MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
RFB LATEX LIMITED |
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Formerly Known As : |
RFB LATEX PRIVATE LIMITED |
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Registered Office : |
K-185, Surya Plaza Sarai Julenna, New Delhi – 110025 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.1989 |
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Com. Reg. No.: |
55-035091 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PLC035091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR09370E |
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PAN No.: [Permanent
Account No.] |
AAACR0195C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Surgical Gloves. |
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 440000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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. Payments are reported as sloe but correct. However, the company can be considered normal for business dealings.
At usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Avinash Revo |
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Designation : |
Personal Secretary of Director |
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Contact No.: |
91-9868439701 |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office : |
K-185, Surya Plaza Sarai Julenna, New Delhi – 110025, India |
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Tel. No.: |
91-11-6822100/ 6831813 |
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Fax No.: |
91-11-6831813 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
78/80 Noida Special Economic Zone, Noida – 201305, Uttar Pradesh,
India |
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Tel. No.: |
91-120-3042261/62/ 2562071 |
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Fax No.: |
91-120-2562071 |
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Email : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Prabhdeep S. Ratra |
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Designation : |
Chairman Cum Managing Director |
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Address : |
A-33, New Friends Colony, New Delhi – 110025, India |
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Date of Birth/Age : |
16.11.1955 |
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Date of Appointment : |
17.02.1989 |
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Name : |
Mr. Kamaldeep S. Rater |
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Designation : |
Director |
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Address : |
A-33, New Friends Colony, New Delhi – 110025, India |
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Date of Birth/Age : |
29.07.1957 |
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Date of Appointment : |
17.02.1989 |
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Name : |
Mr. Paramjit S. kochhar |
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Designation : |
Director |
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Address : |
26 Hemkunt Colony, New Delhi, India |
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Date of Birth/Age : |
25.04.1956 |
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Date of Appointment : |
21.04.1993 |
KEY EXECUTIVES
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Name : |
Mr. Gajendra Singh Butola |
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Designation : |
Company Secretary |
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Address : |
60 Mohamadpur Colony, R K Puram, New Delhi – 11066, India |
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Date of Birth/Age : |
15.11.1954 |
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Date of Appointment : |
01.10.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Prabhdeep S. Ratra |
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282480 |
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Mr. Kamaldeep S. Rater |
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334310 |
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Ratra Fab Bells (Private) Limited |
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614135 |
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Minrock Insulations Company (Private) Limited |
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219685 |
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All Steels Private Limited |
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400250 |
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Mr. P. S. Ratra |
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157055 |
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Mrs. Kavita Ratra |
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105970 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Other) |
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17.00 |
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Bodies Corporate (Not mentioned above) |
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44.00 |
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Directors or relatives of directors |
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39.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Surgical Gloves. |
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Products : |
Products Descriptions:
Gloves Item Code No: 4015
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
400 |
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Bankers : |
NEPZ, Noida – 201305, Uttar Pradesh, India
IDBI Tower, Cuffee Parade, Mumbai – 400005, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jawahar Kalra and Company Chartered Accountant |
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Address : |
Milap Niketan, Bahadurshah Zafar Marg, New Delhi – 110002, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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3766125 |
Equity Shares |
Rs.10/- each |
Rs.37.661
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
37.661 |
37.661 |
37.661 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
50.853 |
44.237 |
56.225 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
88.514 |
81.898 |
93.886 |
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LOAN FUNDS |
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1] Secured Loans |
66.475 |
196.717 |
216.251 |
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2] Unsecured Loans |
25.590 |
6.491 |
6.491 |
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TOTAL BORROWING |
92.065 |
203.208 |
222.742 |
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DEFERRED TAX LIABILITIES |
9.410 |
2.868 |
7.579 |
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TOTAL |
189.989 |
287.974 |
324.207 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.413 |
171.383 |
185.572 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.243 |
0.243 |
0.243 |
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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 |
66.141
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86.427 |
89.982 |
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Sundry Debtors |
77.067
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81.932 |
95.865 |
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Cash & Bank Balances |
3.436
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2.757 |
3.022 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7.138
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21.551 |
6.273 |
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Total
Current Assets |
153.782
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192.667 |
195.142 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
52.935
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73.977 |
54.425 |
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Provisions |
2.514
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2.342 |
2.325 |
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Total
Current Liabilities |
55.449
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76.319 |
56.750 |
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Net Current Assets |
98.333
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116.348 |
138.392 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
189.989 |
287.974 |
324.207 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.67
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3.41 |
2.98 |
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Current Ratio (Current Asset/Current Liability) |
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2.77
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2.52 |
3.44 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Cadence, USA
- Phoenix Lamps Limited, Noida
- Goldwyn, Noida
Form 8:
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Name of the company |
RFB LATEX LIMITED |
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Presented By |
Canara Bank |
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1) Date and description of instrument creating the change |
Agreement
regarding collateral security dated 08.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 Millions |
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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 |
All the goods and
commodities such as raw materials of latex and finished goods or any other
goods acceptable to the Bank Purchased, acquired, received under FDB/FBE (ST)
now lying or hereafter stored at the godowns, yards and premises of the
company or lying at any other place where over. All the book
Debts, outstanding money receivable claims and bills arising out of the sale
disposal of the goods received under said credit facilities which are now due
and owing and which may at any time during the continuance of this security
becomes due and owing to the borrower in the course of its business by this
any persons, fire, company or by the Government or any local body or
authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure FDB/FBE (ST) limit of Rs.5.000 Millions with interests at such rates
may be specified by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
NEPZ, Noida (Uttar Pradesh) |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
History:
Founded in 1989, Subject is ISO 9001 certified company and
is one of the world’s premier producers of Nitrile Industrial Gloves, Latex Flocklined
Household Gloves, Nitrile Flocklined Gloves, Neoprene Gloves and latex and
Nitrile Disposable Gloves. All their resources and efforts are focused on
making the best possible glove for different Household and Industrial
applications.
Subject is totally focused on the customer. Listening to
customers, supplying them when they need the products at the right time and
price-and in the size break-up, colour and type they want-not in what they
would like to produce, investing in world class manufacturing and quality
systems to ensure almost defect free gloves, controlling the quality of the raw
materials, to using the most innovative and high quality packaging, to having a
full fledged Research and Development section to develop new gloves and improvements
/ changes required by customers
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.73 |
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UK Pound |
1 |
Rs.84.38 |
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Euro |
1 |
Rs.66.97 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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