MIRA
INFORM REPORT
|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAVI TECHNOFORGE PRIVATE LIMITED (w.e.f. 19.05.2009) |
|
|
|
|
Formerly Known
As : |
SAURASHTRA IRON FORGING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S. No.50P/1, Behind Toll Plaza, National Highway-27, Village:
Pipaliya, Taluka Kotda Sangani, Gondal – 360311, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.02.1990 |
|
|
|
|
Com. Reg. No.: |
04-13398 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.101.155
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100GJ1990PTC013398 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS01189G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS1608N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Bearing Races, Auto Parts and Other Forged
Components with CNC Finished Turning. And Importer of Raw Material |
|
|
|
|
No. of Employees
: |
225 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 780000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company a moderate track record. The latest
financials of the company are not made available. Mr. Alpesh from the accounts department has provided all information
to us. However, financials are not verified.
As per previous year’s record, reserves appear to be still improving.
There appear huge external borrowings. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limit = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
17.01.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan and Cash Credit = BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
17.01.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Alpesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-2827-270425 |
|
Date : |
11.01.2013 |
LOCATIONS
|
Registered Office : |
S. No.50P/1, Behind Toll Plaza, National Highway-27, Village:
Pipaliya, Taluka Kotda Sangani, Gondal – 360311, Gujarat, India |
|
Tel. No.: |
91-2827-270425 / 26 |
|
Fax. No.: |
91-2827-252894 / 270425 / 26 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office/ Factory : |
Survey No. 211, Plot No. 7/8, Veraval (Sharpar) Industrial Area, |
|
Tel. No.: |
91-2827-252193/ 252194/ 252463 |
|
Fax No.: |
91-2827-252894 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Amrutlal Khimjibhai Bharadia |
|
Designation : |
Director |
|
Address : |
Ronak, 6, Ashtron Society, Plot - 131, |
|
Date of Birth/Age : |
17.10.1951 |
|
Date of Appointment : |
22.02.1990 |
|
Email : |
|
|
DIN No.: |
00279153 |
|
|
|
|
Name : |
Mrs. Rajanben Amrutlal Bharadia |
|
Designation : |
Director |
|
Address : |
Ronak, 6 Ashtron Society, Plot No. 131, |
|
Date of Birth/Age : |
26.10.1954 |
|
Date of Appointment : |
10.04.2004 |
|
DIN No.: |
00371426 |
|
|
|
|
Name : |
Mr. Rajeshkumar Khimjibhai Bharadia |
|
Designation : |
Joint Managing Director |
|
Address : |
Raj, 138-Ashtron Society, |
|
Date of Birth/Age : |
23.11.1973 |
|
Date of Appointment : |
31.03.2008 |
|
Email : |
|
|
DIN No.: |
02016210 |
|
|
|
|
Name : |
Mr. Kunjan Rajesh Bharadia |
|
Designation : |
Director |
|
Address : |
138, Ashtron Society, Road - 5, Near |
|
Date of Birth/Age : |
01.06.1976 |
|
Date of Appointment : |
31.03.2008 |
|
DIN No.: |
02081240 |
|
|
|
|
Name : |
Mr. Senthilarumugam Thiruvadi |
|
Designation : |
Nominee director |
|
Address : |
A3, 313 Sneha Apartment Gadavari Block, National Games Village,
Karamangala, Bangalore – 560047, Karnataka, India |
|
Date of Birth/Age : |
23.02.1956 |
|
Date of Appointment : |
27.12.2011 |
|
DIN No.: |
03431263 |
KEY EXECUTIVES
|
Name : |
Mr. Chetan Gandhi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
|
|
|
|
Amrutlal K Bharadia |
|
880264 |
|
Shantilal Baradia |
|
22600 |
|
Jagdish Bharadia |
|
141100 |
|
Rajeshbhai Bharadia |
|
2825441 |
|
Rajanben Amrutlal Bharadia |
|
1139962 |
|
Hansaben Bharadia |
|
75000 |
|
Chandrika Valambia |
|
7000 |
|
Ranmalbhai Khunti |
|
12250 |
|
Maherndrabhai Dasani |
|
7000 |
|
Ratilal G. Panchasara |
|
10500 |
|
Narendra Valambia |
|
10500 |
|
Harishbhaio Vaghadia |
|
7000 |
|
Kunjaben Bharadia |
|
1417107 |
|
Amrutlal K Bharadia - HUF |
|
238072 |
|
Anjali Bharadia |
|
180500 |
|
Anitaben Bharaqdia |
|
73315 |
|
Chandravadan Gajjar |
|
50002 |
|
Harkant Papatilal Anadkal |
|
45001 |
|
Kirtiben V. Vadagama |
|
16300 |
|
Vasumatiben Vadgama |
|
20002 |
|
Vimalbhai Vadgama |
|
30052 |
|
Kishorbhai Khambhayata |
|
184000 |
|
Ramniklal Shamji |
|
10001 |
|
Hemantilal K. Bakranla |
|
1 |
|
Kishorbhai H. Bokranla |
|
1 |
|
Vrajitai Govindbhai Kharecha |
|
125001 |
|
Manojbhai Vadilal Gandhi |
|
1 |
|
Ishwarlal J. Jogani |
|
1 |
|
Jeevantai J Jagani |
|
1 |
|
Dhirajtai G Hirapara |
|
250001 |
|
Jitendra G. Hirapara |
|
125000 |
|
Can Bank Venure Capital Fund Limited, India |
|
415944 |
|
Total |
|
8318920 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
|
|
|
|
Vakil Yadav |
|
1052530 |
|
Deepak Deade |
|
659750 |
|
Naresh Sonar |
|
500200 |
|
Can Bank Venure Capital Fund Limited, India |
|
13960140 |
|
Total |
|
16172620 |
AS ON 29.09.2012
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
82.30 |
|
Others top fifty shareholders (Other than listed above) |
|
12.70 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bearing Races, Auto Parts and Other
Forged Components with CNC Finished Turning. And Importer of Raw
Material |
|
|
|
|
Exports : |
|
|
Products : |
· Auto Parts · Bearing Races |
|
Countries : |
· France · USA |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash / Credit |
|
|
|
|
Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Forged Races (Inner and Outer) |
Nos. |
4800000 |
6685843 |
|
Turned Races (Inner and Outer) |
Nos. |
5919133 |
|
|
Heat Treated Rings |
Nos. |
1423 |
GENERAL INFORMATION
|
Suppliers : |
Mahindra |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
Manufacturer Company · SKF Bearing, India · SKF Bearing (Europe and USA) · Fag Barring, India · Tata Bearing, India · TACO, India · AEC Bearing, India · Kansara Engineers Private Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
225 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Indian Overseas Bank, Main Branch, Dhebar Road, Rajkot – 360001, Gujarat, India · State Bank of India, Commercial Branch, Noble House, Near Jalaram Petrol Pump, Kalawad, Rajkot - 360001, Gujarat, India · Bank of India, Bhakti Nagar (SSI), 7/11, Bhaktinagar Station Plot, Rajkot – 360002, Gujarat, India · HDFC Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ranpura Desai and Company Chartered Accountant |
|
Address : |
Star Avenue, 1st
Floor, Dr. Radhakrishnan Road, Opposite Rajkumar College, Rajkot – 360001,
Gujarat, India |
|
PAN No.: |
AADFR3813P |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 Millions |
|
16500000 |
Preference Shares |
Rs.10/- each |
Rs.165.000 Millions |
|
|
Total |
|
Rs.275.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8318920 |
Equity Shares |
Rs.10/- each |
Rs.83.189
Millions |
|
16172620 |
Preference Shares |
Rs.10/- each |
Rs.161.726
Millions |
|
|
Total |
|
Rs.244.915 Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Share |
Rs.10/- each |
Rs.110.000 Millions |
|
1700000 |
8% Non Cumulative Redeemable / Optionally Convertible Preference Shares |
Rs. 10/- each |
Rs.17.000 Millions |
|
2300000 |
6% Non Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs.23.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7902976 |
Equity Shares |
Rs.10/- each |
Rs.79.030
Millions |
|
2212480 |
6% Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.22.125
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.101.155 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 |
101.155 |
62.877 |
50.457 |
|
|
2] Share Application Money |
0.000 |
2.800 |
0.000 |
|
|
3] Reserves & Surplus |
94.015 |
52.150 |
44.737 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
195.170 |
117.827 |
95.194 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
377.384 |
235.809 |
258.621 |
|
|
2] Unsecured Loans |
32.585 |
10.078 |
11.274 |
|
|
TOTAL BORROWING |
409.969 |
245.887 |
269.895 |
|
|
DEFERRED TAX LIABILITIES |
2.313 |
2.402 |
2.467 |
|
|
|
|
|
|
|
|
TOTAL |
607.452 |
366.116 |
367.556 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
203.497 |
165.309 |
156.637 |
|
|
Capital work-in-progress |
88.168 |
39.479 |
14.240 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.482 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.680
|
80.177
|
85.797
|
|
|
Sundry Debtors |
189.980
|
143.790
|
141.583
|
|
|
Cash & Bank Balances |
0.166
|
0.485
|
0.590
|
|
|
Other Current Assets |
12.960
|
4.705
|
2.758
|
|
|
Loans & Advances |
133.168
|
24.697
|
52.107
|
|
Total
Current Assets |
467.954
|
253.854
|
282.835
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
143.243
|
80.165
|
72.856
|
|
|
Other Current Liabilities |
29.246
|
13.648
|
12.066
|
|
|
Provisions |
3.873
|
1.785
|
1.494
|
|
Total
Current Liabilities |
176.362
|
95.598
|
86.416
|
|
|
Net Current Assets |
291.592
|
158.256
|
196.419
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
22.713 |
3.072 |
0.260 |
|
|
|
|
|
|
|
|
TOTAL |
607.452 |
366.116 |
367.556 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
621.823 |
259.596 |
435.313 |
|
|
|
Other Income |
23.920 |
10.812 |
9.430 |
|
|
|
TOTAL (A) |
645.743 |
270.408 |
444.743 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
544.248 |
215.794 |
374.785 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
544.248 |
215.794 |
374.785 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
101.495 |
54.614 |
69.958 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.294 |
27.479 |
21.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71.201 |
27.135 |
48.330 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.298 |
22.213 |
20.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
47.903 |
4.922 |
27.844 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.261 |
1.864 |
9.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32.642 |
3.058 |
17.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.648 |
37.589 |
19.729 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
73.290 |
40.648 |
37.589 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
189.833 |
24.996 |
188.401 |
|
|
TOTAL EARNINGS |
189.833 |
24.996 |
188.401 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10.582 |
1.174 |
9.548 |
|
|
TOTAL IMPORTS |
10.582 |
1.174 |
9.548 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.23 |
NA |
NA |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
670.000 |
The above information has been parted by Mr. Alpesh
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.05
|
1.13 |
4.02
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.70
|
1.90 |
6.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.13
|
1.17 |
6.34
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.04 |
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.00
|
2.90 |
3.74
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65
|
2.66 |
3.27
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditor |
|
|
|
|
Creditors Due Small Micro Enterprises |
0.000
|
0.000
|
|
|
Creditors Due Others |
143.243
|
80.165
|
|
|
|
|
|
|
|
Total |
143.243
|
80.165
|
72.654
|
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
REVIEW OF
OPERATIONS
As the members of
the Company are aware that due to overall recession in the industry, the
company could not made significant growth in terms of sales and profitability in
the year 2009-2010. The company achieved remarkable growth and achieved
turnover of Rs. 686.084 Millions as compared to corresponding previous year's
turnover of Rs.287.611 Millions. Total profit before depreciation, taxation and
other items was Rs.101.502 Millions as compared to corresponding amount of
Rs.54.098 Millions of previous year. Likewise, Net Profit before and after
taxation was Rs. 47.903 Millions and 32.642 Millions respectively as compared
to corresponding period of previous year. The Board of Directors expects
further increase in the sales and profitability of the Company in the year to
come.
FINANCIAL REVIEW:
As Members are
aware, the company has during the year, in order to meet the increasing requirement
of funds to cope with expansion program, increased the paid up capital of the
Company to Rs. 101.155 Millions from Rs. 62.877 Millions of previous year
including conversion of 17,00,000/- 8% Non Cumulative Redeemable / Optionally
Convertible Pref. Shares of Rs. 10/- each into 6,80,000/- Equity Shares of Rs.
10/- each at a premium of Rs. 15/- per share.
TRADE REFERENCE:
· Mahindra
· Tata Bearing, India
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27100GJ1990PTC013398 |
|
Name of the
company |
RAVI TECHNOFORGE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
S. No.50P/1, Behind Toll Plaza, National Highway-27, Village: Pipaliya,
Taluka Kotda Sangani, Gondal – 360311, Gujarat, India |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10151620 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others: Plant and Machinery and All other Movable
Assets |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, Noble
House, Near Jalaram Petrol Pump, Kalawad Road, Rajkot - 360001, Gujarat,
India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of Deposit of Title Deeds by way
of Equitable Mortgage for Creation of Further Charge Joint Deed of Hypothecation |
|
Date of
instrument Creating the charge |
16.10.2012 |
|
Amount secured
by the charge |
Rs.1011.300 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : For SBI: CC and TL : 3% over BR For Central Bank of India - CC : Base Rate
+3.00% p.a. presently,13.50% p.a., TL: Base Rate +3.00 + 0.75p.a. presently,14.25%
p.a, for LC and BG: As per official guideline Terms of Repayment For State Bank of India: CC : On Demand, TL
: As per Original Sanction For Central Bank of India : CC - on Demand, Term Loan : 84 EMI of Rs.
1.137 Millions + monthly interest, commencing from April, 2013, LC : As per
norms Margin For State Bank of India : As per Original Sanction For Central Bank of India : CC, TL, LC [Within TL] 25%, Bank Guarantee : 25% [cash margin] Extent and operations of the charge The charge is by way of Hypothecation on
stock of Raw materials, stock-in-process, semi finished and finished goods,
stores and spares, bills receivables, book debts and all other movables and
equitable mortgage on immovable properties more particularly described in
instrument of charge in favour of State Bank of India and Central Bank of
India, on pari passu basis to secure the aggregate credit facilities Rs.
1011.300 Millions together with the interest, costs, commission, charges etc.
Other State Bank of India is designated and
recognised as the Lead of the State Bank of India Consortium and Central Bank
of India is designated as member Bank of the State Bank of India Consortium
with the consent of State Bank of India to secure the aggregate credit
facilities of Rs. 1011.300 Millions and all the terms and conditions shall be
as per the documents executed by and between the borrower and respective
charge holders. |
|
Date of
instrument modifying the charge |
07.12.2011 |
|
Particulars of
the present modification |
The earlier facilities granted by State Bank
of India [SBI] at Rs. 833.800 Millions, [Reduced balance Rs. 798.800
Millions], now, enhanced to Rs. 1011.300 Millions on granting of Rs. 212.500
Millions by Central Bank of India [CBI] on consortium basis by SBI consortium
with CBI as member Bank, and accordingly charge by way of hypothecation and
mortgage over the properties described has been extended in favour of SBI and
CBI on pari passu basis. |
|
Unsecured Loans |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Loans directors unsecured |
1.995 |
5.382 |
|
Other debt unsecured |
30.590 |
4.696 |
|
|
|
|
|
Total |
32.585 |
10.078 |
FIXED ASSETS;
·
Lands
·
Office Buildings
·
·
Plant and
Machineries
·
Office Equipments
·
Furniture and
Fixtures
·
Vehicles
·
Computer Equipments
AS PER WEBSITE
PRESS RELEASES
Ravi Technoforge To
Ramp Up Capacity With An Investment Of Rs 1000.000 Millions
The Rajkot-based bearings manufacturer, Ravi Technoforge Private Limited is planning to invest Rs 1000.000 Millions in FY13 for ramping up capacity and technical upgradation. According to a BS report, the auto component manufacturer has already infused around Rs 1500.000 Millions for setting up a new production facility as well as capacity expansion at existing ones.
Amubhai Bharadia, CMD, Ravi Technoforge said: "With last year’s investment our production capacity will increase to 1,200 tonnes per month from 700 tonnes by July this year and we will increase it to 1,500 tonnes a month by end of 2013. For this we will be investing about Rs 1000.000 Millions in current financial year".
It may be recalled that in 2011, Ravi Technoforge had acquired waste land from
the state government to establish a manufacturing unit in the Shapar industrial
zone near Rajkot. However, now the company is looking for more such land near
its existing plant in Shapar, noted the report.
Rajesh Bharadia, Director, Ravi Technoforge said: 'We are also focusing on
technical upgradation. To give better quality and increase capacity, we have
imported hi-tech fully automatic machineries from Japan and France'.
According Amubhai Bharadia, Ravi Technoforge is also considering to
enter the capital market through an initial public offering (IPO) in 2014.
"The new unit will fully commence within next seven to eight months.
Moreover, for funding our investment, we are managing the same from internal
accruals, private equity and bank. We are also considering to go public in 2014
to manage fund for expansion projects", the official said and added: 'We
are also considering to manufacturing gear parts for automobiles in coming
years but our prime focus is rings'. Moving up from its current Rs 1000.000 Millions
in 2011-12, Ravi Technoforge has aimed at achieving a turnover of Rs 1500.000
Millions in current financial year, added the report.
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 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
34 |
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.