MIRA
INFORM REPORT
|
Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RENTWORKS INDIA PRIVATE LIMITED |
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Registered Office : |
Unit No. 5-C, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.02.2001 |
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Com. Reg. No.: |
11-131029 |
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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 : |
Subject is engaged in the business of renting out or letting on hire
of all kinds of Equipments, Appliance Apparatus and Gadgets. |
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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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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
LOCATIONS
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Registered Office : |
Unit No. 5-C, |
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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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Area: |
1500 sq.ft. (Owned) |
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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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Website : |
DIRECTORS
As on 22.07.2010
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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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Date of Appointment : |
27.02.2001 |
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E-Mail: |
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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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Date of Appointment : |
27.02.2001 |
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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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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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Date of Appointment : |
06.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2010
|
Names of Shareholders |
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No. of Shares |
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Rentworks Mauritius Limited, |
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449841 |
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Financial Consulting Associates, |
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1 |
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Total |
|
449842 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of renting out or letting on hire
of all kinds of Equipments, Appliance Apparatus and Gadgets. |
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Terms : |
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Selling : |
Cash and Credit ( 30 days) |
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Purchasing : |
Cash and Credit ( 30 days) |
GENERAL INFORMATION
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Customers : |
In
Retailers, End User and OEM’s |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Financial Institutions : |
L and T Finance
Limited, L and T House, Ballard Estate, Mumbai - 400 001, |
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Banking
Relations : |
Satisfactory |
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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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Holding Company : |
Rentworks Mauritius Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2010
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 |
|
449842 |
Equity Shares |
Rs. 10/- Each |
Rs. 4.498 millions |
Notes:
The company during the year, bought back and extinguished
9183 Equity shares in acceptances with the provisions of the companies act 1956
and the Private Limited and Unlisted Public Company.
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 |
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1] Share Capital |
4.498 |
4.590 |
4.590 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
477.570 |
55.828 |
43.219 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
482.068 |
60.418 |
47.809 |
|
|
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 |
482.068 |
60.418 |
47.809 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.551 |
3.349 |
3.449 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1031.607 |
1113.412 |
0.000 |
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DEFERREX TAX ASSETS |
19.504 |
19.948 |
15.607 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.646
|
3.204
|
0.000
|
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Sundry Debtors |
169.617
|
80.120
|
192.734
|
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Cash & Bank Balances |
1955.264
|
761.557
|
988.639
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
242.730
|
119.415
|
90.780
|
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Total
Current Assets |
2379.257
|
964.296
|
1272.153
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1350.225 |
706.757 |
905.053 |
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Other Current Liabilities |
1601.606
|
1221.037
|
798.850
|
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Provisions |
0.020
|
112.793
|
91.388
|
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Total
Current Liabilities |
2951.851
|
2040.587
|
1795.291
|
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Net Current Assets |
[572.594]
|
[1076.291]
|
[523.138]
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Profit & Loss a/C |
0.000 |
0.000 |
0.000 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
551.891 |
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TOTAL |
482.068 |
60.418 |
47.809 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1040.801 |
384.099 |
387.554 |
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Other Income |
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TOTAL |
1040.801 |
384.099 |
387.554 |
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Less |
TOTAL EXPENSES |
244.073 |
202.405 |
191.427 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
796.728 |
181.694 |
196.127 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.000 |
1.907 |
1.665 |
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PROFIT BEFORE
TAX |
793.728 |
179.787 |
194.462 |
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Less |
TAX |
271.864 |
56.033 |
71.982 |
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PROFIT AFTER TAX
|
521.864 |
123.754 |
122.480 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.479 |
21.270 |
1.089 |
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Less |
APPROPRIATIONS |
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Interim Dividend |
NA |
95.000 |
76.926 |
|
|
|
Corporate Dividend Tax on Interim Dividend |
NA |
16.145 |
13.074 |
|
|
|
Transferred to General Reserve |
65.864 |
12.400 |
12.300 |
|
|
BALANCE CARRIED
TO THE B/S |
477.478 |
21.479 |
21.269 |
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IMPORTS |
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Rented Assets |
NA |
314.946 |
317.258 |
|
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TOTAL IMPORTS |
NA |
314.946 |
317.258 |
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|
Earnings Per
Share (Rs.) |
1160.10 |
269.60 |
266.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
50.14 |
32.22 |
31.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
76.26
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.36
|
8.56
|
15.06
|
|
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
1.64
|
2.98
|
4307
|
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.12
|
33.78
|
37.55
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.81
|
0.47
|
0.71
|
LOCAL AGENCY FURTHER INFORMATION
Company
Background:
Subject was incorporated on 27.02.2001. It is a 100% subsidiary of
Rentowrks Mauritius Limited. The company is engaged in the business of
acquiring and dealing in the residuary interest in assets that are the subject
of lensing 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 under review, the total Income from Operations was Rs. 1040.801
Millions as against Rs 384.099 Millions in the previous year. The net profit of
the Company was Rs 521.864 Millions as against Rs 123.754 Millions Despite the
global meltdown in the year under reporting, the Company has been able to
sustain its income and profitability in line with the previous year’s results.
Investments in
Unguaranteed Residuals:
The Company takes position and deals in the residual interest in assets
that are subject matter of leasing transactions. The amount deployed by the
company towards the cost of assets represents its investment in these residual
interests. As per the financial statements of the company as on 31.03.2010, the
investment in unguaranteed residual value is Rs. 1033.740 Millions.
The Expected future cash flows arising From the residual interests in
leasing transactions, based on past experience and examination of current
investment portfolio plus those for which a fee has been earned and taken to
income, are analyzed in accordance with the lease expiry profile. The
consolidated estimated future realizable value of these cash flows on
31.03.2010 is Rs 4549.800 Millions.
The Estimated Fair Value as stated above is purely a projection based on
past experience and is not a valuation. It is further noted that it is not
guaranteed from any client to enable company to realize the same.
Fixed assets:
· Leasehold Improvements
· Office Equipments
· Computers
· Furniture and Fixtures
· Software
· Motor Vehicles
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 |
Unit No. 5-C, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Other |
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Particular of
charge holder |
Private sector
bank, |
|
Nature of
instrument creating charge |
Deed of
hypothecation 11-11-10 |
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Date of
instrument Creating the charge |
11.11.2010 |
|
Amount secured by
the charge |
Rs. 2.021 millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
10.70% p.a payable monthly Terms of
Repayment Rental Schedule 14,Rs.5025/- monthly payable from 01-12-2010 to
01-10-2013 Rental Schedule
13 & 16,Rs.35,400/- monthly payable from 01-12-2010 to 01-08-2014 Rental Schedule
15,Rs.4347/- monthly payable from 01-12-2010 to 01-09-2015 Margin Nil Extent and Operation of the charge The charge extends to the assignment
of Rent Receivables by Rentworks India Pvt Ltd Payable by Godrej Consumer
Products Limited and Hypothecation of Rented Assets and Registration of
Charge on the Asset |
|
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 Consumer Products Ltdfrom the company and Inanced by
Indusind Bank Ltd, under Rental Schedule No.01-12 to the Master Rental
Agreement dated 22-07-10 between Godrej Consumer Products Ltd and the company Particulars of
the assets are detailed in the annexures to the above mentioned Rental
Schedules |
WEBSITE DETAILS:-
Company Overview
RentWorks has its origin as an operating lease
company in
RentWorks services
more than 250 very well regarded corporate houses in
Globally technology rental has become preferable to
ownership for businesses. In the
As India moves into a future filled with promise and
hope, the commitment to India and the clients is (and will continue to be) to
provide the highest levels of professionalism and effectiveness; to understand
and respect diverse needs and thereby ensure service excellence, be it to a
school, a government department or a private enterprise, and to keep delivering
customised and flexible rental solutions that are as innovative as they are
relevant.
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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
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.