MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
VNM POLYMERS PRIVATE LIMITED |
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Registered Office : |
H. No. 363, Sector 9, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.04.1998 |
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Com. Reg. No.: |
033919 |
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CIN No.: [Company
Identification No.] |
U25199HR1998PTC033919 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKV01112G |
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PAN No.: [Permanent
Account No.] |
AAACV4965A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Rubber Components. |
RATING & COMMENTS
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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 21556 |
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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 experience 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
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Registered Office : |
H. No. 363, Sector 9, |
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Tel. No.: |
91-129-22808044 |
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Mobile No.: |
91-9999103375 / 9999108825 |
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Fax No.: |
91-124-2349057 |
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Head Office : |
E – 3, Ansai Palam Udyog, Maruti Industrial Area, Gurgaon – 122015,
Haryana |
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Tel. No.: |
91-124-3097356 |
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Telfax No.: |
91-124-2349057 |
DIRECTORS
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Name : |
Mrs. Vidya Sagar Choudhary |
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Designation : |
Director |
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Address : |
House No. 363, Sector – 9, |
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Date of Birth/Age : |
05.12.1958 |
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Date of Appointment : |
03.04.1998 |
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Name : |
Mr. Gautam Chaudhary |
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Designation : |
Director |
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Address : |
House No. 363, Sector – 9, |
KEY EXECUTIVES
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Name : |
Mr. Subhash Gupta |
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Designation ; |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Vidya Choudhary |
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35000 |
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Mr. Gautam Chaudhary |
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44000 |
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Sandhar Locking Devices Limited |
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20000 |
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Mrs. Alka Chaudhary |
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1000 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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81.00 |
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Bodies Corporate |
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19.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Rubber Components. |
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Products : |
O Rings and Washers, Bushes and Grommets, Gaskets and
Diaphragms, Engine Mountings (Rubber to metal bonded components), Step
Pillions, Pipes and Hose Pipes, Bellows and Axle Boots, Rubber Plungers,
Mirrors Stems and Grommets, Adopters and Caps, Engineering Components etc. |
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Export : |
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Countries : |
US, Europe, |
GENERAL INFORMATION
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No. of Employees : |
75 |
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Bankers : |
Oriental Bank of Commerce NIT Faridabad |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sulekh Chand Jain and Company Chartered Accountants |
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Address : |
B – 501, Nehru Ground, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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106000 |
Equity Shares |
Rs.10/- each |
Rs.1.060
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.060 |
1.060 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.329 |
2.870 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.389 |
3.930 |
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LOAN FUNDS |
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1] Secured Loans |
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0.962 |
2.702 |
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2] Unsecured Loans |
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2.609 |
2.728 |
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TOTAL BORROWING |
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3.571 |
5.430 |
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DEFERRED TAX LIABILITIES |
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0.168 |
0.223 |
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TOTAL |
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9.128 |
9.583 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.321 |
4.558 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.300 |
2.209 |
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Sundry Debtors |
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11.728 |
11.373 |
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Cash & Bank Balances |
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0.214 |
0.284 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.950 |
0.436 |
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Total
Current Assets |
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14.192 |
14.302 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.710 |
8.740 |
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Provisions |
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0.675 |
0.537 |
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Total
Current Liabilities |
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12.385 |
9.277 |
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Net Current Assets |
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1.807 |
5.025 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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9.128 |
9.583 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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62.741 |
54.217 |
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Other Income |
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0.457 |
0.000 |
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Total Income |
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63.198 |
54.217 |
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Profit/(Loss) Before Tax |
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2.088 |
0.977 |
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Provision for Taxation |
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0.378 |
0.000 |
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Profit/(Loss) After Tax |
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1.710 |
0.977 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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59.553 |
51.984 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Financial Charges |
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0.358 |
0.333 |
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Depreciation & Amortization |
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1.199 |
0.923 |
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Total Expenditure |
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61.110 |
53.240 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.70 |
1.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.32 |
1.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.70 |
5.18 |
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Return on Investment (ROI) (PBT/Networth) |
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0.38 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.29 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
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1.14 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
VNM POLYMERS
PRIVATE LIMITED |
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Presented
By |
Oriental Bank of
Commerce, NIT Faridabad |
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1) Date and description of instrument creating the change |
Hypo of assets agreement
for cash credit, overdraft, demand loan and agreement of hypothecation of
book debts. Dt. 22.07.1998 for Rs.0.900 million (LD – 11 and LD – 16) Reg. on
15.03.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.900 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First charge on
raw material, stock in progress and finished products rubber moulded parts and
receivables |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin –
Stock 25% Receivables 50% ROI @3.84% over
PLR is 16.84% p.a. Penal interest 2.01%p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce NIT Faridabad |
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6) Date and brief description of instrument modifying the charge |
Supplemental
agreement to secure credit / loan facilities Dt. 14.05.2003 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Limit enhanced
from Rs.1.100 millions to Rs.1.400 millions. Rate of interest @13%p.a. on
monthly rests subject to change from time to time with the change in PLR.
Hypothecation of plant and machinery present and future. |
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Corporate
identity number (CIN) Foreign company registration number |
U25199HR1998PTC033919 |
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Name of the
Company |
VNM POLYMERS
PRIVATE LIMITED |
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Address |
1139, Sector 9, |
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This form is for |
Modification of
charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Oriental Bank of
Commerce NIT, |
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Amount secured by
the charge |
Rs.0.900 million |
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Description of
the property charged indicating |
Stock in Trade
and Book Debts Particular of the
property charged – Raw material WIP and Finished products, receivable |
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Charge
identification |
90047206 |
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Brif description
of the instrument modifying the charge under section |
Loan Doc – 13,
Supplemental Agreement to secure credit / loan facilities |
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Date of
Instrument Modifying the charge |
21.03.2006 |
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Particular of the
present modification |
Limit enhanced
from Rs.1.400 millions to Rs.3.000 millions |
Website Details
Attached:
Company Profile:
Subject is
well established and reputed manufacturer of a large range of moulded and extruded rubber components. The
product range comprises of a wide variety of intricate, complex and critical
application products such as O-Rings, Washer, Grommets, Bushes, Gaskets,
Diaphragm, Seals, Step Rubber Pillions, Bellows, Axle Boots, Rubber to metal
bonded components like engine mountings, Dampers, Cushion Pads, Various
extruded parts and Hose Pipes. VNM is a preferred vendor of leading Automobile
OEMs, Engineering Industry including Air Conditioning & Refrigeration, Railways,
Telecommunication and other industries.
Subject has set up modern manufacturing facilities comprising of modern tool
room, rubber preparatory machines, compression & transfer hydraulic
moulding machine and excellent testing, inspection and Quality Assurance
Laboratory (Refer company profile for details).
Since its inception VNM has acquired customer satisfaction through quality,
timely delivery, and competitive pricing; close working with customers for new
quick component development and building partnership with its customers being
the major objectives. VNM believes that the above objective can be best met by
investing in human resources, adopting contemporary technology, maintaining
competitive cost position and developing long term business perspective.
Learning from and adopting world class business excellence concepts and
maintaining high standards of quality are at the core of the efforts. VNM is an ISO 9001:2000 Certified company.
More than 70% of the business comes from such customers with whom VNM has been
working for more than 3--15 years. The company received special recognition
from its customer for developing imports substitute products. VNM has started
export to US & European countries in past two years and targets to build
exports volume, specially focusing metal bonded components (Engine Mountings)
& special application components.
The sales turnover in the year 2003-2004, was in excess of Rs.75 million.
Subject has been promoted by two
professionally qualified engineers with rich experience in
Automobile and Auto components industries. The first manufacturing plant of VNM
was established in 1987 at
Facilities
Tool Room -
Electric Discharge Machine, Milling Machines, Lathes,
Surface Grinders, Drilling Machines etc.
Extrusion & Moulding Machine -
Closed and Open Mixing Mill, Extruder, Transfer Moulding
Machines, Compression Moulding Machines, Stock Cutting Machines and Finishing
Machines etc.
Testing, Inspection and Quality
Assurance Facilities –
Rheometer, Profile, Projector,
Universal Tensile Testing Machine, Compression Test apparatus, Resilience
Apparatus, Specific Gravity Test Apparatus, Ash Content Testing Apparatus,
Volume change Test apparatus, Flex Cracking Test Apparatus and Shore A Hardness
Tester etc.
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.41.18 |
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|
1 |
Rs.82.41 |
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Euro |
1 |
Rs.55.85 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|