MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAHIL FOAM PRIVATE LIMITED |
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Registered Office : |
Survey No. 2B, Survey No. 34, National Highway 8-B, NR Olympic Plastic
Shapar- Veraval, Rajkot-360004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.02.1993 |
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Com. Reg. No.: |
04-18925 |
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CIN No.: [Company
Identification No.] |
U15400GJ1993PTC018925 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR01648D |
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PAN No.: [Permanent
Account No.] |
AAACJ5395A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Expanded Polythylene Foam. |
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 34000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard from market sources. The company can be considered normal for business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Vishal Kagathora |
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Designation : |
Director |
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Contact No.: |
91-9879355055 |
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Date : |
03.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
Survey No. 2B, Survey No. 34, National Highway 8-B, NR Olympic Plastic
Shapar- Veraval, Rajkot-360004, Gujarat, India |
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Tel. No.: |
91-2827-25441/42 |
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Mobile No.: |
91-9879355055 |
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Fax No.: |
91-2827-254443 |
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E-Mail : |
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Website : |
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Area : |
20000 sq.mtr. (Owned) |
DIRECTORS
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Name : |
Mr. Ramesh Khimji Bhalodi |
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Designation : |
Director |
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Address : |
Urmi, Ravi Ratna Chowk, Near Prarthan Apartment, University Road,
Rajkot-360001, Gujarat, India |
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Date of Birth/Age : |
17.10.1953 |
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Date of Appointment : |
09.09.2003 |
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Name : |
Mr. Lalitbhai Karmshibhai Kagathara |
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Designation : |
Director |
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Address : |
Karam, Paras Society, Kalwad Road, Nirmala Conve. Road, Rajkot-360001,
Gujarat, India |
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Date of Birth/Age : |
01.08.1957 |
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Date of Appointment : |
09.09.2003 |
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Name : |
Mr. Kantilal Hansarjbhai Vadalia |
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Designation : |
Director |
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Address : |
Radha Krishna, Flat No. 301, Hari Nagar-1, Behind Sitaram Chhatraly,
Uni Road, Rajkot-360005, Gujarat, India |
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Date of Birth/Age : |
16.05.1967 |
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Date of Appointment : |
21.05.2001 |
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Name : |
Mr. Vimalkumar Rameshchandra Bhalodi |
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Designation : |
Additional Director |
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Address : |
Urmi Ravi Ratna Chowk, Near Prathana Apartments University Road,
Rajkot-360007, Gujarat, India |
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Date of Birth/Age : |
02.10.1977 |
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Date of Appointment : |
24.06.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Sureshbhai Baraiya |
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14500 |
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Kantilal Vadalia |
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24500 |
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Induben Bariya |
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14500 |
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Kiran Kagathara |
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14500 |
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Vishal Kagathara |
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17400 |
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Lalit Kagathara |
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125300 |
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Ilaben Kagathara |
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63200 |
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Ravi Kagathara |
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21400 |
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Chetnaben Vadalia |
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16800 |
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Dipesbha Vdalia |
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19000 |
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Hansaben Vadalia |
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10000 |
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Rameshbhai Bholdi |
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104500 |
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Sitanshu Bhalodi |
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26100 |
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Vimal Bhalodi |
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26100 |
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Ashokbhai Patel |
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14500 |
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Gitaben Patel |
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14500 |
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Maltiben Gadhiya |
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14500 |
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Vadalia Kantilal (HUF) |
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8700 |
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Manganbhai Kagathara |
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40000 |
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Total |
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590000 |
As on 27.03.2007
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List of Allottees |
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No. of Shares Allotted |
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Chetanaben K Vadaliya |
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4000 |
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Ravikuamar L Kagathara |
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4000 |
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Maganlal K Kagathara |
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40000 |
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Kantilal H Kagathara |
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17000 |
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IlabenL Kagathara |
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40000 |
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Lalitkumar K Kagathara |
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105000 |
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Rameshkumar K Bhalodi |
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90000 |
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Total |
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300000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Expanded Polyethylene Foam. |
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Brand Names : |
RHYNO FOAM |
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Exports : |
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Products : |
Expanded Polyethylene Foam |
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Countries : |
Dubai |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Singapore and Qatar |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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EPE Foam Rolls Sheets |
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Mtrs. |
10643556 |
GENERAL
INFORMATION
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Suppliers : |
·
Anil Engineering Company ·
Bhoomi Packaging Private Limited, Rajkot ·
Essen Multipack Private Limited, Rajkot ·
Galaxy Electric Company, Veraval ·
Ganga Enterprises, Veraval ·
H.D Patel ·
K.D Chandarana Company ·
Kamlesh T Desai ·
Major Polypack ·
N N Patel ·
Pasti Blends Limited ·
Prakash Air Courier Private Limited ·
Rachana Chemicals ·
Rajesh K Doshi ·
Re;pgostics |
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Customers : |
Wholesalers ·
Aakash Polyfilms Limited, Surat ·
Abhishek Enterprises, Aurangabad ·
Aortech Private Limited, Shilbabad ·
Ajanta India Limited, Morbi ·
Ajanta India Limited, Ogli (Kala _Amd) ·
Akshay Enterprises, Aurangabad ·
Amardeep Sales, Idar ·
Apaar Packaging Private Limited ·
Arihant Trading Company, Thanghad ·
Arshay Services, Noida ·
Ask Insulators Private Limited, Sarkhej |
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No. of Employees : |
312 (Office 12, Factory 300) |
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Bankers : |
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Bank of India, Pachnath Branch, N.M.G Road, Near G.P.O, Rajkot-360001, Gujarat, India ·
ICICI Bank ·
HDFC Bank Limited |
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Facilities : |
CC and OD Rs. 90.000 Millions
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B V Zalawadia Chartered Accountant |
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Address : |
617, Star Plaza, 6th Floor, Phulchhab Chowk, Rajkot-360001,
Gujarat, India |
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Name : |
R.K.Doshi and Company Chartered Accountant |
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Address : |
212, Aditya Centre, 2nd Floor, Opposite, Phuchhab Chowk,
Rajkot-360001, Gujarat, India |
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Associates/Subsidiaries : |
·
Rhyno Thermopack Industries Address: Survey No. 34,
Plot No. 2-a, N.H. 8-B, Shapar (Veraval), Rajkot-360002, Gujarat, India Tel No.: 91-2827-253330 Fax No.: 91-2827-254443 E Mail: thermocole@rhynofoam.com Line of
Business: Manufacturer of Expanded Polyethylene Foam ·
Rahil Airbubbles Private Limited Address: Survey No. 34,
Plot No. 5/6, N.H 8-B, Shaper (Verval),Rajkot-360002, Gujarat, India Tel No.: 91-2827-253804/
5 Fax No.: 91-2827-25443 E Mail: airbubble@rhynofoam.com Line of
Business: Manufacturer of Expanded Polyethylene Foam |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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590000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.900
Millions |
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 |
5.900 |
2.900 |
2.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.032 |
0.227 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.632] |
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NETWORTH |
6.932 |
3.127 |
2.268 |
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LOAN FUNDS |
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1] Secured Loans |
36.032 |
24.566 |
13.260 |
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2] Unsecured Loans |
2.293 |
3.786 |
3.316 |
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TOTAL BORROWING |
38.325 |
28.352 |
16.576 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.257 |
31.479 |
18.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.889 |
10.615 |
7.845 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.500 |
1.561 |
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 |
8.722
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3.996 |
2.616 |
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Sundry Debtors |
28.969
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20.094 |
11.699 |
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Cash & Bank Balances |
0.971
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0.743 |
0.131 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.786
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0.735 |
1.599 |
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Total
Current Assets |
40.448
|
25.568 |
16.045 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.066
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5.461 |
5.046 |
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Provisions |
0.514
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0.804 |
0.000 |
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Total
Current Liabilities |
8.580
|
6.265 |
5.046 |
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Net Current Assets |
31.868
|
19.303 |
10.999 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.257 |
31.479 |
18.844 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
78.412 |
69.538 |
37.236 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
78.412 |
69.538 |
37.236 |
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Profit/(Loss) Before Tax |
1.075 |
0.859 |
0.509 |
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Provision for Taxation |
0.270 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.805 |
0.859 |
0.509 |
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Imports : |
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Import Value |
8.119 |
13.936 |
NA |
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Expenditures : |
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Interest |
2.975 |
2.003 |
1.419 |
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Depreciation & Amortization |
1.452 |
1.388 |
1.224 |
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Other Expenditure |
72.910 |
65.280 |
34.084 |
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Total Expenditure |
77.337 |
68.679 |
36.727 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.03
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1.24 |
1.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.37
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1.24 |
1.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.05
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2.37 |
2.13 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.27 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.77
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11.07 |
9.53 |
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Current Ratio (Current Asset/Current Liability) |
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4.71
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4.08 |
3.18 |
LOCAL AGENCY
FURTHER INFORMATION
FUTURE OUTLOOK AND
PROSPECTS:
During the year turnover of the company has increased to Rs. 78.412 Millions
from Rs. 69.538 Millions in the previous year. The same shows arise of 13%
Trade References:
·
Steel Authority of India, Salen
·
Bajaj Industries, Pune
Fixed Assets:
·
Bor Dipwel
·
Computer
·
Electric Fittings
·
EPBX
·
Factory Building
·
Fax
·
Freeze
·
Generator
·
Land
·
Office Equipment
·
Plant and Machinery
·
Tata Indica Car Purchase
Bankers Charges
Report as per Registry
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Name of the company |
RAHIL FOAM PRIVATE LIMITED |
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Presented By |
Mr. Kantilalbhai
H Kadaliya |
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1) Date and description of instrument creating the change |
10.10.2003
Equitable Mortgage of Disposal of title deed of hypothecation of tangible
movable property including stock, bank debts and movable |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million
Hypothecation of Stock Rs. 1.000 Million
Hypothecation of Book Debts Rs. 6.400 Million
Term Loan Total Rs. 8.400
Million |
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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 |
Entire land
building, plant and machinery, book debts, stock of the company at shaper
S.No. 34/P, Plot No. 1 and 2 as detailed in present |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
12.75% p.a. Maintenance of
25% security against paid steels as detailed in agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Pachnath Branch, N.M.G Road, Near G.P.O, Rajkot-360001, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
15.06.2005 Supplemental
Agreement of Hypothecation of increase limit by Rs. 0.500 Million |
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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. |
Additional Rs. 0.500
Million has been advanced in addition to existing limit of Rs. 3.500 Millions
aggregating Rs. 4.000 Millions Total for stock of the company only.
Aggregating Rs. 11.400 Millions |
AS PER WEBSITE
HISTORY
RHYNO was founded in the year 1996 by Mr.
Lalitbhai Kagathara who are the directors of the group. They have vision and
desire to do innovative things in the field of packaging industries.
1996 : Subject started E. P. S. production
under the name of Rhyno Thermopack Industries. The first company to start E. P.
S. production in the region, with state of the art technology to produce wide
range of E. P. S. products with production capacity of 450 MT / annum.
2001 : RHYNO started E. P. S. foam
production under the name of Rahil Foam Private Limited RHYNO is the first
company to start manufacturing high quality E. P. E. foam products in the
Gujarat region, now having state of the art technology and production capacity
of 4000 MT/annum.
PROFILE
RHYNO is a name synonymous to E. P. S. and
E. P. E. in India for the last 10 years. Rhyno group was founded in 1996 by Mr.
Lalitbhai Kagathara.
RHYNO is an active, creative, innovative
and professionally managed family rather than a company, has specialized in
manufacturing E. P. S. sheets, E. P. S. moulds, E. P. E. foam rolls, E. P. E.
foam sheets and Air Bubble Film rolls production.
RHYNO is located at the Shapar (Veraval)
Industrial Zone near the national highway 8-B, Rajkot (Gujarat). The plant area
is spread around 20000 sq. mtrs.
RHYNO is a gathering of experts and
specialists in R adn D, manufacturing and marketing in the field of E. P. S.
sheets E. P. E. foam and Air Bubble Film rolls process line.
DIRECTORS
RHYNO group was founded by Mr. Lalitbhai
Kagathara.
The Company has been expanding business with various
packaging products under the strong vision and guideline from the directors.
Mr. Lalitbhai is very experienced professionals in the
field of E. P. S., E. P. E. and Air Bubble Film process. They have experience
of more than 15 years in this field. By their vision 'RHYNO' is developing
various packaging products step by step.
The company is committed to meet the E. P. S. sheet/mould,
E. P. E. foam roll/sheet and Air Bubble Film requirements from plastic
packaging industries ranging from large scale multinationals to small scale
industries by offering innovative packaging products, zero defect quality
standards, on time delivery, most competitive prices and technical support to
the shop floor level to its valuable customers.
The company was established in 1997. The company is
engaged in manufacturing of E.P. S. sheets and E.P. S. moulds, formally known
as thermocol.
RHYNO THERMOPACK INDUSTRIES has been the leading manufacturer
of E.P. S. Sheets in Gujarat with plant capacity of 450 MT / annum. The
manufacturing plant is situated at Shapar ( Veraval )Industrial Zone Rajkot.
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--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 |
|
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 |
|
|
>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 |
|