MIRA INFORM REPORT

 

 

 

Report Date :

04.12.2008

 

IDENTIFICATION DETAILS

 

Name :

ROYAL TOUCH ALUMINIUM PRIVATE LIMITED

 

 

Registered Office :

Saket Industrial Estate, Plot No.30/31, Sarkhej-Bavala Road, Near Nova Trochemicals, Moriya, TA.Sanand, Dist.Ahmedabad – 382 214, Gujarat.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

24.03.2004

 

 

Com. Reg. No.:

04 - 43848

 

 

CIN No.:

[Company Identification No.]

U26933GJ2004PTC043848

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of premium grade aluminium extrusions, aluminium extrusion profiles and sections, etc.

 

 

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 88755

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a 4 years old company having moderate track records. Its profitability is under pressure. General financial position is weak having good amount of accumulated losses. Payments are reported as slow at times.

 

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

 

 

INFORMATION PARTED BY

 

Name :

Mr. Raj Patel

Designation :

Director

Contact No.:

91-9374227503/ 9825227503

Date :

21.10.2008

 

 

LOCATIONS

 

Registered Office :

3rd Floor, Shree Complex Shree Nagar Society, Near Golden Triangle Sardar Patel, Staduyn Navrangpura Ahmedabad – 380 009, Gujarat, India

 

 

Factory  :

Plot No. 30/31, Saket Industrial Estate, Near Nova Petrochemicals, Sakhej Bavla, Moraiya Gau, Ta Saand, Ahmedabad – 382 213, Gujarat, India

Tel. No.:

91-2717-250097/ 250098/ 574868

Fax No.:

91-2717-250097

 

 

DIRECTORS

 

Name :

Mr. Patel Jitendra Tulsidas

Designation :

Director

Address :

11, Shiv, Manekbaug Society, Near Nehru Nagar, Ahmedabad – 380 014, Gujarat, India

Date of Appointment :

24.03.2004

 

 

Name :

Mr. Patel Arvind Ambalal

Designation :

Director

Address :

604, Panchtirth Appartment, Jodhpur Char Rasta, Satalite Road, Ahmedabad, Gujarat, India

Date of Appointment :

24.03.2004

 

 

Name :

Mr. Patel Ishwarlal Jadavjibhai

Designation :

Director

Address :

652- Takshshila- 2, Phoolchhab Chowk, Rajkot, Gujarat, India

Date of Appointment :

15.01.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On (30.09.2006)

 

Names of Shareholders

 

No. of Shares

Mr. Patel Jitendra Tulsidas

 

55000

Mr. Patel Arvind Ambalal

 

245500

Mrs. Nisha Arvind Patel

 

17000

Mr. Ashwin Ambalal Patel

 

38000

Mrs. Geeta Ashwin Patel

 

52000

Ms. Jaya Ahwin Patel

 

67000

Mr. Ambalal Pujabhai Patel

 

195500

Mr. Dinesh Tulsidasbhai Patel

 

5010

Mr. Chetna Dinesh Patel

 

200010

Mr. Raj Dinesh Patel

 

70010

Mr. Bharat Tulsidas  Patel

 

70010

Mrs. Heena Bharat Patel 

 

89910

Mr. Tulsidas Hirjibhai Patel

 

80010

Mrs. Hemiben Tulsidas Patel

 

110010

Mr. Bharat Ambalal Patel

 

225500

Mrs. Mona Bharat Patel

 

37000

Mrs. Seemgauri Jitendra Patel

 

160010

Mr. Bharat Tulsidas Patel

 

90010

Mr. Chandubhai Keshavji Santoki

 

60000

Mr. Gopi Ravi Jagani

 

6500

Mr. Hasmukhbhai K. Patel

 

20000

Mr. Ishwarlal Jadavbhai Patel

 

31200

Mrs. Jaya A Patel

 

172500

Mr. Jivanlal Jadavbhai Patel

 

20000

Mr. Lalita Jivanlal Patel

 

4200

Mrs. Leena H. Patel

 

20000

Mr. Nitin Keshavji Santoki

 

60000

Mrs. Radha M Patel

 

69700

Mr. Rahul M Patel

 

290300

Mr. Shahil Jiteshkumar Patel

 

68000

Mrs. Shakuntala Ishwarlal Patel

 

36200

Mr. Suresh Keshavji Santoki

 

60000

Mr. Tulsidas H Patel

 

20010

Mr. Ravi Ishwarlal Patel

 

100

Mr. Ishwarlal J Patel

 

16000

Mr. Jivanlal Jadavbhai Patel

 

30100

Mrs. Sapnaben Jiteshbhai Patel

 

100

Mrs. Priyanka Jiteshkumar Patel

 

57600

Mr. Kishan Hashmukh Patel

 

50000

Mr. Dineshbhai Tulsidas Patel

 

40000

Mr. Jitendra Tulsidas Patel

 

40000

Mr. Shiv Jitendra Patel

 

20000

Total

 

3000000

 

Equity Share breakup (percentage of total equity)

Category

Percentage

Directors or relatives of directors

100

Total

100

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of premium grade aluminium extrusions, aluminium extrusion profiles and sections, etc.

 

 

Products :
  • Aluminium Extrusions
  • Aluminium Sliding Doors
  • Aluminium Partitions
  • Aluminium Modular Furniture
  • Aluminium Square Bars
  • Aluminium Tubes and Pipes
  • Aluminium Rods 
  • Aluminium Extrusion Profiles & Sections
  • Structural Glazing Profiles
  • Electrical Heat Sinks
  • Industrial Profiles
  • Architectural Profiles.

 

 

Exports :

 

Countries :

Europe and other parts of the world

 

 

Imports :

 

Countries :

Middle East

 

 

GENERAL INFORMATION

 

Bankers :
  • State Bank of Saurashatra, Gymkhana Branch, Rajkot – 360 001
  • HDFC Bank
  • ICICI Bank

 

 

Facilities :

Particular

Amount (Rs.in Millions)

31.03.2007 (Rs.in Million)

Secured Loan

 

 

State Bank of Saurashatra

(Secured by equitable mortgage of land and

 factory building and hypothecation of plant

and machineries)

Term Loan

Cash credit A/C No.2421846, Rajkot

Cash credit A/C No.592325, Ahmedabad

 

 

 

 

 

41.352

37.897

2.473

 

 

 

 

 

 

 

81.722

HDFC Maruti Van Car Loan

(Secured by hypothecation of car)

 

 

 

0.114

ICICI Bank Car Loan 3493

(Secured by hypothecation of car)

 

 

 

0.247

ICICI Bank Car Loan 9405

 

0.264

Total

 

82.347

 

 

 

Unsecured Loan

 

 

From share holders

 

25.000

Total

 

25.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ranpura Desai and Company

Chartered Accountant

Address :

Orbit, 2nd Floor, Moti Tanki Chowk, Rajkot – 360 001, Gujarat, India

 

CAPITAL STRUCTURE

 

(As On 29.09.2007)

Authorised Capital :

No. of Shares

Type

Value

Amount

3000000

Equity Share

Rs.10/- each

Rs.30.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

3000000

Equity Share

Rs.10/- each

Rs.30.000 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

30.000

30.000

0.104

2] Share Application Money

0.000

0.000

1.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(12.249)

(3.854)

0.000

NETWORTH

17.751

26.146

1.104

LOAN FUNDS

 

 

 

1] Secured Loans

82.349

50.296

0.000

2] Unsecured Loans

25.000

25.000

28.494

TOTAL BORROWING

107.349

75.296

28.494

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

125.100

101.442

29.598

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

51.548

51.880

19.077

Capital work-in-progress

7.103

7.103

8.748

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

6.224

1.941

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
37.428

33.421

0.000

 

Sundry Debtors
18.331

3.126

0.000

 

Cash & Bank Balances
0.057

0.028

0.809

 

Other Current Assets
2.914

2.781

1.303

 

Loans & Advances
7.319

7.206

2.825

Total Current Assets
66.049

46.562

4.937

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
5.813

5.651

3.317

 

Provisions
0.077

0.481

0.008

Total Current Liabilities
5.890

6.132

3.325

Net Current Assets
60.159

40.430

1.612

 

 

 

 

MISCELLANEOUS EXPENSES

0.066

0.088

0.018

EXPENSES TO BE CAPITALISED

0.000

0.000

0.143

 

 

 

 

TOTAL

125.100

101.442

29.598

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

158.641

160.394

12.269

Other Income

0.000

0.000

0.000

Total Income

158.641

160.394

12.269

 

 

 

 

Profit/(Loss) Before Tax

(12.590)

(12.550)

(5.770)

Provision for Taxation

NA

4.196

1.916

Profit/(Loss) After Tax

(12.590)

(8.354)

(3.854)

 

 

 

 

Expenditures :

 

 

 

 

Depreciation & Amortization

0.000

7.413

3.264

 

Other Expenditure

0.000

165.531

14.775

Total Expenditure

171.231

172.944

18.039

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
7.9
5.20

31.41

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
7.9

7.82

47.02

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
9.6

12.74

24.02

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.7

0.47

5.22

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
6.37

3.11

28.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
11.21

7.59

1.48

 

 

LOCAL AGENCY FURTHER INFORMATION

Form 8

 

Name of the company

Royal Touch Aluminium Private Limited

Presented By

Ishwarbhai J. Jagani

1) Date and description of instrument creating the change
  • Agreement for hypothecation of goods and other assets dated 12.01.2006
  • Agreement for loan for overall limit dated 12.02.2006

2) Amount secured by the charge/amount owing on the securities of charge

Rs.1.150 Millions

Nature pf Facility

Limit

(Rs.In Millions)

Cash Credit

100.000

ODBD (Sub Limit)

(30.000)

Medium Term Loan

48.650

Bank Guarantee

2.500

LC (Under CC Limit)

(30.000)

Total

151.150

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 charge over all stock of raw materials, stock in process, finished goods, stores and spares, packing materials, book debts and all other present and future current assets of the company and goods assigned to the bank under L/cs.

4) Gist of the terms and conditions and extent and operation of the charge.

In consideration of State Bank of Saurastra having agreed to lend and advance to the company the said Term Loan / Over all Limit of Rs.151.150 Millions it was agreed inter all as follows.

 

The company shall create, as a security for due repayment to the State Bank of Saurastra of all principal moneys documents of title to the goods and other assets, such as books debts, outstanding money, receivable and all machinery present and future, etc.

The company shall not without the Bank’s prior written permission lease or sell or exchange or create any mortgage, charge, lien or encumbrance of any kind upon or over the properties, goods and other assets so charged or on its undertaking

 

The company shall maintain a margin of security as per banks instruction and rate of interest shall be such as determined from time to time at the bank’s sole discretion.

5) Name and Address and description of the person entitled to the charge.

State Bank of Saurastra, Gymkhana Branch, Rajkot – 360 001

 

Fixed Assets

 

Business Prospects

 

The company has shown increased in turnover as compare to previous year. Your directors are taking all possible steps and measure to improve the income.

 

As Per Websites

 

With their brilliant expertise and knowledge, they offer a complete range of extruded aluminium components like aluminium extrusions, aluminium extrusion profiles and sections, aluminium sliding doors, aluminium partitions, etc.

 

Company Brief


Founded in 2005, Subject. is a name to reckon with in the arena of aluminium products. Based in Ahmedabad, they are a renowned manufacturer and exporter of premium grade aluminium extrusions, aluminium extrusion profiles and sections, aluminium sliding doors, structural glazing, aluminium partitions, aluminium modular furniture, aluminium square bars, etc. They also deal in aluminium tubes and pipes, aluminiun rods, electrical heat sinks, etc. Produced and processed by following stringent quality control measures, their products are high on every aspect of quality, precision and tolerance level. Their products are available in varied specifications like EC grade, 6005, 6063, etc. to suit the specific requirements.

 

They are promoted and managed by veterans having extensive expertise in their concerned discipline. Their wealth of experience and knowledge has enabled them to build a dignified recognition for their selves in a very short time period. Their unmarred quality, client oriented approaches and transparent trade practices further differentiate them from other players operating in their arena. They also import aluminium ingots, scrap and other raw materials from various overseas markets.

 

At their premises, the quest for innovation never ends. They continuously monitor the emerging requirement of the clients and try to deliver them with suitable solutions at highly competitive prices. To execute every task efficiently, they are backed by a team of experienced workforce comprising of engineers, technical experts, marketing managers, quality controllers and other allied workers.

 

Application of Their Products


Their aluminium extrusions, aluminium extrusion profiles and sections, aluminium sliding doors, structural glazing, aluminium partitions, aluminium modular furniture, etc. are widely used in various industries such as:

 

 

Superlative Quality


To ensure world class quality, they follow the philosophy of total quality management. Their Quality Management System (QMS) starts right from the stage of procuring raw materials and lasts till the production and dispatch of finished items. Only carefully selected raw materials are employed in the processes which are sourced from authentic vendors of the market. Their entire process is supervised by qualified personnel having decades of experience behind them. The finished articles are tested on various physical, chemical and metallurgical grounds, thus, ensuring the movement of only the best items to the market.

 

Strengths


The following factors have enabled them to carve a special niche for their selves in the market:

 

 

 

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.49.90

UK Pound

1

Rs.74.30

Euro

1

Rs.63.42

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

-

--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

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

 

30

 

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