MIRA
INFORM REPORT
|
Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUDOLF KIRI CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor Hasubhai
Chamber, Opposite Tower Hall,
Ellisbridge, Ahmedabad – 380006, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
25.02.2005 |
|
|
|
|
Com. Reg. No.: |
04-45564 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110GJ2005PTC045564 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMR05871F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG3021C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of textile auxiliaries, sizing, pretreatment. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 198900 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Hitesh |
|
Designation : |
Finance Manager |
|
Date : |
10.01.2011 |
LOCATIONS
|
Registered Office : |
7th Floor Hasubhai Chamber,
Opposite Tower Hall, Ellisbridge, Ahmedabad – 380006, |
|
Tel. No.: |
91-79-26574372 |
|
Fax No.: |
91-79-26574379 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 399, 404/ A, E.C.P., |
DIRECTORS
AS ON 02.03.2010
|
Name : |
Mrs. Anupama M. Kiri |
|
Designation : |
Director |
|
Address : |
53 Manekbaug Society, |
|
Date of Birth/Age : |
31.07.1977 |
|
Date of Appointment : |
25.02.2005 |
|
|
|
|
Name : |
Mr. Wolfgang A. Schumann |
|
Designation : |
Director |
|
Address : |
Schonfeldstr 26, |
|
Date of Birth/Age : |
24.09.1975 |
|
Date of Appointment : |
27.03.2008 |
|
|
|
|
Name : |
Mr. Wolfgang W. Schumann |
|
Designation : |
Director |
|
Address : |
Gabriel Von Seidl, Street 20, Grunwald – 82031, |
|
Date of Birth/Age : |
09.07.1973 |
|
Date of Appointment : |
27.03.2008 |
|
|
|
|
Name : |
Mr. Ulrich Hambrecht |
|
Designation : |
Director |
|
Address : |
Socking Alpenstrabe 16 B, |
|
Date of Birth/Age : |
08.05.1948 |
|
Date of Appointment : |
27.03.2008 |
|
|
|
|
Name : |
Mr. Wolfgang W. Schumann |
|
Designation : |
Director |
|
Address : |
Schonfeldstr 26, |
|
Date of Birth/Age : |
09.07.1973 |
|
Date of Appointment : |
27.03.2008 |
|
|
|
|
Name : |
Mr. Anton Ernst Schumann |
|
Designation : |
Director |
|
Date of Appointment : |
27.03.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kiri M. Anupama, Ahmedabad |
|
650000 |
|
IB Industries Chemie, Beteilimgungs |
|
2268750 |
|
|
|
|
|
Total |
|
2918750 |
AS ON 02.03.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
77.73 |
|
Bodies corporate |
0.00 |
|
Directors or relatives of Directors |
22.27 |
|
Other top fifty shareholders |
0.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of textile auxiliaries, sizing, pretreatment. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
|
|
|
|
Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
80 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
HDFC Bank, Satelite Branch |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
V. D. Shukla and Company Chartered Accountant |
|
Address : |
22, Aakruti Society, Jodhpur Char Rasta, Satelite, Ahmedabad – 380015,
Gujarat, |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2918750 |
Equity Shares |
Rs.10/- each |
Rs.
29.187Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.187 |
26.000 |
0.100 |
|
|
2] Share Application Money |
0.015 |
0.000 |
16.754 |
|
|
3] Reserves & Surplus |
20.528 |
1.495 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.381) |
|
|
NETWORTH |
49.730 |
27.495 |
16.473 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.281 |
0.396 |
0.000 |
|
|
2] Unsecured Loans |
2.055 |
1.351 |
0.000 |
|
|
TOTAL BORROWING |
2.336 |
1.747 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.440 |
0.428 |
0.102 |
|
|
|
|
|
|
|
|
TOTAL |
53.506 |
29.670 |
16.575 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.819 |
23.194 |
5.167 |
|
|
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 |
|
|
|
|
|
|
Closing Stock |
32.153
|
14.245 |
9.314 |
|
|
Sundry Debtors |
37.662
|
21.385 |
8.333 |
|
|
Cash & Bank Balances |
0.514
|
0.007 |
0.207 |
|
|
Other Current Assets |
3.368
|
1.549 |
4.705 |
|
|
Loans & Advances |
4.133
|
1.209 |
0.922 |
|
Total
Current Assets |
77.830
|
38.388 |
23.481 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
44.292
|
29.335 |
10.977 |
|
|
Other Current Liabilities |
3.776
|
2.904 |
1.505 |
|
|
Provisions |
3.705
|
0.426 |
0.339 |
|
Total
Current Liabilities |
51.773
|
32.665 |
12.821 |
|
|
Net Current Assets |
26.059
|
5.723 |
10.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.260 |
0.258 |
0.308 |
|
|
DEFFERRED REVENUE EXPENDITURE |
0.368 |
0.495 |
0.440 |
|
|
|
|
|
|
|
|
TOTAL |
53.506 |
29.670 |
16.575 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
90.863 |
48.234 |
18.514 |
|
|
|
Other Income |
0.153 |
0.056 |
0.00 |
|
|
|
TOTAL (A) |
91.016 |
48.290 |
18.514 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Difference in Inventories |
(6.673) |
1.317 |
(4.981) |
|
|
|
Raw Material |
58.862 |
22.540 |
0.00 |
|
|
|
Purchases |
0.000 |
8.025 |
19.712 |
|
|
|
Manufacturing Expenses |
4.078 |
2.190 |
0.269 |
|
|
|
Payments to and Provision For Employees |
4.090 |
3.186 |
0.954 |
|
|
|
Administrative |
5.496 |
3.686 |
1.223 |
|
|
|
Director’s Remuneration |
0.900 |
0.475 |
0.500 |
|
|
|
Selling and Distribution Expenses |
7.555 |
3.457 |
1.514 |
|
|
|
TOTAL (B) |
74.308 |
44.876 |
24.172 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.708 |
3.414 |
(5.658) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.109 |
0.058 |
0.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.599 |
3.356 |
(5.677) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.274 |
0.929 |
4.896 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15.321 |
2.417 |
(0.781) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
5.273 |
0.55 |
(0.199) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
10.048 |
1.867 |
(0.980) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10.966 |
1.495 |
(0.381) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Account of Imports |
25.844 |
19.304 |
9.861 |
|
|
|
On Account of Foreign Travel |
0.128 |
NA |
0.101 |
|
|
TOTAL EARNINGS |
25.972 |
19.304 |
9.962 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Textiles Auxiliaries |
45.162 |
18.499 |
9.655 |
|
|
TOTAL IMPORTS |
45.162 |
18.499 |
9.655 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.44 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
11.03
|
3.86 |
(5.29) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.83
|
5.00 |
(4.21) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.68
|
8.79 |
(3.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.08 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
1.18 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.17 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors:
|
Particulars |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
Sundry Creditors |
|
|
|
|
For Goods |
38.449
|
24.798 |
8.370 |
|
For Expenses |
5.136
|
0.968 |
0.938 |
|
For Capital goods |
0.706
|
3.568 |
1.669 |
|
Total |
44.292
|
29.335 |
10.977 |
Fixed Assets:
- Computer
- Laboratory Equipments
- Furniture
- Plant and Machinery
- Office Equipments
- Factory
- Motor Car
Operation Performance:
The Directors are pleased o inform that during
the year under review, the company has performed very well in spite of the over
all global recession.
The total turnover increased from Rs. 48.234
Millions to Rs. 90.864 Millions for the year ended 31.12.2009, despite the
forces of recession and competition. The company has registered net profit of
Rs. 9.471 Millions for year under review as compared to the profit of Rs. 1.877
Millions during the year ended 31.12.2008. The Directors are hopeful to achieve
better in the year to come by intensifying their efforts in increasing the
turnover and profitability of the company.
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.