MIRA
INFORM REPORT
|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
RHINE ENGINEERING PRIVATE LIMITED CRYOQUIP |
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Registered
Office : |
Plot No. 454, GIDC, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.10.2003 |
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Com. Reg. No.: |
04-042998 |
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Capital
Investment / Paid-up Capital : |
Rs.89.455 Millions |
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CIN No.: [Company Identification
No.] |
U31200GJ2003PTC042998 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDR00889A |
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PAN No.: [Permanent Account No.] |
AACCR5624C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Turnkey Equipment and Systems. |
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B ( 26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 400000 |
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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. There appear
some 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 with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION DECLINED
Management Non- Cooperative (91-265-2830114)
LOCATIONS
|
Registered Office / Factory : |
Plot No. 454, GIDC, |
|
Tel. No.: |
91-265-2830114 / 2830113 / 0115 / 0116 |
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Mobile No.: |
91-9879112874 (Mr. Perwez Syed) |
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Fax No.: |
91-265-2830112 |
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E-Mail : |
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Website : |
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Area : |
17 Acres |
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Location : |
Owned |
DIRECTORS
As on 05.09.2011
|
Name : |
Mr. Arun Kumar |
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Designation : |
Director |
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Address : |
Dayal 13, Kunj Society, Vadodara, |
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Date of Birth/Age : |
16.07.1940 |
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Date of Appointment : |
01.10.2003 |
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DIN No.: |
00231595 |
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Name : |
Mr. Hallinan James William |
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Designation : |
Director |
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Address : |
25720, |
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Date of Birth/Age : |
09.02.1943 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.02.2004 |
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DIN No.: |
00765586 |
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Name : |
Mr. Shahi Shekhar Parmeswar Hosagrahar |
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Designation : |
Managing Director |
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Address : |
Plot No. 37, Shree, Saranam- II, No. 404, Behind HDFC Bank, |
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Date of Birth/Age : |
05.04.1958 |
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Qualification : |
MBA + B E |
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Date of Appointment : |
01.01.2007 |
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DIN No.: |
01657464 |
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Name : |
Mr. Christopher Alan Chlebek |
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Designation : |
Director |
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Address : |
05.01.1965 |
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Date of Birth/Age : |
Graduate |
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Date of Appointment : |
01.12.2009 |
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DIN No.: |
02886721 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Arun Kumar |
|
500000 |
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Cryogenic Industries AG, Switzerland |
|
7805997 |
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Michael B. Steffora |
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1 |
|
Cryogenic Vaporizers India Private Limited, India |
|
639458 |
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Total |
|
8945456 |
As on 05.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
87.26 |
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Bodies corporate |
7.15 |
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Directors or relatives of Directors |
5.59 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Turnkey Equipment and Systems. |
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Products : |
· Pressure Vessels · Heat Exchangers · Evaporators · Cryogenic Vaporizers and Pumps · CO2 Production and Recovery Plants · Packaged Air Separation Plants · Liquid Nitrogen / Oxygen Plants · Miscellaneous Tanks · Forced Draft Vaporizers · High Pressure Vaporizers · Hybrid Vaporizers · Natural Draft Vaporizers · VSU Series Vaporizers · VWU Series Vaporizers · Direct Fired (VFTU Series) Vaporizers · Steam Sparged (VSI Series) · SEB Series Vaporizers · VEB and VEC Series Vaporizers · Natural Gas LNG Systems · SF6 Gas Recycling Carts · Gas Handling Special Projects · Gas Recycling Cart Accessories ·
Gas Recycling Carts. |
GENERAL INFORMATION
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No. of Employees : |
70 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suresh Surana and Associates Chartered Accountants |
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Address : |
13th Floor, Bhakhtawar, 229, Nariman Point, Mumbai- 400021, Maharashtra, India |
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Tel. No.: |
91-22-66515570 |
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Fax No.: |
91-22-22875771 |
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PAN.: |
AAQFS7647M |
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Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
Cryogenic Industries AG |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8945456 |
Equity Shares |
Rs. 10/- each |
Rs.89.455 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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1] Share Capital |
89.455 |
89.455 |
89.455 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
73.909 |
73.909 |
73.909 |
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4] (Accumulated Losses) |
(61.297) |
(45.619) |
(73.763) |
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NETWORTH |
102.067 |
117.745 |
89.601 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
81.943 |
100.445 |
137.781 |
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TOTAL BORROWING |
81.943 |
100.445 |
137.781 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
184.010 |
218.190 |
227.382 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
103.318 |
109.327 |
126.422 |
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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 |
16.525 |
12.369 |
8.474 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
95.945 |
32.245 |
68.256 |
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Sundry Debtors |
39.348 |
40.996 |
45.641 |
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Cash & Bank Balances |
29.846 |
56.746 |
75.259 |
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Other Current Assets |
0.000 |
0.000 |
1.730 |
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Loans & Advances |
34.951 |
18.778 |
12.845 |
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Total
Current Assets |
200.090 |
148.765 |
203.731 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
51.045 |
19.322 |
13.173 |
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Other Current Liabilities |
73.419 |
24.323 |
73.940 |
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Provisions |
11.459 |
8.626 |
24.132 |
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Total
Current Liabilities |
135.923 |
52.271 |
111.245 |
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Net Current Assets |
64.167 |
96.494 |
92.486 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
184.010 |
219.190 |
227.382 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
168.540 |
|
240.487 |
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Other Income |
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TOTAL |
168.540 |
237.808 |
240.487 |
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Less |
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Office Expenses |
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Administrative Expenses |
188.373 |
207.202 |
208.027 |
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Advertising Expenses |
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TOTAL |
188.373 |
207.202 |
208.027 |
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PROFIT / (LOSS)
BEFORE TAX |
(19.833) |
30.606 |
32.460 |
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Less |
TAX |
0.000 |
0.367 |
3.894 |
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PROFIT / (LOSS)
AFTER TAX |
(19.833) |
30.239 |
28.566 |
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Add / (Less) |
Deferred Tax |
4.156 |
3.726 |
(1.065) |
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Less |
Fringe Benefit Tax |
0.000 |
0.000 |
0.305 |
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BALANCE CARRIED
TO THE B/S |
(15.677) |
33.965 |
27.196 |
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EARNINGS IN
FOREIGN CURRENCY |
29.088 |
4.881 |
34.309 |
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TOTAL IMPORTS |
30.656 |
16.147 |
21.297 |
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Earnings /(LOSS)
Per Share (Rs.) |
(1.75) |
3.80 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(11.77)
|
12.72 |
11.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.54)
|
11.71
|
9.83
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
0.25
|
0.36
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Debt Equity Ratio (Total Liability/Networth) |
|
2.13
|
1.29 |
2.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.47
|
2.84 |
1.83 |
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 |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
REVIEW OF OPERATIONS
The volume of sales of the Company decreased to Rs.168.540 Millions as compared to the previous years volume of Rs.237.808 Millions. Net Loss before tax in the current year is Rs.19.833 Millions which compare to a profit of Rs. 30.606 Millions in the previous year. The company has not accepted any public deposits.
CONTINGENT
LIABILITIES NOT PROVIDED FOR (As on 31.03.2011)
Guarantee given by bank on behalf of the Company Rs. 8.829 Millions (previous year Rs. 2.582 Millions)
FIXED ASSETS:
·
·
·
·
Machinery
·
Office Equipments
·
Computer
·
Furniture and Fixtures
·
Vehicles
·
Technical Know how
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.