |
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CIN No.: [Company
Identification No.] |
U25200GJ1986PTC008506 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00242R |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturer of Polyethylene Films |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 140000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Dhanalbhai |
|
Designation : |
Accountant |
|
Contact No.: |
91-9427608279 |
|
Date : |
02.06.2008 |
LOCATIONS
|
Registered Office/ Factory : |
15-B, B/H Trivedi Marble, Changodar Industrial Estate, Sarkhej Bavia
Road, Changodar, Ahmedabad- 382213, Gujarat, India |
|
Tel. No.: |
91-2717-251154/ 251151/ 2/ 3 |
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Mobile No.: |
91-9427608279 |
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Fax No.: |
91-2717-251153 |
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E-Mail : |
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Website : |
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|
Area : |
Owned |
DIRECTORS
|
Name : |
Mr. Rajesh R Markwana |
|
Designation : |
Director |
|
Address : |
8, Satkar Colony, Opposite Niharika Bunglows, Himmatlal Park,
Ahmedabad, Gujarat, India |
|
Date of Appointment : |
28.03.2002 |
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|
|
|
Name : |
Mr. Gautam R Makwana |
|
Designation : |
Director |
|
Address : |
8, Satkar Colony, Opposite Niharika Bunglows, Himmatlal Park,
Ahmedabad, Gujarat, India |
|
Date of Appointment : |
19.04.2004 |
|
|
|
|
Name : |
Mr. Manish Amin |
|
Designation : |
Director |
|
Address : |
474/1, G Road, Sector – 3C, Near Sector 3-4, Bus Stand, Gandhinagar,
Gujarat, India |
|
Date of Appointment : |
04.03.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Dhanalbhai |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Dineshchandra J. Makwana |
|
50 |
|
Charulataben J. Solanki |
|
50 |
|
Babubhai J. Parmar |
|
375 |
|
Mongiben Chimanlal Parmar |
|
500 |
|
Rajeshkumar R. Makwana |
|
15386 |
|
Maniben H. Chauhan |
|
500 |
|
Nivedita M. Chauhan |
|
300 |
|
Kaushalya D. Chauhan |
|
300 |
|
Narendra H. Chauhan |
|
181 |
|
Laxmiben Shamjibhai Parmar |
|
200 |
|
Mohanbhai B. Solanki |
|
249 |
|
Kiritben M. Solanki |
|
1250 |
|
Rameshbhai H. Chauhan |
|
1532 |
|
Lavita M. Makwana |
|
650 |
|
Ushaben J. Parmar |
|
490 |
|
Motiben Pethabhai |
|
500 |
|
Gautambhai R. Makwana |
|
75 |
|
Vidhi G. Makwana |
|
3300 |
|
Sterling Enterprises Limited |
|
1 |
|
Shree Sklark Finance Limited |
|
4389 |
|
Mohanlal Sahyalal Solanki |
|
670 |
|
Shamjibhai Narsinhbhai Parmar |
|
1200 |
|
Laxmiben Shamjibhai Parmar |
|
250 |
|
Jethalal D. Makwala |
|
670 |
|
Manjuben J. Makwana |
|
670 |
|
Natwarlal G. Solanki |
|
650 |
|
Savitaben N. Solanki |
|
650 |
|
Kantilal G. Parmar |
|
325 |
|
Deenaben Bhanuprasad |
|
670 |
|
Arvindhai Lalbhai Teli |
|
15000 |
|
Niraj Shah |
|
1205 |
|
S. B. Fiber Private Limited |
|
17275 |
|
Nimaxiben Makwana |
|
2750 |
|
Jasumatiben N. Chavda |
|
2100 |
|
Total |
|
74363 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate (not mentioned above) |
|
23.23 |
|
Directors or relatives of directors |
|
76.77 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyethylene Films |
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|
|
|
Products : |
Plastic Packaging and Drums |
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Exports : |
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Products : |
Plastic Packaging and Drums |
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Countries : |
|
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Imports : |
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Products : |
Plastic Raw Material |
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Countries : |
Qatar and China |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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|
|
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Purchasing : |
L/C, Cash and Credit (14-30 Days) |
GENERAL
INFORMATION
|
Customers : |
Tender (Government) |
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No. of Employees : |
40 |
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Bankers : |
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Facilities : |
CC Facility |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
M/S Surana Maloo and Company Chartered Accountant |
|
Address : |
Shaival Plaza, Opposite Gujarat College, Ellisbridge,
Ahmedabad-380006, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74363 |
Equity Shares |
Rs. 100/-
each |
7.436
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.436 |
6.749 |
6.749 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.627 |
18.055 |
17.257 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.063 |
24.804 |
24.006 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.419 |
16.463 |
15.123 |
|
|
2] Unsecured Loans |
12.500 |
17.000 |
14.000 |
|
|
TOTAL BORROWING |
31.919 |
33.463 |
29.123 |
|
|
DEFERRED TAX LIABILITIES |
4.969 |
4.762 |
4.413 |
|
|
|
|
|
|
|
|
TOTAL |
65.951 |
63.029 |
57.542 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.512 |
31.819 |
32.728 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.490
|
11.722 |
19.343 |
|
|
Sundry Debtors |
43.751
|
43.004 |
20.645 |
|
|
Cash & Bank Balances |
6.052
|
3.606 |
5.539 |
|
|
Other Current Assets |
0.890
|
0.316 |
0.603 |
|
|
Loans & Advances |
5.307
|
3.086 |
3.828 |
|
Total
Current Assets |
68.490
|
61.734 |
49.958 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
36.867
|
30.458 |
25.063 |
|
|
Provisions |
0.222
|
0.114 |
0.138 |
|
Total
Current Liabilities |
37.089
|
30.572 |
25.201 |
|
|
Net Current Assets |
31.401
|
31.162 |
24.757 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.038 |
0.048 |
0.057 |
|
|
|
|
|
|
|
|
TOTAL |
65.951 |
63.029 |
57.542 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
185.995 |
144.713 |
146.061 |
|
|
Other Income |
0.955 |
4.051 |
4.078 |
|
|
Total Income |
186.950 |
148.764 |
150.139 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.982 |
1.346 |
1.768 |
|
|
Provision for Taxation |
0.472 |
0.548 |
0.872 |
|
|
Profit/(Loss) After Tax |
1.510 |
0.798 |
0.757 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.000 |
0.666 |
3.605 |
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
3.499 |
3.193 |
0.000 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Material |
161.149 |
129.055 |
0.000 |
|
|
Manufacturing Expenses |
10.575 |
8.162 |
0.000 |
|
|
Personnel Expenses |
1.215 |
1.362 |
0.000 |
|
|
Administrative Expenses |
3.316 |
3.064 |
0.000 |
|
|
Financial Charges |
6.686 |
3.849 |
3.158 |
|
|
Depreciation & Amortization |
2.067 |
1.926 |
1.689 |
|
|
Other Expenditure |
31.1907 |
0.000 |
143.524 |
|
Total Expenditure |
216.1987 |
147.418 |
148.371 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.81
|
0.54 |
0.0050 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.07
|
0.93 |
1.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
|
4.32 |
7.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.05 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
1.23 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
2.01 |
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Reliance
Industries Limited, Hazira, Surat
- Overseas
Polymers Private Limited , Mumbai
- Rasendra Chem
Expot Private Limited, Ahmedabad
Bankers Charges
Report as per Registry
|
Name of the company |
RAINBOW
PACKAGING PRIVATE LIMITED |
|
Presented By |
Mr. Rajesh R.
Makwana |
|
1) Date and description of instrument creating the change |
Agreement for
hypothecation of goods and assets Form C2 Dated 25.08.2003. Memorandum of Deposit
for creation of charge for tem loan / Overall Limit Form No. C-9 Dated
25.08.2003 Agreement of Loan
of overall limit form C1 Dated 25.08.203 All agreement
constitute single charges. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
Millions |
|
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, Work-in-progress, finished goods situated 15-B, Changodar
Industrial Estate, Sarkhej-Bavla Highway, Ahmedabad and Equitable Mortgage of
land and Building and Plant and Machinery situated 15-B, Changodar Industiral
Estate, sarkhej-Bavla Highway Ahmedabad. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin Stock 25 % Book Debts 40 % For Inland /
Foreign L/C 15 % Bank Guarantee 15
% Term Loan 45 % Interest 2.10 %
Over SBAR / SBMTLR Repayable on
Demand |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Credit Appraisal
Cell, Commercial Branch, “Paramsiddhi Complex”, Opposite V. S. Hospital,
Ellisbridge, Ahmedabad – 380006 |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
|
This form is for |
Modification of
Charges |
|
Charge
identification number of the charge to be modified |
80002557 |
|
Corporate
identity number of the company |
U25200GJ1986PTC008506 |
|
Name of the
company |
RAINBOW PACKAGING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
15 B, Changodar Industrial Estate, Sarkhej - Bavla Highway, Changodar,
Tal. Sanand, Ahmedabad – 382213, Gujarat |
|
Type of charge |
Immovable Property Book debts Movable property |
|
Particular of
charge holder |
State Bank of
India Credit Appraisal
Cell, Commercial Branch, “Paramsiddhi Complex”, Opposite V. S. Hospital,
Ellisbridge, Ahmedabad – 380006 |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan cum Hypothecation, and Memorandum for recording Extension
of Mortgage by deposit of title deeds
|
|
Date of
instrument Creating the charge |
03.01.2008 |
|
Amount secured by
the charge |
Rs. 92.750
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit: at 75
bps above State Bank Advance Rate (Present effective rate is 13.50%) p.a. at
monthly rests. Existing term loan: No change. New Term Loan at 125 bps above
SBAR (Present effective rate is 13.50%) p.a. at monthly rests. Terms of
Repayment Existing term Loan:
No Change New Term Loan of
Rs. 3.500 Millions is to be rapid in 20 quarterly installments each of Rs.
0.175 Millions each commencing form 30th June 2008 Margin Raw Material : 25
% SIP : 30 % Finished Goods :
30 % Book Debts 25%
(cover Period-90 Days) Letter of Credit
: 15 % Bank Guarantee :
15 % Extent and
operation of the charge Exclusive charge
of State Bank of India, Commercial Branch, Ellisbridge Ahmedabad over the
entire movable and immovable Assets, present and future, of the company by way
of Hypothecation and Equitable Mortgage to secure the repayment of the
principal amount, all interest, cost, charges, expenses and all other monies
payable in respect of various credit facilities to the tune of Rs. 92.750
Millions sanchtioned to the company. Others Interest rate on
term loans is linked to SBAR and the spread shall be reset after every 2
years from the date of original sanction. |
|
Short particulars
of the property charged |
All the movables and
immovable, existing and future, of the company lying and being at plot no
15-B, Chanbgodar industrial Estate, Mouje Changodar, Taluka Sanad, Ahmedabad
in the State of Gujarat and any other place. |
|
Date of latest
modification prior to the present modification |
20.12.2006 |
|
Particulars of
the present modification |
The existing
charge of Rs. 70.750 Millions is further extended and modified to cover the
enhanced / fresh limits of Rs. 92.750 Millions Sanctioned to the company. |
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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
|