MIRA
INFORM REPORT
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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Name : |
RISHI FIBC SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Indra Complex, 7th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
04-049943 |
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Capital
Investment/ Paid-up Capital: |
Rs.130.000
millions |
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CIN No.: [Company Identification
No.] |
U25209GJ2007PTC049943 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDR01529D |
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PAN No.: [Permanent Account No.] |
AADCR5130N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Flexible Intermediate Bulk
Containers. |
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No of Employees
: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 772000 |
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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. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 PARTED BY
|
Name : |
Mr. Alok |
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Designation : |
Finance Manager |
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Contact No.: |
91-265-2651636 |
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Date : |
17.02.2012 |
LOCATIONS
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Registered Office/ Corporate Office 1 : |
Indra Complex, 7th Floor, |
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Tel. No.: |
91-2662-305000 91-265-2657125 |
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Fax No.: |
91-2662-305015 91-265-2635870 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office 2/ Factory : |
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DIRECTORS
As on 15.09.2011
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Name : |
Mr. Arvind Narayanprasad Nopany |
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Designation : |
Managing Director |
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Address : |
11-A , Nilamber Bungalows-1, Sayed |
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Date of Birth/Age : |
29.03.1965 |
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Date of Appointment : |
06.02.2007 |
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PAN No : |
AAAPN8927F |
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00148521 |
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Other Directorship :
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Name : |
Mr. Harshad Bhavanbhai Patel |
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Designation : |
Director |
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Address : |
8-B, Suvas |
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Date of Birth/Age : |
06.05.1957 |
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Date of Appointment : |
06.02.2007 |
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DIN No : |
00164228 |
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Other Directorship :
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Name : |
Mr. Joseph Francis |
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Designation : |
Whole Time Director |
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Address : |
B-4, Arunoday Society, |
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Date of Birth/Age : |
31.05.1967 |
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Date of Appointment : |
19.12.2007 |
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DIN No : |
01821357 |
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KEY EXECUTIVES
|
Name : |
Mr. Alok |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2011
|
Names of Shareholders |
No. of Shares |
|
Arvind Narayanprasad Nopany |
7873900 |
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Harshad B. Patel |
100 |
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Devyani Nopany |
40000 |
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Rishi Nopany |
10000 |
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Joseph Francis |
1000000 |
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Nalini Sekhsaria |
4000000 |
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Rohit Trivedi |
46000 |
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Ashutosh K. Roy |
30000 |
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Total |
13000000 |
As on 15.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
99.42 |
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Other
top fifty shareholders |
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0.58 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Flexible Intermediate Bulk
Containers. |
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Products : |
v
Coated/ Uncoated Circular Bag v
Single v
Peanut Bag v
Dissipative Bag v
U Panel Bag v
2 v
Asbestos Bag v
Baffle or Q Bag v
4 Panel Bag v
Baffle Liner
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Exports : |
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Countries : |
v
v
US v
v
v
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v
Gulf Countries v
Saudi Arab v
v
v
US v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v
S.C.G. Plastics Company Limited v
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Customers : |
Wholesalers, Retailers and End Users v
Phillips Carbon Black Limited v
United Phosphorus Limited |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
v
State Bank of v
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India v
Centurion Bank of Punjab Limited, Productivity House,
v
HSBC Bank v
Citibank N.A. v
Corporation Bank |
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Facilities : |
Cash Credit, Overdraft and Term Loan – Rs.300.000 millions (State Bank
of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.G. Bhagwat and Company Chartered Accountants |
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Address : |
116-118 |
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Tel. No.: |
91-265-6621591/ 592 |
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E-Mail : |
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PAN No.: |
AAGFS0669H |
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Associates/ Subsidiaries : (As on 31.03.2011) |
v
Garrison Polysacks Private Limited, Vadodara Activity: Manufacturer of Cement Bags. v
Dan Cement Trading Limited |
CAPITAL STRUCTURE
As on 15.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13000000 |
Equity Shares |
Rs.10/- each |
Rs.130.000
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 |
130.000 |
130.000 |
130.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
63.121 |
19.038 |
0.906 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
193.121 |
149.038 |
130.906 |
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LOAN FUNDS |
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1] Secured Loans |
366.246 |
273.026 |
190.882 |
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2] Unsecured Loans |
72.001 |
72.001 |
60.175 |
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TOTAL BORROWING |
438.247 |
345.027 |
251.057 |
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DEFERRED TAX LIABILITIES |
12.857 |
6.550 |
0.933 |
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TOTAL |
644.225 |
500.615 |
382.896 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
426.180 |
365.677 |
339.992 |
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Capital work-in-progress |
17.027 |
0.000 |
0.000 |
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INVESTMENT |
5.000 |
0.000 |
0.000 |
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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 |
115.001
|
58.962 |
30.600 |
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Sundry Debtors |
105.524
|
82.958 |
5.527 |
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Cash & Bank Balances |
10.100
|
11.421 |
11.089 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans, Advances & Deposits |
67.209
|
45.407 |
26.329 |
|
Total
Current Assets |
297.834
|
198.748 |
73.545 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditor |
62.154
|
30.450 |
10.611 |
|
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Other Current Liabilities |
26.371
|
33.622 |
17.253 |
|
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Provisions |
15.639
|
3.078 |
7.108 |
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Total
Current Liabilities |
104.164
|
67.150 |
34.972 |
|
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Net Current Assets |
193.670
|
131.598 |
38.573 |
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MISCELLANEOUS EXPENSES |
2.348 |
3.340 |
4.331 |
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TOTAL |
644.225 |
500.615 |
382.896 |
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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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Income |
773.275 |
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Other Income |
27.036 |
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TOTAL |
800.311 |
486.233 |
156.383 |
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Less |
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|
Office Expenses |
707.941 |
453.008 |
149.377 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
707.941 |
453.008 |
149.377 |
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Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
92.370 |
33.225 |
7.006 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
28.350 |
15.211 |
3.273 |
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PROFIT BEFORE
TAX |
64.020 |
18.014 |
3.733 |
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Less |
TAX |
19.860 |
9.501 |
0.931 |
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PROFIT AFTER TAX |
44.160 |
8.513 |
2.802 |
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EARNINGS IN
FOREIGN CURRENCY |
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F.O.B. Value of Export |
718.302 |
NA |
NA |
|
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TOTAL EARNINGS |
718.302 |
NA |
NA |
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IMPORT VALUE |
126.668 |
NA |
NA |
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Earnings Per
Share (Rs.) |
3.40 |
0.65 |
0.22 |
|
Expected Sales (2011-2012): Rs.1100.000 millions
The above information has been parted by Mr. Alok (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.52
|
1.75 |
1.79 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.28
|
NA |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.84
|
3.19 |
0.90 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.12 |
0.03 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.81
|
2.77 |
2.18 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.86
|
2.96 |
2.10 |
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 |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last one year |
Yes |
|
12) Profitability
for last three years |
-- |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
Yes |
|
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 |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
OPERATION AND
FINANCIAL RESULTS:
The company has achieved turnover of Rs.773.275 millions during the
current year and has incurred net profit of Rs.44.160 millions.
The Directors do not recommend any dividend for the current year. The company
had not accepted any deposit from the public during the year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (AS ON 31.03.2011)
a) Estimated
amount of Contract remaining to be executed on Capital account not provided for
Rs.18.562 millions
b) Bill Discounted with Bank for Rs.9.144 millions
FORM 8:
|
Corporate
identity number of the company |
U25209GJ2007PTC049943 |
|
Name of the
company |
RISHI FIBC
SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Indra Complex, 7th Floor, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10172479 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Memorandum
relating to Deposit of Title Deeds for creation of further charge where the
initial charge was created by way of Mortgage by Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
13.10.2011 |
|
Amount secured by
the charge |
Rs.563.200 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest CC - 3% above
Base Rate with monthly res, TL-I and TL-II - 5% above Base Rate with monthly
rests, TL-III - 4.75% above Base Rate with monthly rests and Biennial reset
clause, TL-IV - 3.25% above Base Rate Terms of
Repayment Cash Credit - on
demand, TL - I, II and III as per existing terms and conditions, TL - IV
Repayable in 38 monthly installments. First installment due in April 2012 and
last installment will be due in May 2015. Margin Raw Materials
(Domestic & Imported) - 25%, Stock in Process - 25%, Finished Goods -
25%,Receivables (cover period 90 days) - 35%, EPC - 10%, LC - 10%, BG - 10%,
TL - 33.50% Extent and
Operation of Charge Equitable
Mortgage of Immovable Properties lying / situated at R S No.147, 151, 153,
148 and 593 Village: Ranu, Taluka Padra, Dist: Vadodara more particularly
described in second schedule of the Memorandum relating to Deposit of Title
Deeds for creation of further charge where the initial charge was created by
way of Mortgage by Deposit of Title Deeds OTHERS Credit Facilities
- Cash Credit - Rs.200.000 millions + TL - I (O/S) Rs.83.400 millions+ TL -
II (O/S) Rs.59.800 millions + TL- III (O/S) Rs 63.400 millions + TL - IV
(New) Rs.26.600 millions + LC - Rs.120.000 millions+ BG - Rs.10.000 millions
aggregating to Rs.563.200 millions |
|
SHORT Particulars
of the property charged |
A - All that
piece and parcel of the land bearing Old R. S. No.147, New Block No.138/B,
adm. 1-65-25 Hector (16525 Sq. Mtrs.) lying being and situated at Village
mouje Ranu, Taluka Padra, District Vadodara. B - All that
piece and parcel of the land bearing Old R.S.No.151 and 153, New Block
No.139, adm.1-32-00 Hector lying being and situated at Village mouje Ranu,
Taluka Padra, District Vadodara. C - All that
piece and parcel of the land bearing Old R. S. No.148, New Block No.1144,
adm. 1-62-32 Hector lying being and situated at Village mouje Ranu, Taluka
Padra, District Vadodara. D - All that
piece and parcel of the land bearing Old R. S. No.593 paiki, |
|
Date of last modification prior to
the present modification |
03.09.2010 |
|
Particulars of
the present modification |
By this execution
the charge extended to cover revised credit facilities from Rs.479.600
Millions to Rs.563.200 millions {Credit facilities - Cash Credit - Rs.200.000
millions + TL - I (O/s) Rs.83.400 millions + TL - II (O/s) Rs.59.800 millions
+ TL- III (O/s) Rs.63.400 millions + TL - IV (New) Rs.26.600 millions + LC -
Rs.120.000 millions + BG - Rs.100.000 millions aggregating to Rs.563.200
millions} |
TRADE REFERENCES:
v
Phillips Carbon Black Limited
v
United Phosphorus Limited
v
S.C.G. Plastics Company Limited
v
FIXED ASSETS:
v Land and Land Development
v Building
v Vehicles
v Computers and Peripherals
v Electrical Installation
v Furniture and Fixtures
v Office Equipments
v Plant and Machinery
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.50.12 |
|
|
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.