MIRA
INFORM REPORT
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Report Date : |
23.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
VAGHASIA TRADING PRIVATE LIMITED |
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Registered Office : |
303, Shivam Complex, Dr. Yagnik Road, Rajkot – 360001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.11.2002 |
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Com. Reg. No.: |
04-41576 |
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CIN No.: [Company
Identification No.] |
U51909GJ2002PTC041576 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTV00865E |
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PAN No.: [Permanent
Account No.] |
AABCV8796N |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To carry on business of trading, marketing, selling all kind of
consumer goods and products and to provide consumer services of various
natures to act as commercial, agent, consultant, advisor, councilors in all
types of services within India and in Overseas within the frame work of law
in force. |
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 30000 |
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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
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Registered Office : |
303, Shivam Complex, Dr. Yagnik Road, Rajkot – 360001, Gujarat, India |
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Corporate Office : |
# 203 Amrut Commercial Centre, Sardar Nagar Main Road,
Rajkot - 360 001, Gujarat, India |
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Tel. No.: |
91-281-6622200 / 1 / 2 |
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Fax No.: |
91-281-6622203 |
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E-Mail : |
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Website : |
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Branch Office : |
48 Bi-State Plaza, #185, Old Tappan, NJ 07675, United States Of
America |
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Tel No. : |
201-767-0150 |
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Fax No. : |
201-767-9526 |
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Email: |
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13/1 Rasulpura,
Secunderabad - 500 003, Andhra Pradesh, India |
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Branch Office : |
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DIRECTORS
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Name : |
Mr. Sanjaybhai Kanjibhai Limbasiya |
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Designation : |
Director |
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Address : |
Nagbai Krupa – 6, Sahkar Society, Rajkot – 360001 |
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Date of Appointment : |
25.11.2002 |
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Date of Casing : |
30.11.2004 |
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Name : |
Mr. Neerajbhai Bharatbhai Jadvani |
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Designation : |
Director |
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Address : |
Vrudavan – 5, Radhanagar, B/h Anuradha Apartment, Rajkot |
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Date of Appointment : |
22.01.2005 |
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Name : |
Mr. Neerajbhai Bharatbhai Jadvani |
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Designation : |
Director |
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Address : |
2nd Floor, Surabhi Complex, Near Anand Bunglow Chowkl,
Rajkot |
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Date of Appointment : |
20.10.2004 |
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Date of Casing : |
22.01.2005 |
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Name : |
Mr. Rahulbhai Chaturbhai Vaghasia |
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Designation : |
Director |
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Address : |
Vrudavan – 5, Radhanagar, B/h Anuradha Apartment, Rajkot |
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Date of Appointment : |
22.01.2005 |
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Name : |
Mr. Ghanshyambhai Chaturbhai Vaghasia |
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Designation : |
Director |
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Address : |
Vrudavan – 5, Radhanagar, B/h Anuradha Apartment, Rajkot |
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Date of Appointment : |
30.11.2004 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Ghanshyambhai Chaturbhai Vaghasia |
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125000 |
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Mr. Rahulbhai Chaturbhai Vaghasia |
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125000 |
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Total |
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250000 |
BUSINESS DETAILS
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Line of Business : |
To carry on business of trading, marketing, selling all kind of
consumer goods and products and to provide consumer services of various
natures to act as commercial, agent, consultant, advisor, councilors in all
types of services within India and in Overseas within the frame work of law
in force. |
GENERAL
INFORMATION
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Bankers : |
State Bank of
Saurashtra Bhaktinagar
Branch, Rajkot |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
RRR and Company Chartered Accountants |
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Address : |
308, Shilp Tower, Godown Marg, Tagore Road, Rajkot – 360002, Gujarat,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.500 |
2.500 |
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2] Share Application Money |
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2.500 |
0.000 |
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3] Reserves & Surplus |
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2.089 |
0.189 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.089 |
2.689 |
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LOAN FUNDS |
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1] Secured Loans |
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26.556 |
4.216 |
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2] Unsecured Loans |
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19.885 |
0.624 |
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TOTAL BORROWING |
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46.441 |
4.840 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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54.530 |
7.529 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.088 |
0.111 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
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53.530 |
9.057 |
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Cash & Bank Balances |
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4.368 |
0.205 |
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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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3.347 |
1.732 |
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Total
Current Assets |
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61.245 |
10.994 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.410 |
3.436 |
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Provisions |
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0.393 |
0.140 |
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Total
Current Liabilities |
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7.803 |
3.576 |
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Net Current Assets |
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53.442 |
7.418 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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54.530 |
7.529 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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6.71 |
3.13 |
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Current Ratio (Current Asset/Current Liability) |
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7.85 |
3.07 |
LOCAL AGENCY FURTHER
INFORMATION
Business
To carry on business of trading, marketing, selling all kind of consumer
goods and products and to provide consumer services of various natures to act
as commercial, agent, consultant, advisor, councilors in all types of services
within India and in Overseas within the frame work of law in force.
To carry on the business in India and elsewhere as buyers,
sellers, wholesalers, dealers, traders, suppliers, exporters, importers,
factory, agents, consignors, consignees, distributors , marketing agents,
indenting agents, stockiest of any brand and of all classes, kinds and types of
goods, commodities, consumer products, consumer goods, industrial products, engineering products,
goods, things, articles and agrochem and agro based commodities.
Bankers Charges
Report as per Registry
|
Name of the company |
VAGHASIA TRADING
PRIVATE LIMITED |
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Presented By |
J. K. Ukant |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation against goods to secure a demand cash credit dated 01.02.2005 Agreement for
overdraft / cash credit dated 01.02.2005 [Hypothecation of debts and assets.] |
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2) Amount secured by the charge/amount owing on the securities of charge |
EPC / PCFC Rs.
3.500 Millions FBP/FIBD / EBR
Rs. 4.000 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 movable assets of wherever nature and kind including all kind of
raw materials and stock in process an finished goods. Hypothecation of all
kind of book / debts and receivable, assigns and all other movable assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate :
11.00 % Monthly rest Repayment : On
demand Margin : As per
banks rules / Policy guidance / directives Banks charge will
remain operative till all dues are repaid by the company. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra Bhaktinagar
Branch, Rajkot |
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6) Date and brief description of instrument modifying the charge |
Supplementary
letter of Hypothecation of goods, Book debts, movable machinery and other
assets to secure demand cash credit and other limits dated 19.01.2006 |
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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. |
Charge modified
to cover the total facility enhanced from Rs. 7.500 Millions to Rs. 17.500
Millions by enhancing sub limit of EPC form Rs. 3.500 Millions to Rs. 12.500
Millions and FBD / FUBD from Rs. 4.000 Millions to Rs. 5.000 Millions Rate of Interest
in cash credit limit and overdrafts will be 2.5 % p.a. above SBS PLR which
will be subject to change form time to time. |
As per
website
Company Profile
India is renown, for thousands of years, as the land of opportunity with
respects to natural resources. The Indian Subcontinent is lush with rich
agricultural resources such as Spices, Oil Seeds and Grains.
Vaghasia
Trading Private Limited, a sister concern of the Vaghasia Group,
comes with a vision to disseminate Indian agro resources across the globe.
Their aim is simple, using the vital resources of India for the betterment of
life. It is their pride to state that they have been conducting business in this
dynamic industry for the last couple of years, and have experienced great
success.
Vaghasia
Trading Private Limited, has a diverse range of product offering
that mainly focuses on the export of Agro Products such as Spices [Whole/Ground], Oil Seeds [Raw/Processed], Rice
[Basmati + Non Basmati - Raw/Steam/Parboiled], Raw Cotton [S-6/ MCU-5/ DCH-32] etc.
Their offices are spread across the main centers of India,
enabling them to maximize their effectiveness. The offices are strategically
placed whereby they can ensure high quality, value added services, from
procurement to shipment. Additionally, their overseas offices in the United
States and Europe also add presence and credibility in the global arena.
In this competitive industry, Vaghasia Trading Private Limited is able to
differentiate itself by offering on time shipments, assured quality, and the
most competitive pricing. Success is a combination of all these factors. Their
value added services have enabled them to foster long term strategic partnerships
with all of their customers.
With their primary focus on total customer satisfaction, they adhere to certain
stringent quality practices from the procurement of raw material to the final
packaging. Their customers’ satisfaction and their retained trust are their
driving force to optimize and add value to their product offerings.
They are looking forward to strengthening ties with their existing friends and
building strong relationships with new potential partners.
Product
Spices
Spices are defined as any of a various pungent, aromatic
plant substance that is primarily used to flavor food or beverages. They are
also commonly used as condiments to add zest and/or flavor.
Oil Seeds
Vaghasia Trading Private Limited offers the most sought food and agro
commodities from India. Their objective is to maintain very high standards of
hygiene and sanitation in works.
Other Agro Products
Apart from spices and oil seeds, Vaghasia Trading Private Limited
. also offers various agriculture commodities viz. Rice, Soyabean Meal,
Rapeseed Meal, Soghum, safflower seeds 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 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.44.20 |
|
UK Pound |
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
|
--LISTED |
YES/NO |
NO |
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--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/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 |
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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions