MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ROLEX LANOLIN PRODUCTS LIMITED |
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Registered Office : |
Rolex House, Level 1, 114 Tejpal Industrial Estate, Andheri Kurla Road,
Sakinaka, Mumbai – 400072, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.03.1990 |
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Com. Reg. No.: |
11-56023 |
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CIN No.: [Company
Identification No.] |
U24110MH1990PLC056023 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14573G |
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PAN No.: [Permanent
Account No.] |
AAACR3499P |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and Exporter of Lanolin. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 65000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
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 |
LOCATIONS
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Registered Office : |
Rolex House, Level 1, 114 Tejpal Industrial Estate, |
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Tel. No.: |
91-22-28512345 / 22012345 |
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Fax No.: |
91-22-28517777 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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City Liason Office : |
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Tel. No.: |
91-22-22012345 |
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Fax No.: |
91-22-22015950 |
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Factory 1 : |
Unit No. 14, Ground Floor, New Tejpal Industrial Premises Co-operative Society Limited, Sakinaka, Andheri Kurla Road, Andheri (East), Opposite –Tech Plaza, Mumbai – 400072, Maharashtra, India |
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Factory 2 : |
Plot No. 6309, Phase IV, G.I.D.C., Near Pumphouse Phase
III, Vapi, |
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Warehouse : |
Located at ·
Antop Hill ·
Sewree ·
Bhiwandi |
DIRECTORS
As on 24.09.2010
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Name : |
Mr. Hasmukh Nathalal Zaveri |
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Designation : |
Director |
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Address : |
8/B, Giriraj, 11, |
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Date of Birth/Age : |
19.06.1939 |
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Date of Appointment : |
03.11.1990 |
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Name : |
Mr. Hasit Hasmujh Zaveri |
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Designation : |
Director |
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Address : |
8/B, Giriraj, 11, |
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Date of Birth/Age : |
24.08.1965 |
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Date of Appointment : |
13.03.1990 |
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Name : |
Mrs. Hansa Hasmukh Zaveri |
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Designation : |
Director |
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Address : |
8/B, Giriraj, 11, |
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Date of Birth/Age : |
31.01.1941 |
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Date of Appointment : |
13.03.1990 |
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Name : |
Mrs. Falguni Hasit Zaveri |
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Designation : |
Director |
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Address : |
8/B, Giriraj, 11, |
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Date of Birth/Age : |
22.07.1964 |
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Date of Appointment : |
08.12.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
No. of Shares |
|
Hansa Hasmujh Zaveri |
25940 |
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Hasit Hasmujh Zaveri |
25940 |
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Hasmukh Nathalal Zaveri |
20839 |
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Falguni Hasit Zaveri |
17281 |
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Total |
90000 |
Equity share
breakup (percentage of total equity)
(As on
24.09.2010)
|
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 : |
Manufacturer and Exporter of Lanolin. |
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Exports : |
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Products : |
Lanolin |
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Imports : |
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Products : |
Finished Goods |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
·
Union
Bank of Princess Street Branch, ·
CIti Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vora and Associates Chartered Accountant |
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Address : |
103, Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-22005934 / 22031110 |
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Fax No.: |
91-22-22063289 |
CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3990000 |
Equity Shares |
Rs.10/- each |
Rs.39.900 millions |
|
10000 |
8% Non – Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.0.100 million |
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Total |
|
Rs.40.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900
million |
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 |
0.900 |
0.900 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.383 |
11.757 |
8.968 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.283 |
12.657 |
9.868 |
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LOAN FUNDS |
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1] Secured Loans |
16.974 |
20.330 |
18.122 |
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2] Unsecured Loans |
14.006 |
1.162 |
9.299 |
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TOTAL BORROWING |
30.980 |
21.492 |
27.421 |
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DEFERRED TAX LIABILITIES |
1.019 |
1.103 |
1.248 |
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TOTAL |
48.282 |
35.252 |
38.537 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.094 |
12.260 |
12.439 |
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Capital work-in-progress |
0.000 |
0.045 |
0.000 |
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INVESTMENT |
5.100 |
5.100 |
5.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.823
|
9.570 |
6.194
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Sundry Debtors |
14.405
|
6.106 |
13.907
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Cash & Bank Balances |
10.532
|
5.457 |
4.559
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
1.509
|
0.521 |
2.627
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Total
Current Assets |
37.269
|
21.654 |
27.287 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.711
|
3.056 |
6.289
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Provisions |
1.470
|
0.751 |
0.000
|
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Total
Current Liabilities |
6.181
|
3.807 |
6.289 |
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Net Current Assets |
31.088
|
17.847 |
20.998 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
48.282 |
35.252 |
38.537 |
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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 |
146.794 |
87.132 |
81.387 |
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Other Income |
0.493 |
0.358 |
0.342 |
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TOTAL (A) |
147.287 |
87.490 |
81.729 |
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Less |
EXPENSES |
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Material Consumed |
108.010 |
58.224 |
56.037 |
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Manufacturing Expenses |
8.871 |
6.649 |
6.228 |
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Office and Administrative Expenses |
16.237 |
11.813 |
11.120 |
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Selling and Distribution Expenses |
2.356 |
2.177 |
2.631 |
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TOTAL (B) |
135.474 |
78.863 |
76.016 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.813 |
8.627 |
5.713 |
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Less |
FINANCIAL
EXPENSES (D) |
3.621 |
3.078 |
3.163 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.192 |
5.549 |
2.550 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.249 |
1.204 |
1.224 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.943 |
4.345 |
1.326 |
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Less |
TAX (I) |
2.267 |
1.556 |
0.912 |
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PROFIT AFTER TAX
(G-I) (J) |
4.676 |
2.789 |
0.414 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.482 |
7.693 |
7.279 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.467 |
0.000 |
0.000 |
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Dividend |
0.900 |
0.000 |
0.000 |
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Tax on Dividend |
0.149 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
13.642 |
10.482 |
7.693 |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
10.107 |
15.814 |
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Earnings Per
Share (Rs.) |
51.96 |
30.81 |
4.60 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.17
|
3.19 |
0.51
|
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Net Profit Margin (PBT/Sales) |
(%) |
4.73
|
4.99 |
1.63
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.06
|
12.81 |
3.34
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.34 |
0.13
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Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
2.00 |
3.42
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Current Ratio (Current Asset/Current Liability) |
|
6.03
|
5.69 |
4.34
|
LOCAL AGENCY FURTHER INFORMATION
Operations
The
Form No. 8
|
Name of the company |
ROLEX LANOLIN PRODUCTS LIMITED |
|
Presented By |
Union Bank of |
|
1) Date and description of instrument creating the change |
Hypothecation
(Goods) Agreement Dated : 13th
August, 1990 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.861 millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Against hypothecation
of entire plant and machinery both present and future which shall include all
products, goods and moveable property of any kind belonging to the Borrower
which now or hereinafter from time to time during this security shall be
brought in, stored or be in or about the Borrower’s premises or godown/s at
14, Tejpal Industrial Estate Building, Andheri Kurla Road, Andheri (W),
Bombay and / or in transit or with Borrower’s Agents or wherever else they
may be. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 5.5% OBR subject to a minimum of 15.5% per annum or at such rate as
may from time to time be fixed by the Bank and notified to the Company, such
interest being payable to the Bank. Margin : Various
percent. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of Princess Street
Branch, |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
(Goods) Agreement Dated : 3rd
September, 2001 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge dated 13th August, 1990 for Rs.2.861 millions has been
modified from time to time as under :
|
Fixed Assets
·
·
Plant and Machinery
·
Computer
·
Vehicle
·
Furniture and Fittings
·
Office Equipments
Web Details
Profile
Subject was formed in 1967 under the aegis of Mr. Hasmukh N. Zaveri, having
it's small Plant in the Tardeo area of Mumbai and its first office in
The success in developing Lanolin indigenously and commercially manufacturing
the same strictly to the Indian Pharmacopoeia standards for the first time in
Subject continues to Focus on manufacturing excellent unmatched quality
Lanolins and allied products (of various types, grades and specifications) the
same which find approvals with over 400 valued customers globally.
Subject is an ISO 9001 Certified Organisation (certified by RWTUV-Germany).
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.72.56 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.