MIRA
INFORM REPORT
|
Report Date : |
12.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUBAMIN LIMITED (w.e.f. 22.11.2001) |
|
|
|
|
Formerly Known
As : |
RUBAMIN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Synergy
House, Growa - Subhanpura, Baroda – 390023, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.09.1987 |
|
|
|
|
Com. Reg. No.: |
04-009942 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.142.727 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299GJ1987PLC009942 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDR00824F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR8758H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers
and Marketers of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4135000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a closely – held company which is promoted by Mr. Atul
Dalmia and Mr. Anil Patel. It is an established company having moderate track. There appear huge
external borrowings recorded by the company. There appear accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (Cash Credit and Term Loan) (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
26.08.2011 |
Reason for Suspension: Absence of information from Rubamin.
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 DENIED BY
|
Name : |
Mr. Sanjay |
|
Designation : |
Finance Manager |
|
Date : |
12.11.2012 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Synergy House, Growa - Subhanpura, |
|
Tel. No.: |
91-265-2282078/079/080/081/082 |
|
Fax No.: |
91-265-2282077 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
23, Shree Laxmi Industrial Estate, Village Dunia, Halol - 389350, District Panchmahals, |
|
Tel. No.: |
91-2676-220265/220927/223687 |
|
|
|
|
Factory 2 : |
Plot No. 3, |
|
|
|
|
Factory 3 : |
Block No. 21, Village Dabhasa, Taluka Padra, District |
DIRECTORS
As on 17.09.2011
|
Name : |
Mr. Atul Nandkishor Dalmia |
|
Designation : |
Managing Director |
|
Address : |
29, Charotar Society, |
|
Date of Birth/Age : |
01.05.1959 |
|
Qualification : |
Chemical Engineer from BITS, Pilani |
|
Experience: |
28 Years |
|
Date of Appointment : |
09.01.1987 |
|
DIN No.: |
00228257 |
|
|
|
|
Name : |
Mr. Anil Ramanbhai Patel |
|
Designation : |
Director |
|
Address : |
Plot No. 8, Survey 79, At & Post Sevasi, Savli, Vadodara - 391011,
|
|
Date of Birth/Age : |
23.12.1951 |
|
Date of Appointment : |
09.01.1987 |
|
DIN No.: |
00228658 |
|
|
|
|
Name : |
Mr. Ajit Chandulal Kapadia |
|
Designation : |
Director |
|
Address : |
4-B, Mamta Society, Near Amrakunj, Baroda – 390007, Gujarat, India |
|
Date of Birth/Age : |
01.04.1942 |
|
Date of Appointment : |
16.08.2001 |
|
DIN No.: |
00065081 |
|
|
|
|
Name : |
Mr. Radhanath Prasad Das |
|
Designation : |
Director |
|
Address : |
34, Brahmeshwar Bag, Tankapani Road, Bhubaneswar – 751018, Orissa ,
India |
|
Date of Birth/Age : |
11.01.1945 |
|
Date of Appointment : |
26.03.2002 |
|
DIN No.: |
00286840 |
|
|
|
|
Name : |
Mr. Narendra Kumar Aneja |
|
Designation : |
Director |
|
Address : |
Flat No.301, 3rd Floor, Peninsula Tower No.1, GK Marg, Lower Parel,
Mumbai – 400028, Maharashtra, India |
|
Date of Birth/Age : |
22.07.1952 |
|
Date of Appointment : |
27.03.2007 |
|
DIN No.: |
00124302 |
|
|
|
|
Name : |
Mr. Sanjeev Sehrawat |
|
Designation : |
Nominee director |
|
Address : |
Flat No. 1201, Akruti Nova, A-Wing, NS Phadke Marg, Andheri (East),
Mumbai-400069, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1968 |
|
Date of Appointment : |
24.06.2011 |
|
DIN No.: |
02887484 |
|
|
|
|
Name : |
Mr. Radhanath Prasad Das |
|
Designation : |
Director |
|
Address : |
34, Brahmeswar Bag, Bhubaneshwar-751018, Orissa, India |
|
Date of Birth/Age : |
11.01.1945 |
|
Date of Appointment : |
26.03.2002 |
|
DIN No.: |
00286840 |
|
|
|
|
Name : |
Mr. Bhuwan Purohit |
|
Designation : |
Director |
|
Address : |
A-1004, Aishwarya Apartment,
Ellora Park, Subhanpura, Vadodara - 390023, Gujarat, India |
|
Date of Birth/Age : |
27.05.1975 |
|
Date of Appointment : |
26.09.2012 |
|
DIN No.: |
05196479 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Dalmia Atul N. |
|
3809284 |
|
Dalmia Nandkishore J. |
|
1858880 |
|
Dalmia Seema A. |
|
944080 |
|
Dalmia Gyan N. |
|
517160 |
|
Patel Anil R. |
|
3069264 |
|
Patel Mita A. |
|
806400 |
|
Patet Shantaben R. |
|
561600 |
|
Patel Hetav A. |
|
194400 |
|
Anil R. Patel (HUF) Karta Anil Ramanlai
Patel |
|
137760 |
|
Smt. Nisha Gupta |
|
10000 |
|
Ms. Neena Rajgarhia |
|
10000 |
|
Ajay Agarwal |
|
20000 |
|
Rajesh Aggarwal |
|
15000 |
|
Michael Bomi Homawalla |
|
20000 |
|
Navin Bal Kishan Mittal |
|
10000 |
|
K. Ramchandran Suresh |
|
10000 |
|
Vijay Kumar Bajorla |
|
5000 |
|
Ajit C. Kapadia |
|
5000 |
|
Radhanath Prasad Das |
|
5000 |
|
Narendra Kumar Aneja |
|
5000 |
|
Zincollied (India) Private Limited, India |
|
52500 |
|
Gyan Holdings Private Limited, India |
|
100 |
|
Hetav Holdings Private Limited, India |
|
100 |
|
India Advantage Fund V |
|
2198531 |
|
Shri Milind Thakar |
|
400 |
|
Shri Ketan Panchamiya |
|
5000 |
|
Shri Kalyan Nandi |
|
200 |
|
Shri Vijay Ajmeri |
|
1000 |
|
Shri Rajesh Kaul |
|
200 |
|
Shri Rajesh Palkar |
|
200 |
|
Ms. Swati Shah |
|
200 |
|
Shri Harishchandra Aich |
|
200 |
|
Shri Bharat Padh |
|
200 |
|
Total |
|
14272659 |
Equity Share Break up (Percentage of Total Equity)
As on 17.09.2011
|
Category |
Percentage |
|
Venture Capital |
15.40 |
|
Directors or relatives of Directors |
83.61 |
|
Others |
0.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Marketers of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Zinc Oxide |
MT |
-- |
25780.000 |
23817.841 |
|
Cobalt / Nickel / Copper Metals and its salts (100%
purity basis) |
MT |
-- |
1320.000 |
832.856 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of India
- Lead Bank, MID Corporate Group Industrial Finance Branch, Marble Arch, Race
Courec Circle, Vadodara - 390007, Gujarat, India |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
|
Address : |
31, Nutan Bharat Society, Alkapuri, Vadodara-390007, Gujarat, India |
|
PAN No.: |
AADFD2337G |
|
|
|
|
Subsidiary: |
·
Softgenie Ltd., India (CIN No.: U30000GJ1999PLC036815) ·
Rubamin FZC, United Arab
Emirates ·
Rubaco SPRL, Congo ·
Rubamin SPRL, Congo ·
Minalex SPRL, Congo |
|
|
·
|
|
Associate: |
·
Infinity Investments Private
Limited ·
Techno Chemicals ·
Atul Chemicals ·
Zincollied (India) Private Limited ·
Gyan Holdings Private Limited ·
Quanta Process Private Limited ·
Hetav Holdings Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14272659 |
Equity Shares |
Rs.10/- each |
Rs.142.727 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
142.727 |
142.727 |
142.727 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
930.218 |
930.218 |
806.989 |
|
|
4] (Accumulated Losses) |
(39.070) |
(114.705) |
0.000 |
|
|
NETWORTH |
1033.875 |
958.240 |
949.716 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1469.500 |
1567.281 |
1290.271 |
|
|
2] Unsecured Loans |
25.817 |
20.826 |
16.432 |
|
|
TOTAL BORROWING |
1495.317 |
1588.107 |
1306.703 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2529.192 |
2546.347 |
2256.419 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
680.619 |
679.322 |
557.202 |
|
|
Capital work-in-progress |
56.410 |
15.728 |
165.357 |
|
|
|
|
|
|
|
|
INVESTMENT |
164.467 |
13.202 |
13.202 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
510.580
|
531.087 |
340.248 |
|
|
Sundry Debtors |
568.845
|
405.731 |
244.954 |
|
|
Cash & Bank Balances |
178.779
|
448.846 |
555.240 |
|
|
Other Current Assets |
18.660
|
45.072 |
0.000 |
|
|
Loans & Advances |
619.252
|
623.657 |
565.115 |
|
Total
Current Assets |
1896.116
|
2054.393 |
1705.557 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
158.563
|
|
176.149 |
|
|
Other Current Liabilities |
85.421
|
60.994 |
|
|
|
Provisions |
24.436
|
9.833 |
8.750 |
|
Total
Current Liabilities |
268.420
|
216.298 |
184.899 |
|
|
Net Current Assets |
1627.696
|
1838.095 |
1520.658 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2529.192 |
2546.347 |
2256.419 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2762.3900 |
2219.730 |
2304.000 |
|
|
|
Other Income |
138.171 |
98.603 |
266.909 |
|
|
|
TOTAL (A) |
2900.561 |
2318.333 |
2570.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
2134.536 |
|
2821.686 |
|
|
|
Manufacturing service costs |
200.508 |
175.903 |
|
|
|
|
Contract cost |
57.793 |
47.006 |
|
|
|
|
Employee related expenses |
107.071 |
97.827 |
|
|
|
|
Administrative selling other expenses |
143.928 |
151.617 |
|
|
|
|
TOTAL (B) |
2643.836 |
2138.325 |
2821.686 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
256.725 |
180.008 |
(250.777) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
96.281 |
106.627 |
111.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
160.444 |
73.381 |
(362.496) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.234 |
64.857 |
47.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
90.210 |
8.524 |
(410.305) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.575 |
0.000 |
20.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
75.635 |
8.524 |
(389.382) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(114.705) |
(123.229) |
266.151 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(39.070) |
(114.705) |
(123.229) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB basis |
1223.052 |
985.081 |
1174.219 |
|
|
TOTAL EARNINGS |
1223.052 |
985.081 |
1174.219 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1328.430 |
1029.019 |
927.626 |
|
|
|
Capital Goods |
11.261 |
0.174 |
3.075 |
|
|
|
Consumables Stores & Spares |
0.098 |
0.018 |
NA |
|
|
TOTAL IMPORTS |
1339.789 |
1029.211 |
930.701 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.30 |
0.60 |
(27.23) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.61
|
0.37 |
(15.15) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.27
|
0.38 |
(17.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.50
|
0.31 |
(18.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.09
|
0.01 |
(0.43) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
1.71
|
1.88 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.06
|
9.50 |
9.22 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.089 |
0.189 |
NA |
|
Creditors due others |
158.474 |
145.282 |
NA |
|
Total |
158.563 |
145.471 |
NA |
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
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 |
No |
|
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 |
Yes |
BUSINESS WISE PERFORMANCE
ZINC OXIDE BUSINESS:
They
continue to be the largest producer of Zinc Oxide in the country. This year
they have consolidated their position in specialties i.e. feed grade Zinc Oxide
and active grade Zinc Oxide. There have been delays in getting the requisite
approvals for their products but the same are in place from most of their
target customers. In spite of high regulatory requirements, they hope to grow
in this business in years to come.
This
business in the current year has consolidated its position both in Domestic and
international Market quite well and they expect to grow rapidly in the coming
years in terms of their penetration in the newer markets and applications. The
efficiency improvement in operations have yielded encouraging results.
Overall
they hope to build up this business as one of the leading operations in the
Zinc Oxide segment globally.
COBALT BUSINESS:
This
division which has been producing Cobalt metal and Cobalt sulfate has been
going through a lean phase since last 2-3 years and struggling to break even.
This business which was already suffering from Raw material availability
suffered another blow in lieu of continuous low price of Cobalt prevailing in
the global market. Their Investments in new technologies have yielded some results
but not sufficient for improving margins.
As
per the strategy decided few years ago, during the year they have produced Moly
based material on commercial
scale,
which have given some respite to their falling margins in Halol operations.
However they have a long way to go in this business and are making rapid
progress in the process development for extraction of valuable metals from
spent catalyst arising out of the refinery industry.
With
the above development, despite low cobalt metal price, they hope to break even
in the current year.
D. R. CONGO BUSINESS:
During
the year Copper smelting plant is operating to its full efficiency and
additional facility was put into use and has given a satisfactory performance.
During the year they have stopped production at Cobalt Concentrate facility
since the same was unviable and resources are being deployed in Copper smelting
operations.
They
have taken measures to increase their mineral security in the present year in
respect of their Copper Mineral requirements and haven entered into strategic
alliance with local Mining Company for exploration in Copper concessions.
Overall they feel that they have consolidated their operations during the year
and that would help us to grow better in coming years.
FUTURE PLAN OF ACTION
There will be
continued focus on, and increased investment in the above R and D activities.
Benefits are expected in coming years from initiatives undertaken this year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24299GJ1987PLC009942 |
|
Name of the company |
RUBAMIN LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Synergy House, Growa - Subhanpura, Baroda – 390023,
Gujarat, India Email: info@rubamin.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10033604 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of India - Lead Bank, MID Corporate Group Industrial
Finance Branch, Marble Arch, Race Courec Circle, Vadodara - 390007, Gujarat,
India Email: amit.kumar28@sbi.co.in
|
|
Nature of instrument creating charge |
Letter from State Bank of India |
|
Date of instrument Creating the charge |
18.06.2012 |
|
Amount secured by the charge |
Rs. 2636.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Extent and Operation of the charge 1st pari passu charge on all Current assets for securing Working
Capital facilities aggregating to Rs.2206.700 Crores and 2nd pari passu
charge on the said Current Assets to secure TL/Corp. Loan facilities
aggregating to Rs.429.300 Crores. First pari passu charge on movable P and M
for securing TL/ Corp. Loan facilities aggregating to Rs.429.300 Crores and
2nd pari passu charge on the said movable P and M for securing Working
Capital facilities aggregating to Rs.2206.700 Crores Others (Rs. in Millions) SBI - TL/Corp. Loan(O/S)- Rs. 195.800 + Corp. Loan
(Fresh)- Rs. 70.000 + CC- Rs. 855.000 + L/C - Rs. 300.000 + BG- Rs. 47.500 +
Credit Exposure- Rs. 52.700 = TOTAL- Rs. 1521.000 + BOB - Corp. Loan-I(O/S)-
Rs. 3.100 + CORP.LOAN-II(O/S)- Rs. 100.000 + TL-II- Rs. 24.500 + TL-III- Rs.
35.900 + BG- Rs. 2.500 + CREDIT Exposure- Rs.4.000 +
CC/EPC/PCFC/FBP/FBD/FCBP/FCBD- Rs. 42.75 + Inland/Foreign L/C-RS.270.000 =
Total- Rs. 867.500 + SC Bank -Import L/C - Rs. 24.75 = Total Rs. 247.500 =
Aggregating to Rs. 2636.000. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
(a) The whole of the borrowers stocks, both present and future and
including but without prejudice to the generality of the foregoing words, all
stocks of RM, WIP, SFG, FG such as packing materials, stores and spares consumable stores and spares etc. whatsoever and
wherever situated and or/in transit whether now belongs to or that may at any
time during the continuance of this security belong to the borrower or that may be held by any party where to the order and
disposition of the borrower. (b) All the present and future BD, O/s moneys,
Receivables, claim bills, contracts engagement and securities which are now due and owns or which may at any time
hereafter during the continuance of this security become due and owing to the
borrower in the course of its business by any Person, Firm, Company or Body Corporate or by the Govt. of India or any State Govt.
or Indian Railways or any Government Department or Office or any municipal or
Local or Public or Semi Govt. Body or Authority whatsoever including those relating to the assets leased out and/or given on hire
purchase basis. (c) All the tangible movable machinery, plant, crane and boat
as described below and the vehicles of the borrower together with spares, tools and accessories and other movables, both
present and future and furniture, fixtures and fittings and office equipment
whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought
into or be started or be in or upon or about the borrower premises and godown
or wherever else the same may be held by any party to the order or disposition of the borrower (including those on lease or
hire purchase) relating or pertaining to the borrower's work including the
Borrower's division / factory / premises at Nandesari District Baroda and Halol (District Panchmahal) in the State of
Gujarat and Daman (Union Territory) or wherever else the same may be(more
particularly described in schedule to the Joint Deed of Hypothecation) |
|
Date of instrument modifying the charge |
14.12.2011 |
|
Particulars of the present modification |
By this SBI letter the operation of charge will be 1st pari passu
charge on all Current assets for securing WC facilities aggregating to
Rs.2206.700 Millions and 2nd pari passu charge on the said Current Assets to
secure TL/CL facilities aggregating to Rs.429.300 Millions. 1st pari passu
charge on movable P and M for securing TL/ CL facilities aggregating to
Rs.429.300 Millions and 2nd pari passu charge on the said movable P and M for
securing WC facilities aggregating to Rs.2206.700 Millions. No change in
limits |
CONTINGENT
LIABILITY
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
|
Unexpired Bank Guarantees issued by Banks |
144.998 |
|
Corporate Guarantees |
523.991 |
|
Letters of Credit issued by Banks |
168.021 |
|
Sales tax demand in Appeal / dispute |
-- |
|
Income tax demand in Appeal / dispute |
7.610 |
|
Bill discounted with Bank |
2.078 |
Fixed Assets
- Land and Land Development
- Building
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
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 hom 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.54.34 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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.