MIRA
INFORM REPORT
|
Report Date : |
03.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
RICETEC MACHINERY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 57/P, Phase – I, IDA Jeedimetla, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
31.03.2004 |
|
|
|
|
Com. Reg. No.: |
01-42979 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1.300 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299AP2004PTC042979 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDR04166B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCR1195D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Service Provider of a wide series
of high-performance grain processing machinery and allied equipments. |
|
|
|
|
No. of Employees : |
40 (Approximately) |
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 34000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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. T R Bhanu Prakash |
|
Designation : |
Director |
|
Contact No.: |
91-9446624435 |
|
Date : |
28.11.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 57/P, Phase – I, IDA Jeedimetla, |
|
Tel. No.: |
91-40-23195938 / 23195729 / 64535938 / 23062218 |
|
Mobile No.: |
91-9446624435 (Mr. T R Bhanu Prakash) |
|
Fax No.: |
91-40-23195905 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 24.08.2011
|
Name : |
Mr. Bhanu Prakash Raja Reddy Thimmapuram |
|
Designation : |
Director |
|
Address : |
Flat 911, Vikranth Residency, Yadi Reddy Nagar Colo, Secunderabad –
500 011, |
|
Date of Birth/Age : |
08.03.1975 |
|
Date of Appointment : |
31.03.2004 |
|
DIN No.: |
00776407 |
|
|
|
|
Name : |
Mr. Putalaputtu Purandhar Reddy |
|
Designation : |
Director |
|
Address : |
Plot – 38, H No. 5-3-395, Sri Krishna Nagar, Kukatpally, |
|
Date of Birth/Age : |
09.06.1974 |
|
Date of Appointment : |
31.03.2004 |
|
DIN No.: |
01779360 |
|
|
|
|
Name : |
Mrs. Puthalapattu Chandrakala |
|
Designation : |
Director |
|
Address : |
5-3-388, Srikrishna Nagar, Kukatpally, Hydrabad – 500072, |
|
Date of Birth/Age : |
31.03.1978 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
03184077 |
|
|
|
|
Name : |
Mrs. Veena Kumari Thimmapuram |
|
Designation : |
Director |
|
Address : |
7 and 1/ Part, Pragati Colony, Manovikas Nagar, Bowenpally,
Secunderabad – 500011, |
|
Date of Birth/Age : |
26.10.1980 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
03273996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2011
|
Names of Shareholders |
No. of Shares |
|
T. R. Bhanu Prakash |
104000 |
|
P. N. Purandhar |
26000 |
|
|
|
|
Total |
130000 |
As on 24.08.2011
Equity share
breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Service Provider of a wide series
of high-performance grain processing machinery and allied equipments. |
|
|
|
|
Products : |
Rice Mill Machinery ·
Bran Purifier ·
Whitener Polisher ·
Pre-Cleaner ·
Destoner ·
Vibro Rubber Sheller ·
Husk Aspirator ·
Paddy Separator Daal Mill Machinery
Grains Processing Machinery
|
|
|
|
|
Exports : |
|
|
Products : |
Allied Equipments |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
Shree Naresh Paraboiled Rice Mill, Mehboobnagar,
Andhra Pradesh
·
Uma Shankar Stake ·
RadhaKrishna Rice ·
Kanakadurga Rice ·
Laxmi Sheshadri Agro ·
Narayanadri Rice ·
L.V.T., Rice ·
Srivari Modern Rice Mill, Thiruvarur, Tamilnadu ·
Hi-Tech Agro Food Private LImited, Trichy,
Tamilnadu ·
Shree Shyam Rice Mill, Bolangir, Orissa ·
Maa Santhoshi Rice Mill, Sundergarh, Orissa ·
Atul Mini RM, Burdwan, ·
Masthwada Process Foods, Nanded, ·
Rathi Industries, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
40 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
ING Vysya Bank Limited, 3-3-798, I Floor, Vysya
Bank Building, General Bazar, Secunderabad – 500 003, ·
Small Industries Development bank of ·
ICICI Bank ·
HDFC Bank ·
State Bank of ·
Syndicate Bank ·
Abn Amro Bank ·
Barclays Bank ·
Kotak Mahendra Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
GN and Associates Chartered Accountants |
|
Address : |
Flat No. 1103, 11th Floor, Babukhan Estate, Basheerbagh, |
|
Tel. No.: |
91-40-66825447 / 66365447 |
|
Fax No.: |
91-40-66635447 |
|
E-Mail : |
|
|
PAN No.: |
AAEFG2114K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000 |
Equity Shares |
Rs.10/- each |
Rs.1.300 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000 |
Equity Shares |
Rs.10/- each |
Rs.1.300 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.300 |
1.300 |
1.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.268 |
5.121 |
3.324 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.568 |
6.421 |
4.624 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
15.291 |
7.308 |
9.051 |
|
|
TOTAL BORROWING |
15.291 |
7.308 |
9.051 |
|
|
DEFERRED TAX LIABILITIES |
0.011 |
0.030 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
23.870 |
13.759 |
13.699 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.798 |
6.823 |
3.556 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.490
|
9.642 |
4.736 |
|
|
Sundry Debtors |
3.779
|
4.322 |
7.554 |
|
|
Cash & Bank Balances |
1.279
|
1.047 |
0.437 |
|
|
Advance Tax |
0.800
|
0.800 |
0.500 |
|
|
Deposits |
1.577
|
1.577 |
1.177 |
|
|
VAT Input Tax |
0.796
|
0.428 |
0.230 |
|
|
Loans & Advances |
2.799
|
1.756 |
1.008 |
|
Total
Current Assets |
32.520
|
19.572 |
15.642 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.879
|
6.936 |
3.486 |
|
|
Other Current Liabilities |
9.335
|
4.366 |
0.784 |
|
|
Provisions |
2.239
|
1.343 |
1.243 |
|
Total
Current Liabilities |
19.453
|
12.645 |
5.513 |
|
|
Net Current Assets |
13.067
|
6.927 |
10.129 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.009 |
0.014 |
|
|
|
|
|
|
|
|
TOTAL |
23.870 |
13.759 |
13.699 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82.979 |
73.926 |
58.049 |
|
|
|
Closing Stock |
21.490 |
9.641 |
4.736 |
|
|
|
Other Income |
0.462 |
0.477 |
0.359 |
|
|
|
TOTAL (A) |
104.931 |
84.044 |
63.144 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Opening
Stock |
9.641 |
4.736 |
3.348 |
|
|
|
Direct
Expenses |
67.076 |
62.847 |
47.390 |
|
|
|
Personnel
Expenses |
7.741 |
2.706 |
1.968 |
|
|
|
Operating
and Administration Expenses |
15.680 |
10.124 |
7.508 |
|
|
|
Preliminary
Expenses Written off |
0.000 |
0.000 |
0.002 |
|
|
|
Differed
Revenue Expenditure |
0.005 |
0.005 |
0.005 |
|
|
|
TOTAL (B) |
100.143 |
80.418 |
60.221 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.788 |
3.626 |
2.923 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.788 |
3.626 |
2.923 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.655 |
1.021 |
0.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.133 |
2.605 |
2.128 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.986 |
0.808 |
0.744 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.147 |
1.797 |
1.384 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.121 |
3.324 |
1.940 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.268 |
5.121 |
3.324 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.52 |
13.82 |
10.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.05
|
2.14 |
2.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78
|
3.52 |
3.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.23
|
9.87 |
11.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.41 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.06
|
3.11 |
3.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.55 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
NOTE:
Registered office of the company has changed from #22/49/1, Bagh Ameeri,
Kukatpally, Hydrabad – 500 072, Andhra Pradesh, India to the present address
w.e.f. 10.09.2005
REVIEW OF
PERFORMANCE AND BUSINESS PROSPECTS:
The Company’s sales for the period is
Rs.82.979 millions and other income of Rs.0.462 million with the net profit
before tax of Rs.3.133 millions after providing for depreciation of 1.004
millions. The major part of the revenue is contributed through the sale of Rice
Milling Machinery and spares to various customers. In this year the company
earned profits, the management expects that the demand for the company product
exists and are hopeful of getting good business in the ensuing years.
FORM NO. 8
|
Corporate
identity number of the company |
U29299AP2004PTC042979 |
|
Name of the
company |
RICETEC MACHINERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 57/P, Phase – I, IDA Jeedimetla, E-mail : mohanraoyakkali@gmail.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Small Industries Development bank of E-mail : rkgarg@sidbi.in |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of instrument
Creating the charge |
22.04.2010 |
|
Amount secured by
the charge |
Rs.5.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 11.5% Per Annum Terms of
repayment Loan shall be repaid
in 60 monthly installments, comprising the first 59 monthly installments of
Rs.0.083 Million each and finally the last installment of Rs.0.103 Millions Margin Rs.2.500 Millions Extent and
operation of the charge First charge on
entire movable assets to secure the re payment of loan sanctioned by the bank to the company
of Rs.5.000 Millions together with interest, additional interest, liquidated
damages, costs, etc |
|
Particulars of
the property charged |
Hypothecation of
All Movable assets of the company both present and future, located at
Industrial Shed area,33200 Sq ft,(approx) on Plot area 2700 Sq Yards (approx)
in Sy No. 177(Part), Lakshmi Nagar, Suraram, Qutubullapur Mandal, R. R.
District, Hyderabad-500055, Andhra Pradesh, India |
FIXED ASSETS:
·
Land
·
Computers and Software
·
Furniture and Fixtures
·
Electrical Equipment
·
Office Equipment
·
Vehicles
·
Plant and Machinery
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.51.35 |
|
|
1 |
Rs.80.51 |
|
Euro |
1 |
Rs.69.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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.