MIRA
INFORM REPORT
|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
RISHIROOP POLYMERS PRIVATE LIMITED (w.e.f. 21.12.2006) |
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Formerly Known
As : |
RISHIROOP ORGANICS PRIVATE LIMITED |
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Registered
Office : |
65, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.12.1989 |
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|
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|
Com. Reg. No.: |
11-054651 |
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Capital
Investment / Paid-up Capital : |
Rs.27.516
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1989PTC054651 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR16127G/ MUMR14848B/ NSKR00069G |
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PAN No.: [Permanent Account No.] |
AAACR0422J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Rubber Chemicals, Synthetic Rubber and Plastic Resins.
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be 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 DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office : |
65, |
|
Tel. No.: |
91-22-22825209/ 40952000 |
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Fax No.: |
91-22-22872796 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft |
|
Location : |
Owned |
DIRECTORS
AS ON 29.08.2011
|
Name : |
Mr. Mahendra Rooplal Kapoor |
|
Designation : |
Director |
|
Address : |
12, Manhar Oak, |
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Date of Birth/Age : |
03.04.1924 |
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Date of Appointment : |
15.12.1989 |
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Din No.: |
00026557 |
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|
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Name : |
Mr. Arvind Mahendra Kapoor |
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Designation : |
Director |
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Address : |
12, Manhar Oak, |
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Date of Birth/Age : |
20.01.1954 |
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Date of Appointment : |
15.12.1989 |
|
Din No.: |
00002704 |
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|
|
|
Name : |
Mr. Aditya Arvind Kapoor |
|
Designation : |
Director |
|
Address : |
12, Manhar Oak, |
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Date of Birth/Age : |
11.12.1982 |
|
Date of Appointment : |
22.11.2006 |
|
Din No.: |
00003019 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mahendra Rooplal Kapoor |
|
74510 |
|
Arvind Mahendra Kapoor |
|
48063 |
|
Arvind Mahendra Kapoor HUF |
|
7382 |
|
Gouri Arivnd Kapoor |
|
15981 |
|
Aditya Arvind Kapoor |
|
19467 |
|
Shradha Khanna |
|
13698 |
|
Rishiroop Investment and Trading Company Private Limited, India |
|
25000 |
|
Rishiroop Holding Private Limited, India |
|
53262 |
|
Devi Organics Private Limited, India |
|
17800 |
|
|
|
|
|
Total |
|
275163 |
AS ON 29.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
34.92 |
|
Directors
or relatives of directors |
|
65.08 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Rubber Chemicals, Synthetic Rubber and Plastic
Resins. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
v
Kotak Mahindra Bank, 36-38A, Nariman Bhavan, 227,
D, Nariman Point, Mumbai – 400 021, v
Bank of v
Axis Bank, Corporate Banking Branch, Ground
Floor, Axis house Bombay, Dyeing Mills Compound, P.B. Marg, Worli,
Mumbai-400071, Maharashtra, India v
ICICI
Bank Limited v
HDFC
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jayesh Dadia and Associates Chartered Accountants |
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Address : |
422, Arun Chambers, Tardeo, Mumbai – 400 034, |
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Tel. No.: |
91-22-66602417/ 66601056 |
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Fax No.: |
91-22-66602418 |
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E-Mail : |
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|
Website : |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
285000 |
Equity Shares |
Rs.100/- each |
Rs.28.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
275163 |
Equity Shares |
Rs.100/- each |
Rs.27.516
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
27.516 |
27.516 |
27.516 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
408.282 |
321.508 |
257.217 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
435.798 |
349.024 |
284.733 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.670 |
7.598 |
5.526 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6.670 |
7.598 |
5.526 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
442.468 |
356.622 |
290.259 |
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|
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
86.625 |
92.858 |
94.052 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
253.902 |
190.604 |
146.420 |
|
|
DEFERREX TAX ASSETS |
5.078 |
3.653 |
2.290 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.819
|
19.196 |
12.376 |
|
|
Sundry Debtors |
53.306
|
36.667 |
18.874 |
|
|
Cash & Bank Balances |
21.667
|
11.250 |
2.233 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
140.850
|
103.385 |
76.312 |
|
Total
Current Assets |
241.642
|
170.498 |
109.795 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.260
|
7.613 |
2.597 |
|
|
Other Current Liabilities |
3.178
|
3.225 |
2.554 |
|
|
Provisions |
133.341
|
90.153 |
57.147 |
|
Total
Current Liabilities |
144.779
|
100.991 |
62.298 |
|
|
Net Current Assets |
96.863
|
69.507 |
47.497 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
442.468 |
356.622 |
290.259 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
300.901 |
166.062 |
126.113 |
|
|
|
Other Income |
16.933 |
11.175 |
13.191 |
|
|
|
TOTAL |
317.834 |
177.237 |
139.304 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
174.929 |
69.260 |
60.899 |
|
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Advertising Expenses |
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|
|
|
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|
Financial Expenses |
|
|
|
|
|
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TOTAL |
174.929 |
69.260 |
60.899 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
142.905 |
107.977 |
78.405 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.733 |
4.797 |
2.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
135.172 |
103.180 |
75.419 |
|
|
|
|
|
|
|
|
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Less |
TAX |
42.585 |
31.649 |
23.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
92.587 |
71.531 |
52.218 |
|
|
|
|
|
|
|
|
|
Add |
EARLIER
PROVISION FOR TAX WRITTEN BACK |
(0.044) |
0.000 |
0.002 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
227.958 |
166.251 |
120.250 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
3.000 |
|
|
|
Interim Dividend |
3.302 |
2.752 |
1.376 |
|
|
|
Tax on Interim Dividend |
0.548 |
0.467 |
0.234 |
|
|
|
Final Dividend (Proposed) |
1.651 |
1.376 |
1.376 |
|
|
|
Tax on Final Dividend |
0.268 |
0.229 |
0.234 |
|
|
BALANCE CARRIED
TO THE B/S |
309.732 |
227.958 |
166.250 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
0.288 |
2.567 |
0.238 |
|
|
|
Commission in foreign currency |
160.692 |
119.257 |
88.988 |
|
|
TOTAL EARNINGS |
160.980 |
121.824 |
89.226 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
336.32 |
259.96 |
189.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
29.13
|
40.36
|
37.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
44.92
|
62.13
|
59.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
41.17
|
39.18
|
37.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.30
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.31
|
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.69
|
1.76 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Due to others |
8.260
|
7.613 |
2.597 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
REVIEW OF OPERATION:
During the year the income from sales and
service stood at Rs.300.901 Millions as compared to Rs.166.062 Millions in the
previous year. The profit before depreciation was Rs.142.905 Millions as
compared to Rs.107.977 Millions in the previous year. During the year net
profit after tax was Rs.92.587 as compared to Rs.71.531 Millions in the
previous year witnessing an impressive increase of 29.44%.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24100MH1989PTC054651 |
|
Name of the
company |
RISHIROOP
POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
65, |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
Axis Bank, Corporate Banking Branch, Ground Floor, Axis house Bombay, Dyeing
Mills Compound, P.B. Marg, Worli, Mumbai-400071, Maharashtra, India Email: adlalwani@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation of current assets (stock and book debts) |
|
Date of
instrument Creating the charge |
14.09.2011 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipulated By
Bank From Time To Time Terms of
Repayment As Stipulated By
Bank From Time To Time Margin Cash Margin -10 % Raw Material -25
% Stock - in
-Process - 25 % Finished Goods
and Packaging Materials -25 % Book debts (cover
period 90 days) -30 % And / or as
stipulated by bank from time to time Extent and
Operation of the charge First charge
(present and future) = total limit Rs.50.000 Millions, (letter of credit Rs.
50.000 Millions, cash credit -sub limit to LC Rs.(20.000) Millions,(LER limit
forward cover) (sub limit to LC) Rs. (2.000) Millions, and / or as stipulated
by bank from time to time Others As stipulated by
bank from time to time and as per agreement and as per sanction letter of the
bank |
|
Short particulars
of the property charged |
First
charge(present and future on following assets)=hypothecation of all
stock/goods/inventories kept at borrower
place/premises/factories/godowns or
whereeverelse or in transit including brought Under any bank finance
/letter of credit Hypothecation of
all book debts and receivables Hypothecation of
all current and movable assets of the company |
FIXED ASSETS:
v Land
v
v
v Machinery
v Computers
v Furniture
v Office Equipment
v Lab Equipment
v Workshop Equipment
v Safety Equipment
v Fire Fighting Equipment
v Electrical Installation
v Tools and Tackles
v Technical Know How
v Refrigeration
v Cycle
v Scooter
v Motor Cycle
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.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.