MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAGHBEER MACHINERY PRIVATE LIMITED |
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Registered
Office : |
3620-21, Netaji Subhash
Marg, Darya Gang, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.07.1978 |
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Com. Reg. No.: |
55-009129 |
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CIN No.: [Company Identification
No.] |
U74899DL1978PTC009129 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELR09508C |
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PAN No.: [Permanent Account No.] |
AAACR2837B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Printing Machines, Web Offset Printing Machines and
Printing Machine Parts |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 368200 |
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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. Profitability
of the company appears to be under pressure. There appears 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. |
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 |
|
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 |
LOCATIONS
|
Registered Office : |
3620-21, Netaji Subhash
Marg, Darya Gang, |
|
Tel. No.: |
91-11-43777000 / 23266055 |
|
Mobile No.: |
91-9990870107 (Mr. Anil Raghbeer) |
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Fax No.: |
91-11-23273130 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Anil Raghbeer |
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Designation : |
Director |
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Address : |
K-3, Hauz Khas, |
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Date of Birth/Age : |
20.01.1950 |
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Date of Appointment : |
23.05.1995 |
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DIN : |
00472853 |
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Name : |
Mr. Raghbeer Pershad |
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Designation : |
Director |
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Address : |
K-3, Hauz Khas, |
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Date of Appointment : |
15.07.1978 |
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DIN : |
00471360 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
Type |
No. of Shares |
|
Mr. Anil Raghbeer |
Equity |
10100 |
|
Mr. Raghbeer Pershad |
Equity |
13625 |
|
Alka A Raghbeer |
Equity |
10595 |
|
Neha A Raghbeer |
Equity |
3680 |
|
Montana Holdings Private Limited, |
Equity |
1047000 |
|
Fortune Growth Funds Private Limited, |
Equity |
1010000 |
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|
|
|
|
Montana Holdings Private Limited, |
Preference |
650000 |
|
Fortune Growth Funds Private Limited, |
Preference |
600000 |
|
Rise Investments Private Limited, |
Preference |
450000 |
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
33.33 |
|
Bodies corporate |
65.54 |
|
Directors or relatives of Directors |
1.13 |
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|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing Machines, Web Offset Printing Machines and
Printing Machine Parts |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
501 to 1000 (approximately) |
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Bankers : |
Canara Bank, Darya Ganj, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.P. Khosla
and Company Chartered Accountant |
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Address : |
C-37, Atma Ram House, |
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Tel. No.: |
91-11-23417162 / 23416721 / 23412362 / 64724415 |
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Fax No.: |
91-11-23413261 |
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E-Mail : |
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PAN No.: |
AAAFD4444M |
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Related Parties : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500,000 |
Equity Shares |
Rs.10/-each |
Rs.35.000 million |
|
2,000,000 |
Preference Shares |
Rs.10/-each |
Rs.20.000 million |
|
|
Total |
|
Rs.55.000
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,374,998 |
Equity Shares |
Rs.10/-each |
Rs.33.750 million |
|
1,700,000 |
Preference Shares |
Rs.10/-each |
Rs.17.000 million |
|
|
Total |
|
Rs.50.750 million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.750 |
50.750 |
50.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
43.461 |
43.461 |
43.461 |
|
|
4] (Accumulated Losses) |
(2.137) |
(2.683) |
(1.968) |
|
|
NETWORTH |
92.074 |
91.528 |
92.243 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
148.314 |
128.860 |
62.130 |
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2] Unsecured Loans |
22.252 |
22.402 |
22.401 |
|
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TOTAL BORROWING |
170.566 |
151.262 |
84.531 |
|
|
DEFERRED TAX LIABILITIES |
5.443 |
5.350 |
4.180 |
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|
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TOTAL |
268.082 |
248.140 |
180.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.915 |
41.625 |
45.404 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
137.538
|
143.763 |
127.986 |
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Sundry Debtors |
36.376
|
33.690 |
22.267 |
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|
Cash & Bank Balances |
9.677
|
27.666 |
9.265 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
162.051
|
155.778 |
165.931 |
|
Total
Current Assets |
345.642
|
360.897 |
325.449 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Sundry Creditors |
61.044
|
78.714 |
67.812 |
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Other Current Liabilities |
54.409
|
75.502 |
122.017 |
|
|
Provisions |
0.021
|
0.166 |
0.070 |
|
Total
Current Liabilities |
115.474
|
154.382 |
189.899 |
|
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Net Current Assets |
230.168
|
206.515 |
135.550 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
268.083 |
248.140 |
180.954 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
273.486 |
481.547 |
422.724 |
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Less |
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
254.430 |
463.449 |
406.580 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.056 |
18.098 |
16.144 |
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Less |
FINANCIAL
EXPENSES (D) |
13.782 |
12.001 |
9.910 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.274 |
6.097 |
6.234 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.561 |
4.811 |
4.982 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.713 |
1.286 |
1.252 |
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Less |
TAX (I) |
0.168 |
2.001 |
1.785 |
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PROFIT AFTER TAX
(G-I) (J) |
0.545 |
(0.715) |
(0.533) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
177.516 |
245.729 |
91.504 |
|
|
|
Other Earnings |
0.131 |
0.269 |
0.098 |
|
|
TOTAL EARNINGS |
177.647 |
245.998 |
91.602 |
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IMPORTS |
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|
|
|
Parts and Components |
0.000 |
8.911 |
14.015 |
|
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|
(including purchase of Rs.nil for overseas
trading sale) |
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TOTAL IMPORTS |
0.000 |
8.911 |
14.015 |
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Earnings Per
Share (Rs.) |
0.16 |
0.21 |
0.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.20
|
0.15 |
0.13 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.19
|
0.32 |
0.34 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.01 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.11
|
3.34 |
2.98 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.99
|
2.34 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
There has been global depression during the period. Their export
turnover drop by 28.72% and domestic turnover drop by 58.53%. The domestic
market remains very much depressed throughout the year. There seems to be some
uptrend in the domestic economy and as such the company will be able to improve
its domestic and export turnover during the current year.
FIXED ASSETS :
- Land
- Plant and Machinery – Generator and others
- Air Conditioner
- Electric Equipments and Installations
- Furniture and Fixtures
- Vehicles
- Computers
Contingent Liability (Rs.In
million)
|
Particulars |
As on 31.03.2009 |
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Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1978PTC009129 |
|
Name of the
company |
RAGHBEER
MACHINERY PVT LTD |
|
Address of the
registered office or of the principal place of business in |
3620-21 NETAJI
SUBHASH MARGDARYA GANG, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90045014 |
|
Type of charge |
Book Debts Movable Property
(not being charged) Floating Charge |
|
Particular of
charge holder |
Canara Bank, Darya Ganj, Email : ca_rcg@yahoo.co.in |
|
Nature of
instrument creating charge |
Supplemental
Agreement dated 07.12.2010 |
|
Date of
instrument Creating the charge |
07.12.2010 |
|
Amount secured by
the charge |
Rs.95.000 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- The Adhoc enhancement in OCC limit of Rs. 15.000 millions shall carry interest @ 1.75% p.a.
above the ongoing BPLR of the Bank with a minimum of 15% p.a. at monthly
rests. Terms of
Repayment – Payable on demand Margin – As per
terms sanction Extent and
Operation of the charge – 100% Others - To
secure all amounts payable under enhanced OCC/PC limit of Rs.
95.000 millions consequent upon the sanctioning of an Adhoc
OCC limit of Rs. 15.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
stock of raw-materials, semi-finished goods and finished goods and any other
goods belonging to the Company and all book-debts of the Company - both
present & future. |
|
Date of
instrument modifying the charge |
07.03.2009 |
|
Particulars of
the present modification |
The charge stands
enhanced from Rs. 80.000 millions to Rs. 95.000 millions to secure all amounts payable under
enhanced OCC/PC limit of Rs. 95.000 millions
consequent upon the sanctioning of an Adhoc OCC
limit of Rs. 15.000 million. |
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.45.24 |
|
|
1 |
Rs.73.56 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.