MIRA
INFORM REPORT
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Report Date : |
24.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RISHABH SANITARY APPLANCES PRIVATE LIMITED |
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Registered Office
: |
BD-78, IIIRD Floor, Pitampura, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.12.2006 |
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Com. Reg. No.: |
55-156240 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.430 Million |
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CIN No.: [Company Identification
No.] |
U45309DL2006PTC156240 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture, trader, exporter and supply of sanitary appliances like
soap dishes, SS and PC connection pipes,
toilet paper holder etc. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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. There appears
huge accumulated losses recorded by the company. However, Trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Jain |
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Designation : |
Director |
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Contact No.: |
91-9350132274 |
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Date : |
17.08.2011 |
LOCATIONS
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Registered Office : |
BD-78, IIIRD Floor, Pitampura, |
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Tel. No.: |
91-130-2474786 / 6453990 |
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Mobile No.: |
91-9350132274 (Mr. Sanjay Jain) |
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Fax No.: |
91-130-2474786 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory / Office : |
367, HSIIDC, I E., Barhi, Ganaur, Sonipat – 131001, |
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Tel. No.: |
91-130-2474786 / 6453990 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sanjay Kumar Jain |
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Designation : |
Director |
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Address : |
Bd-78, IIIRD Floor, Pitampura, |
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Date of Birth/Age : |
25.08.1968 |
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Date of Appointment : |
05.12.2006 |
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DIN No.: |
0028299 |
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Name : |
Mr. Veer Prakash Jain |
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Designation : |
Director |
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Address : |
Mahavir Basti, Samalkha – 132001, |
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Date of Birth/Age : |
05.12.1948 |
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Date of Appointment : |
05.12.2006 |
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DIN No.: |
00491286 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Sanjay Kumar Paras Ram Jain |
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30500 |
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Veer Prakash Paras Ram Jain |
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4500 |
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Payal Jung Bahadur Jain |
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2000 |
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Preeti Ram Kumar Jain |
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6000 |
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Total |
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43000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, trader, exporter and supply of sanitary appliances like
soap dishes, SS and PC connection pipes,
toilet paper holder etc. |
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Products : |
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Exports : |
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Products : |
Sanitary Appliances |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
Oriental bank Of Commerce, Mission Chowk, Sonepat – 131001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surender Kr Singhal and Company Chartered Accountant |
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Address : |
301-304-B, Apra Plaza-B, Plot No.28, Road No.44, Community Center,
Pitam Pura – 110034, Delhi, India |
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Tel. No.: |
91-11-27012573 / 27012574 / 27012576 |
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Mobile No.: |
91-9350857062 |
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PAN.: |
AAOFS2527B |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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43000 |
Equity Shares |
Rs.10/- each |
Rs.0.430 Million |
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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 |
0.430 |
0.430 |
0.100 |
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2] Share Application Money |
0.100 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.320 |
1.320 |
0.000 |
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4] (Accumulated Losses) |
(2.343) |
(1.489) |
0.000 |
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NETWORTH |
(0.493) |
0.261 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
9.046 |
9.690 |
4.147 |
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2] Unsecured Loans |
4.032 |
3.346 |
4.096 |
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TOTAL BORROWING |
13.078 |
13.036 |
8.243 |
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DEFERRED TAX LIABILITIES |
0.208 |
0.237 |
0.000 |
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TOTAL |
12.793 |
13.534 |
8.343 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.942 |
12.134 |
7.636 |
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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 |
4.317
|
0.745 |
0.000 |
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Sundry Debtors |
0.349
|
0.948 |
0.000 |
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Cash & Bank Balances |
0.029
|
0.002 |
0.493 |
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Other Current Assets |
0.782
|
0.036 |
0.040 |
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Loans & Advances |
0.041
|
0.041 |
0.385 |
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Total
Current Assets |
5.518
|
1.772 |
0.918 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.724
|
0.514 |
0.405 |
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Other Current Liabilities |
0.138
|
0.118 |
0.042 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
3.862
|
0.632 |
0.447 |
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Net Current Assets |
1.656
|
1.140 |
0.471 |
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MISCELLANEOUS EXPENSES |
0.162 |
0.216 |
0.236 |
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OTHERS |
0.033 |
0.044 |
0.000 |
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TOTAL |
12.793 |
13.534 |
8.343 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
7.283 |
2.287 |
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Other Income |
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NA |
0.001 |
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TOTAL |
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NA |
2.288 |
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Less |
EXPENSES |
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Manufacturing Expenses |
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|
1.769 |
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Administrative and Other Expenses |
|
NA |
1.022 |
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Financial Expenses |
|
NA |
0.000 |
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TOTAL |
|
8.177 |
2.791 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
NA |
(0.503) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
NA |
0.748 |
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PROFIT BEFORE
TAX |
|
(0.884) |
(1.251) |
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Less |
TAX |
|
(0.030) |
0.237 |
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PROFIT AFTER TAX
|
|
(0.854) |
(1.488) |
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Particulars |
|
31.03.2009 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
2.288 |
7.282 |
The above information has been parted by Mr. Sanjay Jain.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
(65.03) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
(12.14)
|
(54.70) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.37)
|
(9.21) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
1.79
|
(4.79) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
34.36
|
52.37 |
86.90 |
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Current Ratio (Current Asset/Current Liability) |
|
1.43
|
2.80 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE :
The Company recorded higher turnover of
Rs.7.283 Millions as compared to Rs.2.288 Millions in the previous years. Since
the company gas not reached the break even point it suffered a net loss of
Rs.0.854 Million after depreciation and tax. The total accumulated loss amounts
to Rs.2.343 Millions Better results are expected in coming years.
FORM 8 :
|
Corporate
identity number of the company |
U45309DL2006PTC156240 |
|
Name of the
company |
RISHABH SANITARY APPLANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
BD-78, IIIRD Floor, Pitampura, |
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This form is for |
Creation
of charge |
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Type of charge |
|
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Particular of
charge holder |
Oriental bank Of Commerce, Mission Chowk, Sonepat – 131001, Email Id : edp_roh@obc.co.in |
|
Nature of
instrument creating charge |
Agreement of term
loan and equitable mortgage of
property vide ltr 18.1 dated:-17.08.2007. |
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Date of
instrument Creating the charge |
17.08.2007 |
|
Amount secured by
the charge |
Rs.4.560 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
13.25% per annum with monthly rests subject to changes in plr/spread
announced by the bank/RBI from time to time. Terms of Repayment Repayment in 78 equated
monthly installments of Rs.0.088 Million each. first installment start w.e.f.
march, 2008. Margin 25% Extent and operation of the charge Availed fresh term loan of rs.4.560 Millioons against hypothecation of
plant and machinery and immovable property. Others Penal Interest @ 2% per annum |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i) Hypothecation of plant & machinery i. e.
d. g. set, power press, lathe machine, milling machine, drilling machine,
surface grinder, polishing machine, sherring machine, dies, press and cutting
hydrolic power press, and tools etc. (ii) Equitable mortgage of property factory land
and building measuring 1012.50 sq. mts. vide sale deed no.738,
dated:-06.06.2007 at plot no.367, situated at HSIDC, Industrial Estate,
Barhi, Tehsil gannaur, District. Sonepat |
FIXED ASSETS :
- Building
- Air Conditioner
- Computer
- Plot
- Generator
- Electrical Fittings
- Furniture
- Plant and Machinery
- Fire Extinguisher
- Refrigerator
- Weingh Scale
- Trade Mark
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.45.69 |
|
|
1 |
Rs.75.29 |
|
Euro |
1 |
Rs.65.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.