MIRA
INFORM REPORT
|
Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VIDYUT
GREENBANK INDIA PRIVATE LIMITED |
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Registered Office : |
8,
Jyoti Wire House, 23A – Shah Industrial Estate, Andheri [West], Mumbai –
400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.02.1981 |
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Com. Reg. No.: |
11-23870 |
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CIN No.: [Company
Identification No.] |
U27203MH1981PTC023870 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV09525F |
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PAN No.: [Permanent
Account No.] |
AAACV1566D |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Traders
of Cast Basalt / Alumina products, Cast Basalt Liners and Bonding Cement. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Though
subject is a old and established company, it is passing through difficult
times. The company has stopped its manufacturing activities in 2005. Its
profitability is under severe pressure. Payments are reported as slow and
delayed. The
company can be considered for any business dealings on fully safe and secured
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
8,
Jyoti Wire House, 23A – Shah Industrial Estate, Andheri [West], Mumbai –
400053, Maharashtra, India |
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Tel. No.: |
91-22-26369616
/ 26735060 |
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Fax No.: |
91-22-26318042 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Namdeo Vithal Ranjane |
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Designation : |
Director
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Address : |
14,
Alaknanda, Gulmohar X Road No. 10, Juhu, Mumbai – 400049 |
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Date of Birth/Age : |
15.07.1942 |
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Date of Appointment : |
10.02.1981 |
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Name : |
Mr.
John Thomas Ellis |
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Designation : |
Director
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Address : |
19,
Beanwood meadow, Blackburn, England |
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Date of Birth/Age : |
17.06.1939 |
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Date of Appointment : |
31.12.1984 |
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Name : |
Mr.
Nayampalli Shyamasundar Acharya |
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Designation : |
Director
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Address : |
D-45/412,
Gandhinagar, Bandra [East], Mumbai – 400061 |
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Date of Birth/Age : |
02.02.1940 |
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Date of Appointment : |
14.10.1985 |
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Name : |
Ms.
Kruttika Namdeo Ranjane |
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Designation : |
Director
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Address : |
14,
Alaknanda, Gulmohar X Road No. 10, Juhu, Mumbai – 400049 |
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Date of Birth/Age : |
18.06.1982 |
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Date of Appointment : |
29.05.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Namdeo Vithal Ranjane |
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850 |
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Mr.
Vishal N. Ranjane and Mr. Namdeo Vithal Ranjane |
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2890 |
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Lifeline
Holding Private Limited |
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500 |
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Mr.
Namdeo Vithal Ranjane and Mr. Vishal N. Ranjane |
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250 |
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Greenbank
Terotech Limited |
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1400 |
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Ms.
Kruttika Ranjane Mr.
Namdeo Ranjane |
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1600 |
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Mrs.
Reshma Shryansh Jhaveri Ms.
Siddhi Shreyansh Jhaveri Ms.
Devna Shreyansh Jhaveri |
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5 |
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Mrs.
Shobhna R. Shah Mrs.
Parul S. Shah |
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5 |
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Total
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7500 |
BUSINESS DETAILS
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Line of Business : |
Traders
of Cast Basalt / Alumina products, Cast Basalt Liners and Bonding Cement. |
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Products : |
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PRODUCTION
STATUS
[As
on 31.03.2005]
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Particulars |
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Installed Capacity |
Actual Production |
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Cast
Basalt / Alumina products |
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800 Nos. |
298 Nos. |
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Cast
Basalt Lining |
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600 Sq. M. |
153 Sq. M. |
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Cast
Basalt Liners |
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|
-- |
518 Nos. |
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Bonding
Cement |
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10 Tones |
250 Nos. |
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Fabrication |
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|
10 Tones |
-- |
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Hardware |
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-- |
-- |
GENERAL
INFORMATION
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Bankers : |
Canara
Bank |
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Banking Relations : |
-- |
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Auditors : |
A. J.
Shah and Company Chartered
Accountants Fort
Chambers, C. Block, 65, Tamarind Lane, Fort, Mumbai – 400023, Maharashtra,
India |
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Tel. No.: |
91-22-22650834 |
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Associates/Subsidiaries : |
Lifeline
Holdings Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 100/-each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7500 |
Equity
Shares |
Rs. 100/-each |
Rs. 0.750 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.750 |
0.750 |
0.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.896 |
1.896 |
1.896 |
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|
2.646 |
2.646 |
2.646 |
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4] (Accumulated Losses) |
[14.898] |
[12.437] |
[10.750] |
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NETWORTH |
[12.252] |
[9.791] |
[8.104] |
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LOAN FUNDS |
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1] Secured Loans |
2.944 |
3.868 |
2.333 |
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2] Unsecured Loans |
8.837 |
8.958 |
8.190 |
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TOTAL BORROWING |
11.781 |
12.826 |
10.523 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
[0.471] |
3.035 |
2.419 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.611 |
1.846 |
1.968 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.389
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Sundry Debtors |
2.583
|
2.340 |
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Cash & Bank Balances |
0.187
|
0.232 |
6.223 |
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Other Current Assets |
0.000
|
0.00 |
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Loans & Advances |
0.258
|
0.469 |
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Total Current Assets |
3.417
|
6.395 |
6.223 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
5.499
|
5.206 |
5.772 |
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Provisions |
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Total Current Liabilities |
5.499
|
5.206 |
5.772 |
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Net Current Assets |
[2.082]
|
1.189 |
0.451 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
[0.471] |
3.035 |
2.419 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
7.778 |
12.527 |
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Profit/(Loss)
Before Tax |
|
[2.647] |
[1.686] |
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Provision
for Taxation |
|
[0.186] |
-- |
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Profit/(Loss)
After Tax |
|
[2.461] |
[1.686] |
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Export
Value |
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Nil |
0.042 |
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Import
Value |
|
0.569 |
2.817 |
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Total
Expenditure |
|
10.426 |
14.213 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
31.64
|
13.45 |
-- |
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Net
Profit Margin (PBT/Sales) |
(%) |
34.03
|
13.45 |
-- |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
52.65
|
20.45 |
-- |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.17 |
-- |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.41
|
1.84 |
2.01 |
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Current
Ratio (Current
Asset/Current Liability) |
|
0.63
|
1.23 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Leasehold
Land
v
Office
Building
v
Factory
Building
v
Furniture
and Fixture
v
Computers
v
Office
Equipments
v
Plant
and Machinery
During
the year under report, the company sales / Turnover were Rs. 7.778 millions as
against previous year sale Rs. 12.526 Millions.
The
company has been incurring huge losses for the post several years. The total
accumulated loss incurred by the
company as on 31.03.2005 is Rs. 14.898 millions as against paid up share
capital of Rs. 0.750 Millions. The Board of Directors, therefore decided
to restructure its business activities
with effect from 12.01.2005 the company has discontinued its operations at
chakan factory. However activities like
trading products, site lining / erection / supervision of jobs, etc. still
continue.
w.e.f.
12.10.2005 the company has discontinued it Manufacturing activity of Cast Basalt / Alumina products bends and
fittings. However activities like Trading and Engineering and consulting
services, marketing of products, site lining / erection / supervision of jobs,
etc. still continue.
Vidyut Greenbank (India) Private Limited is a joint venture
company with Greenbank Terrotech Plc. (A Prospect Industries
Group company) of U. K.
VIDYUT offers a wide range of Abrasion Resistant Lining Materials.
With this ability their recommendations are not limited to a single type of
liners. They offer a broad choice to their customers. They provide the linings
which are best suited for a particular problem. Their solutions therefore are
most cost effective and long lasting. The customer does not have to run around
to many vendors to meet his requirement of various linings.
Products :
Fossil fuel fired Thermal Power Stations
Steel, Cement, Coal, Lignite, Ore & Mineral Processing
Coal / Lignite fired Boilers in general industries, etc.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.16 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
25 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
|