MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
RANOSON SPRINGS PRIVATE LIMITED |
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Registered Office : |
1/39 Old Rajinder Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.06.1988 |
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Com. Reg. No.: |
55-32220 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC032220 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTR00871D |
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PAN No.: [Permanent
Account No.] |
AAACR2295R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Coiled
Springs of Tension, Compression and Torsion category. |
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 50325 |
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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 experience 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. |
LOCATIONS
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Registered Office : |
1/39 Old Rajinder Nagar, |
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Mobile No.: |
91-9971494611 / 9971494606 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-37, Sector-57, Noida -
201301, |
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Tel. No.: |
91-120-4327701 / 02 / 03 |
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Fax No.: |
91-120-2581337 |
DIRECTORS
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Name : |
Mr. Sunil Kumar Ranotra |
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Designation : |
Whole Time Director (Finance and Marketing) |
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Address : |
B – 229, Sector – 50, Gautam Budh Nagar, Noida – 201301, |
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Date of Birth/Age : |
27.12.1955 |
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Date of Appointment : |
24.06.1988 |
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Name : |
Mr. Anil Prakash Ranotra |
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Designation : |
Whole Time Director (Technical) |
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Address : |
H – 33, Sector – 11, Gautam Budh Nagar, Noida – 201301, |
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Date of Birth/Age : |
26.03.1953 |
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Date of Appointment : |
24.06.1988 |
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Name : |
Mr. Ashwani Kumar Ranotra |
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Designation : |
Whole Time Director |
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Address : |
H – 33, Sector – 11, Gautam Budh Nagar, Noida – 201301, |
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Date of Birth/Age : |
05.10.1950 |
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Date of Appointment : |
24.06.1988 |
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Name : |
Mr. Hans Raj Ranotra |
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Designation : |
Director |
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Address : |
H – 33, Sector – 11, Gautam Budh Nagar, Noida – 201301, |
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Date of Birth/Age : |
04.11.1915 |
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Date of Appointment : |
24.06.1988 |
KEY EXECUTIVES
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Name : |
P & G Associates |
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Designation : |
Company Secretary |
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Address : |
8 A / 38, WEA, Karol Bagh, |
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Tel No. : |
91-9810167436 |
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Name : |
Mr. I. P. S. Ahluwalia |
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Designation : |
General Manager |
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Name : |
Mr. Narendra K. Negi |
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Designation : |
Marketing Manager |
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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Sunil Kumar Ranotra |
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5191 |
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Anil Prakash Ranotra |
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5211 |
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Hans Raj Ranotra |
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5061 |
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Ashwani Kumar Ranotra |
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2572 |
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Jai Kaur Ranotra |
|
560 |
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Renu Ranotra |
|
3800 |
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Savita Ranotra |
|
3750 |
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Sushma Ranotra |
|
1100 |
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Bhim Sen |
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175 |
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Shanta Razdan |
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160 |
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Yogesh Kumar Sethi |
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100 |
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Sandhya Khoat |
|
250 |
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Gurender Singh Ghai |
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200 |
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Nawaljit Kaur |
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300 |
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Nita Chadda |
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200 |
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Prathit Ranotra |
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10 |
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Arpit Ranotra |
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10 |
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Anurag Ranotra |
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10 |
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Vishakh Ranotra |
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10 |
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Preeti Ranotra |
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10 |
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Aditi Ranotra |
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10 |
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Geeta Ranotra |
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10 |
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Total |
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28700 |
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Equity Share
Breakup |
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Category (As on
31.03.2007) |
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Percentage of
Holding |
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Directors or relatives of directors |
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95.00 |
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Other top fifty shareholders |
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5.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Coiled
Springs of Tension, Compression and Torsion category. |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Compression Springs |
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146884045 |
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Torison Springs |
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32114787 |
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Tension Springs |
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2521252 |
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Wire Form |
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80106 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
175 |
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Bankers : |
Sector – 26, Noida,
Jeevan Vihar, 3 Sansad
Marg, |
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Banking Relations : |
Satisfactory |
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Auditors : |
V. K. Arora and Associates |
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Name : |
Chartered Accountant |
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Address : |
245 A Sant Nagar, |
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Memberships : |
EEPC and NOIDA Manufacturers Association |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28700 |
Equity Shares |
Rs. 100/- each |
Rs. 2.870 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.870 |
2.870 |
2.870 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.598 |
7.195 |
5.532 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.468 |
10.065 |
8.402 |
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LOAN FUNDS |
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1] Secured Loans |
14.163 |
13.966 |
10.780 |
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2] Unsecured Loans |
2.717 |
2.443 |
3.363 |
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TOTAL BORROWING |
16.88 |
16.409 |
14.143 |
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DEFERRED TAX LIABILITIES |
1.923 |
1.816 |
1.847 |
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TOTAL |
30.271 |
28.290 |
24.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.148 |
17.240 |
15.835 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
7.765
|
5.082 |
5.032 |
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Sundry Debtors |
9.474
|
7.973 |
6.479 |
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Cash & Bank Balances |
0.290
|
0.283 |
0.340 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.766
|
1.651 |
1.791 |
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Total
Current Assets |
19.295
|
14.989 |
13.642 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.172
|
3.246 |
4.481 |
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Provisions |
0.000
|
0.693 |
0.604 |
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Total
Current Liabilities |
6.172
|
3.939 |
5.085 |
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Net Current Assets |
13.123
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11.050 |
8.557 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.271 |
28.290 |
24.392 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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40.214 |
34.989 |
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Profit/(Loss) Before Tax |
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2.281 |
2.407 |
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Provision for Taxation |
|
0.768 |
0.744 |
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Profit/(Loss) After Tax |
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1.513 |
1.663 |
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Expenditures : |
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Depreciation & Amortization |
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0.000 |
0.993 |
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Other Expenditure |
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0.000 |
31.589 |
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Total Expenditure |
|
37.933 |
32.582 |
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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 |
(%) |
3.8
|
4.75 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.7
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6.88 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.1
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7.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.2
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0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.52
|
0.39 |
2.29 |
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Current Ratio (Current Asset/Current Liability) |
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3.12
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3.81 |
2.68 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
RANOSON SPRINGS
PRIVATE LIMITED |
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Presented By |
Corporation
Bank, Sector – 26, Noida |
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1) Date and description of instrument creating the change |
Memorandum of
Deposit of title deeds Dated 23.06.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 17.355
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 |
Equitable
mortgage by memorandum of deposit of title deeds in respect of company’s immovable
properties on industrial Plot No.40situated in Block – C, Sector – 81, Noida
total area of 1950 Sq.mtrs. Dully attested by Noida authority bounded as
under:
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above
equitable mortgage is to collaterally secure various credit facilities
granted to the company. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Sector – 26,
Noida |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10059196 |
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Corporate identity
number of the company |
U74899DL1988PTC032220 |
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Name of the
company |
RANOSON SPRINGS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
1/39, Old
Rajinder Nagar, |
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Type of charge |
§
Immovable
Property §
Book
Debts §
Movable
Property(not being plege) §
Others |
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Particular of
charge holder |
Citi Bank N.A.,
Jeevan Vihar, 3 Sansad Marg, E-Mail Id: vvlaxman@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
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Date of instrument
Creating the charge |
24.03.2008 |
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Amount secured by
the charge |
9.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As defined in the
agreement enclosed with the form 8 Terms of
Repayment Repayable on
demand other terms governed by the agreement enclosed with the form 8 Margin Governed by the
agreement enclosed with the form 8 Extent and
Operation of the charge
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
20.06.2007 |
As Per
Website
Subject was
established in the year 1980 as
a manufacturer, exporter and importer and wholesale supplier in the field of
springs of 0.3 MM to 5 MM Diameter Wire and Flat Sections of Equivalent Sizes. Subject is a manufacturer of Coiled Springs of Tension, Compression and
Torsion category. The company's rich experience of 20 years helped it to bag tremendous
appreciation and accolade from various National and International clients.
Subject manufacture Wire
Forms for any Engineering use. They can supply Wire Springs in Steel,
Stainless Steel, Bronze, Aluminum - Plated/Unplated Type. They are capable of
supplying 0.2 MM to 5 MM Diameters of Wire Springs. Their manufactured Coiled Springs of Tension, Compression and
Torsion category are very much popular in National and International
Markets.
They try to achieve nearly zero defect material for their clients. Their well-versed
manufacturing unit is stuffed with the CNC
Machines of latest techniques. Their Tool Room is capable of taking on
global business of Wire Springs of 0.3 MM to 5 MM Diameters to the highest
level. They supply their products to Automotive
Sector, Lock Industries, Sprinklers, Engineering Industries, etc.
They have invested and maintained their infrastructure
equivalent to the best in the world. The highest quality machines, raw
materials and manufacturing processes are imported from world leaders. They use
latest Technology and Machines imported
from
They realise that in a fast paced and hectic world, there is
a tremendous pressure for quality on their customers. They understand their
place in the process from initial concept to the final product, and understand
that to make the projects run smoothly, they must deliver quality Wire Springs.
They can meet customer's stringent requirement of quality
and on-time delivery. To ensure superior quality of Wire Springs, they use
various types of Quality Control
Techniques and Machines, like Tensile Testing Machine, Load Testing
Machines, Load Cells Profile Projector, Life Testing Equipment, Torsion Spring
Machines etc.
They are looking forward to achieve their goal of becoming a
Spring manufacturer of
FIXED ASSETS:
- Air
Conditioner
- Building
- Crates
- Electrical
Fitting
- Fan and
Cooler
- Fire
Extinguisher
- Furniture and
Fixture
- Land
- Motor Car
- Office
Equipments
- Generator
- Plant and
Machinery
- Tools and
Implement
- Computers
- Close Circuit
Camera
- Fridge
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.50.90 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|