MIRA
INFORM REPORT
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Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
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Name : |
RENATA PRECISION COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
J – 526, MIDC, Bhosari, Pune – 411026, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.04.2006 |
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Com. Reg. No.: |
11-128359 |
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Capital Investment/
Paid-up Capital: |
Rs.18.200 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2006PTC128359 |
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PAN No.: [Permanent Account No.] |
PNER08222E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter of Plastic and Metal Components |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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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 112000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It has
recorded an increase in its sales turnover and profits during 2011. Trader relations are reporter as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered 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 – June 30, 2012
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/Unit I : |
J – 526, MIDC, Bhosari, Pune – 411026, |
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Tel. No.: |
91-20-66114921 |
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Fax No.: |
Not Available |
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E-Mail : |
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Unit II : |
Gat No. 754, A/P : Karandi, Taluka Shirur, Pune – 41220026, |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Rohit Srichand Thawani |
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Designation : |
Managing Director |
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Address : |
D 31, Marigold Kalyani Nagar, Pune-411014, |
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Date of Birth/Age : |
17.07.1965 |
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Date of Appointment : |
31.03.2007 |
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Din No.: |
01870022 |
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Other Directorship:
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Name : |
Ms. Namrata Thawani |
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Designation : |
Director |
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Address : |
D 31, Marigold Phase I Co – Operative Housing Society Kalyani Nagar, Pune-411014, |
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Date of Birth/Age : |
27.09.1972 |
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Date of Appointment : |
20.04.2006 |
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Din No.: |
01883566 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Rolhit Thawani |
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1429000 |
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Namrata Thawani |
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41000 |
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Total |
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1470000 |
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As on 26.06.2012
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Names of Shareholders |
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No. of Shares |
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Rolhit Thawani |
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350000 |
As on 30.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter of Plastic and Metal Components |
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Products: |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited, Survey No. 186, CTS No. 3189,
Opposite PCMC Auditorium, Near TATA Motors, ·
Small Industries Development Bank of India, Suryakiran
Hotel Building, 1st Floor, C -8, Mumbai Pune Road, Chinchwad, Pune
– 411019, Maharashtra, India ·
Bank of |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S P Shah and Company Chartered Accountant |
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Address : |
2, Pramukh Parkl Apartments, Shukrawar Peth, Sathe Colony,
Pune-411002, |
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Tel. No.: |
91-20-24479236/ 24479091 |
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PAN No.: |
ACQPS4695F |
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Related Party : |
·
Renata Engineering Plastics Private Limited ·
Renata Lighting Private limited |
CAPITAL STRUCTURE
After 30.9.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1820000 |
Equity Shares |
Rs.10/- each |
Rs.18.200
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1470000 |
Equity Shares |
Rs.10/- each |
Rs.14.700
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
14.700 |
9.700 |
9.700 |
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2] Share Application Money |
0.000 |
1.600 |
0.000 |
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3] Reserves & Surplus |
13.219 |
6.146 |
1.139 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.919 |
17.446 |
10.839 |
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LOAN FUNDS |
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1] Secured Loans |
86.780 |
58.018 |
46.464 |
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2] Unsecured Loans |
6.058 |
3.000 |
2.200 |
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TOTAL BORROWING |
92.838 |
61.018 |
48.664 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
120.757 |
78.464 |
59.503 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.464 |
35.035 |
31.284 |
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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 |
40.373
|
28.246
|
23.615 |
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Sundry Debtors |
25.476
|
27.887
|
14.822 |
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Cash & Bank Balances |
0.210
|
0.680
|
0.926 |
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Other Current Assets |
5.744
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4.411
|
2.478 |
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Loans & Advances |
11.246
|
3.396
|
2.481 |
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Total
Current Assets |
83.049
|
64.620 |
44.322 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.202
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15.873
|
11.496 |
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Other Current Liabilities |
0.000
|
0.000
|
0.008 |
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Provisions |
8.687
|
5.430
|
4.725 |
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Total
Current Liabilities |
27.889
|
21.303 |
16.229 |
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Net Current Assets |
55.160
|
43.317 |
28.093 |
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MISCELLANEOUS EXPENSES |
0.133 |
0.112 |
0.126 |
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TOTAL |
120.757 |
78.464 |
59.503 |
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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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Other Income |
|
0.466 |
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TOTAL (A) |
187.911 |
117.904 |
75.607 |
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Less |
EXPENSES |
158.425 |
97.560 |
62.465 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.486 |
20.344 |
13.142 |
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Less |
FINANCIAL
EXPENSES (D) |
10.315 |
7.547 |
7.081 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.171 |
12.797 |
6.061 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.105 |
5.590 |
5.734 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.066 |
7.207 |
0.327 |
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Less |
TAX (H) |
2.993 |
2.200 |
0.175 |
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PROFIT AFTER TAX
(G-H) (I) |
7.073 |
5.007 |
0.152 |
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EARNINGS IN
FOREIGN CURRENCY |
32.408 |
22.755 |
11.631 |
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IMPORTS |
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Purchase |
817875.600 |
0.000 |
0.000 |
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Raw Materials |
0.000 |
413129.423 |
432865.100 |
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|
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Capital Goods |
385794.700 |
488338.500 |
119604.600 |
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TOTAL IMPORTS |
1203670.300 |
901467.923 |
552469.700 |
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Earnings Per
Share (Rs.) |
4.81 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.76 |
4.25
|
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
6.14
|
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.78 |
7.23
|
0.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.41
|
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.32 |
4.72
|
5.99 |
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Current Ratio (Current Asset/Current Liability) |
|
2.98 |
3.03
|
2.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Constitution
of the firm |
Yes |
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Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
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No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
NOTE:
The Registered office of the company has been shifted from J –256, MIDC,
Bhosari, Pune – 411026,
BUSINESS
OPERATIONS:
The over all working progress of the company during the financial year 2010-11
was remarkable. The company has reported revenue growth of 60% EBITDA growth of
45% and PAT growth of 41% during the year
During the year, Plastic division has reported a sales growth of 79%.
The turnover of Moulding division has increased to 81% from 72% in the previous
year.
In September, 2010 the company has commissioned it new moulding plant at
karandi. The commissioning of new plant has enabled the company to add new
customers, mainly, Volkswagen, Magna and Valeo (Global business). Also five new
customers have added for 2K moulding.
It is
expected that the new plant at Karandi, robust quality management system and
strong customer and suppliers references will open the global avenues for the
company.
The directors expect that the improvement in
the operational performance will in turn improve the profitability
of
the company in the current year.
FORM 8
|
Corporate
identity number of the company |
U29299PN2006PTC128359 |
|
Name of the
company |
RENATA PRECISION
COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
J – 526, MIDC, Bhosari, Pune – 411026, Email: annem.reddy@renata.co.in
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10114709 |
|
Type of charge |
Others |
|
Particular of
charge holder |
Axis Bank Limited, Survey No. 186, CTS No. 3189, Opposite PCMC
Auditorium, Near TATA Motors, Email: ruchi.joshi@axisbank.com
|
|
Nature of
instrument creating charge |
Supplementary
Cum Link Document for Reschedulement of Limit dated 06th August 2012 |
|
Date of
instrument Creating the charge |
06.08.2012 |
|
Amount secured by
the charge |
Rs.122.356 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and
operation of the charge Charge
on hypothecated assets and mortgaged properties shall continue till full
repayment of Loan Others: Facilities:(Rs
in Millions) CC5,5000 , Pre/Post-Shipment Credit(Sub-Limit of CC) (0.900 ),TLII 3727000*,TL III 0.234 *,TL IV13.337
Millions *,One Time LC Facility(Sub limit of TL IV) (7.500 ),TL V16.058,TL VI 26.000,One time LC(Sub
limit of TL V)(7.000),BG 5.000**,LC(Sub limit of CC)(10.000)LC
3.000**,Forward Cover-LER(Sub-Limit of CC)(0.300),Foreign BG(Sub-Limit of
Inland BG) (0.2000), Total
Rs.122.356 Millions *Rundown
Liability of TLS **Full
interchan betn LC and BG |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of (A)
All tangible movable machinery, plant machinery, fixtures, fittings, other
installation, cranes, furniture, computers and other accessories vehicles
together with spares tools and accessories vehicles and all other
articles(Except machinery financed by SIDBI vide sanction Letter dated
15/10/2007) (B)
The whole of Borrower's movable goods and assets, both present and future and
incl. but without prejudice to generality of foregoing words, all stock of
raw material, work in progress, semi finished and finished goods, packing
materials, consumable stores and spares etc. (C)
All the present and future bookdebts, outstanding monies, receivables,
claims, bills, contracts, engagements, securities. Mortgage
of immovable property of Company: All that piece and parcel of leasehold
rights of land bearing Plot No.J-526,"J"Block in Pimpri Industrial
Area of MIDC within village limits of Bhosari containing by adm.840
Sq.Mtrs.and thereabouts alongwith factory sheds adm.788.47 Sq.Mtrs. with
rights of easement thereto and within limits of PCMC, within Tal. Regn. and
Sub Dist.Haveli together with buildings/structures constructed/to be
constructed thereon and all plant and machinery attached to earth or
permanently fast ended to earth. Mortgage of immovable property of Rohit
Thawani and Mrs. Namrata Thawani, Directors of the Company: All that piece
and parcel of property bearing Gat No.754,area adm.0H96 R being and lying at
Vill. Karandi, Taluka Shirur, Dist. Pune andwithin the limits of
Grampanchayat of Karandi, Panchayat Samiti, Shirur, Tahsildar
Shirur and Jilla Parishad Pune. |
|
Date of last modification prior to the present modification |
26.11.2011 |
|
Particulars of the present modification |
There
is reschedulement / realignment of Limits. Axis Bank has sanctioned Foreign
Bank Guarantee Limit of Rs.2.000 Millions
as a Sub-Limit of Existing Inland Bank Guarantee Limit, with the
aggregate credit facilities sanctioned to the Company being capped at
Rs.122.356 Millions |
FIXED ASSETS:
- Building and
Shed
- Building and
Shed – Shikarapur
- Cars and
Motor Cycle
- Computer
- Electrical
Installation
- Furniture and
Fixture
- Office
Equipments
- Plant and Machinery
- Land
- Moulds
- Storage Racks
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
42 |
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.