MIRA INFORM REPORT
|
Report No. : |
356726 |
|
Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAPID ENGINEERING COMPANY PRIVATE LIMITED RAPID COAT DIVISION (UNIT OF RAPID ENGINEERING COMPANY PRIVATE
LIMITED) |
|
|
|
|
Registered
Office : |
111-112, DSIDC, Okhla Industrial Area, Phase I, Delhi – 110020 |
|
Tel. No.: |
91-11-26813344 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
13.03.1972 |
|
|
|
|
Com. Reg. No.: |
55-006026 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1972PTC006026 |
|
|
|
|
IEC No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Powder Coating, Epoxy Powder for Electrostatic Coating
on Metal, Plastic Powder for Coating. (Confirmed by management) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 550000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Rating takes consideration on company’s satisfactory financial and operational
profile along with healthy profitability margin and networth, comfortable
liquidity and debt protection metrics. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. Note: Management of the company has not filed its financial with the
Government Department for the year 2015. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
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
31-03-2015.
LOCATIONS
|
Registered Office : |
111-112, DSIDC, Okhla Industrial Area, Phase I, Delhi – 110020, India |
|
Tel. No.: |
91-11-26813344 |
|
Fax No.: |
91-11-26813344/26810677 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant and Corporate Office : |
(Rapid Coat
Division) A-11/1, Site. IV, Link Road, Sahibabad -201010, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2896655 |
|
Fax No.: |
91-120-2896655/2896656 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Branch : |
Plot No. 3, Sag Baug, Andheri Kurla Road, Andheri (East), Mumbai –
400059, India |
|
Tel No: |
91-22-28508775 |
|
Fax No: |
91-22-28501303 |
|
Email: |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ajit Gupta
|
|
Designation : |
Director |
|
Address : |
D-701, Kaveri Apartments Alaknanda, New Delhi – 110019, India |
|
Date of Birth/Age : |
08.09.1946 |
|
Date of Appointment : |
13.03.1972 |
|
DIN No.: |
00094127
|
|
|
|
|
Name : |
Mr. Saroj Gupta
|
|
Designation : |
Director |
|
Address : |
D-701, Kaveri Apartments Alaknanda, New Delhi – 110019, India |
|
Date of Birth/Age : |
15.01.1950 |
|
Date of Appointment : |
28.02.1974 |
|
DIN No.: |
00498318
|
|
|
|
|
Name : |
Mr. Anuj Gupta
|
|
Designation : |
Director |
|
Address : |
D-701, Kaveri Apartments Alaknanda, New Delhi – 110019, India |
|
Date of Birth/Age : |
13.08.1974 |
|
Date of Appointment : |
28.04.2010 |
|
DIN No.: |
03048866
|
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Ajit Gupta |
37040 |
40.70 |
|
Saroj Gupta |
44290 |
48.67 |
|
Anuj Gupta |
370 |
0.41 |
|
Urmila Jain |
9300 |
10.22 |
|
TOTAL |
91000 |
100.00 |
%20-%20356726%2026-Dec-2015_files/image012.gif)
As on As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Powder Coating, Epoxy Powder for Electrostatic Coating
on Metal, Plastic Powder for Coating. (Confirmed by management) |
|
|
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Products : |
|
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
|
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Auditors : |
|
|
Name : |
Sachin Agarwal and Associates Chartered Accountant |
|
Address : |
103 Ansal Vikas Deep Plaza, Laxmi Nagar, District Centre, Delhi –
110092, India |
|
Tel. No.: |
91-11-22452754 |
|
Mobile No.: |
91-9811254669 |
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PAN No.: |
AAQFS1172F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91000 |
Equity Shares |
Rs.100/-
each |
Rs. 9.100
Million |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.100 |
9.100 |
9.100 |
|
(b) Reserves & Surplus |
184.149 |
165.791 |
144.535 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
193.249 |
174.891 |
153.635 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
11.113 |
9.318 |
7.136 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
11.113 |
9.318 |
7.136 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
60.967 |
56.014 |
2.897 |
|
(b) Trade payables |
111.392 |
110.789 |
97.106 |
|
(c) Other current
liabilities |
17.765 |
11.549 |
13.785 |
|
(d) Short-term
provisions |
7.000 |
10.000 |
10.500 |
|
Total Current
Liabilities (4) |
197.124 |
188.352 |
124.288 |
|
|
|
|
|
|
TOTAL |
401.486 |
372.561 |
285.059 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
106.419 |
100.432 |
64.313 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
106.419 |
100.432 |
64.313 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
140.964 |
143.134 |
108.379 |
|
(c) Trade receivables |
111.440 |
99.754 |
79.367 |
|
(d) Cash and cash
equivalents |
8.124 |
6.426 |
8.589 |
|
(e) Short-term loans
and advances |
34.539 |
22.815 |
24.411 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
295.067 |
272.129 |
220.746 |
|
|
|
|
|
|
TOTAL |
401.486 |
372.561 |
285.059 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
TOTAL TURNOVER |
844.219 |
848.565 |
682.781 |
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
26.948 |
33.685 |
32.559 |
|
|
|
|
|
|
|
Less |
TAX |
8.558 |
12.422 |
10.646 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
18.390 |
21.263 |
21.913 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
151.700 |
167.300 |
130.218 |
|
|
TOTAL EARNINGS |
151.700 |
167.300 |
130.218 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
202.00 |
233.65 |
240.80 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Total Turnover) |
(%) |
2.18 |
2.51 |
3.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.71 |
9.04 |
11.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.19 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32 |
0.32 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.44 |
1.78 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
9.100 |
9.100 |
9.100 |
|
Reserves & Surplus |
144.535 |
165.791 |
184.149 |
|
Net worth |
153.635 |
174.891 |
193.249 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2.897 |
56.014 |
60.967 |
|
Total borrowings |
2.897 |
56.014 |
60.967 |
|
Debt/Equity ratio |
0.019 |
0.320 |
0.315 |
%20-%20356726%2026-Dec-2015_files/image014.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Turnover |
682.781 |
848.565 |
844.219 |
|
|
|
24.281 |
(0.512) |
%20-%20356726%2026-Dec-2015_files/image016.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Turnover |
682.781 |
848.565 |
844.219 |
|
Profit |
21.913 |
21.263 |
18.390 |
|
|
3.21% |
2.51% |
2.18% |
%20-%20356726%2026-Dec-2015_files/image018.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS
The company,
during the year has achieved a total turnover of Rs 844.218 Million (P.Y:
848.565 Million) on which the net profit after depreciation was Rs 26.947
Million (P.Y. 33.685 Million). The directors are making efforts for achieving
better results in the current year.
FUTURE PLANS
The plan is to
make ourselves more fit and competitive. They are concentrating on plans to make
their operations safer, more efficient, consume lesser resources and increase
turnover to bring better stability in the company. The market is fiercely
competitive and demanding. So they have risen to the challenge by taking
adequate steps.
UNSECURED LOAN
(Rs.
In Million)
|
Secured Loan |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Secured Loan Limits |
60.001 |
49.342 |
|
Loan and Advance From Related Parties |
|
|
|
From directors |
0.966 |
5.500 |
|
From shareholders |
0.000 |
1.172 |
|
Total |
60.967 |
56.014 |
INDEX OF CHARGES
|
S.
No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10523139 |
29/09/2014 |
12,750,000.00 |
The Hong Kong and Shanghai Banking Corporation Limited |
25, Barakhamba Road, New Delhi - 110001, INDIA |
C24561318 |
|
2 |
10496945 |
29/09/2014 * |
120,000,000.00 |
The Hong Kong and Shanghai Banking Corporation Limited |
25, Barakhamba Road, New Delhi - 110001, INDIA |
C24559965 |
* Date of charge modification
FIXED ASSETS
- Land and
Building
- Plant and
Machinery
- Vehicle
- Computers
- Furniture and
Fixture
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.66.20 |
|
|
1 |
Rs.98.29 |
|
Euro |
1 |
Rs.72.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--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 |
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 |
|
48 |
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.