MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
RISHABH SANITARY APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
BD-78, IIIRD Floor, Pitampura, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.12.2006 |
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Com. Reg. No.: |
55-156240 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.430 Million |
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CIN No.: [Company Identification
No.] |
U45309DL2006PTC156240 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture, trader, exporter and supply of sanitary appliances like
soap dishes, SS and PC connection pipes,
toilet paper holder etc. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. There
appears huge accumulated losses recorded by the company. However, Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – 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 |
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Insignificant |
A1 |
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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 |
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.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Sanjay |
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Designation : |
Director |
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Contact No.: |
91-9350132274 |
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Date : |
10.08.2012 |
LOCATIONS
|
Registered Office : |
BD-78, IIIRD Floor, Pitampura, |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9350132274 (Mr. Sanjay Jain) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
367, HSIIDC, I E., Barhi, Ganaur, Sonipat – 131001, |
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Tel. No.: |
91-130-2474786 / 6453990 |
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Fax No.: |
91-130-2474786 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sanjay Parasram Jain |
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Designation : |
Director |
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Address : |
Bd-78, IIIRD Floor, Pitampura, |
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Date of Birth/Age : |
25.08.1968 |
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Qualification : |
B.Com |
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Date of Appointment : |
05.12.2006 |
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DIN No.: |
0028299 |
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Name : |
Mr. Veer Prakash Jain |
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Designation : |
Director |
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Address : |
Mahavir Basti, Samalkha – 132001, |
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Date of Birth/Age : |
05.12.1948 |
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Qualification : |
B.Com |
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Date of Appointment : |
05.12.2006 |
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DIN No.: |
00491286 |
MAJOR SHAREHOLDERS
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Sanjay Kumar Paras Ram Jain |
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30500 |
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Veer Prakash Paras Ram Jain |
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4500 |
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Payal Jung Bahadur Jain |
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2000 |
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Preeti Ram Kumar Jain |
|
6000 |
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Total |
|
43000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, trader, exporter and supply of sanitary appliances like soap
dishes, SS and PC connection pipes,
toilet paper holder etc. |
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Products : |
·
Bottle Top ·
S.S. Floor Drains ·
Health Fausets ·
Toilet Paper Holder ·
Soap Dish ·
Flanges ·
Shower ·
Self Timer faucets ·
Extention Nipples ·
Allied ·
Clamp ·
Square Shower ·
Bathroom Accessories ·
Glass Shelf ·
Grab Bar ·
Jet Spray ·
Waste Coupling ·
Cockroach Trap ·
Liquid Soap Dispenser ·
Hardware Fittings sanitary items |
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Exports : |
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Products : |
·
Soap dishes ·
SS and PC connection pipes ·
Toilet paper holder |
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Countries : |
·
·
US ·
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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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Customers : |
Wholesalers |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
Oriental bank of Commerce, Mission Chowk, Sonepat – 131001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surender Kr Singhal and Company Chartered Accountant |
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Address : |
301-304-B, Apra Plaza-B, Plot No.28, Road No.44, Community Center,
Pitam Pura – 110034, Delhi, India |
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Tel. No.: |
91-11-27012573 / 27012574 / 27012576 |
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Mobile No.: |
91-9350857062 |
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PAN No.: |
AAOFS2527B |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.10/-each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
43000 |
Equity Shares |
Rs.10/- each |
Rs. 0.430
million |
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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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1] Share Capital |
0.430 |
0.430 |
0.430 |
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2] Share Application Money |
0.500 |
0.100 |
0.000 |
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3] Reserves & Surplus |
1.320 |
1.320 |
1.320 |
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4] (Accumulated Losses) |
(2.305) |
(2.343) |
(1.489) |
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NETWORTH |
(0.055) |
(0.493) |
0.261 |
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LOAN FUNDS |
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1] Secured Loans |
8.420 |
9.046 |
9.690 |
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2] Unsecured Loans |
3.965 |
4.032 |
3.346 |
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TOTAL BORROWING |
12.385 |
13.078 |
13.036 |
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DEFERRED TAX LIABILITIES |
0.182 |
0.208 |
0.237 |
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TOTAL |
12.512 |
12.793 |
13.534 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.873 |
10.942 |
12.134 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
5.518
|
4.317
|
0.745 |
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Sundry Debtors |
1.901
|
0.349
|
0.948 |
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Cash & Bank Balances |
0.030
|
0.029
|
0.002 |
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Other Current Assets |
0.270
|
0.782
|
0.036 |
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Loans & Advances |
0.041
|
0.041
|
0.041 |
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Total
Current Assets |
7.760
|
5.518 |
1.772 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.124
|
3.724
|
0.514 |
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Other Current Liabilities |
0.127
|
0.138
|
0.118 |
|
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
5.251
|
3.862 |
0.632 |
|
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Net Current Assets |
2.509
|
1.656 |
1.140 |
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MISCELLANEOUS EXPENSES |
0.108 |
0.162 |
0.216 |
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OTHERS |
0.022 |
0.033 |
0.044 |
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TOTAL |
12.512 |
12.793 |
13.534 |
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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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|
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Income |
|
|
2.287 |
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Other Income |
|
|
0.001 |
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TOTAL |
10.788 |
7.283 |
2.288 |
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EXPENSES |
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Office Expenses |
(Including
Financial and Depreciation Expenses) |
(Including
Financial and Depreciation Expenses) |
1.769 |
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Administrative Expenses |
1.022 |
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Advertising Expenses |
0.000 |
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TOTAL |
2.791 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(0.503) |
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DEPRECIATION/
AMORTISATION |
0.748 |
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PROFIT BEFORE
TAX |
0.012 |
(0.884) |
(1.251) |
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TAX |
(0.025) |
(0.030) |
0.237 |
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PROFIT AFTER TAX
|
0.038 |
(0.854) |
(1.488) |
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|
Earnings Per Share
(Rs.) |
0.86 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.35
|
11.72
|
(65.03) |
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Net Profit Margin (PBT/Sales) |
(%) |
--
|
--
|
(54.70) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.06
|
(5.37)
|
(9.21) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
1.79
|
(4.79) |
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
320.65
|
34.36
|
52.37 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.43
|
2.80 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
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 |
No |
WORKING OF THE
COMPANAY
The Company
recorded higher turnover of Rs.10.788 millions as compared to Rs. 7.283
millions in the previous years. The Company could earn a net profit of Rs.
0.038 millions after depreciation and tax. The total accumulated losses stand
reduced to Rs. 2.305 millions. Better results are expected in coming years.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U45309DL2006PTC156240 |
|
Name of the
company |
RISHABH SANITARY APPLIANCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
BD-78, IIIRD Floor, Pitampura, |
|
Type of charge |
Immovable property Movable Property (not being pledge) |
|
Particular of
charge holder |
Oriental bank Of Commerce, Mission Chowk, Sonepat – 131001, Email Id : edp_roh@obc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Hypothecation of Assets And Equitable Mortgage of Property |
|
Date of
instrument Creating the charge |
17.08.2007 |
|
Amount secured by
the charge |
Rs. 2.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
13.25% per annum with monthly rests subject to changes in PLR / spread announced by the bank / RBI from time to
time. Terms of Repayment On Demand Margin 25% Extent and Operation of the charge Availed fresh
cash credit limit of Rs.2.500 millions against hypothecation of movable and
immovable property. Others Penal Interest @ 2%
per annum |
|
Short particulars
of the property charged |
(I) Hypothecation of stock of raw material,
work in process, and finished goods of bathroom fitting, brass fine copper
tap mixtures etc. Lying at the business place / godown of the borrower and receivables. (ii) Equitable mortgage of property factory land
and building measuring 1012.50 sq. Mts. at Plot No. 367, situated at HSIDC,
Industrial estate, Barhi, Tehsil Gannaur, district Sonepat |
FIXED ASSETS :
- Building
- Air Conditioner
- Computer
- Plot
- Generator
- Electrical Fittings
- Furniture
- Plant and Machinery
- Fire Extinguisher
- Refrigerator
- Weingh Scale
- Trade Mark
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.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
13 |
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.