MIRA INFORM REPORT
|
Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
R S PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
F-4, DD-8, Nehru Enclave, New Delhi-110019, Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.06.1989 |
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Com. Reg. No.: |
55-036603 |
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CIN No.: [Company Identification
No.] |
U74899DL1989PTC036603 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELR10171A / DELR08688B |
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PAN No.: [Permanent Account No.] |
AAACR0185N |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Importer and Buyers of Irrigation Products Horticulture, Gardening
and Irrigation Machinery |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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
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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 : |
F-4, DD-8, Nehru Enclave, New Delhi-110019, Delhi, India |
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Tel. No.: |
91-11-26466134 |
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E-Mail : |
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Website : |
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Manufacturing Units : |
A-22, Okhla Industrial Area, Phase-I, New Delhi-110020, India |
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Tel No : |
91-11-26813189 / 26810314 |
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Fax No : |
91-11-26371289 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Rajesh Prasad |
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Designation : |
Director |
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Address : |
F-4, DD-8, Nehru Enclave, Kalkaji Extension, New Delhi-110019, Delhi,
India |
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Date of Birth/Age : |
17.12.1964 |
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Date of Appointment : |
13.06.1989 |
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DIN No : |
01116128 |
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Name : |
Ms. Shakuntala Prasad |
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Designation : |
Director |
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Address : |
F-4, DD-8, Nehru Enclave, Kalkaji Extension, New Delhi-110019, Delhi,
India |
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Date of Birth/Age : |
20.10.1940 |
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Date of Appointment : |
13.06.1989 |
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DIN No : |
01218040 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Prasad |
|
57000 |
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Shakuntala Prasad |
|
30500 |
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Manorama Verma |
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2000 |
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Meera Verma |
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2000 |
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D. B. Shrivastav |
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2000 |
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Maninder K. Verma |
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4000 |
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Rakesh Sinha |
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2000 |
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S. S. Srivastava |
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2000 |
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Bhupendra and Bros. |
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10000 |
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R. N. Prasad |
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37800 |
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Renu Prasad |
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37870 |
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Benu Prasad |
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52000 |
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Ritu Prasad |
|
11400 |
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Mitu Prasad |
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11000 |
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R. S. Polymers Private Limited, India |
|
98430 |
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Total |
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360000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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27.00 |
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Directors or relatives of directors |
|
70.00 |
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Other top fifty shareholders |
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3.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Buyers of Irrigation Products Horticulture,
Gardening and Irrigation Machinery |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Plastic Components and Parts |
Tons |
120 |
-- |
120 |
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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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Auditors : |
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Name : |
D. Kochhar and Associates Chartered Accountant |
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Address : |
308, Vaikunth House, 82-83, Nehru Place, New Delhi-110019, Delhi,
India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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360000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.600
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.600 |
3.600 |
3.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.588 |
2.014 |
1.251 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.188 |
5.614 |
4.851 |
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LOAN FUNDS |
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1] Secured Loans |
15.345 |
14.706 |
12.217 |
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2] Unsecured Loans |
0.177 |
0.000 |
0.000 |
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TOTAL BORROWING |
15.522 |
14.706 |
12.217 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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INVESTMENT ALLOWANCE |
0.021 |
0.021 |
0.021 |
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TOTAL |
21.731 |
20.341 |
17.089 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.148 |
3.652 |
4.043 |
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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 |
5.046
|
6.025 |
3.056 |
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Sundry Debtors |
33.290
|
23.742 |
21.884 |
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Cash & Bank Balances |
10.506
|
8.299 |
6.946 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.786
|
8.725 |
5.540 |
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Total
Current Assets |
54.628
|
46.791 |
37.426 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
27.375
|
20.629 |
16.652 |
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Other Current Liabilities |
8.039
|
7.355 |
6.503 |
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Provisions |
0.631
|
2.118 |
1.225 |
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Total
Current Liabilities |
36.045
|
30.102 |
24.380 |
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Net Current Assets |
18.583
|
16.689 |
13.046 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.731 |
20.341 |
17.089 |
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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 |
61.767 |
73.610 |
69.589 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
60.562 |
71.965 |
68.503 |
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Advertising Expenses |
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Financial Expenses |
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Depreciation |
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TOTAL |
60.562 |
71.965 |
68.503 |
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PROFIT BEFORE
TAX |
1.205 |
1.645 |
1.086 |
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Less |
TAX |
0.631 |
0.882 |
0.557 |
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PROFIT AFTER TAX
|
0.574 |
0.763 |
0.529 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.014 |
1.251 |
0.722 |
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BALANCE CARRIED
TO THE B/S |
2.588 |
2.014 |
1.251 |
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Earnings Per
Share (Rs.) |
1.56 |
0.002 |
1.55 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.93
|
1.04 |
0.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
3.26 |
2.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.29 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.33
|
7.98 |
7.54 |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.55 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity
number of the company |
U74899DL1989PTC036603 |
|
Name of the
company |
R S PRODUCTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-4, DD-8, Nehru Enclave,
New Delhi-110019, Delhi, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
|
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Particular of
charge holder |
Indian Overseas Bank,
M-82, M Block, Greater Kailash-2, New Delhi-110048, Delhi, India |
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Nature of
instrument creating charge |
Letter of
hypothecation |
|
Date of
instrument Creating the charge |
10.03.2008 |
|
Amount secured by
the charge |
Rs. 21.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BLR + 0.75 i.e.
14% compounded on monthly rests for CC Stocks / Book Debts Plastic Division
and BPLR – 0.50 i.e. 12.75% compounded on monthly rests basis for Irrigation
Division. Terms of repayment CC Limit and LC /
Letter of Guarantee Limit, repayment as per Bank norms. Margin
Extent and operation of the charge The cash credit limit
is against charge on all stocks and book debts is enhanced from 2.500
millions to 6.500 millions. The limit for LC/ Letter of Guarantee is against
document of title to goods / counter indemnity of the company is enhanced
from 3.500 millions to 1.500 millions Other The limits are
collaterally secured by first charge on entire current assets of the company,
EM of the factory land and building at 22, Block A, Okhla Industrial Area
Phase I, New Delhi. Deposits with the branch of Rs. 6.235 millions and personal
guarantee of Directors Mr. Rajesh Prasad and Mrs. Shakuntla Prasad. |
|
Short particulars
of the property charged (Including location of the property) |
The cash credit
limit of Rs. 6.500 millions is against first charge on stock and book debts.
The limit for LC / Letter of Guarantee of Rs. 15.000 millions is against
Documents of title to goods / counter indemnity of the company. |
|
Charge
identification number of the charge to be modified |
10033324 |
|
Particulars of
the present modification |
The cash credit
limit against first charge on all stocks and book debts is enhanced from
2.500 millions to Rs. 6.500 millions. The limit for LC / Letter of Guarantee
against document of title to goods / counter indemnity of the company is
enhanced from 3.500 millions to 15.000 millions. |
FIXED ASSETS
- Land
- Factory and Building
- Plant and Machinery
- Moulds and Die
- Furniture and Fixture
- Vehicles
- Temporary Construction
- Air Conditioner
- Generating Set
- Computer
- Office Equipment
WEB SIDE DETAILS
Profile
Subject was incorporated In 1989 and started
its business with over 20 years of experience in Irrigation system. Subject
emerged as one of the leading and esteemed brand name across the country.
They are the pioneer in introducing and launching of Naan Dan Irrigation
Company, Israel in India. They have also executed and enhanced our knowledge
and skill by taking up modern project in association with Naan Dan.
The company is managed by a Board of Directors, consisting of top
professionals, educated and trained abroad.
To achieve and maintain their bench mark, they work in close contact with
planners, engineers, marketing executive and customers to derive result in
performance, quality and time frame.
The core activity of their company to Designing irrigation system and Execution
of versatile projects from initial concept to shelf, they also provide after
sale services, training program for customers / farmers through awareness
camps.
The core strength is to develop high technology, economical and reliable
designs, value added projects in irrigation system, soil and water conservation
system, greenhouse, agriculture projects, dust control system, landscaping,
poultry and dairy cooling and corporate social responsibility projects. Their R
and D Division has been established in Jamshedpur, Jharkhand and playing vital
role to enhance the quality of projects undertaken.
Subject has proliferated and sustained its position in the irrigation field for
the last 20 years in highly competitive market. This is purely due to their
focus on a variety of hi-tech design, quality of workmanship, effective
co-ordination, and regular interaction with customer to deliver service of
international standard. A part from their own manufacturing equipment, they use
and supply the best and proven quality equipments from all over the world.
At present the
company has its manufacturing units at A-22, Okhla Industrial Area, Phase – I,
New Delhi-110020. It has its own laboratory facilities to carry out all tests
and inspection of all manufacturing product is accordance to methods given by
Indian standard (BIS).
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.44.20 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.