MIRA INFORM REPORT
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Report No. : |
321654 |
|
Report Date : |
26.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHARPAT CASTING PRIVATE LIMITED |
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Registered
Office : |
Plot No. 2637/40, Road No. D-11, Metoda, Kalawad Road, Taluka Lodhika,
GIDC, District Rajkot – 360005, Gujarat |
|
Tel No.: |
91-2827-287936/ 287937 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
10.11.2004 |
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Com. Reg. No.: |
04-045019 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Million |
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CIN No.: [Company Identification
No.] |
U27100GJ2004PTC045019 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTD01147G |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, importer and exporter of all kind of precision
investment casting. |
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No. of Employees
: |
20 (Approximately) |
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 |
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Maximum Credit Limit : |
USD 18000 |
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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. The rating takes into consideration, company’s moderate financial risk
profile marked by low profitability levels and huge external borrowing taken
by the company, which may acts as threatening to liquidity position of the
company. However, trade relations seems to be fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Kishan Dhirajlal Parsana |
|
Designation : |
Director |
|
Contact No.: |
91-9825620824 |
|
Date : |
08.05.2015 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 2637/40, Road No. D-11, Metoda, Kalawad Road, Taluka Lodhika,
GIDC, District Rajkot – 360005, Gujarat, India |
|
Tel. No.: |
91-2827-287936/ 287937 |
|
Mobile No.: |
91-9825620824 (Mr. Pratik Gondaliya) |
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Fax No.: |
91-2827-287937 |
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E-Mail : |
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Website : |
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Area : |
11700 Sq. Ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Kishan Dhirajlal Parsana |
|
Designation : |
Director |
|
Address : |
“Shravan” 2 |
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Date of Birth/Age : |
23.08.1984 |
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Date of Appointment : |
29.06.2007 |
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DIN No.: |
00509131 |
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Name : |
Mr. Tulsibhai Thakarsibhai Parsana |
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Designation : |
Director |
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Address : |
Block No. 11, ‘Jay Kishan’ Bharatvan Society, Amin Marg, |
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Date of Birth/Age : |
12.09.1960 |
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Date of Appointment : |
10.11.2004 |
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Election Commission Identity Card No. : |
GJ/ 04/ 018/ 294377 |
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DIN No.: |
00341804 |
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Name : |
Mr. Dhirajlal Thakarsibhai Parsana |
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Designation : |
Chairman cum Managing Director |
|
Address : |
“Sharvan” Arjun Park, Near Bharatvan Society, Rajkot – 360 001,
Gujarat, India |
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Date of Birth/Age : |
28.01.1959 |
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Date of Appointment : |
08.12.2005 |
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DIN No.: |
00509129 |
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Name : |
Mrs. Bhavnaben Rajeshbhai Parsana |
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Designation : |
Director |
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Address : |
Block No. 11, ‘Jay Kishan’ Bharatvan Society, Amin Marg, |
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Date of Birth/Age : |
06.05.1969 |
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Date of Appointment : |
10.11.2004 |
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Election Commission Identity Card No. : |
GJ/ 04/ 018/ 294272 |
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DIN No.: |
00509126 |
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Name : |
Mrs. Rasilaben Parshottambhai Parsana |
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Designation : |
Director |
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Address : |
“Arjun” |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
10.11.2004 |
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Election Commission Identity Card No. : |
GJ/ 04/ 018/ 294271 |
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DIN No.: |
00509128 |
KEY EXECUTIVES
|
Name : |
Mr. Pratik Gondaliya |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Kishan Dhirajlal Parsana |
|
61500 |
|
Tulsibhai Thakarsibhai Parsana |
|
62500 |
|
Rasilaben Parshottambhai Parsana |
|
62500 |
|
Bhavnaben Rajeshbhai Parsana |
|
62500 |
|
Dhirajlal Thakarsibhai Parsana |
|
1000 |
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Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, importer and exporter of all kind of precision
investment casting. |
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Products : |
Precision Investment Casting |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Precision Investment Casting |
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Countries : |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash, Cheque and Credit (90
Days) |
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Purchasing : |
Cash, Cheque and Credit (90
Days) |
PRODUCTION STATUS – (As on 31.03.2014)
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Particulars |
Unit |
Actual
Production |
|
Cast Articles |
Kgs |
194242.75 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
·
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Corporation Bank, Nijanand, Rajkot, Gujarat, India |
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Facilities : |
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Auditors : |
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Name : |
Busa and Associates Chartered Accountants |
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Address : |
212-A, Landmark, |
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Tel. No.: |
91-281-2462804/ 2462893 |
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PAN No.: |
AAGFB4013J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
2.500 |
2.500 |
2.500 |
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(b) Reserves & Surplus |
3.649 |
3.055 |
2.327 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
6.149 |
5.555 |
4.827 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
38.928 |
36.816 |
38.232 |
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(b) Deferred tax liabilities (Net) |
0.215 |
0.216 |
0.163 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities
(3) |
39.143 |
37.032 |
38.395 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
8.966 |
9.243 |
9.739 |
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(b) Trade
payables |
21.494 |
17.922 |
13.115 |
|
(c) Other
current liabilities |
1.465 |
2.545 |
2.411 |
|
(d) Short-term
provisions |
0.634 |
0.492 |
0.485 |
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Total Current
Liabilities (4) |
32.559 |
30.202 |
25.750 |
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TOTAL |
77.851 |
72.789 |
68.972 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
15.550 |
15.759 |
17.221 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
1.392 |
1.077 |
0.677 |
|
Total Non-Current
Assets |
16.942 |
16.836 |
17.898 |
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(2)
Current assets |
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|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
36.580 |
32.961 |
26.198 |
|
(c) Trade
receivables |
21.015 |
18.964 |
21.117 |
|
(d) Cash and
cash equivalents |
0.425 |
1.057 |
0.937 |
|
(e)
Short-term loans and advances |
2.889 |
2.971 |
2.822 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
60.909 |
55.953 |
51.074 |
|
|
|
|
|
|
TOTAL |
77.851 |
72.789 |
68.972 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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SALES |
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||
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Income |
65.324 |
68.411 |
76.497 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.787 |
3.182 |
3.403 |
||
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||
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Less |
DEPRECIATION/
AMORTISATION |
1.920 |
2.116 |
2.103 |
||
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||
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PROFIT/(LOSS)
BEFORE TAX |
0.867 |
1.066 |
1.300 |
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Less |
TAX |
0.273 |
0.395 |
0.386 |
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PROFIT/(LOSS)
AFTER TAX |
0.594 |
0.671 |
0.914 |
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EARNINGS IN
FOREIGN CURRENCY |
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||
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Export Earnings |
0.064 |
0.210 |
0.000 |
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TOTAL EARNINGS |
0.064 |
0.210 |
0.000 |
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||
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|
Earnings /
(Loss) Per Share (Rs.) |
2.38 |
NA |
NA |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.91 |
0.98 |
1.19 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11 |
1.46 |
1.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.19 |
0.27 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
7.79 |
8.29 |
9.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87 |
1.85 |
1.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
2.500 |
2.500 |
2.500 |
|
Reserves & Surplus |
2.327 |
3.055 |
3.649 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4.827 |
5.555 |
6.149 |
|
|
|
|
|
|
Long Term borrowings |
38.232 |
36.816 |
38.928 |
|
Short Term borrowings |
9.739 |
9.243 |
8.966 |
|
Total
borrowings |
47.971 |
46.059 |
47.894 |
|
Debt/Equity
ratio |
9.938 |
8.291 |
7.789 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
76.497 |
68.411 |
65.324 |
|
|
|
(10.570) |
(4.512) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
76.497 |
68.411 |
65.324 |
|
Profit |
0.914 |
0.671 |
0.594 |
|
|
1.19% |
0.98% |
0.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter ID Card No. of Proprietor / Partners |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------- |
|
33 |
Market information |
---------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
From other
parties |
19.837 |
15.735 |
|
Total |
19.837 |
15.735 |
OPERATIONS
During the year, company has made Sales Turnover of Rs.65.324 Million against Rs.68.411 Million of previous year and company has made Profit before tax of Rs.0.867 Million as compared to previous year’s profit before tax of Rs.1.066 Million. Decrease in turnover and profitability is due to general recession in the market. However, the directors foresee bright future of the company.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10202527 |
31/12/2009 |
10,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A79046975 |
*Date of modification Charges
FIXED ASSETS:
- Factory Land
- Factory Building
- Plant And Machinery
- Computer
- Electrification
- EPABX
- Furniture and Fixtures
- Printer
- U.P.S.
- Weighing Scale
- Vehicles Honda
- Vehicle Wagon R
- CCTV Camera
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.63.57 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.70.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.