MIRA
INFORM REPORT
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Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROLEX RINGS PRIVATE LIMITED |
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Registered Office : |
Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 36004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.02.2003 |
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Com. Reg. No.: |
04-41991 |
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CIN No.: [Company
Identification No.] |
U28910GJ2003PTC041991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR00395D |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer, sales and exports of Machined Roller, Ball and Roller, Forged Ring’s Set, Machined Ring’s Set and Scrap. |
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 374656 |
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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 a well – established company having moderate track. Project margin is under pressure. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms & conditions with same caution in view of some accumulated losses. Company’s Latest financials are not filed with the Government departments and the management declined to update with the same. |
LOCATIONS
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Registered Office : |
Behind Glowtech Private Limited, Gondal Road, Village - Kotharia, Rajkot – 36004, Gujarat, India |
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Tel. No.: |
91-281-2360406 |
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Fax No.: |
91-281-2362376 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq.ft |
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Location : |
Owned |
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Factory : |
Gondal Road, Village Kotharia, P.O. Vavdi, Rajkot – 360 004, Gujarat |
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Area : |
1500 Sq.ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rupesh Dayashankar Madeka |
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Designation : |
Director |
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Address : |
‘Daya’, 3, Pranakuti Society, Rajkot – 360 005, Gujarat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Mihir Rupeshbhai Madeka |
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Designation : |
Director |
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Address : |
‘Daya’, 3, Prankutti Society, Rajkot – 360 005, Gujarat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Manesh Dayashankar Madeka |
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Designation : |
Managing Director |
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Address : |
‘Maya’, 5/6, Prankuti Society, Rajkot – 360 005, Gujarat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Pinakin Dayashankar Madeka |
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Designation : |
Director |
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Address : |
‘Maya’, 5/6, Prankuti Society, Rajkot – 360 005, Gujarat |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Ashok Dayashankar Madeka |
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Designation : |
Director |
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Address : |
‘Anand Bhavan’, B/h. MVM College, Sethubandh Society, Rajkot-360 001, Gujarat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Bhautik Dayashankar Madeka |
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Designation : |
Director |
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Address : |
‘Anand Bhavan’, Behind. MVM College, Sethubandh Society, Rajkot-360 001, Gujarat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Paresh Dayashankar Madeka |
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Designation : |
Director |
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Address : |
301, Dhara Apartment, Near Parnakuti Society, Rajkot – 360 001, Gujrat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Hemal Dayashankar Madeka |
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Designation : |
Director |
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Address : |
301, Dhara Appartment, Near Parnakuti Society, Rajkot – 360 001, Gujrat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Jiten Dayashankar Madeka |
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Designation : |
Director |
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Address : |
‘Vasant’, 6, Prankutti Society, Rajkot – 360 005, Gujarat, India. |
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Date of Appointment : |
13.02.2005 |
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Name : |
Mr. Sanjay Bhagwanji Bole |
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Designation : |
Director |
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Address : |
405, Orbit Towers, 41 Royal Park, 150”ft Road, Rajkot – 360 001, Gujrat, India. |
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Date of Appointment : |
13.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2006
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Names of Shareholders |
No. of Shares |
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Mr. Rupesh Dayashankar Madeka |
168 |
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Mr. Jiten Dayashankar Madeka |
204 |
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Mr. Manesh Dayashankar Madeka |
180 |
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Mr. Ashok Dayashankar Madeka |
180 |
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Mr. Pinakin Dayashankar Madeka |
204 |
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Mr. Bhautik Dayashankar Madeka |
120 |
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Mr. Paresh Dayashankar Madeka |
36 |
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Mr. Mihir Rupeshbhai Madeka |
36 |
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Mr. Hemal Pareshbhai Madeka |
36 |
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Mr. Sanjay Bhagwanji Bole |
36 |
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Total |
1200 |
Equity Share breakup (Percentage of Total Equity)
As On 31.03.2006
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Sr. No. |
Category |
Percentage |
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1. |
Directors or
relatives of director |
97.00 |
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2. |
Other Top 50
Share Holders |
3.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, sales and exports of Machined Roller, Ball and Roller, Forged Ring’s Set, Machined Ring’s Set and Scrap. |
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Exports : |
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Countries : |
USA, France, Italy and UK |
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Imports : |
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Countries : |
Europe and USA |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS
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Particulars |
Installed
Capacity |
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Forged Rings |
18000 |
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Machined Rings |
8000 |
GENERAL
INFORMATION
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Suppliers : |
l British Super Alloys Limited, UK l Indian Seamless Steel & Alloys Limited l Anupam Engineering Private Limited |
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Customers : |
Manufacture & Other l Antifriction Bearing Company Limited l British Timken, UK l SKF USA Inc. l Timken Italia SRL l Timken, France l Timken, Europe |
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No. of Employees : |
300 |
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Bankers : |
· Bank of India Rajkot , Mumbai and Pune Branches · Oriental Bank of Commerce l ICICI Bank, Rajkot, Gujarat |
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Facilities : |
Rs. 292.349 Millions C/C & Term Loan |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P R Lal Chandani & Company Chartered Accountant |
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Address : |
Plot No. 3, Adarsh Cooperative Housing Society, Race Course Road, Rajkot |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,200 |
Equity Shares |
Rs. 1,00,000 Each |
Rs. 120.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1200 |
Equity Shares |
Rs. 1,00,000 Each |
Rs. 120.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
120.000 |
120.000 |
120.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
31.617 |
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4] (Accumulated Losses) |
(26.336) |
(6.939) |
(16.371) |
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NETWORTH |
93.664 |
113.061 |
135.246 |
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LOAN FUNDS |
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1] Secured Loans |
1474.832 |
948.761 |
488.539 |
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2] Unsecured Loans |
63.596 |
3.830 |
50.946 |
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TOTAL BORROWING |
1538.428 |
952.591 |
539.485 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1632.092 |
1065.652 |
674.731 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
656.899 |
452.156 |
365.856 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
98.824 |
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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 |
302.703 |
227.443 |
0.000 |
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Sundry Debtors |
384.709 |
322.430 |
0.000 |
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Cash & Bank Balances |
302.805 |
219.436 |
0.000 |
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Other Current Assets |
158.864 |
0.000 |
0.000 |
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Loans & Advances |
65.880 |
75.819 |
356.101 |
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Total Current Assets |
1214.960 |
845.128 |
356.101 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
226.742 |
231.802 |
146.050 |
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Provisions |
14.145 |
0.736 |
0.000 |
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Total Current Liabilities |
240.887 |
232.538 |
146.050 |
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Net Current Assets |
974.074 |
612.590 |
210.051 |
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MISCELLANEOUS EXPENSES |
1.119 |
0.905 |
0.000 |
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TOTAL |
1632.092 |
1065.652 |
674.731 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover (Including Other Income) |
2554.864 |
2003.146 |
462.817 |
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Total Income |
2554.864 |
2003.146 |
462.817 |
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Profit/(Loss) Before Tax |
(19.396) |
48.526 |
(16.223) |
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Provision for Taxation |
0.000 |
0.000 |
(0.148) |
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Profit/(Loss) After Tax |
(19.396) |
48.526 |
(16.371) |
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Earnings in Foreign Currency : |
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Other Earnings |
961.797 |
798.852 |
0.000 |
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Total Earnings |
961.797 |
1760.649 |
0.000 |
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Imports : |
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Others |
0.000 |
0.000 |
51.094 |
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Total Imports |
0.000 |
0.000 |
51.094 |
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Expenditures : |
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Other Expenditure |
2574.261 |
1954.619 |
479.040 |
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Total Expenditure |
2574.261 |
1954.619 |
479.040 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(0.75)
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2.42 |
(3.53) |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.75)
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2.42 |
(3.50) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.03
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3.73 |
(2.24) |
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Return on Investment (ROI) (PBT/Networth) |
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0.20
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0.42 |
(0.11) |
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Debt Equity Ratio (Total Liability/Networth) |
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12.59
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10.48 |
5.06 |
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Current Ratio (Current Asset/Current Liability) |
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5.04
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3.63 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
ROLEX RINGS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of Modification of charge/ Mortgage dated 15.03.2003 modified on 13.06.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 905.300 Millions |
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3 ) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce Mangla Bhavan, Nirmala Convent school Road, Rajkot – 360005, Gujarat, India |
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4) Date and brief description of instrument modifying the charge |
13.06.2006 |
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Name of the company |
ROLEX RINGS PRIVATE LIMITED |
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Presented By |
MR MANESH D MADEKA, DIRECTOR |
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1) Date and description of instrument creating the change |
Common deed of hypothecation of movables/assets and no instrument was executed but equitable mortgage by deposit of title deeds dated 03.07.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
All figures in Millions
Bank Guarantee 222.000 |
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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 |
First charge by way of hypothecation of entire stock in trade including stocks of raw materials, stock in process, finished goods, stores, spares, packing materials, movable assets including movable plant and machinery, furniture, fixtures, electricals and other movables, and book debts, receivables claims, out standing money etc. both present and future and first charge by way of equitable mortgage by deposit of title deeds on company’s entire fixed assets excluding wind mill but including the factory land and building located at survey no 150(p), plot no. 123(p), plot no 122(p), sub plot no 122B at survey no. 150 admeasuring 112.47 Sq. meters at survey no 172/174-2/175 2/253, plot no 12(p) (south-west corner), admeasuring 291.63 Sq. meters survey no. 150(p), plot no. 12(p) (west-south corner), admeasuring 146.82 Sq. meters at old survey no. 172/1742-/175-2/253, new survey no 149/154/155/156 admeasuring 399.472 Sq. yards plot no 31(a), at survey no 150(p) admeasuring 143.80 Sq. meters situated at village- kotahria , Taluka and district rajkot in the state of Gujarat alongwith all construction made or to be.
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest Term Loan – I : 12.25% (CBMTLR subject to revision) Term Loan – I : 12.25% (CBMTLR subject to revision) Cash Credit : (PLR 11.50% p.a. subject to revision) PCL upto 90 days 7.5% p.a. Export bills negotiation, p/d upto 90 days 7.50% p.a. an above 90 days upto 180 11.50%p.a. Inland/ Import L/C commission as per described rate of bank B/G commission as per prescribed rate of bank Repayment : Term loan – I of Rs 6.000 Millions to be repaid within 24 months from the date of avilment in 8 quarterly installments of Rs. 0.750 Millions (No Repayment Holiday) Term Loan – II of Rs 154.000 Millions to be repaid within 78 months from the date of first disbursement in 22 quarterly installments as agreed with initial repayment holiday of 12 months. Cash Credit is repayable on demand Each PCL to be liquidated within 90 days by negotiation/ purchase/ discount of export bills. EBN, P/D to be repaid within the usance period. Inland/ import LC; DP/DA upto 60 days in inland L/C and D/A upto 120 days in import L/C Margin For term Loan – II Land-50%, Building – 40%, Machinery – 25% and Tools-40% (overall margin 38.8%) For Cash Credit ; stock 25% and Book debts 40% P/C Margin 25% of stock meant for export Inland/Import L/C Cash margin of 15% B/G Cash margin of 15% Other terms and conditions as per sanction letter and hypothecation deed. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation bank, Mani Branch “Nijanand”, Dhebar Road, Rajkot – 360001 |
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6) Date and brief description of instrument modifying the charge |
Continuity letters nine in numbers for continuing equitable mortgage of the properties described her. Supplemental common deed of hypothecation of movables/assets/debts for the overall limit of Rs 794.130 Millions Agreement for term Loans for Rs. 47.000 Millions Agreement for term Loans for Rs. 104.300 Millions Agreement for term Loans for Rs. 86.400 Millions Application cum counter guarantee for opening of irrevocable inland documentary credit for Rs. 50.000 Millions Counter guarantee for the limits sanctioned for Rs 5.000 Millons |
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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 original limit of Rs. 222.000 Millions which was modified from time to time and now stands at Rs 222.000 Millions at present is now enhanced to Rs 794.130 Millions as follows
All the assets and properties hypothecated ar charged or mortgage which was described in Para 3 (property column) are now extended as securities to secure the repayment of enhanced credit facilities of Rs 794.130 millions together with all costs, charges and interest as applicable and the said assets and charged on pari passu basis with OBC, rajkot Terms and conditions for the term loan V,VI and VII are as under Margin : 25 % on plant and machineries and building 50% wherever applicable Rate of interest 9.50p.a. (COBAR – 1.00%) Pari passu first charge with OBC, Rajkot by way of hypothecation of assets to be acquired out of laon finance more particularly stated in annexure to loan agreement and supplementary common deed of hypothecation of movables/ Assets/ debts Repayment as per schedule shown in the respective term loan agreements Other terms and conditions are as per the agreements / letters/ deeds executed for the limit of Rs 222.020 millions originally and as per modified from time to time for the revised limit upto the presently enhanced limit of Rs 794.130 millions |
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Name of the company |
ROLEX RINGS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of Modification of charge for hypothecation of plant and machinery, stock in trade and book debts dated 13.06.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 905.300 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 |
Hypothecation of plant and machinery, stock in trade and book debts. |
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4) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce Mangla Bhavan, Nirmala Convent school Road, Rajkot – 360005, Gujarat, India |
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5) Date and brief description of instrument modifying the charge |
13.06.2006 |
Fixed Assets:
Factory Building – Rs. 1.530 Millions
Furniture & Fictures – Rs. 0.237 Millions
Plant & Machinery – Rs. 11.247 Millions
Plant & Machinery – Rs. 8.609 Millions
History
Rooted in the fertile grounds of hard beginnings and humble origins, Rolex Rings, have survived and surpassed competitors and now are the leading manufacturers of hot forged rolled ring in India alongwith finish machining through CNC route. They had the courage to begin the journey into a hardcore Engineering field dominated by big names, the imagination to outlast the competition and the vision to make them selves known in the international arena as one seriously committed organisation to the cause of technology empowerment.
They stand today for Engineering capability, customised solutions and consolidated growth orientation.
The values of commitment to hardwork and the innate sense of responsibility towards providing the society with superior products is the moving force behind the success saga.....
Philosophy
To impress with ideas percolate buyers with patience, surprise the competition with solid sophistication and all of this in party with the mission of empowering each employee, satisfying each vendor, protecting investors interest and enabling the second string of leadership to develop and promote the interests of all unified groups.. all this needs lots of strength and struggle down the winding roads of success.
Product Profile
At Rolex, earnest endeavour is to provide the most perfect products, customized to the client’s requirements. Various types of rings like ball bearing, tapered, cylindrical, spherical, railway bearing components, spacers with additional operations like drilling, milling and marketing are manufactured at Rolex Rings.
Development
Rolex Rings engineering centre comprises of advanced computer aided design, manufacturing and analysis capabilities, which cater to customer needs right from concept design to validation and testing.
Computer aided simulation system helps in examining the flow characteristics of the material even for complex geometries.
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 :
The 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.
The 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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|