MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
RHI CLASIL LIMITED |
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Formerly Known
As : |
ARSHA CERAMICS PRIVATE LIMITED CLASIL REFRACTORIES PRIVATE LIMITED |
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Registered
Office : |
Plot No.195, Flat No.9, Srinilaya Apartments, Kavuri Hills, Madhapur, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.12.2005 |
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Com. Reg. No.: |
01-048333 |
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CIN No.: [Company Identification
No.] |
U26914AP2005PLC048333 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA05895B |
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PAN No.: [Permanent Account No.] |
AAFCA4819H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of Refractory Bricks and Other Refractory Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 746000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
had recorded some accumulated losses in the previous years. However with the some
improvement in the financial position, it has been successful in wiping off
its losses. Trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions with some caution. |
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
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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 |
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
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Registered Office : |
Plot No.195, Flat No.9, Srinilaya Apartments, Kavuri Hills, Madhapur, |
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Tel. No.: |
91-40-23117786/ 23117789 |
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Fax No.: |
91-40-23112277 |
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E-Mail : |
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Website : |
DIRECTORS
As on 18.09.2010
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Name : |
Dr. Rudraraju Venkata Raju |
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Designation : |
Chairman cum Managing Director |
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Address : |
H.No.8-2-120/112/A/9, Plot No.9, Road No.9, Jubilee Hills, |
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Date of Birth/Age : |
18.09.1945 |
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Date of Appointment : |
07.12.2005 |
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DIN No.: |
00390746 |
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Name : |
Mr. Rudraraju Srinivas Shah |
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Designation : |
Director |
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Address : |
Cedar |
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Date of Birth/Age : |
08.09.1969 |
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Date of Appointment : |
07.12.2005 |
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DIN No.: |
00314352 |
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Name : |
Mr. George Mathew |
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Designation : |
Director |
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Address : |
D-2, Godrej Bayview No.1, |
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Date of Birth/Age : |
10.11.1952 |
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Date of Appointment : |
27.12.2006 |
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DIN No.: |
00908185 |
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Name : |
Mr. Thomas Jakowiak |
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Designation : |
Director |
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Address : |
Stieglgatterl 427, RAAB, |
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Date of Birth/Age : |
08.04.1972 |
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Date of Appointment : |
29.09.2009 |
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DIN No.: |
02687368 |
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Name : |
Mr. Martin Bartmann |
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Designation : |
Director |
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Address : |
Ing. Leopold Duhrmann-Gasse 5, |
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Date of Birth/Age : |
05.04.1965 |
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Date of Appointment : |
18.09.2010 |
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DIN No.: |
03295476 |
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Name : |
Mr. Klaus Dosinger |
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Designation : |
Director |
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Address : |
66-68/ 1 83, |
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Date of Birth/Age : |
09.03.1961 |
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Date of Appointment : |
09.03.2009 |
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Date of Ceasing : |
18.09.2010 |
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DIN No.: |
02687345 |
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Name : |
Ingo Michael Gruber |
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Designation : |
Director |
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Address : |
Rainweg 18, 9300 |
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Date of Birth/Age : |
19.04.1962 |
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Date of Appointment : |
18.09.2007 |
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DIN No.: |
01917560 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2010
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Names of Shareholders |
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No. of Shares |
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R. Srinivas Shah |
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4415900 |
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R. Venkata Raju |
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300000 |
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R. Venkata Suryanarayana Raju |
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1250000 |
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A.V. Narasimha Raju |
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1250000 |
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K. Aruna Kumari |
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200000 |
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K. Pavan Kumar |
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250000 |
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K. Pradeep Kumar |
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50000 |
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A. Srinivasa Raju |
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500000 |
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K. Raghu Rama Krishnam Raju |
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200000 |
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P. Raghava Raju |
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50000 |
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R. Srinivasa Raju |
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50000 |
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VRD |
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9884100 |
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Total
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18400000 |
As on 18.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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53.72 |
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Directors
or relatives of directors |
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46.28 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Refractory Bricks and Other Refractory Products. |
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Products : |
Refractory Products |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Refractory Bricks (MT) |
|
13900 |
23305 |
12435.57 |
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Monolithics (MT) |
|
4100 |
7651 |
3625.91 |
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Slide Gates (MT) |
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-- |
410 |
559.63 |
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Precasts (MT) |
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-- |
671 |
433.15 |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Reliance Humsafar, IV Floor, Road No.11, Banjara Hills, |
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Tel. No.: |
91-40-30465000 |
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Fax No.: |
91-40-30465299 |
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PAN No.: |
AAIFB0630K |
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Holding Company : |
VRD |
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Ultimate Holding Company : |
RHI AG, |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 18.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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18400000 |
Equity Shares |
Rs.10/- each |
Rs.184.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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18400000 |
Equity Shares |
Rs.10/- each |
Rs.184.000 millions |
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(Of the above, 9384000 equity shares of Rs.10/- each are held by VRD
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
184.000 |
184.000 |
184.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.419 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(14.558) |
(17.543) |
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NETWORTH |
186.419 |
169.442 |
166.457 |
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LOAN FUNDS |
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1] Secured Loans |
0.402 |
0.723 |
1.018 |
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2] Unsecured Loans |
383.409 |
419.358 |
158.717 |
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TOTAL BORROWING |
383.811 |
420.081 |
159.735 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
570.230 |
589.523 |
326.192 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
360.738 |
361.796 |
249.136 |
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Capital work-in-progress |
0.362 |
9.018 |
10.639 |
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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 |
140.656 |
172.644 |
84.764 |
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Sundry Debtors |
116.758 |
53.262 |
43.640 |
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Cash & Bank Balances |
13.249 |
25.370 |
1.231 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
18.483
|
20.307 |
19.007 |
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Total
Current Assets |
289.146
|
271.583 |
148.642 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
67.402 |
47.838 |
37.941 |
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Other Current Liabilities |
6.622
|
3.648 |
43.174 |
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Provisions |
5.992
|
1.388 |
1.110 |
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Total
Current Liabilities |
80.016
|
52.874 |
82.225 |
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Net Current Assets |
209.130
|
218.709 |
66.417 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
570.230 |
589.523 |
326.192 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
574.434 |
465.739 |
198.779 |
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Other Income |
36.909 |
41.335 |
24.304 |
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TOTAL (A) |
611.343 |
507.074 |
223.083 |
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Less |
EXPENSES |
|
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Material Cost |
402.818 |
275.927 |
98.933 |
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Personnel Cost |
32.552 |
31.128 |
23.468 |
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Manufacturing and Administrative Expenses |
80.350 |
122.319 |
62.456 |
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Selling and Distribution Expenses |
17.121 |
21.800 |
12.014 |
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TOTAL (B) |
532.841 |
451.174 |
196.871 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.502 |
55.900 |
26.212 |
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Less |
FINANCIAL
EXPENSES (D) |
30.423 |
33.009 |
8.570 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48.079 |
22.891 |
17.642 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.196 |
19.509 |
14.568 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.883 |
3.382 |
3.074 |
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Less |
TAX (H) |
3.906 |
0.397 |
0.691 |
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PROFIT AFTER TAX
(G-H) (I) |
16.977 |
2.985 |
2.383 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(14.558) |
(17.543) |
(19.926) |
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BALANCE CARRIED
TO THE B/S |
2.419 |
(14.558) |
(17.543) |
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EARNINGS IN FOREIGN
CURRENCY |
|
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Export on FOB basis |
354.305 |
360.782 |
131.063 |
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Other Earnings (Reimbursement of unabsorbed fixed overheads on account
of under utilization of capacity) |
29.560 |
41.125 |
24.112 |
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TOTAL EARNINGS |
383.865 |
401.907 |
155.175 |
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IMPORTS |
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Raw Materials and packing materials |
200.232 |
259.683 |
110.009 |
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Capital Goods |
0.367 |
0.186 |
0.444 |
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TOTAL IMPORTS |
200.599 |
259.869 |
110.453 |
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Earnings Per
Share (Rs.) |
0.92 |
0.16 |
0.13 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.78
|
0.59 |
1.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.64
|
0.73 |
1.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.21
|
0.53 |
0.7 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.02 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.49
|
2.79 |
1.45 |
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Current Ratio (Current Asset/Current Liability) |
|
3.61
|
5.14 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
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|
- Total outstanding
due to micro and small enterprises |
-- |
-- |
-- |
|
- Total
outstanding due to creditors other than micro and small enterprises |
67.402 |
47.838 |
37.941 |
BACKGROUND:
The Company was incorporated on December 7, 2005 as a private
limited company under the name and style of Arsha Ceramics Private Limited
under the provisions of Companies Act, 1956. Subsequently the name of the
Company was changed to ‘Clasil Refractories Private Limited’ on April 17, 2006.
Subsequent to the acquisition of 51% stake by VRD Americas B.V,
REVIEW OF OPERATIONS:
The commercial operations of the company with regard to the manufacture of refractory bricks and other refractory products have stabilized and the company has been executing the orders including the export orders with strict and stringent specifications giving utmost thrust on quality. During the year, the company has produced 17,054.26 MT of total units as against 17,598.56 MT of total units produced during the previous year as per the break-up given below:
|
|
Units in MTs |
|
|
Class of goods |
Production during
the year 2009-10 |
Production during
the year 2008-09 |
|
Refractory bricks (MT) |
12,435.57 |
14,860.52 |
|
Monolithics (MI) |
3,625.91 |
2,292.39 |
|
Slide gates (MT) |
559.63 |
180.51 |
|
Precasts (MT) |
433.15 |
265.14 |
The company’s product is well recognized in the International markets and company is holding sufficient export orders on hand. During the year, the company has posted a Gross Income of Rs.611.343 millions (previous year Rs.507.074 millions) and after providing for financial charges and depreciation has resulted in a net profit after tax of Rs.16.977 millions (Previous year net profit after tax of Rs.2.985 millions).
|
Corporate identity number of the company |
U26914AP2005PLC048333 |
|
Name of the company |
RHI CLASIL LIMITED |
|
Address of the registered office or of the principal place of business in |
Plot No.195, Flat No.9, Srinilaya Apartments, Kavuri Hills, Madhapur, |
|
This form is for |
Modification of charge |
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Type of charge |
|
|
Particular of charge holder |
State Bank of E-Mail: sa.09103@sbi.co.in |
|
Amount secured by the charge |
Rs.140.000 millions |
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Brief of the principal terms and conditions |
Nature of facility: Term Loan and One time LC within the overall Term Loan
limit. Loan amount: Rs.140.000 millions One time LC of Rs.15.000 millions for import of capital goods to be
paid by debit to Term Loan. Rate of Interest: 1.50% above SBAR effective rate now being 12.25%
p.a. payable at monthly intervals. Margin for Term Loan and LC: 32.46% Repayment: 20 Quarterly installments of Rs.7.000 millions each
commencing from 30/06/2008 |
|
Description of the property charged indicating whether it is a charge
on |
|
|
Particulars of the property charged (including location of the
property) |
Plant and Machinery both present and future as detailed in the list to
the Agreement of Hypothecation of goods and assets dt.06/07/2006 situated at Land and Buildings and erections thereon (both present and future)
measuring 6.27 acres situated at |
|
Charge identification (ID) number of the charge to be modified |
10014442 |
|
Brief description of the instrument modifying the charge under section
135 |
Memorandum of Deposit for creation of charge for Term Loan/Overall
limit - C9 |
|
Date of instrument modifying the charge |
14/07/2006 |
|
Particulars of the present modification |
Equitable Mortgage of Immovable Properties measuring 6.27 acres
situated at Venkatapuram, Visakhapatnam District, as security interalia for
due repayment of moneys in respect of Term Loan of Rs.140.000 millions |
FIXED ASSETS:
·
·
Buildings
·
Plant and Machinery
·
Road Work
·
Electrical Equipment
·
Office Equipment
·
Furniture and Fixture
·
Computers
·
Motor Vehicles
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.