MIRA INFORM REPORT
|
Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
REYNOLDS CHEMEQUIP PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
101, 1st Floor, Swamini Building, Pimpari Pada, Water Tank Road,
Opp. Gen A.K. Vaidya Marg, Malad (East), Mumbai – 400097, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
02.04.2001 |
|
|
|
|
Com. Reg. No.: |
11-131466 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH2001PTC131466 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14205C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCR3096G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Heat Exchangers and Pressure Vessels |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
Status : |
Under Liquidation |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
As per government, the status of the company is shown as ‘under
liquidation’ As confirm by Mr. Prashant, Finance Controller because of old dues and
some legal issues the company is under liquidation. Initially, the company can be considered for business dealings on a
safe and secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Prashant |
|
Designation : |
Finance Controller |
|
Date : |
23.03.2011 |
LOCATIONS
|
Registered / Head Office : |
101, 1st Floor, Swamini Building, Pimpari Pada, Water Tank Road,
Opp. Gen A.K. Vaidya Marg, Malad (East), Mumbai – 400097, Maharashtra, India |
|
Tel. No.: |
91-22-28491861 / 62 / 63 |
|
Fax No.: |
91-22-28491864 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. N 14 & 17, KSSIDC Industrial Estate, Udyambag, |
|
Tel. No.: |
91-831-2441141 / 2441963 |
|
Fax No.: |
91-831-2440887 |
|
E-Mail : |
DIRECTORS
As on 25.09.2009
|
Name : |
Mr. Hemanth Aradhya |
|
Designation : |
Additional Director |
|
Address : |
2969, Hemanth, 6th |
|
Date of Birth/Age : |
21.03.1973 |
|
Date of Appointment : |
07.09.2006 |
|
DIN : |
00420160 |
|
Date of Cessation : |
31.01.2009 |
|
|
|
|
Name : |
Mr. Ravishankar Honnappa Asundi |
|
Designation : |
Additional Director |
|
Address : |
Plot No.9, Satish, Opp. NCC Office, Visweswaraiah Nagar, |
|
Date of Birth/Age : |
17.02.1974 |
|
Date of Appointment : |
07.09.2006 |
|
DIN : |
01348468 |
|
|
|
|
Name : |
Mr. Satish Honnappa Asundi |
|
Designation : |
Additional Director |
|
Address : |
20246, |
|
Date of Birth/Age : |
20.12.1969 |
|
Date of Appointment : |
07.09.2006 |
|
DIN : |
01361799 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Umakant Chintaman Chogle |
|
1607607 |
|
Nathmal Gokuldas Lohia |
|
2000 |
|
Sunder devi Nathmal Lohia |
|
2000 |
|
Hansa Prabhudas Dewani |
|
1500 |
|
Hiral Nalin Oza |
|
500 |
|
Nathmal Gokuldas Lohia |
|
100 |
|
Prasad Gajanan Bhongade |
|
5 |
|
Nalin Bhanji Oza |
|
5 |
|
Narendra Kumar Srivastava |
|
5 |
|
Abha Narendra Srivastava |
|
5 |
|
Prabhdas Rugnath Dewani |
|
5 |
|
Prashant Ramchnadra Mohorir |
|
5 |
|
Sihaasini Jivaji Satam |
|
1 |
|
Total |
|
1613738 |
As on 25.09.2009
|
Category |
Percentage |
|
|
|
|
Other top fifty shareholders |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Heat Exchangers and Pressure Vessels |
|
|
|
|
Products : |
Ř
Heat Exchangers Ř
Pressure Vessels Ř
Fine Tube Heat Exchanger Ř
Electric Oil Heater Ř
Components and Spares |
GENERAL INFORMATION
|
Customers : |
Ř
Larsen and Toubro Limited Ř
Technip Ř
KTI Spa ( Ř
Petrofac (Sharjah) Ř
Indian Oil Ř
Ř
Ř
Numaligarh Refinery Ř
SABIC (Petrokemya – Ř
Manali Petrochem Ř
IPCL – Ř
RCF – Trombay Ř
NFL - Bathinda Ř
IFFCO Ř
Chambai Fertilizers Ř
Deepak Fertilizers and Chemicals Ř
Zuari Chemicals and Fertilizers Ř
Nuclear Power Corp. Ř
NTPC Ř
Ř
MSEB, KSEB. TNEB, APSEB Ř
BHEL Ř
Pondichery Power Ř
Tata Electrical Company Ř
Jindal Tractebel Power Ř
SAIL Ř
Tata Steel Ř
VSP Ř
Ispat Industries Ř
Essar Steel Ř
Indian Navy Ř
Ordnance Factory DR |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ř
The Saraswat Cooperative Bank Limited, 3475,
Samadevi Complex, Samadevi Galli, Ř
State Bank of |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Waman V. HUilgol Chartered Accountant |
|
Address : |
F-3, 1st Floor, 5855/A, Parvati Residency, S.V. Colony, Tilakwadi,
|
|
PAN No. : |
AAEPS4136R |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,613,738 |
Equity Shares |
Rs.10/- each |
Rs.16.137 millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.137 |
16.137 |
16.137 |
|
|
2] Share Application Money |
21.117 |
19.480 |
11.813 |
|
|
3] Reserves & Surplus |
0.180 |
0.180 |
0.180 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37.434 |
35.797 |
28.130 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
34.104 |
25.611 |
14.561 |
|
|
2] Unsecured Loans |
15.200 |
23.256 |
21.124 |
|
|
TOTAL BORROWING |
49.304 |
48.867 |
35.685 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
86.738 |
84.664 |
63.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.110 |
8.112 |
5.978 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.276
|
37.132 |
19.253 |
|
|
Sundry Debtors |
13.312
|
9.798 |
3.238 |
|
|
Cash & Bank Balances |
0.205
|
1.254 |
1.275 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
6.170
|
3.269 |
2.568 |
|
Total
Current Assets |
64.963
|
51.453 |
26.334 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.435
|
10.425 |
11.170 |
|
|
Other Current Liabilities |
4.648
|
3.941 |
4.685 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
15.083
|
14.366 |
15.855 |
|
|
Net Current Assets |
49.880
|
37.087 |
10.479 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
27.723 |
39.440 |
47.358 |
|
|
|
|
|
|
|
|
TOTAL |
86.738 |
84.664 |
63.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
1.825 |
1.287 |
0.985 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
11.699 |
8.027 |
8.659 |
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
1.77 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.31
|
3.58 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
Address of the company has been shifted from Block 14, ‘A’ Wing, Satam Industrial
Estate,
Financial Results
:
The years shows a profit for the year of Rs.11.699 million after
providing for depreciation of Rs.1.825 million
Operating Results
:
The directors wish to inform that the turnover of the company has
registered a lower turnover on account of the prevailing market and environment
conditions.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U74210MH2001PTC131466 |
|
Name of the
company |
REYNOLDS
CHEMEQUIP PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101 1st Floor, Swamini
Building, Pimpari Pada, Water Tank Road, Opp.Gen A.K.Vaidya, Marg, Malad (E),
Mumbai – 4000097, Maharashtra, India |
|
This form is for |
Creation
of Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
The Saraswat Cooperative Bank Limited, 3475, Samadevi Complex,
Samadevi Galli, |
|
Nature of instrument
creating charge |
Agreement of hypothecation of vehicle |
|
Date of
instrument Creating the charge |
22.02.2010 |
|
Amount secured by
the charge |
Rs.1.041 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest to be paid @ 10% p. a with monthly rest or at such rates as may be
prescribed in future by the RBI from time to time. Interest to be paid within
7 days from date of intimation/ month ended. Terms of Repayment
- Monthly installment of Rs. 0.017 million each (EMI) Margin - 10% Extent and
Operation of the charge - Charge on
four wheeler Innova 2.5 G(M) - 8s -(Gx) Car with engine No.
MBJ11JV4007206643 02/10 Chassis
No.MBJ11JV4007206643 02/10. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Charge on four wheeler Innova 2.5 G(M) - 8s -(Gx) Car
with engine No. MBJ11JV4007206643 02/10 Chassis
No.MBJ11JV4007206643 02/10. |
FIXED ASSETS :
Ř Land
Ř
Ř Machinery
Ř Air Tools
Ř Tools and Accessories
Ř Crane
Ř Air Compressor
Ř D.G.Set
Ř Electric Installation
Ř Pattern / Dies
Ř Furniture / Fixtures
Ř Computers
Ř Office Equipments
Ř Vehicles
Ř Air Conditioners
Ř Hydraulic Power Cylinder
Ř Furnace
Ř Electric Drying Oven
Ř Industrial Radiography
AS PER WEBSITE :
Introduction
Reynolds Chemequip Private Limited., is a company with highly experienced
technical personnel who are in the field of design and manufacturing of Process
Equipments for over 20 years.
Reynolds Chemequip Private Limited is known for quality equipments,
prompt service and timely delivery.
ISO Certification
Reynolds is ISO 9001:2000 certified by Lloyds Register Quality
Assurance.
Recognition
Work with international EPC contractors like Petrofac, Samsung, Siirtech NIgi,
Hitachi Zosen, Larsen and Toubro, Jacobs HandG, Kvaerner Power gas, EIL, Punj
Lloyd, and others.
Set Up
Completely geared up factory to manufacture the equipment to the international
standards and code like TEMA, ASME and others. The facilities include separate
bays for CS and SS work, EOT cranes, qualified welders with all welding
facilities, In House Radiography , drilling, tube to tube sheet expansion, In
house Dish making, In house Heat treatment Furnace.
The Design set up is strong with well trained engineers, working in
fully computerized environment, with prove softwares, and excellent track
record of rich design experience.
Quality
Separate QAandC department, directly reporting to the MD, ensures strict checks
on all aspects, from raw material inward to final roll out, through stage
inspections during manufacturing.
Third party inspections by Lloyds Register, Bureau Veritas, DNV, and other
agencies are regular.
MANAGEMENT
Management Team:
Ř
Sandeep Belludi - Chief
Executive Officer
Ř U.C. Chogle - Director
Ř Ajay H. Asundi - Executive Director
Ř Hemanth Aradhya – Director
Ř Satish H. Asundi - Director
Advisory Board:
Bhalchandra B. Hattarki
Affectionately known as BBH, Mr. Hattarki is an industry veteran with
~35 years of experience. He has held 'C' level executive positions at several
businesses for Kalyani Group of Companies (Bharth Forge, Kalyani Steels,
Kalyani Technical Management Services, etc.)
Mr. Hattarki is a Mechnical and Electrical engineer and Harvard trained
leader. He is known for his 'attention to details' quality and excels in labor
relations. Mr. Hattarki is a recipient of Udyogpati honor from
Swamy Kotagiri
As Vice President of RandD for COSMA International, Swamy Kotagiri is
responsible for the company's innovation strategy, advanced engineering and new
market development. COSMA International is a division of Magna International, a
premier tier one supplier to major automotive companies such as General Motors,
Ford, Daimler Chrysler, BMW, Honda, Volks Wagen, Nissan, etc., with sales
revenue of several billion dollars.
Mr. Kotagiri oversees a global team in multiple countries with a budget
of several million dollars. Swamy has conceived, developed and launched three
new technologies that has added significant amount to the bottomline of the
organization.
Mr. Kotagiri earned his Masters degree in Mechanical Engineering from
Vikram Joshi
Vikram pioneered "
Vikram has published numerous papers at Society of Automotive Engineers
(SAE) and Vehicle Thermal Management System Society (VTMS) on Automotive
Air-conditioning. For Automotive OEM's (General Motors, Ford, Mazda,
Volkswagen, and Hyundai), he has represented Air International at various
Technical Review. Vikram is a contributing member of the Australian Research
Committee for Automotive industry (AUTO-ARC)
Mr. Joshi has completed his graduation in Mechanical Engineering
followed by Master in Computer-Integrated Manufacturing and Master in
Engineering from
SERVICES
Technical Services
Their usual scope of work includes:
Ř
Thermal design / sizing of heat exchanger
Ř
Mechanical design and code compliance
Ř
Detailed drawings – preparation and approval
Ř
Material procurement, material identification and
inspection
Ř
Fabrication, testing and inspection
Ř
Final hydro-test and inspection
Ř
Surface preparation and painting
Ř
Packing and dispatch
They take up work involving any part of above.
They also undertake re-tubing, repairing and modifications of heat
exchangers and pressure vessels. (Currently at Works only)
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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
|
|
--OTHER ADVERSE INFORMATION |
YES/NO |
|
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
|
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
|
|
--LISTED |
YES/NO |
|
|
--OTHER MERIT FACTORS |
YES/NO |
|
|
TOTAL |
|
|
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.