MIRA
INFORM REPORT
|
Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
REFRA MINING AND POWER LIMITED |
|
|
|
|
Registered
Office : |
Hira Arcade, Pandri, Near New Bus Stand, Raipur – 492001, Chattisgarh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.03.2003 |
|
|
|
|
Com. Reg. No.: |
015627 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.101 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13203CT2003PLC015627 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPR01742G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC1625N |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer of Refractory Bed Material |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18760 |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Hira Arcade, Pandri, Near New Bus Stand, Raipur – 492001, Chattisgarh,
India |
|
Tel. No.: |
91-771-4082000 |
|
Fax No.: |
91-771-4057601 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
341/A, Sector C, Industrial Area, Urla, Raipur – 493221, Chattisgarh,
India |
|
Tel. No.: |
91-771-3259092 |
|
Fax No.: |
91-771-4057601 |
|
E-Mail : |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Subhash Ramjilal Agrawal |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No 10, Dalphn Trend, Near Sai Mandir Sai Nagar, Fafadih Raipur, Raipur - 492001, Chhattisgar, India |
|
Date of Birth/Age : |
10.06.1960 |
|
Date of Appointment : |
31.03.2005 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U13203CT2003PLC015627 |
REFRA MINING AND POWER
LIMITED |
Director |
31/03/2005 |
31/03/2005 |
- |
Active |
NO |
|
2 |
U27104CT2007PTC020235 |
DIAMOND ELECTRODE PRIVATE
LIMITED |
Director |
26/03/2007 |
26/03/2007 |
- |
Active |
|
|
3 |
U40102CT2009PLC021285 |
GODAWARI GREEN ENERGY
LIMITED |
Director |
16/07/2009 |
16/07/2009 |
02/03/2011 |
Active |
NO |
|
4 |
U13200WB2010PTC150691 |
ELITE METALIKS PRIVATE
LIMITED |
Director |
24/06/2010 |
24/06/2010 |
- |
Active |
NO |
|
Name : |
Mr. Satyanarayan Agrawal |
|
Designation : |
Director |
|
Address : |
H No.12, Ward Kota, The Raipur – 492001, Chhattisgar, India |
|
Date of Birth/Age : |
07.10.1962 |
|
Date of Appointment : |
05.03.2003 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U13203CT2003PLC015627 |
REFRA MINING AND POWER
LIMITED |
Director |
05/03/2003 |
05/03/2003 |
- |
Active |
NO |
|
Name : |
Mr. Ranjeet Singh Thakur |
|
Designation : |
Director |
|
Address : |
5 New Hig Ring Road -2, Tatibandh, Raipur – 492001, Chhattisgar,
India |
|
Date of Birth/Age : |
17.12.1962 |
|
Date of Appointment : |
05.03.2003 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U13203CT2003PLC015627 |
REFRA MINING AND POWER
LIMITED |
Director |
05/03/2003 |
05/03/2003 |
- |
Active |
NO |
|
2 |
U45203CT2004PLC016321 |
RAIPUR INFRASTRUCTURE
COMPANY LIMITED |
Director |
30/09/2005 |
30/09/2005 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
B L Agarwal |
|
3000 |
|
Hira Cement Limited, Raipur |
|
34500 |
|
S N Agarwal |
|
1000 |
|
R S Thakur |
|
1000 |
|
Subhash R Agarwal |
|
41600 |
|
Sarita Devi Agarwal |
|
24000 |
|
Siddharth Agrawal |
|
5000 |
|
|
|
110100 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
31.34 |
|
Directors or relatives of Directors |
39.60 |
|
Other top fifty shareholders |
29.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Refractory Bed Material |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Refractory Bed Material |
mt |
|
12000 |
6310.00* |
*Notes : Does not includes By product production of 243.060 MT
(P.Y.490.745 MT)
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, Vivekanand Nagar, Raipur - 492001, Chattisgarh, India |
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Facilities : |
NOTES : 1. Term Loan from Bank of Baroda is secured by hypothecation of movable machinery of the company. 2. Working Capital facilities from Bank of Baroda is secured by hypothecation of raw materials, finished goods, stores and book debts of the company. 3. The above facilities are also secured by personal guarantee of Shri Subhash R. Agrawal, Director of the company. 4. 4. Other Loans are secured by hypothecation of vehicles. |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
O .P. Singhania and Co. Chartered Accountant |
|
Address : |
JDS Chambers, First Floor, 6- Central Avenue, Choubey Colony, Raipur –
492001, Chhattisgarh, India |
|
Tel No.: |
91-771-2253844/2253845 |
|
Fax No.: |
91-771-4061216 |
|
Email : |
|
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110100 |
Equity Shares |
Rs.10/- each |
Rs.1.101
Millions |
|
|
|
|
|
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 |
1.101 |
1.101 |
1.101 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.589 |
2.990 |
2.645 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.690 |
4.091 |
3.746 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.101 |
0.000 |
1.819 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.101 |
0.000 |
1.819 |
|
|
DEFERRED TAX LIABILITIES |
0.171 |
0.184 |
0.200 |
|
|
|
|
|
|
|
|
TOTAL |
6.962 |
4.275 |
5.765 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.325 |
4.228 |
4.179 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.912
|
0.305 |
0.139 |
|
|
Sundry Debtors |
7.046
|
7.572 |
5.376 |
|
|
Cash & Bank Balances |
0.298
|
1.067 |
0.607 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.513
|
0.807 |
0.699 |
|
Total
Current Assets |
9.769
|
9.751 |
6.821 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.581
|
9.704 |
5.155 |
|
|
Other Current Liabilities |
0.448
|
0.057 |
0.035 |
|
|
Provisions |
0.103
|
(0.057) |
0.045 |
|
Total
Current Liabilities |
7.132
|
9.704 |
5.235 |
|
|
Net Current Assets |
2.637
|
0.047 |
1.586 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.962 |
4.275 |
5.765 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23.371 |
25.558 |
25.330 |
|
|
|
Other Income |
0.000 |
0.005 |
0.007 |
|
|
|
TOTAL (A) |
23.371 |
25.563 |
25.337 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials
Consumed |
16.961 |
19.124 |
19.269 |
|
|
|
Payment to and
Provision for Employees |
0.591 |
0.361 |
0.298 |
|
|
|
Operating and Other Expenses |
4.502 |
4.952 |
3.763 |
|
|
|
Increase/(Decrease) in the Stocks |
(0.304) |
(0.250) |
0.227 |
|
|
|
TOTAL (B) |
21.750 |
24.187 |
23.557 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.621 |
1.376 |
1.780 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.109 |
0.109 |
0.269 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.512 |
1.267 |
1.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.623 |
0.704 |
0.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
0.889 |
0.563 |
0.908 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.290 |
0.218 |
0.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.599 |
0.345 |
0.636 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.788 |
1.443 |
0.807 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.387 |
1.788 |
1.443 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.44 |
3.13 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.56
|
1.35 |
2.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.80
|
2.20 |
3.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.31
|
4.03 |
8.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.14 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
2.37 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.00 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
REVIEWOF OPERATIONS:
During the year,
the Company had produced 6310.00 MTs of Refractory Bed Materials as compared to 7290.00 MTs during the previous year
registering a decrease of 13.44% due to abnormal market conditions.
The Company
recorded Net Sales Turnover of Rs. 23.371 millions as compared to Rs 25.558
millions during the previous year and the Company’s Profit after tax is
Rs.0.599 million as compared to Rs.0.345 million during the previous year.
FORM 8 :
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
90210002 |
|
Corporate identity number of the company |
U13203CT2003PLC015627 |
|
Name of the company |
REFRA MINING AND POWER LIMITED |
|
Address of the registered office or of the
principal place of business in |
Hira Arcade Near New Bus Standpandri,
Raipur, Distt-Raipur – 492001, Chattisgarh, India |
|
Type of charge |
Immovable Property Any Interest in Immovable Property |
|
Particular of charge holder |
BANK OF BARODA |
|
Nature of description of the instrument
creating or modifying the charge |
1) Supplemental Memorandum of Entry. |
|
Date of instrument Creating the charge |
26/06/2007 |
|
Amount secured by the charge |
Rs.1.068 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest 0.50% + BPLR with monthly rests. Terms of Repayment Repayment will be made on monthly basis. Margin 25% Extent and Operation of the charge 1) First pari passu charge by way of
mortgage by deposit of title deeds on the company's immovable properties together
with buildings and structures thereon, fixed plants and machinery, fixtures
and fittings, constructed, erected or installed thereon. |
|
Short particulars of the property charged |
Equitable mortgage by deposit of title
deeds on the company's immovable properties together with buildings and
structures thereon, fixed plants and machinery, fixtures and fittings,
constructed, erected or installed thereon bearing Plot No. 341/A, admeasuring
10000 sq. ft. situated at Urla Industrial Area, Raipur (C.G.). |
|
Date of latest modification prior to the
present modification |
08/09/2006 |
|
Particulars of the present
modification |
Term Loan amount has been reduced from
Rs.2.340 Millions to Rs.1.068 Millions. |
FIXED ASSETS:
·
Leasehold Land
·
Freehold Land
·
Factory Shed and Building
·
Office Equipments
·
Vehicles
·
Computer
·
Electrical Equipments
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.49.07 |
|
|
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.