MIRA
INFORM REPORT
|
Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
VAID ELASTOMER PROCESSORS LIMITED
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Registered Office : |
Post Box # 21, Plot – R - 856, TTC Industrial Area, Rabale P.O. Ghansoli,
Navi Mumbai - 400 701, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.02.1994 |
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Com. Reg. No.: |
11-76419 |
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CIN No.: [Company
Identification No.] |
U25190MH1994PLC076419 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV10079G |
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PAN No.: [Permanent
Account No.] |
AAACV3718R |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer and supplier of Original Equipment Rubber
Components to Major Automobile Industries.
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 690000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Post Box # 21, Plot – R - 856, TTC Industrial
Area, Rabale P.O. Ghansoli, Navi Mumbai - 400 701, India |
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Tel. No.: |
91-22-27607426 / 27 / 28 / 29 |
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Fax No.: |
91-22-27607423 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Vijay Parushottamlal Vaid |
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Designation : |
Chairman and Managing Director |
|
Address : |
Silver Beach Apartments, A-Wing, 4th Floor, A. B. Nair
Road, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
04.02.1948 |
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Date of Appointment : |
04.02.1994 |
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Name : |
Mr. Shashi Vijay Vaid |
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Designation : |
Director |
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Address : |
Silver Beach Apartments, A-Wing, 4th Floor, A. B. Nair
Road, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
20.06.1953 |
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Date of Appointment : |
04.02.1994 |
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Name : |
Mr. Premchand G. Godha |
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Designation : |
Director |
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Address : |
20, |
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Date of Birth/Age : |
27.07.1947 |
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Date of Appointment : |
27.07.1996 |
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Name : |
Mr. Rakesh Awasthi |
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Designation : |
Director |
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Address : |
F-21, |
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Date of Birth/Age : |
26.01.1963 |
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Date of Appointment : |
18.10.2002 |
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Name : |
Mr. Nilendra M. Prabhakar |
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Designation : |
Director |
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Address : |
Golden Estate, Building 9, Flat No. 704, Elwaris Road, Thane [West] –
400601, Maharashtra, India |
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Date of Birth/Age : |
02.06.1952 |
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Date of Appointment : |
30.03.2003 |
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Name : |
Mr. Puneet Juneja |
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Designation : |
Director |
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Address : |
B – 403, Sai Prateek Apartments, Airoli, Navi Mumbai – 400708, |
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Date of Birth/Age : |
23.09.1979 |
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Date of Appointment : |
02.04.2005 |
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Name : |
Mr. Nidhi V. Vaid |
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Designation : |
Director |
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Address : |
A – 403, Silver Beach Apartments, A. B. Nair Road, Juhu, Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
08.09.1978 |
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Date of Appointment : |
16.06.2006 |
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Name : |
Mr. Neha Vijay Vaid |
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Designation : |
Director |
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Address : |
A – 403, Silver Beach Apartments, A. B. Nair Road, Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
26.11.1983 |
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Date of Appointment : |
16.06.2006 |
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Name : |
Mr. Rakesh Awasthi |
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Designation : |
Director |
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Address : |
F – 21, |
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Date of Birth/Age : |
26.01.1963 |
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Date of Appointment : |
18.10.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Debashis Dey |
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Designation : |
Company Secretary |
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Address : |
Flat No. 1, Mahananda, |
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Date of Birth/Age : |
03.12.1977 |
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Date of Appointment : |
06.01.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Vijay P. Vaid |
|
2649500 |
|
Shashi Vaid |
|
265000 |
|
Vinod B. Agarwala |
|
100 |
|
Kamlesh Jhaveri |
|
100 |
|
Prem Chand Godha |
|
100 |
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Nidhi V. Vaid |
|
110100 |
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Vaid Overseas Private Limited |
|
830100 |
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Neha V. Vaid |
|
145000 |
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Vaid Finance Private Limited |
|
1000000 |
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Total |
|
5000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
|
Bodies corporate |
|
36.60 |
|
Directors or relatives of directors |
|
63.40 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier of Original Equipment Rubber
Components to Major Automobile Industries.
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
Indusind Bank
Limited Indusind House,
425, D B Marg, Mumbai – 400004, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. M. Chaturvedi Chartered Accountant |
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Address : |
32 Jolly Maker Chambers II, Nariman Point, Mumbai – 400021, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
200,000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 70.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
196,000 |
Preference Shares |
Rs. 100/- each |
Rs. 19.600
Millions |
|
|
Total |
|
Rs. 69.600 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
69.600 |
69.600 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
104.508 |
7.570 |
[19.735] |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
174.108 |
77.170 |
30.265 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
57.459 |
63.934 |
131.918 |
|
|
2] Unsecured Loans |
4.250 |
4.260 |
0.000 |
|
|
TOTAL BORROWING |
61.709 |
68.194 |
131.918 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
235.817 |
145.364 |
162.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
198.702 |
128.167 |
134.415 |
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Capital work-in-progress |
16.631 |
0.098 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
27.808
|
24.935 |
16.333 |
|
|
Sundry Debtors |
44.250
|
29.169 |
26.770 |
|
|
Cash & Bank Balances |
1.509
|
0.629 |
0.505 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.884
|
5.421 |
4.457 |
|
Total
Current Assets |
81.451
|
60.154 |
48.065 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
59.149
|
43.055 |
20.297 |
|
|
Provisions |
1.818
|
0.000 |
0.000 |
|
Total
Current Liabilities |
60.967
|
43.055 |
20.297 |
|
|
Net Current Assets |
20.484
|
17.099 |
27.768 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
235.817 |
145.364 |
162.183 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
387.079 |
326.833 |
242.422 |
|
|
Other Income |
4.155 |
3.645 |
-- |
|
|
Total Income |
391.234 |
330.478 |
242.422 |
|
|
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|
|
|
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|
Profit/(Loss) Before Tax |
34.285 |
17.723 |
4.104 |
|
|
Provision for Taxation |
1.650 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
32.635 |
17.723 |
4.104 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
47.280 |
|
|
Raw Material Consumed |
150.936 |
129.628 |
99.305 |
|
|
Purchases made for re-sale |
5.211 |
6.452 |
0.000 |
|
|
Consumption of stores and spares parts |
1.630 |
1.399 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[0.339] |
[0.359] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
40.278 |
41.908 |
0.000 |
|
|
Managerial Remuneration |
1.608 |
0.436 |
0.000 |
|
|
Payment to Auditors |
0.300 |
0.150 |
0.000 |
|
|
Interest |
4.628 |
3.052 |
17.176 |
|
|
Insurance Expenses |
0.791 |
0.617 |
0.000 |
|
|
Power & Fuel |
13.258 |
11.131 |
0.000 |
|
|
Depreciation & Amortization |
14.160 |
12.099 |
0.000 |
|
|
Other Expenditure |
124.486 |
106.243 |
74.558 |
|
Total Expenditure |
356.947 |
312.756 |
238.319 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
8.34
|
5.36 |
1.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.86
|
5.42 |
1.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.24
|
9.41 |
2.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.23 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
1.44 |
5.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.40 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Building
- Plant and Machinery
- Dies and Moulds
- Vehicles
- Furniture and Fixture
- Electric Fitting
- Office Equipment
- Computer
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10023047 |
|
Corporate
identity number of the company |
U25190MH1994PLC076419 |
|
Name of the
company |
VAID ELASTOMER PROCESSORS LIMITED
|
|
Address of the registered
office or of the principal place of
business in |
Post Box # 21, Plot – R - 856, TTC Industrial Area, Rabale P.O.
Ghansoli, Navi Mumbai - 400 701 |
|
Type of charge |
|
|
Particular of charge
holder |
Indusind Bank
Limited Indusind House,
425, D B Marg, Mumbai – 400004, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary agreement
of hypothecation for Stocks, Book Debts, Receivables, etc. |
|
Date of
instrument Creating the charge |
16.04.2007 |
|
Amount secured by
the charge |
Rs. 127.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3.75 % below
prevailing Prime Lending Rate, which is presently 15.75 % p.a. subject to minimum
of 10 % p.a. with applicable interest tax a monthly rests, such rests to be
taken and such interest to be paid by the borrower at the end of each month. Terms of
repayment Payable at the
end of three months from the date of disbursement. |
|
Short particulars
of the property charged |
First
hypothecation charge over entire current assets of the borrower comprising of
stocks of raw materials, work-in-process, finished goods, book debts, receivables
and other current assets, both present and future located at R-856, TTC
Industrial Area, Rabale, P.O. Ghansoli, Navi Mumbai |
|
Particulars of
the present modification |
Enhancement of
the amount secured by the charge by a further amount of Rupee One Crore
Twenty Lakh rupees. |
AS PER WEBSITE
Subject is a reputed rubber component manufacturing company.
The company was established in 1996 at Navi Mumbai, and has since turned itself
into one of the leading manufacturers of both moulded and extruded products for
Automobile and Engineering Original Equipment Manufacturers.
Subject
is an ISO/TS16949 organization as certified by Bureau Veritas.
The
product range of their company is of an international quality, which has
ensured a hugely satisfied client base and ensured the growth of the company at
a rapid pace since its inception.
Exports
form a major part of the business of the company. It is located just 10 km from
the Jawaharlal Nehru Port Trust - (JNPT), which is one of the major ports of
Mumbai and 25 km from the main international airport which proves advantageous
in processing and catering to all the needs of their huge overseas client base.
Product range is as follows:
- All types of moulded products using
Natural and Synthetic Rubber such as Nitrile/PVC, Neoprene, Polyacrylic,
Viton etc. These include bellows, ducts, silencer parts, shock absorbers,
bushes, auto hanger, etc.
- Single Layer and Double Layer
Co-extruded Fuel Tubes of Nitrile/PVC and Hypalon.
- Extruded Profiles of various sizes and
shapes from EPDM and Natural Rubber.
§
Wrapped and Braided Hoses of EPDM,
Silicone Rubbers, Polyacrylic etc
Subjects
also process all types of polymers using Natural Rubber, EPDM, SBR, CR,
Silicone, Hypalon and Vitone. Products manufactured by subject have a wide
usage in the automobile, marine, and construction industries.
These products are also used extensively by merchants to service general trade.
They are the
members of
Related to the Rubber Industry
- ACMA:
Automotive Component Manufacturers Association of
- CAPEXIL:
Chemicals and Allied Products Export Promotion Council
- AIRIA: All
India Rubber Industries Association
- IRMRA: Indian
Rubber Manufacturers Research Association
Others
- FICCI:
Federation of
- IMC: Indian
Merchants Chamber
- Indo-Japanese
Association
- Indo-Italian
Chamber of Commerce and Industry
- The Council of
European Union Chambers of Commerce
- SSEA: Small
Scale Entrepreneur's Association
- TBIA : Thane
Belapur Industries Association
Joint Venture
Subject is a pioneer in the field of rubber
components in
There is tremendous growth potential in the country. They forsee various
business opportunities
a. Technology tie-up and/ or collaboration for upgrading their current
manufacturing facility
b. And/or Import components not being manufactured in
c. In their expansion plan they have allocated a room for production of rubber
components exclusively for internationally renowned companies under contract
manufacturing.
Product
- Moulded Rubber Parts
- Mud Flap Hangers and Auto Hangers
- Rubber Bellows
- Rubber Extrusions
- Rubber Fuel Tubes
- Rubber Hoses
- Rubber Rings
- Rubber to Metal Bonded
- Straps/Bend Tool Kit
- Washing Machine Parts
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.41.06 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.55.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|