MIRA
INFORM REPORT
|
Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
RATNESH METAL INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
RATNESH STEEL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Survey No. 900, Near Ashramchowkdi, Village Ranasan, Vijapur, Mehsana,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
15.04.1998 |
|
|
|
|
Com. Reg. No.: |
04-33954 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28999GJ1998PTC033954 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00757B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACR9219H |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Stainless Steel Rolled products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 570000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
Survey No. 900, Near Ashramchowkdi, Village Ranasan, Vijapur, Mehsana
– 382445, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
327
/ A, Akshar Arcade, OPP Memnagar Fire Station, Navrangpura, Ahmedabad, |
|
Tel. No.: |
91-79-26401487 / 1488 / 1489 / 1497 |
|
Mobile No. : |
91-9925226122 |
|
Fax No.: |
91-79-26400722 |
DIRECTORS
|
Name : |
Mr. Rajesh Shantilal Sanghvi |
|
Designation : |
Director |
|
Address : |
47, |
|
Date of Birth/Age : |
30.07.1969 |
|
Date of Appointment : |
15.04.1998 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
47, |
|
Date of Birth/Age : |
27.08.1971 |
|
Date of Appointment : |
15.04.1998 |
|
|
|
|
Name : |
Mr. Narhari Hiralal Amin |
|
Designation : |
Director |
|
Address : |
21, Vijay Society, Near Sardar Patel Statue, Naranpura, Ahmedabad, |
|
Date of Birth/Age : |
05.06.1955 |
|
Date of Appointment : |
15.03.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rajesh Shantilal Sanghvi |
|
1043130 |
|
Mr. |
|
610000 |
|
Mr. Narhari Hiralal Amin |
|
50000 |
|
Meena Rajesh Sanghvi |
|
100000 |
|
Jagruti |
|
22100 |
|
Lnp Financial Services Private Limited |
|
40000 |
|
Annupama Patel |
|
10000 |
|
Pamil Patel |
|
10000 |
|
Vijay Patel |
|
10000 |
|
Aayush Private Limited |
|
30000 |
|
Abhay Thakkar |
|
20000 |
|
Dhirajbhai Patel |
|
18000 |
|
Ghanshyam Patel |
|
10000 |
|
Prolate Industries Private Limited |
|
20000 |
|
Rajesh Brahmbhatt |
|
10000 |
|
Solvochem Private Limited |
|
20000 |
|
Parmar Ashwinkumar Somchandbhai |
|
12000 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of Holding |
|
Bodies Corporate |
|
25.00 % |
|
Directors or relatives of directors |
|
65.00 % |
|
Other top fifty shareholders |
|
10.00 % |
|
Total |
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel Rolled products |
|
|
|
|
Products : |
Rolled Products - Round bars, Square, RCS, Hexagon, Flats & Angles |
GENERAL INFORMATION
|
No. of Employees : |
About 100 |
|
|
|
|
Bankers : |
Dena Bank, SSI Branch, Navrangpura, Ahmedabad – 380009, HDFC Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Kantilal and Company Chartered Accountants |
|
Address : |
804, Sarap Building, Opposite Navjeevan Press, Near Gujarat Vidyapith,
Ashram Road, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-27543499/ 27541630 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4250000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3008520 |
Equity Shares |
Rs. 10/- each |
Rs. 30.085
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
30.085 |
20.916 |
|
|
2] Share Application Money |
|
9.195 |
0.290 |
|
|
3] Reserves & Surplus |
|
105.312 |
45.153 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
144.592 |
66.359 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
59.185 |
26.493 |
|
|
2] Unsecured Loans |
|
18.574 |
55.054 |
|
|
TOTAL BORROWING |
|
77.759 |
81.547 |
|
|
DEFERRED TAX LIABILITIES |
|
16.901 |
9.635 |
|
|
|
|
|
|
|
|
TOTAL |
|
239.252 |
157.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
164.365 |
74.034 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.100 |
0.221 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
111.441 |
76.156 |
|
|
Sundry Debtors |
|
111.586 |
169.744 |
|
|
Cash & Bank Balances |
|
3.058 |
1.587 |
|
|
Loans & Advances |
|
46.265 |
24.160 |
|
Total
Current Assets |
|
272.350 |
271.647 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
193.608 |
186.821 |
|
|
Provisions |
|
3.955 |
1.540 |
|
Total
Current Liabilities |
|
197.563 |
188.361 |
|
|
Net Current Assets |
|
74.787 |
83.286 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
239.252 |
157.541 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
761.257 |
544.415 |
|
|
Other Income |
|
0.165 |
0.333 |
|
|
Total Income |
|
761.422 |
544.748 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
33.790 |
11.770 |
|
|
Provision for Taxation |
|
10.306 |
4.263 |
|
|
Profit/(Loss) After Tax |
|
23.484 |
7.507 |
|
|
|
|
|
|
|
|
Total Earnings |
|
38.543 |
5.429 |
|
|
|
|
|
|
|
|
Total Imports |
|
14.034 |
25.037 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
93.568 |
65.687 |
|
|
Administrative Expenses |
|
12.378 |
15.206 |
|
|
Raw Material Consumed |
|
596.399 |
433.147 |
|
|
Salaries, Wages, Bonus, etc. |
|
13.538 |
10.409 |
|
|
Interest |
|
8.340 |
3.749 |
|
|
Depreciation & Amortization |
|
7.709 |
6.604 |
|
Total Expenditure |
|
731.932 |
534.802 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
3.08 |
1.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.44 |
2.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
20.54 |
3.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.90 |
4.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.38 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
RATNESH METAL
INDUSTRIES PRIVATE LIMITED |
||||||||||||||||||||||
|
Presented
By |
Mr. Rajesh
Shantilal Sanghvi |
||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Hypothecation of
Goods dated 21.10.2000 |
||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
Millions |
||||||||||||||||||||||
|
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 the stock of
raw materials, goods in process, semi finished and finished goods, packing
materials, stores, etc. now being or hereafter brought into or upon or in
course of transit to any Godown or storage place at factory at survey No. 898
/ 899 & 900/1 Village Ranasan, Vijapur, Mehsana |
||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 16.5 %
at quarterly rests Repayment on
demand Other terms as
per agreement copy enclosed |
||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Dena Bank SSI Branch, Navrangpura, Ahmedabad – 380009, |
||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Hypothecation of
goods, Book debts, other movable assets dated 04.06.2005 Supplemental
memorandum of entry closed 04.06.2005 by way of deposit of title deed of
immovable property being survey no 896/p/1, . 896/2/p, together with room
thereon. |
||||||||||||||||||||||
|
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. |
The charge
created on hypothecation of stocks, movable plant and machineries and book
debts are enhanced from 52.500 Millions to aggregate financial assistance of
Rs. 91.200 Millions The charge crated
on immovable assets situate lying and being at Company’s office
premises situated at 34 JMC house Near Parimal Garden, Ellisbridge, Ahmedabad Company’s
factory, land and building situated at S. No. 898, 899 and 900/1, 896/p/1 896/2/p, Village
Ranasan, Vijapur, Mehsana In extended to secure
enhanced aggregate financial assistance of Rs. 91.200 Millions The aggregate
financial assistance of Rs. 91.200 Millions is comprising of :
|
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
80001114 |
|
Corporate
identity number of the company |
U28999GJ1998PTC033954 |
|
Name of the
company |
RATNESH METAL INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 900, Near Ashramchowkdi, Village Ranasan, Vijapur, Mehsana,
|
|
Type of charge |
Book Debts Immovable Property Movable Property |
|
Particular of
charge holder |
Dena Bank Navrangpura Branch, Surya Complex, Swastik Char rasta, Ahmedabad – 380009, |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
02.02.2007 |
|
Amount secured by
the charge |
Rs. 308.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Dena Bank CCH/PCH/FBN [Rs.
60.000 Millions] : BPLR [At Present BPLR 12.25 %] for other as per ho
guidelines Term loan [Wire
Rod Project] : BPLR Plus 0.5 % Term Loan [Wind
Mill Project] : BPLR Plus 0.5 % Term Loan [Bright
Bar Project] : BPLAR Plus TP Plus 0.5 % State Bank of Cash Credit Rs. 50.000
Millions : 0.5 % above SBAR Monthly Basis and For EPC 2.75 % Below SBAR for
Upto 180 days and 1.50 % Below SBAR for beyond 180 days Terms of
repayment Term loan : 12
equal quarterly installments of Rs. 1.667 Millions commencing from March 2007 Margin : Dena Bank CCH / PCH / FBP /
FBN [Rs. 60.000 Millions] For Stock 25 % Book Debts 40 % Inventory 10 % Bills
10 % Inland Bill 10 % Letter of credit
10 % at the time of opening of LC and 10 % at the time of acceptance Term loan 10 %
plus cost over run of Rs. 6.900 Millions State Bank of Cash Credit Goods
25 % Book Debts 40 % |
|
Date of latest
modification prior to the present modification |
22.04.2006 |
Profile
Subject is a manufacturer of Stainless Steel
Rolled products in
Their factory is situated at Vijapur, Gujarat (
Their range of products are as under:
STAINLESS STEEL ROLLED PRODUCTS
ITEM BLACK FINISH& SIZE BRIGHT FINISH& SIZE
ROUND BAR 10mm to 125mm Dia 16mm to 50mm Dia
SQUARE BAR 14mm to 53mm 14mm to 53mm
RCS BAR 53mm to 75mm -
HEXAGON BAR 16mm to 58mm 16mm to 58mm
FLAT BAR(RECTANGLE) ** **
ANGLES ** **
** As per the requirement of customers
# Length will be as per the requirement
They are manufacturing all the above products in 200,300& 400 series and as
per the requirements of the customers.
They are also supplying other Special Alloy materials as per the requirement of
the customers.
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.40.95 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.55.09 |
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 |
YES |
|
--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 |
|