MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
RATNAVEER STAINLESS PRODUCTS PRIVATE LIMITED |
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Registered Office : |
E-77/121,
G.I.D.C., Savli (Manjusar), Dist. Vadodra-391775, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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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 : |
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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 records. 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), Dist. Vadodra-391775, |
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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 |
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Address : |
20, Vijay Society No. 1, New |
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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, |
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Date of Birth/Age : |
01.04.1967 |
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Date of Appointment : |
01.10.2004 |
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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 |
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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 |
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Date of Birth/Age : |
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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, |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Arvindlamar 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 : |
UCO Bank Dandia Bazar,
Vadodara – 390001, |
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Facilities : |
-- |
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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, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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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
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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40.000 |
40.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.367 |
3.611 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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45.367 |
43.611 |
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LOAN FUNDS |
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1] Secured Loans |
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44.792 |
42.640 |
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2] Unsecured Loans |
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45.160 |
50.489 |
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TOTAL BORROWING |
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89.952 |
93.129 |
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DEFERRED TAX LIABILITIES |
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0.281 |
0.235 |
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TOTAL |
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135.600 |
136.975 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.049 |
24.412 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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141.117 |
140.077 |
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Sundry Debtors |
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31.167 |
7.196 |
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Cash & Bank Balances |
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28.228 |
17.383 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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7.477 |
2.103 |
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Total
Current Assets |
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207.989 |
166.759 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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93.922 |
50.109 |
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Provisions |
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5.054 |
4.373 |
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Total
Current Liabilities |
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98.976 |
54.482 |
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Net Current Assets |
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109.013 |
112.277 |
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MISCELLANEOUS EXPENSES |
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0.538 |
0.286 |
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TOTAL |
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135.600 |
136.975 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Total Income |
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209.489 |
129.650 |
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Profit/(Loss) Before Tax |
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4.035 |
3.287 |
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Provision for Taxation |
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2.279 |
1.250 |
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Profit/(Loss) After Tax |
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1.756 |
2.037 |
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Total Earnings |
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203.361 |
NA |
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Total Imports |
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285.392 |
NA |
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Expenditures : |
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Depreciation & Amortization |
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3.149 |
2.876 |
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Other Expenditure |
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184.919 |
110.373 |
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Total Expenditure |
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188.068 |
113.249 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.84 |
1.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.93 |
2.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.72 |
1.72 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.16 |
3.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.10 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
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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
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RATNAVEER STAINLESS PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
E-77/121,
G.I.D.C., Savli (Manjusar), Dist. Vadodra-391775, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
UCO Bank Dandia Bazar,
Vadodara – 390001, |
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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,
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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
Setup
The
manufacturing facility of the company is situated in 100,000 sq.ft. Shed in the
Export industrial zone of savli (Dist. Vadodara),
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.
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,
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.40.70 |
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|
1 |
Rs.80.80 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
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