MIRA
INFORM REPORT
|
Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
RANG RASAYAN LIMITED |
|
|
|
|
Formerly Known
As : |
RANG RASAYAN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.06.1981 |
|
|
|
|
Com. Reg. No.: |
21-033722 |
|
|
|
|
CIN No.: [Company Identification No.] |
U24290WB1981PLC033722 |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of printing inks, gravure inks, water based printing inks
and flexographic inks |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
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) |
|
|
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. Manoj Biyani |
|
Designation : |
Director |
|
Contact No.: |
91-9226488369 |
|
Date : |
29.04.2011 |
LOCATIONS
|
Registered Office : |
|
|
Mobile No.: |
91-9226488369 (Mr. Manoj Biyani) |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 sq.ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
B-314, Crystal Plaza, Andheri Link Road, Andheri (W), Mumbai – 400053,
Maharashtra, India |
|
Tel. No.: |
91-22-66754021/66754022/40106061 |
|
Fax No.: |
91-22-66754022 |
|
E-Mail : |
|
|
|
|
|
Factory : |
L-9/4, MIDC, Tarapur – 401506, Taluka Palghar, District Thane, |
|
Tel. No.: |
91-25-55272730 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Manoj Kumar Biyani |
|
Designation : |
Director |
|
Address : |
2-A,411-412,
Raheja Classique, New Link Road,, Andheri (W),Mumbai - 400053, Maharashtra,
India |
|
Date of Birth/Age : |
30.09.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.05.1998 |
|
DIN No.: |
02495376 |
|
|
|
|
Name : |
Mr. Sampat Kumar Biyani |
|
Designation : |
Director |
|
Address : |
2-A,411-412, Raheja
Classique, New Link Road,, Andheri (W),Mumbai - 400053, Maharashtra,
India |
|
Date of Birth/Age : |
15.08.1937 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.06.1981 |
|
DIN No.: |
02802098 |
|
|
|
|
Name : |
Mr. Pramod Kumar Biyani |
|
Designation : |
Director |
|
Address : |
2-A,411-412,
Raheja Classique, New Link Road,, Andheri (W),Mumbai - 400053, Maharashtra,
India |
|
Date of Birth/Age : |
11.12.1962 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.05.1998 |
|
DIN No.: |
02875386 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sampat Kr. Biyani |
|
12860 |
|
Sushila Biyani |
|
6370 |
|
Pramod kr. Biyani |
|
7165 |
|
Archana Biyani |
|
4795 |
|
Manju Gaggar |
|
1000 |
|
Abhilasha Karnani |
|
1000 |
|
Manoj Kumar Biyani |
|
12200 |
|
M. K. Biyani (HUF) |
|
1810 |
|
S. K. Biyani (HUF) |
|
2800 |
|
Total |
|
50000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of printing inks, gravure inks, water based printing inks
and flexographic inks |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit: 30/60/90 Days |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
50 (approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Cash Credit: Rs. 4.800 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sandeep Kabra and Associates Chartered Accountant |
|
Address : |
22, Manav Mandir, 17th Road, Siddharth Nagar, Goregoan
West, Mumbai – 400062, Maharashtra, India |
|
Tel. No.: |
91-22-22078274 |
|
Fax No.: |
91-22-28745304 |
|
Pan No.: |
AAGPK8150P |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
Million |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.228 |
4.768 |
2.927 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.728 |
5.268 |
3.427 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
12.141 |
14.695 |
14.270 |
|
|
TOTAL BORROWING |
12.141 |
14.695 |
14.270 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.869 |
19.963 |
17.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.830 |
0.875 |
0.798 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.146 |
0.171 |
0.146 |
|
|
DEFERREX TAX ASSETS |
0.053 |
0.053 |
0.052 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.421
|
3.630 |
3.019 |
|
|
Sundry Debtors |
16.277
|
20.781 |
19.846 |
|
|
Cash & Bank Balances |
0.803
|
0.007 |
0.178 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.064
|
1.023 |
0.901 |
|
Total
Current Assets |
25.565
|
25.441 |
23.944 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.625 |
4.940 |
6.374 |
|
|
Other Current Liabilities |
0.000
|
0.719 |
0.349 |
|
|
Provisions |
1.100
|
0.918 |
0.520 |
|
Total
Current Liabilities |
6.725
|
6.577 |
7.243 |
|
|
Net Current Assets |
18.840
|
18.864 |
16.701 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.869 |
19.963 |
17.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
48.927 |
40.840 |
35.244 |
|
|
|
Other Income |
0.338 |
0.052 |
0.022 |
|
|
|
TOTAL (A) |
49.265 |
40.892 |
35.266 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed |
36.859 |
30.259 |
25.012 |
|
|
|
Manufacturing, selling and administrative expenses |
7.164 |
6.067 |
7.176 |
|
|
|
Increase/ Decrease in stock |
(0.055) |
0.063 |
(0.196) |
|
|
|
TOTAL (B) |
43.968 |
36.389 |
31.992 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.297 |
4.503 |
3.274 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1.574 |
1.578 |
1.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.723 |
2.925 |
1.696 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.164 |
0.167 |
0.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.559 |
2.758 |
1.540 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.100 |
0.917 |
0.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2.459 |
1.841 |
0.925 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.769 |
2.928 |
2.003 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.228 |
4.769 |
2.928 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
49.18 |
36.82 |
18.48 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
60.000
(approximately) |
|
|
|
|
|
Expected Sales (2011-12) : Rs. 80.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.99
|
4.50 |
2.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.27
|
6.75 |
4.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.48
|
10.48 |
6.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.52 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
4.04 |
6.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.80
|
3.87 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
The details of sundry
creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
4.941 |
4.124 |
5.560 |
|
Fro Expenses |
0.418 |
0.615 |
0.593 |
|
For Statutory Liabilities |
0.266 |
0.201 |
0.221 |
|
Total |
5.625 |
4.940 |
6.374 |
Form 8:
|
Corporate
identity number of the company |
U24290WB1981PLC033722 |
||||||
|
Name of the
company |
RANG RASAYAN
LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
9 Lal Bazar
Streetmercantiles Building, Kolkata -700001, |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of instrument
creating charge |
a) Business Loan
Agreement ; and b) Deed of
Hypothecation. (Collectively
constitute a single charge for Rs.4.800 millions). |
||||||
|
Date of
instrument Creating the charge |
16.04.2010 |
||||||
|
Amount secured by
the charge |
Rs. 4.800 Millions
|
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Letter of Credit : As per prevailing Trade Norms AROD :
(Applicable Rate 12.50%). Terms of
Repayment - Letter of Credit and AROD facility shall be repayable in 6
months. Margin - As may
be stipulated by Bank from time to time. Extent and
Operation of the charge - Hypothecation by way of first exclusive charge
on movable assets of the Company as
security for repayment of Rs.4.800 millions (Comprising
: Letter of Credit of Rs.4.000 millions, AROD of Rs. 0.800 millions)
by the Company, together with interest, liquidated damages, costs, charges
and expenses and all other moneys due and payable by the Company to the Bank.
|
||||||
|
Particulars of the
property charged |
Hypothecation of
first exclusive charge over the whole of the movable assets of the Borrower,
including any and all stocks, book-debts and receivable |
Fixed Assets:
- Land
- Building
- Plant and machinery
- Electrical installation
- Furniture and fixture
- Office equipment
- Laboratory equipment
- Computer
- Motor vehicles
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.