MIRA
INFORM REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROLLWELL FORGE PRIVATE LIMITED (w.e.f 12.04.2011) |
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Formerly Known As : |
ROLLWELL FORGE LIMITED |
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Registered Office : |
Plot No 1, Survey No 239/1, Behind Geb Sub-Station, Shapar, Veraval –
360002, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.01.1991 |
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Com. Reg. No.: |
04-014964 |
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Paid-Up Capital : |
Rs. 9.960 Millions |
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CIN No.: [Company
Identification No.] |
U27100GJ1991PLC014964 |
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IEC No.: |
2403002194 |
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PAN No.: [Permanent
Account No.] |
AABCR0080P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Forged/Engineering Components, Flanges,
Pipe Fitting etc |
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No. of Employees : |
150 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There
appears to be some dip in the turnover of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ashok Mehta |
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Designation : |
General Manager |
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Contact No.: |
91-9227706407 |
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Date : |
08.08.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No 1, Survey No 239/1, Behind Geb Sub-Station, Shapar, Veraval –
360002, |
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Tel. No.: |
91-2827-253671/ 3090368 |
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Fax No.: |
91-2827-253571 |
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E-Mail : |
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Website : |
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Area : |
11000 sq.ft |
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Location : |
Owned |
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Corporate Office : |
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Tel. No.: |
91-281-6644660/253080/253671 |
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Fax No.: |
91-281-6644661/253571 |
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E-Mail : |
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Website |
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Area : |
3500 sq.ft |
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Location : |
Rented |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Babulal Rajmal Mehta |
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Designation : |
Managing Director |
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Address : |
99-A, Prakash Wadi, B126, V. P.Road, Mumbai – 400004, |
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Date of Appointment : |
27.06.2003 |
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DIN No.: |
00465625 |
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Name : |
Mr. Bhupednra Babulal Kanungo |
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Designation : |
Director |
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Address : |
44, |
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Date of Appointment : |
27.06.203 |
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Date of Ceasing : |
01.09.2005 |
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Name : |
Mr. Naresh R Mehta |
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Designation : |
Director |
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Address : |
19, |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mr. Arvind Dulichand Bothra |
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Designation : |
Director |
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Address : |
Ajanta, |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. Omprakash Siremal Kanungo |
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Designation : |
Director |
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Address : |
Shop No 6, Mahimwala Bunglow, 12th |
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Date of Appointment : |
11.09.2003 |
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DIN No.: |
00248455 |
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Name : |
Mr. Sheth Rasiklal Sanjivbhai |
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Designation : |
Director |
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Address : |
306, Mangal Kunj, Walkeshwar Mount, Pleasant Road, Mumbai-400006, |
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Date of Appointment : |
25.03.1998 |
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Date of Ceasing: |
30.06.2003 |
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Name : |
Mr. T. N. Balsubramanium |
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Designation : |
Director |
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Address : |
Flat No. 106, Shilpa Plot No.l 40, Goradiya Nagar, Ghatkopar (west),
Mumbai-400006, |
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Date of Appointment : |
25.03.1998 |
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Date of Ceasing: |
30.06.2003 |
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Name : |
Mr. Bhupendra Ramal Mehta |
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Designation : |
Director |
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Address : |
44, |
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Date of Appointment : |
27.06.2003 |
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Date of Ceasing |
01.09.2005 |
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Name : |
Mr. Prakash R Mehta |
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Designation : |
Director |
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Address : |
5A, |
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Date of Appointment : |
27.06.2003 |
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Date of Ceasing: |
15.12.2003 |
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Name : |
Mr. Kamlesh Keshavprasad Sharma |
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Designation : |
Technical Director |
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Address : |
E-196, Shastri Nagar, |
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Date of Appointment : |
01.09.20005 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Mehta |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Babulal R Mehta |
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25000 |
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Prakash R Mehta |
|
96600 |
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Naresh R Mehta |
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84500 |
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Niru N Mehta |
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40000 |
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Rushab B Mehta |
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52700 |
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Chandrika Mehta |
|
71600 |
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Badmikumari Mehta |
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52800 |
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Pavanben M Mehta |
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20000 |
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Ajit M Mehta |
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29800 |
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Kanugo Ferrmet |
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249300 |
|
Stainless Steel India Limited |
|
248700 |
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Babulal Mehta (HUF) |
|
25000 |
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Total |
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996000 |
As On 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
50.00 |
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Directors or relatives of Directors |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Forged/Engineering Components, Flanges,
Pipe Fitting etc |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit: 30 days |
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Purchasing : |
Cash and Credit: 30 days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
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Auditors : |
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Name : |
Bhavin Associates Chartered Accountant |
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Address : |
Everest Commercial Complex, 7th Floor, Office No. 709,
Opposite Shastri Maidan, |
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Tel. No.: |
91-79-2220123/ 2223153/ 5523153 |
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Mobile No.: |
91-79-2220123/ 2294317 |
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Residential No.: |
91-79-2573757 |
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Fax No.: |
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Pan No.: |
ACDPB4383J |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
996000 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.960
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.960 |
9.960 |
9.960 |
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2] Share Application Money |
0.761 |
0.780 |
0.460 |
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3] Reserves & Surplus |
51.863 |
47.727 |
35.998 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
62.584 |
58.467 |
46.418 |
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LOAN FUNDS |
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1] Secured Loans |
113.975 |
118.687 |
75.044 |
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2] Unsecured Loans |
16.949 |
36.048 |
42.266 |
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TOTAL BORROWING |
130.924 |
154.735 |
117.310 |
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DEFERRED TAX LIABILITIES |
8.386 |
7.020 |
5.688 |
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TOTAL |
201.894 |
220.222 |
169.416 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
70.660 |
62.202 |
55.646 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.896 |
8.936 |
16.693 |
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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 |
117.312
|
110.851 |
83.827
|
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Sundry Debtors |
41.302
|
90.393 |
39.254
|
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Cash & Bank Balances |
1.641
|
1.780 |
1.990
|
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Other Current Assets |
1.775
|
0.059 |
0.000
|
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Loans & Advances |
24.601
|
52.376 |
32.510 |
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Total
Current Assets |
186.631
|
255.459 |
157.581 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
50.231
|
75.573 |
36.029
|
|
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Other Current Liabilities |
12.665
|
27.717 |
21.992
|
|
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Provisions |
1.397
|
3.085 |
2.485
|
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Total
Current Liabilities |
64.293
|
106.375 |
60.506
|
|
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Net Current Assets |
122.338
|
149.084 |
97.075
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
201.894 |
220.222 |
169.416 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
324.401 |
684.313 |
395.335 |
|
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Other Income |
0.938 |
1.023 |
1.666 |
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TOTAL (A) |
325.339 |
685.336 |
397.001 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
227.875 |
516.833 |
290.285 |
|
|
|
Manufacturing Expenses |
53.587 |
91.713 |
57.900 |
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|
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Administrative Expenses |
15.285 |
29.858 |
13.963 |
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|
P and P Expenses written off |
0.000 |
0.002 |
0.002 |
|
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Donation |
0.062 |
0.085 |
0.032 |
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Remuneration and perquisits to directors |
3.007 |
2.458 |
1.730 |
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Loss on sale of fixed asset |
0.000 |
0.714 |
0.000 |
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|
|
Provision for exchange loss in USD T/L |
0.000 |
5.423 |
0.000 |
|
|
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TOTAL (B) |
299.816 |
647.086 |
363.912 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.523 |
38.250 |
33.089 |
|
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Less |
FINANCIAL
EXPENSES (D) |
10.697 |
17.452 |
12.236 |
|
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|
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|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.826 |
20.798 |
20.853 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.988 |
3.357 |
2.804 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.838 |
17.441 |
18.049 |
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Less |
TAX (I) |
6.702 |
4.718 |
3.746 |
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PROFIT AFTER TAX
(G-I) (J) |
4.136 |
12.724 |
14.303 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.150 |
30.532 |
16.229 |
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Less |
APPROPRIATIONS |
|
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|
|
|
Transfer to General Reserve |
0.000 |
0.110 |
0.000 |
|
|
|
Provision for Dividend @ 10% |
0.000 |
0.996 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
46.286 |
42.150 |
30.532 |
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Earnings Per
Share (Rs.) |
4.15 |
NA |
NA |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover |
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|
320.000 |
|
|
Due to Recession
and Export Orders |
||
Expected Sales (2011-12) : Rs. 400.000 Millions
The above information has been parted by Mr. Ashok Mehta (General
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.27
|
1.86 |
3.60
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.34
|
2.55 |
4.57
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.21
|
5.49 |
8.46
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.30 |
0.39
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
4.47 |
3.83
|
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|
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Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.40 |
2.60
|
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
|
Name of the company
|
ROLLWELL FORGE
LIMITED |
|
Presented By |
Mr. Babulala R Mehta, Managing Director |
|
1) Date and description of instrument creating the change |
10.05.2004 Memorandum
of Deposit of Title |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 31.000
Millions |
|
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 |
Land Admeasuring
2 Acre ad 31 Guntha. Revenue Survey No. 239/1 of Village : Shapar, Taluka
Kotdasangani, Distirct Rajkot, with
construction thereon of Workshop die shed, Forge shed, 2 labour quarters,
cutting shed, Machine shop and finishing shed ad toiled block |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Charge to cover
credit facilities 1. Packing Credit
Rs. 15.000 Millions 2. FDBN / D/ P
Rs. 15.000 Millions 3. Bank Guarantee
Rs. 1.000 Million |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank,
Tagore Marg, |
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6) Date and brief description of instrument modifying the charge |
Continuation
Letter of Memorandum of Deposit of Title Deed Dated 26.09.2005 |
|
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. |
The Original
charge created on 10.05.2004 for Rs. 31.000 Millions now extended up to Rs.
61.000 Millions to cover the enhanced limits. |
|
Corporate
identity number of the company |
U27100GJ1991PLC014964 |
|
Name of the
company |
ROLLWELL FORGE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 1, Syurvey No. 239/1, Shapar Veraval- 360002, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Corporation Bank,
SSI Branch, J P Tower, |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Comon Deed of Hypothecation of Movables / Assets / Debts |
|
Date of
instrument Creating the charge |
11.04.2011 |
|
Amount secured by
the charge |
Rs. 150.211
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per directions
of Reserve Bank of Terms of
Repayment Packing Credit
limit shall be repayable on Demand and Term Loan shall be repayable as per
the norms of the Bank. Margin As per norms of
the Bank Extent and
Operation of the charge Charge to secure
advances of Rs. 150.211 millions The charge shall remain
in operation till full repayment of all outstanding dues to the Bank with
interest and other charges, if any. |
|
Short particulars
of the property charged |
Hypothecation of
stock in trade consisting Raw Material, Work in process and Finished Goods,
hypothecation of movable fixed assets of the company, both present and
future. |
|
Date of latest
modification prior to the present modification |
19.07.2008 |
|
Particulars of
the present modification |
Total Financial facilities
of Rs.146.400 Millions already granted to the company and Regd. with ROC now
enhanced to Rs. 150.211 millions consisting of Packing Credit Rs. 45.000
millions, L/C cum Bank Guarantee Rs. 35.000 millions, additional inland L/C
Rs. 14.650 millions, FDBN / FDBD / FDBP / RACB Rs. 45.000 millions and Term
Loan (Review) Rs. 10.561 million. |
Fixed Assets:
- Land
- Factory building
- Plant and machinery
- Electric fittings
- Office equipment
- Computer
- Lab equipment
- Furniture
- Forklift
- Vehicle
- Measuring instrument
- Borewell
- Air conditioner
- Computer printer
- Mobile phone
- Crane
- Telephone instrument
- Xerox and Fax machine
- Cycle – Atlas
- CT – 100 Platina
- Splendor Honda
- Tata Indigo Purchase
- Camera Purchase
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.96 |
|
|
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.