MIRA INFORM REPORT

 

 

Report No. :

344630

Report Date :

12.10.2015

 

IDENTIFICATION DETAILS

 

Name :

A RAYMOND FASTENERS INDIA PRIVATE LIMITED

 

 

Registered Office :

G No. 259, 276/ 8B, Nighoje, Taluka – Khed, Pune – 410501, Maharashtra

Tel. No.:

91-20-40728807

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.11.2007

 

 

Com. Reg. No.:

11-133150

 

 

Capital Investment / Paid-up Capital :

Rs.262.028 Million

 

 

CIN No.:

[Company Identification No.]

U24139PN2007PTC133150

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAGCA7184G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Bonding and Fastening Solutions.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “A Raymond ET CIE SCS, France”, incorporated in the year of 2007, having moderate track record.

 

For the FY 14, the company has achieved sales turnover of Rs. 542.880 Million but has incurred loss. It has recorded negative reserves marked by decline in its cash and cash balance and there is unfavorable gap between trade payables and receivables.

 

However trade relations are fair. Business is active. Payments are slow but correct.

 

The company can be considered fir 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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.

 

INFORMATION DECLINED BY

 

Name :

Mr. Dnyaneshwar Jagtap

Designation :

Finance Manager

Contact No.:

91-21-35676218

Date :

09.10.2015

 

 

LOCATIONS

 

Registered Office :

G No. 259, 276/ 8B, Nighoje, Taluka – Khed, Pune – 410501, Maharashtra, India

Tel. No.:

91-20-40728807

Fax No.:

91-20-40728899

E-Mail :

Roopali.Kamate@araymond.com

 

 

Factory and guest house:

Located at

 

  • Chinchwad, Pune, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Manish K Padharia 

Designation :

Managing Director

Address :

The Woods Cresent House 301, Near Park Street, Kalewadi Wakad, Pune – 411057, Maharashtra, India  

Date of Birth/Age :

16.10.1971

Date of Appointment :

01.04.2012

PAN No.:

AJWPP4139L

DIN No.:

02147908

 

 

Name :

Mr. Stephen T Lockett

Designation :

Director

Address :

The Old Coach House – The Rocks Road, East Malling – West Malling, Kent, ME196AU, UK

Date of Birth/Age :

08.08.1960

Date of Appointment :

30.12.2008

DIN No.:

01897902

 

 

Name :

Mr. Antoine Robert Raymond

Designation :

Director

Address :

1, Place Des Tilleuls, Grenoble, France  - 38000

Date of Birth/Age :

07.03.1962

Date of Appointment :

30.12.2008

DIN No.:

01897871

 

 

Name :

Jean Yves Renoux

Designation :

Nominee director

Address :

48 Boulevard Des Belges, 69006 Lyon, France, 69006

Date of Birth/Age :

22.07.1979

Date of Appointment :

06.12.2012

DIN No.:

06451090

 

 

KEY EXECUTIVES

 

Name :

Roopali Vikram Kamate

Designation :

Secretary

Address :

401, Celestia, Baner, Pune - 411045, Maharashtra, India

Date of Appointment :

13.02.2013

PAN No:

ARXPK8076G

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

A Raymond ET CIE SCS, France

 

31269829

Manish K. Padharia

 

1

Total

 

31269830

 

AS ON 03.12.2014

 

Names of Allottees

 

No. of Shares

A Raymond ET CIE SCS, France

 

5212205

Total

 

5212205

 

AS ON 18.05.2015

 

Names of Allottees

 

No. of Shares

A Raymond ET CIE SCS, France

 

3041111

Total

 

3041111

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Bonding and Fastening Solutions.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Credit Agricole Corporate And Investment Bank

Branch Address

A-203, ICC Trade Towe,, Senapati Bapat Road, Pune -411016 Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from others

410.679

314.201

Total

410.679

314.201

 

Auditors :

 

Name :

Natu and Pathak

Chartered Accountants

Address :

#401-402, Utkarsha Apartment, Bhakti Marg, Law College Road. Pune – 411038, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFN5816E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • A.Raymond ET CIE SCS

 

 

Fellow Subsidiary Company:
  • A.Raymond ET CIE SCS
  • A Raymond France
  • A Raymond GMBH and Company Germany
  • A Raymond Italiana
  • A Raymond Jabloneck SRO Czech Republic
  • A Raymond S.A.R.L
  • A Raymond fasteners (Z) Company Limited
  • A Raymond Tecniacero, S.A.U., Spain
  • A Raymond Japan Company Limited
  • A Raymond Limited, U.K.
  • A Raymond, U.S.A
  • A.Raymond Brasil Limited, Pacific Sight holdings
  • A Raymon Fateners (z) Company Limited. China
  • A Raymond Fateners Zenjiang Company Limited, China
  • A Raymond France (Grenoble)
  • A Raymond GMBH and Company. KG
  • A Raymond Italiana
  • A Raymond Korea Company Limited.
  • A Raymond Limited. STI, Turkey
  • A Raymond Tinnerman Automative Inc
  • A Raymond Tinnerman Mfg Hamilton- INC Limited, China
  • Rayconnect Inc., U.S.A.
  • Raygroup SAS France
  • Rayconnect International SASU France
  • Raynet SNC, France.

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

46500000

Equity Shares

Rs.10/- each

Rs. 465.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

39523146

Equity Shares

Rs.10/- each

Rs. 395.231 Million

 

 

 

 

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

46500000

Equity Shares

Rs.10/- each

Rs. 465.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

31269830

Equity Shares

Rs.10/- each

Rs. 312.698 Million

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

46500000

Equity Shares

Rs.10/- each

Rs. 465.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

26202830

Equity Shares

Rs.10/- each

Rs. 262.028 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

262.028

232.312

225.421

(b) Reserves & Surplus

(65.722)

135.417

93.337

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

101.340

0.000

12.981

Total Shareholders’ Funds (1) + (2)

297.646

367.729

331.739

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

410.679

314.201

60.953

(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

7.307

8.845

8.593

Total Non-current Liabilities (3)

417.986

323.046

69.546

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

30.599

7.517

(b) Trade payables

253.264

189.882

124.194

(c) Other current liabilities

15.907

14.021

9.287

(d) Short-term provisions

5.506

1.900

3.043

Total Current Liabilities (4)

274.677

236.402

144.041

 

 

 

 

TOTAL

990.309

927.177

545.326

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

584.502

441.865

177.055

(ii) Intangible Assets

0.153

0.586

1.212

(iii) Capital work-in-progress

17.676

31.747

6.621

(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)

3.835

3.973

1.440

(d)  Long-term Loan and Advances

21.467

3.377

6.411

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

627.633

481.548

192.739

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

150.869

147.214

125.642

(c) Trade receivables

111.735

97.261

105.119

(d) Cash and cash equivalents

40.122

120.682

88.478

(e) Short-term loans and advances

59.950

80.472

33.348

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

362.676

445.629

352.587

 

 

 

 

TOTAL

990.309

927.177

545.326

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

542.780

546.382

497.844

 

Other Income

 

 

 

 

TOTAL

542.780

546.382

497.844

 

 

 

 

 

Less

EXPENSES

685.179

493.858

429.778

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

(142.399)

52.524

68.066

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

63.191

40.809

22.863

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(205.590)

11.715

45.203

 

 

 

 

 

Less

TAX

(1.479)

2.712

13.704

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(204.111)

9.003

31.499

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(7.79)

NA

NA

 

 

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 (used in) operations

(89.141)

60.591

77.878

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(21.22)

1.31

8.41

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.69)

0.03

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.38

0.94

0.21

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.32

1.89

2.45

 

 

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

225.421

232.312

262.028

Reserves & Surplus

93.337

135.417

-65.722

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

12.981

0.000

101.340

Net worth

331.739

367.729

297.646

 

 

 

 

long-term borrowings

60.953

314.201

410.679

Short term borrowings

7.517

30.599

0.000

Total borrowings

68.470

344.800

410.679

Debt/Equity ratio

0.206

0.938

1.380

 

 

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 Income 

497.844

546.382

542.780

 

 

9.750

(0.659)

 

 

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 Income 

497.844

546.382

542.780

Profit

31.499

9.003

(204.111)

 

6.33%

1.65%

(37.60%)

 

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

Yes

8

Designation of contact person

Yes

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

Yes

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

Yes

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

 

NOTE: Registered office of the company has been shifted from 128/2, Sanghavi Complex, Telco Road , Chinchwad, Pune -411019, Maharashtra, India  to the present address w.e.f. 26.11.2012

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans and advances from others

0.000

30.599

Total

0.000

30.599

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10547395

13/01/2015

139,650.00

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

A-203, ICC TRADE TOWER,, SENAPATI BAPAT ROAD,, PU
NE, MAHARASHTRA - 411016, INDIA

C42642934

 

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.64.78

UK Pound

1

Rs.99.54

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

KVT

 

 

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

3

--PROFITABILITY

1~10

2

--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

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.