MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RIGHT TIGHT FASTNERS PRIVATE LIMITED |
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Registered Office : |
3/D, Anand Nagar, Forjett Street, Mumbai – 400 036, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.1979 |
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Com. Reg. No.: |
11-21250 |
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CIN No.: [Company
Identification No.] |
U28991MH1979PTC021250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14786C |
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PAN No.: [Permanent
Account No.] |
AAAFR3274M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Internal and External threaded Speciality
Fasteners. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 490000 |
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Status : |
Good |
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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 having fine track.
General financial position is satisfactory. Trade relations are fair.
Business is active. Payments are reported as usually corrected as per
commitments. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
3/D, Anand Nagar, Forjett Street, Mumbai – 400 036, Maharashtra, India |
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E-Mail : |
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Factory : |
F-46/47, MIDC Satpur, Nashik – 422 007, Maharashtra, India |
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Tel. No.: |
91-253-2350786 / 2350787 / 2353786 |
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Fax No.: |
91-253-2351787 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Balbir B Chhabra |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India |
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Date of Birth/Age : |
20.07.1960 |
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Date of Appointment : |
01.05.1979 |
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Name : |
Mr. Rajinder B Chhabra |
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Designation : |
Director |
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Address : |
B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India |
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Date of Birth/Age : |
12.10.1940 |
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Date of Appointment : |
01.05.1979 |
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Name : |
Mr. Amolak B Chhabra |
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Designation : |
Director |
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Address : |
B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India |
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Date of Birth/Age : |
30.04.1965 |
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Date of Appointment : |
14.12.1994 |
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Name : |
Mr. Amarjeetsingh B Chhabra |
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Designation : |
Director |
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Address : |
B-34 Nice, Satpur, Nashik – 422 007, Maharashtra, India |
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Date of Birth/Age : |
03.11.1970 |
|
Date of Appointment : |
14.12.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Balbir B Chhabra |
29300 |
|
Rajinder B Chhabra |
20650 |
|
Amolak B Chhabra |
24650 |
|
Amarjeetsingh B Chhabra |
23600 |
|
Inderpal Kaur B Chhabra |
450 |
|
Baljinder Kaur A Chhabra |
350 |
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|
|
|
Total |
99000 |
List of Allotment
(As on 15.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Balbir B Chhabra |
73250 |
|
Amolak B Chhabra |
61625 |
|
Amarjeetsingh B Chhabra |
59000 |
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Rajender B Chhabra |
51625 |
|
Inderpal Kaur B Chhabra |
1125 |
|
Baljinder Kaur A Chhabra |
875 |
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|
|
|
Total |
247500 |
List of Allotment
(As on 27.07.2008)
|
Names of Shareholders |
No. of Shares |
|
Balbir B Chhabra |
146500 |
|
Amolak B Chhabra |
123250 |
|
Amarjeetsingh B Chhabra |
118000 |
|
Rajender B Chhabra |
103250 |
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Inderpal Kaur B Chhabra |
2250 |
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Baljinder Kaur A Chhabra |
1750 |
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|
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Total |
495000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Internal and External threaded Speciality
Fasteners. |
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|
|
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Products : |
·
Standard Hex Nuts ·
Standard Hex Thin Nuts ·
Nyloc Nuts |
GENERAL
INFORMATION
|
Customers : |
·
Daimler Benz ·
Fiat ·
Iveco ·
International Tractors ·
John Deere Tractors ·
Dana ·
Kinetic ·
Piaggio ·
P.T. Vahana Perkasa Auto Jaya ·
P.T. Perkasa Heavyndo Engineering ·
Kuboto Power Tillers ·
Mitsubishi ·
Rockford Brakes ·
Tata Motors ·
Ashok Leyland ·
Mahindra and Mahindra |
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Bankers : |
State Bank of India Satpur Industrial Branch, Satpur, Nashik – 422 102, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J J Samtani and Company Chartered Accountants |
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Address : |
18-A/31, Manish Kaveri, Off J P Road, Four Bunglows, Andheri (West),
Mumbai – 400 053, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
495000 |
Equity Shares |
Rs.100/- each |
Rs.49.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
49.500 |
24.750 |
9.900 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
48.398 |
49.344 |
29.385 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
97.898 |
74.094 |
39.285 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
94.247 |
74.025 |
34.762 |
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|
2] Unsecured Loans |
34.857 |
33.054 |
28.646 |
|
|
TOTAL BORROWING |
129.104 |
107.079 |
63.408 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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TOTAL |
227.002 |
181.173 |
102.693 |
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
129.320 |
105.338 |
52.170 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.003 |
6.128 |
5.069 |
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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 |
53.716
|
37.742 |
26.988 |
|
|
Sundry Debtors |
61.961
|
45.384 |
29.942 |
|
|
Cash & Bank Balances |
0.511
|
0.346 |
0.110 |
|
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Other Current Assets |
7.299
|
0.000 |
0.000 |
|
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Loans & Advances |
41.295
|
29.006 |
17.626 |
|
Total
Current Assets |
164.782
|
112.478 |
74.666 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
67.103
|
42.771 |
29.212 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
67.103
|
42.771 |
29.212 |
|
|
Net Current Assets |
97.679
|
69.707 |
45.454 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
227.002 |
181.173 |
102.693 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
484.713 |
344.482 |
|
|
Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
484.713 |
344.482 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
36.955 |
25.517 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
36.955 |
25.517 |
|
|
|
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Expenditures : |
|
|
|
|
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Interest |
|
12.499 |
8.173 |
|
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Depreciation & Amortization |
|
15.380 |
9.090 |
|
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Other Expenditure |
|
419.879 |
301.702 |
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Total Expenditure |
|
447.758 |
318.965 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.62
|
7.41 |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
7.62
|
7.41 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.57
|
11.71 |
NA |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.34 |
NA |
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|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
2.02 |
2.36 |
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|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
2.46
|
2.63 |
2.56 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
RIGHT TIGHT FASTNERS PRIVATE LIMITED |
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Presented By |
RIGHT TIGHT FASTNERS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Equitable
mortgage by deposit of title deeds dated 13.08.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.800
millions (Rs. In 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 that piece and
parcel of land known as plot No. F-46 and F-47 in the Nashik Industrial Area
within the Village limit of Satpur, Taluka and Registration Sub-District
Nashik District and Factory Building constructed thereon carpet area – 394.35
Mtrs. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Bank Rule. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Satpur Industrial Branch, Satpur, Nashik – 422 102, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Letter of
confirmation for extension of mortgage by deposit of title deeds covering
enhanced limits and/or creation of equitable mortgage on additional
properties for securing the existing limits and for enhanced limits and
additional facilities dated 23.12.2005. |
|||||||||||||||||||||||||||||||||||||||||||||
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Original Charge
of Rs.20.800 millions created on 13.08.2001 by deposit of title deeds and
registered with ROC on 12.09.2001 by Sr. No. 76. This Charge was
modified on 21.01.2003 from Rs.20.800 millions to Rs.24.660 millions at
registered with ROC on 07.02.2003 by Sr. No. 92. This Charge was
modified on 09.01.2004 by enhancing the limit by Rs.26.740 millions i.e. from
Rs.24.660 millions to Rs.51.400 millions and registered with ROC on
21.01.2004 by Sr. No. 100. This Charge was
further modified on 23.03.2005 by enhancing the limit by Rs.5.800 millions
i.e. from Rs.51.400 millions to Rs.57.200 millions and registered with ROC on
10.05.2005 by Sr. No. 109. Now by this
present modification the limits are enhanced by Rs.57.700 millions i.e. from
Rs.57.200 millions to Rs.114.900 millions and charge is extended on Plot No.
F-45, F-46 and F-47, MIDC, Satpur, Nashik and construction thereon. The details of
credit limits are as under:- (Rs. In Millions)
|
Corporate
identity number of the company |
U28991MH1979PTC021250 |
|
Name of the
company |
RIGHT TIGHT FASTNERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3/D, Anand Nagar, Forjett Street, Mumbai – 400 036, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Uncalled
share capital ·
Book debts ·
Movable
property (not being pledge) ·
Floating charge ·
Calls made
but not paid ·
Goodwill ·
Patent,
license under a patent ·
Trademark ·
Copyright or
license under a copyright |
|
Particular of
charge holder |
State Bank of India Satpur Industrial Branch, Satpur, Nashik – 422 102, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit |
|
Date of
instrument Creating the charge |
23.07.2008 |
|
Amount secured by
the charge |
Rs.239.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Auto 2 – 0.75% Below SBAR effective rate 12% for working capital and
as applicable to CRA Auto-2 0.25% p.a. below SBAR, effective rate 11.25% p.a.
with monthly rest for term loan. ·
Terms of
repayment Working Capital repayable on demand. Repayment of Term Loan: Phase – I
12 Monthly Installments of Rs.0.670 million each from 2007-08 to 2010-11, for
the year 2011-12, 11 Monthly installments of Rs.0.670 million each and last
installment of Rs.0.470 million. Phase – II 12 Monthly installments of
Rs.1.170 millions each from 2008-09 to 2011-12. For 2012-13, 11 monthly
installment of Rs.1.170 millions each and last installments of Rs.0.970
million. ·
Margin Raw Material 25%, Stock-in-process 40%, Finished Goods 33.30%, Book
Debts Cover Period 60 days and Letter of Credit 15% ·
Extent and
operation of the charge Hypothecation of All present and future goods, book debts and all
other movable assets of the borrower including document of title to goods
outstanding moneys, receivable, invoices, document, contracts, Insurance
policy, guarantees, engagements, securities, investments, plant and machinery
etc. |
|
Particulars of
the property charged |
Hypothecation of All
present and future Goods, book debts and all other movable assets of the
borrower including document of title to goods outstanding moneys, receivable,
invoices, document, contracts, Insurance policy, guarantees, engagements,
securities, investments, plant and machinery etc. located at Plot No. F-45,
F-46 and F-47, MIDC, Satpur, Nashik – 422 007 |
|
Particulars of
the present modification |
Now by this
present modification, the credit limit is enhanced to Rs.239.300 millions
from Rs.227.900 millions (DCC Rs.60.000 millions, SLC Rs.9.000 millions, Term
Loan – III Rs.3.900 millions, Term Loan – Iv Rs.1.900 million, Term Loan – V
Rs.19.500 millions and Open Term Loan – VI Rs.110.000 millions and Letter of
Credit Rs.35.000 millions) The charge is extended to on the hypothecated
property. |
Web Details
A light that shines through the ever growing, ever-evolving group that
subject started in 1979, company has gained unquestionable supremacy in the
wide range of fasteners.
Subject,
with accreditation of ISO / TS 16949 :
2002, enjoys the reputation for producing the widest range of critical
application fasteners for automobile, 2 wheelers, agricultural tractor, Heavy
Engineering Equipments, Chemical Industry, Military and customized products.
The
company's manufacturing plant spread over 10,000 sq. mts. with production
facilities of 2000 metric tonnes per annum, manned by a dedicated team of
employees working in perfect harmony, supplying over 500 items to about 200
customers.
Subject
has installed sophisticated and precision machines and instruments to ensure
production of superior quality fasteners. Keeping in mind the competitive and
growing needs of customer, Subject is always on the look-out for expansion and
modernization.
Products
As
a result of continuous and manifold improvement in work practices, Subject has
strongly aimed at excellent quality at amicable prices through upgradation from
removing metal to moving metal.
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|