MIRA
INFORM REPORT
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Report Date : |
16.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
VEEKAY
POLYCOATS LIMITED |
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Registered Office : |
Flat No. 7D, 7th Floor, Hansalya Building, 15 Barakhamba Road,
New Delhi - 110001 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.11.1992 |
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Com. Reg. No.: |
55-51038 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PLC051038 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV01640C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacture of coated cotton fabrics and PVC
film/sheeting/flooring. |
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
425000 |
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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 : |
Flat No. 7D, 7th Floor, Hansalya Building, 15 Barakhamba Road,
New Delhi - 110001 |
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Tel. No.: |
91 - 11 - 23355356 / 23352621 / 23326458 |
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Mobile No.: |
91 – 9818272341 |
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Fax No.: |
91 - 11 – 23721847 |
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E-Mail : |
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Website : |
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Factory : |
40th Milestone, Jaipur Highway, Village Narsingh Pur,
Gurgaon – 122001, Haryana, India |
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Tel.
No.: |
91-124-6371761/6372397/6372242 |
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Fax
No.: |
91-124-6371761 |
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E-Mail
: |
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Website
: |
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Area : |
1000 sq.m. |
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Location : |
Industrial area – Owned |
DIRECTORS
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Name : |
Mr.
Vinod Kumar Garg |
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Designation : |
Managing
Director |
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Address : |
ND –
27, Pitam Pura, New Delhi – 110034 |
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Date of Appointment : |
18.11.1992
/ 01.04.2002 |
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Name : |
Mr.
Vijay Kumar Garg |
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Designation : |
Whole
Time Director |
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Address : |
ND –
27, Pitam Pura, New Delhi – 110034 |
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Date of Appointment : |
18.11.1992
/ 01.04.2002 |
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Name : |
Mrs.
Rekha Garg |
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Designation : |
Director
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Address : |
ND –
27, Pitam Pura, New Delhi – 110034 |
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Date of Appointment : |
18.11.1992 |
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Name : |
Mr.
Lokesh Kumar Garg |
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Designation : |
Director
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Address : |
ND –
27, Pitam Pura, New Delhi – 110034 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr.
Mayank Garg |
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Designation : |
Director
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Address : |
ND –
27, Pitam Pura, New Delhi – 110034 |
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Date of Appointment : |
30.09.2002 |
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Name
: |
Mr.
Nitin Garg |
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Designation
: |
Director
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Address
: |
ND –
27, Pitam Pura, New Delhi – 110034 |
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Date
of Birth : |
20.11.1982 |
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Date
of Appointment : |
13.10.2004 |
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Name
: |
Mr.
Ramesh Kumar Kamdar |
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Designation
: |
Director
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Address
: |
A-21,
Ganga Apartments, Patna -800001, Bihar, India |
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Date
of Birth : |
25.12.1954 |
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Date
of Appointment : |
09.03.2005 |
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Name
: |
Mr.
Ravi Ranjan Agarwal |
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Designation
: |
Director
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Address
: |
D-602,
Vinoba Kunj, Sector – 9, Rohini, New Delhi – 110085, Delhi, India |
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Date
of Birth : |
13.04.1980 |
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Date
of Appointment : |
09.03.2005 |
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Name
: |
Mr.
Arun Kumar Agarwal |
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Designation
: |
Director
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Address
: |
16,
Arya Kumar Road, Rajendra Nagar, Patna -800016, Bihar, India |
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Date
of Birth : |
16.08.1956 |
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Date
of Appointment : |
10.08.2005 |
KEY EXECUTIVE
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Name
: |
Mr.
Sudershan Tingni |
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Designation
: |
Company
Secretary |
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Address
: |
House
No. 6, Sector 7, Urban Estate, Gurgaon |
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Date
of Appointment : |
08.06.2002 |
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Date
of Ceasing |
30.09.2004 |
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Name
: |
Mr. D.
N. Sharma |
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Designation
: |
Company
Secretary |
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Address
: |
L-18/3,
DLF Qutab Enclave, Gurgaon |
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Date
of Appointment : |
13.10.2004 |
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Date
of Ceasing |
16.12.2004 |
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Name
: |
Ms.
Akanksha Agarwal |
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Designation
: |
Company
Secretary |
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Address
: |
66,
Janak Park, Opposite DDU Hospital, Hari Nagar, ND – 110064 |
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Date
of Birth : |
31.08.1979 |
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Date
of Appointment : |
08.02.2005 |
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Name
: |
Mr.
Puneet Toor |
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Designation
: |
Company
Secretary |
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Address
: |
H-1467,
C. R. Park, New Delhi – 110019, India |
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Date
of Birth : |
16.11.1977 |
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Date
of Appointment : |
08.05.2006 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Vinod Kumar Garg |
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1426900 |
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Mr.
Vijay Kumar Garg |
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685900 |
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Mrs.
Rekha Garg |
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81900 |
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Mr.
Mukesh Kumar Garg |
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8900 |
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Veekay
Fotokad India Private Limited |
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2245000 |
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Baby
Risha garg |
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13500 |
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Mr.
Nitin Garg |
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130500 |
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Mr.
Mayank Garg |
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112500 |
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Mr.
Rajan Dhawan |
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100000 |
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Mr.
Rahul |
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14000 |
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Mr.
Mrinal |
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16000 |
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Premier
Vinyl Flooring Limited |
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150000 |
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Mr. R
C Garg |
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150000 |
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Mrs.
Sonal Garg |
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100000 |
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Total |
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5235100 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of coated cotton fabrics and PVC
film/sheeting/flooring. |
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Products : |
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Imports from : |
Germany |
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Terms : |
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Selling : |
Cash or Credit (30-60 days) terms |
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Purchasing : |
Cash, L/C or Credit (30 days) terms |
PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
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Coated Cotton Fabrics (Rexines) |
Mtr. |
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3.600 Millions |
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PVC Film/Sheeting/ |
MT |
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4300 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers |
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No. of Employees : |
70 |
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Bankers : |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Surender K. Aggarwal and Company Chartered Accountants, 1-2/16, Ansari Road, Darya Ganj, New Delhi – 110002, India |
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Associates/Subsidiaries : |
Veekay Fotokad India Private Limited, India Veekay Vinyl Alupan Composite Panels Private Limited Veekay Traders Global Associates Durga Hosiery |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/each |
Rs. 80.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6543100 |
Equity Shares |
Rs.10/each |
Rs. 65.431 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
63.111 |
52.351 |
44.951 |
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2] Share Application Money |
1.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.750 |
18.745 |
10.692 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
109.861 |
71.096 |
55.643 |
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LOAN FUNDS |
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1] Secured Loans |
162.418 |
85.725 |
73.050 |
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2] Unsecured Loans |
33.507 |
36.756 |
18.876 |
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TOTAL BORROWING |
195.925 |
122.481 |
91.926 |
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DEFERRED TAX LIABILITIES |
3.942 |
5.262 |
5.244 |
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TOTAL |
309.728 |
188.839 |
152.813 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.040 |
44.139 |
43.507 |
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Capital work-in-progress |
78.111 |
14.758 |
1.670 |
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INVESTMENT |
3.190 |
0.200 |
0.200 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
94.667
|
55.195 |
24.337 |
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Sundry Debtors |
160.060
|
152.564 |
105.981 |
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Cash & Bank Balances |
12.682
|
6.137 |
7.711 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.566
|
9.849 |
15.342 |
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Total Current Assets |
287.975
|
223.745 |
153.371 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
109.916
|
88.215 |
44.881 |
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Provisions |
6.825
|
6.000 |
1.100 |
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Total Current Liabilities |
116.741
|
94.215 |
45.981 |
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Net Current Assets |
171.234
|
129.530 |
107.390 |
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MISCELLANEOUS EXPENSES |
0.153 |
0.212 |
0.046 |
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TOTAL |
309.728 |
188.839 |
152.813 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
660.649 |
589.403 |
443.666 |
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Profit/(Loss)
Before Tax |
16.184 |
14.029 |
4.495 |
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Provision
for Taxation |
5.319 |
5.976 |
1.288 |
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Profit/(Loss)
After Tax |
10.865 |
8.053 |
3.207 |
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Export
Value |
NA |
NA |
179.958 |
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Total
Expenditure |
644.465 |
575.374 |
439.172 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.64
|
1.37 |
0.72 |
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Net
Profit Margin (PBT/Sales) |
(%) |
2.45
|
2.38 |
1.01 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
4.69
|
5.24 |
2.28 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.20 |
0.08 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
2.85
|
3.05 |
2.48 |
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Current
Ratio (Current
Asset/Current Liability) |
|
2.47
|
2.37 |
3.34 |
LOCAL AGENCY
FURTHER INFORMATION
Operations [2003-2004]
During
the year under report the company has continued to achieve substantial growth
in turnover as well as profitability. The company has achieved a turnover of
Rs. 586.719 Millions as compared to previous year Rs. 447.461 Millions.
Similarly the profit of the company increased from Rs. 4.494 Millions to Rs.
14.029 Millions. Further the company has shown remarkable growth in export
amounting to Rs. 179.900 Millions as compared to previous year Rs. 81.400
Millions. The company’s expansion project at Binola, Gurgaon which will result
in about 60 % increase in installed capacity is in the final stages of
implementation and commercial production is expected to start before the end of
year 2005. the directors are constantly focusing on capturing substantial share
in the international market and are optimistic of scaling new heights in
performance of the company.
Fixed Assets
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Car
- Scooter
- Computer
- Office Equipments
Bankers
Charges Report as per Registry
|
Name of the company |
VEEKAY POLYCOATS LIMITED |
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Presented By |
Subdram Finance Limited, No. 21, Patullos
Road, Chennai – 600002 |
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1) Date and description of instrument creating the change |
Loan
agreement dated 17.08.2005 Cont
No: AD1582 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance
Amount : Rs. 0.650 Millions Interest
: Rs. 0.043 Millions Total
Repayable Amount : Rs. 0.693 Millions |
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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 |
On the
security of 1 No. 2005 Model – Mitsubishi Canter E No. E483CD5G126192CH. NO.
20GC5G008046 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.
0.693 Millions is repayable in 23 monthly instalments as under
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5) Name and Address and description of the person entitled to the charge. |
Subdram
Finance Limited, No. 21, Patullos Road, Chennai – 600002 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
VEEKAY POLYCOATS LIMITED |
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Presented By |
Mr. Vinod Kumar Garg. Managing Director |
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1) Date and description of instrument creating the change |
Agreement
dated 06.02.2003 between State Bank of India, Overseas Branch New Delhi and
Veekay Polycoats Limited, New Delhi for hypothecation of stock and
receivables modified on 19.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
The
State Bank of India Working
Capital Limit of Rs. 92.000 Millions [fund based Rs. 52.000 Millions and
non-fund based Rs. 40.000 Millions]
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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 |
Hypothecation
of stock and receivable |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
CC as applicable to SB-2 rating subject to change as per RBI/SBI guideline. EPC :
As per RBI/SBI directives subject to change from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
Supplemental
agreement dated 27.02.2004 For
Increase in overall limit from Rs. 92.000 Millions to Rs. 140.000 Millions
form C1-A Hypothecation
of Goods and Assets Form C2-A Letter
dated 27.02.2004 for grant of individual limits within the overall limit form
C-5 |
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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. |
Enhancement
in the aggregate sum limit of credit facilities from Rs. 92.000 Millions [Rs.
52.000 millions Fund Based + Rs. 40.000 Millions Non Fund based and Rs.
70.000 Millions non fund based] Rate
of interest CC 2.00 % SBAR Min 12.25 % EPC as
per RBI / Bank’s instructions Securities
is extended to cover the enhanced limits Other
terms and conditions remaining the same.
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AS PER
WEBSITE
Veekay Polycoats Limited, one of the emerging leader
for the manufacturing & exporting of PVC Products namely PVC Flooring,
Artificial Leather Cloth (Upholstery), Flexible Film and Sheetings & PP
Spun Bonded Non Woven Fabric.
Veekay Polycoats Limited, has been promoted by Veekay Fotokad India (P)
Limited, Mr. Vinod Kumar Garg and his family members. The promoters have been
in the trading business of PVC Coated Fabrics and allied products for the last
20 years and 10 years in the manufacturing line. The company has set up its
manufacturing unit on 1.56 Acres plot at 40 th Milestone Village Narsinghpur,
Gurgaon and is 30 minute drive from the International Airport, New Delhi.
The Project for the manufacturing PVC Leather Cloth commenced production during
mid 1995. Later on, second line was set up and commenced production in March
1997. The company is committed to serve the industries and is already in
expansion plan, which is under implementation stage.
They have important clients belonging to prestigious Government Institutions
Indian Railways and from Original Equipment Manufacturing unit Automobile
Industries.
Products
The company has met with a huge success rate as it
always believed in catering best products to the market by competitively
pricing them. The industries they serves are :
Automobile
Industry
Footwear Industry
Luggage Industry
Stationary
Industry
Furnishing/Decoration
Industry
Sports Goods
Industry
Chemical Industry
Garment Industry
Medical Industry
Packing Industry
Clients
Their strong commitment to quality of the services
they offer has got them appreciation galore from their clients. Their
voluminous Clientele is a combination of retention of old clients and execution
of new ones. They have established their selves as the reliable outfit amongst
their customers.
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 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.44.07 |
|
UK
Pound |
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.57.97 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|