MIRA INFORM REPORT

 

 

 

Report Date :

01.12.2008

 

IDENTIFICATION DETAILS

 

Name :

RATNAKAR ENTERPRISES

 

 

Registered Office :

8/ 579/ 11A, Sangli Road, Ichalkaranji – 416115, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

01.04.1999

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR04767A

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer and Exporter of Various Mechanical, Electronic Material Testing Machines and Dynamic Balancing Machines.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 7500

 

 

Status :

Small Concern

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well relatively small concern in its field. Trade relations are fair. Scale of activity is limited. No complaints have been heard from market sources.

 

The concern can be considered for small to mediocre business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Satpude

Designation :

Accounts Head

Date :

29.11.2008

 

 

LOCATIONS

 

Registered Office :

8/ 579/ 11A, Sangli Road, Ichalkaranji – 416115, Maharashtra, India

Tel. No.:

91- 230- 2431834

Mobile No.:

91- 9422048104 (Mr. Kudche)/ 9860977799

Fax No.:

91- 230- 2430105

E-Mail :

sssratnakar@gmail.com

ratnakarentp@hotmal.Com

aakudache@dataone.in

akudche@yahoo.com

Website :

www.ratnakarentp.com

Area :

5000 sq ft + Factory

Location :

Owned

 

 

SOLE PROPRIETOR

 

Name :

Mr. A T Kudche

Designation :

Proprietor

Address :

Near Shivshale Path Sanstha, Sangli Road, Ichalkaranji - 416115, Maharashtra, India

Date of Birth/Age :

54 Years

Qualification :

DME

 

 

KEY EXECUTIVES

 

Name :

Mr. Satpude

Designation :

Accounts Head

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Various Mechanical, Electronic Material Testing Machines and Dynamic Balancing Machines.

 

 

Products :
  • Universal Testing Machines
  • Compression Testing Machines
  • Cupping (Erichsen) Testing Machines
  • Dynamic Balancing Machines
  • Spring Testing Machines
  • Wheel Balancing Machines
  • Hardness Testing Machines
  • Tensile Testing Machine
  • Impact Testing Machines
  • Torsion Testing Machines
  • Fatigue Testing Machines
  • Chain and Rope Testing Machines 

 

 

Exports :

 

Products :

Finish Goods

Countries :

Malaysia, Thailand and Kuwait

Trade Reference :

Bangkok

 

 

Imports :

 

Products :

Raw Material

Countries :

Japan

 

 

Terms :

 

Selling :

L/C and T/T

 

 

Purchasing :

Cash and Credit (30 Days)

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • Universal Testing Machines Users
  • Impact Testing Machines Users
  • Hardness Testing Machines Users
  • Torsion Testing Machines Users
  • Fatigue Testing Machines Users
  • Tensile Testing Machine Users
  • Spring Testing Machines Users

 

 

 

No. of Employees :

30

 

 

Bankers :
  • HDFC Bank, Ichalkaranji Branch
  • ICICI Bank, Ichalkaranji Branch
  • Bank of Maharashtra, Ichalkaranji Branch

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D D Gondkar and Associations

Chartered Accountant

Address :

Ichalkaranji, Kolhapur

 

 

Associates/Subsidiaries :
  • Balaji Industries
  • Amit Engineers

 

 

 

CAPITAL STRUCTURE

 

Appassaheb T Kudche

 

Capital Account

Rs. In Millions

Opening Balance

0.650

Add: Net Profit

0.377

Add: Farm Income

0.150

 

 

Less: Withdrawals Etc.

0.060

Less: Donation

0.011

Less: L.I.C.

0.115

Less: RD Account

0.006

Less: Mediclaim

0.012

Less: Farm Expenses

0.057

Less: Other Withdrawal

0.089

Net Total

0.827

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

0.827

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

0.827

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

1.343

2] Unsecured Loans

 

 

0.600

TOTAL BORROWING

 

 

1.943

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

2.770

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

3.369

Capital work-in-progress

 

 

1.065

 

 

 

 

INVESTMENT

 

 

0.165

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.000

 

Sundry Debtors
 

 

0.992

 

Cash & Bank Balances
 

 

0.113

 

Other Current Assets
 

 

1.186

 

Loans & Advances
 

 

0.000

Total Current Assets
 

 

2.291

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

4.120

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

4.120

Net Current Assets
 

 

(1.829)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

2.770

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2008

 

 

 

 

Sales Turnover

 

 

10.304

Other Income

 

 

0.442

Total Income

 

 

10.746

 

 

 

 

Net Profit for the year

 

 

0.377

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

4.738

 

Advertisement

 

 

0.204

 

Commission to Agent

 

 

0.185

 

Traveling Expenses 

 

 

0.134

 

Depreciation & Amortization

 

 

0.280

 

Other Expenditure

 

 

4.828

Total Expenditure

 

 

10.369

 

Expected Sales (2008-09) : Rs.15.000 Millions

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2008

PAT / Total Income

(%)
 

 

--

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

03.65

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

05.47

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.45

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

7.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.55

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference

 

 

 

 

                                            Additional Requirement of Indiamart for Trust-Seal

 

 

Service Tax No. :

 

Excise Registration No.:

 

VAT / TIN : 27420087890V Dated 01.04.2006

 

IEC Code : 3101005434

 

 

 

PAN / TAN : ACCPK8607R

 

 

 

Bank Name : HDFC Bank

 

Bank Address : Ichalkaranji Branch

 

Bank A/c. No.: 70368030000041

 

Account Since : 3 Years

 

 

 

Bank Name : Bank of Maharashtra 

 

Bank Address : Ichalkaranji Branch

 

Bank A/c. No.: 20087108233

 

Account Since : 1999

 

Reg. No.: AI- QMS- 0496- 00

 

 

 

In case of any affiliations / memberships / certifications :

Name : ISO

 

Type : 9001: 2000

 

Expiry Date : 04.12.2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.49.84

UK Pound

1

Rs.76.81

Euro

1

Rs.64.38

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

33

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions