MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
VIMAL INTERTRADE
PRIVATE LIMITED |
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Registered Office : |
C-310, Shyam
Kamal, Agarwal Market, Vile Parle (East), Mumbai – 400 057, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.08.2004 |
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Com. Reg. No.: |
11-147822 |
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CIN No.: [Company
Identification No.] |
U51490MH2004PTC147822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV11775B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Distributor and
Dealer of Specialty Chemicals and Resins.
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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 records. 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 : |
C-310, Shyam
Kamal, Agarwal Market, Vile Parle (East), Mumbai – 400 057, |
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Tel. No.: |
91-22-26127281 |
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Fax No.: |
91-22-26127382 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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270 |
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270 |
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270 |
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270 |
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270 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Others |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor and
Dealer of Specialty Chemicals and Resins.
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Products : |
®
Specialty
Chemicals ®
Resins |
GENERAL INFORMATION
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Bankers : |
v
Bank
of Khand Bazar Branch, Mumbai – 400
003, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajiv N Shah and
Associates Chartered
Accountants |
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Address : |
A-1, |
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Associates/Subsidiaries : |
®
Vimal
Agencies ®
Vimal
Global Trade Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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93950 |
Equity Shares |
Rs. 100/- each |
Rs. 9.395
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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9.395 |
9.395 |
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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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58.328 |
50.534 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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67.723 |
59.929 |
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LOAN FUNDS |
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1] Secured Loans |
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48.450 |
0.000 |
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2] Unsecured Loans |
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54.343 |
0.000 |
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TOTAL BORROWING |
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102.793 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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170.516 |
59.929 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.105 |
0.000 |
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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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64.951 |
0.000 |
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Sundry Debtors |
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112.604 |
0.000 |
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Cash & Bank Balances |
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3.288 |
0.111 |
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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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17.349 |
59.636 |
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Total
Current Assets |
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198.192 |
59.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.416 |
0.021 |
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Provisions |
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5.548 |
0.000 |
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Total
Current Liabilities |
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27.964 |
0.021 |
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Net Current Assets |
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170.228 |
59.726 |
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MISCELLANEOUS EXPENSES |
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0.183 |
0.203 |
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TOTAL |
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170.516 |
59.929 |
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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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Total Income |
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477.638 |
0.000 |
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Profit/(Loss) Before Tax |
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12.649 |
(8.027) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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12.649 |
(8.027) |
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Expenditures : |
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Interest |
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4.890 |
0.000 |
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Depreciation & Amortization |
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0.045 |
0.000 |
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Other Expenditure |
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460.054 |
0.008 |
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Total Expenditure |
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464.989 |
0.008 |
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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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2.65 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.65 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.38 |
(13.43) |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
(0.13) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.93 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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7.09 |
2845.09 |
LOCAL AGENCY FURTHER INFORMATION
Profile
Subject is a leader in chemical
distribution with an extensive network distribution centers spread across
the
The company is in trade terms with:
® Aashland Specialty Chemicals
® Air Product (Sanwa Chemical)
® BASF
® Bentec
®
® Degussa
® Noveon
® Sachtleben
Products
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Vinyl Resin
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Glycol Ether
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Epoxy Resin
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Solvents
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Isocynats
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Poly Propylene Glycol
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Cellosize (Hydroxy Ethyl Cellulose)
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Methocel (Cellulose Ether)
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DLP (Redispersible Polymer Powder)
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Biocide
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Tone Monomer (Hydroxyl- Functional
Acrylate)
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Versenex (Chelating Agents
BASF
® Epoxy Curing Agent
® Polyalcohols, Diols and Specialities for Coatings (UV Curable Coatings / UV Coatings)
® Additives for Coatings (Water- Borne Coatings, Cathodic Electrodeposition Coatings, Epoxy Resins) Propylene Carbonate
® Paint Dryer
AIR Products
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Sunmide (Co - Solvent Soluble Polyamide Resin)
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Sunmide (Alcohole Soluble Polyamide Resin)
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Sunurethane (Polyurethane For Lamination Ink)
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Gum Dammar
DEGUSSA
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Degalan (Spcialty Acrylic)
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Vestowax (Waxes)
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Acematt (Matting Agent)
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Dynapol (Saturated, High Molecular, Linear
Copolyester)
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Vestagon (Matting Hardener for Epoxy Resin based
Powder Coatings)
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Blanc Fixe (Barium Sulphate)
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Lithopone
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Derakane (Epoxy Vinyl Ester Resin)
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Hetron
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Modar
SUPERCHLON –
®
Superchlone (Chlorinated Poly Propylene)
GOLDSCHMIDT
Methal and Acid Catalysts For:
® Condensation Reactions for Alkyd- and Polyester Resins
® Polyurethanes / Silanes / Silicones / Crosslinking and Curing
BENTEC
®
Viscogel
(Rheological Additives / Organoclays)
The company serve
the following industries :
®
Adhesive
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Construction
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Electronic
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Home and Personal Care
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Paint
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Printing Ink
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Plastic
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Packaging
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Pharmaceutical
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Resin
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Textile
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Diamond Tool
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Magnetic Tape
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Polyurethane
®
Composite
Bankers Charges
Report as per Registry
Name of the Company : Vimal Intertrade Private
Limited
Presented by : -- Bank of
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1. Date and
description of the instrument creating
or evidencing the charge |
Composite
hypothecation agreement dated 06.10.2005. |
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2. Amount secured
by the charge /amount owing on security of the charge |
Rs. 100.000
millions |
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3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be given
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1] The whole of
the borrower’s stocks, both present and future and including but without
prejudice to the generality of the foregoing words, all stocks of raw
material, work-in-progress, semi finished goods and finished goods such as
various chemicals, packing materials and stores etc., whatsoever and
wheresoever situate and / or in transit whether now belonging to or that may
at any time during the continuous of this security belong the borrower or
that may be held by any party anywhere to the order and disposition of the
borrower. 2] all the
present and future book debts, outstanding monies, receivables, claims,
bills, contracts, engagements and securities which are now due and owing or
which may at any time hereafter during the continuance of this security
become due and owing to the borrower in the course of its business by any
person, firm, company or body corporate or by the Government of India or any
State Government of Indian Railways or any Government Department of Office or
any Municipal or Local or Public or Semi-Government Body or authority
whatsoever including those relating to the assets leased out and / or given
on hire purchase basis. |
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4. Gist of the
terms and conditions and extent and operation of the charge. |
The charges is
created to secure following credit facilities together with interest /
commission and margin as stated thereagainst.
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5. Names, address
and description of the persons entitled to charge |
Bank of Khand Bazar
Branch, Mumbai – 400 003, |
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6. Date and brief
description of instrument modifying the charge |
N A |
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7. Particular of
modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.38 |
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1 |
Rs.82.04 |
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Euro |
1 |
Rs.55.56 |
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 |
NO |
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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 |
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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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<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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