MIRA
INFORM REPORT
|
Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DHARPAT CASTING PRIVATE LIMITED |
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Registered Office : |
Plot No. 2637/40, Metoda, GIDC, Kalawad Road, Taluka Lodhika, Dist.
Rajkot – 360 005, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.11.2004 |
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Com. Reg. No.: |
04-45019 |
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CIN No.: [Company
Identification No.] |
U27100GJ2004PTC045019 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTD01147G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Precision Castings |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4800 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Financial position of the company is moderate having substantial
accumulated losses. It’s payments are slow and delayed due to had financial position. The company can be considered for any business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 2637/40, Metoda, GIDC, Kalawad Road, Taluka Lodhika, Dist.
Rajkot – 360 005, Gujarat, India |
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Tel. No.: |
91-2827-287936, 287937 |
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Fax No.: |
91-281-2480898, 2464931 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 2637/40, Road No. D-11, Opp. Ramboo, Meroda, GIDC, Rajkot – 360
021, Gujarat, India |
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Tel. No.: |
91-2827-287936/37 |
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Fax No.: |
91-2827-287936/37 |
DIRECTORS
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Name : |
Mr. Kishan D Parsana |
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Designation : |
Director |
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Address : |
Block No. 10, ‘Jay Kishan’ Bharatvan Society, Amin Marg, Rajkot – 360
001, Gujarat, India |
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Date of Birth/Age : |
23.08.1984 |
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Date of Appointment : |
10.11.2004 |
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Name : |
Mr. Tulsibhai T Parsana |
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Designation : |
Director |
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Address : |
Block No. 11, ‘Jay Kishan’ Bharatvan Society, Amin Marg, Rajkot – 360 001,
Gujarat, India |
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Date of Birth/Age : |
12.09.1960 |
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Date of Appointment : |
10.11.2004 |
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Election Commission Identity Card No. : |
GJ / 04 / 018 / 294377 |
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Name : |
Mrs. Rasila P Parsana |
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Designation : |
Director |
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Address : |
“Arjun” Arjun Park, Near Bharatvan Society, Rajkot – 360 001, Gujarat,
India |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
10.11.2004 |
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Election Commission Identity Card No. : |
GJ / 04 / 018 / 294271 |
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Name : |
Mrs. Bhavna R Parsana |
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Designation : |
Director |
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Address : |
“Shravan”, 2 Arjun Park, Near Bharatvan Society, Rajkot – 360 001,
Gujarat, India |
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Date of Birth/Age : |
06.05.1969 |
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Date of Appointment : |
10.11.2004 |
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Election Commission Identity Card No. : |
GJ / 04 / 018 / 294272 |
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Name : |
Mr. Dhirajlal T Parsana |
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Designation : |
Chairman |
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Date of Birth/Age : |
28.01.1959 |
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Date of Appointment : |
08.12.2005 |
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 – 380 013, Gujarat, India |
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Tel No. : |
91-79-27430594 |
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Mobile No. : |
91-9825012960 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Kishan D Parsana |
61500 |
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Tulsibhai T Parsana |
62500 |
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Rasilaben P Parsana |
62500 |
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Bhavnaben R Parsana |
62500 |
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Dhirajlal T Parsana |
10000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Precision Castings |
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Products : |
·
Pumps ·
Automobiles ·
Valves ·
General Engineering Industries ·
Instrumentation |
GENERAL
INFORMATION
|
Suppliers : |
·
Mineral India ·
Shree Bansi Metal Alloya Private Limited ·
Parth Engineers ·
Yamuna Enterprises ·
Soi Gel Films Private Limited ·
Shree Nakoda Metal Corporation |
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Customers : |
·
Jay Ambe Engineering Company ·
Belgaum Aqua Valves Private Limited ·
National Tool Industries |
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Bankers : |
·
Corporation Bank Main Branch, Nijanand, Dhebar Road, Rajkot
– 360 002, Gujarat, India ·
IDBI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Busa and Associates Chartered Accountants |
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Address : |
214, Lotus Arcade, Opp. Bajaj Automotive, Gondal Road, Rajkot – 360
002, Gujarat, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
1.000 |
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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 |
0.000 |
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4] (Accumulated Losses) |
(1.538) |
(1.609) |
0.000 |
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NETWORTH |
0.962 |
0.891 |
1.000 |
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LOAN FUNDS |
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1] Secured Loans |
9.142 |
6.203 |
0.000 |
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2] Unsecured Loans |
7.205 |
6.873 |
0.865 |
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TOTAL BORROWING |
16.347 |
13.076 |
0.865 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.309 |
13.967 |
1.865 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.650 |
11.111 |
3.668 |
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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 |
0.780 |
0.816 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.092
|
1.181 |
0.000 |
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Sundry Debtors |
7.550
|
1.849 |
0.000 |
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Cash & Bank Balances |
0.040
|
0.174 |
0.215 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.752
|
0.853 |
0.550 |
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Total
Current Assets |
12.434
|
4.057 |
0.765 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.365
|
1.897 |
2.679 |
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Provisions |
0.233
|
0.177 |
0.004 |
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Total
Current Liabilities |
6.598
|
2.074 |
2.683 |
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Net Current Assets |
5.836
|
1.983 |
(1.918) |
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MISCELLANEOUS EXPENSES |
0.043 |
0.057 |
0.115 |
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TOTAL |
17.309 |
13.967 |
1.865 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
19.562 |
2.068 |
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Other Income |
|
0.066 |
0.044 |
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Total Income |
|
19.628 |
2.112 |
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Profit/(Loss) Before Tax |
|
0.107 |
(2.425) |
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Provision for Taxation |
|
0.036 |
(0.816) |
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Profit/(Loss) After Tax |
|
0.071 |
(1.609) |
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Expenditures : |
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Financial charges |
|
0.973 |
0.504 |
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Manufacturing Expenses |
|
4.586 |
1.378 |
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Administrative Expenses |
|
1.399 |
0.576 |
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Raw Material Consumed |
|
13.010 |
1.975 |
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Increase/(Decrease) in Finished Goods |
|
(1.516) |
(0.352) |
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Miscellaneous Expenses W/Off |
|
0.014 |
0.014 |
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Depreciation & Amortization |
|
1.055 |
0.442 |
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Total Expenditure |
|
19.521 |
4.537 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.36
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(76.18) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.55
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(117.26) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.46
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(15.99) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
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(2.72) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
23.85
|
17.00 |
3.55 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.96 |
0.29 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the Company has been shifted from Survey No.
240/2004 Vidhyanagar Main Road, Opp. Khadigram Bhavan, Rajkot – 360 002,
Gujarat, India to the present address with effect from 30.12.2006.
Form No. 8
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Name of the company |
DHARPAT CASTING PRIVATE LIMITED |
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Presented By |
Corporation Bank,
Main Branch, Rajkot |
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1) Date and description of instrument creating the change |
·
Agreement
for Term Loans ·
Common Deed
of Hypothecation of Movables / Assets / Debts Both dated 24th
August, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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
present and future Stock in Trade consisting of Raw Materials, Stock in
Process, Consumable spares and finished goods of all site at GIDC Metoda,
Plot No. 2637 and 2640, Rajkot or at any other place as declared by the
company to the Bank from time to time and Hypothecation of present and future
all plant and machineries of the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For Term Loan Margin : 43.62%
on Project Cost Repayment : In 84
Monthly equal Installments of Rs.0.090 million, 1st Installment
shall commence from April, 2006. Rate of Interest
11.50% p.a. at present Other terms and
conditions are as per the Agreement of Term Loans For Cash Credit Repayable on
demand Interest 11.00%
p.a. at present Other terms and
conditions are as per common Deed of Hypothecation of Movables/Assets/Debts. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank “Nijanand”, Dhebar Road, Rajkot – 360 001, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicabe |
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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. |
Not Applicabe |
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Corporate
identity number of the company |
U27100GJ2004PTC045019 |
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Name of the
company |
DHARPAT CASTING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 2637/40, Metoda, GIDC, Kalawad Road, Taluka Lodhika, Dist.
Rajkot – 360 005, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Corporation Bank Main Branch, Nijanand, Dhebar Road, Rajkot – 360 002, Gujarat, India |
|
Nature of
instrument creating charge |
1.
Supplemetary
common Deed of Hypothecation of Movables / Assets / Debts. 2.
Continuity
Letter |
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Date of
instrument Creating the charge |
04.12.2007 |
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Amount secured by
the charge |
Rs.16.00 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest For Cash Credit : COBAR – 0.50% i.e. p.a. at present subject to
revision from tine to time For Term Loan : COBAR i.e. 13.25% p.a. at present subject to revision
from time to time. ·
Terms of
repayment For Cash Credit : CC – running account repayable on demand subject to Annual renewal. For Term Loan (New): To be repaid in 60 monthly installments of Rs.0.065 million each No.
moratorium period is allowed. ·
Margin For Cash Credit Inventory : 30% Book Debt : 50% For Term Loan (New): 30.36% ·
Extent and
operation of the charge The charge by the way of hypothecation and equitable mortgage on
movables and immovables properties referred to in this Form secures the
enhanced credit facilities of Rs.16.000 millions as under Cash Credit enhanced from 3.000 millions to 7.500 millions. Term Loan enhanced from 7 millions to 8.500 millions. ·
Others As per agreement executed in favour of the bank from time to time. |
|
Particulars of
the property charged |
Hypothecation of
present and future Stock in Trade consisting of Raw Materials, Stock in
Process, Consumable spares and finished goods of all varieties of castings,
dyes etc. kept at the factory site at GIDC Metoda, Plot No. 2637 and 2640,
Rajkot or at any other place and Hypothecation of present and future all
plant and machineries of the Company. Equitable
Mortgage on factory land and building located at Survey No. 103(p), plot No.
2337 and 2640, Village : Khirasara, Dist: Rajkot, adm. 11700 Sq. Mtrs. |
|
Particulars of
the present modification |
The limit of
credit facilities has been enhanced to Rs.16.000 millions. Accordingly charge
by way of hypothecation and equitable mortgage on movables and immovables
properties referred to in this Form secures the enhanced credit facilities of
Rs.16.000 milions as under Cash Credit
enhanced from 3.000 millions to 7.500 millions Term Loan enhanced
from 7.000 millions to 8.500 millions |
Web Details
Subject was established in the year 2005 by
a team of qualified and experienced metallurgical and mechanical engineers.
They are specialized in the production of Precision Investment Castings of
ferrous and non-ferrous metal, alloys and super alloys of the excellent
quality.
Continuous
R and D has led company to a innovative leader in the field of Precision
Investment Castings field in short time of span.
They
are having production of investment castings by lost wax process which is
highly demanded process all over the globe.
They
manufacture variety of finished components ranging from 2 Gms to 60 kg. At
Dharpat Castings they have achieved specialization in developing customized
requirements of all kind of Invetment Castings.
For.
ex Pumps, valves, agricultural implements, textile equipments, general
engineering equipments, medical equipments, defence components,etc Having the
capacity of producing 30 M. T. of casting per month and planning to expand the
same within short period.
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 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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
25 |
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 |
|