MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION DETAILS
|
Name : |
V K UDYOG LIMITED |
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Registered Office : |
5/2 Russel Street, 6th Floor, Punam Building,
Kolkata – 700071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.12.1995 |
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Com. Reg. No.: |
21-75722 |
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CIN No.: [Company
Identification No.] |
U51909WB1995PLC075722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV01100B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Merchant and Exporter of General Commodities |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 950000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Star Trading House. Available information indicates high financial responsibilities of the company. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business
dealings. It can be regarded as a promising business partner in a medium to
long run. |
INFORMATION PARTED
BY
|
Name : |
Mr. S. B. Dey |
|
Designation : |
Manager |
|
Date : |
25.07.2008 |
LOCATIONS
|
Registered/ Head Office : |
5/2 Russel Street, 6th Floor, Punam Building,
Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-2468888/ 22260509/ 22263679/ 22655888 |
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Fax No.: |
91-33-2460649/ 22175707 |
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E-Mail : |
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Website : |
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Area : |
1260 sq. ft. |
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Location : |
Owned |
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Branches/ Factory : |
4135/2, 2nd Floor, Thapar Building, Naya Bazar,
Delhi – 110006, India |
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Tel. No.: |
91-11-22946323/ 23945691 |
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Fax No.: |
91-11-23986307 |
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E-Mail : |
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Laision Office : |
J.P. House, Nehru Road, Siliguri – 734401, West Bengal,
India |
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Tel No.: |
91-353-2503493, 2503605 |
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Fax No.: |
91-353-2503621 |
DIRECTORS
|
Name : |
Mr. Roop Chand Prasad |
|
Designation : |
Managing Director |
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Address : |
7 Nehru Road, Siliguri, District Darjeeling, India |
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Date of Birth/Age : |
01.07.1958 |
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Date of Appointment : |
01.09.2006 |
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Name : |
Mr. Gupteshwar Prasad |
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Designation : |
Managing Director |
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Address : |
Nehru Road, Siliguri, District Darjeeling, India |
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Date of Birth/Age : |
01.12.1960 |
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Experience : |
22 years |
|
Date of Appointment : |
11.06.2001 |
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|
|
|
Name : |
Mr. Sujit Gupta |
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Designation : |
Director |
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Address : |
P O Jaigaon, Jalpaguri, West Bengal, India |
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Date of Birth/Age : |
01.07.1976 |
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Date of Appointment : |
05.12.1995 |
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|
|
|
Name : |
Mr. Vijay Kumar Gupta |
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Designation : |
Director |
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Name : |
Mr. Ajay Gupta |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Mr. Ajay Gupta |
|
80000 |
|
Mr. Atul Gupta |
|
10000 |
|
Mr. Rajesh Gupta |
|
80000 |
|
Mr. Sujeet Gupta |
|
10000 |
|
Mr. Vijay Gupta |
|
70000 |
|
Mr. Bal Chand Prasad |
|
100000 |
|
Mr. Gupteshwar Prasad |
|
210928 |
|
Mr. Lal Chand Prasad |
|
40000 |
|
Mr. Roop Chand Prasad |
|
100000 |
|
Mrs. Anita Gupta |
|
3000 |
|
Mrs. Kamla Devi Gupta |
|
6000 |
|
Mrs. Ramkishori Devi Gupta |
|
6000 |
|
Mrs. Shanti Devi Gupta |
|
6000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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|
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Directors or
relatives of director |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Merchant and Exporter of General Commodities |
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Products : |
Fabrics
Home furnishing Items
Fashion Accessories
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Exports : |
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Counties : |
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Imports : |
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Products : |
Chemical and Jute |
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Counties : |
Bangladesh |
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Terms : |
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Selling : |
L/C, Cash and Credit basis |
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Purchasing : |
L/C, Cash and Credit basis (30 days) |
GENERAL
INFORMATION
|
Suppliers : |
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Customers : |
Manufactures Wholesalers
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No. of Employees : |
30 |
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Bankers : |
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Banking Relations
: |
Good |
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Auditors : |
S K Siddhanta and Company Chartered Accountant |
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Address : |
138 F, Bhattacharjee Para Road, Kolkata – 700063, West
Bengal, India |
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Tel. No.: |
91-33-22377590 |
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E-Mail : |
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Memberships : |
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Associates/Subsidiaries : |
J P International, New Delhi, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
721928 |
Equity Shares |
Rs.100/- each |
Rs.72.193 millions |
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FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
72.193 |
72.193 |
72.193 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
118.540 |
117.420 |
114.876 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
190.733 |
189.613 |
187.069 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
297.816 |
379.762 |
346.600 |
|
|
2] Unsecured Loans |
0.000 |
0.342 |
0.392 |
|
TOTAL BORROWING
|
297.816 |
380.104 |
346.992 |
|
DEFERRED TAX LIABILITIES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
488.549 |
569.717 |
534.061 |
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APPLICATION OF FUNDS
|
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|
|
|
|
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FIXED ASSETS [Net Block]
|
19.775 |
18.171 |
17.543 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
14.621 |
41.419 |
4.636 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
160.464
|
265.037 |
178.174 |
|
|
Sundry Debtors
|
45.806
|
48.795 |
23.109 |
|
|
Cash & Bank Balances
|
30.936
|
7.749 |
75.707 |
|
|
Other Current Assets
|
140.782
|
181.790 |
192.044 |
|
|
Loans & Advances
|
119.663
|
41.238 |
62.834 |
Total Current Assets
|
497.651
|
544.609 |
531.868 |
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
38.800
|
30.904 |
17.980 |
|
|
Provisions
|
4.698
|
3.578 |
2.011 |
Total Current Liabilities
|
43.498
|
34.482 |
19.991 |
|
Net Current Assets
|
454.153
|
510.127 |
511.877 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.005 |
|
|
|
|
|
|
|
TOTAL
|
488.549 |
569.717 |
534.061 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1868.851 |
1640.610 |
|
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Other Income |
|
22.072 |
45.161 |
|
|
Total Income |
|
1890.923 |
1685.771 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1821.698 |
1639.780 |
|
|
Provision for Taxation |
|
1.798 |
1.472 |
|
|
Profit/(Loss) After Tax |
|
1889.125 |
1638.308 |
|
|
|
|
|
|
|
|
Export Value |
|
1868.851 |
1640.610 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
0.734 |
0.589 |
|
|
Managerial Remuneration |
|
0.300 |
0.312 |
|
|
Payment to Auditors |
|
0.112 |
0.095 |
|
|
Interest |
|
30.608 |
23.205 |
|
|
Depreciation & Amortization |
|
0.497 |
0.587 |
|
|
Other Expenditure |
|
36.974 |
21.203 |
|
Total Expenditure |
|
69.225 |
45.991 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
99.90
|
97.18 |
NA |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
97.48
|
99.95 |
NA |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
352.07
|
291.37 |
NA |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
9.55
|
8.65 |
NA |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.79
|
2.19 |
1.96 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
11.44
|
15.79 |
26.61 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Bhanu Prasad
Kishan Kumar – Dalkhola – 73320
- Jain Enterprises
C/o Navratan Jain, Raniganj, Lalehimpur Kheri – 262701, Uttar Pradesh,
India
- MAA Jagadamba
Traders – New Jhawar Building, 2nd Floor, Room No.10, Naya
Bazar, West Bengal, India
Website Details:
Profile
Subject is an Exports Oriented India Based Company. A company that believes in a value system that fosters commitment, reliability and honesty. Establishing performance norms that their clients can trust are the cornerstone of their philosophy. Their Strategies are made keeping in mind the goals of clients. Short term profits are a terminology that doesn't appear in their dictionary. Long-term mutually beneficial economic linkages with clients are what they aim at.
Silk Division
Subject is an India based Exports oriented organisation -"Star Trading House" recognised by the Government of India. They regularly Export Indian Silk Fabric to their reputed customers all around the world. They are dedicated to offering their buyers the best of products at the most attractive price in the market.
Quality
Over the years, the vast experience that they have acquired in satisfies their valuable customers requirement, is the key to their impeccable quality. Their Quality team does a through inspection before they dispatch the consignment. Their quality is certified by KPMG and they are an ISO 9002 company. They have implemented the quality standards required for certification.
Food Grain Division
The humble journey in the year 1991 with the strong belief in giving their best in tiniest duty of performance, in practicing values and ethics, in fulfilling all small or big commitments, with the strong belief that the best will tomorrow. The practice and belief crowned them with the coveted status Star Trading House Since 1st April 1996. This is in reorganization of their contribution towards foreign exchange earnings for the country.
They have received number of awards in the hands of The Prime Minister of
India. They are with unending enthusiasm on the way of continuous progress and
strongly believe that "The World is a Step away for them who never
Stops".
Companies -
Ethics
The Company believes in Commitment, Reliability and Honesty.
Establishing performance norms that their clients can trust are the cornerstone
of their philosophy. Their strategies are made keeping in mind the goals of
clients. Short term profits are a terminology that doesn't appear in their
dictionary. Long-term mutually beneficial economic linkages with clients are
what they aim at.
About Us - Success
The key to the company's success and spectacular growth is
the trust that it has earned from its customers. This has become possible due
to its capability to purchase product from all parts of the country of appropriate
quality and meet the customer requirements to the full. For this purpose it has
set up liaison and representative offices at the key procurement sites. But
above all this has been its commitment to treat the customer as a valuable
stakeholder of the Company.
The Company is a part of a diversified group and interests include distribution
of consumer products, C&F agency and handling and transportation of bulk
consignments. The Company has satisfied customers are to be found all over the
world including Bangladesh, UAE, Saudi Arabia and South Africa.
Excellence
Excellence is not a standard to be met. It's an ongoing
process. A passion. It's applying the latest TQM techniques and benchmarking
practices to achieve our targets. Not surprising, then those they have the
coveted ISO 9002 certification. Their products to through the toughest
strictures and the most stringent tests. A practice that makes their products
globally competitive.
Technology
India is on the threshold of a technological revolution. As the world gets on
to the information superhighway, no company can afford to ignore the
implications of this mega success factor. Subject has put in systems that
incorporate absolute state-of-the art technologies and the latest innovations
worldwide. Research and development is an integral part of the way they work.
They have also decided to set up one of their Sortax Plant to ensure control on
quality and gain the edge in technology.
Globalization
International boundaries disappear at an astonishing rate and the world becomes
even smaller, Globalization is meritable. Exploring New Markets, adhering to
international standards and constantly adding value to their products in their
endurance.
Their international network boasts of an impressive list of countries. From
Bangladesh, Singapore, Saudi Arabia, South Africa to the U.S. and U.K.
Exports
Subject has witnessed mega growth in the past four years as is evident from the
graphs and figures.
Achieving the unachievable, surpassing new heights and gaining more share of
the market is their vision for the future. The Company has satisfied customers
are to be found all over the world including Bangladesh, UAE, Saudi Arabia and
South Africa.
They are exporter of Wheat, Rice, Pulses, Spices and Silks.
Equality Policy
This quality manual is the principal quality document of the company and describes its quality management system that has been designed to meet the requirements of ISO 9002. It is structured into sections. Sections 1 to 20 corresponding to the various clauses of ISO 9002. These sections are also the company procedures for the activities required to be undertaken as per the operative clauses of ISO 9002.
Each operative section i.e. 1 to 20 starts with a purpose, which identifies the
policy objectives to be achieved in the section. It also contains the method or
procedure of achieving these objectives. In addition it identifies the company
functions that are responsible for executing the successful implementation of
the procedure, the connected references and the forms and to be maintained
pursuant to this section.
The scope of the quality system defined in this manual applies to the supply of
agricultural products. It covers all departments of the company that are
involved in the export of agro-products including marketing, purchase, quality
control, store and dispatch.
Quality Recognition
Subject got ISO 9002 on 06.08.2001. Subject has already made a mark in the market place as a company that is trusted and can be relied upon. This has happened because they have followed business practices and ethics, which have earned us respect in the market place. Above all this has been the commitment to their customers because it is the customer who provides them the prime means for growth and in fact the very survival of the business.
Awards
The Company has won a number of laurels. These include the APEDA Certificate of
Merit for outstanding performance in rice exports in 1997-98 and 1995-96. It
has also received award for good performance in the export of coal from CAPXIL
during 1996-97. Subject got ISO 9002 on 06.08.2001
Awards & Recognition's received from the Ministry of Commerce, Government
of India during the last five years.
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CMT
REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction
registered against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press
Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
70 |
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 |
|