MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
REX SEALING AND PACKING
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Plot No.M-44,MIDC Industrial Area,Taloja,Taluka Panvel,Raigad - 410
208, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
10.08.2005 |
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Com. Reg. No.: |
155252 |
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CIN No.: [Company
Identification No.] |
U28129MH2005PTC155252 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR18969G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Industrial Sealing and Insulation Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 year old concern and in the process of establishing
itself. Company’s first financials are awaited. However, the company had been
successful in obtaining some loans from its bank. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr.Gaurav |
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Designation : |
Manager |
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Contact No.: |
91-9324016677 |
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Date : |
30.08.2008 |
LOCATIONS
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Registered Office /Factory : |
Plot No.M-44,MIDC Industrial Area,Taloja,Taluka Panvel,Raigad - 410
208, Maharashtra , India |
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Tel. No.: |
91-22-27401912 |
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Mobile No.: |
91-9324016677 (Gaurav) /91-9833939379 / 9920044497 / 9869034452 |
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Fax No.: |
91-22-2740238 |
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E-Mail : |
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Website : |
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Area : |
390 Sq.fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Naresh Manjunath Nayak |
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Designation : |
Director |
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Address : |
17, Ram Nam Mansion (Anil Chambers), Cinema Lane, Dhobi Talao, Mumbai
– 400 020, Maharashtra, |
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Date of Birth: |
20.05.1978 |
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Qualification : |
B.E |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mr.Niranjan M.Nayak |
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Designation : |
Director |
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Age : |
31 years |
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Qualification : |
B.E |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON
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Names of Shareholders |
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No. of Shares |
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Mr.Niranjan Manjunath Nayak |
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10000 |
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Mrs.Meeta Nayak |
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10000 |
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Mr.Naresh Nayak |
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10000 |
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Mr.Manjunath Nayak |
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10000 |
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Total |
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40000 |
LIST OF ALLOTTEES
(As on 12.03.2008)
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Names of Allottee |
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No. of Shares |
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Shri.Manjunath Nayak |
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30000 |
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Smt.Meeta Nayak |
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30000 |
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Shri.Niranjan Nayak |
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30000 |
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Shri.Naresh Nayak |
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30000 |
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Total |
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120000 |
AS ON
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Sealing and Insulation
Products |
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Products : |
· Gland Packing · Jointing Sheets · Spiral Wounds · High Temperature Insulation Ropes · Fabrics · Fabric Bellows · De-greasing Chemicals |
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Exports : |
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Products : |
v Industrial
Sealings v Insulation
Product |
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Countries : |
v Nigeria v Middle East v South Africa v West Asia v America |
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Imports : |
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Countries : |
v China v Germany |
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Terms : |
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Selling : |
L/C ,Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
35 (In office 5 + 30 in factory) |
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Bankers : |
· Indian Overseas Bank Address: Kalbadevi Road Branch, Chunilal
Mehta Chambers,15/17 Oval Wadi, Vithalwadi, Kalbadevi Road, Mumbai – 400 002 Email: kalbabr@mummsco.iobnet.co.in
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr.Ajit Pai (A.Pai and Association) Chartered Accountant |
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Mobile No.: |
91-9821549722 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- Each |
Rs.8.000
millions |
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200000 |
Preference Shares |
Rs. 10/- Each |
Rs.2.000
millions |
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Total |
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Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.400 million |
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Total |
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Rs.0.400 million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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75.000 |
Expected Sales (2008-09) : Rs.90.000 millions
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U28129MH2005PTC155252 |
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Name of the company |
REX SEALING AND
PACKING INDUSTRIES PRIVATE LIMITED |
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Address |
Plot No. M - 44, MIDC Industrial Area, Taloja, Taluka Panvel Raigad – 410 208, Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
· Immovable property · Book Debts · Movable property · Floating Charge |
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Particular of the charge holder
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Indian Overseas Bank Address: Kalbadevi Road Branch, Chunilal Mehta Chambers,15/17 Oval
Wadi, Vithalwadi, Kalbadevi Road, Mumbai – 400 002 Email: kalbabr@mummsco.iobnet.co.in
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Nature or description of the instrument creating charge |
Deed of Supplemental Equitable Mortgage
cum Hypothecation |
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Date of the instrument creating charge |
25.05.2007 |
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Amount Secure by the charge |
Rs. 17.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: CC and Term loans: BPLR -1% p.a with monthly rests LC- as per Circulars in force Terms of repayment: · CC and LC shall be repayable on demand · Term loan of Rs. 4.500 millions shall be repayable in 60 monthly installments of Rs. 7500/- each. · Term loan of Rs. 1.500 millions shall be repayable in 60 monthly installments of Rs. 2500/- each Margin: · Stock: 25% · Book Debts: 50% · Term Loan: Machinery :25% · Term Loan – Factory Land and Building :50% · LC (Foreign) :25% Extent and operation of
charge: The charge operate as a security for the due repayment of Credit
facility of Rs. 17.000 millions granted to M./s Rex Industries (Borrower)
together with interest, additional interests, costs, charges, expenses and
all other moneys payable by the said borrower to the bank in terms of
sanction. |
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Short particulars of the property charged |
Mortgage of all that piece and parcel of land known as Plot No.M - 44.
Taloja Industrial Area, Village Pale Khurd, Raigad admeasuring 1000 sq.mtrs.
or thereabout together with the building / structure standing thereon Hypothecation of goods and book debts not exceeding 90 days |
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Name of the
company |
M/s REX SEALING SND PACKING INDUSTRIES
PRIVATE LIMITED |
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Presented
By |
Jointly by
company and charge Holder |
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1) Date and
description of instrument creating the change |
Letter of hypothecation
(For securing Machineries / vehicles goods/ Book debts), Dated 27.12.2005. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash, Credit of
Rs. 2.500 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 |
Hypothecation of
stocks of Raw materials, Works in Process, Finished Goods, Book Debts, Plant
and Machineries
installed and to be installed |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Terms and conditions same as per agreement
attached |
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5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas Bank, Kalbadevi Branch,
Mumbai |
TRADE REFERENCES:
v JINDAL POWER AND STEEL (HOSPET)
v KIRLOSKAR BROTHERS LIMITED ,K.B. (WADI)
v J .S.PAL INDUSTRIES
WEBSITE DETAILS:
An acknowledged manufacturer and exporter of world class
packing and sealing products since 1963.....
A significantly good
company remains capable enough to face any kind of obstacles that come across
its way. Any kind of hurdle can be handled with efficiency only if its
workforce possesses the right degree of caliber. Apart from efficient manpower,
factors such as sophisticated machinery, genuine business practices and
impeccable quality remain some of the important assets of a company like them.
Their company named Rex Sealing and Packing Industries Private Limited., established in 1963, is a treasure house of
all the attributes necessary for the success of a company. Since their
inception, they have been catering to a number of clients worldwide with
complete honesty and commitment.
Their is a professionally managed and a customer-driven company. Their
professional approach towards their customers enables them to provide specific
solutions to them, assisting them to select the right sealing and packing
solutions for their application. They are a reputed manufacturer, exporter and importer of their state-of-the-art products including Gland
Packing, Jointing Sheets, Spiral Wounds, Gaskets, High Temperature Insulation
Ropes, Fabrics, Fabric Bellows and De-greasing Chemicals. Their chain of products are specially
designed to solve any kind of leakage problems. They remain capable enough to
work under the most severe conditions.
Product Range
Their products are
distinctive and long-lasting. They are free from any kind of defect. They are
on a constant mission of products improvisation, along with which, they also introduce
new models in the market in order to keep abreast of the latest trends. Their
world class chain of products includes:
·
Gland Packing
·
Jointing Sheets
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Spiral Wounds
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Gaskets
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High Temperature Insulation Ropes
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Fabrics
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Fabric Bellows
·
De-greasing Chemicals.
Quality Assurance
Their products
transcend the same category products available in the market due to their
unmatched quality. Strict quality testing measures are observed at each level
of the production process. This results in production of genuine and
world-class products. Their quality is in accordance with the global standards.
Infrastructure
A pool of highly
professional experts and world-class machinery constitutes their
infrastructure. The perfect combination of these enables them to produce
optimum results coupled with complete customer satisfaction. Their experts, who
have several years of industry experience, are informed of the latest invention
in the similar domain. This asset enables them to produce innovative and
consumer-friendly products.
Excellence
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Customer-centric approach
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Transparent business dealings
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Cost-effective and economically viable products
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Capability to cater to bulk amount of orders
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Superior quality packing from various types of fibres like
PTFE, Aramid, Graphite, Ceramic, Fibreglass, Cotton, etc.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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27 |
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
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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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