MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
R. A. K. CERAMICS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Second Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
09.01.2004 |
|
|
|
|
Com. Reg. No.: |
01-042401 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.628.874 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26919AP2004PTC042401 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDR02125E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCR6424N |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
|
Line of Business
: |
Manufacturers of Ceramic and Vitrified Tiles and Sanitary Wares. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4300000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a part of RAK group worldwide. It is an established company having moderate track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. In view of Strong holding 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 |
LOCATIONS
|
Registered Office : |
Second Floor, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
H No.69-18-3, Road No.1, Plot No.27, Lalitha Nagar, Galgalapadu,
Kakinada-533004, |
|
|
|
|
Factory 1 : |
Ida Pedapuram, |
|
Tel. No.: |
91-884-5588334 |
|
Fax No.: |
91-884-2356570 |
|
E-Mail : |
DIRECTORS
(AS ON 30.06.2010)
|
Name : |
Dr. Khater Massaad |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
17.06.1953 |
|
Date of Appointment : |
09.01.2004 |
|
|
|
|
Name : |
Mr. Hamad Abdallah Al Mutawa |
|
Designation : |
Director |
|
Address : |
P O Box 4714, Ras Al Khaimah, United Arab, Emirates |
|
Date of Birth/Age : |
30.12.1946 |
|
Date of Appointment : |
09.01.2004 |
|
|
|
|
Name : |
Mr. Sunil Malesha |
|
Designation : |
Director |
|
Address : |
703, Himachal, Juhu Lane, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth/Age : |
02.01.1966 |
|
Date of Appointment : |
01.01.2011 |
|
|
|
|
Name : |
Mr. Ahire Manoj Uttamrao |
|
Designation : |
Director |
|
Address : |
S Krishnagar College Road, College Campus Nasik – 422005, Maharashtra,
India |
|
Date of Birth/Age : |
13.12.1971 |
|
Date of Appointment : |
01.01.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
R A K Ceramics, UAE |
|
47167406 |
|
Al Hamra Real Estate Development LLC, UAE |
|
1 |
|
R A K Ceramics, UAE |
|
9431259 |
|
Sunil K. Malesha |
|
982871 |
|
Sudhir K. Malesha |
|
982870 |
|
Nirmala K. Malesha |
|
982500 |
|
Laxmi J Malesha |
|
1768500 |
|
Sangita S. Malesha |
|
786000 |
|
Mala S. Malesha |
|
786000 |
|
|
|
|
|
Total |
|
62887407 |
(AS ON 30.06.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Ceramic and Vitrified Tiles and Sanitary Wares. |
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity * |
Actual Production ** |
|
|
|
|
|
|
|
Tiles |
S.M. |
N.A. |
11,325,000 |
7,147,049 |
|
Sanitary Ware |
Nos. |
N.A. |
437,500 |
268,539 |
|
|
|
|
|
|
* Installed capacity is as certified by the Management.
** Actual production is net of Wastages and Scrap
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India ·
ABN Amro N.V. 6-3-248/1/1A, Banjara Hill, Road No.1, Hyderabad – 500034, Andhra,
Pradesh, India · Standard Chartered Bank |
BANKING FACILITIES
|
Secured Loans |
31.12.2010 |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
(RS. IN MILLIONS) |
|||
|
Foreign Currency
Term Loans |
|
|
|
|
|
- From Bank |
761.770 |
793.560 |
259.100 |
50.000 |
|
- From Others |
244.418 |
424.364 |
616.636 |
693.982 |
|
[Secured by way of a mortgage of all the immovable assets of the
Company and hypothecation of the equipment
and
machinery of the Ceramic Tile and Sanitaryware facility of the Company. Also
secured by way of a guarantee furnished by the Holding Company] |
|
|
|
|
|
-
External commercial Borrowing From holding Company |
76.878 |
-- |
-- |
-- |
|
[Collaterally Secured by way of first charge on all the fixed assets of the Company's Depots and Marketing Offices] |
|
|
|
|
|
|
|
|
|
|
|
Working Capital
Loans From Bank |
|
|
|
|
|
-
Working Capital Demand Loan |
214.500 |
150.000 |
150.000 |
250.000 |
|
- Bank Overdraft and other
Working Capital Loans |
104.160 |
33.246 |
472.936 |
577.285 |
|
[Secured by way of hypothecation of Raw Material. Work in Process,
Finished Goods, both present and future, book debts, bills, moneys receivable
and claims ranking on pari passu basis. Also secured by way of a guarantee
furnished by the Holding Company] |
|
|
|
|
|
|
|
|
|
|
|
Hire Purchases
Loans |
|
|
|
|
|
- From a Bank |
0.066 |
0.847 |
-- |
-- |
|
- From Others |
5.597 |
0.192 |
2.145 |
1.993 |
|
(Secured by way of Hypothecation of Vehicle) |
|
|
|
|
|
|
|
|
|
|
|
Total |
1407.389 |
1402.209 |
1500.817 |
1573.260 |
|
|
||||
|
UNSECURED LOANS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
(RS. IN MILLIONS) |
|||
|
Other than Short
Term |
|
|
|
|
|
Rupee Term Loans |
|
|
|
|
|
- From a Bank |
8.750 |
62.500 |
-- |
-- |
|
(Secured by way of a Guarantee furnished by the Holding Company) |
|
|
|
|
|
|
|
|
|
|
|
External Commercial borrowings from Holding Company |
1209.870 |
1307.040 |
1477.725 |
1214.738 |
|
Interests Accrued and due |
-- |
3.956 |
150.876 |
148.966 |
|
|
|
|
|
|
|
Security Deposits |
-- |
-- |
142.600 |
140.000 |
|
|
|
|
|
|
|
Total |
1218.620 |
1373.496 |
1771.201 |
1503.704 |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
8-2-293/82/A/1131A, Road No.36, Jubilee Hills, Hyderabad – 500034,
Andhra Pradesh, India |
|
|
|
|
Holding Company
: |
Ras Al Khaimah Ceramics Co. PSC, UAE (Public Stock Company) (‘RAK UAE’) |
|
|
|
|
Fellow Subsidiary : |
· Al Hamara Real Estate, UAE · RAK Ceramics (Bangladesh) Limited, Bangladesh (‘RAK Bangladesh) · RAK (Gaoyao) Ceramics Company Limited – China (‘RAK Gaoyao’) · Prestige Tiles Pty Limited – Australia (‘Prestige Tiles) · Encom Trading LLC |
|
|
|
|
Associates of
Holding Company : |
·
Ceramic India Private Limited (Formerly known as
RAK Minerals Private Limited)
(Ceramic- India ) ·
RAK Ceramics UK Limited - United Kingdom (RAK
–UK) ·
Ceramic FZC (Ceramic –FZC) ·
Elegance Ceramics – UAE) |
CAPITAL STRUCTURE
(AS ON 31.12.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62887407 |
Equity Shares |
Rs.10/- each |
Rs.628.874
Millions |
|
|
|
|
|
NOTE:
(Of the above 56,598,665 Equity shares are held by Ras Al
Khaimah Ceramics Co. PSC, UAE - the holding company and 1 equity share is held
by Al Hamara Real Estate, UAE, a fellow subsidiary of the company.
During the year the Company allotted 15,720,000 Equity
Shares of Rs.10 each aggregating Rs.157,200,000 as fully paid to the Share
holders of M/s. Ras Al Khaima Ceramics (India) Private Limited as per the
Scheme of Amalgamation as approved by the Honourable High Courts of Bombay and
Andhra Pradesh.
The Authorised Capital has increased in terms of Scheme of Amalgamation as approved by the Honourable High Courts of Bombay and Andhra Pradesh in respect of which the requsite forms have been filed subsequent to the Balance sheet date and further increase that was effected by the Company during the year by paying requisite fee.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
628.874 |
471.674 |
471.674 |
354.077 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
117.600 |
|
|
3] Reserves & Surplus |
445.583 |
215.067 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(142.805) |
(163.683) |
|
|
NETWORTH |
1074.457 |
686.741 |
328.869 |
307.994 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
1407.389 |
1402.209 |
1500.817 |
1573.260 |
|
|
2] Unsecured Loans |
1218.620 |
1373.496 |
1771.201 |
1503.704 |
|
|
TOTAL BORROWING |
2626.009 |
2775.705 |
3272.018 |
3076.964 |
|
|
DEFERRED TAX LIABILITIES |
162.972 |
115.488 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
3863.438 |
3577.934 |
3600.887 |
3384.958 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2404.353 |
2535.620 |
2045.308 |
2199.511 |
|
|
Capital work-in-progress |
86.154 |
28.968 |
53.951 |
29.839 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
65.948 |
86.923 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
1460.180
|
992.586 |
1186.963 |
1233.728
|
|
|
Sundry Debtors |
627.292
|
408.607 |
354.330 |
482.578
|
|
|
Cash & Bank Balances |
25.668
|
94.742 |
139.121 |
17.405
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
0.000
|
|
|
Loans & Advances |
350.034
|
381.594 |
257.527 |
60.760
|
|
Total
Current Assets |
2463.174
|
1877.529 |
1937.941 |
1794.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditor |
734.801
|
716.612 |
470.921 |
677.093
|
|
|
Other Current Liabilities |
200.291
|
142.976 |
25.843 |
44.264
|
|
|
Provisions |
155.151
|
4.595 |
5.497 |
4.429 |
|
Total
Current Liabilities |
1090.243
|
864.183 |
502.261 |
725.786 |
|
|
Net Current Assets |
1372.931
|
1013.346 |
1435.680 |
1068.685 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
3863.438 |
3577.934 |
3600.887 |
3384.958 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
4038.250 |
3032.465 |
3037.341 |
|
|
|
|
Other Income |
188.312 |
116.893 |
161.759 |
|
|
|
|
TOTAL (A) |
4226.562 |
3149.358 |
3199.100 |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Manufacturing Expenses |
2564.336 |
1975.444 |
2028.312 |
|
|
|
|
Cost of Goods Traded |
234.091 |
13.746 |
0.000 |
|
|
|
|
Payments and Benefits to Employees |
192.976 |
95.497 |
87.761 |
|
|
|
|
Administrative, Selling and Other Expenditures |
290.740 |
252.385 |
224.750 |
|
|
|
|
Amalgamation Related Expenditures |
6.718 |
0.000 |
0.000 |
|
|
|
|
Loss/ (Gain) on Foreign Exchange Fluctuations (Net) |
(6.265) |
(3.260) |
357.966 |
|
|
|
|
TOTAL (B) |
3282.596 |
2333.812 |
2698.789 |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
943.966 |
815.546 |
500.311 |
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
151.642 |
130.001 |
208.769 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
792.324 |
685.545 |
291.542 |
|
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
338.245 |
285.758 |
248.597 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
454.079 |
399.787 |
42.945 |
NA |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
148.349 |
133.769 |
22.067 |
NA |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
305.730 |
266.018 |
20.878 |
(78.772) |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
123.213 |
(142.805) |
(163.683) |
-- |
|
|
|
|
|
|
|
|
|
|
Add |
Transferred to the
company on Amalgamation |
61.166 |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
30.573 |
-- |
-- |
-- |
|
|
|
Proposed Dividend |
125.775 |
-- |
-- |
-- |
|
|
|
Tax on Dividend |
20.890 |
-- |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
312.871 |
123.213 |
(142.805) |
-- |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
Exports of Goods |
261.062 |
249.124 |
402.442 |
181.442 |
|
|
TOTAL EARNINGS |
261.062 |
249.124 |
402.442 |
181.442 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
461.241 |
212.805 |
253.191 |
299.553 |
|
|
|
Stores & Spares |
94.995 |
70.954 |
115.927 |
148.005 |
|
|
|
Capital Goods |
35.062 |
542.516 |
36.070 |
26.448 |
|
|
|
Others |
90.140 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
681.438 |
826.275 |
405.188 |
474.006 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
|
- Basic |
5.18 |
5.64 |
0.47 |
(2.78) |
|
|
|
- Diluted |
5.18 |
5.64 |
0.44 |
(2.78) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
7.23
|
8.45 |
0.65 |
NA |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.24
|
13.18 |
1.41 |
NA |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.33
|
9.06 |
1.08 |
NA |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.58 |
1.22 |
NA |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.46
|
5.30 |
11.48 |
12.35 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.17 |
3.86 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from C/O. M/S
Price Water House, 6-3-550, 4th Floor, L. B. Bhavan, Somajiguda, Hyderabad
– 500082, Andhra Pradesh, India, to the present address w.e.f. 01.09.2007
FINANCIAL
PERFORMANCE:
The company’s key financial and operational indicators in 2010 reflect
its achievements and reiterate its continued commitment to growth and sustainability.
These results were achieved amid challenging economics and industry environment
and were made possible as a result of company’s relentless pursuit of strategic
and financial initiatives.
CONTINGENT
LIABILITIES
· Disallowance of Cenvat Credit (including Interest) on Capital Goods being contested - Rs.13.183 Millions.
· Disallowance of abatement on Service Tax related to Goods Transport Agency Services being contested -Rs.3.058 Millions.
· Demand for Property Tax (including interest) on the Factory Land being contested Rs.6.940 Millions. (Against the above said dispute Company remitted Rs.3.427 Millions under protest which is included under Advances recoverable in cash or in kind or for value.
·
Disputed Income tax towards
disallowance of Additional Depreciation - Rs.0.353 Million
·
Disputed Customs Duty on classification
of imported goods - Rs.0.215 Million
·
Sales Tax on intra - state transfer of
Finished Goods disputed by the Company - Rs.0.320 (Against the dispute Company
remitted Rs.0.144 Million which is included under Advances recoverable in cash
or in kind or for value and given a bank guarantee for Rs.0.176 Million under
protest).
FORM 8
|
Corporation identity number or foreign company registrations number of the company |
U26919AP2004PTC042401 |
|
Name of the company |
R.A.K.CERAMICS INDIA PRIVATE LIMITED |
|
Address |
Second Floor, Jaya Mansion, Block-B-126, S.D.Road, Secunderabad –
500003, Andhra Pradesh, India |
|
This Form is for |
Modification of charge |
|
Charge identification Numbers of the charge |
10038746 |
|
Type of Charges |
Book Debts Others: Stocks and Receivables both present and future |
|
Particular of the charge holder |
The Hongkong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature or description of the instrument creating charge |
First Supplemental Deed of Hypothecation dated 15th June, 2011. |
|
Date of the instrument creating charge |
15.06.2011 |
|
Amount Secure by the charge |
Rs.300.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Interest shall be payable by the Company on the banking facilities as per Bank's tariff, subject however that the Bank shall have the right to change the rate of interest after giving notice to the Company. Terms of repayment In Consideration of Banking facilities sanctioned/to be sanctioned by the bank to the company, the company has hypothecated and charged to the bank by way of first pari passu charge on Stocks and book debts both present and future as a continuing security, as mentioned in Principal Deed of Hypothecation/Supplemental Hypothecation Agreement to secure the repayments of the advances together with interest cost and all other charges. Margin The company shall maintain such margin as may be specified by the Bank from time to time. Extent and operation of the charge In case the Company fails to fulfill its obligations under the agreement , the bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims |
|
Particulars of the Property charged |
First pari passu charge on Stocks and Book Debts both present and future |
|
Particulars of the Present Modification |
At the request of the Company, The Hongkong and Shanghai Banking Corporation Limited has agreed to continue the facilities for Rs.300.000 Millions in the manner and on the terms and conditions hereinafter contained in Principal Deed of Hypothecation /Supplemental Deed of Hypothecation and the same is filed under charge ID 10038746. |
FIXED ASSETS:
·
Land- freehold
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
WEBSITE DETAILS
Incorporated in 1989, Subject within a short span of over ten years
firmly established itself as one of the world's leading producers of high
quality Ceramic wall and floor tiles, Gres Porcellanato, and Sanitary ware.
The company is located 20 km. south of
Ras Al Khaimah city along the highway to
Subject went public in 1998 and received an overwhelming response from the
general public who showed immense confidence in the company. With a total
investment capital of over US $ 250 million, the company opted for a long-term
policy; to produce quality products, to be a respectable partner and to keep
its clients satisfied.
R.A.K Ceramics' drive for excellence and an insatiable appetite for quality and
customer satisfaction were accredited with the ISO 9001 certification by CICS
(Ceramic Industry Certification Scheme),
Moreover, two presses and three kilns are being used exclusively to produce
special items like decors, Listellos, skirting, etc.
Headquarters at Ras Al Khaimah
The Sanitary ware factories between them produce 7,000 pieces of quality
products per day, including complete bathroom sets with water closets, wash
basins, bidets, bathtubs, shower trays, and all related accessories in a wide range
of colors and designs. The factories are equipped with five kilns, including
one kiln dedicated exclusively for decoration. The company has also added the
Robot Spraying Machine to give the pieces an even finish.
An Extremely Comprehensive Product Line
Subject offers one of the most comprehensive product lines in the ceramic tile
industry, all manufactured by the company. The Company produces one of the
industry's largest offerings of colors, textures and finishes as well as an
extensive array of coordinating trim and angle pieces.
In the Ceramic range, the company produces ceramic wall tiles, ceramic
floor tiles, matching decor tiles, listellos, and pencils and cappings and a
few other related items.
In Gres Porcellanato (porcelain / vitrified tiles), the company produces
thousands of models in soluble salt ,salt and pepper and glazed, covering
finishes such as polished, semi polished, unpolished , rustic, stone, mosaic,
travertino, etc. Some unique patterns and finishes are acquired through new
technologies such as roto printing, double charge, Granitech ,advanced MDR,
technoslate, twin press, glazed before pressing and dry glaze . Some unique
"antique style" finishes in tiles have been possible due to advanced
gresporcellanto technology. The company manufactures the largest slabs in the
industry with sizes ranging up to 125cm x 185 cm (2 cm thick).
Water jet cutting technology also facilitates unique water jet designs
and diamonds cutting machine tools help make beautiful vanity tops from gres
porcellanato slabs. The tiles are manufactured in very wide range of sizes.
In Sanitary ware various models are produced in wash basins (mounted as
well as pedestals), water closets
(WC), bidets, bathroom sets, bath tubs, shower trays, kitchen sinks, bathroom
cabinets, accessories and decorated sets.
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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.