MIRA
INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NOVA TECHNOCAST PRIVATE LIMITED |
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Registered Office : |
Plot No. 23 – 26, 37-38, Ankur Industrial Complex, Survey No. 275/ 76,
Shapar (Veraval), Rajkot – 360 001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.01.2004 |
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Com. Reg. No.: |
04 – 43453 |
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CIN No.: [Company
Identification No.] |
U27107GJ2004PTC043453 |
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IEC No.: |
2405002817 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTN00595A |
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PAN No.: [Permanent
Account No.] |
AABCN9008K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of Investment Castings (Ferrous and Non
Ferrous Castings). |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 18480 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rahul Patel |
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Designation : |
Director |
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Contact No.: |
91-9825079105 |
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Date : |
26.07.2008 |
LOCATIONS
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Registered Office : |
Plot No. 23 – 26, 37-38, Ankur Industrial Complex, Survey No. 275/ 76,
Shapar (Veraval), Rajkot – 360 001, Gujarat, India |
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Tel. No.: |
91-2827-252226 |
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Mobile No.: |
91-9825079105 |
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Fax No.: |
91-2827-252048 |
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E-Mail : |
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Website : |
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Area : |
61270 Sq. ft |
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Location : |
Owned |
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Branch Office : |
5640, Saint Thomas Drive, Planto TX 75094, USA |
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Tel. No.: |
+1-214-680-5812 |
DIRECTORS
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Name : |
Mr. Nanjibhai Meghjibhai Mungla |
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Designation : |
Managing Director |
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Address : |
Rahi, 6 B – 2, Amrutnagar Society, Behind Central School, Kalawad
Road, Rajkot – 360 005, Gujarat, India |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.Sc |
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Experience : |
32 Years |
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Date of Appointment : |
09.01.2004 |
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Name : |
Mr. Rahul N. Patel |
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Designation : |
Director |
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Address : |
Rahi, 6 B – 2, Amrutnagar Society, Behind Central School, Kalawad
Road, Rajkot – 360 005, Gujarat, India |
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Date of Birth/Age : |
29 Years |
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Qualification : |
B.Sc (Math) C.Dac |
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Date of Appointment : |
09.01.2004 |
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Name : |
Mr. Sureshbhai Lavjibhai Badelia |
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Designation : |
Director |
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Address : |
Rarimal New Madhuvan Society, 150 Feet Raiya Ring Road, Rajkot – 360
005, Gujarat, India |
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Date of Birth/Age : |
09.11.1959 |
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Date of Appointment : |
12.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 10.08.2006
|
Names of Shareholders |
No. of Shares |
|
Mr. Nanjibhai Meghjibhai Mungla |
85000 |
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Mr. Rahul N. Patel |
30000 |
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Mr. Laljibhai M. Mungla |
25000 |
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Mr. Jaysukh S. Mungla |
10000 |
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Mr. Bharat Dhirubhai Gajera |
37500 |
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Mr. Sureshbhai Lavjibhai Badelia |
5000 |
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Mrs. Kantaben S. Badelia |
20000 |
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Mr. Vajibhai Khimjibhai Doberia |
35500 |
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Mr. Mavjibhai Khimjibhai Doberia |
1000 |
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Mrs. Vimlaben M. Doberia |
1000 |
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Total |
250000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2008
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors. |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of Investment Castings (Ferrous and Non
Ferrous Castings). |
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Products : |
v Aero Space v Agriculture v Automobile Industries v Defense v Electrical Engineering v General Engineering v Human Implants v Instrumentation v Marine Engineering v Textile Machinery v Valves |
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Exports : |
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Products : |
v Investment
Castings |
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Countries : |
v USA v Germany v Portugal v UK v Switzerland |
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Terms : |
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Selling : |
Cash and Credit ( 30 – 60 days) |
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Purchasing : |
Cash and Credit ( 30 – 60 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual
Production |
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Manufacturer of Investment Castings |
Kgs |
19333 |
GENERAL
INFORMATION
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Customers : |
v OEM’s |
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No. of Employees : |
Total : 88 (Office : 8, Factory : 80) |
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Bankers : |
v Bank of India Kalawad Road Branchm Titan, Near G T Sheth
School, Rajkot – 360 005, Gujarat, India v Dena Bank Race Course Road, Rajkot |
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Facilities : |
CC – Rs. 0.075 million Term Loan – Rs. 6.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Ghanshayam and Company Chartered Accountants |
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Address : |
605, Shilp Tower, Tagore Road, Rajkot – 360 002, Gujarat, India |
CAPITAL STRUCTURE
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 |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.196 |
0.342 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.035) |
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NETWORTH |
3.696 |
2.842 |
2.465 |
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LOAN FUNDS |
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1] Secured Loans |
11.107 |
13.017 |
5.874 |
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2] Unsecured Loans |
5.335 |
4.320 |
3.206 |
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TOTAL BORROWING |
16.442 |
17.337 |
9.080 |
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DEFERRED TAX LIABILITIES |
0.082 |
0.065 |
0.007 |
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TOTAL |
20.222 |
20.244 |
11.552 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.525 |
10.152 |
6.879 |
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Capital work-in-progress |
0.139 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.000 |
0.000 |
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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 |
2.738
|
3.030 |
2.304 |
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Sundry Debtors |
16.626
|
13.204 |
7.058 |
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Cash & Bank Balances |
0.080
|
0.156 |
0.220 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.270
|
1.095 |
0.797 |
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Total
Current Assets |
21.714
|
17.485 |
10.379 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.165
|
7.398 |
5.705 |
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Provisions |
0.000
|
0.000 |
0.012 |
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Total
Current Liabilities |
13.165
|
7.398 |
5.717 |
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Net Current Assets |
8.549
|
10.087 |
4.662 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.006 |
0.009 |
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TOTAL |
20.222 |
20.244 |
11.552 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
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Sales Turnover |
|
64.506 |
36.086 |
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Other Income |
|
0.722 |
0.039 |
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Total Income |
|
65.228 |
36.125 |
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Profit/(Loss) Before Tax |
|
1.233 |
0.499 |
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Provision for Taxation |
|
0.376 |
0.121 |
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Profit/(Loss) After Tax |
|
0.857 |
0.378 |
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Expenditures : |
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Cost of Goods Sold |
|
2.505 |
0.000 |
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Manufacturing Expenses |
|
11.925 |
7.616 |
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Administrative Expenses |
|
5.996 |
1.930 |
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Raw Material Consumed |
|
41.435 |
22.757 |
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Increase/(Decrease) in Finished Goods |
|
(1.114) |
1.248 |
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Interest |
|
1.860 |
1.298 |
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Depreciation & Amortization |
|
1.386 |
0.774 |
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Other Expenditure |
|
0.002 |
0.003 |
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Total Expenditure |
|
63.995 |
35.626 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.31
|
1.05 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
1.38 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.89
|
1.38 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.18 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
2.60 |
2.32 |
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Current Ratio (Current Asset/Current Liability) |
|
1.65
|
2.36 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company from Rahi, 6 B – 2, Amrutnagar Society, Behind Central School, Kalawad Road,
Rajkot – 360 005, Gujarat, India to Plot No. 23 – 26, 37-38, Ankur Industrial
Complex, Survey No. 275/ 76, Shapar (Veraval), Rajkot – 360 001, Gujarat, India
with effect from 01.05.2007.
Trust Seal
Acceptance Chart
|
Parameters |
Details |
|
Existence
Verification |
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|
Name |
Nova Technocast Private Limited |
|
Address |
Plot No. 23 – 26, 37-38, Ankur Industrial Complex, Survey No. 275/ 76,
Shapar (Veraval), Rajkot – 360 001, Gujarat, India |
|
Tel No |
91-2827-252226 |
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Mobile No |
91-9825039105 |
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Fax No |
91-2827-252048/ 25982 |
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Statutory
Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AABCN9008K |
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Central Sales Tax Registration |
24592501175 19.08.2004 |
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State Sales Tax Registration |
24092501175 18.08.2004 |
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Service Tax Registration |
AABCN9008KST001 |
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VAT / TIN Registration |
24092501175 18.08.2004 |
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Excise Registration |
AABCN9008KX<001 |
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Import Export Code |
2405002817 |
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Name of Bank |
Bank of India |
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Current Account Number |
311032100040008 |
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Account Since |
March 2006 |
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Emp. PF Reg. Number |
GJ/ RJ/ 43445 |
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Credibility Factors |
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India Mart Client Since |
2007 |
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Year of Establishment |
2004 |
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Trade Affiliations |
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SSI Registration |
092424938 |
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Export Promotion Council |
M18326 |
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D and B D-U-N-S Number |
65-026-0305 |
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Other Affiliations |
ISO – 9000: 2001 |
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Standards and Certifications |
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Quality Management Systems |
Bureau Leritas ISO 9001: 2000 |
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Other Certificates |
PEO 97/23/EC from TOV Noon |
Form 8
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Name of the company |
NOVA TECHNOCAST PRIVATE LIMITED |
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Presented By |
MR. NANJIBHAI M. MINGLA |
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1) Date and description of instrument creating the change |
Loan agreement for land and building and Gala dated 20.08.2004 Agreement of hypothecation dated 20.08.2004 Letter of general lien and set off for borrowing agreements from the borrowers dated 20.08.2004 Letter of Guarantee dated 20.08.2004 Equitable mortgage by deposit of title deeds dated 17.08.2004 Memorandum of Entry dated 19.08.2004 D P Note dated 20.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.367 millions Cash Credit Rs. 3.763 millions Term Loan |
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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 raw materials, Finished goods, Stock in process, consumable stores and spares etc. and all movable assets including plant, machinery, tools, stores, spares, furniture, fixture and equipments, book debts and other outstanding and receivables. Equitable Mortgage by deposit of title deeds of land, building and other immovable assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Margin : 40% machinery, 55% Land + Building Rate of Interest : BPLR + 1.25% Repayment : In 54 monthly installment of Rs. 70000 each moratorium 6 months. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Race Course Road, Rajkot |
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U27107GJ2004PTC043453 |
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Name of the company |
NOVA TECHNOCAST PRIVATE LIMITED |
|
Address |
Plot No. 23 – 26, 37-38, Ankur Industrial Complex, Survey No. 275/ 76,
Shapar (Veraval), Rajkot – 360 001, Gujarat, India |
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Type of Charges |
v Movable property (not being pledge) v Others |
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Particular of the charge holder |
Name : Bank of India Address : Kalawad Road Branch, Titan, Near G T Sheth School City : Rajkot State : Gujarat ISO country code: IN Pin code : 360 005 e-mail ID : boikalawdrd@sancharnet.in |
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Nature or description of the instrument creating or modifying the charge |
Agreement of hypothecation for consumer loan in respect of vehicles. |
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Date of the instrument creating charge |
26.09.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 775.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 1.50% below the prime lending rate of the Bank (BOI/ PLR) / Prime lending rate (BOI/PTLR) with a minimum of 11.75% p.a. subject to change from time to time. Terms of repayment 72 equal monthly installments of Rs. 0.015 million the 1st installment payable on 31.10.2007 and the subsequent installments to be paid on the 10th day of each succeeding month until the entire loan is repaid. Margin 11.24% Extent and operation of the charge The charge shall remain in operation till full repayment of all outstanding due to the Bank with interest and other charges Others Nature of Facility : Vehicle Loan Vehicle Details : Honda City Car, Model: ZXZ – GXI, Engine No: 128037, Chasis No: 4011846 |
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Short particulars of the Property charged |
Hypothecation of Honda City Car, Model: ZXZ – GXI, Engine No: 128037, Chasis No: 4011846 |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
As Per Website Details
Subject was established in 2003 to manufacture
investment casting using the lost wax process and started production in 2004.
with in the short span of time NTPL has earned good reputation in Investment
Casting for prompt good reputation in investment casting for prompt delivery,
Casting Tolerances, Surface finish. Chemical and Physical properties.
Initially NTPL was casting only Ferrous Metal,
now they are also doing Non – Ferrous Metal. In 2005NTPL has received ISO 9001
– 2000 from BVQI to meet all international quality procedure.
They strive to set the industry standard for
on time delivery, quality and customer service. TO achieve all these need. They
have state of art facilities and, expertise to back the commitment.
NTPL Plants spans with total area of land 5600
Sq. Meters with a Production Area of 15000 Sq. ft. and its equipped all modern
machinery.
No project is overly ambitious or complicated.
The experienced personnel are committed to teamwork, and ensuring that the
customers is involved in every steps of a project development.
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. 42.49 |
|
UK Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 66.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|