MIRA
INFORM REPORT
|
Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
RECON OIL INDUSTRIES PRIVATE LIMITED [w.e.f. 31.12.2003] |
|
|
|
|
Formerly Known
As : |
RECON ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5, Chunawala Estate, |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
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Date of Incorporation
: |
25.04.1991 |
|
|
|
|
Com. Reg. No.: |
11-061392 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6.188 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15140MH1991PTC061392 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR14875A MUMR14856C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR7566F |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Edible Oils |
|
|
|
|
No. of Employees
: |
150 [In Office + in Factory] Approximately |
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 |
|
USD 57000 |
|
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated loss recorded by the company Profitability of the company
is under pressure. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sudhandu [General Details] |
|
Designation : |
Export Manager |
|
Contact No.: |
91-22-23874406 |
|
|
|
|
Name : |
Mr. Yogesh [Financial Details] |
|
Designation : |
Account Manager |
|
Date : |
31.10.2011 |
LOCATIONS
|
Registered Office : |
5, Chunawala Estate, |
|
Tel. No.: |
91-22-28374406 / 66912801 |
|
Fax No.: |
91-22-29201536 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Admin Office : |
C – 27, 1st Floor, Raj Industrial Complex, Premises
Co-operative Society Limited, |
|
Tel. No.: |
91-22-66912801 - 3 |
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|
|
Factory : |
Located at
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Iqbal Abdul Khaliq Ahmed |
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Designation : |
Managing director |
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|
Address : |
1401/1402, Yusuf Manzil
Cooperative Housing Society Limited, Agripada, Mumbai – 400011, |
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Date of Birth/Age : |
04.05.1965 |
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Date of Appointment : |
25.04.1991 |
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DIN : |
00044092 |
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Other Directorship : |
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Name : |
Mr. Afzal Abdul Khaliq Ahmed |
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Designation : |
Whole-time director |
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Address : |
502, |
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Date of Birth/Age : |
14.12.1969 |
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Date of Appointment : |
15.10.1992 |
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DIN : |
00044248 |
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Other Directorship : |
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|
Name : |
Mr. Imran Noormohammed Sulia |
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Designation : |
Whole-time director |
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Address : |
402, |
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Date of Birth/Age : |
07.03.1969 |
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Date of Appointment : |
15.10.1992 |
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DIN : |
00044308 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Sudhandu |
|
Designation : |
Export Manager |
|
|
|
|
Name : |
Mr. Yogesh |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Iqbal Abdul Khaliq Ahmed |
|
495048 |
|
Imran Noormohammed Sulia |
|
30941 |
|
Afzal Abdul Khaliq Ahmed |
|
30941 |
|
Recon Agro Oils Trading Private Limited, |
|
61880 |
|
Total |
|
618810 |
As on 30.09.2010
|
Equity Share
Break Up Category |
Percentage |
|
Bodies corporate |
10.00 |
|
Directors or relatives of Directors |
90.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Edible Oils |
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Products : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production** |
|
Consumer Packed / Bulk |
|
|
|
|
|
i Vegetable Oil |
Ltrs |
NA |
7476000 |
2614790 |
|
ii De-oiled Cake |
M.T. |
NA |
10452 |
3896 |
|
*On three shift basis **Production includes production on job
work basis |
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GENERAL INFORMATION
|
Suppliers : |
Ashok Oil Mills |
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Customers : |
Wholesalers, Retailers and Distributors
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No. of Employees : |
150 [In Office + in Factory] Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.B. Choksi and Company Chartered Accountants |
|
Address : |
Queens' Diamond, 2nd Floor, Parmanand Marg, Opposite Charni Road,
Railway Station, Mumbai – 400004, |
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Tel. No.: |
91-22-23614205 |
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Fax No.: |
91-22-23683414 |
|
PAN : |
AABPC2882M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
618,810 |
Equity Shares |
Rs.10/- each |
Rs.6.188
millions |
|
|
|
|
|
Note : of the above shares 300,000 shares are allotted
as fully paid up bonus shares by way of capitalization of reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.188 |
6.188 |
6.188 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
178.867 |
178.867 |
178.867 |
|
|
4] (Accumulated Losses) |
[170.578] |
[162.519] |
[145.720] |
|
|
NETWORTH |
14.477 |
22.536 |
39.335 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
25.372 |
23.922 |
36.402 |
|
|
2] Unsecured Loans |
42.695 |
48.032 |
58.867 |
|
|
TOTAL BORROWING |
68.067 |
71.954 |
95.269 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.544 |
94.490 |
134.604 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
111.384 |
110.722 |
111.285 |
|
|
Capital work-in-progress |
9.503 |
6.008 |
2.788 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.151 |
0.151 |
0.151 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.322
|
12.787 |
14.319 |
|
|
Sundry Debtors |
36.794
|
37.899 |
41.832 |
|
|
Cash & Bank Balances |
4.729
|
1.993 |
7.253 |
|
|
Stock in Trade of shares |
0.148
|
0.148 |
0.148 |
|
|
Loans & Advances |
48.770
|
34.183 |
43.827 |
|
Total
Current Assets |
106.763
|
87.010 |
107.379 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.600
|
51.877 |
74.845 |
|
|
Other Current Liabilities |
79.235
|
56.839 |
9.444 |
|
|
Provisions |
0.422
|
0.685 |
2.710 |
|
Total
Current Liabilities |
145.257
|
109.401 |
86.999 |
|
|
Net Current Assets |
[38.494]
|
[22.391] |
20.380 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.544 |
94.490 |
134.604 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
TOTAL
INCOME
(A) |
446.658 |
454.367 |
495.692 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENDITURE (B) |
448.258 |
461.194 |
508.599 |
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[1.600] |
[6.827] |
[12.907] |
|
|
|
|
|
|
|
Less |
INTEREST (D) |
3.422 |
2.881 |
3.393 |
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[5.022] |
[9.708] |
[16.300] |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.167 |
3.183 |
3.647 |
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
[8.189] |
[12.891] |
[19.947] |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.113 |
0.651 |
0.531 |
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
[8.302] |
[13.542] |
[20.478] |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[162.519] |
[145.720] |
[125.241] |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[170.578] |
[162.519] |
[145.720] |
|
|
|
|
|
|
|
|
Earnings/[Loss] Per
Share (Rs.) |
[13.84] |
[22.57] |
[34.13] |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
550.000 |
Expected Sales (2011-2012) : Rs.600.000 millions
The above information has been parted by Mr. Yogesh [Account Manager].
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[1.86]
|
[2.98] |
[4.13] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.75]
|
[6.52] |
[9.12] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.56]
|
[0.57] |
[0.51] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.73
|
8.05 |
4.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73
|
0.79 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors :
Rs. In millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
64.883
|
51.385 |
61.955 |
|
Sundry Creditors – Trade Mark / Brand and Capital Spares |
0.717
|
0.492 |
12.890 |
|
Total |
65.600
|
51.877 |
74.845 |
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
Performance :
The company earned total revenue of Rs.446.658 millions for the year
ended 31.03.2010 as compared to last year’s turnover of Rs.454.367 millions.
Though the business performance was good, the profitability was
adversely affected on account of various factors such as increase in the cost
of raw material, transportation cost etc. this in turn resulted in reduced
margin level that in turn affected the profitability of the company.
Contingent Liabilities : [As on 31.03.2010]
- Excise duty payable on sale of cococare –
Rs.1.640 millions
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
80010081 |
|
Corporate
identity number of the company |
U15140MH1991PTC061392 |
|
Name of the
company |
RECON OIL INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5, Chunawala Estate, |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of Email : amrendra.k@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Sanctioned letter
no. AME:AK:ROIPL:-2007-08 |
|
Date of
instrument Creating the charge |
23.01.2008 |
|
Amount secured by
the charge |
Rs.42.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Working Capital -
Interest at 2.00% above State Bank Advance Rate (SBAR) (SBAR = 12.75% w.e.f.
09.04.2007) with a minimum of 14.75% p.a. raising or falling therewith, on
daily products with monthly rests. Present effective rate: 14.75% p.a. with
monthly rest. Wherever expedient, interest rate is directly linked to the
Credit Risk Assessment of the borrower. Terms of
Repayment – Working Capital -
Repayable on demand. The facility which has been sanctioned on 15.01.2008 and
is available for twelve months from that date, subject to review every twelve
months, when it may be cancelled/reduced depending upon the conduct and
utilisation of the advance, as per the Bank's Scheme. Margin - Raw
materials (Imported) - 25%, SIP - 35%, FG - 25%, Packing Materials - 50%,
Domestic Receivables (cover period 45 days) - 40%, EPC - 10%, One time BG -
35%, Guarantees - 25% Extent and
Operation of the charge - As per the sanctioned letter required. Others - All
other terms and conditions as mentioned in the above agreement. |
|
Short particulars
of the property charged |
1. EM of 2 Flats
at 2. EM of Flat No.
1401 and 1402 adm. 1350 sqft at Yusuf Manzail Co-operative Society Limited,
Agripada Road, Mumbai Central, Mumbai - 400008. 3. Hypothecation
charge on company's movable assets excluding vehicles. |
|
Date of latest
modification prior to the present modification |
06.07.2006 |
|
Particulars of
the present modification |
The security fund
based will be changed for following facility. Fund Based - DCC
(stocks and Book Debts) – 27.500 Millions, DCC (Book Debts) - (20.000
Millions), EPC (Within DCC Limit) - (0.900 Millions), EBD (within DCC Limit)
- (0.900 Millions), TFB – 27.500 Millions, Non Fund Based - One Time Bank
Guarantees – 12.500 Millions, Bank Guarantees – 15.000 Millions, FB + NFB –
42.500 Millions |
TRADE REFERENCES :
- D’ Mart
- Hypersity
- Ashok Oil Mills
FIXED ASSETS :
- Free
- Plant and Machinery
- Furniture and Fixtures
- Computer
- Office Equipments
- Electrical Installations
- Vehicles
- Trade Mark – Cococare
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.48.87 |
|
|
1 |
Rs.78.11 |
|
Euro |
1 |
Rs.68.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
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.