MIRA
INFORM REPORT
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Report Date : |
27th February, 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
VHM INDUSTRIES LIMITED |
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Registered Office : |
219/ 221, Zaveri Bazar, Mehta Mansion, 2nd Floor, Mumbai –
400 002, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
31.08.1987 |
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Com. Reg. No.: |
11-44506 |
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CIN No.: [Company
Identification No.] |
U17100MH1987PTC044506 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV10005C |
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PAN No.: [Permanent
Account No.] |
AAACV1897K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture and Marketing
of Blended Fabrics, Pertaining to Suiting and Shirting. |
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 200000 |
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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 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 : |
219/ 221, Zaveri Bazar, Mehta Mansion, 2nd Floor, Mumbai –
400 002, Maharashtra, India |
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Tel. No.: |
91-22-23433000 (5 lines)/ 23432023 |
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Fax No.: |
91-22-23415629 |
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E-Mail : |
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Website : |
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Factory 1 : |
7/ 2, GIDC, Umergaon –
396 171, Gujarat, India |
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Tel. No.: |
91-260-2563127 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijayraj Mehta |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacture and
Marketing of Blended Fabrics, Pertaining to Suiting and Shirting. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G P Sharma and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs. 10/- |
Rs. 90.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
22.300 |
22.325 |
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2] Reserves & Surplus |
25.000 |
29.400 |
26.617 |
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NETWORTH |
55.000 |
51.700 |
48.942 |
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LOAN FUNDS |
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1] Secured Loans |
109.600 |
79.400 |
90.980 |
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2] Unsecured Loans |
32.200 |
32.300 |
15.430 |
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TOTAL BORROWING |
141.800 |
111.700 |
106.410 |
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TOTAL |
196.800 |
163.400 |
155.352 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
51.200 |
50.400 |
40.420 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.030 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
83.700
|
64.400 |
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Sundry Debtors |
88.600
|
80.500 |
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Cash & Bank Balances |
2.500
|
1.700 |
172.216 |
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Loans & Advances |
4.400
|
2.100 |
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Total
Current Assets |
179.200
|
148.700 |
172.516 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.400
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39.800 |
60.990 |
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Provisions |
0.900
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0.600 |
0.000 |
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Total
Current Liabilities |
39.300
|
40.400 |
60.990 |
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Net Current Assets |
139.900
|
108.300 |
111.226 |
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MISCELLANEOUS EXPENSES |
5.700 |
4.700 |
3.676 |
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TOTAL |
196.800 |
163.400 |
155.352 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover |
309.700 |
306.500 |
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Other Income |
3.700 |
5.800 |
280.791 |
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Stock Adjustment |
12.900 |
(16.200) |
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Total Income |
326.300 |
296.100 |
280.791 |
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Profit/(Loss) Before Tax |
3.900 |
3.400 |
4.862 |
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Provision for Taxation |
1.700 |
0.600 |
0.650 |
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Profit/(Loss) After Tax |
2.200 |
2.800 |
4.212 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
30.700 |
25.200 |
0.000 |
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Administrative Expenses |
30.300 |
20.400 |
0.000 |
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Raw Material |
216.200 |
202.900 |
0.000 |
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Employee Cost |
12.000 |
11.800 |
0.000 |
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Miscellaneous Expenses |
6.600 |
5.300 |
0.000 |
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Interest and Financial Charges |
14.100 |
16.000 |
17.516 |
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Salaries and Wages |
0.000 |
0.000 |
8.265 |
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Rent and Royalty |
0.000 |
0.000 |
0.696 |
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Power & Fuel |
6.200 |
5.400 |
0.000 |
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Depreciation |
6.300 |
5.700 |
0.000 |
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Other Expenditure |
0.000 |
0.000 |
249.452 |
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Total Expenditure |
322.400 |
292.700 |
275.929 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
0.67
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0.94 |
1.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.19
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1.15 |
1.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.69
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1.70 |
2.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.06 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.29
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4.46 |
4.42 |
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Current Ratio (Current Asset/Current Liability) |
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4.56
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3.68 |
2.83 |
LOCAL AGENCY
FURTHER INFORMATION
As per Web:
Profile
Since 1989, VHM
Industries Limited is engaged in the manufacture and marketing of Blended
fabrics, pertaining to Suiting and Shirting. This led to establishment of a familiar
brand; VHM International Suiting, which has today become a market leader in its
segment.
Main aim of VHM is to identify customer’s need and satisfy them on every
occasion through thrust on Quality, Research & Development, Modernization
and Continuous emphasis on Human Resources Development.
VHM has dedicated its untiring efforts in the direction of identifying every
customer’s needs & preferences, and satisfying them on every given
occasion. Our foresighted visualization has enabled us, in bringing new designs
with more speed & more precision. This in turn, has led to the development
of healthy relations with our esteemed client & invaluable customers.
Time and Again, VHM has laid particular emphasis on comfortable fabrics. The
Innovation Effect so involved has consistently led to excellence in developing
yarns, fabrics & special finishing methods.
Marketing Network
Indian Market:
They led domestic market
with the support of 100 wholesalers and committed 2500 retailers throughout
India, Which is been managed by perfect marketing skilled team of well
experienced people at back office mixed with young and dynamic peoples in
front.
International Market:
Exports to major
countries and mainly in Middle East and Africa Continents both by direct marketing
and in some countries through esteemed agents. They firmly believe that quality
brings respect and bond of confidence between the buyer and supplier, and it
has given us the confidence of all our buyers where ever they are sitting in
African Continent or working in Middle East, also slowly but steadily it is
giving us result in European fashion houses as well.
Products
VHM has a stunning range of suit – length and shirting
fabrics that reflect your cool attitude, whatever the season might be. Once the
premium feel of our fabric comes in contact with your body, the experience that
follows, would be an affair to remember. So possess the waves of cool
confidence, and watch others burn with green envy!
Keeping a constant eye upon the changing trends of the Fashion Industry &
the ever-evolving tastes & preferences of our customers, we have come up
with creations, in fabrics as diverse as Cotton, Linen, Poly-Cotton,
Cotton-Linen, 100%Wool, Poly-Wool, Lycra including Suiting & Shirting, that
are being used in all major garment houses in world wild. Our team, with a view
to cater to the latest market trends, has been carrying out round the clock
efforts pertaining to designing & developing. Moreover, these activities
are based on colour Forecasting, carried out by renowned professionals from the
Garment Industry.
- Suiting Fabrics
- Shirting
Fabrics
Manufacturing
Facility
Weaving
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Capacity |
3 million
meters annually |
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Machines |
Geman make
Dornier rapier weaving machines with 8 colours. |
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Samples Loom |
8 |
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Design Setup |
In house
designing by expert designer. |
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Product Mix |
1. Woollen Suitings of 100% wool, wool/polyester,
polyester/wool/lycra, polyester/wool/linen for summer and winter. |
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Quality control |
1. Yarn: yarns are inspected with the in
house usters to check the uneveness, slubs etc. Before taking for weaving. |
Processing
VHM thinks that the finish of its products represent VHM. They use the facilities of the ultra modern processing machines to finish our product, which give us the perfect lustor and depth in shades with excellent feel and fall.
Our products are finished on:
- Osthoff Singieing (Germany)
- Shellers Searing (U.K)
- Supervelox Machines (Italy)
- Kier Decatising,
- Conti Press,
- Paper finishing etc.
- They
also give specially finished value added products such as teflon coated,
water & oil repellent, flame retardent, etc
Contact
Indian
International
|
Address |
VHM Industries Ltd. |
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Address |
VHM International |
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Tel |
91 (02522) 275 445 / |
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Tel |
91 22 2343 3000 ( 5 Lines) / |
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Fax |
91 (02522) 275 444 |
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Fax |
91 22 23415629 |
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E-Mail |
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E- Mail |
Regd. Office Factory
|
Address |
VHM Industries Ltd. |
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Address |
VHM Industries Ltd. |
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Tel |
91 22 2343 3000 ( 5 Lines) / |
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Tel |
91 (0260) 2563127 |
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Fax |
91 22 23415629 |
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E-Mail |
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E-Mail |
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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
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Indian Rupees |
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US Dollar |
1 |
Rs.44.20 |
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UK Pound |
1 |
Rs.86.72 |
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Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
|
46 |
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 |
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|
>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 |
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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 |
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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