|
Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAINBOW TECHNOCAST PRIVATE LIMITED |
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|
|
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Registered
Office : |
GIDC, Plot No. 188, Road - M, Aji Industrial Estate, Near GEB,
Rajkot-360003, Gujarat |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
21.02.2007 |
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|
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Com. Reg. No.: |
04-050052 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U27310GJ2007PTC050052 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTR02024B |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer, Exporter and Supplier of Cast Iron Components, Casting
Products, and Automobile Part. |
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|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 14000 |
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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 an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Vijaybhai Chanabhai Parsana |
|
Designation : |
Director |
|
Contact No.: |
91-281-2389110 |
|
Date : |
03.03.2012 |
LOCATIONS
|
Registered Office : |
GIDC, Plot No. 188, Road - M, Aji Industrial Estate, Near GEB,
Rajkot-360003, Gujarat, India |
|
Tel. No.: |
91-281-2389110 |
|
Fax No.: |
91-281-2389110 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Chanabhai Jethabhai Parsana |
|
Designation : |
Director |
|
Address : |
Chakrapani, 12-Mastr Society, Rajkot-360002, Gujarat, India |
|
Date of Appointment : |
21.02.2007 |
|
Din No.: |
00422670 |
|
|
|
|
Name : |
Mr. Vijaybhai Chanabhai Parsana |
|
Designation : |
Director |
|
Address : |
Chakrapani, 12-Mastr Society, Rajkot-360002, Gujarat, India |
|
Date of Birth : |
16.06.1976 |
|
Date of Appointment : |
21.02.2007 |
|
Din No.: |
01270579 |
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|
|
|
Name : |
Mr. Dineshbhai Chanabhai Parsana |
|
Designation : |
Director |
|
Address : |
Radheshyam, 13-Master Society, Rajkot-360002, Gujarat, India |
|
Date of Appointment : |
30.09.2010 |
|
Din No.: |
00422707 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Chanabhai Jethabhai Parsana |
|
12200 |
|
Vijaybhai Chanabhai Parsana |
|
12500 |
|
Chanabhai Jethabhai Parsana HUF |
|
12300 |
|
Dineshbhai Chanabhai Parsana |
|
12300 |
|
Jayaben Chanabhai Parsana |
|
200 |
|
Dineshbhai Chanabhai Parsana HUF |
|
300 |
|
Nimishaben Dineshbhai Parsana |
|
100 |
|
Vilashben Vijaybhai Parsana |
|
100 |
|
|
|
|
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Total |
|
50000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Cast Iron Components, Casting
Products, and Automobile Part. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
Bank of India, Sorathiawadi Chowk Branch, Sorathiawadi, Rajkot-360003,
Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Mukund V. Mehta and Company Chartered Accountants |
|
Address : |
313, Cosmo Complex, 3rd Floor, Mahila College Chowk,
Rajkot-360001, Gujarat, India |
|
Pan No.: |
ACJPM0786G |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.230 |
1.114 |
2.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.730 |
1.614 |
2.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.447 |
11.343 |
11.350 |
|
|
2] Unsecured Loans |
27.632 |
24.992 |
20.392 |
|
|
TOTAL BORROWING |
38.079 |
36.335 |
31.742 |
|
|
DEFERRED TAX LIABILITIES |
0.236 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42.045 |
37.949 |
34.242 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.344 |
29.199 |
29.678 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.396 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.547
|
1.360 |
0.250 |
|
|
Sundry Debtors |
10.797
|
4.435 |
0.000 |
|
|
Cash & Bank Balances |
0.060
|
0.173 |
0.332 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.032
|
3.079 |
4.005 |
|
Total
Current Assets |
15.436
|
9.047 |
4.587 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.853
|
0.698 |
0.044 |
|
|
Other Current Liabilities |
3.192
|
0.013 |
0.001 |
|
|
Provisions |
0.703
|
0.000 |
0.000 |
|
Total
Current Liabilities |
4.748
|
0.711 |
0.045 |
|
|
Net Current Assets |
10.688
|
8.336 |
4.542 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.013 |
0.018 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
42.045 |
37.949 |
34.242 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
6.771 |
1.901 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
3.320 |
3.158 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX |
|
3.451 |
(1.257) |
|
|
|
|
|
|
|
Less |
TAX |
|
1.335 |
0.370 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
2.116 |
(1.627) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.886) |
NA |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
1.230 |
(0.886) |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
42.32 |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.38
|
(3.29) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.93
|
(0.77) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.48
|
22.95 |
12.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.25
|
12.72 |
101.93 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
0.853
|
0.698 |
0.044 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27310GJ2007PTC050052 |
|
Name of the
company |
RAINBOW
TECHNOCAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
GIDC, Plot No. 188, Road - M, Aji Industrial Estate, Near GEB,
Rajkot-360003, Gujarat, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property |
|
Particular of
charge holder |
Bank of India, Sorathiawadi Chowk Branch, Sorathiawadi, Rajkot-360003,
Gujarat, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
- Hypothecation
cum loan agreement - Term loan
agreement - Memorandum of
entry |
|
Date of
instrument Creating the charge |
27.07.2007 |
|
Amount secured by
the charge |
Rs.17.350 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
for the Credit Facility is 0.50% below BPLR i.e. 12.75% - 0.50% = 13.75%
subject to Minimum 12.75% per annum. Terms of
Repayment Cash Credit
Facility is repayable on demand and Term Loan (purchase building) is
repayable in 72 monthly installments or Rs.0.087 million each and term loan
of Machinery is repayable in 72 Monthly Installments of Rs. 0.159 million
each respectively Commencing from 31.05.2008. Margin Margin Money for
the Cash Credit is 25% against the Raw material, finished goods, stores and
goods in process and 50% against Book Debts and on Building and Machinery
Loan it is 37.86% and 42.03% respectively. Extent and
Operation of the charge The Charge by way
of Hypothecation of Raw material, finished goods, goods in process, book
debts, machinery and building situated at GIDC Plot No. 188, Road-M, Aji
Industrial Estate, Near GEB, Rajkot extends to secure the total credit
facility of Rupees 17.350 millions with cost, interest and charges. Others Other terms and
conditions are as per the documents executed from time to time and sanction
letter. |
|
Short particulars
of the property charged |
- Hypothecation
of stocks of raw materials, semi finished and finished goods consisting of
pig iron, scrape, coal, foundry materials, CI Casting, oil engine parts, auto
parts etc. and Hypothecation of book debts, receivable, claims, bills etc.
and plant and machineries, its spares, accessories, tools lying at factory or
at any other place - Equitable
Mortgage of Immovable Property situated at GIDC Plot No. 188, Road-M, Aji
Industrial Estate, Near GEB, Rajkot. |
FIXED ASSETS:
·
Land
·
Factory Building
·
Electrical Fittings
·
Machineries
·
Computer
·
Air Conditioner
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 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.49.95 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.