MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RMC READY MIX
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Windsor, 7th
Floor, C. S. T. Road, Near Vidyanagari, Kalina, Santacruz [East], Mumbai –
400098, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.07.1996 |
|
|
|
|
Com. Reg. No.: |
11-100741 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26955MH1996PTC100741 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR08075E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACR4938D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of
ready mix concrete. |
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 3000000 |
|
|
|
|
Status : |
Satisfactory – Improving |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company and its financial
position is improving. Trade relations are fair. Business is active. The
company has some accumulated losses. However, in view of the improving profitability
the same are expected to be wiped-off soon. Payments are reported as slow but
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Windsor, 7th
Floor, C. S. T. Road, Near Vidyanagari, Kalina, Santacruz [East], Mumbai –
400098, Maharashtra, India |
|
Tel. No.: |
91-22-26547000 |
|
Fax No.: |
91-22-26547111 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Unit No. 4A,
Nacharam, Hyderabad – 500076, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27159132 /
33 |
|
Fax No.: |
91-40-27153617 |
DIRECTORS
|
Name : |
Mr. Rajan Raheja |
|
Designation : |
Chairman |
|
Address : |
Rahejas 87/1, G B
Marg, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1954 |
|
|
|
|
Name : |
Mr. James Brooks |
|
Designation : |
Director |
|
Address : |
Wayside Grove
Road, Millington, Chester CHI CLQ, United Kingdom |
|
Date of Birth/Age : |
10.06.1948 |
|
|
|
|
Name : |
Mr. Michael Carr |
|
Designation : |
Director |
|
Address : |
7 Loroung Duta DGA
tamon Duta, 50480 Kuala Lumpur, Malaysia – 400014 |
|
Date of Birth/Age : |
26.12.1955 |
|
|
|
|
Name : |
Mr. Vijay
Aggarwal |
|
Designation : |
Director |
|
Address : |
Sterling Diamond
4th Floor, 24 Mount Mary Road, Bandra West, Mumbai – 400050, Maharashtra,
India |
|
Date of Birth/Age : |
08.07.1968 |
|
|
|
|
Name : |
Mr. Akshay Raheja |
|
Designation : |
Director |
|
Address : |
Rahejas 87/1, G B
Marg, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
25.05.1982 |
|
|
|
|
Name : |
Mr. Rajnish
Sacheti |
|
Designation : |
Director |
|
Address : |
27/01 Garden Estate,
Off Glady Alwares Road, Pokhran Road No. 2, Thane 400601, Maharashtra, India |
|
Date of Birth/Age : |
19.07.1963 |
|
|
|
|
Name : |
Mr. Ganesh Kaskar |
|
Designation : |
Director |
|
Address : |
13/801 Garden Estate,
Off Glady Alwares Road, Pokhran Road No. 2, Thane 400601, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1959 |
|
|
|
|
Name : |
Mr. Vinayak
Agarwal |
|
Designation : |
Director |
|
Address : |
502, ‘Gladioli’, Off
Yari Road, Versova, Andheri – West, Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
12.04.1969 |
|
|
|
|
Name : |
Mr. Venugopal M |
|
Designation : |
Director |
|
Address : |
B/13 Vashi Saphalaya
Sector, 9A, Plot 10, Vashi, Navi Mumbai– 400703, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1964 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 25.07.2006)
|
Names of Shareholders |
No. of Shares |
|
Hathway
Investments Private Limited |
41440000 |
|
RMC Group PLC |
1120000 |
|
H and R Johnson
India Limited |
13440000 |
|
Total |
56000000 |
|
Equity Share Breakup (As on 25.07.2006) |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
2.00 |
|
Bodies
corporate |
|
98.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
ready mix concrete. |
GENERAL
INFORMATION
|
Customers : |
·
ITD
Cementation India Limited ·
Simplex
Infrastructures Limited ·
Quality
Construction Company Private Limited |
|
|
|
|
Bankers : |
·
Axis Bank,
BK Commercial Complex ·
HDFC Bank,
Mumbai ·
ING Vysya
Bank Limited Mittal Tower, A Wing, Nariman Point, Mumbai – 400021 ·
Punjab
National Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Financial
Institution : |
Housing Development Finance Corporation Limited Ramon House,
Ground Floor, H. T. Parekh Marg, 169 Backbay, Reclamation, Churchgate, Mumbai
– 400020 |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
252, Veer Savarkar
Marg, Dadar West, Mumbai – 400028, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Hathway
Investments Private Limited CIN No.:
U65990MH1993PTC072713 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
56000000 |
Equity Shares |
Rs. 10/- each |
Rs. 560.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
560.000 |
560.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
90.000 |
90.000 |
|
|
4] (Accumulated Losses) |
|
[27.708] |
[76.484] |
|
|
NETWORTH |
|
622.292 |
573.516 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
772.883 |
244.468 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
772.883 |
244.468 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
1395.175 |
817.984 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1139.488 |
664.578 |
|
|
Capital work-in-progress |
|
115.521 |
55.244 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
27.023 |
59.311 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
56.951 |
37.563 |
|
|
Sundry Debtors |
|
284.453 |
154.415 |
|
|
Cash & Bank Balances |
|
32.061 |
46.151 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
113.530 |
67.408 |
|
Total
Current Assets |
|
486.995
|
305.537 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
363.934 |
262.944 |
|
|
Provisions |
|
11.247 |
6.182 |
|
Total
Current Liabilities |
|
375.181 |
269.126 |
|
|
Net Current Assets |
|
111.814 |
36.411 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
1.329 |
2.440 |
|
|
|
|
|
|
|
|
TOTAL |
|
1395.175 |
817.984 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
Sales Turnover [excluding other
income]
|
|
3272.706 |
1884.200 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
90.866 |
66.800 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
90.866 |
66.800 |
|
|
|
|
|
|
Total Expenditure |
|
3181.840 |
1817.400 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
2.78 |
3.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.78 |
3.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.59 |
6.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.84 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.30 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Saurashtra
Cement Limited
·
Gujarat City
Cement Limited
Form No. 8
|
Name of the company |
RMC READYMIX (INDIA) PRIVATE LIMITED |
|
Presented By |
ING Vyasa Bank Limited, Mumbai |
|
1) Date and description of instrument creating the change |
General
Hypothecation agreement dated 21.01.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000
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 by way
of first charge on the entire stocks consisting of Raw Materials, Work in
Progress, finished goods, Stores and Spares, Book Debts, Receivables
belonging to the company, both present and future. Hypothecation by
way of second charge on the entire movable fixed assets belonging to the
company, including consumable stores and spares, computers, accessories
vehicles, machinery, furniture and fixtures and all other movable assets,
both present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security to
secure CC / WCDL limit of Rs. 30 Millions with a sub limit of Rs. 24 Millions
for WCDL, LC / SBLC / bank Guarantee Limit of Rs. 20.000 Millions together
with interest, costs, expense, charges, commission etc. Interest on cash
Credit shall be at par with IVRR [ING Vysya Bank Reference Rate – Currently
at 11.50 %] p.a. Interest on WCDL shall be at 2.25 % below IVRR Commission on
SBLC / LC / BG shall be as per Bank norms from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank
Limited, Mittal Tower, A Wing, Nariman Point, Mumbai – 400021 |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U26955MH1996PTC100741 |
|
Name of the
company |
RMC READYMIX
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Windsor, 7th
Floor, C. S. T. Road, Near Vidyanagari, Kalina, Santacruz [East], Mumbai – 400098,
Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Standard
Chartered Bank, 90 M G Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Loan cum
Guarantee cum Hypothecation Agreement |
|
Date of
instrument Creating the charge |
01.10.2007 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ABF Term loan –
Interest – At the rate as negotiated and agreed by the Bank. Terms of
Repayment As agreed by and with
the Bank from time to time Margin As applicable, if
any. Extent and
Operation of the charge The bank is
having first and exclusive charge on the security offered by the Borrower. Others The Borrower has
now identified the assets worth Rs. 73.750 Millions |
|
Short particulars
of the property charged |
Secured by way of
an exclusive and first charges by way of hypothecation of the equipment
including body engine, accessories spare parts, tools, substituted parts,
additions, replacements to the same, whether lying loose or fixed to the
equipment and wherever the same may be stored or situated at or lying and
irrespective of whether the same is in Course of transit or otherwise. |
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 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.42.73 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.66.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
|