MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
RANEE POLYMERS PRIVATE LIMITED |
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Registered
Office : |
C-1/47 Safdarjng Development Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.03.1990 |
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Com. Reg. No.: |
55-039611 |
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CIN No.: [Company Identification
No.] |
U74899DL1990PTC039611 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELR08580F |
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PAN No.: [Permanent Account No.] |
AAACR3031K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Motor Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 600000 |
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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 company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are reported to be correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
C-1/47 Safdarjng Development Area, |
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Tel. No.: |
91-11-23280327 |
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E-Mail : |
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Factory 1 : |
Plot No.87, Sector-8 IMT, Manesar, Gurgaon – 122001, |
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Tel. No.: |
91-124-2290663/2291102 |
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Mobile No.: |
91-9810592006 (Mr. Rahul) |
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Area : |
7875 sq.mtrs |
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Factory 2 : |
157, Sector – 3, I.M.T. Manesaryagra, Gurgaon – 122001, |
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Tel. No.: |
91-124-2291103/2290663 |
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Fax No.: |
91-124-2290664 |
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Area : |
4050 sq.mtrs |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Subhash Chand Jain |
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Designation : |
Director |
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Address : |
C-1/47 Safdarjng Development Area, |
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Date of Birth/Age : |
05.01.1940 |
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Date of Appointment : |
01.04.1993 |
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DIN No.: |
00792608 |
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Name : |
Mr. Rajiv Jain |
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Designation : |
Director |
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Address : |
C-1/47 Safdarjng Development Area, |
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Date of Birth/Age : |
14.12.1959 |
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Date of Appointment : |
01.05.1997 |
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DIN No.: |
00792616 |
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Name : |
Mr. Abhishek Jain |
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Designation : |
Director |
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Address : |
C-1/47 Safdarjng Development Area, |
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Date of Birth/Age : |
14.06.1984 |
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Date of Appointment : |
17.06.2002 |
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DIN No.: |
00792620 |
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Name : |
Ms. Neelam Jain |
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Designation : |
Director |
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Address : |
C-1/47 Safdarjng Development Area, |
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Date of Birth/Age : |
13.02.1962 |
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Date of Appointment : |
01.07.1990 |
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DIN No.: |
00792626 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Neelam Jain |
|
84750 |
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Subhash Chand Jain and Sons HUF |
|
15538 |
|
Rajjive Jain and Sons HUF |
|
24225 |
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Namrata Jain |
|
150 |
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Prerna Jain |
|
1000 |
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Abhishek Jain |
|
91695 |
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Rajiv Jain |
|
134750 |
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Subhash Chand Jain |
|
70870 |
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Sowbhagyawati Jain |
|
26932 |
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Mony V Jain |
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15 |
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Asha N Jain |
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15 |
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Vinay Chand Jain |
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15 |
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Vinay Chand Jain HUF |
|
15 |
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Raj Khanna |
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15 |
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Naveen Chand Khanna and Sons HUF |
|
15 |
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Total |
|
450000 |
As On 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
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Auditors : |
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Name : |
Sunil Jain and Company Chartered Accountant |
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Address : |
43 Daryaganj, |
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Tel. No.: |
91-11-23262656 |
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Fax No.: |
91-11-23280327 |
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E-Mail : |
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Pan No.: |
AAQFM1491B |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
450000 |
Equity Shares |
Rs. 100/- each |
Rs. 45.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
45.000 |
45.000 |
45.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
106.758 |
87.591 |
82.169 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
151.758 |
132.591 |
127.169 |
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LOAN FUNDS |
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1] Secured Loans |
115.232 |
129.998 |
135.674 |
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2] Unsecured Loans |
37.628 |
34.449 |
26.569 |
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TOTAL BORROWING |
152.860 |
164.447 |
162.243 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
304.618 |
297.038 |
289.412 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
266.101 |
266.111 |
113.336 |
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Capital work-in-progress |
0.000 |
0.000 |
128.934 |
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INVESTMENT |
1.384 |
1.384 |
1.384 |
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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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|
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Inventories |
18.057
|
16.868 |
20.184 |
|
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Sundry Debtors |
42.029
|
27.684 |
36.516 |
|
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Cash & Bank Balances |
1.079
|
0.692 |
3.621 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.079
|
20.520 |
13.649 |
|
Total
Current Assets |
87.244
|
65.764 |
73.970 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
40.041
|
31.895 |
23.381 |
|
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Other Current Liabilities |
5.292
|
3.846 |
1.768 |
|
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Provisions |
4.778
|
0.480 |
3.395 |
|
Total
Current Liabilities |
50.111
|
36.221 |
28.544 |
|
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Net Current Assets |
37.133
|
29.543 |
45.426 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.332 |
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TOTAL |
304.618 |
297.038 |
289.412 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
300.901 |
230.131 |
262.365 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
263.767 |
222.351 |
240.124 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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Less |
FINANCIAL
EXPENSES (D) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.134 |
7.780 |
22.241 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.715 |
5.027 |
7.074 |
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PROFIT BEFORE
TAX (E-F) (G) |
26.419 |
2.753 |
15.167 |
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Less |
TAX (I) |
7.252 |
2.669 |
3.545 |
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PROFIT AFTER TAX
(G-I) (J) |
19.167 |
5.422 |
11.622 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.936 |
4.514 |
67.891 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
0.000 |
0.000 |
75.000 |
|
|
BALANCE CARRIED
TO THE B/S |
29.103 |
9.936 |
4.514 |
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Earnings Per
Share (Rs.) |
42.59 |
12.05 |
25.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.37
|
2.36 |
4.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.48
|
0.83 |
8.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.02 |
0.12 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.51 |
1.50 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.82 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
Activities of the company are going or very smoothly. Total Turnover of
the company during the year under reference is Rs. 300.901 millions net profit
is Rs. 21.641 millions.
Form 8:
|
Corporate
identity number of the company |
U74899DL1990PTC039611 |
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Name of the
company |
RANEE POLYMERS
PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
C-1/47 Safdarjng Devlopment
Area, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property Any Interest in
immovable property Book Debts Movable Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
1. Sanction
Letter dated 19.01.2011 2. SME
2-Agreement of Loan- Cum- Hypothecation dtd 22.01.2011 3. SME 8 - Letter
of confirmation dtd 22.01.2011 4. Board
Resolution |
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Date of
instrument Creating the charge |
22.01.2011 |
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Amount secured by
the charge |
Rs. 114.600
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Pricing at 5.50% above base rate p.e.r 13.50% p.a for WC Term Loan/CL- As
per existing rate. FCNR DL 5.50%
over 6 month LIBOR Terms of
Repayment - As per existing terms and conditions Margin – RM
25% SIP
25% FG
25% Receivables
(Cover period 90 days) 30% Letter of Credit
(Maximum Usance 90 days) 25% BG
25% Extent and
Operation of the charge - 100% |
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Particulars of
the property charged |
CC (Stock)/ BD/
CL/LC/BG First charge on
all the current assets of the company, present and future. TL of Rs 50.500
millions First charge on
all the Fixed assets of the company, present and future. including E.M.of
the L and B at 87,Sec. 8, IMT, Manesar. Collateral a) Extension of charges on all the FA of the
company, present and future including E.M. of the L and B at 87,Sec. 8,
IMT,Manesar Residual Value Rs. 266.100 millions- Rs 50.500 millions- Rs.
215.600 millions (7875sq mtr) b) Equitable mortgage of the Personal
Guarantee of following Directors: 1. Shri S. C.
Jain, 2. Shri Rajeev
Jain, 3. Smt. Neelam
Jain. |
||||||
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Date of
instrument modifying the charge |
06.08.2010 |
||||||
|
Particulars of
the present modification |
Particulars Existing Proposed CC Stocks and
BD 30.000 50.000 FBWC
DL(FCNRB) - (30.000) TL (present
O/s) 50.500 50.500 CL I
2.100 2.100 CL II
6.000 6.000 TLRP
0.400 - LC 1.000 1.000 BG
5.000 5.000 TOTAL 95.000 114.600 millions |
Fixed Assets:
- Building
- Plot
- Plant and machinery
- Dies and Moulds
- Furniture and fixtures
- Vehicle
- Computers
- Cycle
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.