MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
RIBBLE INTERNATIONAL LIMITED |
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Registered
Office : |
5A/ 4A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.08.1992 |
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Com. Reg. No.: |
55-50010 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.274 millions |
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CIN No.: [Company Identification
No.] |
U18109DL1992PLC050010 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELR09236D |
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PAN No.: [Permanent Account No.] |
AAACR4715M |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of wide Gamut of Disposable Surgical Products. |
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No. of Employees
: |
250 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 216500 |
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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. There appears
to be dip in the profitability of the company. However, trade relations are
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Vikram Kanodia |
|
Designation : |
Director |
|
Contact : |
91-9810269373 |
|
Date : |
25.05.2011 |
LOCATIONS
|
Registered/ Head Office : |
5-A/ 4A, |
|
Tel. No.: |
91-11-23264399 / 23279456 |
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Mobile No.: |
91-9810269373 (Mr. Vikram Kanodia, Director) |
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Fax No.: |
91-11-23264398/ 23844177 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.fts. |
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Location : |
Owned |
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Corporate Office : |
20th Mile Jatheri Road, P.O. Rai, Sonepat, Haryana 131029,
India |
|
Tel. No.: |
91-130-2368060/ 2368063/ 2368080/ 3204399 |
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Fax No.: |
91-130-2368061 |
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Area : |
172223 sq.fts. |
|
Location : |
Industrial – Owned |
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Factory 1 : |
20th |
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Tel No.: |
91-130-2368060/ 2368063 |
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Fax No.: |
91-130-2368061 |
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Area : |
3 Acre |
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Location : |
Owned |
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Factory 2 : |
Plot No.10 and 11, Sector 6B, SIDCUL, Ranipur Industrial Area,
Haridwar, |
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Tel. No. : |
91-1334-239334 |
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Fax No.: |
91-1334-239335 |
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Overseas Office : |
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Tel. No.: |
+ 1-718-849-2030 |
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Fax No.: |
+ 1-718-849-2286 |
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E-Mail : |
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Branch Office 1/
Warehouse: |
4/ 2, Roop Nagar, |
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Area : |
Owned |
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Location : |
250 sq yard |
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Branch Office 2 : |
P.O. Box No.7150, IPHO, |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Rajendra Kumar Kanodia |
|
Designation : |
Director |
|
Address : |
4/ 2, Roop Nagar, |
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Date of Birth: |
02.11.1950 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
19.08.1992 |
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Other Directorships : |
Kanodia Hosiery Mills Private Limited, |
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Name : |
Ms. Suman Kanodia |
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Designation : |
Director |
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Address : |
4/2, Roop Nagar, |
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Date of Birth: |
11.09.1953 |
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Date of Appointment : |
14.08.1999 |
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|
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|
Name : |
Mr. Vikram Kanodia |
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Designation : |
Director |
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Address : |
4/ 2, Roop Nagar, |
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Date of Birth: |
01.11.1979 |
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Date of Appointment : |
14.08.1999 |
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|
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|
Name : |
Mr. Avinash Kanodia |
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Designation : |
Director |
|
Address : |
4/ 2, Roop Nagar, |
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Date of Birth: |
04.01.1982 |
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Date of Appointment : |
02.06.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
No. of Shares |
|
Rajender Kanodia |
6300 |
|
Suman Kanodia |
6910 |
|
Vikram Kanodia |
4400 |
|
Avinash Kanodia |
4500 |
|
R.K. Kanodia and
Sons (HUF) |
250 |
|
Kanika Kanodia |
200 |
|
Richa Kanodia |
180 |
|
Total |
22740 |
AS ON 28.09.2010
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of wide Gamut of Disposable Surgical Products. |
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Products : |
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Brand Names : |
“RIBBEL” |
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Exports : |
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Products : |
Disposable Surgical
Blades and Syringes |
|
Countries : |
·
South
Africa ·
US ·
Kuwait ·
Denmark ·
Malaysia ·
Mexico ·
UK ·
Saudi
Arabia ·
Germany ·
Spain ·
Taiwan ·
France ·
Turkey ·
Tunisia ·
Israel ·
Poland
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Imports : |
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Products : |
Raw-Materials |
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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 31.03.2008)
|
Particulars |
Unit |
Installed
Capacity (per
annum) |
Actual
Production |
|
Surgical Blades |
Million |
48.50 |
29.57 |
|
Syringes |
Million |
60 |
32.18 |
GENERAL INFORMATION
|
Suppliers : |
v
The
Leader v
A. B.
Sandvik, SE-811 81 v
Kaltband
Ag, Cold Rolling Mill, CH-5734 v
Branopack
GmbH, Industriestrasse 5-7, 65760 v
Tata
SSL Limited, 307, Vikram Tower, Rajendra Place, New Delhi-110008, India v
The
Klamer Group Inc, v
Orient
Abrasivs Limited, v
Sterling
Abrasive Limited, |
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Customers : |
v
Kapish
Enterprises, Patna, India v
PMH v
Znc
Inc, v
v
Hospitals v
End
Users v
OEM’s
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No. of Employees : |
250 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 : |
Gopal Mittal and
Associates Chartered
Accountants |
|
Address : |
301 and 302, 3rd
Floor, 79 Shyam Lal Marg, Daryaganj, New Delhi-110 002, |
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Tel. No.: |
91-11-23282206/
23285390 |
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Fax No.: |
91-11-23285390 |
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Associates/Subsidiaries : |
Ř
Kanodia
Flour Mills Private Limited Ř
Shanti
Paper and Machines Private Limited |
CAPITAL STRUCTURE
AS ON 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22740 |
Equity Shares |
Rs.100/- each |
Rs.2.274 millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
130.000 |
Expected Sales (2011-2012) : Rs.150.000 millions
The above information has been parted by Mr. Vikram Kanodia (Director)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.274 |
2.274 |
2.274 |
|
|
2] Share Application Money |
0.735 |
0.736 |
0.736 |
|
|
3] Reserves & Surplus |
51.125 |
49.886 |
39.843 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
54.134 |
52.896 |
42.853 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
58.704 |
51.460 |
43.126 |
|
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2] Unsecured Loans |
9.797 |
3.394 |
4.000 |
|
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TOTAL BORROWING |
68.501 |
54.854 |
47.126 |
|
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DEFERRED TAX LIABILITIES |
6.577 |
5.155 |
3.800 |
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|
|
|
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|
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TOTAL |
129.212 |
112.905 |
93.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.476 |
76.470 |
63.305 |
|
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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 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
37.121
|
21.054
|
16.966 |
|
|
Sundry Debtors |
19.405
|
36.552
|
29.567 |
|
|
Cash & Bank Balances |
5.112
|
7.176
|
6.312 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
9.469
|
6.058
|
6.236 |
|
Total
Current Assets |
71.107
|
70.840
|
59.081 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.044
|
26.862
|
24.928 |
|
|
Other Current Liabilities |
3.803
|
5.895
|
2.545 |
|
|
Provisions |
0.524
|
1.648
|
1.134 |
|
Total
Current Liabilities |
31.371
|
34.405
|
28.607 |
|
|
Net Current Assets |
39.736
|
36.435
|
30.474 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
129.212 |
112.905 |
93.779 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
118.194 |
129.540 |
105.376 |
|
|
|
Other Income |
3.770 |
1.690 |
0.882 |
|
|
|
TOTAL (A) |
121.964 |
131.230 |
106.258 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
99.349 |
92.588 |
77.165 |
|
|
|
Administrative and Other Expenses |
15.530 |
16.174 |
11.913 |
|
|
|
Increase/(Decrease) in Stock |
(8.718) |
(2.383) |
(1.448) |
|
|
|
TOTAL (B) |
106.161 |
106.379 |
87.630 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.803 |
24.851 |
18.628 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.397 |
7.283 |
6.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.406 |
17.568 |
12.178 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.273 |
4.522 |
3.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.133 |
13.046 |
8.275 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.947 |
3.003 |
2.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.186 |
10.043 |
5.977 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49.885 |
39.843 |
33.817 |
|
|
|
|
|
|
|
|
|
Add |
Income Tax Paid of earlier years |
0.000 |
0.000 |
0.049 |
|
|
|
Prior Period Adjustment |
0.053 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
51.124 |
49.886 |
39.843 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
48.423 |
|
|
TOTAL EARNINGS |
NA |
NA |
48.423 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
NA |
NA |
11.892 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.15 |
441.64 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.97
|
7.65
|
5.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
10.07
|
7.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.95
|
8.86
|
6.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.25
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.96
|
1.69
|
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.06
|
2.07 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject has been
accredited by ISO 9001 certification by DNV (Det Norske Veritas) of Rotterdam, Holland
EN 46002 certification and allowed to use the CE mark on products certified by
DNV (Det Norske Veritas) Norway, under the medical device directive 93/42/EEC,
the products are also registered with FDA in USA, BIS in India, MOH in Russia
and TGA in Australia.
COMMERCIAL ACTIVITIES:
During the year
2009-10 the total turnover was amounting to Rs. 118.200 millions (Previous year
Rs 129.500 millions), which includes Rs. 61.000 millions (Previous year Rs
66.900 millions) export out of India. The Profit and Loss Account shows a Net
Profit of Rs. 313.300 millions (Previous year net profit Rs. 1304.600 millions)
after charging Depreciation of Rs. 527.200 millions (Previous year Rs. 452.100
millions)
FORM 8
|
Corporate
identity number of the company |
U18109DL1992PLC050010 |
|
Name of the
company |
RIBBLE INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
5A/ 4A, Ansari Road, Darya Ganj, New Delhi - 110 002, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Indian Overseas
Bank, M 13, Punj House, Connaught Place, New Delhi 110001, India Email: pankajkpc@gmail.com |
|
Nature of instrument
creating charge |
Guarantee For
Cash Credit Etc. |
|
Date of
instrument Creating the charge |
06.12.2010 |
|
Amount secured by
the charge |
Rs. 15.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BASE
RATE+2.75% (Presently 11.25%). Terms of repayment As per terms of
sanction. Margin 25% on Stock 25% Book-debts. Extent and operation of the charge Corporate
Guarantee For The Cash Credit Limit Of
Rs.15.000 millions Sanctioned To The Ribbel Surgicals. |
|
Short particulars
of the property charged (Including location of the property) |
Corporate
Guarantee. |
FIXED ASSETS
Ř
Land
Ř
Building
Ř
Plant
and Machinery
Ř
Die and
Tools
Ř
Electrical
Goods
Ř
Furniture
Ř
Office Equipments
Ř
Vehicles
Ř
Computer
Ř
UPS
Ř
Neon
Sign Boards
Ř
Water
Tank
Ř
Generator
Ř
Cellular
Phone
Ř
Road
Ř
Room A.
C.
Ř
Refrigerator
Ř
Split
A. C.
Ř
Ř
Hydraulic
Pallet
Ř
CC
TV
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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.