MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUBICON FORMULATIONS PRIVATE LIMITED |
|
|
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Registered
Office : |
Plot No. M-163, MIDC Area, Waluj, Aurangabad-431133, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
09.12.1999 |
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Com. Reg. No.: |
11-122999 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.976 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U24200MH1999PTC122999 |
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|
|
|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturing of Formulations, Deo Sprays and Perfumes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300000 |
|
|
|
|
Status : |
Satisfactory |
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|
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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 record.
Trade relations are reported as fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered normal 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 / Factory : |
Plot No. M-163, MIDC Area, Waluj, Aurangabad-431133, |
|
Tel. No.: |
91-24-2552757 |
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Fax No.: |
91-24-2552311 |
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E-Mail : |
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Website : |
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Head Office : |
205, |
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Tel No : |
Not Available |
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Fax No.: |
91-22-29201459/ 29254657 |
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E-Mail : |
DIRECTORS
As on : 29.09.2012
|
Name : |
Mr. Simon John Lewis |
|
Designation : |
Whole-Time Director |
|
Address : |
C 503/504, Silver Bells Co-operative Society, |
|
Date of Birth/Age : |
08.10.1958 |
|
Qualification : |
B.Com |
|
Experience : |
29 Years |
|
Date of Appointment : |
20.09.2001 |
|
DIN No.: |
00329039 |
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|
|
|
Name : |
Mr. Prabhakar Vishwanath Marla |
|
Designation : |
Whole-Time Director |
|
Address : |
Flat No A7, |
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Date of Birth/Age : |
29.04.1956 |
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Qualification : |
M.Sc |
|
Experience : |
31 Years |
|
Date of Appointment : |
20.09.2001 |
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DIN No.: |
00329161 |
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|
|
Name : |
Mr. Ramswarup Sriram Rajoria |
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Designation : |
Whole-Time Director |
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Address : |
205, Shubhangam, Jyoti Nagar, Aurangabad-431005, |
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Date of Birth/Age : |
08.09.1949 |
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Qualification : |
B Pharma |
|
Experience : |
39 Years |
|
Date of Appointment : |
09.12.1999 |
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DIN No.: |
01026037 |
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|
|
Name : |
Mr. Pradeepkumar Chandrashekar Singh |
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Designation : |
Whole-Time Director |
|
Address : |
H-83, Ved, N4 Cidco, Aurangabad-431003, |
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Date of Birth/Age : |
01.01.1959 |
|
Qualification : |
B Pharm / PGDPM |
|
Experience : |
25 Years |
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Date of Appointment : |
09.12.1999 |
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DIN No.: |
01143105 |
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KEY EXECUTIVES
|
Name : |
Mr. R.K Kulkarni |
|
Designation : |
Company Secretary |
|
Date of Appointment : |
2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Rajoria Ramswarup S |
95270 |
|
Simon Lewis |
95270 |
|
P M Maria |
73617 |
|
Pradeep Kumar Singh |
67122 |
|
Vishwas K Mane |
51965 |
|
Padmakar M Pande |
49800 |
|
Rajoria Bharti R |
14203 |
|
Irene Simon Lewis |
14203 |
|
Sujatha Maria |
6000 |
|
Lily Pradeep Kumar Singh |
12495 |
|
Usha Vishwas Mane |
7747 |
|
Megha Padmakar Parde |
9912 |
|
Total |
497604 |
Equity
Share Break up (Percentage of Total Equity)
As on : 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
76.00 |
|
Others |
24.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Formulations, Deo Sprays and Perfumes. |
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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 : |
·
State Bank of ·
State Bank of ·
HDFC Bank, |
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Facilities : |
Rs. in Millions
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Auditors : |
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Name : |
Vithal Deshmukh and Associates Chartered Accountants |
|
Address : |
1st |
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Tel. No.: |
91-24-2333282/2328968 |
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Fax No.: |
91-24-2328968 |
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Website : |
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PAN No.: |
ABITD0102B |
CAPITAL STRUCTURE
As on : 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/-each |
Rs. 5.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
497604 |
Equity Shares |
Rs. 10/-each |
Rs. 4.976 Millions |
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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 |
4.976 |
4.976 |
4.976 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
70.810 |
53.604 |
31.903 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
75.786 |
58.580 |
36.879 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.279 |
7.755 |
14.300 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
9.090 |
|
|
TOTAL BORROWING |
14.279 |
7.755 |
23.390 |
|
|
DEFERRED TAX LIABILITIES |
2.559 |
2.145 |
2.055 |
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|
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|
|
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TOTAL |
92.624 |
68.480 |
62.324 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.687 |
39.444 |
39.274 |
|
|
Capital work-in-progress |
2.107 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.557 |
21.287 |
10.495 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32.442
|
46.646 |
46.223 |
|
|
Sundry Debtors |
66.616
|
55.376 |
47.301 |
|
|
Cash & Bank Balances |
5.085
|
14.347 |
5.202 |
|
|
Other Current Assets |
1.329
|
1.095 |
0.661 |
|
|
Loans & Advances |
15.120
|
16..970 |
10.914 |
|
Total
Current Assets |
120.592
|
134.434 |
110.301 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.186
|
99.347 |
|
|
|
Other Current Liabilities |
11.088
|
4.129 |
|
|
|
Provisions |
18.045
|
23.209 |
|
|
Total
Current Liabilities |
110.319
|
126.685 |
97.822 |
|
|
Net Current Assets |
10.273
|
7.749 |
12.479 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
PRELIMARY EXPENSES |
0.000 |
0.000 |
0.046 |
|
|
PRE-OPERATIVE EXPENSES |
0.000 |
0.000 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
92.624 |
68.480 |
62.324 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
697.152 |
761.673 |
609.897 |
|
|
|
Other Income |
2.606 |
1.673 |
1.448 |
|
|
|
TOTAL |
699.758 |
763.346 |
611.345 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
408.949 |
482.046 |
|
|
|
|
Changes in Inventories |
3.748 |
0.059 |
|
|
|
|
Employee Benefits Expenses |
51.549 |
37.217 |
|
|
|
|
Finance Cost |
3.126 |
2.330 |
|
|
|
|
Direct Expenses |
22.541 |
23.633 |
|
|
|
|
Administration Expenses |
14.426 |
10.965 |
|
|
|
|
Selling and Marketing Expenses |
3.531 |
2.391 |
|
|
|
|
Other Expenses |
154.537 |
167.674 |
|
|
|
|
TOTAL |
662.407 |
726.315 |
589.110 |
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
37.351 |
37.031 |
22.235 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.781 |
4.927 |
4.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
30.570 |
32.104 |
17.769 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.194 |
10.687 |
4.138 |
|
|
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|
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|
PROFIT AFTER TAX
|
20.376 |
21.417 |
13.631 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13.903 |
NA |
NA |
|
|
|
Capital Goods |
2.445 |
NA |
NA |
|
|
TOTAL IMPORTS |
16.348 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
40.95 |
43.04 |
NA |
|
|
|
Diluted |
40.95 |
43.04 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.91
|
2.81 |
2.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.38
|
4.21 |
3.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.05
|
18.46 |
14.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.55 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19
|
0.13 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.11
|
1.06 |
1.13 |
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
OPERATIONAL
PERFORMANCE :
The performance of the company in the financial year 2011-2012 declined
as compared to that of the financial year 2010-2011. The turnover experienced
steep reduction. The company experienced increased profit before depreciation
and tax. However, additional to the fixed assets during the year led to higher
depreciation for the year and accordingly resulted into decreased profit before
tax and also profit after tax.
FIXED ASSET :
·
·
·
Office
·
Plant and Machinery
·
Electrical Installation
·
Computer System
·
Fax Machine
·
Furniture and Fixtures
·
Fire Equipments
·
Refrigerator
·
Site Development
·
Laboratory Equipment
·
EPBX Stems
·
Software Purchase
·
Air Conditioner
·
Water Cooler
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 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 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. 54.16 |
|
|
1 |
Rs. 84.88 |
|
Euro |
1 |
Rs. 70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.