MIRA
INFORM REPORT
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Report Date : |
04.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
R N TECHNOCAST PRIVATE LIMITED |
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Registered Office : |
Plot No.2, Survey No.259, Shaper Kotda Sangani, Rajkot – 360002,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.06.2004 |
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Com. Reg. No.: |
04-044250 |
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CIN No.: [Company
Identification No.] |
U27106GJ2004PTC044250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR01350G |
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PAN No.: [Permanent
Account No.] |
AACCR8555J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pump and Valve Components, Automotive Parts, Hardware Fittings, Orthopedic Implants, Defense Components, Castings Used for Aerospace Applications, Architectural Castings, Ornamental Castings, General Engineering Products etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 9880 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
positions is below normal. Payments are reported as slow but correct The company can be considered for small to mediocre business dealings
at usual trade terms and conditions, only. |
LOCATIONS
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Registered Office/ Factory : |
Plot No.2, Survey No.259, Shaper Kotda Sangani, Rajkot – 360002,
Gujarat, India |
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Tel. No.: |
91-2827-254450 |
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Mobile No.: |
91-9426732090 |
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Fax No.: |
91-2827-254460 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rsjanbhai Ghelabhai Tilara |
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Designation : |
Director |
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Address : |
Dixit, Rajan Park, Opp Shree Colony, Near Megh Malhar Apartments,
Rajkot – 360001, Gujarat, India |
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Date of Birth/Age : |
08.06.1979 |
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Date of Appointment : |
04.06.2004 |
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Name : |
Mr. Dixitbhai Ghelabhai Tilara |
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Designation : |
Director |
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Address : |
Dixit, Rajan Park, Opp Shree Colony, Near Megh Malhar Apartments,
Rajkot – 360001, Gujarat, India |
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Date of Birth/Age : |
15.03.1983 |
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Date of Appointment : |
04.06.2004 |
KEY EXECUTIVES
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Name : |
Mr. Kishor Dudhatra |
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Designation : |
Company Secretary |
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Address : |
101 Shanti Arcade, Near Akash III, 132 Feet Ring Road, Naranpura,
Ahmedabad – 380013, India |
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Tel No.: |
91-79-27430595/ 27430595 |
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Mobile : |
91-9825012960 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Rsjanbhai Ghelabhai Tilara |
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90000 |
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Mr. Dixitbhai Ghelabhai Tilara |
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82000 |
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Mr. Ghelabhai Tilala |
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62000 |
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Mrs. Ayushinben Tilala |
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5000 |
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Mrs. Nehaben R Tilara |
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11000 |
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Total |
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250000 |
(As on 31.03.2007)
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Category |
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Percentage |
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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 Exporter of Pump and Valve Components, Automotive Parts, Hardware Fittings, Orthopedic Implants, Defense Components, Castings Used for Aerospace Applications, Architectural Castings, Ornamental Castings, General Engineering Products etc. |
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Products : |
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Export : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Bhakti Nagar (SME) Branch, Rajkot – 360002, Gujarat, India
Mavdi Road,
Branch, Rajkot. Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R P C and Company Chartered Accountant |
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Address : |
203/204, Race Course Plaza, Near Excise- Custom Building, Race Course
Ring Road, Rajkot – 360001, Gujarat, India |
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Name : |
Tilala and Associates Chartered Accountant |
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Address : |
308 Shilp Tower, Godown Marg, Rajkot – 360002, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
1.000 |
0.180 |
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3] Reserves & Surplus |
0.028 |
0.028 |
0.000 |
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4] (Accumulated Losses) |
(0.058) |
0.000 |
0.000 |
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NETWORTH |
2.470 |
2.028 |
1.180 |
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LOAN FUNDS |
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1] Secured Loans |
4.830 |
3.756 |
0.000 |
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2] Unsecured Loans |
4.779 |
3.060 |
2.165 |
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TOTAL BORROWING |
9.609 |
6.816 |
2.165 |
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DEFERRED TAX LIABILITIES |
0.069 |
0.006 |
0.000 |
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TOTAL |
12.148 |
8.850 |
3.345 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.653 |
6.324 |
4.294 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.090
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3.033 |
0.000 |
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Sundry Debtors |
2.131
|
4.057 |
0.000 |
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Cash & Bank Balances |
0.105
|
0.117 |
0.111 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.475
|
0.200 |
0.703 |
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Total
Current Assets |
9.801
|
7.407 |
0.814 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
3.212
|
4.751 |
1.816 |
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Provisions |
0.135
|
0.185 |
0.016 |
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Total
Current Liabilities |
3.347
|
4.936 |
1.832 |
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Net Current Assets |
6.454
|
2.471 |
(1.018) |
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MISCELLANEOUS EXPENSES |
0.041 |
0.055 |
0.069 |
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TOTAL |
12.148 |
8.850 |
3.345 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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6.635 |
6.315 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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6.635 |
6.315 |
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Profit/(Loss) Before Tax |
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0.012 |
0.043 |
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Provision for Taxation |
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(0.046) |
0.011 |
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Profit/(Loss) After Tax |
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(0.058) |
0.032 |
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Expenditures : |
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Financial Charge |
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0.545 |
0.486 |
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Depreciation |
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0.815 |
0.609 |
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Other Expenditure |
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5.263 |
5.177 |
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Total Expenditure |
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6.623 |
6.272 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
(0.87)
|
0.51 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.18
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0.68 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.08
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0.31 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.02 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.24
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5.79 |
3.39 |
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Current Ratio (Current Asset/Current Liability) |
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2.93
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1.50 |
0.44 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
R N TECHNOCAST PRIVATE LIMITED |
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Presented By |
Mr. Rajan
Ghelabhai Tilara |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan
Rs.2.500 Millions |
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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 |
Mortgage of land
and building of the company Hypothecation of
plant and machinery, furniture and fixture and other movable held or to be
purchases held from time to time held at factory or in any other place in the
name of company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Shri Rajkot District
Co-operative Bank Limited Mavdi Road,
Branch, Rajkot |
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6) Date and brief description of instrument modifying the charge |
(All Documents
Dated 01.07.2005) |
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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. |
The existing
charge against hypothecation of machinery furniture and fixture and movable
held or to be purchases held from to time to time held at factory or in any
other place name of the company for Term Loan of Rs.2.500 Millions has been
extended to include charge for cash facility of Rs.1.500 Million And also
hypothecation of all kind of raw materials, finished goods, tools and
consumables, furniture and fixture, machinery plant, equipments and tools
been created for cash credit facilities of Rs.1.500 Million Making total charged
amount as Follows: Term Loan
Rs.2.500 Millions Cash credit
Limit Rs.1.500 Million |
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Corporate
identity number (CIN) Foreign company registration number |
U27106GJ2004PTC044250 |
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Name of the
Company |
R N TECHNOCAST PRIVATE LIMITED |
|
Address |
Plot No.2, Survey No.259, Shaper Kotda Sangani, Rajkot – 360002,
Gujarat, India |
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This form is for |
Modification of
Charge |
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Type of Charge |
Immovable property |
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Particulars of
the charge holder |
Bank of India Bhakti Nagar
(SME) Branch, Rajkot – 360002, Gujarat, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
entry dated 15th Day of March 2007 |
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Date of the
instrument creating or modifying the charge |
15.03.2007 |
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Amount secured by
the charge |
Rs.8.100 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
interests: 0.50% OVER BPLR,
Minimum 13% p.a. at present, subject to charge from time to time Term of
Repayment: Cash Credit of
overall limit of Rs.3.000 Million to be repayable on demand Terms loan -1 for
Rs.2.300 Millions repayable be in 60 EMI of Rs.51.750 Millions each
commencing from next month of disbursement. Term Loan 2 on
Rs.2.800 Millions repayment in 60 EMI of Rs.63.000 Millions each commencing
from July 2007 Margin: 25% against raw
materials, Finished Goods 25% Against
Stores 25% Against Goods
in process 40% against Book
Debts outstanding 3 months Extent and
operation of the charge: The charge shall
remain in operation till full repayment of all outstanding Dues with
interests, if any Others: Nature of
facilities: Cash Credit
(Hypothecation of Stock) Rs.3.000 Millions Cash Credit
(Hypothecation of Book Debts) Rs.3.000 Millions Maximum Overall
Cash Credit Limit 1+2 Rs.3.000 Millions Term Loan 1
Rs.2.300 Millions Term Loan 2
Rs.2.800 Millions Total Limit :
Rs.8.100 Millions |
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Short particulars
of the property charged (including location of the property) |
Factory Land and
Building of the company situated on Non Agriculture land admeasuring 4989-48
square meters of Plot No.2 Of Revenue survey No.259/1 Palki situated at
village : Shapar, Taluka, Kotda Sangani District Rajkot Gujarat, INdia |
|
Particular of the
present modification |
Total Financial
Facilities of Rs.8.100 Millions already granted to the company now secured by
collateral security of equitable mortgage be executing memorandum of entry
Dated 15th March 2007 relating to factory land and building of the
company situated on Non Agriculture land admeasuring 4989-48 square meters of
Plot No.2 Of Revenue survey No.259/1 Palki situated at village : Shapar,
Taluka, Kotda Sangani District Rajkot Gujarat, INdia |
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.39.95 |
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UK Pound |
1 |
Rs.79.41 |
|
Euro |
1 |
Rs.62.49 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
|
--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 |
NO |
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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 |
|
34 |
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. |
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 |
|