MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RATNAVEER STAINLESS PRODUCTS PRIVATE LIMITED |
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Registered Office : |
E-77/121,
G.I.D.C., Savli (Manjusar), District Vadodra-391775, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.02.2002 |
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Com. Reg. No.: |
04-40488 |
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CIN No.: [Company
Identification No.] |
U27108GJ2002PTC040488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDR00325D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Importers of Steel and Stainless Steel Products and
Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 240000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
E-77/121,
G.I.D.C., Savli (Manjusar), District Vadodra-391775, Gujarat, India |
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Tel. No.: |
91-2667-264594
- 95 -96 |
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Fax No.: |
91-2667-264593 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ramanlal Sanghvi |
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Designation : |
Chairman cum Managing Director |
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Address : |
20, Vijay Society No. 1, New Khanderao Road, Baroda – 1 |
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Date of Birth/Age : |
16.11.1939 |
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Date of Appointment : |
20.02.2002 |
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Name : |
Mr. Suresh Sanghvi |
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Designation : |
Vice Chairman |
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Address : |
8/10, Shenavi Wadi, Girgam, Mumbai – 400004, Maharashtra, India |
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Date of Birth/Age : |
01.04.1967 |
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Date of Appointment : |
20.02.2002 |
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Name : |
Mr. Vijay Sanghvi |
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Designation : |
Managing Director |
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Address : |
20, Vijay Society No. 1, New Khanderao Road, Baroda – 1 |
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Date of Birth/Age : |
28.09.1977 |
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Date of Appointment : |
20.02.2002 |
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Name : |
Mr. Babulal Sanghvi |
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Designation : |
Director |
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Address : |
17, Lakdawala Building, 5th Khetwadi Lane, Mumbai – 400004 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Tarachand Sanghvi |
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Designation : |
Director |
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Address : |
43, Hiranaug Society, Rambaug Road, Sabarmati, Ahmedabad – 5 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Arvindkumar Sanghvi |
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Designation : |
Director |
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Address : |
15, Shantiniketan Society, Ellisnridge, Ahmedabad – 6 |
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Date of Appointment : |
18.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ramanlal Sanghvi |
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1270000 |
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Suresh Sanghvi |
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330000 |
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Vijay Sanghvi |
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430000 |
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Pyariben Ramanlal Sanghvi |
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270000 |
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Rekhaben Suresh Sanghvi |
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150000 |
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Seemaben Vijay Sanghvi |
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50000 |
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Babulal Sanghvi |
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600000 |
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Tarachand Sanghvi |
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300000 |
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Arvindlamar Sanghvi |
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600000 |
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Total |
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4000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importers of Steel and Stainless Steel Products and
Components. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jhaveri R Shah Chartered Accountants |
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Address : |
101, Kashyap Complex, Opposite Mesonic Hall Productivity Road,
Vadodara – 390007, Gujarat, India |
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Tel No.: |
91-265-6622615 |
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Fax No.: |
91-265-2333830 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.000 |
40.000 |
40.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.113 |
5.367 |
3.611 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.113 |
45.367 |
43.611 |
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LOAN FUNDS |
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1] Secured Loans |
69.062 |
44.792 |
42.640 |
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2] Unsecured Loans |
36.762 |
45.160 |
50.489 |
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TOTAL BORROWING |
105.824 |
89.952 |
93.129 |
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DEFERRED TAX LIABILITIES |
0.100 |
0.281 |
0.235 |
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TOTAL |
165.037 |
135.600 |
136.975 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.060 |
26.049 |
24.412 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
143.832
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141.117 |
140.077 |
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Sundry Debtors |
52.913
|
31.167 |
7.196 |
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Cash & Bank Balances |
41.373
|
28.228 |
17.383 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.317
|
7.477 |
2.103 |
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Total
Current Assets |
261.435
|
207.989 |
166.759 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
119.344
|
93.922 |
50.109 |
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Provisions |
11.166
|
5.054 |
4.373 |
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Total
Current Liabilities |
130.510
|
98.976 |
54.482 |
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Net Current Assets |
130.925
|
109.013 |
112.277 |
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MISCELLANEOUS EXPENSES |
0.052 |
0.538 |
0.286 |
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TOTAL |
165.037 |
135.600 |
136.975 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Total Income |
685.741 |
367.347 |
129.650 |
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Profit/(Loss) Before Tax |
20.512 |
4.035 |
3.287 |
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Provision for Taxation |
6.766 |
2.279 |
1.250 |
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Profit/(Loss) After Tax |
13.746 |
1.756 |
2.037 |
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Total Earnings |
309.707 |
203.361 |
NA |
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Total Imports |
408.294 |
285.392 |
NA |
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Expenditures : |
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Financial Charges |
14.800 |
14.237 |
10.238 |
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Depreciation & Amortization |
4.909 |
3.149 |
2.873 |
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Other Expenditure |
645.520 |
345.926 |
113.249 |
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Total Expenditure |
665.229 |
363.312 |
126.360 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.00
|
0.48 |
1.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.99
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1.10 |
2.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.94
|
1.72 |
1.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
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0.09 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.00
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4.16 |
3.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.00
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2.10 |
3.06 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
RATNAVEER
STAINLESS PRODUCTS PRIVATE LIMITED |
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Presented By |
Mr. Navin
Sanghavi |
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1) Date and description of instrument creating the change |
14th
day of October 2002. Deed of Hypothecation executed by the Company in favour of
Indian Overseas Bank. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Rupee Term
Loan of Rs. 17.800 Millions Packing Credit Rs. 7.500 Millions and FDDBP of
Rs. 2.500 Millions sanctioned by Indian Overseas Bank together with interest,
additional interest, liquidated damages, premia on prepayment or on
redemption, costs charges, expenses an all other monies payable by the
company to Indian Overseas Bank. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All fixed and
current assets, machineries, tools, equipments, furniture, fixture, stocks,
Book debts, documents of title to goods, raw material, work in process, finished
goods etc. lying at the factory premises. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Above term loan
facility is repayable in 54 equal monthly installment start from April 2003.
the rat of interest is 15 % |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Stadium Road
Branch Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Letter of
Hypothecation dated 02.04.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Security
mentioned in column 3 is also covered for the enhanced limits of Rs. 59.040
Millions as follows :
|
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90096952 |
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Corporate
identity number of the company |
U27108GJ2002PTC040488 |
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Name of the
company |
RATNAVEER STAINLESS PRODUCTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
E-77/121,
G.I.D.C., Savli (Manjusar), Dist. Vadodra-391775, Gujarat, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
UCO Bank Dandia Bazar,
Vadodara – 390001, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
No instrument if
executed company’s letter for extension of EMTD |
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Date of
instrument Creating the charge |
29.01.2007 |
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Amount secured by
the charge |
Rs. 339.797
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest
: 12.25 % p.a. Terms of
repayment Payable on demand
for cash credit and repayable in quarterly installment for term loan Margin 25 % Term Loan,
10 % on Exports Goods, 25 % on Domestic Goods and 50 % on Book Debts Extent and
Operation of the charge The Charge Operates
as security for the due repayment of principal plus interest and other
expenses. |
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Short particulars
of the property charged |
Factory building
and land at Plot No. 121 of G.I.D.C. Estate Manjusar Salvi District Vadodara,
Gujarat, India |
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Date of latest
modification prior to the present modification |
16.11.2006 |
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Particulars of
the present modification |
The charge
created on 21st February 2005, Modified on 12th April
2006, further modified on 16th November 2006, is ones again
modified to secure the revised enhanced limit of Rs. 339.797 Millions |
AS PER WEBSITE
Profile
It's
the fruit of the efforts of a group of technocrats who have been in field of ferrous-Non
ferrous trading and renowned importers of India since over two and half
decades. This was a step ahead to add value to the supply chain, an attempts to
add value to products that they offer to their valued customers. Ratnaveer
attempts to replicate the success of their past ventures in the field of
manufacturing high quality washers from a wide range of ferrous and non-ferrous
metals. They offer international quality washers made from stainless steel,
brass, copper, silicon bronze and Aluminum. Ratnaveer boasts of a large
manufacturing Capacity and state-of the art technology to offer products of
international QUALITY. This has given it the confidence to explore the
international markets and gain acceptance all across the world. A professionally
run organization, Ratnaveer is committed towards its client, suppliers,
employees and the society. It is the sincerity and a constant effort towards
striving for perfection that has created a name for Ratnaveer and its
promoters.
Setup
The
manufacturing facility of the company is situated in 100,000 sq.ft. Shed in the
Export industrial zone of savli (Dist. Vadodara), Gujarat, India. The plant has
current capacity of 1500 MT of finished washers per annum. It has a raw
materials storage space, which allows it to take up large orders and maintain a
healthy stock. The plant has top of the line machinery for efficient production
and high quality output. It includes presses, shearing machines, Deburring
& polishing machines, a separate Tool Room etc.
Manufacturing
Facilities
Power Press
Grinding Machine
Hydraulic Sharing Machine
Lathe Machine
Deburing & Polishing Machine
Raw
materials storage:
They
have large raw materials storage to stock over 300 MT of raw materials. This
lets them maintain a steady flow of operations.
Hydraulic
shearing machine:
They
have machine of this type for efficient cutting of the sheets/strips/coils for
further processing.
Power
presses:
Their
manufacturing facility has presses from well-reputed machinery supplies with
plants to increase the number of presses with time.
Deburring
& polishing machine:
Their
high efficiency machines help them to make their washers burr-free & shine.
Tool
Room:
Their
dedicated tool room is equipped with Mitutoyo make equipments and other high
quality machines. This in-house die making facility allows them to maintain
constancy in quality as well as delivery as per schedule.
They
offer all types of washers to suit the requirements. They are available in
stainless steel, brass, copper, silicon bronze & aluminum, they have the
resources and technical competence to develop and manufacture washers of
special design and from a variety of materials as specified by their customers
to meet their specific needs.
Product Range
Technical
Spacification
- MS 15795
- NAS 620C
- FLAT
WASHERS-Commercial-Stainless Steel
- FENDER
WASHERS DIMENTIONS
- 960C DIN 125
(ISO 7089)
- DIN 9021 (ISO
7093)
- DIN 433 (ISO
7092)
- Brass and
Sillicon Bronze
- Countersunk
Finishing Cup and Flange Washers
- BS 4320 FORMS
A & B
- BS 4320 FORMS
C & D
- CEMICHAL COMPOSITION
- COMPARATIVE
TABLE OF STAINLES STEEL STANDARDS
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.35 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.57.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|