MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
RHINE ENGINEERING PRIVATE LIMITED CRYOQUIP INDIA UNIT OF RHINE ENGINEERING
PRIVATE LIMITED |
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Registered Office : |
Plot No. 454, GIDC, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.10.2003 |
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Com. Reg. No.: |
04-42998 |
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Capital
Investment / Paid-up Capital : |
Rs. 89.454 Millions |
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CIN No.: [Company
Identification No.] |
U31200GJ2003PTC042998 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDR00889A |
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PAN No.: [Permanent
Account No.] |
AACCR5624C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Turnkey Equipment and Systems. |
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No. of Employees
: |
70 (Approximately) |
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 470000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appear
some accumulated losses recorded by the company. However 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.
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Perwez Syed |
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Designation : |
General Manager |
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Contact No.: |
91-9879112874 |
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Date : |
26.05.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 454, GIDC, |
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Tel. No.: |
91-265-2830114 |
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Mobile No.: |
91-9879112874 (Mr. Perwez Syed) |
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Fax No.: |
91-265-2830112 |
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E-Mail : |
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Website : |
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Area : |
17 Acres |
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Location: |
Owned |
DIRECTORS
As on : 26.08.2010
|
Name : |
Mr. Shahi Shekhar Parmeswar Hosagrahar |
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Designation : |
Managing Director |
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Address : |
Plot No. 37, Shree, Saranam- II, No. 404, Behind HDFC Bank, |
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Date of Birth/Age : |
05.04.1958 |
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Qualification: |
MBA + B E |
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Date of Appointment : |
01.01.2007 |
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Din No.: |
01657464 |
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Name : |
Mr. Arun Kumar |
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Designation : |
Director |
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Address : |
Dayal 13, Kunj Society, Vadodara, |
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Date of Birth/Age : |
16.07.1940 |
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Date of Appointment : |
01.10.2003 |
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Din No.: |
00231595 |
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Name : |
Mr. Hallinan J. William |
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Designation : |
Director |
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Address : |
25720, |
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Date of Birth/Age : |
09.02.1943 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.02.2004 |
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Din No.: |
00765586 |
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Name : |
Mr. Prewez Syed |
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Designation : |
Director |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Christopher Alan Chlebek |
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Designation : |
Director |
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Date of Birth/Age : |
05.01.1965 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.12.2009 |
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Din No.: |
02886721 |
KEY EXECUTIVE
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Name : |
Mr. R. V. Viswanathan |
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Designation : |
Company Secretary |
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Date of Appointment : |
21.02.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 26.08.2010
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Names of Shareholders |
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No. of Shares |
|
Arun Kumar |
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500000 |
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Michael B. Steffora |
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1 |
|
Cryogenic Industries AG, Switzerland |
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7805997 |
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Cryogenic Vaporizers India Private Limited, India |
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639458 |
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Total |
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8945456 |
Equity Share Breakup (Percentage of total Equity)
As on : 26.08.2010
|
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] |
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87.26 |
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Bodies Corporate |
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7.15 |
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Directors or relatives of directors |
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5.59 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Turnkey Equipment and Systems. |
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Products : |
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Exports : |
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Products: |
Reactors, Direct and Indirect Fried Furnace etc. |
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Countries : |
· · · · Gulf
Countries ·
Saudi ·
Middle East ·
·
·
Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash, Credit (30 / 60 / 90 days) |
PRODUCTION STATUS (AS ON : 31.03.2009)
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Particulars |
Unit |
Actual
Production |
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Cryogenic Vaporizers |
Tones |
1000 – 1500 (per month) |
GENERAL INFORMATION
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Customers (2009): |
·
Manufacturer ·
End Users ·
OEM’s ·
Air Liquid North India Private Limited ·
Alstom Projects India Limited ·
Asia Pacific Breweries Limited ·
BOC India Limited ·
Ellenbarrie Industries Gases Limited ·
F L Smidhth Limited ·
H L E Engineers Private Limited ·
ION Exchange India Limited ·
·
Indian Glycol Limited ·
Jubliant Organosys Limited ·
Jyoti Limited ·
Nurpur Gases Private Limited ·
United Breweries Limited |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name: |
Suresh Surana and Associates Chartered Accountants |
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Address: |
310, Ahura Centre, 82, Mahakali Caves Road, Andheri (East), Mumbai –
400093, Maharashtra, India |
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Tel. No.: |
91-22-66515570 |
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Fax No.: |
91-22-22875771 |
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Holding Company
(2009): |
Cryogenic Industries AG |
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Associates/Subsidiaries (2009): |
Cryoquip
Vaporizers India Private Limited CIN No.: U29290GJ1998PTC051061 Registration No.: 51061 Date of Incorporation : 29.09.1998 Registered Office : Plot No. 454, GIDC, Activities Manufacturer and Exporter of Cryogenic Vaporizers. Authorised Capital : Rs. 20.000 Millions Paid up Capital : Rs. 20.000 Millions Mafi- Trench
Turbomachinery ( U29199GJ1998PTC033891 ACD, Inc Address : Activities : Manufacturers of Turbe Expanders and Cryogenic pumps for
ASU COSMODYNE Address : Manufacturers of Air suppression plant WITTEMAN Manufacturers of Co2 generation plants, purification and recovery
units. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
8945456 |
Equity Shares |
Rs. 10/- each |
Rs. 89.455 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
89.455 |
89.455 |
83.060 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
73.909 |
73.909 |
61.120 |
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4] (Accumulated Losses) |
(45.619) |
(73.763) |
(100.959) |
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NETWORTH |
117.745 |
89.601 |
43.221 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
100.445 |
137.781 |
115.630 |
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TOTAL BORROWING |
100.445 |
137.781 |
115.630 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
218.190 |
227.382 |
158.851 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.327 |
126.422 |
101.567 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
12.369 |
8.474 |
9.539 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.245 |
68.256 |
45.949 |
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Sundry Debtors |
40.996 |
45.641 |
76.042 |
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Cash & Bank Balances |
56.746 |
75.259 |
15.170 |
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Other Current Assets |
0.000 |
1.730 |
2.352 |
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Loans & Advances |
18.778 |
12.845 |
17.521 |
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Total
Current Assets |
148.765 |
203.731 |
157.034 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
43.645 |
87.113 |
85.095 |
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Provisions |
8.626 |
24.132 |
25.178 |
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Total
Current Liabilities |
52.271 |
111.245 |
110.273 |
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Net Current Assets |
96.494 |
92.486 |
46.761 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.984 |
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TOTAL |
219.190 |
227.382 |
158.851 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES TURNOVER
AND OTHER INCOME |
237.808 |
240.487 |
358.383 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Increase / Decrease in Finished Goods |
207.202 |
208.027 |
337.928 |
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Interest |
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Depreciation |
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TOTAL |
207.202 |
208.027 |
337.928 |
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PROFIT BEFORE
TAX |
30.606 |
32.460 |
20.455 |
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Less |
TAX |
0.367 |
3.894 |
4.484 |
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PROFIT AFTER TAX
|
30.239 |
28.566 |
15.974 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.196 |
13.863 |
NA |
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BALANCE CARRIED
TO THE B/S |
33.965 |
27.196 |
13.863 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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Export Earnings |
4.881 |
34.309 |
34.771 |
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TOTAL EARNINGS |
4.881 |
34.309 |
34.771 |
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IMPORTS |
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Import Value |
16.147 |
21.297 |
32.778 |
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TOTAL IMPORTS |
16.147 |
21.297 |
32.778 |
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Earnings Per
Share (Rs.) |
-- |
-- |
1.92 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
250.000 |
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Expected Sales ( 2011-2012) : Rs. 300.000 millions
The above information has been parted by Mr. Perwez Syed.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.87
|
11.87
|
4.45
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.71
|
9.83
|
7.91
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.36
|
0.47
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Debt Equity Ratio (Total Liability/Networth) |
|
1.29 |
2.77 |
2.91 |
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Current Ratio (Current Asset/Current Liability) |
|
2.84 |
1.83 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Subject was established in the February 2004. It was taken over by Rhine
Engineering Private Limited [established in 2003].
The Registered office of the company has been shifted from 205,
REVIEW OF OPERATIONS:
The volume of sales of the company decreased to
Rs. 237.808 millions as compared to the previous year’s volume of Rs. 240.487
millions. Net profit before tax decreased in the current year to Rs. 30.606
millions from Rs. 32.460 millions in the previous year. The company has not
accepted any public deposits.
FIXED ASSETS:
·
·
·
·
Machinery
·
Office Equipments
·
Computer
·
Furniture and Fixtures
·
Vehicles
·
Technical Know how
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. 44.85 |
|
|
1 |
Rs. 73.29 |
|
Euro |
1 |
Rs. 64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--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 |
NO |
|
--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 |
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.