MIRA
INFORM REPORT
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Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
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Name : |
RENTWORKS INDIA PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
27.02.2001 |
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Com. Reg. No.: |
11-131029 |
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Capital Investment
/ Paid-up Capital : |
Rs. 4.427 millions |
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CIN No.: [Company
Identification No.] |
U71230mh2001ptc131029 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR10500A |
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PAN No.: [Permanent
Account No.] |
AABCR8889C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
The Company is engaged in the business of acquiring and
dealing in the residuary interest in assets that are the subject of leasing
transactions. |
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No. of Employees
: |
66 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 683000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
INFORMATION PARTED BY
|
Name : |
Ms. Tazeen |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-67616400 |
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Date : |
26.12.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-67616400 |
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Fax No.: |
91-22-66950590 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Corporate Office
: |
Sandoz House, 4th
Floor, |
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Tel. No.: |
91-22-66950595 |
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Fax No.: |
91-22-66950590 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch 1 : |
Located at |
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Location : |
Owned |
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Branch 2 : |
Located at |
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Location : |
Owned |
DIRECTORS
As On 29.07.2011
|
Name : |
Mr. Robert Warwick Medway |
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Designation : |
Director |
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Address : |
Lot 8, |
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Date of Birth/Age : |
20.05.1967 |
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Qualification : |
Bachelor of Business (finance) and Master of Applied
Finance |
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Date of Appointment : |
27.02.2001 |
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E-Mail: |
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DIN No.: |
00715125 |
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Name : |
Mr. Glenn Keith Goodall |
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Designation : |
Director |
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Address : |
Unit 4, |
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Date of Birth/Age : |
14.05.1962 |
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Qualification : |
(UE) University Entrance |
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Date of Appointment : |
27.02.2001 |
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DIN No.: |
02025978 |
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Name : |
Mr. Alan Van Niekerk |
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Designation : |
Director |
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Address : |
102, |
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Date of Birth/Age : |
08.11.1954 |
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Date of Appointment : |
27.02.2001 |
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Qualification : |
Bachelor of Economics, MBA |
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DIN No.: |
01175495 |
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Name : |
Mr. John Alan Kinghorn |
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Designation : |
Director |
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Address : |
41, Carrington Avenue Mosman, |
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Date of Birth/Age : |
03.06.1941 |
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Qualification : |
Chartered Accountant ( |
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Date of Appointment : |
06.08.2008 |
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DIN No.: |
02021451 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U99999HR1996PTC040814 |
Dia
Vikas Capital Private Limited |
Director |
21-07-08 |
04-02-08 |
Active |
NO |
|
2 |
U71230MH2001PTC131029 |
Rentworks
India Private Limited |
Director |
09-08-08 |
06-08-08 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rentworks Mauritius Limited, |
|
442753 |
|
Financial Consulting Associates, |
|
1 |
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Total |
|
442754 |
As on 29.07.2011
Equity Share Breakup (Percentage of Total Equity)
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Category |
|
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of acquiring and
dealing in the residuary interest in assets that are the subject of leasing
transactions. |
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Imports : |
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Products : |
Equipments |
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Countries : |
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Terms : |
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Selling : |
L/C / Depends |
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Purchasing : |
L/C / Depends |
GENERAL INFORMATION
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Suppliers : |
D.E.L.L. |
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Customers : |
Retailers, End Users and OEM’s
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No. of Employees : |
66 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Financial Institutions : |
·
Reliance
Capital Limited, “H” Block, 1st Floor, Dhirubhai Ambani Knowledge
City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India ·
L and
T Finance Limited, L and T House, Ballard Estate, Mumbai – 400001, |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Plot No. 12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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PAN No.: |
AACFD4815A |
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Holding Company : |
Rentworks Mauritius Limited, |
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Enterprises over which Key Management
personnel (KMP) and Relatives of such personnel exercise significant
influence |
Thumdart Pty. Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
500,000 |
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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|
442,754 |
Equity Shares |
Rs. 10/- each |
Rs.4.427 millions |
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Notes : The company during the year, bought back and
extinguished 7088 Equity shares in acceptances with the provisions of the companies
act 1956 and the Private Limited and Unlisted Public Company RULES, 1999
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.427 |
4.498 |
4.590 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
166.376 |
477.570 |
55.828 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
170.803 |
482.068 |
60.418 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
170.803 |
482.068 |
60.418 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.538 |
3.551 |
3.350 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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Investments in Unguaranteed Residuals |
2099.736 |
1031.606 |
1113.411 |
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DEFERREX TAX ASSETS |
21.695 |
19.504 |
19.948 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.544
|
11.646
|
3.204
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Sundry Debtors |
448.233
|
169.617
|
80.120
|
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Cash & Bank Balances |
1526.794
|
1955.264
|
761.557
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
58.158
|
250.475
|
119.415
|
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Total
Current Assets |
2040.729
|
2387.002
|
964.296
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
1892.876 |
1359.972 |
706.757 |
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Other Current Liabilities |
2081.435
|
1581.425
|
1221.037
|
|
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Provisions |
24.584
|
18.198
|
112.793
|
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Total
Current Liabilities |
3998.895
|
2959.595
|
2040.587
|
|
|
Net Current Assets |
[1958.166]
|
(572.593)
|
(1076.291)
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
170.803 |
482.068 |
60.418 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1216.500 |
1040.800 |
384.099 |
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Other Income |
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TOTAL |
1216.500 |
1040.800 |
384.099 |
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EXPENSES |
|
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Office Expenses |
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Administrative Expenses |
330.200 |
244.100 |
202.405 |
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Advertising Expenses |
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TOTAL |
330.200 |
244.100 |
202.405 |
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
886.300 |
796.700 |
181.694 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.100 |
3.000 |
1.907 |
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|
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PROFIT BEFORE
TAX |
882.200 |
793.700 |
179.787 |
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Less |
TAX |
307.900 |
271.800 |
56.033 |
|
|
|
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|
|
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|
PROFIT AFTER TAX
|
574.300 |
521.900 |
123.754 |
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
477.500 |
21.500 |
21.270 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
656.100 |
0.000 |
95.000 |
|
|
|
Corporate Dividend Tax on Interim Dividend |
109.000 |
0.000 |
16.145 |
|
|
|
Transferred to General Reserve |
177.900 |
65.900 |
12.400 |
|
|
BALANCE CARRIED
TO THE B/S |
108.800 |
477.500 |
21.479 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Rented Assets |
NA |
207.422 |
314.947 |
|
|
TOTAL IMPORTS |
NA |
207.422 |
314.947 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1290.92 |
1137.02 |
269.60 |
|
Expected Sales (2011-2012) : Rs.1200.000 millions
The above information has been parted by Ms. Tazeen [Finance Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
47.21 |
50.14 |
32.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.07
|
33.20
|
18.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.16
|
1.64
|
2.98
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
24.41
|
7.14
|
34.77
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.51
|
0.81
|
0.47
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Due to Small and Micro Enterprises |
0.000 |
0.000 |
0.000 |
|
Due to Others |
1892.876 |
1359.972 |
706.757 |
|
Total |
1892.876 |
1359.972 |
706.757 |
|
Check List by Info Agents |
Available in Report [Yes/No] |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
- |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of contact
person |
Yes |
|
Turnover of firm for last
three years |
Yes |
|
Profitability for last
three years |
No |
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
Yes |
|
Capital the business |
Yes |
|
Details of sister
concerns |
- |
|
Major Suppliers |
Yes |
|
Major Customers |
Yes |
|
Payment Terms |
Yes |
|
Export / Import Details
[If Applicable] |
Yes |
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
No |
|
Incorporation details, if
applicable |
- |
|
Last accounts filed at
ROC |
- |
|
Major Shareholders, if
applicable |
- |
Note : Registered Office
of the company has been shifted from Unit No. 5-C,
COMPANY
BACKGROUND:
Subject was incorporated on 27.02.2001. It is a 100% subsidiary of
Rentworks Mauritius Limited. The company is engaged in the business of
acquiring and dealing in the residuary interest in assets that are the subject
of leasing transactions, referred to in these financial statements as
“Residuals”.
OPERATIONS
The Company is engaged in the business of acquiring and
dealing in the residuary interest in assets that are the subject of leasing transactions.
During the year, the total Income from Operations of the Company was
Rs.1216.000 millions (2010 Rs 1040.000 millions).The net profit of the Company
was Rs.574.000 millions (2010 Rs 521.000 millions) after provision for income
taxes of Rs.307.800 millions ( 2010 Rs.271.900 millions). During the year, the
Company's investment in unguaranteed residuals rose by Rs.1065.600 millions
from Rs.1031.600 millions at 31st March 2010 to Rs.2097.200 millions at 31st
March 2011. This investment in residuals is at cost. It understates the
Company's book of residuals as many residuals are acquired at no cost or at a
profit.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U71230mh2001ptc131029 |
|
Name of the
company |
RENTWORKS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Other |
|
Particular of
charge holder |
Reliance Capital
Limited, “H” Block, 1st Floor, Dhirubhai Ambani Knowledge City,
Koparkhairne, Navi Mumbai-400710, Maharashtra, India Email : yogesh.deshpande@relianceada.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 22.11.2011 |
|
Date of
instrument Creating the charge |
22.11.2011 |
|
Amount secured by
the charge |
Rs.0.890 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.50% Terms of Repayment RS 11, Rs 0.099 million
payable quarterly from 1-Jan-12 to 1-Jul-14 Margin Nil Extent and Operation of the charge The charge
extends to the assignment of Rent Receivables by Rentworks India Private
Limited payable by Godrej Infotech Limited and Hypothecation of Rented Assets
and Registration of Charge on the assets. |
|
Short particulars
of the property charged |
Hypothecation of
the present and future Interest, title and ownership resting with the company
over equipments rented by the Renter viz. Godrej Infotech Limited Financed by
Reliance Capital Limited, under RS 11 to the Master Rental Agreement dated
between 22.02.2011 Godrej Infotech Limited Particulars of
the assets are detailed in the above mentioned Rental Schedules |
|
Corporate
identity number of the company |
U71230mh2001ptc131029 |
|
Name of the
company |
RENTWORKS INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Other |
|
Particular of
charge holder |
Axis Bank
Limited, Nariman Point Branch, |
|
Nature of
instrument creating charge |
Deed of
hypothecation 28.09.2011 |
|
Date of instrument
Creating the charge |
28.09.2011 |
|
Amount secured by
the charge |
Rs. 262.836
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.24% Annual EFF
rate Terms of Repayment RS 2 13.833 millions
payable quarterly from 15.04.2012 to 15.10.2016 Margin Nil Extent and Operation of the charge The charge
extends to the assignment of Rent Receivables by Rentworks India Private
Limited Payable by Netapp India Private Limited and Hypothecation of Rented
Assets and Registration of Charge on the Asset |
|
Short particulars
of the property charged |
Air conditioner 6
quantity, Air Conditioner – Ducting 103 quantity, Air Conditioning Unit 135
quantity cabinets 4 quantity Cable 10
quantity, Cable Networking 41 quantity, Carpets 4 quantity, Construction Equipment 11
quantity, Electrical 36 quantity, Fire Alarm System 2 quantity Fixtures 25
quantity, Flooring 7 quantity, Furniture 4 quantity, Plumbing 7 quantity,
Professional Services – Non IT 2 quantity, Public Address System 1 quantity Rack 1 quantity,
Rack – Non IT 4 quantity, Service – Non IT 1 quantity, Service Charges 5
quantity, Service Charges – IT 1 quantity, Service Charges – Non IT 13
quantity, Signage 15 quantity Table 5 quantity,
UPS 4 quantity, Workstation 2 quantity. |
Fixed assets:
· Leasehold Improvements
· Office Equipments
· Computers
· Furniture and Fixtures
· Software
·
Motor Vehicles
TRADE REFERENCES :
- H.L.L.
- Vipro
§
Axis Bank
§
D.E.L.L.
§
Associates Cement Companies Limited
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.52.82 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.68.93 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
49 |
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.