MIRA
INFORM REPORT
|
Report Date : |
25.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
RANDACK FASTENERS INDIA PRIVATE LIMITED |
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Registered
Office : |
Gate No. 1197, Near Ghotawade Phata, Pirangut, Taluka Mulshi, Pune –
412108, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
02.05.2008 |
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Com. Reg. No.: |
25-131920 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company Identification
No.] |
U28991PN2008PTC131920 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER09996A / PNER09974G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Specialized Bolts and Assemblies for Blade and Tower
Construction of WEG’s. |
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No. of Employees
: |
Information not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 155000 |
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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 three years old company establishing itself gradually.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small to mediocre 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.
INFORMATION DENIED BY
|
Name : |
Mr. Sateesh Bhide |
|
Designation : |
Director |
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Date : |
23.05.2011 |
LOCATIONS
|
Registered Office : |
Gate No. 1197, Near Ghotawade Phata, Pirangut, Taluka Mulshi, Pune –
412108, |
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Tel. No.: |
91-20-67909000 / 22929397 |
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Fax No.: |
91-20-66549344 / 22929377 |
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E-Mail : |
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Website : |
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Branches : |
Located at : |
DIRECTORS
As on 20.08.2009
|
Name : |
Mr. Jens Otto Randack |
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Designation : |
Director |
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Address : |
Voormann Strssei, |
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Date of Birth/Age : |
29.09.1960 |
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Date of Appointment : |
02.05.2008 |
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DIN No. : |
02039259 |
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Name : |
Mr. Sateesh Gopinath Bhide |
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Designation : |
Alternate Director |
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Address : |
10, Savari HSG Society, Lane No. 2, Happy Colony, Kothrud, Pune –
411038, |
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Date of Birth/Age : |
07.09.1963 |
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Date of Appointment : |
09.07.2009 |
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DIN No. : |
01638940 |
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Name : |
Mr. Thomas Klaus Eschner |
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Designation : |
Director |
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Address : |
Weidengrund 21, |
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Date of Birth/Age : |
19.06.1968 |
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Date of Appointment : |
02.05.2008 |
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DIN No. : |
01098965 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.08.2009
|
Names of Shareholders |
|
No. of Shares |
|
Randack Automotive GmbH ( |
|
1500000 |
|
Klausunion Engineering Private Limited ( |
|
1500000 |
|
Total |
|
3000000 |
As on 20.08.2009
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialized Bolts and Assemblies for Blade and Tower
Construction of WEG’s. |
PRODUCTION STATUS As on 31.03.2009
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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|
|
|
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|
Fasteners of Wind Mills |
Nos. |
1000000 |
1000000 |
252399 |
Notes :
a)
Licensed
capacity on the basis of maximum utilization of plant and machinery.
b)
Licensed
capacity is given on the basis of IEM (Industrial Entrepreneurs Memorandum).
c)
Installed
capacity is taken as per certificate issued by Management.
d)
Most of
the plant and machinery being
common for different products manufactured by the Company and installed
capacity being dependant on product mix, which in turn is decided by the actual
demand for various products from time to time and also on availing of
subcontracting facilities, it is not feasible for the Company to indicate the
exact installed capacity. The Company, however, indicated the installed
capacity on the basis of period's product mix as verified by the Technical
personnel and accepted by auditors, as correct, being technical matter.
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management. |
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Bankers : |
Syndicate Bank, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
U.V. Bodas and Company Chartered Accountant |
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Address : |
Flat No. 2, Yashodhan Complex, 1561, Sadashiv Peth, Pune – 411030, |
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Tel. No.: |
91-20-24333628 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/-each |
Rs.30.000
Millions |
Note :
Of the above equity shares 1500000 Equity Shares
of Rs.10/- each are held by Klaus Union Engineering Private Limited and Randack
Automotive GmbH, each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
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|
30.000 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
|
|
8.722 |
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|
4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
38.722 |
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LOAN FUNDS |
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1] Secured Loans |
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|
43.402 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
|
|
43.402 |
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DEFERRED TAX LIABILITIES |
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|
1.443 |
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TOTAL |
|
|
83.567 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
25.330 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
|
21.558 |
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Sundry Debtors |
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|
35.520 |
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Cash & Bank Balances |
|
|
12.038 |
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Other Current Assets |
|
|
14.070 |
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Loans & Advances |
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|
0.000 |
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Total
Current Assets |
|
|
83.186 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
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|
13.218 |
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Other Current Liabilities |
|
|
11.261 |
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Provisions |
|
|
0.470 |
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Total
Current Liabilities |
|
|
24.949 |
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Net Current Assets |
|
|
58.237 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
|
|
83.567 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
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SALES |
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Income |
|
|
92.056 |
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Other Income |
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|
2.369 |
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TOTAL |
|
|
94.425 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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81.538 |
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PROFIT BEFORE
TAX |
|
|
12.887 |
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Less |
TAX |
|
|
4.165 |
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PROFIT AFTER TAX
|
|
|
8.722 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
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|
59.889 |
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TOTAL EARNINGS |
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|
59.889 |
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IMPORTS |
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Raw Materials |
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3.929 |
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TOTAL IMPORTS |
|
|
3.929 |
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Earnings Per Share
(Rs.) |
|
|
2.91 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2009 |
|
PAT / Total Income |
(%) |
|
|
9.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
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|
14.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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|
11.87 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.76 |
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Current Ratio (Current Asset/Current Liability) |
|
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|
3.33 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
|
Sundry Creditors |
|
|
- Due to micro and small
enterprises |
0.000 |
|
- Others |
13.218 |
|
Total |
13.218 |
OPERATIONS
The Company achieved a Turnover of Rs.94.425 Millions during
the year. The net profit before Depreciation is Rs.15.938 Millions. The
production of Fasteners of Wind mills for the current year is 2,52,399 nos. against
an installed capacity of 10,00.000.
FUTURE PROSPECTS
The performance of the current year is expected to be better
compared to the previous year and the Directors are confident of achieving the
desired projections for the current year.
FORM 8 :
|
Corporate
identity number of the company |
U28991PN2008PTC131920 |
|
Name of the
company |
RANDACK FASTENERS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gate No. 1197, Near Ghotawade Phata, Pirangut, Taluka Mulshi, Pune –
412108, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10132487 |
|
Type of charge |
Immovable property Book debts Movable property Floating charge |
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Particular of
charge holder |
Syndicate Bank, |
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Nature of
instrument creating charge |
a) Composite Hypothecation Agreement for
Rs.42.900 Millions. b) Composite Hypothecation Agreement for
Rs.4.500 Millions c) General Agreement d) Confirmation of creation of
second/subsequent equitable mortgage. All the above
documents are dated 2nd November 2010 and constitute single charge. |
|
Date of instrument
Creating the charge |
02.11.2010 |
|
Amount secured by
the charge |
Rs.72.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Cash Credit
11.75% p.a. Term Loan 12% p.a. Terms of
repayment :
Margin : As specified by
Bank Extent and
operation of the charge : First Charge on
Stock in Trade, Book Debts and Plant and Machinery and immovable property
mortgaged. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
14.11.2008 |
|
Particulars of
the present modification |
By this present
modification, fresh term loan of Rs.
4.500 Millions (existing Rs.22.500 Millions) and Bank Guarantee of Rs. 2.500
Millions have been granted and SODH limit enhanced from Rs. 21.000 Millions
to Rs. 42.900 Millions. Thus, the total credit facilities stand at Rs.72.400
Millions. |
FIXED ASSETS
- Plant and Machinery
- Electrical Installation
- Factory Equipments
- Office Equipments
- Computers
- Furniture and Fixtures
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.45.25 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.