MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
VIMAL ALLOYS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.10.1980 |
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Com. Reg. No.: |
16-4303 |
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CIN No.: [Company
Identification No.] |
U27106PB1980PTC004303 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLV10412D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Non-alloy steel long products. |
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 150000 |
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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 : |
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Tel. No.: |
91-1765-230491/ 255968 / 255194 |
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Fax No.: |
91-1765-255847 |
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E-Mail : |
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Website : |
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Factory : |
Village Sounti, Amloh – 147 203, |
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Tel. No.: |
91-1765-230091, 230491, 230891 |
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Fax No.: |
91-1765-230891 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sat Pal Bansal |
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Designation : |
Director |
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Address : |
Raj Nagar, R. 9/221, |
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Date of Birth/Age : |
10.10.1943 |
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Date of Appointment : |
27.10.1980 |
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Name : |
Mr. Subhash Bansal |
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Designation : |
Director |
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Address : |
Chanderlok Colony, Mandi Gobindgarh, District- Fatehgarh Sahib, |
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Date of Birth/Age : |
31.03.1950 |
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Date of Appointment : |
27.10.1980 |
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Name : |
Mr. Vimal Vinod Bansal |
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Designation : |
Director |
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Address : |
Chanderlok Colony, Mandi Gobindgarh, District- Fatehgarh Sahib, |
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Date of Birth/Age : |
10.02.1955 |
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Date of Appointment : |
27.10.1980 |
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Name : |
Mr. Vivek Bansal |
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Designation : |
Director |
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Address : |
Chanderlok Colony, Mandi Gobindgarh, District- Fatehgarh Sahib, |
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Date of Birth/Age : |
28.08.1976 |
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Date of Appointment : |
01.10.2004 |
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Comments: |
Appointed as an Additional Director of the Company w.e.f. 01.10.2004 |
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Name : |
Mr. Manu Bansal |
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Designation : |
Executive Director |
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Address : |
Chanderlok Colony, Mandi Gobindgarh, District- Fatehgarh Sahib, |
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Date of Birth/Age : |
08.03.1975 |
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Date of Appointment : |
04.04.2002 |
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Name : |
Mr. Varun Bansal |
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Designation : |
Executive Director |
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Address : |
Ganesh Steel Industries, |
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Date of Birth/Age : |
21.05.1987 |
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Date of Appointment : |
01.05.2006 |
KEY EXECUTIVES
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Name : |
M G Jindal and Associates |
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Designation : |
Company Secretary |
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Address : |
11, 2nd Floor, Guru Har Rai Complex, Near Manju Cinema, |
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Tel. No.: |
91-161-2547441, 4620354 |
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Mobile No.: |
91-9814170354 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Subhash Bansal |
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12000 |
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Mr. Hans Raj Bansal |
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1175 |
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Mr. Vimal Vinod Bansal |
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5770 |
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Mr. Sat Pal Bansal |
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6060 |
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Mrs. Durgi Devi |
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6230 |
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Mrs. Shashi Bansal |
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6200 |
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Mrs. Usha Bansal |
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8375 |
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Mrs. Prem Lata |
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10100 |
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Mr. Budh Ram Jindal |
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75 |
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Mr, Darshan Kumar |
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320 |
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Mr. Bachan Lal Bansal |
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130 |
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Mr. Palvinder Sharma |
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100 |
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Mr. |
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100 |
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Mrs. Usha Aggarwal |
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500 |
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Mr, Satya Pal Aggarwal |
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300 |
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Mr. Sat Pal Bansal HUF |
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1000 |
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Mr. Subhash Bansal HUF |
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6100 |
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Mr. Vimal Vinod Bansal HUF |
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8300 |
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Master Vivek Bansal (Through N/G Mr. Subhash Bansal) |
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8085 |
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Master Manu Bansal (Through N/G Mr. Subhash Bansal) |
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4540 |
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Master Rohit Bansal (Through N/G Mr. Sat Paul Bansal) |
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6100` |
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Master Varun Bansal (Through N/G Mr. Vimal Vinod Bansal) |
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5000 |
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Mr. Hans Raj (HUF) |
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3440 |
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Total |
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100000 |
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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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98.48 |
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Others |
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1.52 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Non-alloy steel long products. |
GENERAL INFORMATION
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Bankers : |
State Bank of Patialia E-Mail: ajeevrjp@yahoo.com |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Datta Singla and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100.00 each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100.00 each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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10.000 |
10.000 |
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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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29.161 |
22.257 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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39.161 |
32.257 |
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LOAN FUNDS |
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1] Secured Loans |
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12.549 |
21.196 |
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2] Unsecured Loans |
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13.361 |
12.857 |
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TOTAL BORROWING |
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25.910 |
34.053 |
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DEFERRED TAX LIABILITIES |
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1.145 |
0.624 |
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TOTAL |
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66.216 |
66.934 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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38.479 |
32.757 |
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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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91.810 |
87.065 |
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Sundry Debtors |
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36.297 |
37.042 |
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Cash & Bank Balances |
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1.046 |
1.702 |
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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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19.160 |
41.065 |
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Total
Current Assets |
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148.313 |
166.874 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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117.473 |
125.762 |
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Provisions |
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3.103 |
6.935 |
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Total
Current Liabilities |
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120.576 |
132.697 |
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Net Current Assets |
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27.737 |
34.177 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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66.216 |
66.934 |
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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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642.556 |
622.892 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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642.556 |
622.892 |
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Profit/(Loss) Before Tax |
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10.696 |
18.179 |
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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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10.696 |
18.179 |
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Import Value |
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8.398 |
50.100 |
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Total
Expenditure |
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631.860 |
604.713 |
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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1.66 |
2.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.66 |
2.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.73 |
9.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.74 |
5.17 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
VIMAL ALLOYS PRIVATE LIMITED |
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Presented By |
Mr. Vimal Vinod
Basal, Director |
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1) Date and description of instrument creating the change |
15.01.1998 I.
Agreement
of Hypothecation of Goods and Assets II.
Agreement
of Hypothecation of stocks / Existing Machinery as Collateral Security.
Modified on 20.10.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit
of Rs. 5.500 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 |
Equitable
Mortgage of Factory Land and Building measuring 8 Bighas 4 Biswas worth Rs.
11.420 millions. Hypothecation of Raw Material, Finished Goods,
stock-in-process and Book Debts (Present and Future) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest charges
as per Bank Rate. Repayament on Demand, Extent of operation 100% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Agreement for
hypothecation of Goods and Assets dated 21.03.2005 |
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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. |
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Corporate
identity number (CIN) Foreign company registration number |
U27106PB1980PTC004303 |
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Name of the
Company |
VIMAL ALLOYS PRIVATE LIMITED |
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Address |
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This form is for |
Modification of
Charge |
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Type of Charge |
A charge on: đ
Immovable
Property đ
Book
Debts đ
Movable
property (not being pledge) |
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Particulars of
the charge holder |
State Bank of Patialia E-Mail: ajeevrjp@yahoo.com |
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Nature or
description of the instrument(s) creating or modifying the charge |
đ
Agreement
of Loan for overall limit Dated 24.04.2007 đ
Agreement
of Hypothecation of Goods and Assets đ
Form
No. C-5 |
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Date of the
instrument creating or modifying the charge |
24.04.2007 |
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Amount secured by
the charge |
Rs. 2.000 Millions
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest: 14.00 per annum (b) Terms of repayment: repayable on demand (c) Margin: 0% (d) Extent and operation of the charge: 100% |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
stocks of Raw Material, Finished Goods, stock in Process, Receivable (Present
and Future) and Fixed Assets of the Company. Equitable Mortgage of Factory
Land and Buidling Measuring 8 Bighas 4 Biswa, Equitable Mortgage and Land
Msg. 2 Bigha, Sale Deed No. 164, 5 Bigha, Sale Deed No. 496, First Charge
over the Fixed Assets of the Company i.e. Land, Building, Plant and Machinery
including Factory Land 7 Building. |
|
Particular of the
present modification |
Bill Discounting
Limit Reduced to Rs. 2.000 Millions |
Website details attached:
Subject came into existence in 1983, at Mandi Gobindgarh,
Punjab, known as steel hub of
The company is involved in manufacturing high quality Alloy Steel
(Adamite), SG Iron rolls & rings, Steel castings, Shaker Hearth Trays,
Alloy Steel Ingots etc upto 45 MT
Single Piece. The company adheres to total quality management and it is
only through Quality consciousness that a company in very short span of time
has raged an international fame with approx. 700 customers in
The management of the company has a blend of experience and youth with next
generation taking on the reins of the company. Manu Bansal (B.E. Mech.) Director Operations & Vivek Bansal (MBA
Finance) has infused fresh ideas and energy to compete in the dynamic
environment
Infrastructure
The unit made a humble beginning with a 500
kg. Induction furnace in 1983. And is now spread over area of 42000 Sq. yards
with:
o
Two induction furnace along with a
holding furnaces capable manufacturing castings & rolls upto 45 MT Single
Piece & even more according to requirement & specification.
o
Complete Machining Facility With
Around 30 Lathes, Drill Machines, Shapers, Horizontal Boring Machine Make
WMW-160 mm, With 8000mm Travelalong With Vertical Lathes. All German Machines
of Various Sizes.
o
Well equipped Fettling shop.
o
In-house pattern making facility.
o
Four Compressors (Two of 200 cfm
& Two of 105 cfm capacity).
o
Well equipped Chemical laboratory
along with Spectometer model ARL 4460 with CCS and TRS which is the latest
technologies.
o
Three heat treatment furnaces the
biggest capable of handling jobs upto 6.5 x 8.5 meter sizes.
o
Ultrasonic machine (E x 100)
tensile testing equipments, electronic hardness testing machine etc
Quality
- Cleaner metal
and proper composition standards are the key features where the company
concentrates at.
- The melt is
treated with Argon purging so that the best quality and clean melt is
available .
- Confirmation
of Chemical composition is done by checking the samples from the liquid
melt to the finished product and the test bars to ensure the material
manufactured is as per the standards.
- The heat
treatment furnaces are fitted with most modern temperature controlling
equipment to ensure proper heat treatment cycles for different ALLOYS and
GRADES.
- A physical
lab with all testing machines and equipment like Tensile testing machine
(UTN - 40), Ultrasonic testing Machine (EX-100, ECC Make)
- Electronic
Hardness testing equipment etc.
- Last but not
the least, a well-experienced and skilled staff in every department backed
by highly qualified engineers to supervise
Market Survey
- Sugar
Industry: Pinions (IS1030, IS2708 (Gr I, II, III, IIIB), IS2644 etc., Blank
Gears, Trash Plates, Couplings, Trash Beams and Sprockets, Bearing Housing
etc.
- Rubber
Industry : Casted Screws, Gears, Mill Stands, Housings, Bearings (Water
Cooled)
- Rolling Mill
Industry : Alloy Steel Adamite & SGI Rolls, Mill Stands, Caps, Rest Bars,
Fly Wheels (Running of high rpm (700 rpm)), Couplings, Boxes, Pinions for
Reduction Gear Boxes, Conveyor Rolls.
- Cement Mill
Industry: Mill Heads, Tyres, and Girth Gears etc. in all grades to
45 MT single pieces. - Sponge Iron
Industry: Girth Gears, Kiln Tyres, Coller Tyres, Support Rollers and any
other casting upto 45 MT
single piece.
- Machine Tool
Industry: All types of Gears, Pinions and other steel castings as per
specifications.
- Hand Tools
Industry : Shaker Hearth Trays
- Bridge
bearings and plates for Flyovers and Bridges
- Ship Bollards
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.74 |
|
|
1 |
Rs. 80.34 |
|
Euro |
1 |
Rs. 56.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|