MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
RHINO INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-201, Arvind Chambers, Sai Service Centre, Near Western Express
H’way, Mumbai – 400 069, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
02.12.2002 |
|
|
|
|
Com. Reg. No.: |
11-138072 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.3.753 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2002PTC138072 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR15744B / MUMR16361C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCR2919Q |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of Garments. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 26000 |
|
|
|
|
Status : |
Moderate |
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|
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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 low. 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) |
|
|
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 : |
A-201, Arvind Chambers, Sai Service Centre, Near Western Express
H’way, Mumbai – 400 069, |
|
Tel. No.: |
91-22-66144224 / 66144200 |
|
Mobile No.: |
91-9967060055 (Mr. Samir S Wali) |
|
Fax No.: |
91-22-66144242 / 43 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Samir Subash Wali |
|
Designation : |
Director |
|
Address : |
401 Kings Apartment, |
|
Date of Birth/Age : |
08.03.1981 |
|
Date of Appointment : |
02.02.2009 |
|
DIN No. : |
02506073 |
|
|
|
|
Name : |
Mr. Subash Gopinath Wali |
|
Designation : |
Director |
|
Address : |
401 Kings Apartment, |
|
Date of Birth/Age : |
05.09.1949 |
|
Date of Appointment : |
02.12.2002 |
|
DIN No. : |
00075932 |
|
|
|
|
Name : |
Mrs. Kanchan Subash Wali |
|
Designation : |
Director |
|
Address : |
401 Kings Apartment, |
|
Date of Birth/Age : |
08.02.1956 |
|
Date of Appointment : |
02.12.2002 |
|
DIN No. : |
00076011 |
|
|
|
|
Name : |
Mr. Saket Subash Wali |
|
Designation : |
Director |
|
Address : |
401 Kings Apartment, |
|
Date of Birth/Age : |
11.08.1979 |
|
Date of Appointment : |
02.12.2002 |
|
DIN No. : |
00077373 |
|
|
|
|
Name : |
Mr. Suresh Motilal Koul |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.04.1957 |
|
Date of Appointment : |
02.04.2004 |
|
DIN No. : |
00077293 |
|
|
|
|
Name : |
Mr. Natwarlal Deenanath Trivedi |
|
Designation : |
Director |
|
Address : |
Building No. 1, B-701, Green View CHS Limited, TPS III, Ram Mandir
Road, Babhai Naka, Borivli (West), Mumbai – 400 092, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1969 |
|
Date of Ceasing : |
02.02.2009 |
|
DIN No. : |
00077578 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Subash Gopinath Wali |
|
15100 |
|
Kanchan Subash Wali |
|
5100 |
|
Saket Wali |
|
5100 |
|
Teem Laboratories Limited, |
|
45000 |
|
Madan Mohan Bansal |
|
25000 |
|
Manju Madan Bansal |
|
25000 |
|
Vimal Agarwal |
|
20000 |
|
Magan Agarwal |
|
30000 |
|
Loreita Salvi |
|
25000 |
|
Arvind Mistry |
|
25000 |
|
Geeta Patel |
|
15000 |
|
Bipin Bhai Patel |
|
25000 |
|
Ali Imam Mohamed |
|
15000 |
|
Patan Finance and Investment Company Limited, |
|
100000 |
|
Total |
|
375300 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
38.64 |
|
Directors
or relatives of directors |
|
6.74 |
|
Other
top fifty shareholders |
|
54.62 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Garments. |
Trading Goods
|
Products |
Years |
Purchases |
Sales |
||
|
Qty |
Value |
Qty |
Value |
||
|
100% Cotton Shirtings (Qty in Meters) |
2009-10 |
146,156 |
15,346,381 |
146,156 |
15,492534 |
|
|
2008-09 |
(-) |
(-) |
(-) |
(-) |
|
|
|
|
|
|
|
|
(I) Fabrics (Qty in Meters) |
2009-10 |
1,811,627 |
126,762,650 |
1,811,627 |
127,993,957 |
|
|
2008-09 |
(867,938) |
(77,368,150) |
(867,938) |
(77,743,469) |
|
|
|
|
|
|
|
|
(II) Fancy Suiting (Qty in Meters) |
2009-10 |
100,315 |
9,830,861 |
100,315 |
9,862,339 |
|
|
2008-09 |
(299,217) |
(22,678,396) |
(299,217) |
(22,844,119) |
|
|
|
|
|
|
|
|
(III) TMT Bars (Qty in MT) |
2009-10 |
-- |
-- |
-- |
-- |
|
|
2008-09 |
(158,610) |
(7,507,569) |
(158,610) |
(7,588,820) |
|
|
|
|
|
|
|
|
(IV) Shirtings (Qty in Meters) |
2009-10 |
313,279 |
32,214,439 |
313,279 |
32,412,037 |
|
|
2008-09 |
(97,309) |
(10,415,689) |
(97,309) |
(10,460,718) |
|
|
|
|
|
|
|
|
(VI) Readymade Garments (Qty in Pieces) |
2009-10 |
335 |
610,677 |
335 |
638,210 |
|
|
2008-09 |
(174) |
(144,940) |
(174) |
(289,756) |
|
Total |
|
184,765,008 |
186,399,077 |
||
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Vijaya Bank Bandra Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
M A Parikh and Company Chartered Accountant |
|
Address : |
2nd Floor, |
|
Tel. No.: |
91-22-22041018 / 22043850 / 22029187 |
|
Fax No.: |
91-22-22874524 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
375300 |
Equity Shares |
Rs.10/- each |
Rs.3.753
millions |
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 |
3.753 |
3.753 |
3.753 |
|
|
2] Share Application Money |
1.650 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.984 |
0.457 |
0.950 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.387 |
4.210 |
4.703 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.998 |
13.450 |
15.411 |
|
|
2] Unsecured Loans |
2.000 |
0.000 |
0.250 |
|
|
TOTAL BORROWING |
16.998 |
13.450 |
15.661 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.385 |
17.660 |
20.364 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.008 |
0.010 |
0.012 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.016 |
0.016 |
0.016 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
17.934
|
54.522 |
35.044 |
|
|
Cash & Bank Balances |
0.246
|
1.781 |
0.072 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.171 |
|
|
Loans & Advances |
23.348
|
15.374 |
11.895 |
|
Total
Current Assets |
41.528
|
71.677 |
47.182 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.729
|
53.587 |
26.298 |
|
|
Other Current Liabilities |
0.157
|
0.187 |
0.290 |
|
|
Provisions |
0.305
|
0.305 |
0.305 |
|
Total
Current Liabilities |
18.191
|
54.079 |
26.893 |
|
|
Net Current Assets |
23.337
|
17.598 |
20.289 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.024 |
0.036 |
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
23.385 |
17.660 |
20.364 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
188.293 |
120.975 |
96.169 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
187.766 |
121.468 |
96.333 |
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX |
0.527 |
(0.494) |
(0.164) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
0.527 |
(0.494) |
(0.164) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.40 |
(1.32) |
(0.44) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.28
|
(0.41) |
(0.17) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.27
|
(0.69) |
(0.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.12) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.51
|
16.04 |
9.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.33 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from B-5, Madhava
Bandra Kurla Complex, Bandra (E), Mumbai – 400 051, Maharashtra, India to the
present address w.e.f. 14.01.2007.
FORM 8
|
Corporate identity number of the company |
U51909MH2002PTC138072 |
|
Name of the company |
RHINO INTERNATIONAL PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
B-5 Madhava Bandra Kurla
Complex, Bandra (E), Mumbai – 400051, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90148119 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Others o
Vehicle |
|
Particular of charge holder |
Vijaya Bank Bandra Branch, |
|
Nature of instrument creating charge |
(1) Agreement For Bills (2) Supplementary Agreement (All the above agreement constitute a single charge) |
|
Date of instrument Creating the charge |
08.11.2006 |
|
Amount secured by the charge |
Rs.50.500 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per sanction letter of the bank Terms of Repayment As per sanction letter of the bank Margin As per sanction letter of the bank Extent and Operation of the charge As per sanction letter of the bank Others As per sanction letter of the bank |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First charge (present and future) - continued security (1) hyp. of all
the types of stock kept at borrower premises or where ever else or in transit
(2) hyp. of of all book debts and receivables (3) hyp of all export
documentary bills and receivables |
|
Particulars of the present modification |
By this modification limit enhanced to Rs.50.500 millions
(CC(MISC)-Rs.15.500 millions, BD(LC)-Rs.35.000 millions), continued security
as given by original charge and by modification, terms and conditions as per
sanction letter of the bank |
FIXED ASSETS
·
Office Equipment
·
Computer
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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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.