MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
RULAC TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
RULAC ENGINEERS PRIVATE LIMITED |
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Registered Office : |
54, Vishal Industrial Estate, Opposite CEAT Tyres, Bhandup [West],
Mumbai 400 078, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
06.03.1992 |
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Com. Reg. No.: |
065774 |
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CIN No.: [Company
Identification No.] |
U31909MH1992PTC065774 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Energy saving Devices and
Energy efficient Lighting Systems |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old company but has not filed any financial with the Government
Registry till date. The Management
parted general information, but failed to provide financial details. Payments are reported as slow but correct. The Company can be considered for small to mediocre business dealings
with slight caution initially, in view of non availability of financials. |
LOCATIONS
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Registered Office : |
54, Vishal Industrial Estate, Opposite CEAT Tyres, Bhandup [West],
Mumbai 400 078, Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office : |
106, Bharat Industrial Estate, Opposite Asian Paints, LBS Road,
Bhandup [West], Mumbai 400078, Maharashtra, India |
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Tel. No.: |
91-22-67969060 / 61 |
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Mobile No. : |
91-9322881992 |
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Fax No.: |
91-22-67969061 |
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E-Mail : |
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Area : |
700 Sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Located at Mahape, Navi Mumbai |
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Area : |
6000 Sq. fts. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Abhay Shah |
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Designation : |
Director |
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Address : |
401/C, Sagar Swapna Nagar, Mulund [West], Mumbai 400080, Maharashtra,
India |
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Date of Birth/Age : |
16.03.1964 |
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Date of Appointment : |
06.03.1992 |
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Name : |
Mr. Arun Shah |
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Designation : |
Director |
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Address : |
G 206, Shiv Shakti Complex S. V. Road, Dahisar 400068, Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
13.12.1956 |
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Date of Appointment : |
06.03.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Abhay V. Shah |
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4792 |
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Dhara A. Shah |
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2933 |
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Arun Shah |
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5 |
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B. J. Vora |
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150 |
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D. J. Vora |
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100 |
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Total |
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7980 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Energy saving Devices and
Energy efficient Lighting Systems |
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Products : |
Energy Saving
Devices Ø For Air Conditioner,
Water Cooler, Deep Freezer Ø For Cooling
Tower Ø Time Switch Ø For Variable
Load Ø Energy Efficient
Lighting Luminaries Ø Refrigerator
Energy Saver Ø LED Lighting Ø Solar System Industrial
Instruments Ø Electronic Slim
Timer Ø Micro Controller
based Digital Timer Ø Micro Controller
based Digital Counter |
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Exports : |
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Products : |
All Products |
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Countries : |
Ø Bangladesh Ø Sri Lanka Ø Gulf Countries Ø Abu Dhabi Ø Dubai |
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Imports : |
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Products : |
All Products |
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Countries : |
Ø Korea Ø Singapore Ø China |
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Terms : |
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Selling : |
L/C, Cash, Credit and T/T for new Importers |
PRODUCTION STATUS [as on 31.03.2000]
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Particulars |
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Actual
Production |
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A/C Controller |
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1773 |
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Frost Control System Controller |
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75 |
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Industrial Timer |
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1492 |
GENERAL
INFORMATION
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Suppliers : |
Ø Ajanta Industries Ø Anand Industries Ø Bharat Electro
Corporation Ø Bhumi Electrical Ø Chary
Publication Ø Electromark
Devices [B] Limited Ø Elmap
Electronics Ø Jasper Arts Ø Lalita
Enterprises Ø Mansi Print Pack Ø Naaz Electronics Ø Nagrik Electric
and Hardware Stores Ø Pinky Xerox Ø Paresh
Advertising Services Ø Sagar Cables Ø Shiv Electronics Ø Space
Electronics Corporation |
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Customers : |
Ø Amar Electrical
Concern Ø Accord
Instruments Ø Camlin Limited Ø Chaudhary and
Associates Ø Cross
Enterprises Ø Gauram
Enterprises Ø J. Vishwambara Ø Jani Electrical Ø R. P. Trading
Company Ø Modern
Electrical Ø Nidhi Security
Limited Ø Nikita Sales
Corporation Ø R. P. Trading Company Ø Rulac Direct
Marketing Ø Search And
Safety Private Limited Ø Unit Trust of
India Thane Ø Unit Trust of
India WTC Ø Vijay Electric
Corporation Ø Vyapti Marketing
Services |
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No. of Employees : |
64 [In Factory 40 + In Office 24] |
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Bankers : |
Ø ICICI Bank Ø Bank of Baroda, Veena Nagar Branch, Mumbai
400 080 |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
L. N. Vasa and Company Chartered Accountants |
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Address : |
Andheri, Mumbai |
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Tel. No.: |
91-22-26702761 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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15.000 |
LOCAL AGENCY
FURTHER INFORMATION
Note: Company started in
the name of Rulac Engineers Private Limited on 06.03.1992 then the name changed
to Rulac Technologies Private Limited since 2001 or 2002.
Fixed Assets:
Ø
Premises
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Furniture and Fixtures
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Motorcycle
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Air Condition
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Computers
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Fax
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Tools
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Mobile Phone
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Pager
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EPABX System
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Dyes and Moulds
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Time Interval Meter
TRADE REFERENCES
Ø Godrej
Ø Tata Motors
Ø Maruti
Ø Crompton
Ø L & T
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
RULAC
TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Veena Nagar Branch, Mumbai 400 080 |
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1) Date and description of instrument creating the change |
Instrument of hypothecation of Goods dated 27.03.1996 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.100 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 |
All goods
[Electrical and Electronics] |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest 19.50%
p.a. with quarterly rest. Margin 50% |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda,
Veena Nagar Branch, Mumbai 400 080 |
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6) Date and brief description of
instrument modifying the charge |
Hypothecation
agreement dated 18.12.2000 1. the charge was
modified on 22.07.1997 as follows : [a] the charge
was increased by Rs. 0.500 Million to cover cash credit [hypothecation]
facility i.e. the charge was increased from Rs. 0.100 Million to Rs. 0.600
Million. [b] The rate of
interest was changed to 3.5% over PLR and Margin was 25% [c] The
particulars of property charged are changed as follows : i] The whole of
the borrowers stocks both present and future and including but without
prejudice to the generality of the foregoing words all stocks of raw
materials, work in process, semi finished goods and finished goods such as
electronic and other raw materials stocks in process and finished goods,
frost control systems, smart switch, comfort plus etc. packing materials and
stores etc. whatsoever and wheresoever situate and/or in transit whether now
belonging to or that may at any time during the continuance of this security
belong to the borrower or that may be held by any party anywhere to the order
and disposition of the borrower. ii] all the
present and future book debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities
which are now due and owing or which may at any time hereafter during the continuance of this
security become due and owing to the borrower in the course of its business
by any person, firm company or body corporate or by the Government of India
or any State Government or Indian Railways or any Government Department or
office or any Municipal or Local or Public or semi Government or
authority whatsoever including those
relating to the assets leased out and/or given on hire purchase basis. 2. The charge was again modified on
25.07.1997 as the additional security was created on Unit No. 111,
admeasuring 327 sq. fts. Gala Complex Premises Co-operative Society Limited,
Upadhyay Road, Mulund, Mumbai 3. the charge was
again modified on 15.12.1998 as follows : a] The charge was
increased by Rs. 0.400 Million to cover cash credit [hypothecation] facility
i.e. the charge was increased from Rs. 0.600 Million to Rs. 1.000 Million b] the rate of
interest was changed to 4% over PLR plus interest tax. Minimum Rs. 25/- per quarter. c] the particular
of stocks charged are changed as follows : the whole of the
borrower’s stocks both present and future and including but without prejudice
to the generality of the foregoing words all stocks of raw materials, work in process, semi finished
goods and finished goods such as electronic items, frost control systems,
fire alarm system, Wireless Alarm System and packing materials and stores
etc. whatsoever and wheresoever situate and/or in transit whether now
belonging to or that may at any time during the continuance of this security
belong to the borrower or that may be held by any party anywhere to the order
and disposition of the borrower. 4. the charge was lastly modified on
15.12.1998 as the additional security was created on Unit No. 111,
admeasuring 327 sq. fts. situated at Gala Complex Premises Co-operative
Society Limited Dindayal Upadhyay Road, Mulund [West] on plot of land bearing
Survey No. 294, CTS No. 744, Village Mulund Mumbai 400080 was extended to
secure entire cash credit [hypothecation] facility of Rs. 1.000 Million with
interest thereon and all costs charges, expenses incurred by Bank and payable
to bank. 5. the charge is now increased upto Rs. 1.007
Million to cover following credit facilities together with interest and
margin :
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AS PER WEBSITE DETAILS:
PROFILE:
Subject is an R
& D specific company focused exclusively to the task of addressing one of
today’s most vital concerns: “Energy Conservation”
Subject sophisticated
products are developed to approach energy saving in a most unique manner… by
simultaneously offering meaningful convenience and incredible profitability.
The products thus not only save energy, but make life hassle- free and even
ensure protection of costly equipments. Development apart, these products
are quality controlled to adhere to the highest international
norms. The results speak for themselves: thousands of users
(on a 100% scale, on both domestic, commercial & industrial fronts) vouch
for the effectiveness of these products already.
Technology at RULAC is a constantly happening process. It is inevitable therefore…. newer devices for newer application areas & continuous upgradations. As for now, just this much to say: a hope that RULAC devices will serve as perfect technological flag-offs to a much – needed International movement.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.73 |
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UK Pound |
1 |
Rs. 77.01 |
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Euro |
1 |
Rs. 57.34 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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32 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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