MIRA
INFORM REPORT
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Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROTO SCREENTECH PRIVATE LIMITED |
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Registered Office : |
305, Silver Chamber, Tagore Marg, Rajkot – 360 002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.06.1984 |
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Com. Reg. No.: |
04-6989 |
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CIN No.: [Company
Identification No.] |
U36911GJ1984PTC006989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTR00236F |
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PAN No.: [Permanent
Account No.] |
AABCR3206K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of M.M.F. and PU/PVC Leather Cloth |
RATING &
COMMENTS
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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 390000 |
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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 meeting its normal
commitments timeously. Trade relations are fair, Business is active. General financial
position is satisfactory. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
305, Silver Chamber, Tagore Marg, Rajkot – 360 002, Gujarat, India |
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Tel. No.: |
91-281-2468328 |
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E-Mail : |
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Website : |
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Corporate Office : |
301, Silver Chamber, Tagore Road, Bhaktinagar, Rajkot – 360 002,
Gujarat, India |
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Tel. No.: |
91-281-2468328 / 2698277 / 2468345 |
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Fax No.: |
91-281-2468839 |
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Factory : |
National Highway 8-B,
Kuvadva, District Rajkot, Gujarat, India |
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Tel. No.: |
91-281-284266 / 284277 |
DIRECTORS
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Name : |
Mr. Mansukhlal Saparia |
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Designation : |
Director |
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Address : |
501, Ratrani Apartment, Akshar Marg, Near Bhaktidham Mandir, Rajkot –
360 001, Gujarat, India |
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Date of Birth/Age : |
02.10.1937 |
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Date of Appointment : |
07.06.1984 |
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Name : |
Mr. Vinod Khimji Tilva |
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Designation : |
Director |
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Address : |
701, Aaksh Ganga Apartment, Dr. Amin Marg, Rajkot – 360 001, Gujarat,
India |
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Date of Birth/Age : |
08.12.1954 |
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Date of Appointment : |
07.06.1984 |
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Name : |
Mr. Jivanlal Jadavbhai Patel |
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Designation : |
Director |
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Address : |
301, Ami Apartment, Opp. Girnar Talkies, Rajkot – 360 001, Gujarat,
India |
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Date of Appointment : |
07.06.1984 |
KEY EXECUTIVES
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Name : |
Priti Doshi and Associates |
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Designation : |
Company Secretary |
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Address : |
‘Sandeep’, Setubandh Society, Kalawad Road, Rajkot – 360 001, Gujarat,
India |
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Tel No.: |
91-281-2453482 |
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Mobile No : |
91-9824248580 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 08.09.2005)
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Names of Shareholders |
No. of Shares |
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Jivanlal Jadavbhai – HUF |
400 |
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Roankben Jivanlal |
344 |
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Ravi Patel |
388 |
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Ishwarlal Jadavbhai – HUF |
356 |
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Kamleshkumar Damodarbhai |
1240 |
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Manharlal Mohanbhai – HUF |
372 |
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Jagdishkumar Mohanlal – HUF |
372 |
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Hemlataben Champaklal |
372 |
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Kantaben Natwarlal |
372 |
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Ashokkumar Mansukhlal |
496 |
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Parvatiben Mansukhlal |
496 |
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Mrudulaben Ashokkumar |
496 |
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Jamnadas Manjibhai |
580 |
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Diwaliben Jamnadas |
660 |
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Viniodrai Veljibhai – HUF |
496 |
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Romal Kumar Vinodrai |
496 |
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Mansukhlal Premjibhai - HUF |
1330 |
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Premjibhai Jerabhai |
1330 |
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Bhupatlal Laljibhai |
1550 |
Equity shares Breakup (percentage of total equity)
(As on 08.08.2008)
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Category |
Percentage |
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Directors or relatives of directors |
59.00 |
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Other top fifty (50) shareholders |
41.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of M.M.F. and PU/PVC Leather Cloth |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State Bank of Saurashtra Gymkhana Road Branch, Rajkot – 360 001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T R Doshi and Company Chartered Accountants |
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Address : |
501/4, Everest, Subhash Road, Opp. Shastri Maidan, Rajkot – 360 001,
Gujarat, India |
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Associates/Subsidiaries : |
·
Vinyoflex Limited 307, Silver Chambers, Tagore Road, Rajkot – 360 002, Gujarat, India Incorporated
:- 1994 Registered office : 307, Silver Chambers, Tagore Road, Rajkot – 360
002, Gujarat Activity : Manufacturer and exporter of PVC Film / Sheeting ·
Polytrans Lamicoats Private Limited |
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·
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CAPITAL STRUCTURE
(As on 08.08.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24800 |
Equity Shares |
Rs.100/- each |
Rs.2.480
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.480 |
2.480 |
2.480 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
75.717 |
70.517 |
65.413 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
78.197 |
72.997 |
67.893 |
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LOAN FUNDS |
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1] Secured Loans |
4.530 |
4.719 |
8.168 |
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2] Unsecured Loans |
27.405 |
26.119 |
25.487 |
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TOTAL BORROWING |
31.935 |
30.838 |
33.655 |
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DEFERRED TAX LIABILITIES |
0.651 |
0.928 |
1.063 |
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TOTAL |
110.783 |
104.763 |
102.611 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.010 |
12.188 |
11.712 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.581 |
0.581 |
0.581 |
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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 |
26.745
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26.585 |
26.391 |
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Sundry Debtors |
74.135
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69.608 |
71.363 |
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Cash & Bank Balances |
4.168
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5.904 |
4.252 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
23.756
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23.790 |
18.158 |
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Total
Current Assets |
128.804
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125.887 |
120.164 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
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0.000 |
26.272 |
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Provisions |
30.612
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33.893 |
3.574 |
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Total
Current Liabilities |
30.612
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33.893 |
29.846 |
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Net Current Assets |
98.192
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91.994 |
90.318 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.783 |
104.763 |
102.611 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales and Other Income |
235.033 |
235.550 |
244.967 |
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Total Income |
235.033 |
235.550 |
244.967 |
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Profit/(Loss) Before Tax |
7.497 |
8.569 |
9.903 |
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Provision for Taxation |
2.298 |
3.465 |
3.425 |
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Profit/(Loss) After Tax |
5.199 |
5.104 |
6.478 |
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Expenditures : |
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Financial charges |
2.049 |
2.517 |
2.759 |
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Increase/(Decrease) in Finished Goods |
(2.481) |
(0.772) |
(5.112) |
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Depreciation & Amortization |
1.788 |
1.717 |
1.769 |
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Other Expenditure |
226.180 |
223.519 |
235.648 |
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Total Expenditure |
227.536 |
226.981 |
235.064 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.21
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2.17 |
2.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.19
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3.64 |
4.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.32
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6.21 |
7.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.12 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.80
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0.89 |
0.94 |
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Current Ratio (Current Asset/Current Liability) |
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4.21
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3.71 |
4.03 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U36911GJ1984PTC006989 |
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Name of the
company |
ROTO SCREENTECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
305, Silver Chamber, Tagore Marg, Rajkot – 360 002, Gujarat, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Others o
Stocks |
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Particular of
charge holder |
State Bank of Saurashtra Gymkhana Road Branch, Rajkot – 360 001, Gujarat, India |
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Nature of
instrument creating charge |
Supplementary
letter of hypothecation of goods, book debts, movable machinery and other
assets to secure demand cash credit and other limits.
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Date of
instrument Creating the charge |
28.02.2008 |
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Amount secured by
the charge |
Rs.30.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest The rate of interest to be charged @ 13.25% (At par with BPLR) in cash
credit and overdraft limit subject to change from time to time ·
Terms of
repayment Payable on demand ·
Margin Cash Credit Raw Materials 25% Stock in Process 25% Finished Goods 25% Store / Spares / Packing Material 30% L/C Limit : 10% in from of Cash / TDR for Demand L/C and 25% in from of Cash / TDR for Usance LC ·
Extent and
operation of the charge The existing hypothecation charge over company’s entire goods, book
debts, movable machineries, plant and machineries and other current assets
for the amount of the credit facilities to be modified for Rs.30.000 millions
as against existing charge. |
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Particulars of
the property charged |
Hypothecation
charge over company’s entire goods, book debts (not older than 90 days),
movable machineries, plant and machineries and other current assets. |
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Particulars of
the present modification |
The Cash Credit
Facility increase from 12.500 millions to 15.000 millions L/C limit
increase from 12.500 millions to 13.500 millions Overall increase
of facility to 30.000 millions |
Web Details
Profile
The roseli Group is business houses having diversified
interest in various industries for last 25 years, such as PVC Leather Cloth,
PVC Sheetings, films, Precision Investment Casting, Solvent Extraction.
The group has an annual turnover of about U.S.$ 20 Million.
Is having well established country wide and World wide distribution network and
employes 500 Persons.
The main products are PVC Artificial Leather Cloth and PVC
Sheetings and Investment Casting exporting to more than 40 countries in the
world.
Subject is a part of ROSELI GROUP established in 1984 and
manufacture finest quality of PU/PVC Leather Cloth in various grades, designs,
textures and colors.
Escpecially suitable for automobile industries, passenger car
seats, uphoilstery, luggage industries, garments and several other application.
They are among the few leading manufacturers of artificial
leather clothes in india.
They have been exporting the products to Europe, America,
Gulf and African countries for past several years. It is a ISO 9000-2000
certified Company .
About Group
Company
Vinyoflex Limited
They
Vinyoflex Limited, Incorporated in the year 1996, having 2 lines of 4 roll
calendared unit.
The
product range includes PVC films and sheeting both plane and printed, flexible
rigid and semi-rigid for application such as rainwear, shower curtains file
covers table covers car matt, stationary products etc.
They
also manufacture cable wrap tape, insulation tape, wire harness tape, vinyl
wall cover, PVC flexible sheeting for urine bags.
Vinyoflex
Limited is a ISO 9000-2000 certified company.
Polytrans
Lamicoats Private Limited
Polytrans
Lamicoats is the latest venture from ROSELI Group. This unit manufactures PVC
leather cloth and adds 50% of capacity to subject with this they have been
established as one of the large volume manufacturer of artificial leather cloth
in India.
Machines:
·
2 Coating Lines for PU / PVC artificial leather cloth
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2 Lines for PVC Films & Sheetings
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1 Three Ply lamination line
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1 Four color printing line.
Capabilities:
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Speciality Coatings
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Embossing
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Printing
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Lacquering
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Scrapping
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Tipping
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Lamination
R
and D:
·
Well Established Laboratory.
Applications:
·
Upholstery
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Automobiles Seats
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Footwear
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Garments
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Belts
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Soft Luggage / small leather goods
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Stationary Products
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Diary Covers / Menu Cards
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Shower Curtains
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Insulation Tapes
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Tablecover
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Urine Bags
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Car Matt, and PVC Geomembrance
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.46.43 |
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UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|