MIRA INFORM REPORT
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Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
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Name : |
RISHABH INSTRUMENTS PRIVATE LIMITED |
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Registered Office : |
A-54, Marol Industrial Area, Andheri (East),
Mumbai – 400093, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.1982 |
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Com. Reg. No.: |
11-028406 |
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Capital Investment / Paid-up Capital : |
Rs. 146.250 Millions |
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CIN No.: [Company
Identification No.] |
U31100MH1982PTC028406 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKR00055G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Exporting of test and measuring instruments. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 1400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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.
INFORMATION PARTED BY
|
Name : |
Ms. Priti Mishra |
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Designation : |
Secretary |
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Date : |
10.06.2011 |
LOCATIONS
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Registered Office : |
A-54, Marol Industrial Area, Andheri
(East), Mumbai – 400093, |
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Tel. No.: |
91-22-66420680/253-2202202 |
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Fax No.: |
91-22-66420657/253-2351064 |
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E-Mail : |
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Website : |
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Head Office / Factory 1 : |
F-31, MIDC - Satpur, Nashik – 422 007, |
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Tel. No.: |
91-253-2202202 / 203 / 160 |
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Fax No.: |
91-253-2351064 |
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E-Mail : |
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Website : |
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Factory 2 : |
C-6, Nice, Trishalai, Satpur, Nasik-42007, Maharashtra, India |
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Tel. No.: |
91-253-2202312 |
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Fax No.: |
91-253-2202314 |
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Located at:
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International Offices : |
DUBAI (Golia
Trading LLC) P. B. No. 13467, Dubai,
UAE. Fax: 91- 14-2713772 e-mail: gtllc@rishabh.co.in |
DIRECTORS
As On 15.07.2010
|
Name : |
Mr. Narendra Johrimal Goliya |
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Designation : |
Managing Director |
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Address : |
Plot No. F-31, MIDC, Satpur, Nashik – 422007, |
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Date of Birth/Age : |
20.09.1951 |
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Qualification : |
B. Tech. (IIT), M.S. ( |
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Date of Appointment : |
06.10.1982 |
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DIN
No.: |
00315870 |
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Name : |
Mr. Mahesh Govinda Nathani |
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Designation : |
Director |
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Address :` |
Megha Manas 30 Usha Kiran Cooperative Housing Society, Opposite Milk
Scheme Trimbak Road, Nashik – 422002, Maharashtra, India |
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Date of Birth/Age : |
14.02.1946 |
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Qualification : |
M.S.C.S |
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Date of Appointment : |
20.11.1992 |
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DIN No.: |
00127029 |
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Name : |
Mr. Parappath Kottekode Ramakrishnan |
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Designation : |
Director |
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Address : |
H No 11 |
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Qualification : |
B.E (Mech) |
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Date of Birth/Age : |
29.09.1949 |
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Date of Appointment : |
17.04.2009 |
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DIN No.: |
00304272 |
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Name : |
Mr. Bapat Devendra Dattatray |
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Designation : |
Director |
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Address : |
Mans Chintamany Col. Savarkar Nagar, |
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Qualification : |
B.E |
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Date of Birth/Age : |
22.08.1959 |
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Date of Appointment : |
17.04.2009 |
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DIN No.: |
00129623 |
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Name : |
Mr. Shyam Narayan Karmarkar |
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Designation : |
Director |
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Address : |
E-66, Lokmanay Nagar, |
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Date of Birth/Age : |
13.11.1949 |
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Date of Appointment : |
11.12.2009 |
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DIN No.: |
02856240 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 15.07.2010
|
Names
of Shareholders |
No. of Shares |
|
Narendra Johrimal Goliya |
11741250 |
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Asha Narendra Goliya |
2250000 |
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Narendra Rishabh Goliya (HUF) |
258750 |
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Rishabh Narendra Goliya |
375000 |
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Total |
14625000 |
As On 15.07.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of test and measuring instruments. |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Panel Meters |
Nos |
1080000 |
608630 |
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Multi meters |
Nos |
50000 |
14138 |
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Transducer |
Nos |
30000 |
26805 |
GENERAL INFORMATION
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Customers : |
·
ABB ·
Bajaj
Auto ·
Birla
Copper ·
Reliance
Industries Limited ·
NALCO ·
L
and T ·
Indian
Railways ·
IPCL ·
Reliance
Infocomm ·
Suzlon
Energy · Siemens |
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No. of Employees : |
500 (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 : |
Rajendra P. Shah and Company Chartered Accountant |
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Address : |
6, Archint Enclave, |
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Tel. No.: |
91-253-2581651 / 2315737 |
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Mobile No.: |
91-9422249670 |
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Fax No.: |
91-253-2315842 |
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E-Mail : |
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Pan No.: |
AMTPS4861N |
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Subsidiaries : |
CIN No.: U31909MH2004PTC149485 |
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Companies / Firms in which director, directors relatives are
interested : |
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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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14625000 |
Equity Shares |
Rs.10/- each |
Rs.146.250 millions |
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Notes: (Includes Rs. 142.350 millions (Rs. 142.350 millions) Equity Shares allotted
as fully paid up Bonus Shares by capitalization of General Reserve)
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 |
146.250 |
146.250 |
146.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
211.881 |
173.316 |
132.174 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
358.131 |
319.566 |
278.424 |
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LOAN FUNDS |
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1] Secured Loans |
43.272 |
89.159 |
103.172 |
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2] Unsecured Loans |
49.108 |
32.941 |
43.581 |
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TOTAL BORROWING |
92.380 |
122.100 |
146.753 |
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DEFERRED TAX LIABILITIES |
7.944 |
10.265 |
0.000 |
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TOTAL |
458.455 |
451.931 |
425.177 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
183.256 |
200.401 |
185.124 |
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Capital work-in-progress |
7.431 |
6.247 |
1.359 |
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INVESTMENT |
41.018 |
16.000 |
16.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
3.162 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
130.652
|
144.878
|
137.341 |
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Sundry Debtors |
134.648
|
150.351
|
134.589 |
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Cash & Bank Balances |
40.994
|
13.404
|
2.636 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
53.399
|
48.787
|
47.050 |
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Total
Current Assets |
359.693
|
357.420
|
321.616 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
45.558
|
34.949
|
46.281 |
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Other Current Liabilities |
35.018
|
60.625
|
25.543 |
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Provisions |
52.367
|
32.563
|
30.260 |
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Total
Current Liabilities |
132.943
|
128.137
|
102.084 |
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Net Current Assets |
226.750
|
229.283
|
219.532 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
458.455 |
451.931 |
425.177 |
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PROFIT &
LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
635.501 |
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Other Income |
22.540 |
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TOTAL (A) |
658.041 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
547.833 |
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Advertising Expenses |
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TOTAL (B) |
547.833 |
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
110.208 |
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Less |
TAX (I) |
28.938 |
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PROFIT AFTER TAX
(G-I) (J) |
81.270 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
251.402 |
250.043 |
212.183 |
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TOTAL EARNINGS |
251.402 |
250.043 |
212.183 |
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IMPORTS |
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Raw Materials |
156.866 |
165.516 |
120.943 |
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Stores, Spares and Consumables |
2.386 |
1.098 |
1.350 |
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Capital Goods |
5.363 |
10.250 |
5.024 |
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TOTAL IMPORTS |
164.615 |
176.864 |
127.317 |
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Earnings Per
Share (Rs.) |
5.56 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.35
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
17.34
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.30
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.78 |
0.89 |
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Current Ratio (Current Asset/Current Liability) |
|
2.71
|
2.79 |
3.15 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
45.558
|
34.949
|
46.281 |
Note
The Registered Office of the company has been shifted from F-31, MIDC,
Satpur, Nashik – 422007,
Operations
Revenue of the company grew by 9.78% as compared to the last year.
Profit before tax has improved from 14.90% to 17.34% as percentage of revenue.
PAT as compared to last year has gone up from 10.80% to 12.79% as percentage of
revenue.
Finance:
The company is very regular in repaying installments of principal
amounts and interest on term loan and interest on working capital.
Due to effective control on debtors and inventory, company could repay
all its outstanding term loans. Further company has invested the surplus money
into short term liquid funds.
Fixed Assets
·
·
Building Factory
·
Roads
·
Plant and Machineries
·
Moulds
·
Furniture and Fixture
·
Equipments
·
Computers
·
Electrical Installation
·
Vehicles
·
Building Factory
·
Computer and Software
·
Electrical installation
·
Equipments
·
Furniture and fixture
·
Moulds
·
Plant and machinery
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.72.92 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.