MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VADIWALA DEHYDRATION PRIVATE LIMITED |
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Registered Office : |
41 Nutan Nagar, Near |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.01.2005 |
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Com. Reg. No.: |
45285 |
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CIN No.: [Company
Identification No.] |
U15499GJ2005PTC045285 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMV02664E |
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PAN No.: [Permanent
Account No.] |
AAACV9897N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and
exporter of high grade dehydrated products.
The company offers an array of dehydrated onion and garlic
items such as dehydrated kibbled, dehydrated
chopped, dehydrated minced, dehydrated powder, dehydrated flakes, etc |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 14236 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
41 Nutan Nagar, Near |
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Tel. No.: |
91-2844-247684 / 247689 |
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Fax No.: |
91-2844-247684 247689 |
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Website : |
DIRECTORS
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Name : |
Mr. Hatimali Chhatariya |
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Designation : |
Director |
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Address : |
197-F, Nutan Nagar, Ambawadi, Mahuva, |
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Date of Appointment : |
11.01.2005 |
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Name : |
Mr. Shabbirali Chhatariya |
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Designation : |
Director |
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Address : |
244, Nutan Nagar, Ambawadi, Mahuva, |
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Date of Appointment : |
11.01.2005 |
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Name : |
Mr. Mohmedhusein Chhatariya |
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Designation : |
Director |
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Address : |
197, Nutan Nagar, Ambawadi, Mahuva, |
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Date of Appointment : |
09.12.2005 |
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Name : |
Mr. Huseinali Chhatariya |
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Designation : |
Director |
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Name : |
Mr. Mohsinali Chhatariya |
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Designation : |
Directors |
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Name : |
Mr. Fridahusein Chhatariya |
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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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Hatimali Chhatariya |
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5,000 |
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Shabbiraci Chhatariya |
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5,000 |
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Total |
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10,000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
exporter of high grade dehydrated products.
The company offers an array of dehydrated onion and garlic
items such as dehydrated kibbled, dehydrated
chopped, dehydrated minced, dehydrated powder, dehydrated flakes, etc |
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Products : |
Dehydrated
Onion (in the varieties of Red, White and Toasted)
Dehydrated
Garlic
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
110 |
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Bankers : |
State Bank of
Saurashtra Darbar Gadi, Mahuva beach, City: Mahuva Dist.:’ |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gaudani Associates Chartered Accountant |
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Address : |
101 – Vishal Flates, Opposite Vrindavandham, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,50,000 |
Equity |
Rs. 10.00 Each |
Rs. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,20,000 |
Equity |
Rs. 10.00
Each |
Rs 3.200
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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3.200 |
0.100 |
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2] Share Application Money |
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0.000 |
2.000 |
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3] Reserves & Surplus |
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0.359 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.559 |
2.100 |
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LOAN FUNDS |
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1] Secured Loans |
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5.336 |
0.000 |
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2] Unsecured Loans |
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3.732 |
0.000 |
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TOTAL BORROWING |
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9.068 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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12.627 |
2.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.183 |
0.082 |
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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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0.005 |
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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0.675
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0.000 |
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Sundry Debtors |
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3.263
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0.000 |
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Cash & Bank Balances |
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0.165
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1.992 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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0.689
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0.015 |
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Total
Current Assets |
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4.792
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2.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.790
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0.000 |
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Provisions |
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0.000
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0.000 |
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Total
Current Liabilities |
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2.790
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0.000 |
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Net Current Assets |
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2.001
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2.007 |
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MISCELLANEOUS EXPENSES |
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0.438 |
0.011 |
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TOTAL |
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12.627 |
2.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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3.357 |
NA |
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Other Income |
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0.000 |
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Total Income |
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3.357 |
NA |
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Profit/(Loss) Before Tax |
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0.359 |
NA |
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Provision for Taxation |
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0.000 |
NA |
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Profit/(Loss) After Tax |
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0.359 |
NA |
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Expenditures : |
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Total Expenses |
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2.893 |
NA |
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Depreciation |
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0.105 |
NA |
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Total Expenditure |
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2.998 |
NA |
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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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10.69 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.69 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.40 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.33
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NA |
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Current Ratio (Current Asset/Current Liability) |
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1.71
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NA |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
VADIWALA DEHYDRATION PRIVATE LIMITED |
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Presented By |
Hatimali Isufali
Chhatariya |
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1) Date and description of instrument creating the change |
20.12.2005 Memorandum of
deposit of eeeeeequitable mortgage of factory, land, building and residential
bungalows. Hypothecation on
of plant and machinery and hypoheation of goods |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions term loan Rs. 2.500
Millions Cash Credit Limits (sub limite FBP And EPC) |
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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 |
i) land and factory buildings at survey no. 49/6
paid opp. Volvo steel, Bhavnagar by pass highway, village : Umaniyavadar, ta:
mahuva dist:Mahuva Dist. Bhavnagar. ii) Residenial
dungalows ows at survey no. 333 and 334 paid. Plot No.197 E&F, Ambavada,
Nutan Nagar Nutan Nagar Sheem Mauva Dist. iii) Residential
Bungalows at survey no. 306 paiki, Plot no. 222. Kamta cp-op Housing soc. ,
Nutan nagar, Scheeme no. 1, Ambawadi, Mahuva, Dist. Bhavnagar. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For term loan 11%
with monthly rest For working
capital 11.00% with monthly res |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra Darbar Gadi, Mahuva beach, City: Mahuva Dist.:’ |
As Per Website:
A
progressive company in the arena of manufacturing and exporting hygienic and
premier quality dehydrated onion and garlic products
About Them
Dehydrated products are in great demand in the global market. Backed up by a
team of experienced workforce and sound infrastructural abilities, subject has earned the reputation of a
renowned manufacturer and exporter of high grade dehydrated products. The company
offers an array of dehydrated onion and
garlic items such as dehydrated
kibbled, dehydrated chopped, dehydrated minced, dehydrated powder, dehydrated
flakes, etc. Their reputation is based on quality, reliability,
integrity, and complete understanding of the market dynamics.
Under the leadership of Mr. Shabbirali Vadiwala & Mr. Hatimali Vadiwala,
the company has earned a remarkable share in both, the domestic and
international market within a very short span of time. They are professionally
managed by sound management ethics at every level of their process to ensure
flawless production from every stage.
Products They Offer
Vadiwala Dehydration Pvt. Ltd. is a prominent manufacturer and exporter of
Dehydrated Onion and Dehydrated Garlic products. Their catalogue of such
products includes:
Dehydrated
Onion (in the varieties of Red, White and Toasted)
- Dehydrated
Kibbled
- Dehydrated
Chopped
- Dehydrated
Minced
- Dehydrated
Powder
- Dehydrated
Granules
Dehydrated
Garlic
- Dehydrated
Flakes
- Dehydrated Minced
- Dehydrated
Granules
- Dehydrated
Powder.
Quality
Assurance
For Vadiwala Dehydration Pvt. Ltd., quality is a source of inspiration,
satisfaction and pride. They are a quality driven organization working only for
the sole motto of providing unmatched dehydrated onion and garlic products at
the most affordable prices to their valued clients. Their quality management
programme comprises of several inspection procedures, right from the selection
of raw materials to the shipment of finished goods.
World Class Packaging
All their finished goods are packaged in air tight packaging that not only
protects the goods from contamination or damage but also keeps the aroma of the
products alive for several months.
Timely Delivery
They are well supported by a capacious warehousing facility that is capable of
storing large quantity of goods. Their wide distribution network coupled with
sound warehousing abilities facilitates smooth trafficking of goods from the
unit.
Infrastructure
They have a well equipped facility located at Umaniyavadar - 2.5 km. from
Mahuva (
Why Them?
- Impeccable
quality products to cater quality savvy client
- Superior
packaging to keep the freshness of the products alive for months
- Healthy and
hygienic manufacturing process
- Reasonable
prices
- Timely
delivery
- Stringent
quality control measures to ensure flawless production.
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.40.91 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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31 |
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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