MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ROYAL TOUCH ALUMINIUM PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Shree Complex Shree Nagar Society, Near Golden Triangle
Sardar Patel, Staduyn Navrangpura Ahmedabad – 380 009, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.03.2004 |
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Com. Reg. No.: |
43848 |
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CIN No.: [Company
Identification No.] |
U26933GJ2004PTC043848 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of premium grade aluminium extrusions,
aluminium extrusion profiles and sections, etc. |
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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Maximum Credit Limit : |
USD 88000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 years old company having moderate track. 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
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Name : |
Mr. Raj Patel |
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Designation : |
Director |
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Contact No.: |
91-9374227503/ 9825227503 |
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Date : |
21.10.2008 |
LOCATIONS
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Registered Office : |
3rd Floor, Shree Complex Shree Nagar Society, Near Golden
Triangle Sardar Patel, Staduyn Navrangpura Ahmedabad – 380 009, Gujarat,
India |
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Factory : |
Plot No. 30/31, Saket Industrial Estate, Near Nova Petrochemicals, Sakhej
Bavla, Moraiya Gau, Ta Saand, Ahmedabad – 382 213, Gujarat, India |
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Tel. No.: |
91-2717-250097/ 250098/ 574868 |
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Fax No.: |
91-2717-250097 |
DIRECTORS
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Name : |
Mr. Patel Jitendra Tulsidas |
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Designation : |
Director |
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Address : |
11, Shiv, Manekbaug Society, Near Nehru Nagar, Ahmedabad – 380 014,
Gujarat, India |
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Date of Appointment : |
24.03.2004 |
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Name : |
Mr. Patel Arvind Ambalal |
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Designation : |
Director |
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Address : |
604, Panchtirth Appartment, Jodhpur Char Rasta, Satalite Road,
Ahmedabad, Gujarat, India |
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Date of Appointment : |
24.03.2004 |
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Name : |
Mr. Patel Ishwarlal Jadavjibhai |
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Designation : |
Director |
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Address : |
652- Takshshila- 2, Phoolchhab Chowk, Rajkot, Gujarat, India |
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Date of Appointment : |
15.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Patel Jitendra Tulsidas |
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55000 |
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Mr. Patel Arvind Ambalal |
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245500 |
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Mrs. Nisha Arvind Patel |
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17000 |
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Mr. Ashwin Ambalal Patel |
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38000 |
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Mrs. Geeta Ashwin Patel |
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52000 |
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Ms. Jaya Ahwin Patel |
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67000 |
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Mr. Ambalal Pujabhai Patel |
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195500 |
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Mr. Dinesh Tulsidasbhai Patel |
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5010 |
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Mr. Chetna Dinesh Patel |
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200010 |
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Mr. Raj Dinesh Patel |
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70010 |
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Mr. Bharat Tulsidas Patel |
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70010 |
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Mrs. Heena Bharat Patel |
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89910 |
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Mr. Tulsidas Hirjibhai Patel |
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80010 |
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Mrs. Hemiben Tulsidas Patel |
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110010 |
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Mr. Bharat Ambalal Patel |
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225500 |
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Mrs. Mona Bharat Patel |
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37000 |
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Mrs. Seemgauri Jitendra Patel |
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160010 |
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Mr. Bharat Tulsidas Patel |
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90010 |
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Mr. Chandubhai Keshavji Santoki |
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60000 |
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Mr. Gopi Ravi Jagani |
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6500 |
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Mr. Hasmukhbhai K. Patel |
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20000 |
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Mr. Ishwarlal Jadavbhai Patel |
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31200 |
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Mrs. Jaya A Patel |
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172500 |
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Mr. Jivanlal Jadavbhai Patel |
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20000 |
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Mr. Lalita Jivanlal Patel |
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4200 |
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Mrs. Leena H. Patel |
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20000 |
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Mr. Nitin Keshavji Santoki |
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60000 |
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Mrs. Radha M Patel |
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69700 |
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Mr. Rahul M Patel |
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290300 |
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Mr. Shahil Jiteshkumar Patel |
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68000 |
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Mrs. Shakuntala Ishwarlal Patel |
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36200 |
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Mr. Suresh Keshavji Santoki |
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60000 |
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Mr. Tulsidas H Patel |
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20010 |
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Mr. Ravi Ishwarlal Patel |
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100 |
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Mr. Ishwarlal J Patel |
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16000 |
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Mr. Jivanlal Jadavbhai Patel |
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30100 |
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Mrs. Sapnaben Jiteshbhai Patel |
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100 |
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Mrs. Priyanka Jiteshkumar Patel |
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57600 |
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Mr. Kishan Hashmukh Patel |
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50000 |
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Mr. Dineshbhai Tulsidas Patel |
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40000 |
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Mr. Jitendra Tulsidas Patel |
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40000 |
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Mr. Shiv Jitendra Patel |
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20000 |
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Total |
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3000000 |
Equity Share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100 |
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Total |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of premium grade aluminium extrusions, aluminium
extrusion profiles and sections, etc. |
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Products : |
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Exports : |
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Countries : |
Europe and other parts of the world |
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Imports : |
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Countries : |
Middle East |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ranpura Desai and Company Chartered Accountant |
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Address : |
Orbit, 2nd Floor, Moti Tanki Chowk, Rajkot – 360 001, Gujarat,
India |
CAPITAL STRUCTURE
(As On 29.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
30.000 |
30.000 |
0.104 |
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2] Share Application Money |
0.000 |
0.000 |
1.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(12.249) |
(3.854) |
0.000 |
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NETWORTH |
17.751 |
26.146 |
1.104 |
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LOAN FUNDS |
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1] Secured Loans |
82.349 |
50.296 |
0.000 |
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2] Unsecured Loans |
25.000 |
25.000 |
28.494 |
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TOTAL BORROWING |
107.349 |
75.296 |
28.494 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
125.100 |
101.442 |
29.598 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
51.548 |
51.880 |
19.077 |
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Capital work-in-progress |
7.103 |
7.103 |
8.748 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
6.224 |
1.941 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
37.428
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33.421 |
0.000 |
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Sundry Debtors |
18.331
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3.126 |
0.000 |
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Cash & Bank Balances |
0.057
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0.028 |
0.809 |
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Other Current Assets |
2.914
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2.781 |
1.303 |
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Loans & Advances |
7.319
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7.206 |
2.825 |
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Total
Current Assets |
66.049
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46.562 |
4.937 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.813
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5.651 |
3.317 |
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Provisions |
0.077
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0.481 |
0.008 |
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Total
Current Liabilities |
5.890
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6.132 |
3.325 |
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Net Current Assets |
60.159
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40.430 |
1.612 |
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MISCELLANEOUS EXPENSES |
0.066 |
0.088 |
0.018 |
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EXPENSES TO BE CAPITALISED |
0.000 |
0.000 |
0.143 |
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TOTAL |
125.100 |
101.442 |
29.598 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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160.394 |
12.269 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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160.394 |
12.269 |
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Profit/(Loss) Before Tax |
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(12.550) |
(5.770) |
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Provision for Taxation |
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4.196 |
1.916 |
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Profit/(Loss) After Tax |
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(8.354) |
(3.854) |
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Expenditures : |
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Depreciation & Amortization |
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7.413 |
3.264 |
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Other Expenditure |
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165.531 |
14.775 |
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Total Expenditure |
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172.944 |
18.039 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
N.A
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5.20
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31.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
N.A
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7.82 |
47.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
N.A
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12.74 |
24.02 |
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Return on Investment (ROI) (PBT/Networth) |
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N.A
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0.47 |
5.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.37
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3.11 |
28.82 |
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Current Ratio (Current Asset/Current Liability) |
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11.21
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7.59 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Name of the company |
Royal Touch Aluminium
Private Limited |
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Presented By |
Ishwarbhai J.
Jagani |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.150 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 |
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. |
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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. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurastra, Gymkhana Branch, Rajkot – 360 001 |
Fixed Assets
- Land
- Building
- Plant and Machineries
- Lab Equipment
- Trade Mark
- Furniture
- Computer
- Vehicles
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:
- Aerospace
- Architecture
- Automotive
- Defence
- Electronics
- General Engineering
- Furniture, to name a few.
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:
- Robust Infrastructure: They possess an outstanding facility comprising of latest technological devices, machines and equipments as well as a technically sound workforce to produce the world's best range of products for their patrons
- Active R and D Division: Their research wing is empowered with all the requisite testing equipments to innovate latest solutions as per emerging requirement of the client. The division has an accumulative intellectual strength of technical experts and engineers
- Huge Storage Facility: Their capacious warehouse is capable of storing goods in bulk quantity, thus, enabling them to feed bulk orders in the shortest possible time frame.
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.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.6.53 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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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 |
YES |
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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 |
NO |
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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 |
|
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 |
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<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 |
|