MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
RHINE ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Plot No. 454, GIDC, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.10.2003 |
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Com. Reg. No.: |
04-042998 |
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Capital
Investment / Paid-up Capital : |
Rs. 89.455 Millions |
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CIN No.: [Company Identification
No.] |
U31200GJ2003PTC042998 |
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PAN No.: [Permanent Account No.] |
AACCR5624C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Company specializing in fabricating various equipments 'build to print' as per design and drawings of the Customer. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 330000 |
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Status : |
Moderate |
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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 moderate track. Rating reflects moderate financial risk profile due to loss incurred
by the company in the year 2012-2013. However, trade relations are fair. Business is active. Payment terms are
slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED BY
Management Non-Cooperative
Contact No.: 91-265-2830113
LOCATIONS
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Registered Office : |
Plot No. 454, GIDC, National Highway No. 8, Por-Ramangamdi, Vadodara 391243, Gujarat, India |
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Tel. No.: |
91-265-283 0113, 283 0114 |
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Fax No.: |
91-265-283 0112 |
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E-Mail : |
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Website : |
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Kolkata Office: : |
Office No. 829, Levels 8, RDB Boulevard, Plot – K1, Sector – V, Block – EP & GP, Salt Lake City, Kolkata – 700 091, West Bengal, India |
DIRECTORS
AS ON 23.08.2013
|
Name : |
William James Hallinan |
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Designation : |
Director |
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Address : |
25720, Jefferson Avenue, Murrieta, CA 92562, USA. |
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Date of Birth/Age : |
09.02.1943 |
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Date of Appointment : |
09.02.2004 |
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DIN No. : |
00765586 |
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Other Directorship :
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Name : |
Shashi Shekar Parmeswar Hosagrahar |
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Designation : |
Managing director |
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Address : |
Plot No 37 Shree Sharanam - II No 404, Behind HDFC Bank Alkapuri, Vadodara – 390 007, Gujarat, India |
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Date of Birth/Age : |
05.04.1958 |
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Date of Appointment : |
01.01.2012 |
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DIN No. : |
01657464 |
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Other Directorship :
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Name : |
Christopher Alan Chlebek |
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Designation : |
Director |
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Address : |
40844 CEBO DR, Temecula, CA 92591, California, 92591, United States of America |
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Date of Birth/Age : |
05.01.1965 |
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Date of Appointment : |
26.08.2010 |
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DIN No. : |
02886721 |
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Other Directorship :
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Name : |
Bipinkumar Parsottamdas Patel |
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Designation : |
Additional director |
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Address : |
1-A Valmiki Soc, Waghodia Road, Vadodara -390019, Gujarat, India |
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Date of Birth/Age : |
21.11.1964 |
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Date of Appointment : |
21.02.2014 |
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DIN No. : |
06822741 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.08.2013
|
Names of Shareholders |
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No. of Shares |
|
Arun Kumar |
|
500,000 |
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Cryogenic Industries AG, Switzerland |
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7,805,997 |
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Michael B. Steffora |
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1 |
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Cryoquip Vaporizers India Private Limited, India |
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639,458 |
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Total |
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8,945,456 |
As on 23.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
87.26 |
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Bodies corporate |
7.15 |
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Other top fifty shareholders |
5.59 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company specializing in fabricating various equipments 'build to print' as per design and drawings of the Customer. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
Not Divulged |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Suresh Surana and Associates Chartered Accountants |
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Address : |
310,Ahura Centre, 82, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India |
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PAN No.: |
AAQFS7647M |
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Holding company
: |
Cryogenic Industries AG, Switzerland |
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Fellow
Subsidiary Company : |
· Cryogenic Industries Limited, Hongkong · The Wittemann Co. LLC, USA (up to 27 January 2012) |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
·
ACD LLC, USA ·
ACD Cryo GMBH, Germany ·
Cryoquip Inc, USA ·
Cryoquip Limited, UK ·
Cosmodyne Packaged Plant Limited, China ·
Cosmodyne, USA |
CAPITAL STRUCTURE
AS ON 23.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
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|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
8,945,456 |
Equity Shares |
Rs.10/- each |
Rs. 89.455 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
89.455 |
89.455 |
89.455 |
|
(b) Reserves & Surplus |
(8.054) |
2.570 |
12.612 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
81.401 |
92.025 |
102.067 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.558 |
2.403 |
1.189 |
|
Total
Non-current Liabilities (3) |
1.558 |
2.403 |
1.189 |
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(4) Current Liabilities |
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|
|
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(a) Short term borrowings |
118.261 |
111.010 |
79.435 |
|
(b) Trade payables |
30.997 |
36.065 |
51.044 |
|
(c) Other current liabilities |
22.360 |
49.808 |
75.928 |
|
(d) Short-term provisions |
1.335 |
0.745 |
1.851 |
|
Total
Current Liabilities (4) |
172.953 |
197.628 |
208.258 |
|
|
|
|
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TOTAL |
255.912 |
292.056 |
311.514 |
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II.
ASSETS |
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(1) Non-current assets |
|
|
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(a) Fixed Assets |
|
|
|
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(i) Tangible assets |
95.695 |
96.209 |
98.706 |
|
(ii) Intangible Assets |
4.349 |
4.180 |
4.612 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
19.220 |
16.738 |
16.525 |
|
(d) Long-term Loan and Advances |
14.971 |
13.515 |
13.997 |
|
(e) Other Non-current assets |
3.139 |
4.087 |
1.581 |
|
Total
Non-Current Assets |
137.374 |
134.729 |
135.421 |
|
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|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
61.910 |
88.087 |
95.945 |
|
(c) Trade receivables |
42.856 |
42.377 |
33.304 |
|
(d) Cash and cash equivalents |
7.732 |
15.762 |
29.846 |
|
(e) Short-term loans and
advances |
6.040 |
11.101 |
16.998 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
118.538 |
157.327 |
176.093 |
|
|
|
|
|
|
TOTAL |
255.912 |
292.056 |
311.514 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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Revenue from operations |
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|
170.673 |
|
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Other Income |
|
|
|
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TOTAL
|
263.852 |
286.755 |
170.673 |
|
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Less |
EXPENSES |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
20.246 |
14.538 |
-61.265 |
|
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Other expenditure |
256.712 |
282.472 |
251.771 |
|
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TOTAL
|
276.958 |
297.010 |
190.506 |
|
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PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(13.106) |
(10.255) |
(19.833) |
|
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Less |
TAX
(I) |
0.000 |
0.000 |
0.000 |
|
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|
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|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(13.106) |
(10.255) |
(19.833) |
|
|
|
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|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(10.042) |
0.213 |
4.156 |
|
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DIFFERED
TAX |
2.482 |
NA |
NA |
|
|
|
|
|
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Balance
Carried to the B/S |
(10.624) |
(10.042) |
(15.677) |
|
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Earnings
/ (Loss) Per Share (Rs.) |
(1.46) |
(1.146) |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.97) |
(3.58) |
(11.62) |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.54) |
(3.72) |
(6.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16) |
(0.11) |
(0.19) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.45 |
1.21 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.80 |
0.85 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
89.455 |
89.455 |
89.455 |
|
Reserves & Surplus |
12.612 |
2.570 |
(8.054) |
|
Net
worth |
102.067 |
92.025 |
81.401 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
79.435 |
111.010 |
118.261 |
|
Total
borrowings |
79.435 |
111.010 |
118.261 |
|
Debt/Equity
ratio |
0.778 |
1.206 |
1.453 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
170.673 |
286.755 |
263.852 |
|
|
|
68.014 |
(7.987) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
170.673 |
286.755 |
263.852 |
|
Profit/(Loss) After Tax |
(19.833) |
(10.255) |
(13.106) |
|
|
(11.62%) |
(3.58%) |
(4.97%) |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
------ |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
VIEW INDEX OF
CHARGES : NOT EXISTING FOR THE COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from bank |
21.500 |
20.000 |
|
Loans and advances from a related party |
96.761 |
91.010 |
|
Total |
118.261 |
111.010 |
|
NOTE : SHORT TERM
BORROWINGS Each working capital loans from bank is repayable in a single installment within 2 to 3 months from the date of loans and carries interest @ 11.55% p.a. to 12.95% p.a. The loan from a related party is repayable in single
installment on 1 October 2013 and carries interest rate equal to 6 month USD
LIBOR plus 3% p.a. |
||
REVIEW OF OPERATIONS
The volume of sales of the Company decreased to INR 263.852 Millions as compared to the previous year's volume of INR 286.755 Millions. Net Loss before tax in the current year is INR 13.106 Millions as compared to net loss before tax of INR 10.255 Millions in the previous year. The company has not accepted any public deposits.
FIXED ASSETS
· Buildings
· Office building
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer
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 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.60.79 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.