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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

491439

Report Date :

09.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

RIECO INDUSTRIES LIMITED (w.e.f. 08.08.1997)

 

 

Formerly Known As :

RATHI INDUSTRIAL EQUIPMENT COMPANY LIMITED (w.e.f. 28.05.1976)

 

RATHI INDUSTRIAL EQUIPMENT COMPANY PRIVATE LIMITED

 

 

Registered Office :

1162/2, Shivajinagar, Behind Obseavatory, Pune- 411005, Maharashtra

Tel. No.:

91-20-25535384/25535215

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

31.10.1975

 

 

Com. Reg. No.:

11-018631

 

 

Capital Investment / Paid-up Capital :

INR 125.000 Million

 

 

CIN No.:

[Company Identification No.]

U24118MH1975PLC018631

 

 

IEC No.:

0388142383

 

 

GSTIN/UIN:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACR8217P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Air Pollution Control Systems (APC), Size Reduction Equipment’s (SRE), Pneumatic Conveying Systems (PHS) and Accessories and Spares. (Registered Activity and also Confirmed by management)

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 1975 and it is manufacturer of air pollution control systems.

 

For the financial year ended 2017, the company has reported growth of 12.18% in its revenue profile but has reported low profit margin of 0.88% during the year under review.

 

The sound financial risk profile of the company is marked by adequate net worth base and comfortable debt balance sheet profile.

 

Rating takes into account the subjects long established track record of business operations along with extensive experience of its promoters.

 

The ratings are constrained by the susceptibility of subject’s profitability to volatility in raw material prices as well as foreign exchange fluctuation risk and competition in domestic and global market.

 

Payment seems to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term borrowing: A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

27.04.2017

 

 

Rating Agency Name

CARE

Rating

Short term borrowing: A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

27.04.2017

 

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.02.2017

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DENIED

 

MANAGEMENT NON-COOPERATIVE (91-20-25535384)

 

 

LOCATIONS

 

Registered Office :

1162/2, Shivajinagar, Behind Obseavatory, Pune- 411005, Maharashtra, India

Tel. No.:

91-20-25535384/25535215

Fax No.:

91-20-25533229

E-Mail :

rieco@rieco.com

b.mishra@rieco.com

shares@sudarshan.com

psraghavan@sudarshan.com

Website :

www.rieco.com

 

 

Factory :

Gat No.144, Alandi Markal Road, Alandi, Pune, Maharashtra, India

Tel. No.:

91-2135-305016

Fax No.:

91-2135-305006

 

 

Branch Office 1 :

E-1, 1st Floor, Jhandewala Extension Near Delhi Press, Rani Jhansi Road,  New Delhi -110055, India

 

 

Branch Office 2:

14 Nariman Bhavan, 227 Nariman Point , Mumbai -400021, Maharashtra, India

 

 

Branch Office 3:

No.31 and 32,Kamarajagar Colony, 3rd Street, Kodambakkam, Chennai -600008, Tamilnadu, India  

 

 

Branch Office 4:

7A, Lala Lajpatrai Sarani, Kolkata -700020, West Bengal, India 

 

 

Regional Offices :

Located at :

 

·         Mumbai

·         Kolkata

·         New Delhi

·         Chennai

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Ajoy Balkrishna Rathi

Designation :

Managing Director

Address :

60, Baner Road, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

28.07.1956

Date of Appointment :

01.09.2009

PAN No.:

ABDPR2554C

DIN No.:

00018614

Other Directorship :

CIN/FCRN

Company Name

Begin Date

End Date

U17119MH1940PTC003210

RATHI BROTHERS PRIVATE LIMITED

20/12/2013

-

L24119PN1951PLC008409

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

10/08/2017

-

U65999PN1982PTC026383

BALKRISHNA RATHI FINANCE PVT LTD

30/09/1998

-

U13000PN1998PTC013000

RATHI MIXERS PRIVATE LIMITED

30/08/2003

-

U51909PN2000PLC015169

RATHI BROTHERS MADRAS LIMITED

01/08/2000

-

U51909PN2000PLC015170

RATHI BROTHERS CALCUTTA LIMITED

01/08/2000

-

U51909PN2002PLC016869

RATHI BROTHERS DELHI LIMITED

01/04/2002

-

U51909PN1999PLC014039

RATHI BROTHERS POONA LIMITED

01/10/1999

-

U24100PN2008PTC132573

RATHI ENTERPRISES PRIVATE LIMITED

06/08/2008

-

U24299PN2016PTC165944

RABRO SPECIALITY CHEMICALS PRIVATE LIMITED

11/08/2016

-

 

 

Name :

Mr. Vikas Rameshlal Bhatia

Designation :

Director

Address :

T-03/1103, SN 183 203/1A, Baner, Kapil Malhar, Intelligent H / Baner, Pune-411045, Maharashtra, India

Date of Birth/Age :

05.08.1970

Date of Appointment :

17.09.2014

DIN No.:

01056616

Other Directorship :

CIN/FCRN

Company Name

Begin Date

End Date

U13000PN1998PTC013000

RATHI MIXERS PRIVATE LIMITED

26/09/2014

-

U74910PN2005PTC130521

INFINITUM EXECUTIVE SEARCH PRIVATE LIMITED

22/07/2005

-

 

 

Name :

Mr. Kishor Laxminarayan Rathi

Designation :

Nominee Director

Address :

C-4, Abhimanshree Society, Pashan Road, Pune-411008, Maharashtra, India

Date of Appointment :

10.02.2015

DIN No.:

00018567

Other Directorship :

CIN/FCRN

Company Name

Begin Date

End Date

L24119PN1951PLC008409

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

27/10/2013

-

U65993PN1982PTC026385

LAXMINARAYAN FINANCE PVT LTD

30/09/1997

-

U13000PN1998PTC013000

RATHI MIXERS PRIVATE LIMITED

22/03/2003

-

U51909PN2000PLC015169

RATHI BROTHERS MADRAS LIMITED

01/08/2000

-

U51909PN2000PLC015170

RATHI BROTHERS CALCUTTA LIMITED

01/08/2000

-

U51909PN2002PLC016869

RATHI BROTHERS DELHI LIMITED

01/04/2002

-

U51909PN1999PLC014039

RATHI BROTHERS POONA LIMITED

01/10/1999

-

U24229PN2006PLC128651

PRESCIENT COLOR LIMITED

23/06/2006

-

U74900PN2008PTC131279

AUGUST PURIFICATION SYSTEMS PRIVATE LIMITED

16/01/2008

-

U24100PN2008PTC132573

RATHI ENTERPRISES PRIVATE LIMITED

06/08/2008

-

U24299PN2016PTC165944

RABRO SPECIALITY CHEMICALS PRIVATE LIMITED

11/08/2016

-

 

 

Name :

Mr. Pradeep Ramwilas Rathi

Designation :

Nominee Director

Address :

2, Boat Club Road,, Pune-411001, Maharashtra, India

Date of Appointment :

10.02.2015

DIN No.:

00018577

Other Directorship :

CIN/FCRN

Company Name

Begin Date

End Date

U65910PN1982PTC026387

PRR FINANCE PVT LTD

27/06/2006

-

L29150PN1989PLC054143

SANGHVI MOVERS LIMITED

27/07/2007

-

L31300MH1967PLC016531

FINOLEX CABLES LIMITED

10/05/2007

-

L24119PN1951PLC008409

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

08/11/1995

-

U51909PN2002PLC016869

RATHI BROTHERS DELHI LIMITED

01/04/2002

-

U24114PN2003PTC018532

CLEAN SCIENCE AND TECHNOLOGY PRIVATE LIMITED

15/12/2006

-

U51909PN1999PLC014039

RATHI BROTHERS POONA LIMITED

01/10/1999

-

U24229PN2006PLC128651

PRESCIENT COLOR LIMITED

23/06/2006

-

U24100PN2008PTC132573

RATHI ENTERPRISES PRIVATE LIMITED

06/08/2008

-

U17119MH1940PTC003210

RATHI BROTHERS PRIVATE LIMITED

22/03/2003

-

L29120PN2009PLC133351

KIRLOSKAR OIL ENGINES LIMITED

07/08/2015

-

U92100MH2002PLC137947

VIDEOCON D2H LIMITED

11/10/2012

-

U74900PN2015NPL154211

SUDARSHAN CSR FOUNDATION

03/03/2015

-

U24299PN2016PTC165944

RABRO SPECIALITY CHEMICALS PRIVATE LIMITED

11/08/2016

-

 

 

Name :

Mr. Narayandas Jagannath Rathi

Designation :

Nominee Director

Address :

113/3, Koregaon Park, General Post Office, Bund Garden, Pune-411001, Maharashtra, India

Date of Appointment :

10.02.2015

DIN No.:

00018597

Other Directorship :

 

CIN/FCRN

Company Name

Begin Date

End Date

L24119PN1951PLC008409

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

30/01/2003

-

U65999MH1982PTC026381

NJR FINANCE PVT LTD

30/09/1996

-

U51909PN2000PLC015169

RATHI BROTHERS MADRAS LIMITED

01/08/2000

-

U51909PN2000PLC015170

RATHI BROTHERS CALCUTTA LIMITED

01/08/2000

-

U51909PN2002PLC016869

RATHI BROTHERS DELHI LIMITED

01/04/2002

-

U24211DL1970NPL005200

CROP CARE FEDERATION OF INDIA

28/09/2001

-

U51909PN1999PLC014039

RATHI BROTHERS POONA LIMITED

01/10/1999

-

U24229PN2006PLC128651

PRESCIENT COLOR LIMITED

23/06/2006

-

U24100PN2008PTC132573

RATHI ENTERPRISES PRIVATE LIMITED

06/08/2008

-

U24299PN2016PTC165944

RABRO SPECIALITY CHEMICALS PRIVATE LIMITED

11/08/2016

-

 

 

Name :

Mr. Rajesh Balkrishna Rathi

Designation :

Nominee Director

Address :

Sr. No. 277, Plot No. 4/8,, Lane No. 3, Pallod Farm, Pune-411045, Maharashtra, India

Date of Appointment :

10.02.2015

DIN No.:

00018628

Other Directorship :

 

CIN/FCRN

Company Name

Begin Date

End Date

U17119MH1940PTC003210

RATHI BROTHERS PRIVATE LIMITED

30/09/1997

-

L24119PN1951PLC008409

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

01/04/2014

-

U24100MH1961PTC012038

MARATHWADA CHEMICAL INDUSTRIES PRIVATE LIMITED

30/09/2015

-

U65999PN1982PTC026383

BALKRISHNA RATHI FINANCE PVT LTD

30/09/1998

-

U51909PN2000PLC015169

RATHI BROTHERS MADRAS LIMITED

01/08/2000

-

U51909PN2000PLC015170

RATHI BROTHERS CALCUTTA LIMITED

01/08/2000

-

U51909PN2002PLC016869

RATHI BROTHERS DELHI LIMITED

01/04/2002

-

U51909PN1999PLC014039

RATHI BROTHERS POONA LIMITED

01/10/1999

-

U24229PN2006PLC128651

PRESCIENT COLOR LIMITED

23/06/2006

-

U24100PN2008PTC132573

RATHI ENTERPRISES PRIVATE LIMITED

06/08/2008

-

U74900PN2015NPL154211

SUDARSHAN CSR FOUNDATION

03/03/2015

-

U24299PN2016PTC165944

RABRO SPECIALITY CHEMICALS PRIVATE LIMITED

11/08/2016

-

 

 

Name :

Mr. Dara Nadirshaw Damania

Designation :

Nominee Director

Address :

11, Abbas Road, 11 G.G Thakkar Road, Pune-411001, Maharashtra, India

Date of Appointment :

10.02.2015

DIN No.:

00403834

Other Directorship :

 

CIN/FCRN

Company Name

Begin Date

End Date

U74999MH1947PTC005508

THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED

01/01/1978

-

L24119PN1951PLC008409

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

20/11/1984

-

L29120MH1960PLC011635

K S B PUMPS LIMITED

30/12/1981

-

L40108PN1981PLC024153

FINOLEX INDUSTRIES LIMITED

11/08/2012

-

L29150PN1989PLC054143

SANGHVI MOVERS LIMITED

24/07/2009

-

 

 

KEY EXECUTIVES

 

Name :

Mr. P S Raghavan

Designation :

Company Secretary

Address :

E - 3/203, Hariganga, Yerwada, Pune-411006, Maharashtra, India

Date of Appointment :

31.03.2015

PAN No.:

ADBPS4280N

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders

 

No. of Shares

Sudarshan Chemical Industries Limited, India

 

12499994

Kishor Laxminarayan Rathi

 

1

Pradeep Ramwilas Rathi

 

1

Narayandas Jagannath Rathi

 

1

Ajoy Balkrishna Rathi

 

1

Rajesh Balkrishna Rathi

 

1

R. Pradeep Rathi

 

1

Total

 

12500000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 25.05.2017

 

Category

Percentage

Promoters- Individual/Hindu Undivided Family- Indian

0.000048

Promoters- Body corporate

99.999952

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Air Pollution Control Systems (APC), Size Reduction Equipment’s (SRE), Pneumatic Conveying Systems (PHS) and Accessories and Spares. (Registered Activity and also Confirmed by management)

 

 

Products / Services :

Name and Description of main products / services

NIC Code of the Product/service

Pneumatic Control Systems

2812

Size Reduction Equiptments

2812

Pollution Control Equitments

2812

 

 

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 :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

Not Divulged

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

(INR In Million)

SECURED LOAN

As on

31.03.2017

As on

31.03.2016

SHORT TERM BORROWING

 

 

Working capital loans from banks

267.209

278.956

Total

267.209

278.956

 

 

Auditors :

 

Name :

A.H. Joshi and Company

Chartered Accountants

Address :

1907, Nilam Bunglow, Sadashiv Peth, Pune, Maharashtra, India

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

AADFA6011E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:
  • Sudarshan Chemical Industries Limited, India

[L24119PN1951PLC008409]

 

 

Associate:
  • Thyssenkrupp Industries India Private Limited, India [U74999MH1947PTC005508]

 

 

Common Director/member:
  • PRR Finance Private Limited
  • NJR Finance Private Limited, India [U65999MH1982PTC026381]
  • Laxminarayan Finance Private Limited, India [U65993PN1982PTC026385]
  • Balkrishna rathi Finance Limited, India [U65999PN1982PTC026383]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

17000000

Equity Shares

INR 10/- each

INR 170.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12500000

Equity Shares

INR 10/- each

INR 125.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

125.000

55.000

55.000

(b) Reserves and Surplus

147.669

138.578

131.940

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

70.000

0.000

Total Shareholders’ Funds (1) + (2)

272.669

263.578

186.940

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

61.792

(b) Deferred tax liabilities (Net)

2.225

2.225

2.225

(c) Other long-term liabilities

0.620

1.458

0.000

(d) long-term provisions

11.722

10.897

0.000

Total Non-current Liabilities (3)

14.567

14.580

64.017

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

297.209

278.955

378.394

(b) Trade payables

414.991

375.982

246.666

(c) Other current liabilities

55.630

42.790

10.033

(d) Short-term provisions

0.928

0.729

5.530

Total Current Liabilities (4)

768.758

698.456

640.623

 

 

 

 

TOTAL

1055.994

976.614

891.580

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

19.235

18.565

21.576

(ii) Intangible Assets

2.371

3.648

4.893

(iii) Tangible assets 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 loans and advances

9.759

10.442

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

31.365

32.655

26.469

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

361.584

296.499

251.513

(c) Trade receivables

555.636

516.750

475.799

(d) Cash and bank balances

0.103

0.197

0.278

(e) Short-term loans and advances

107.306

130.513

137.521

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

1024.629

943.959

865.111

 

 

 

 

TOTAL

1055.994

976.614

891.580

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1033.106

920.870

785.951

 

Other Income

2.436

6.663

1.277

 

TOTAL

1035.542

927.533

787.228

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

638.889

575.166

511.373

 

Purchases of Stock-in-Trade

32.687

14.744

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(56.914)

(35.759)

(11.350)

 

Employee benefit expense

112.995

105.343

99.929

 

Other expenses

260.255

207.574

157.294

 

TOTAL

987.912

867.068

757.246

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

47.630

60.465

29.982

 

 

 

 

 

Less

FINANCIAL EXPENSES

34.667

48.956

53.026

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

12.963

11.509

(23.044)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

3.872

4.871

3.814

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

9.091

6.638

(26.858)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

9.091

6.638

(26.858)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

NA

41.857

 

TOTAL EARNINGS

NA

NA

41.857

 

 

 

 

 

 

IMPORTS

 

 

 

 

Components and spare parts

NA

NA

6.364

 

TOTAL IMPORTS

NA

NA

6.364

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

18.00

13.00

(53.72)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flows from (used in) operations

20.385

74.549

(19.579)

 

 

 

 

Net cash flows from (used in) operating activities

17.983

74.078

(22.321)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

196.31

204.82

220.96

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

1.86

1.78

1.65

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

225.55

232.63

176.06

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.13

0.20

0.12

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

2.20

2.72

1.13

 

 

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.73

0.72

0.79

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.09

1.06

2.35

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.82

2.65

3.43

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.08

0.08

0.14

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.37

1.24

0.57

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

0.88

0.72

(3.42)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

0.86

0.68

(3.01)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

3.33

2.52

(14.37)

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.33

1.35

1.35

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.86

0.93

0.96

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.26

0.27

0.21

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

2.38

5.07

8.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.33

1.35

1.35

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

55.000

55.000

125.000

Reserves & Surplus

131.940

138.578

147.669

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

70.000

0.000

Net worth

186.940

263.578

272.669

 

 

 

 

Long-term borrowings

61.792

0.000

0.000

Short term borrowings

378.394

278.955

297.209

Total borrowings

440.186

278.955

297.209

Debt/Equity ratio

2.355

1.058

1.090

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

785.951

920.870

1033.106

 

 

17.166

12.188

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

785.951

920.870

1033.106

Profit/ (Loss)

(26.858)

6.638

9.091

 

(3.42 %)

0.72 %

0.88 %

 

 

 

 

 

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

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

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

Yes

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

 

 

 

 

COMPANY’S PERFORMANCE

 

During the year, the Company achieved a turnover of INR 1035.500 Million as against INR 927.500 Million achieved during the previous year, thereby recording an increase of 11.64 % in sales. Company recorded a profit of INR 9.100 Million during the year as against profit of INR 6.600 Million achieved during the previous year. The Company hopes to do still better during the FY 2017-18.

 

UNSECURED LOANS:

(INR In Million)

Particulars

As on

31.03.2017

As on

31.03.2016

SHORT TERM BORROWING

 

 

Loans and advances from related parties

30.000

0.000

Total

30.000

0.000

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

AMOUNT

ADDRESS

1

B39095179

10354094

BANK OF MAHARASHTRA

30/03/2012

-

9000000.0

CORPORATE FINANCE BRANCH1183/1, F.C. ROADPUNEMH411005IN

2

A89073506

10228023

BANK OF MAHARASHTRA

09/07/2010

-

32100000.0

INDUSTRIAL FINANCE BRANCH1183/1, F.C. ROADPUNEMH411005IN

3

A41543372

10111773

BANK OF MAHARASHTRA

03/07/2008

-

656000000.0

INDUSTRIAL FINANCE BRANCH11183/A,F.C.ROADPUNEMH411005IN

4

B44075950

90087173

BANK OF MAHARASHTRA

03/03/2005

30/05/2012

1350000000.0

CORPORATE FINANCE BRANCHYASHOMANGAL, 1183/1, F.C. ROADPUNEMH411005IN

5

A28686715

90084566

BANK OF MAHARSHTRA

30/12/1996

18/12/2007

212500000.0

INDUSTRIAL FINANCE BRANCHYASHOMANGAL,1183/A,F.C.ROADPUNEMH411005IN

6

Y10169561

90084540

BANK OF MAHARASHTRA

18/10/1996

-

7500000.0

INDUSTRIAL FINANCE BRANCH1183-A F.C. ROAD; SHIVAJINAGARPUNEMH411005IN

7

Y10169310

90084289

BANK OF MAHARASHTRA

11/07/1995

-

13100000.0

INDUSTRIAL FINANCE BRANCH1183-A SHIVAJINAGARPUNEMH411005IN

8

Y10172884

90087863

BANK OF MAHARASHTRA

28/10/1994

-

1000000.0

INDUSTRIAL FINANCE BRANCH1183-A SHIVAJINAGARPUNEMH411005IN

9

Y10169210

90084189

BANK OF MAHARASHTRA

28/10/1994

-

12500000.0

INDUSTRIAL FINANCE BRANCH1183-A SHIVAJINAGARPUNEMH411005IN

10

Y10174987

90089966

BANK OF MAHARASHTRA

04/05/1994

-

1105000.0

INDUSTRIAL FINANCE BRANCH1183-A SHIVAJINAGARPUNEMH411005IN

 

 

FIXED ASSETS:

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments

 

Intangible assets

 

  • Computer software
  • Copyrights

 

 

 

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 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

INR

US Dollar

1

INR 64.16

UK Pound

1

INR 89.19

Euro

1

INR 78.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

PRY

 

 

Report Prepared by :

KVT

 

 

SCORE FACTORS

 

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

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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