MIRA INFORM REPORT

 

 

Report Date :

15.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ARORA VINLY PRIVATE LIMITED

 

 

Registered Office :

C – 1/10, 2nd Floor, Mianwali Nagar, New Delhi – 110087

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

14.02.2001

 

 

Com. Reg. No.:

55-109648

 

 

CIN No.:

[Company Identification No.]

U74899DL2001PTC109648

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELA16490F

 

 

PAN No.:

[Permanent Account No.]

AAECA0254D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Suppliers of PVC Leather and Rexene Cloth

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 16000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. The company has been doing steady business.

 

It can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

B – 1/54, 1st Floor, Paschim Vihar, New Delhi – 110063, India

Tel. No.:

91-11-25285474

 

 

Corporate Office :

C – 1/10, 2nd Floor, Mianwali Nagar, New Delhi – 110087, India

Mobile No.:

91-9313105210 / 9313105207

Fax No.:

91-11-66458877

E-Mail :

aroravinyl195@yahoo.com

jkmanocha@yahoo.com

Website :

http://www.aroravinyl.trade-india.com

Area :

http://www.aroravinly.com

 

 

Factory 2 :

Plot No. 921, Modern Industrial Estate, Part A, Bahadurgarh – 124507, District Jhajjar, Haryana, India

Tel. No.:

91-1276-267443 / 267450 / 55458877

Fax No.:

91-1276-267443

 

 

DIRECTORS

 

Name :

Mr. Pravesh Arora

Designation :

Director

Address :

C – 1/10, 2nd Floor, Mianwali Nagar, New Delhi – 110087, India

Date of Birth/Age :

04.07.1954

Date of Appointment :

14.02.2001

 

 

Name :

Mr. Ravinder Arora

Designation :

Director

Address :

298, 1st Floor, Ambica Vihar, Paschim Vihar, Delhi – 110087, India

Date of Birth/Age :

11.12.1967

Date of Appointment :

14.02.2001

 

 

Name :

Mr. Vinod Arora

Designation :

Director

Address :

Flat No. 03, Ritu Apartment A – 4, Paschim Vihar, Delhi – 110063, India

Date of Birth/Age :

05.05.1961

Date of Appointment :

14.02.2001

 

 

Name :

Mr. Narender Kumar Arora

Designation :

Director

Address :

D – 46, 1ST Floor, New Multan Nagar, New Delhi – 110056, India

Date of Birth/Age :

16.04.1954

Date of Appointment :

14.02.2001

 

 

Name :

Mr. Pawan Arora

Designation :

Director

Address :

H – 3/77-78, 2nd Floor, Sector X 1, Rohini, Delhi – 110085, India

Date of Birth/Age :

18.07.1965

Date of Appointment :

14.02.2001

 

 

KEY EXECUTIVES

 

Name :

Mr. Sudhir Chander Sood

Designation :

Company Secretary

Address :

B – 28 Som Dutt Chamber No. 1, Bhikaji Cama Place, New Delhi - 110066

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Pravesh Arora

 

24000

Ravinder Arora

 

15001

Vinod Arora

 

17001

Pawan Arora

 

12501

Narender Kumar Arora

 

32001

Neelam Arora

 

22500

Anju bala Arora

 

12500

Rajni Arora

 

17500

Sumeet Arora

 

20000

Parvesh Arora and Sons – HUF

 

12500

Pawan arora and Sons – HUF

 

12500

Renu Arora

 

15000

Total

 

213004

 

 

 

Equity Share Breakup

 

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Suppliers of PVC Leather and Rexene Cloth

 

 

Products :

PVC Leather Cloth

 

 

Exports :

 

Countries :

USA, Europe, SAARC nations and other parts of the World

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual Production

Cotton Coated Fabrics

Mtrs

 

3 Lac

279744.3

 

 

GENERAL INFORMATION

 

Suppliers :
  • Ritzy Polymer
  • Rohit Exim Private Limited
  • M S Chemical
  • Demaco Polymers Limited
  • V R Svam Power Plants Private Limited

 

 

Customers :
  • Pratap Footwears Industries
  • R K Trading Company
  • R V Leathers
  • Geeta Trading Corporation
  • Relax Auto Accessories
  • Piyush Trade Link

 

 

No. of Employees :

15

 

 

Bankers :
  • Vijaya Bank
  • Punjab National Bank
  • State Bank of India, Industrial Complex, Bahadurgarhm, Haryana – 124507   
  • The Bank of Nova Scotia
  • ICICI Bank Limited, Landmak Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Manocha J K and Associates

Chartered Accountants

Address :

27/55, Street No. 8, Vishwas Nagar, Shahdara, Delhi – 110032

Tel. No.:

91-11-22389025 / 22386036

Mobile No.:

91-9811025463

 

 

CAPITAL STRUCTURE

 

As on 30.09.2006

 

Authorised Capital :

No. of Shares

Type

Value

Amount

750000

Equity Shares

Rs. 10/- each

Rs. 7.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

213004

Equity Shares

Rs. 10/- each

Rs. 2.130 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.130

2.130

2.130

2] Share Application Money

0.100

0.100

0.000

3] Reserves & Surplus

1.992

1.329

0.202

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4.222

3.559

2.332

LOAN FUNDS

 

 

 

1] Secured Loans

5.466

3.397

1.943

2] Unsecured Loans

6.770

5.290

4.540

TOTAL BORROWING

12.236

8.687

6.483

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

16.458

12.246

8.815

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

11.033

8.796

9.331

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.478

0.435

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
6.472

2.530

2.806

 

Sundry Debtors
1.260

2.656

0.414

 

Cash & Bank Balances
0.468

0.075

0.061

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
1.498

1.130

2.415

Total Current Assets
9.698

6.391

5.696

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
4.796

3.429

6.272

 

Provisions
 

 

 

Total Current Liabilities
4.796

3.429

6.272

Net Current Assets
4.902

2.962

[0.576]

 

 

 

 

MISCELLANEOUS EXPENSES

0.045

0.053

0.060

 

 

 

 

TOTAL

16.458

12.246

8.815

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover Including Other Income

34.152

22.034

13.921

Total Income

34.152

22.034

13.921

 

 

 

 

Profit/(Loss) Before Tax

0.703

0.751

0.433

Provision for Taxation

0.040

0.000

0.033

Profit/(Loss) After Tax

0.663

0.751

0.400

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

0.000

0.000

10.249

 

Manufacturing Expenses

0.000

0.000

1.560

 

Administrative Expenses

0.000

0.000

0.758

 

Increase/(Decrease) in Finished Goods

0.000

0.000

[0.194]

 

Depreciation & Amortization

2.242

1.358

1.114

 

Other Expenses

31.207

19.925

0.000

Total Expenditure

33.449

21.283

13.487

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
1.94

3.41

2.87

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.06

3.41

2.87

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.39

4.95

2.88

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.17

0.21

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.03

3.40

5.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.02

1.86

0.91

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Fixed Assets

 

  • Car
  • Cycle
  • Eclectic Fittings
  • Factory Buildings
  • Land
  • Machinery

 

 

Bankers Charges Report as per Registry

 

Name of the company

Arora Vinyl Private Limited

Presented By

Sh. Narender Kumar Arora

1) Date and description of instrument creating the change

General agreement for Working Capital dated 06.10.2004 and Ancillary Agreement No. 1, Dated 06.10.2004

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.500 Millions on 06.10.2004 and charge registered on 04.11.2004

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of raw materials, goods in process, finished goods, book debts, assets of company and land and building of the company

First charge on the fixed assets situated at 921, MIE, Bahadurgarhm, Haryana – 124507 

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest 12.25 % p.a. on monthly rest

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Industrial Complex, Bahadurgarhm, Haryana – 124507 

6) Date  and brief description of instrument modifying the charge

Ancillary Agreement No. 1, dated 03.08.2005 and arrangement for working capital dated 03.08.2005

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.

Amount of loan for working capital increased form Rs. 2.500 millions to Rs. 4.000 Millions

Rate of interest 11.75 % p.a. on monthly rest.

 

 

This form is for

Creation of charge

Corporate identity number of the company

U74899DL2001PTC109648

Name of the company

ARORA VINLY PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

B – 1/54, 1st Floor, Paschim Vihar, New Delhi – 110063, India

Type of charge

Movable Property

Particular of charge holder

ICICI Bank Limited

Landmak Race Course Circle

Alkapuri, Baroda – 390015, Gujarat, India

rocdak@gmail.com  

Nature of description of the instrument creating or modifying the charge

Unattested deed of Hypothecation [Borrower]

Date of instrument Creating the charge

19.03.2007

Amount secured by the charge

Rs. 0.601 Million

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

15.08 %

 

Terms of repayment

24 EMI of Rs. 29,150/- each

 

Margin

As per H. D.

 

Extent operation of the charge

24 Months from the date of BR

Short particulars of the property charged

Genset

 

AS PER WEBSITE

 

Subject is manufacturers, exporter & suppliers of PVC Leather / Rexene cloth for use Shoes, wallets, ladies Purse, Car Seat Cover, Sofa Cover, Belts & Artificial Leather Jackets in India since its inception in 1995. The company enjoys a good repute among associates and business circles. The unit has a production capacity of 10,000 mts. per day. Their product range is available in variety of creative designs, embossed and prints with a wide choice of colors as per prevailing trends to cater the requirements of domestic and international markets. Their products are guaranteed to quality standards and customers' satisfaction.

 

The company has firm establishment in Indian market. They are exploring to sell their products in export markets. Under their expansion programme, the company has enhanced production capacity to meet ever increasing market demand. They are looking for Buyers, Importers and Selling Agents sourcing these products from India.

Marketing Arrangements


They have a wide sales network through dealers spread all over India. Their distribution network effects supplies of over 3 million meters of PVC Leather cloth to meet the demands and specific requirements of their reputed dealers. Their product has an ever increasing demand from buyers. The company has firm establishment in Indian market. Under their expansion programme the company has enhanced production capacity to meet the market requirements.


Joint Ventures


Now they are exploring to sell their products in export markets. They are looking for Buyers, Importers and Selling Agents sourcing these products from India.


Interested parties are welcome to send queries for further information and assistance. They look forward for valued requirements and business associations.

 

Primary Competitive Advantages       

  • Their products are made under the vigilant monitoring by competent production managers and work force to achieve highest level of quality. Their focus has been on quality standards and customer satisfaction. Their products are widely appreciated by their customers. Their products are guaranteed for high quality standards and buyers' satisfaction. The products price is at par with excellence and quality standards.
  • They have two Release Paper casting lines and one post finishing line for production of 10,000 meters per day
  • They have wide sales network through dealers spread all over India. Their distribution network effect supplies of over 3 million meters of PVC Leather cloth to meet the demands and specific requirements of their reputed dealers. Their product has firm establishment in Indian market.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.39.31

UK Pound

1

Rs.80.19

Euro

1

Rs.55.86

 

 

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

6

--PROFITABILIRY

1~10

6

--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

NO

--AFFILIATION

YES/NO

NO

--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.

 

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

 

 

 

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