MIRA
INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
R K CONTROL INSTRUMENTS PRIVATE LIMITED |
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Registered
Office : |
A-250, Wagle Industrial Estate, Opposite Wagle Police Station, Thane –
400604, Maharashtra, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
11-092360 |
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Capital
Investment / Paid-up Capital : |
Rs.4.000 Millions |
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CIN No.: [Company Identification
No.] |
U29120MH1995PTC092360 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER06089G |
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PAN No.: [Permanent Account No.] |
AABCR3021N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Control Valves and Accessories and
Importer of Raw Materials |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [47] |
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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 |
|
USD 258000 |
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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 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 : |
Mr. Yash |
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Designation : |
Account Department |
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Contact No.: |
91-22-25820943 |
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Date : |
30.09.2011 |
LOCATIONS
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Registered Office / Factory: |
A-250, Wagle Industrial Estate, Opposite Wagle Police Station, Thane –
400604, Maharashtra, India |
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Tel. No.: |
91-22-25820943 / 25821062 / 66060943 |
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Fax No.: |
91-22-25820801 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Sales Office : |
Located at
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DIRECTORS
As on 21.09.2011
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Name : |
Mr. Shyamsunder Radhakishan Jethwani |
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Designation : |
Director |
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Address : |
601, Kharhira Premises CHS Limited, |
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Date of Birth/Age : |
21.10.1969 |
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Date of Appointment : |
01.10.2000 |
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DIN : |
00346269 |
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Other Directorship : |
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Name : |
Mr. Radhakishan Khemchand Jethwani |
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Designation : |
Director |
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Address : |
601, Kharhira Premises CHS Limited, |
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Date of Birth/Age : |
11.10.1942 |
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Date of Appointment : |
04.09.1995 |
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DIN : |
00382269 |
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Name : |
Mr. Narain Mulram Wadhwani |
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Designation : |
Director |
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Address : |
101, Cresent CHS, |
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Date of Birth/Age : |
09.08.1930 |
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Date of Appointment : |
04.09.1995 |
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DIN : |
00382425 |
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KEY EXECUTIVES
|
Name : |
Mr. Yash |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2011
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Names of Shareholders |
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No. of Shares |
|
Shyamsunder Radhakishan Jethwani |
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62000 |
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Radhakishan Khemchand Jethwani |
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200000 |
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Narain Mulram Wadhwani |
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132000 |
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Jethwani Khemchand Dayal |
|
2000 |
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Wadhwani Narain Nirmala |
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2000 |
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Jethwani Radhakishan Dhaneshwari |
|
2000 |
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Total |
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400000 |
As on 21.09.2011
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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 : |
Manufacturer and Exporter of Control Valves and Accessories and
Importer of Raw Materials |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
State Bank of India, Churchgate Branch, The International, 16,
Maharshi Karve Road, Churchgate, Mumbai - 400020, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. V. Dalal and Company Chartered Accountants |
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Address : |
1504/05, Yogi Paradise – A, Yogi Nagar, New Link Road, Borivali West,
Mumbai - 400091, Maharashtra, India |
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Tel. No.: |
91-22-28997290 |
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Mobile No.: |
91-9821166965 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,000,000 |
Equity Shares |
Rs.10/-each |
Rs.10.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
400,000 |
Equity Shares |
Rs.10/-each |
Rs.4.000
millions |
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[Includes
200,000 equity shares of Rs.10/- each issued as bonus shares out of
capitalization of general reserve]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.592 |
60.072 |
62.122 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.592 |
64.072 |
66.122 |
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LOAN FUNDS |
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1] Secured Loans |
3.971 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.575 |
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TOTAL BORROWING |
3.971 |
0.000 |
0.575 |
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DEFERRED TAX LIABILITIES |
0.208 |
0.208 |
0.270 |
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TOTAL |
68.771 |
64.280 |
66.967 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.247 |
3.677 |
4.579 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.952 |
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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Inventories |
9.982
|
5.865 |
4.209 |
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Sundry Debtors |
49.122
|
38.285 |
45.519 |
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Cash & Bank Balances |
31.918
|
45.830 |
52.542 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
61.642
|
48.898 |
38.525 |
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Total
Current Assets |
152.664
|
138.878 |
140.795 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
30.024 |
18.777 |
16.015 |
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Other Current Liabilities |
0.758
|
2.759 |
0.453 |
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Provisions |
58.310
|
56.739 |
61.939 |
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Total
Current Liabilities |
89.092
|
78.275 |
78.407 |
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Net Current Assets |
63.572
|
60.603 |
62.388 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.771 |
64.280 |
66.967 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
200.432 |
154.299 |
188.302 |
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Other Income |
4.514 |
3.976 |
3.563 |
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TOTAL (A) |
204.946 |
158.275 |
191.865 |
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Less |
EXPENSES |
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Raw Material Consumed |
121.814 |
83.703 |
87.716 |
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Labour Charges |
16.816 |
10.744 |
12.383 |
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Wages |
7.278 |
6.765 |
6.328 |
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Productions Incentive |
1.255 |
0.720 |
0.520 |
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Carriage Inwards |
5.146 |
3.171 |
4.625 |
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Other manufacturing Expenses |
1.114 |
0.697 |
0.708 |
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Employee Overhead |
19.774 |
20.111 |
18.209 |
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Administrative Overhead |
7.946 |
6.719 |
6.624 |
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Selling and Distribution Overhead |
7.029 |
6.520 |
7.426 |
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Increase / [Decrease] in Inventories |
[0.977] |
[0.916] |
[0.257] |
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TOTAL (B) |
187.195 |
138.234 |
144.282 |
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PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.751 |
20.041 |
47.583 |
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Less |
FINANCE OVERHEAD (D) |
0.751 |
0.606 |
0.868 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.000 |
19.435 |
46.715 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.871 |
0.999 |
1.228 |
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
16.129 |
18.436 |
45.487 |
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Less |
TAX (H) |
6.249 |
6.439 |
16.300 |
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PROFIT / LOSS
AFTER TAX (G-H) (I) |
9.880 |
11.997 |
29.187 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
37.872 |
42.422 |
47.031 |
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Prior year Expenses [Net] |
0.000 |
0.008 |
0.001 |
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Fringe Benefit tax |
0.000 |
0.000 |
0.185 |
|
|
|
|
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|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.000 |
2.500 |
6.000 |
|
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|
Interim /Final Dividend |
8.000 |
12.000 |
23.600 |
|
|
|
Tax on Dividend |
1.360 |
2.039 |
4.010 |
|
|
BALANCE CARRIED
TO THE B/S |
37.392 |
37.872 |
42.422 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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FOB Value of Export |
- |
56.486 |
92.578 |
|
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TOTAL EARNINGS |
NA |
56.486 |
92.578 |
|
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IMPORTS |
NA |
7.067 |
5.505 |
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|
Earnings Per
Share (Rs.) |
24.70 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.82
|
7.58 |
15.21 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
8.05
|
11.95 |
24.16 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.28
|
12.93 |
31.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.29 |
0.69 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
1.22 |
1.19 |
|
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|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.77 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
30.024 |
18.777 |
16.015 |
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Check List by Info Agents |
Available in Report [Yes/No] |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
|
Premises details |
Yes |
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Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
- |
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No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of contact
person |
Yes |
|
Turnover of firm for last
three years |
Yes |
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Profitability for last
three years |
No |
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Reasons for variation
<> 20% |
No |
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Estimation for coming
financial year |
No |
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Capital the business |
Yes |
|
Details of sister
concerns |
- |
|
Major Suppliers |
Yes |
|
Major Customers |
Yes |
|
Payment Terms |
Yes |
|
Export / Import Details
[If Applicable] |
Yes |
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
Yes |
|
Incorporation details, if
applicable |
- |
|
Last accounts filed at
ROC |
- |
|
Major Shareholders, if
applicable |
- |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10079377 |
|
Corporate
identity number of the company |
U29120MH1995PTC092360 |
|
Name of the
company |
R K CONTROL
INSTRUMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-250 Opp Police |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Churchgate Branch, The International, 16,
Maharshi Karve Road, Churchgate, Mumbai - 400020, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum For
Recording Creation Of Mortgage By Deposit Of Title Deeds. |
|
Date of
instrument Creating the charge |
28.11.2007 |
|
Amount secured by
the charge |
Rs.12.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate Of Interest
- As Per The Sanctioned Terms And Conditions. Terms Of
Repayment - As Per The Sanctioned Terms And Conditions. Margin - As Per
The Sanctioned Terms And Conditions. Extent And
Operation Of The Charge - As Per The Sanctioned Terms And Conditions. Others - As Per
The Sanctioned Terms And Conditions. |
|
Short particulars
of the property charged |
Hypothecation of
company's stock of raw material, finished goods, semi finished goods, and packing
materials meant for companies line of activity lying in the companies
factory godowns. Hypothecation of
companies receivables (domestic and exports) book debts and other movables
claims in the course of collections arising out of genuine trade transaction. |
|
Date of latest
modification prior to the present modification |
28.11.2007 |
|
Particulars of
the present modification |
The original
charge was created on 28/11/2007 for Rs. 12.000 millions. Now by this
modification. The company Offered its immovable Properties and machineries as
an addl. Security to secure its credit facilities to Rs.12.000 millions.
Details of immovable property and machineries as per agreement. |
Trade References :
- Aarti Industries Limited
- ONGC
- Acasti
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Electrical Fittings
·
Motor Car
·
Motor Cycle
·
Fax Machine
·
Air Conditioner
·
Water Cooler
·
Tools
·
Patterns and Dies
·
Type Writer
·
Xerox Machine
·
Refrigerator
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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.84 |
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 |
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 |
|
47 |
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.