MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ALLTECH TECHNOCAST PRIVATE LIMITED |
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Registered Office : |
Survey No. 10, Plot No.1, Behind Tip Top Forging, Shaper (varval)
Taluka Kotda Sangani, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.04.2004 |
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Com. Reg. No.: |
04-44058 |
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CIN No.: [Company
Identification No.] |
U27105GJ2004PTC044058 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA01436B |
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PAN No.: [Permanent
Account No.] |
AAECA8574G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all types of Stainless
Steel Alloys and Steel Investment Casting Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 10000 |
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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 a well established company having moderate track. Profit
margin is under severe pressure. Payments are reported as slow but correct. The company can be considered for normal to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Survey No. 10, Plot No.1, Behind Tip Top Forging, Shaper (varval) Taluka
Kotda Sangani, |
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Tel. No.: |
91-2827-252240/ 252440 |
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Mobile No.: |
91-9879476066 |
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Fax No.: |
91-2827-252440 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vrajlal Meghbhai Thumar |
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Designation : |
Director |
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Address : |
‘Gopi’, Plot No. 1,l Gopalwadi, Behind Jillapanchayat Society, Joshipura,
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Mukeshbhai Parsottambhai Kyada |
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Designation : |
Director |
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Address : |
Vallabhanagar Society, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Sureshbhai Nanjibhai Vadodariya |
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Designation : |
Director |
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Address : |
Patel Society-4, Bhagwatpara, Gondal, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mrs. Arunaben Ashakbhai Vora |
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Designation : |
Directors |
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Address : |
Sharda Nagar 5 Corner, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Atulkumar Babulbhai Thumar |
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Designation : |
Director |
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Address : |
4- Kalakunj, Swami Narayan Nagar, Varaccha, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Yagnikbhai Bhagwanjibhai Vaghasia |
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Designation : |
Director |
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Address : |
‘Pavan’, Master Society 2 Corner, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mrs. Geetaben Dharmedrabhai Tilara |
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Designation : |
Director |
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Address : |
‘Neel’, 9 Indraprasth Nagar, |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Sureshbhai Chhaghanbhai Savsani |
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Designation : |
Director |
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Address : |
2, Sarmabhakti Complex,1 Anvahu Kadva Plot, |
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Date of Appointment : |
18.01.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Vrajlal Meghbhai Thumar |
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45000 |
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Mukeshbhai Parsottambhai Kyada |
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54000 |
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Sureshbhai Nanjibhai Vadodariya |
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54000 |
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Arunabaen Ashakbhai Vora |
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27000 |
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Atulkumar Babulbhai Thumar |
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45000 |
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Yagnikbhai Bhagwanjibhai Vaghasia |
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45000 |
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Geetaben Dharmedrabhai Tilara |
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112500 |
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Sureshbhai Chhaghanbhai Savsani |
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49500 |
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Lataben Vrijlal Thumar |
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18000 |
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Total |
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450000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all types of Stainless
Steel Alloys and Steel Investment Casting Products. |
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Products : |
·
Investment Casting ·
Valves ·
Automobiles ·
Pumps ·
General Engineering Components |
GENERAL INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
·
Bank of ·
ICICI Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R R R and Company Chartered Accountant |
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Address : |
308, |
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Name : |
R P C and Company Chartered Accountant |
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Address : |
203-204, Race Course Plaza, Near Excise Custom building, Race Course
Ring Road, Rajkot-360001, Gujarat, India |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.500
Millions |
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 |
4.500 |
3.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.150 |
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3] Reserves & Surplus |
0.500 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[2.905] |
[2.797] |
0.000 |
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NETWORTH |
2.095 |
0.703 |
2.650 |
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LOAN FUNDS |
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1] Secured Loans |
16.297 |
11.365 |
6.798 |
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2] Unsecured Loans |
6.802 |
8.383 |
5.783 |
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TOTAL BORROWING |
23.099 |
19.748 |
12.581 |
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DEFERRED TAX LIABILITIES |
0.997 |
0.445 |
0.000 |
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TOTAL |
26.191 |
20.896 |
15.231 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.960 |
15.011 |
0.546 |
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Capital work-in-progress |
0.000 |
0.000 |
11.007 |
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INVESTMENT |
0.000 |
0.000 |
0.319 |
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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 |
5.027
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3.335 |
0.456 |
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Sundry Debtors |
11.817
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5.839 |
0.111 |
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Cash & Bank Balances |
0.255
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0.152 |
0.161 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.084
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2.083 |
4.275 |
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Total
Current Assets |
19.183
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11.409 |
5.003 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.070
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6.003 |
2.360 |
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Provisions |
1.312
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0.095 |
0.000 |
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Total
Current Liabilities |
9.382
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6.098 |
2.360 |
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Net Current Assets |
9.801
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5.311 |
2.643 |
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MISCELLANEOUS EXPENSES |
0.430 |
0.574 |
0.716 |
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TOTAL |
26.191 |
20.896 |
15.231 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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44.463 |
22.697 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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44.463 |
22.697 |
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Profit/(Loss) Before Tax |
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0.478 |
[2.352] |
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Provision for Taxation |
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0.599 |
2.317 |
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Profit/(Loss) After Tax |
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[0.121] |
[2.797] |
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Expenditures : |
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Interest |
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1.605 |
1.207 |
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Depreciation & Amortization |
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0.771 |
0.665 |
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Other Expenditure |
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41.000 |
23.177 |
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Total Expenditure |
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43.985 |
25.049 |
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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 |
(%) |
[0.27]
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[12.32] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.08
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[10.36] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.36
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[8.90] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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[3.35] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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15.50
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36.76 |
5.64 |
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Current Ratio (Current Asset/Current Liability) |
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2.04
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1.87 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80014291 |
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Corporate
identity number of the company |
U27105GJ2004PTC044058 |
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Name of the
company |
ALLTECH TECHNOCAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Near Bedipara
Fire Station, Panjara Pole, Bhavan Nagar Road, Rajkot-360003, Gujarat, India |
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Type of charge |
Book Debts Movable Property Immovable
property |
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Particular of
charge holder |
Bank of India, Malviya Road Branch, Rajkot-360001, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
1) Demand Promisary Note (L-434) dated
07.09.2006 2) Composite Security Agreement (L516) dated
07.09.2006 3) Joint and Several Guarantee (OD-194) dated
07.09.2006 4) Supplemental Agreement dated 07.09.2006 5) Various stamped undertaking dated
07.09.2006 6) Other Document specified by the Bank for
this purpose dated 07.09.2006 |
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Date of
instrument Creating the charge |
07.09.2006 |
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Amount secured by
the charge |
Rs. 16.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.75% below BPLR,
Minimum 10.75% per annum for CC and Term Loan and interest for EPC and FBP as
applicable for export credit or/ at such other rate(s) of interest as may be
specified to the company by the bank from time to time. Terms of
Repayment Loan to be repaid
by monthly installments of Rs. 0.125 Millions as per earlier terms of the
sanction. Margin As per bank
rules/ policy/ Guidance/ Directors Extent and
Operation of the charge Full |
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Short particulars
of the property charged |
1) Mortgage of Land and Building of the
company. 2) Hypothecation of stock and movable assets
of whatever nature and kind including all kind of raw material and stock in
process and finished goods. Hypothecation of all kinds of book debts and
receivables, assign and all other movable assets situated at Plot No. 1 pf
Revenue Survey no. 10 Paiki admeasuring 4578.30 sq.ft yards + 3828.01 sq.mtrs
of village shaper, Taluka Kotda Sangani District Rajkot |
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Date of latest
modification prior to the present modification |
19.08.2005 |
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Particulars of
the present modification |
The charge Limit
is extended form Rs. 7.500 Millions to Rs. 12.500 Millions as per agreement
between charge holder and company. |
Fixed Assets:
·
Building Construction
·
Computer
·
Deepwell Pump
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Electric Fittings
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Furniture
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Intercom Systems
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Maruti Car GJ3-AB 8029
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Motor Cycle GJ3 1915
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Weighing Machine
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Plant and Machinery
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Motor Car (Alto)
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Motor Car (Honda)
·
Motor Car ( Wagon –R)
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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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TOTAL |
|
38 |
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 |
|