|
Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
RATNAVEER STAINLESS PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E-77, GIDC, Savli (Manjusar), |
|
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.02.2002 |
|
|
|
|
Com. Reg. No.: |
04-040488 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.61.122 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27108GJ2002PTC040488 |
|
|
|
|
TAN No.: [Tax Deduction and Collection
Account No.] |
BRDR00325D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Importers of Steel and Stainless Steel Products and
Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING and COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 570000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
E-77, GIDC, Savli (Manjusar), |
|
Tel. No.: |
91-2667-264594/
95/ 96 |
|
Fax No.: |
91-2667-264593 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Vijay Ramanlal Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
20, Vijay Society No. 1, New |
|
Date of Appointment : |
20.02.2002 |
|
DIN No.: |
00495922 |
|
|
|
|
Name : |
Mr. Babulal Sohanlal Chaplot |
|
Designation : |
Whole Time Manager |
|
Address : |
61, Geet Gunjan Society, Near Pragati Nagar Society, Harni Ring Road,
Vadodara – 390022, Gujarat, India |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
03539750 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares ( Equity Shares
Fully Paid) |
|
Vijay Ramanlal Sanghvi |
|
3950000 |
|
Seemaben Vijay Sanghvi |
|
50000 |
|
Bhlkhubhai Lakhabhai HUF by Karta Bhlkhubhai Lakhabhai Radadiya |
|
20000 |
|
Pragjibhai Nathubhai Padsala |
|
9000 |
|
Parshottambhai Keshavbhai Dhorajjya |
|
15500 |
|
Parulben Jayantilal Patel |
|
12700 |
|
Jayantilal M Patel HUF by Karta Jayantilal M Patel |
|
10000 |
|
|
|
|
|
Total |
|
4067200 |
|
|
|
|
|
Names of
Shareholders |
|
No. of Shares (Equity Shares Partly Paid) |
|
Sanskar Distributers |
|
60000 |
|
|
|
40000 |
|
|
|
40000 |
|
Sanskar Distributers |
|
50000 |
|
Sanskar Distributers |
|
40000 |
|
Arlfiodock Vlnimay Private Limited, |
|
40000 |
|
Gourav Flnanace Private Limited, |
|
120000 |
|
|
|
|
|
Total |
|
390000 |
|
|
|
|
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Vijay Ramanlal Sanghvi |
|
1850000 |
|
|
|
|
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importers of Steel and Stainless Steel Products and
Components. |
|
Description of Product and services |
ITC Code |
|
|
|
|
S S Steel Washer |
72221119 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
UCO Bank, Dandia
Bazar, Vadodara – 390001, |
||||||||||||||||||
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||||||||||||||||||
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Facilities : |
Note: (A) Secured against first charge over Company’s Land, Building and other immovable assets located at E-77 and 121, GIDC-Savli (Manjusar), Dist Baroda and second charge over Company’s Stock and Raw material, Work-in-progress and finished goods and Book debts. Also, secured against first charge over Mr. Vijay Sanghvi’s residential property located at 20, Vijay Society-I, New Khanderao Road, Vadodara and also seamed by way of Personal guarantee of directors of the company. (B) Secured against first charge over Company’s Land, Building and other immovable assets located at E-77 and 121, GIDC-Savli (Manjusar), Dist Baroda and second charge over Company’s Stock and Raw material, Work-in-progress and finished goods and Book debts. Also, secured against first charge over Mr. Vijay Sanghvi’s residential property located at 20, Vijay Society-I, New Khanderao Road, Vadodara and also seamed by way of Personal guarantee of directors of the company. (C) Secured against the Hypo. Of Company’s Stock and Raw material, Work-in-progress and finished goods and Book debts. Also secured against the Hypo of all the present and future movable and immovable assets of the Company located at E-77 and 121, GIDC-Savli (Manjusar), Dist Baroda and also secured by way of personal guarantee of directors of the company. (D) Secured against the Hypo. Of Company’s Stock and Raw material, Work-in-progress and finished goods and Book debts. Also secured against the Hypo of all the present and future movable and immovable assets of the Company located at E-77 and 121, GIDC-Savli (Manjusar), Dist Baroda and also secured by way of personal guarantee of directors of the company. (E) SECURED AGAINST VEHICLE PURCHASED UNDER THE AGREEMENT |
|
|
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Parikh and Majmudar Chartered Accountant |
|
Address : |
204/ 05/ 06, Harsh Avenue, Opposite Old High Court, Navjeevan Press Road,
Navrangpura, Ahmedabad - 380014, Gujarat, India |
|
PAN.: |
AAAFP8921B |
CAPITAL STRUCTURE
As on: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares (Fully Paid) |
Rs.10/- each |
Rs.45.000 Millions |
|
500000 |
Equity Shares (Partly Paid) |
Rs.10/- each |
Rs.5.000 Millions |
|
3000000 |
Preference Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.80.000
Millions |
Issued and Subscribed
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4067200 |
Equity Shares (Fully Paid) |
Rs.10/- each |
Rs.40.672
Millions |
|
390000 |
Equity Shares (Partly Paid) |
Rs.10/- each |
Rs.3.900
Millions |
|
1850000 |
Preference Shares |
Rs.10/- each |
Rs.18.500
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.63.072 Millions |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4067200 |
Equity Shares (Fully Paid) |
Rs.10/- each |
Rs.40.672
Millions |
|
390000 |
Equity Share (Partly Paid) |
Rs.5/- each |
Rs.1.950
Millions |
|
1850000 |
Preference Shares |
Rs.10/- each |
Rs.18.500
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.61.122 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
61.122 |
59.172 |
58.500 |
|
|
2] Share Application Money |
0.000 |
22.650 |
0.000 |
|
|
3] Reserves and Surplus |
83.104 |
47.068 |
29.572 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
144.226 |
128.890 |
88.072 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
141.137 |
94.008 |
91.829 |
|
|
2] Unsecured Loans |
24.915 |
56.820 |
48.800 |
|
|
TOTAL BORROWING |
166.052 |
150.828 |
140.629 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.278 |
279.718 |
228.701 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
64.153 |
65.750 |
42.155 |
|
|
Capital work-in-progress |
2.527 |
0.000 |
25.062 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.163 |
1.615 |
0.919 |
|
|
DEFERREX TAX ASSETS |
1.172 |
0.783 |
1.219 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
320.420
|
347.898 |
291.870 |
|
|
Sundry Debtors |
180.995
|
87.553 |
28.916 |
|
|
Cash and Bank Balances |
58.216
|
48.195 |
26.213 |
|
|
Other Current Assets |
0.165
|
0.143 |
0.231 |
|
|
Loans and Advances |
53.800
|
23.820 |
28.507 |
|
Total
Current Assets |
613.596
|
507.609 |
375.737 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
109.880
|
120.647 |
215.563 |
|
|
Other Current Liabilities |
258.234
|
173.681 |
0.828 |
|
|
Provisions |
5.219
|
1.711 |
0.000 |
|
Total
Current Liabilities |
373.333
|
296.039 |
216.391 |
|
|
Net Current Assets |
240.263
|
211.570 |
159.346 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.278 |
279.718 |
228.701 |
|
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
783.103 |
516.846 |
575.479 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
34.742 |
29.857 |
11.852 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.738 |
12.701 |
7.869 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.004 |
17.156 |
3.983 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.667 |
6.380 |
2.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
15.337 |
10.776 |
1.974 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.348 |
29.573 |
27.599 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
56.793 |
40.348 |
29.573 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.43 |
1.71 |
0.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39
|
2.99 |
0.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.13 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.74
|
3.47 |
4.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.71 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Operations:
The company has earned gross income from operation amounting to Rs.821.200 Millions and net sales of Rs.783.100 Millions for the year ending on 31.03.2011.The directors would also like to state that the company has changed its entire manufacturing operations and accordingly has set up a line for converting scrap into raw material. Thus from Financial Year 2009-10 the company has stopped selling the entire scrap generated out of the process in the domestic market but started reprocessing the same and converted the said scrap into raw material and thus very negligible quantity is now being offloaded in the market as scrap. This has also saved sizeable money in raw material consumption and accordingly the company has earned net profit of Rs.15.336 Millions for the current year as compared to Rs.10.776 Millions for the corresponding previous year.
In view of the ongoing capital expenditure programme in the company as well as to strengthen long term working capital requirement of the company, your directors do not recommend any dividend for the Financial Year 2010-11.
Fixed Assets:
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.51.50 |
|
|
1 |
Rs.81.99 |
|
Euro |
1 |
Rs.67.54 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
48 |
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 and 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.