MIRA
INFORM REPORT
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Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
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Name : |
R. K. RUBBER RECLAMATION PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.04.2000 |
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Com. Reg. No.: |
023669 |
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CIN No.: [Company Identification No.] |
U25199PB2000PTC023669 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Reclaim Rubber, Butyl Rubber |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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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Maximum Credit Limit : |
USD 61176 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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. The company can be considered for business dealings with some
cautions. |
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 : |
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E-Mail : |
Note: Tele Phone Numbers are not available
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Ram Kumar |
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Designation : |
Managing Director |
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Address : |
House No.6, Friends Colony, Moga – 142001, |
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Date of Appointment : |
28.04.2000 |
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Name : |
Mr. Vishal Aggarwal |
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Designation : |
Director |
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Address : |
House No.6, Friends Colony, Moga – 142001, |
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Date of Appointment : |
20.03.2001 |
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Name : |
Mr. Jagdish Aggarwal |
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Designation : |
Director |
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Address : |
House No.6, Friends Colony, Moga – 142001, |
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Date of Appointment : |
01.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Raj Kumar |
|
501590 |
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Pushpa Rani |
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75630 |
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Vishal Aggarwal |
|
4500 |
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Jagjiwan Kumar |
|
7565 |
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Shallu Aggarwal |
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3700 |
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Madan Lal Singla |
|
8000 |
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Raj Kumar Jindal |
|
3000 |
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Vimal Bansal |
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5000 |
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Alvir Singh |
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15000 |
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Baldev Singh |
|
10005 |
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Balwant Singh |
|
20005 |
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Bhupinder Kaur |
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15000 |
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Darshan Singh |
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10000 |
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Darshan Singh |
|
10000 |
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Gian Singh |
|
10000 |
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Gurdeep Singh |
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10000 |
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Gurdev Singh |
|
15000 |
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Gurdev Singh |
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20005 |
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Gurdev Singh |
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10000 |
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Gurmail Singh |
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10000 |
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Gursewak Singh |
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10005 |
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Harjeet Singh |
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30000 |
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Jaspal Singh |
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10000 |
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Karam Singh |
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15000 |
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Kartar Singh |
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51505 |
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Mall Singh |
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55000 |
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Manpreet Singh |
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25000 |
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Navneet Kaur |
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15200 |
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Pardeep Bhandari |
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10000 |
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R.S.Gill |
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5005 |
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Sadhu Singh |
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20000 |
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Harnek Singh |
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10000 |
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Jagdev Singh |
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50000 |
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Sulakhan Singh |
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10000 |
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Harmanpreet Singh Gill |
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15000 |
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Kulwant Singh |
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5000 |
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Usha Aggarwal |
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49285 |
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Total |
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1150000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
56.00 |
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Others |
44.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Reclaim Rubber, Butyl Rubber |
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 : |
Sumat Gupta and Company Chartered Accountant |
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Address : |
B-16/17, Miller Ganj, |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
11.500 |
10.750 |
10.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.794 |
2.703 |
2.423 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.294 |
13.453 |
13.173 |
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LOAN FUNDS |
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1] Secured Loans |
13.334 |
10.870 |
13.311 |
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2] Unsecured Loans |
2.217 |
4.389 |
3.332 |
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TOTAL BORROWING |
15.551 |
15.259 |
16.643 |
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DEFERRED TAX LIABILITIES |
1.870 |
1.625 |
0.066 |
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TOTAL |
32.715 |
30.337 |
29.882 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.325 |
20.177 |
18.930 |
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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 |
5.556
|
2.382 |
4.919 |
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Sundry Debtors |
14.536
|
12.771 |
16.919 |
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Cash & Bank Balances |
0.981
|
1.827 |
0.214 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.334
|
0.785 |
0.773 |
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Total
Current Assets |
22.407
|
17.765 |
22.825 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.557
|
6.201 |
11.886 |
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Other Current Liabilities |
3.671
|
1.042 |
0.000 |
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Provisions |
0.794
|
0.375 |
0.000 |
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Total
Current Liabilities |
9.022
|
7.618 |
11.886 |
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Net Current Assets |
13.385
|
10.147 |
10.939 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.013 |
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TOTAL |
32.715 |
30.337 |
29.882 |
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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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TOTAL (A) |
20.367 |
19.832 |
31.694 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.817 |
2.564 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
1.761 |
1.278 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.056 |
1.286 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.281 |
1.006 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
1.775 |
0.280 |
1.054 |
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Less |
TAX (I) |
0.684 |
0.000 |
NA |
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PROFIT AFTER TAX
(G-I) (J) |
1.091 |
0.280 |
NA |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
5.36
|
1.41 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.25
|
0.74 |
2.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.02 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.60
|
1.70 |
2.16 |
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Current Ratio (Current Asset/Current Liability) |
|
2.48
|
2.33 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U25199PB2000PTC023669 |
|
Name of the
company |
R.K. RUBBER
RECLAMATION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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|
This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
STATE BANK OF |
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Nature of instrument
creating charge |
1. Agreement of
Loan-Cum-Hypothecation |
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Date of
instrument Creating the charge |
10/02/2010 |
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Amount secured by
the charge |
Rs.13.600
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit ----
1% above SBAR T L -----1.5% above SBAR Terms of
Repayment Working Capital :
Repayable on demand Term Loan: The term
loan is payable in 36 installments of Rs.0.100 Million + Interest Margin 1. Cash Credit
(Hyp)
25% 2. Cash Credit
(BD)-(Cover period-90 days) 40% Extent and
Operation of the charge Extent and
operation of the charge is 100% Others Working Capital
Facilities: 1. Cash Credit
Limit Rs.10.000 Millions 2. TL Rs.3.600
Millions
=========================== Total Rs.13.600 Millions
=========================== |
|
Short particulars
of the property charged |
PRIMARY SECURITY:
1 Hyp. on entire current assets, both present and future 2. 1st charge by way
of hypothecation of plant and machinery purchased out of Bank finance.
COLLATERAL SECURITY: 1) Extension of charge by way of hypothecation for
working capital limits on unencumbered fixed assets. 2 Extension of charge by
way of hypothecation for term loans on the entire current assets. 3. ** EM of
factory land and building. Msg 7k-16 marla vide sale deed no. 5422 and 2829
i.e. land msg 3k - 16 m and 4k comp khasra no. 128/12/2(2-12) khatoni no.
704/295/296 -----Con. Con---- khewal no. 392,140 situated at Moga in the name
of M/s R. K. Rubber Reclamation Private Limited |
|
Particulars of
the present modification |
Total Credit
Facilities limit enhanced to Rs. 13.600 Millions Other terms and condition remain the same. |
FIXED
ASSETS:
- Plant and
Machinery
- Car A/c
- Cooler and
Fan
- Building
- Electric
Equipment
- Scooter
- Truck
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
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|
--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 |
|
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
|
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.