MIRA
INFORM REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
RUBY SURGICAL AND ALLIED PRODUCTS PRIVATE LIMITED |
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Registered Office : |
A43/ 44, M.I.D.C. Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.06.1972 |
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Com. Reg. No.: |
11-015832 |
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CIN No.: [Company
Identification No.] |
U31112MH1972PTC015832 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKR00061F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Cotton and Wound Care Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 49000 |
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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
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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
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Name : |
Mr. Chaudhary |
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Designation : |
Accounts Department |
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Date : |
25.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
A43/ 44, M.I.D.C. Industrial Area, |
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Tel. No.: |
91-257-2210476 |
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Fax No.: |
91-257-2211682 |
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E-Mail : |
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Website : |
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Administrative Mumbai Office : |
40, Navketan Industrial Estate, |
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Tel. No.: |
91-22-26874445 |
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Fax No.: |
91-22-26875261 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Chandrakant Pralhad Rane |
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Designation : |
Director |
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Address : |
7/B, Shravan Prabhat Colony, Jalgaon – 425 001, |
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Date of Birth/Age : |
13.08.1944 |
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Date of Appointment : |
06.06.1972 |
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DIN No.: |
00174992 |
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Name : |
Mrs. Alka Chandrakant Rane |
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Designation : |
Director |
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Address : |
7/B, Shravan Prabhat Colony, Jalgaon – 425 001, |
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Date of Birth/Age : |
02.02.1952 |
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Date of Appointment : |
12.12.1992 |
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DIN No.: |
00174872 |
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Name : |
Mr. Ketan Chandrakant Rane |
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Designation : |
Director |
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Address : |
7/B, Shravan Prabhat Colony, Jalgaon – 425 001, |
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Date of Birth/Age : |
01.09.1975 |
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Date of Appointment : |
15.03.1999 |
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DIN No.: |
00175081 |
KEY EXECUTIVES
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Name : |
Mr. Chaudhary |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Chandrakant Pralhad Rane |
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3900 |
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Digambar Mitaram Narkhede |
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130 |
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Ketan Chandrakant Rane |
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300 |
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Chetan Chandrakant Rane |
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300 |
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Alka Chandrakant Rane |
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370 |
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Total |
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5000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Cotton and Wound Care Products. |
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GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shrirang Kulkarni and Company Chartered Accountants |
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Address : |
11, First Floor, V.V. Municipal Market, Jalgaon – 425 001, |
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Tel. No.: |
91-257-2223848 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500
million |
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.711 |
11.134 |
9.893 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.211 |
11.634 |
10.393 |
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LOAN FUNDS |
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1] Secured Loans |
6.023 |
3.570 |
2.629 |
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2] Unsecured Loans |
10.137 |
8.707 |
8.364 |
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TOTAL BORROWING |
16.160 |
12.277 |
10.993 |
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DEFERRED TAX LIABILITIES |
0.387 |
0.400 |
0.561 |
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TOTAL |
28.758 |
24.311 |
21.947 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.951 |
5.616 |
6.613 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.090 |
0.090 |
0.090 |
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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 |
8.525
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6.676
|
5.942 |
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Sundry Debtors |
12.672
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9.719
|
5.928 |
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Cash & Bank Balances |
4.112
|
2.608
|
5.205 |
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Other Current Assets |
1.095
|
0.977
|
0.791 |
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Loans & Advances |
0.479
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1.792
|
0.862 |
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Total
Current Assets |
26.883
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21.772
|
18.728 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.350 |
2.116 |
2.402 |
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Other Current Liabilities |
0.219
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0.446
|
0.475 |
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Provisions |
0.597
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0.605
|
0.607 |
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Total
Current Liabilities |
3.166
|
3.167
|
3.484 |
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Net Current Assets |
23.717
|
18.605
|
15.244 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.758 |
24.311 |
21.947 |
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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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Sales/ Job Work Charges |
38.092 |
48.015 |
30.466 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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NA |
NA |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.372 |
2.014 |
1.388 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.728 |
0.857 |
0.946 |
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PROFIT BEFORE
TAX |
0.644 |
1.157 |
0.442 |
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Less |
TAX |
0.052 |
(0.084) |
0.090 |
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PROFIT AFTER TAX
|
0.592 |
1.241 |
0.352 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.002 |
9.761 |
9.297 |
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BALANCE CARRIED
TO THE B/S |
11.594 |
11.002 |
9.649 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
19.264 |
30.414 |
11.959 |
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TOTAL EARNINGS |
19.264 |
30.414 |
11.959 |
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Earnings Per
Share (Rs.) |
118.40 |
232.60 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.69
|
2.41
|
1.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.02
|
4.22
|
1.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.10
|
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
1.33
|
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
8.49
|
6.87
|
5.38 |
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) |
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Sundry Creditors |
2.350 |
2.116 |
2.402 |
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PERFORMANCE:
During the years to come company will acquire zeal and glitter.
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Name of the company |
RUBY SURGICAL AND ALLIED PRODUCTS PRIVATE LIMITED |
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Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation. S-4(A) Packing
Credit Agreement (both constitute
a single charge) Dated 30th
March, 2002. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.000 millions Packing Credit –
Rs.3.000 millions Letter of
Hypothecation – Rs.5.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Stock, finished goods, shipped goods of exports. Bill of exchange
drawn or accepted or endorsed by me/us against goods and/or merchandise. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 9.50% p.a.
with quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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Corporate
identity number of the company |
U31112MH1972PTC015832 |
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Name of the
company |
RUBY SURGICAL AND ALLIED PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
A43/ 44, M.I.D.C. Industrial Area, E-Mail: rubysaap@vsnl.com |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Others (All the
current assets including Stock) |
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Particular of
charge holder |
Union Bank of E-Mail: avmcompanysecretaries@gmail.com |
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Nature of description
of the instrument creating or modifying the charge |
1. Composite
Hypothecation Deed (SD-20) 2. Letter of
Hypothecation of Bills (SD-17) (Both Documents
constitute for Combined Charge for Rs.9.000 millions) |
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Date of
instrument Creating the charge |
30/06/2009 |
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Amount secured by
the charge |
Rs.9.000 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1. PC/FDBP Limit of
Rs.6.500 millions: @ 10.00 % p. a. with monthly rests. 2. CC Limit of
Rs.2.500 millions: @ 0.25 % over PLR with minimum 12.50 % +0.25 % = 12.75 %
p. a. with monthly rests. Terms of
Repayment: 1. PC/FDBP Limit
of Rs.6.500 millions: Repayment on demand or subject to the renewal or
review. 2. CC Limit of
Rs.2.500 millions: Repayment on demand or subject to the renewal or review. Margin: 1. PC/FDBP Limit
of Rs.6.500 millions: Margin 10 % 2. CC Limit of
Rs.2.500 millions: Margin 25 % Extent and
Operation of the charge: At the request of
the borrower, the bank has sanctioned the PC/FDBP Limit of Rs.6.500 millions
and Cash Credit Limit of Rs.2.500 millions total making banking limits of
Rs.9.000 millions, to secure due repayment the above limits along with all
costs interest and other charges thereon, first charge on the movable
properties of the Company. Others: Other Terms and
Conditions and per sanction letter dated 02.03.2009 and all other documents
executed between borrower and bank. |
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Short particulars
of the property charged |
All tangible
Movable Machineries, Plant, Machinery, Fixtures, fittings, other
installations, cranes, furniture, computers and other accessories, vehicles
together with spares, tools and accessories. The whole of the
Borrowers movable goods and assets, both present and future including all
stocks of raw materials, work in progress, semi finished and finished goods,
such as surgical products etc. All the present
and future book-debts, outstandings, monies receivable, claims, bills,
contracts, engagements and securities. |
FIXED ASSETS:
- Plot A/c
- Plant and
Machinery
- Building
- Laboratory
Equipment
- Office
Equipment
- Furniture and
Fixture
- Electrical
Installation
- Air
Conditioner
- Vehicles
- EPBAX
- Effluent
Treatment Plant
- Computer
- Ruby Quarters
- Water Tank
- Mobile Hand
Set
- Water Pump
WEBSITE DETAILS:
PROFILE:
Subject was founded in 1971 and is an independent, privately held company, incorporated with limited liability which commenced its commercial production in year 1972. The company was promoted by Mr. Chandrakant Rane, a Textile graduate by qualification and a Masters in Business Administration nurtured the company’s manufacturing base and fuelled its steady growth. The company is a family owned business today professionally managed under the Chairmanship of Mr. Chandrakant Rane.
Subject has been in service of health care industry for over 35 years. Besides
the company's own manufacturing it also manufactures for multinational
healthcare giants on contract manufacturing terms. The company also has a
marked existence in the export market with their presence in the 16 countries
since the last 30 years.
Subject is a manufacturer of cotton based hygiene and wound products. Cotton
products range include products cotton wool, cotton pleats, Cotton Balls etc.
The range of wound products include various wound management and hospital
consumables.
Location
Subject has manufacturing location in Jalgaon which is located in the
prosperous state of
Subject also maintains an office in Mumbai,
HISTORY:
1971
Subjects was founded by Mr. Chandrakant Rane, an entrepreneur-engineer.
Initially the plant was installed to manufacture absorbent cotton wool and
bandages. Their products were marketed to the MOH tenders in the country and
domestic markets.
1978
It was in 1978 when the company entered into export market for its products,
since then there was no turning back for the export market. Today, the company
caters to MOH Tenders of various GCC countries, products for European markets
and few African countries.
1982
In 1982 the company expanded their capacity for manufacturing of cotton
products. This expansion resulted in doubling the capacity of manufacturing
cotton.
1986
In 1986 the company diversified into manufacture of other cotton products like
cotton zig-zag, dressing pads and cotton balls.
1994
By end of 1994 the company found it necessary to add value added products like
gauze swabs in sterile and non-sterile form to their product range.
2001
In 2001 the company they awarded ISO 9002:1994 certification from BVQI.
2003
In 2003 the company ventured into manufacture of tulle dressings - sterile. It
had the capacity of manufacturing paraffin gauze dressing, chlorhexidine gauze
dressing etc.
2005
In Nov 2005 the company was certified ISO 9001:2000 by BVQI (
Today
Today Subject is poised to enter into the market of private label business for
super markets and gaining leadership in manufacture of wound dressings.
INFRASTRUCTURE:
Subject recognizes that medical textile products, by virtue
of their sensitive application, require to be of impeccable quality, hence
Subject plant is designed as a totally integrated one, bleaching, carding, are
conducted at a single facility. Here, state of the art machinery synergies with
human expertise to manufacture products that meet the most stringent
international specifications with end products of cotton and wound care
products.
The foray of Subject in wound products range was a result of combination of
knowledge of medical textiles and the knowledge of wound healing process with
various combinations of antiseptic and disinfectants. Today Subject offers well
proven combination of antiseptics and disinfectants to ensure optimal
performance in wound healing process and boasts of integrating its indepth
medical textile knowledge into manufacture of various wound products.
The understanding of stringent manufacturing facilities requirements has led to
development of Class 100,000 Clean room facility for manufacture of Wound
products. The clean room facility is a positive pressure system designed for
21+ air charges conforming to requirements of GMP.
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.45.53 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.