MIRA
INFORM REPORT
|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
REMI PROCESS PLANT AND MACHINERY LIMITED |
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Registered
Office : |
REMI House, Plot
No.11, Cama Industrial Estate, Goregaon (East), Mumbai – 400 063, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.08.1974 |
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Com. Reg. No.: |
11-017683 |
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Capital
Investment / Paid-up Capital : |
Rs.17.600
millions |
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CIN No.: [Company Identification
No.] |
L28920MH1974PLC017683 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14104G |
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PAN No.: [Permanent Account No.] |
AAACR0409H |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged mainly in the design and manufacture of different types of agitators. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
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 414000 |
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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. There appears some dip in the
sales turnover during 2011. 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. Note: Shares of the company
are not traded on BSE from last 30 days. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long term Bank Facilities) |
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Rating Explanation |
Moderate credit risk |
|
Date |
December 14, 2011 |
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Rating Agency Name |
CARE |
|
Rating |
A2 (Short term Bank Facilities) |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
December 14, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
REMI House, Plot
No.11, Cama Industrial Estate, Goregaon (East), Mumbai – 400 063, |
|
Tel. No.: |
91-22-26851998/ 40589888/ 800 |
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Fax No.: |
91-22-26853868/ 66993507 |
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E-Mail : |
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Website : |
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Factory : |
Survey No.18 1/2
and 27/2, Village - Shelavali, Manor Road, Taluka Palghar, Thane – 401 404,
Maharashtra, India |
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Tel. No.: |
9525-25605090/ 91 |
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Fax No.: |
9525-25256675 |
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E-Mail : |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Vishwambhar C. Saraf |
|
Designation : |
Chairman |
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Name : |
Mr. Shri Rajendra C. Saraf |
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Designation : |
Managing Director |
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Name : |
Mr. Ramkrishna Shriya |
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Designation : |
Director |
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Name : |
Mr. Mukul B, Desai |
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Designation : |
Director |
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Name : |
Mr. Rishabh R. Saraf |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
1,178,000 |
66.93 |
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1,178,000 |
66.93 |
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Total shareholding of Promoter and Promoter Group (A) |
1,178,000 |
66.93 |
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(B) Public Shareholding |
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451,000 |
25.63 |
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5,000 |
0.28 |
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126,000 |
7.16 |
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|
126,000 |
7.16 |
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|
582,000 |
33.07 |
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Total Public shareholding (B) |
582,000 |
33.07 |
|
Total (A)+(B) |
1,760,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
1,760,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged mainly in the design and manufacture of different types of agitators. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
a. Licenced Capacity: N.A.
b. Installed
Capacity:
i) Process Plant
and Machinery: The Company
does not manufacture any standard item and therefore the installed capacity
cannot be quantified.
ii) Wind Power: 0.750
MW
|
Particulars |
Unit |
Production Qty. |
|
Agitators |
No. |
786 |
|
Fabricated Items and Spares |
No. |
461 |
|
Electricity (Net of transmission loss of units) |
Units |
* 958606 |
* Net of Captive consumed 3192 units.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shankarlal Jain and Associates Chartered Accountants |
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Address : |
12, |
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Associate
Concerns : |
v
Remi Edelstahl Tubulars Limited v
Remi Elektrotechnik Limited v
Remi Sales and Engineering Limited v
Remi Securities Limited v
Remi Engineering Fans Limited v
Remi Metals Gujarat Limited v
Remi Anupam Mixie Limited v
Remi Cool Fans Limited v
Remi Finance and Investment Private Limited v
Rajendra Finance Private Limited |
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|
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Other Related Parties : |
v
Rajendra Electrical Motor Industries v
Dholishakti International v
Remi International |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1760000 |
Equity Shares (including
1540000 Equity Shares allotted as fully paid-up Bonus shares by
Capitalisation of General Reserve) |
Rs.10/- each |
Rs.17.600
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
17.600 |
17.600 |
17.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
85.922 |
78.490 |
59.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
103.522 |
96.090 |
77.186 |
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LOAN FUNDS |
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1] Secured Loans |
28.675 |
21.881 |
70.309 |
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2] Unsecured Loans |
1.717 |
1.717 |
1.717 |
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TOTAL BORROWING |
30.392 |
23.598 |
72.026 |
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DEFERRED TAX LIABILITIES |
9.708 |
9.762 |
7.657 |
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TOTAL |
143.622 |
129.450 |
156.869 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.787 |
93.214 |
48.324 |
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Capital work-in-progress |
0.000 |
0.000 |
31.574 |
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INVESTMENT |
54.500 |
28.309 |
45.805 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
29.538
|
20.846 |
56.025 |
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Sundry Debtors |
25.265
|
15.639 |
11.807 |
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Cash & Bank Balances |
6.374
|
10.525 |
9.348 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
10.604
|
7.528 |
14.421 |
|
Total
Current Assets |
71.781
|
54.538 |
91.601 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
28.555
|
20.859 |
22.028 |
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Other Current Liabilities |
39.778
|
19.026 |
33.710 |
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Provisions |
4.136
|
6.772 |
4.767 |
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Total
Current Liabilities |
72.469
|
46.657 |
60.505 |
|
|
Net Current Assets |
(0.688)
|
7.881 |
31.096 |
|
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MISCELLANEOUS EXPENSES |
0.023 |
0.046 |
0.070 |
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TOTAL |
143.622 |
129.450 |
156.869 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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Sales and Services (Net) |
158.994 |
224.166 |
150.965 |
|
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Other Income |
12.786 |
16.391 |
11.081 |
|
|
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TOTAL (A) |
171.780 |
240.557 |
162.046 |
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in Stocks |
(2.645) |
24.529 |
(26.498) |
|
|
|
Consumption of Raw Materials |
55.149 |
107.700 |
106.144 |
|
|
|
Purchase for Resale |
29.194 |
0.000 |
0.000 |
|
|
|
Manufacturing Expenses |
19.150 |
17.910 |
11.263 |
|
|
|
Employees' Remuneration & Benefits |
32.961 |
32.599 |
27.148 |
|
|
|
Administrative, Selling and Other Expenses |
19.172 |
23.595 |
25.244 |
|
|
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TOTAL (B) |
152.981 |
206.333 |
143.301 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.799 |
34.224 |
18.745 |
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|
|
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Less |
INTEREST (D) |
0.760 |
1.309 |
3.344 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.039 |
32.915 |
15.401 |
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.900 |
4.134 |
2.931 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
13.139 |
28.781 |
12.470 |
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|
Less |
TAX (H) |
2.871 |
9.455 |
3.775 |
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|
PROFIT AFTER TAX
(G-H) (I) |
10.268 |
19.326 |
8.695 |
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|
Excess/(Short) Provision for Taxation of earlier years w/back |
(1.397) |
1.824 |
(0.004) |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
34.601 |
20.503 |
16.371 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
2.500 |
|
|
|
Proposed Dividend |
1.056 |
1.760 |
1.760 |
|
|
|
Tax on Distribution of Profit |
0.175 |
0.292 |
0.299 |
|
|
BALANCE CARRIED
TO THE B/S |
37.241 |
34.601 |
20.503 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
FOB Value of Exports |
6.157 |
0.746 |
0.000 |
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TOTAL EARNINGS |
6.157 |
0.746 |
0.000 |
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IMPORTS |
|
|
|
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|
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|
Materials |
39.060 |
1.509 |
19.286 |
|
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TOTAL IMPORTS |
39.060 |
1.509 |
19.286 |
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|
Earnings Per
Share (Rs.) |
5.04 |
12.02 |
4.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
31.12.2011 (3rd
Quarter) |
31.03.2012 (4th
Quarter) |
|
Net Sales |
24.770 |
75.700 |
34.290 |
42.540 |
|
Total Expenditure |
27.520 |
75.030 |
31.300 |
34.400 |
|
PBIDT (Excl OI) |
(2.750) |
0.670 |
2.990 |
8.140 |
|
Other Income |
6.440 |
6.840 |
3.870 |
1.980 |
|
Operating Profit |
3.690 |
7.510 |
6.860 |
10.120 |
|
Interest |
0.000 |
0.000 |
0.000 |
3.840 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
3.690 |
7.510 |
6.860 |
6.280 |
|
Depreciation |
1.270 |
1.310 |
1.320 |
1.310 |
|
Profit Before Tax |
2.420 |
6.200 |
5.540 |
4.970 |
|
Tax |
0.660 |
1.910 |
1.750 |
2.110 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.770 |
4.290 |
3.790 |
2.860 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.770 |
4.290 |
3.790 |
2.860 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.98
|
8.03 |
5.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.26
|
12.84 |
8.26 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.13
|
19.48 |
8.91 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.30 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
0.73 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.17 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
No |
|
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 |
Yes |
|
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 |
No |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
OPERATION:
The current year’s performance
was adversely affected primarily due to an unforeseen event, where one major
order of approximately Rs.100.000 millions, could not be executed due to High
Court stay order arising out of the environmental issues of the client. The
client has assured them that the said stay order will be vacated and the order
can be executed in the near future. The Company’s performance barring this
unforeseen event is satisfactory. The Company’s operations at its new spacious
location have now stabilised and the Company is poised to improve its
performance with the growth in the Indian economy. The Company is also on the
look out for technology tie-up/ additional products to optimize utilization of
the potential capacity.
CONTINGENT LIABILITIES NOT PROVIDED FOR: (AS
ON 31.03.2011)
a) Guarantees given
by the Bankers on behalf of the Company Rs.19.988 millions
b) Letters of Credit
Rs.4.424 millions
c) Sales Tax demands
disputed in appeals Rs.0.063 million
d) Liability in respect
of Lease rent disputed by the Company Rs.23.745 millions
e) Demand of Excise
Duty and penalty disputed in appeal Rs.0.020 million
f) Demand of Service
Tax and penalty disputed in appeal Rs.0.035 million
g) Demand in respect
of N. A. Tax Disputed by company Rs.0.107 million
AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2012
(Rs.
in millions)
|
Particulars |
3 months ended 31.03.2012 |
Preceding 3 months ended 31.12.2011 |
Year to date figures for current period ended
31.03.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
||
|
1. Income from
operations |
|
|
|
|
|
(a) Net
sales/income from operations (net of excise duty) |
39.985 |
33.073 |
177.898 |
|
|
(b) Other operating income |
2.551 |
4.099 |
15.348 |
|
|
Total income from
operations (net) |
42.536 |
37.172 |
193.246 |
|
|
2. Expenses |
|
|
|
|
|
a) Cost of
materials consumed |
13.546 |
19.185 |
70.944 |
|
|
b) Purchases of
stock-in-trade |
15.278 |
-- |
41.418 |
|
|
c) Changes in
inventories of finished goods, work-in-process and stock-in-trade |
(11.804) |
(6.290) |
(15.505) |
|
|
d) Employee
benefits expense |
8.950 |
8.975 |
34.985 |
|
|
e) Depreciation
and amortisation expense |
1.307 |
1.318 |
5.199 |
|
|
f) Other expenses
(Any item exceeding 10% of the total expenses relating to continuing
operations to be shown separately) |
8.420 |
12.308 |
44.835 |
|
|
Total expenses |
35.697 |
35.496 |
181.877 |
|
|
3. Profit/ (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
6.839 |
1.676 |
11.369 |
|
|
4. Other income |
1.981 |
1.596 |
6.832 |
|
|
5. Profit/
(Loss) from
Ordinary Activities before finance costs and exceptional items (3+4) |
8.820 |
3.272 |
18.201 |
|
|
6. Finance costs |
3.837 |
(2.268) |
(0.947) |
|
|
7. Profit/
(Loss) from
Ordinary after finance costs but before exceptional items (5-6) |
4.983 |
5.540 |
19.148 |
|
|
8. Exceptional
items |
-- |
-- |
-- |
|
|
9. Profit/
(Loss) from
Ordinary Activities before tax (7+8) |
4.983 |
5.540 |
19.148 |
|
|
10. Tax
expenses |
2.113 |
1.747 |
6.424 |
|
|
11. Profit/
(Loss) from
Ordinary Activities after tax (9-10) |
2.870 |
3.793 |
12.724 |
|
|
12.
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
|
13. Net Profit/
(Loss) for the period (11-12) |
2.870 |
3.793 |
12.724 |
|
|
14. Paid-up equity
share capital (Face value - Rs.10/- per equity share) |
17.600 |
17.600 |
17.600 |
|
|
15. Reserves excluding
revaluation reserves as per Balance Sheet of previous accounting year |
-- |
-- |
95.572 |
|
|
16. Earnings per
share (Face value Rs.10/- each) |
|
|
|
|
|
- Basic (Rs.) |
1.63 |
2.16 |
7.23 |
|
|
- Diluted (Rs.) |
1.63 |
2.16 |
7.23 |
|
|
PART – II |
|
|
|
|
|
A. Particulars
of Shareholding |
|
|
|
|
|
1. Public
Shareholding |
582000 |
582000 |
582000 |
|
|
- Number of
shares |
33.07 |
33.07 |
33.07 |
|
|
- Percentage of
shareholding |
|
|
|
|
|
2. Promoters and Promoter
group Shareholding |
|
|
|
|
|
a)
Pledged/encumbered |
|
|
|
|
|
-Number of
shares |
Nil |
Nil |
Nil |
|
|
-Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-Percentage of shares
(as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
b)
Non-encumbered |
|
|
|
|
|
-Number of
shares |
1178000 |
1178000 |
1178000 |
|
|
-Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
|
-Percentage of shares (as a % of the total share capital of the
Company) |
66.93 |
66.93 |
66.93 |
|
|
B. INVESTOR
COMPLAINTS |
|
|
||
|
Pending at the
beginning of the quarter Nil |
Nil |
|
||
|
Received during
the quarter 3 |
Nil |
|
||
|
Disposed of
during the quarter 3 |
Nil |
|
||
|
Remaining unresolved at the end of the quarter Nil |
Nil |
|
||
SEGMENT-WISE
INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE YEAR ENDED 31ST
MARCH, 2012
(Rs.
in millions)
|
Particulars |
3 months ended 31.03.2012 |
Preceding 3 months ended 31.12.2011 |
Year to date figures for current period ended
31.03.2012 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
1. SEGMENT
REVENUE (Sales/ Income
from) |
|
|
|
|
a) Engineering |
42.044 |
36.921 |
188.897 |
|
b) Wind Power |
0.492 |
0.251 |
4.349 |
|
TOTAL |
42.536 |
37.172 |
193.246 |
|
Less: Inter Segment Revenue |
-- |
-- |
-- |
|
Total Income |
42.536 |
37.172 |
193.246 |
|
|
|
|
|
|
2. SEGMENT
RESULT [Profit/(Loss) before tax & Interest from each segment] |
|
|
|
|
a) Engineering |
9.254 |
3.796 |
16.938 |
|
b) Wind Power |
(0.434) |
(0.524) |
1.263 |
|
TOTAL |
8.820 |
3.272 |
18.201 |
|
Less: Interest Expenses/ (Income) |
3.837 |
(2.268) |
(0.947) |
|
Profit before Taxation |
4.983 |
5.540 |
19.148 |
|
|
|
|
|
|
3. CAPITAL EMPLYED
(Segment Assets – Segment Liabilities) |
|
|
|
|
a) Engineering |
99.700 |
97.134 |
99.700 |
|
b) Wind Power |
24.955 |
25.773 |
24.955 |
|
TOTAL |
124.655 |
122.907 |
124.655 |
Notes:
1. Statement of assets and liabilities
(Rs.
in millions)
|
Particulars |
As at 31.03.2012 (Audited) |
|
A. EQUITY AND
LIABILITIES |
|
|
1. Shareholders’
Funds |
|
|
(a) Share Capital |
17.600 |
|
(b) Reserves & Surplus |
97.226 |
|
Sub Total – Shareholder’s funds |
114.826 |
|
|
|
|
2. Non-current
liabilities |
|
|
(a) Deferred tax liabilities (net) |
9.765 |
|
(b) Other long-term
liabilities |
12.262 |
|
Sub Total – Non-current liabilities |
22.027 |
|
|
|
|
3. Current liabilities |
|
|
(a) Short-term borrowings |
37.102 |
|
(b) Trade payables |
12.287 |
|
(c) Other current liabilities |
54.703 |
|
(d) Short-term provisions |
4.536 |
|
Sub Total – Current liabilities |
108.628 |
|
|
|
|
TOTAL – EQUITY AND LIABILITIES |
245.481 |
|
|
|
|
B. ASSETS |
|
|
1. Non-current
assets: |
|
|
(a) Fixed Assets |
88.006 |
|
(b) Long-term loans and advances |
2.120 |
|
Sub Total – Non-current assets |
90.126 |
|
|
|
|
2. Current assets: |
|
|
(a) Current investments |
47.500 |
|
(b) Inventories |
47.003 |
|
(c) Trade receivables |
7.073 |
|
(d) Cash and cash equivalents |
7.564 |
|
(e) Short-term loans and advances |
45.566 |
|
(f) Other current assets |
0.649 |
|
Sub Total – Current assets |
155.355 |
|
|
|
|
TOTAL
- ASSETS |
245.481 |
2. The Board of Directors has recommended a dividend @ Rs.0.60 per share
of Rs.10 each (6%) for 2011-2012 for approval of the shareholders.
3. Figures of previous periods have been regrouped wherever necessary.
4. The Figured for the last quarter are the balancing figure between
audited figure in respect of full financial year and published year to date
figures upto the third quarter of the current financial year.
5. The above audited financial results were approved by the Board of
Directors at their meeting held on May 30, 2012.
FIXED ASSETS:
TANGIBLE ASSETS
v
Land Freehold
v
v
Plant and Machinery
v
Wind Mill
v
Electrical Installation
v
Air Conditioners
v
Computer
v
Office Equipments
v
Furniture and Fixtures
v
Motor Car
v
Two Wheeler
ASSETS GIVEN ON RENT
v
Plant and Machinery
INTANGIBLE ASSETS
v
Computer Software
WEBSITE DETAILS:
PROFILE:
Subject is a
privileged company belonging to the legendary REMI GROUP of companies. Subject
located in the suburb of Mumbai was initiated in 1960 by Shri Chiranjilal
Saraf. REMI has a monopoly in designing, manufacturing, testing and supplying
range of Agitators for the purpose of mixing liquid-liquid, liquid-solid and
liquid-gas applications.
Over the years, REMI has successfully supplied essential Agitators to major
process industries such as Refineries, Petrochemicals, Fertilizer, Mineral Ore
Processing, Pharmaceuticals, Paper Chemicals, Alkali Chemicals, Speciality
Chemicals, Paint, Breweries, Food, Dairy, Effluent and Water Treatment Plants.
REMI also possesses Portable Series of diverse Agitators for meeting the
critical product requirements of the process industries. REMI has efficiently
designed and supplied quality Agitators of capacity up to 225 KW motor, 250 mm
diameter shaft, 19.0 meter long shaft and 4.6 meter diameter impeller.
THE MANAGEMENT
Subject is a
self-governing public limited concern supervised and managed by the panel of
Board of Directors. The Executive Director and the President are chiefly
involved in managing the company dealings and associations. Further, they are
also actively supported by the Marketing Vice President, Works Manager, General
Manager-Design, Senior Manager-Quality Assurance, Commercial Manager and
Purchase Manager.
Overall workforce comprises of 80 workers, 15 Shop Supervisors and Inspectors along
with 30 staff members including Engineers, Draughtmen and Commercial Staff.
Along with a strong Marketing team in Mumbai, REMI is also backed by a
resourceful team in metro cities like Ahmedabad,
INFRASTRUCTURE
Networked
Infrastructure Executing Large Projects Successfully
Subject’s
infrastructure is grounded by a well constructed workshop at Palghar. The
workshop is spread across a wide area of 28,400 Sq.mtrs consisting of 2 sheds,
each possessing 20Ton and 10Ton capacity cranes. There are three operational
areas in the workshop comprising of Machine shop, Fabrication shop and Testing
platform. The testing platform enables complete testing of Agitators under no
load conditions for inspecting the flow of current, run out, temperature, noise
level and vibration level.
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.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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.