MIRA
INFORM REPORT
|
Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
RISHI LASER LIMITED |
|
|
|
|
Formerly Known
As : |
RISHI LASER CUTTING LIMITED |
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Registered
Office : |
612, Veena Killedar Industrial Estate, 10-14, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
20.04.1992 |
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Com. Reg. No.: |
11-066412 |
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Capital Investment
/ Paid-up Capital : |
Rs. 89.926 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1992PLC066412 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKR04470E |
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PAN No.: [Permanent Account No.] |
AAACR2715C |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer of sheet metal components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
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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. There
appears sharp dip in the profitability recorded by the company. However,
networth seems to be strong. Trade relations are reported to be fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
CARE |
|
Rating |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
September 2011 |
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term Bank Facilities) |
|
Rating Explanation |
Having minimal degree of safety regarding timely payment of financial
obligation. It carry very high credit risk and are susceptible to default. |
|
Date |
September 2011 |
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
|
Registered Office : |
612, Veera Killedar Industrial Estate, 10/14, Pais Street, Byculla
(West), Mumbai – 400 011, Maharashtra, India |
|
Tel. No.: |
91-22-23075677 / 23084886 / 23060572 |
|
Fax No.: |
91-22-2308022 |
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E-Mail : |
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|
Website : |
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Head Office : |
611, Veera Killedar Industrial Estate, 10/14, Pais Street, Byculla
(West), Mumbai – 400 011, Maharashtra, India |
|
Tel. No. : |
91-22-23075677 / 23084886 |
|
Fax No. : |
91-22-23080022 |
|
E-mail : |
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Factory 1 : |
Plot No.145-146,
4th Phase, Bommasandra Industrial Area, Bangalore- 560099, Karnataka, India |
|
Tel. No.: |
91-80-27839166 |
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Fax No.: |
91-80-27839167 |
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Factory 2 : |
Plot No. A/2
–620, GIDC Estate, Makarpura, Vadodara–390010, Gujarat, India |
|
Tel. No.: |
91-265-2638011 /
2656128 |
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Fax No.: |
91-265-2638011 |
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Factory 3 : |
Plot No.578 To
587, GIDC SAVLI, Savli-391770, Gujarat, India |
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Factory 4 : |
Plot No.303,
Sector-7, PCNDTA, Bhosari, Pune-411026, Maharashtra, India |
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Tel. No.: |
91-20-66307712 /
14 |
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Fax No.: |
91-20-66307715 |
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Factory 5 : |
Plot No. D/43,
MIDC, Additional Industrial Area, Ambad, Nashik-422010, Maharashtra, India |
|
Tel. No.: |
91-253-2380751 |
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Fax No.: |
91-253-2383163 |
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Factory 6 : |
428, E.P.I.P.
HSIDC Industrial Estate, Kundli, District - Sonepat - 131 001, State-Haryana,
India |
|
Tel. No.: |
91-130-6450159 |
|
Fax No.: |
91-130-6450428 |
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Factory 7 : |
Plot No. 661,662,663
Sector-3, Near Indorama Ram Mandir, Pithampur, District – Dhar, Madhya
Pradesh, India |
|
Tel. No.: |
91-7292-256948 |
|
Fax No.: |
91-7292-256948 |
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Factory 8 : |
Plot No. 4-5,
Naroda Industrial Estate, Ahmedabad-382330, Gujarat, India |
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Factory 9 : |
C - 409, Lodhika
Industrial Estate, Village - Lhirasara, Taluka - Lodhika, District – Rajkot,
Gujarat, India |
|
|
|
|
Pune Plant Locations (Factory 10) : |
Plant Locations: Unit - I Gat No.
1236/1+2+3 Unit - II Gat No. 218/219 Unit - III Gat No. 229 Alandi Markal
Road, Village Markal, Taluka Khed, Pune-412105, Maharashtra, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Harshad B. Patel |
|
Designation : |
Chairman |
|
Qualification : |
Chartered and Cost Accountant |
|
Date of Appointment: |
01.04.2008 |
|
|
|
|
Name : |
Mr. Dinesh C Mehta |
|
Designation : |
Director |
|
Qualification : |
Commerce Graduate with a degree in Law |
|
Date of Appointment: |
27.09.2006 |
|
|
|
|
Name : |
Mr. Jayesh K Sheth |
|
Designation : |
Director |
|
Qualification : |
Commerce Graduate |
|
Year of Appointment: |
1995 |
|
|
|
|
Name : |
Mr. Vandan S Shah |
|
Designation : |
Director |
|
Qualification : |
Engineering Graduate |
|
Date of Appointment: |
27.09.2006 |
|
|
|
|
Name : |
Mr. Vasant D Goray |
|
Designation : |
Director |
|
Qualification : |
Post Graduate |
|
Date of Appointment: |
27.09.2006 |
KEY EXECUTIVES
|
Name : |
Ms. Supriya Joshi |
|
Designation : |
Secretary |
|
|
|
|
Name : |
Mr. Viond Sharma |
|
Designation : |
Head Operation, Northern Region |
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|
Name : |
Mr. Abhay Toshar |
|
Designation : |
Head Operation, Southern Region |
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|
Name : |
Mr. M K Pandya |
|
Designation : |
Head Operation, Gujarat |
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|
|
|
Name : |
Mr. Rahendra Manmadkar |
|
Designation : |
Head Operation, Maharashtra |
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|
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|
Name : |
Mr. Gansh Agrawal |
|
Designation : |
Chief Financial Officer |
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|
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|
Name : |
Mr. Vishal Desai |
|
Designation : |
Head, Human Resource |
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|
|
Name : |
Mr. Navin Dashora |
|
Designation : |
Head, Supply Chain |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
287,605 |
3.2 |
|
|
470,700 |
5.23 |
|
Any Others
(Specify) |
1,029,189 |
11.44 |
|
Directors/Promoters & their Relatives
& Friends |
1,029,189 |
11.44 |
|
Sub Total |
1,787,494 |
19.88 |
|
(2) Foreign |
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1,787,494 |
19.88 |
|
|
|
|
|
(1) Institutions |
|
|
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
745,210 |
8.29 |
|
|
|
|
|
|
3,283,950 |
36.52 |
|
Individual shareholders holding nominal share
capital in excess of Rs. 0.100 Million |
2,069,708 |
23.02 |
|
Any Others
(Specify) |
1,106,238 |
12.3 |
|
Clearing Members |
2,176 |
0.02 |
|
Non Resident Indians |
345,752 |
3.84 |
|
Foreign Corporate Bodies |
670,000 |
7.45 |
|
Directors & their Relatives &
Friends |
87,310 |
0.97 |
|
|
1,000 |
0.01 |
|
|
7,205,106 |
80.12 |
|
Total Public
shareholding (B) |
7,205,106 |
80.12 |
|
Total (A)+(B) |
8,992,600 |
100 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Sub Total |
- |
- |
|
|
8,992,600 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of components used by Automobiles, General Machinery, Textile, Food Processing and Heavy Industries. |
|
|
|
|
Products : |
Ř Sheet Metal Components Ř Machines, Accessories and Spares Ř Processing Charges |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Sheet Metals Components |
Tons |
56430 |
53430 |
22103 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, Industrial Finance Branch,
Tara Chambers, Wakdewadi, Pune-Mumbai Road, Pune - 411 003, Maharashtra,
India ·
Canara Bank, Tamarind Lane Branch, Tamarind Lane,
8/10, Calcot House, Mumbai - 400 023, Maharashtra, India ·
Axis Bank, Atlanta, Ground Floor, 209 Nariman
Point, Mumbai - 400 021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Alladi Krishnan and Kumar Chartered Accountant |
|
Address : |
4, Marshal, Mogal Lane, Mahim, Mumbai-400016, Maharashtra, India |
|
|
|
|
Subsidiaries : |
Rishi Consfab Private Limited |
|
|
|
|
Related parties
where common control exists : |
·
Rishi Techtex Limited ·
Rishi Technical Services Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
|
|
|
|
|
8992600 |
Equity Shares |
Rs.10/- each |
Rs. 89.926
Millions |
|
|
|
|
|
NOTES
24,85,000 shares
out of the issued, subscribed and paid-up share capital were allotted as
preferential shares in the last five years.
5,49,000 shares out
of the issued, subscribed and paid up share capital were allotted under ESOP in
the last five years.
a)
Reconciliation of the number of equity shares and
amount outstanding at the end of the reporting period:
|
|
31.03.2012 |
|
|
Particulars |
No. In Lakhs |
Rs In Millions |
|
At the beginning
of the period |
86.39 |
86.393 |
|
Shares issued on
exercise of ESOP |
3.53 |
3.533 |
|
Outstanding at
the end of the period |
89.92 |
89.926 |
b)
Terms/rights attached to equity shares
The Company has only
one class of equity shares having a par value of Rs. 10 per share. Each holder
of equity shares is entitled to one vote per share. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c)
Details of shares held by each shareholder holding
more than 5% shares:
|
|
31.03.2012 |
|
|
Name of the
Shareholders |
No. In Lakhs |
% of Holding In
the Class |
|
Equity shares of
Rs.10 each fully paid |
|
|
|
Nikhil Jaysinh
Merchant |
7.80 |
8.67% |
|
Archway Holdings
Limited |
6.70 |
7.45% |
|
Rishi Techtex
Limited |
4.71 |
5.24% |
d)
Shares reserved for issuance under Stock Option
Plans of the Company:
The Company has reserved
issuance of 2,51,000 shares (P.Y. 6,04,300) equity shares of Rs. 10 each for
offering to eligible employees of the Company under ESOP. During the year the
Company has granted 3,53,300 (P.Y.
1,800) Options to the eligible employees at Rs. 20 (P.Y. Rs. 20) per
option.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
89.926 |
86.393 |
85.475 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
423.473 |
415.505 |
374.452 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
513.399 |
501.898 |
459.927 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
415.539 |
368.290 |
504.137 |
|
|
2] Unsecured Loans |
74.393 |
67.405 |
73.514 |
|
|
TOTAL BORROWING |
489.932 |
435.695 |
577.651 |
|
|
DEFERRED TAX LIABILITIES |
37.390 |
39.062 |
42.635 |
|
|
|
|
|
|
|
|
TOTAL |
1040.721 |
976.655 |
1080.213 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
647.413 |
667.325 |
719.064 |
|
|
Capital work-in-progress |
8.206 |
0.831 |
1.653 |
|
|
|
|
|
|
|
|
INVESTMENT |
88.755 |
89.755 |
85.755 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
223.047
|
249.547 |
183.279
|
|
|
Sundry Debtors |
369.742
|
321.395 |
244.400
|
|
|
Cash & Bank Balances |
31.674
|
37.762 |
16.176
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
61.496
|
56.181 |
91.884
|
|
Total
Current Assets |
685.959
|
664.885 |
535.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
226.798
|
304.490 |
228.595
|
|
|
Other Current Liabilities |
142.589
|
109.999 |
31.770
|
|
|
Provisions |
20.225
|
31.652 |
1.976
|
|
Total
Current Liabilities |
389.612
|
446.141 |
262.341 |
|
|
Net Current Assets |
296.347
|
218.744 |
273.398
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.343 |
|
|
|
|
|
|
|
|
TOTAL |
1040.721 |
976.655 |
1080.213 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1540.915 |
1457.176 |
1129.921 |
|
|
|
Other Income |
13.020 |
4.102 |
22.499 |
|
|
|
TOTAL (A) |
1553.935 |
1461.278 |
1152.420 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
903.784 |
864.788 |
622.689 |
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
140.883 |
|
|
|
Employee benefits Expenses |
192.776 |
175.118 |
153.215 |
|
|
|
Other Expenses |
250.771 |
252.513 |
49.774 |
|
|
|
Selling and Distribution Expenses |
0.000 |
0.000 |
14.153 |
|
|
|
Tax on extra ordinary items |
0.000 |
0.498 |
0.000 |
|
|
|
Change in inventories of finished goods, work-in-progress and stock in
trade |
18.780 |
(50.910) |
0.002 |
|
|
|
Extraordinary Items |
0.000 |
(1.500) |
0.000 |
|
|
|
TOTAL (B) |
1366.111 |
1240.507 |
980.716 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
187.824 |
220.771 |
171.704 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
98.810 |
80.113 |
90.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
89.014 |
140.658 |
80.714 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.578 |
79.305 |
60.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.436 |
61.353 |
19.751 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.853 |
8.456 |
7.269 |
|
|
|
|
|
|
|
|
|
|
Extraordinary Items |
0.000 |
0.000 |
(2.000) |
|
|
|
|
|
|
|
|
|
|
Prior Period Items |
0.000 |
0.000 |
0.172 |
|
|
|
|
|
|
|
|
|
|
Tax on extra ordinary items |
0.000 |
0.000 |
0.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.583 |
52.897 |
13.636 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
23.180 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
36.816 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5.473 |
100.515 |
3.626 |
|
|
TOTAL EARNINGS |
5.473 |
100.515 |
3.626 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
19.654 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
5.512 |
6.768 |
6.874 |
|
|
|
Capital Goods |
34.053 |
16.905 |
7.439 |
|
|
TOTAL IMPORTS |
59.219 |
23.673 |
14.313 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.51 |
6.15 |
1.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
|
1st
Quarter |
|
Net Sales |
338.380 |
|
Total Expenditure |
312.990 |
|
PBIDT (Excl OI) |
25.390 |
|
Other Income |
1.800 |
|
Operating Profit |
27.190 |
|
Interest |
23.330 |
|
Exceptional Items |
0.150 |
|
PBDT |
4.010 |
|
Depreciation |
21.500 |
|
Profit Before Tax |
(17.490) |
|
Tax |
(1.170) |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(16.310) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(16.310) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.29
|
3.62 |
1.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.42
|
4.21 |
1.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.48
|
4.61 |
1.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.79
|
0.12 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.83 |
1.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.49 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
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 |
OPERATING RESULTS
The standalone
gross turnover for the year at Rs. 1681.600 Millions were lower than the
projections and registered marginal increase over the previous year. The off
take from their primary markets was very slow during the second half of the
year.
Earnings before
interest, depreciation and tax were lower at Rs. 187.800 Millions as compared
to Rs. 219.800 Millions in the previous year.
The overall
results are not very satisfactory, even though the business environment was not
conducive for business growth.
The markets
remained very volatile with sudden drop in demand. The Company could not
replace the Railway metro business after the completion of the previous
project. They have bid as a supplier for future projects.
EXPANSION
The Company
acquired machines for setting up machine shop to cater to power sector.
However, the expected business could not be generated due to sluggish market
conditions. Cutting capacity was increased by adding Hi focus plasma cutting
machines. This was necessitated because of change in job mix which required
cutting of higher thickness steel.
FINANCE
During the year
the Company allotted 3,53,300 Equity Shares of Rs. 10/- each at a premium of
Rs. 10/- per share under ESOP to employees of the Company. The total amount
received from the employees amounted to Rs. 7.066 Millions
CURRENT YEAR
Sales in the first
two months of the current year at Rs. 229.800 Millions are lower than Rs.
296.100 Millions achieved in the same period in the previous year. This is a
continuation of the trend seen in the second half of the previous year. The
Company had added many new Customers and once the business from new Customers
reaches a reasonable volume the growth will come back.
The business
environment continues to be extremely challenging. It has become very difficult
to predict the customers requirements of regular products.
They are taking up
more projects related business which provides better visibility of business as
projects go on for a period of 3-6 months. Also this balances and hedges the
risk of volatile business conditions in the Automotive and Earth moving
Industry.
The impact of the
introduction of new customers and projects based business will be seen in the
second half of the current year. This should also result in improvement of
margins.
MARKETS
The four main
verticals namely Construction Equipment, Automotive, Rail Transportation and
Power (Transmission and Distribution) cumulatively contributed 71% of the total
revenue amounting to Rs. 1089.500 Millions.
Improved demand of
commercial vehicles resulted in increased sales to automotive verticals to Rs.
431.300 Millions or 27.99% of net sales compared to Rs. 373.000 Millions or
25.62% of net sales in the previous year.
Revenue from Rail
Transportation vertical has gone down from Rs. 218.000 Millions in the previous
year to Rs. 116.400 Millions representing a decrease of 46.60 %.
Construction
equipment vertical contributed Rs. 380.400 Millions as against Rs. 335.000
Millions in the previous year. Sales from this vertical as a percentage of net
revenue increased from 23.01% in the previous year to 24.69% in the current
year.
Revenue from Power
(transmission and distribution) vertical has been marginally lower at Rs.
161.400 Millions as compared to Rs. 168.700 Millions in the previous year. The
decline in business is to the tune of 4.32 %.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL AND MACRO
OVERVIEW
The global economy
witnessed volatility during the past year amidst an uneven macro-environment.
According to data released by the International Monetary Fund (IM F), the Gross
World Product (GWP) grew by 3.6% during 2011 – a slowdown from the 5% growth
achieved in 2010. The decline was a consolidated result of several factors –
the sovereign debt crisis, banks deleveraging, fiscal consolidation in response
to market pressures and a general loss of confidence among investors. The European
debt crisis undeniably remained a dominant factor and a source of instability
in asset and currency markets around the world.
India, too, was
adversely affected. Although the year started on a note of confidence, with
impressive growth in exports and high levels of foreign exchange inflows, the
country was unable to sustain the high levels of development it achieved in the
2010 fiscal. The economy lost its growth momentum due to global headwinds,
sluggish policy making, stagflation (slow growth combined with untamed
inflation) and high interest rates. These factors discouraged fresh investments
leading to a fall in the Index of Industrial Production (IIP), which declined
to 2.8% from 8.2% in 2010-11. Consequently, the economy waned with a GDP of 6.5%
in 2011-12 compared to 8.4% in 2010-11.
The fiscal was
among the most difficult years during the recent past for the Indian
infrastructure industry in particular. Along with the economic slowdown
globally, India faced one of the worst policy and sociopolitical crisis with
judiciary and regulating agencies reversing almost all policy decisions of the
Government; because of this infrastructure projects suffered majorly. The
Indian growth story was affected by multiple factors such as policy paralysis, corruption
issues, raw material sourcing and financial woes owing to increased borrowing
rates and the depreciating Indian rupee.
The previous
fiscal thus reinforced the significance of sustainability – a factor that is
gaining increasing prominence in a volatile business environment.
Sustainability brought about by prudent financial management, efficient
manufacturing practices, high standards of corporate governance and a
professional approach to business – was the key to survival. While profit
targets of organizations were lowered globally, several small and medium sized
businesses could not endure the difficult phase. However, global leaders and
robust businesses survived the economic pain owing to their inherent
sustainability.
The
under-performance of the economy coupled with the challenges facing the
infrastructure sector in particular had its effect on Rishi Laser’s
performance. Inspite of macro-economic challenges, they experienced topline
growth, albeit not as per their projections and the Company was able to deliver
profits even in such difficult times. At the same, the year made them to
rethink their strategy to develop a more de-risked, high value and integrated
engineering approach to business. The underlying idea was to reinforce the
factor of sustainability in the Company and to insulate them during times of
macro-economic downturns and reduce their dependence on a few customers. In
addition, they utilized the opportunity presented by the adverse circumstances
to strengthen ourselves for the upturn. The worst is behind them and at Rishi
Laser, they are ready to tide over the difficult current slowdown and deliver
in the long-run.
Their significant
engineering capabilities enable them to deliver sophisticated, best-in-class
engineering products and solutions. This competency enabled them to consolidate
their position from being a high-end steel fabricator company to becoming an
EPC-led turnkey contractor focused on onsite project delivery. In addition,
they avoided low-end top line led projects since the approach did not fit with
their long-term strategy. Instead, they focused on qualitative measures and
built a significant knowledge and experience repository through initial pilot
projects that
will help them bid
for larger EPC contracts in the future.
Another key
development during the year was with Rishi Laser focusing on the international
markets along with the domestic sector. They are entering the international
markets by becoming global suppliers to multinational OEMs as part of the
international vendor development program for these customers; most of these
OEM’s have a presence in India and they are their preferred vendors. This
strategy exposes them to global best practices and enables them to develop a
revenue stream by ‘riding’ on their customers’ global network, significantly
lowering marketing, regulatory and business development costs, and de-risking
their global foray. Over a period, they plan to develop international customers
independently.
During 2012-13,
the Indian economy is expected to achieve growth at 6%. India’s budget for
2012-13, reiterated a
commitment to
spend Rs. 50 trillion (USD 920 billion) on infrastructure development during
its 2012–17 Five-year plan. Roughly half this investment expected to come from
the private sector and also the Government announced a series of measures to
facilitate this investment. The Planning Commission has projected that
investment in infrastructure would almost double at USD 1,025 billion in the
12th Five Year Plan (2012-17), compared to USD 514 billion in the 11th Five
Year Plan. These developments in the infrastructure sector indicate a robust
expansion opportunity for the steel processing sector.
At Rishi Laser,
they are equipped to leverage the opportunities presented by the sector.
Although the previous fiscal was challenging, it reaffirmed their faith in
their capabilities and stimulated them to fortify their strengths through
resilience and advanced engineering expertise. During the year, they focused on
capacity and infrastructure building and continued talent acquisition and
nurturing at various levels of the organization. Furthermore, their lateral
movement – from being standalone metal fabricators to EPC contractors
responsible for commissioning – has broadened the opportunity horizon for them.
All these factors make them competent to translate the enormous opportunities
into enterprise.
CAPITAL GOODS INDUSTRY AND OPERATING ENVIRONMENT
The Indian Capital
Goods Industry is the core of manufacturing, contributing to about 12% to the
overall activity and constituting about 15% of the national GDP. The sector is
strategic for the development of domestic capabilities and essential from a
national self-reliance and security perspective. With the Government setting a
goal of achieving 9% GDP growth during the 12th Five Year Plan, the
manufacturing sector should grow at least by 11-13% per annum over the next
five years.
The 12th Five Year
Plan proposes to increase the production growth rate of the Capital Goods
sector to 16.8%. It further aims to harness sectoral growth and enhance its
value addition to the economy by:
1.
Converting the import content to domestic
production
2.
Increasing technology content and development
3.
Creating facilitation mechanisms These steps will
help the industry
Compete at a
global level, reduce overseas dependence in the strategic sectors and increase
‘depth’ in manufacturing. Evidently, the proposed steps will prove to be very
positive for Rishi Laser in the coming years and they are indeed excited by the
opportunities in the offing.
Most of their
customers are spread across the infrastructure, automobiles, railways and power
segments. It is a matter of great pride that along with their customers they
are building tomorrow’s India. Their efforts in developing superior engineering
abilities and quality consciousness have made them the preferred vendor among
their customers, which include renowned organizations like L and T Komatsu,
Caterpillar, Volvo, AMW, TATA Group, Bombardier Transportation etc. Their
customers acknowledge their advanced offerings and have immense confidence in
their abilities. In fact, they have plant-in-plant set-ups at various customer
sites and are first-hand partners in their growth.
Nonetheless, the
capital goods sector, has been bearing the brunt of the global slowdown and
sluggish domestic industrial growth for the past few quarters. The pressure on
this sector is attributed primarily due to the deferment of large capital
investment plans since 2010-11.
According to
industry estimates, the country’s steel consumption grew by only 5.5% in
2011-12 to around 70 million tonnes due to subdued demand from capital goods
sectors and construction.
Notwithstanding
future potential, they realized it is important to protect and ensure their
growth in the increasingly challenging economic environment. They have invested
their efforts during the last fiscal in developing a prudent
de-risking
strategy that will insulate them from the conditions plaguing the macro
environment. Further, they expanded their proposition – from being enablers to
implementers, to leverage the huge opportunities offered by the infrastructure
segment.
VERTICALS
The four segments
of the manufacturing sector, viz. automotive, construction equipment, power and
rail transport form the pillars of their business. Collectively, these
contribute nearly 71% of the overall revenues at Rishi Laser. In the on-going
12th Five Year Plan, the Indian Government plans to invest heavily in the
infrastructure sector, with a bulk of the investments directed towards the
construction of roads, power sector and rural and urban infrastructure. With
the prospects for the sector improving rapidly, their investments and expertise
in this sector are bound to yield results in the coming years.
AUTOMOTIVE
The automotive
segment contributed around 28%, or Rs. 430.000 Millions, to their standalone
revenues during the last fiscal. The segment witnessed a growth of 16% over the
last year owing to continued demand from the industry, especially heavy
commercial vehicle manufacturers.
During the year,
their sustained efforts and investments in R and D have enabled them to become
among the few steel fabricator companies offering automated, high end
technology to their customers. Large corporations like Tata Motors and Asia
Motor Works rely on their specialized engineering execution skills, making them
a preferred vendor for their specific high-end needs.
According to a
report by the Centre for Monitoring Indian Economy (CMIE), the Indian
automotive sector is expected to expand by 9.6% in 2012-13. Commercial vehicle
production is expected to grow at a healthy rate of 8.5% and medium and heavy
commercial vehicle production is predicted to grow by 2.4% during this period.
The report also predicts that production of passenger vehicles and two wheelers
may grow by 9.7%. However, the multi-utility vehicle segment is expected to
grow faster at 19.7% during the year.
At Rishi Laser,
they supply paint booths and conveyors to automotive paint shops. They are also
engaged in the fabrication of components and assemblies for commercial
vehicles. Some of their products increase the load-bearing ability of
commercial vehicles and are manufactured using high-end precision-welding
robots. The bulk of activities under this division are executed at their Pune
unit.
Owing to the huge
potential of the segment and the revenue opportunity, they invested further and
expanded their abilities across the country. Couple of major automotive giants
are about to start production from their facilities in Gujarat. Their new plant
in Gujarat deals with the automotive segment. Given the bright prospects of the
sector, they are confident of strong growth during the current year. However,
higher material and interest rates may pose a challenge and keep growth rates
in the sector under check.
CONSTRUCTION EQUIPMENT
The Construction
Equipment business is directly linked to the infrastructure sector. India’s
infrastructure development holds great potential in the near future with the
Government planning to give a leg-up to urban and rural infrastructure, road
construction and the power segment. Naturally, the demand for construction
equipment is likely to increase from all related quarters.
In 2011-12, the
Construction Equipment segment continued to contribute significantly to their
business, garnering revenues worth Rs.380.000 Millions. This translated into
about 25% of the standalone revenues for Rishi Laser. Their Bengaluru facility
provides high-end precision engineering products to L and T Komatsu as well as
to infrastructure giants like Caterpillar, Volvo and Terex.
Last Fiscal saw
enhanced customer confidence in their high-end precision engineering and
manufacturing abilities, which translated into increased business requirements.
Consequently, the segment witnessed an increment in revenues by 14% over
2010-11. They anticipate continued progress during the current year given the
colossal infrastructure demands of the country. According to industry
estimates, the demand for construction
equipment will
increase to USD 4.1 billion by 2014, growing at a robust CAG R of 17.9%.
An important
fragment of this vertical, where they anticipate immense business potential, is
the Road Construction sector. The Ministry of Road Transport and Highways has
set a target of covering a length of 8,800 km under NHDP during the current
year. The allocation by the Ministry was enhanced by 14% to Rs. 253600.000
Millions (USD 4.60) billion for the year.
These translate
into great opportunities for Rishi Laser during the coming years. They are
eager to leverage these opportunities through their dedicated subsidiary Rishi
Consfab Private Limited in which they hold 74% stake. Moreover, global leaders
like Caterpillar are evaluating them for vendor partnership at the
international level. This gives them an opportunity to expand their horizon
beyond regional boundaries and make an impact on a larger platform.
POWER
India’s Power sector
is poised for great development owing to the country’s fast growing economy and
dynamic demographics. According to a recent report, India will add nearly
45,000 megawatt (MW) to its total installed capacity by 2013-14. The country is
among the top performing clean energy economies in the 21st century,
registering the fifth highest five-year rate of investment growth and eighth
highest in installed renewable energy capacity.
However, the
Indian power sector is saddled with various problems including theft, wastage
and poor performance of power plants – problems mostly faced during the
distribution and transmission phases of power supply. Increasing generation
capacity without fixing these inefficiencies will not enhance the power
capabilities of the country; in fact it will only add to its woes. Clearly,
India’s power sector should change from a generation-led growth to a delivery/
distribution-led alternative. Project delay on account of procedural setbacks,
grid stability and quality issues, are challenges that could put plans at risk
and need to be dealt with at the policy and regulatory level. The industry, on
its part, needs to expand its capacity and meet the increasing demand.
At Rishi Laser,
they are present in transmission and distribution segment of the power value
chain. The consolidation on the transmission and distribution side affected
their business during the last year. Consequently, the sector garnered revenues
worth Rs. 161.400 Millions, contributing about 10.4% to the overall revenues at
the organization.
They cater to this
segment through their facilities at Nashik in Maharashtra and Savli in Gujarat.
Alstom is their major client in the power generation space, while companies
like Areva T and D, ABB, CG Lucy and Schneider are their customers in the T and
D segment. They are specialists in switchgear manufacture, SS Tanks, switchgear
parts and laminations.
During the last
year, they expanded their horizon to become EPC-turnkey contractors. They have
also delivered projects in this new capacity during the last year and are now
geared up to execute larger projects.
RAIL TRANSPORTATION
As predicted, the
railways segment witnessed a period of consolidation during the last year. The
slowdown had a direct brunt on the sector’s performance at Rishi Laser, with
the vertical garnering revenues worth Rs. 116.400 Millions during the year.
This was a huge decline from its performance during the 2010-11 fiscal when the
segment recorded its highest growth.
Domestically, the
opportunity in the Rail Transportation segment lies in the various Metro
projects running across
the country. They
are currently a preferred supplier to Bombardier, BEML and Alstom for various
projects. They are certified by global organization TUV for SS welding for
Railway coaches. This along with their past experience and also additional
certifications will enable them to meet the increased demand in the future.
Mass Rapid Transit
System (MRTS) is expected to encompass a major portion of total planned
investments in coming years. During the 12th Plan period, private sector
spending is expected in MRTS systems in cities such as Mumbai, Bengaluru,
Hyderabad and Kolkata.
According to India
Infrastructure Research, investments of over Rs. 1612000.000 Millions are
planned for rail-based mass transit projects by 2021. This includes investment
for implementation of monorail systems in Delhi and Bengaluru and light rail
system in Kolkata. Going ahead we expect their abilities and resourcefulness to
drive growth in this vertical.
Thus giving
priority to MRTS in urban transport planning for upcoming cities will help in
building energy and environmental sustainability.
FIXED ASSETS
- Free
- Plant and
Machinery
- Electrical
Installations
- Tools and
Dyes
- Furniture
- Fixtures
- Office
Equipments
- Computers
- Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2012
(Rs. In millions)
|
Particulars |
3 MONTHS ENDED 30.06.2012 |
|
|
UNAUDITED |
|
(a) Net Sales/ Income from
operation |
338.383 |
|
(b) Other Operating Income |
0.000 |
|
Total Income |
338.383 |
|
2. Expenditure |
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(9.300) |
|
b. Consumption of Raw-Materials |
208.659 |
|
c. Purchase of Traded Goods |
0.000 |
|
d. Employees Cost |
50.195 |
|
e. Depreciation |
21.502 |
|
f. Other Expenditure |
63.427 |
|
g. Total |
334.483 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
3.900 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
1.799 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
5.699 |
|
6. Interest |
23.331 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
(17.632) |
|
8. Exceptional Items |
0.152 |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
(17.480) |
|
10. Tax Expenses |
(1.169) |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
(16.311) |
|
12. Extraordinary Items (Net of Tax Expense Rs.________) |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
(16.311) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
89.926 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
|
|
16. Earning per Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
(1.81) |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
(1.81) |
|
17. Public Shareholding |
|
|
Number of Shares |
7205106 |
|
% of Share holding |
80.12 |
|
18. Promoters and promoter group Shareholding |
|
|
a) Pledged/Encumbered |
|
|
- Number of shares |
795000 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
44.48 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
8.84 |
|
b) Non-encumbered |
|
|
- Number of shares |
992494 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
55.52 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
11.04 |
NOTES
1.
Rishi Laser is engaged in the sole segment of
precision metal fabrication.
2.
The above unaudited financial results were
considered and taken on record by the Board of Directors at their meeting held
on 13.08.2012.
3.
The above results are in accordance with the
Accounting Standards issued by the ICAI.
4.
The above unaudited financial results for the
quarter ended 30th June 2012 were reviewed by the Statutory Auditors of the
Company.
5.
The Company during the quarter received and
resolved one investor compliant.
6.
The previous year figures have been regrouped
wherever necessary.
WEBSITE DETAILS
BOARD OF DIRECTORS
MR. HARSHAD PATEL
Mr. Harshad Patel
has been on the Board of the Company since its inception. Mr. Patel is a qualified
Chartered Accountant and Cost Accountant. He is 55 years old and has over 25
years of experience in this business. As the only Executive Director on the
Board, Mr. Patel’s responsibilities have increased manifold and will grow in
the future as the Company is planning further expansion of its various units.
The Board appointed him as Managing Director w.e.f. 1st April, 2008.
MR. JAYESH SHETH
Mr. Jayesh Sheth
has been a Director of the Company since 1995. He is a Commerce Graduate and a
Director in Kantilal Chhaganlal Securities Private Limited, a leading stock
broking firm. He is 55 years old and has over 28 years’ experience in business.
MR. VANDAN SHAH
Mr. Vandan Shah
was appointed as Director in the Annual General Meeting held on 27th September,
2006. He holds a graduate degree in Engineering and is currently Managing
Director of Sipra Engineers Private Limited Mr. Shah is 52 years old and has
over 26 years’ experience, mostly in the engineering sector. He is an
Independent Director of the Company.
MR. DINESH MEHTA
Mr. Dinesh Mehta
was appointed as Director in the Annual General Meeting held on 27th September,
2006. He holds graduate degrees in Commerce and Law. He has over 32 years of
experience in accounts, audits and finance. He currently heads Centennial
Fabrics Limited, a leading Technical Textiles firm in India. He is an
Independent Director of the Company.
MR. VASANT GORAY
Mr. Vasant Goray
was appointed as Director in the Annual General Meeting held on 27th September,
2006. He is a post graduate in Commerce and a Member of the Institute of
Company Secretaries of India. He is 62 years old and has over 25 years’
experience in Company Law and legal matters. He is an Independent Director of
the Company.
SENIOR MANAGEMENT
MR. VINOD SHARMA
Head Operations,
Northern Region
Mr. Vinod Sharma
has been with Rishi Laser since June 2006 and currently heads the Northern
region operations. He has 23 years of deep domain experience in manufacturing
industry operations. Mr. Sharma holds a degree in Mechanical Engineering from
the Institutions of Engineers, India.
MR. ABHAY TOSHAR
Head Operations,
Southern Region
Mr. Abhay Toshar
has been with Rishi Laser since January 2003 and currently heads the operations
of the Southern region. He has 32 years of in-depth experience in operations
and administration of the manufacturing industry. Mr. Toshar has a graduate
degree in Science from Bengaluru University.
MR. M. K. PANDYA
Head Operations,
Gujarat
Mr. M.K. Pandya
joined Rishi Laser in August 2003 and presently heads the Gujarat region
operations. He has 32 years of in-depth experience in operations of the
manufacturing industry, both in India and abroad. Mr. Pandya holds a Mechanical
Engineering degree from Maharaja Sayajirao University, Baroda.
MR. RAJENDRA MANMADKAR
Head Operations,
Maharashtra
Mr. Rajendra
Manmadkar joined Rishi Laser in December 2009 and presently heads the
operations of Maharashtra region. He has over 28 years of diverse and rich
experience in maintenance and operations of the manufacturing industry. Mr.
Manmadkar has a degree in Mechanical Engineering from Marathawada University,
Aurangabad.
MR. GANESH AG RAWAL
Chief Financial
Officer
Mr. Ganesh Agrawal
joined Rishi Laser in July 2006 and as the CFO heads the Finance and Accounts
function. He has 20 years of rich and diverse accounting and financial
experience both in India and abroad. Mr. Agrawal is a qualified Chartered
Accountant from ICAI, Delhi.
MR. VISHAL DESAI
Head, Human
Resource
Mr. Vishal Desai joined
the Company in June 2000 and presently heads the Human Resource function. He
has 12 years of comprehensive experience in the entire gamut of HR and
Administrative functions. Mr. Desai holds a Masters in HRD from South Gujarat
University, Surat and a PG Diploma in Training and Development from ISTD, New
Delhi.
MR. NAVIN DASHORA
Head, Supply Chain
Mr. Navin Dashora
has been with the Company since July 2006 and currently heads the supply chain
management function. He has 23 years of in-depth experience in commercial
functions across different industries. Mr. Dashora is a qualified Chartered
Accountant from ICAI, Delhi.
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. 54.72 |
|
|
1 |
Rs. 88.60 |
|
Euro |
1 |
Rs. 71.34 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.