MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIRAL NON STICK COATINGS PRIVATE LIMITED |
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Formerly Known
As : |
AGROMAN VETERINARY PRODUCTS PRIVATE LIMITED |
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Registered Office : |
C-11,Shanti Industrial Estate Sarojini Naidu Road,
Mulund(West), Mumbai 400 090, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.06.1997 |
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Com. Reg. No.: |
109067 |
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CIN No.: [Company
Identification No.] |
U24200MH1997PTC109067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV14255D |
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PAN No.: [Permanent
Account No.] |
AACCV3059M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Kitchen Appliances. |
RATING &
COMMENTS
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MIRAs 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. |
Small |
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Maximum Credit Limit : |
USD 2500 |
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Status : |
Small company |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Scale of activity is limited. No complaints have been heard from
market sources. The company can be considered for small to mediocre business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Jitendra Shah |
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Designation : |
Accounts Executives |
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Date : |
28.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
C-11,Shanti Industrial Estate Sarojini Naidu Road,
Mulund(West), Mumbai 400 090, Maharashtra, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Piyush M. Shah |
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Designation : |
Director |
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Address : |
A/3, Indraprashth, Jain Mandir Road, Mulund (West), Mumbai 400 080,
Maharashtra, India |
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Date of Birth/Age : |
15.11.1960 |
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Date of Appointment : |
01.12.2005 |
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DIN or Income-tax PAN : |
00368629 |
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Name : |
Mr. Ketan V. Gada |
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Designation : |
Director |
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Address : |
401, Saumitra Building, Napu Garden, Dhimani Street, Matunga Central
Railway, Mumbai 400 019, Maharashtra, India |
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Date of Appointment : |
01.12.2005 |
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DIN or Income-tax PAN : |
01298696 |
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Name : |
Mr. Niket R. Shah |
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Designation : |
Director |
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Address : |
A/3, 405, Poonam Park, Lalbaugh Industrial Estate, Lalbaugh, Mumbai
400 012, Maharashtra, India |
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Date of Birth/Age : |
15.09.1980 |
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Date of Appointment : |
01.12.2005 |
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DIN or Income-tax PAN : |
00384732 |
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Name : |
Mr. Viral P. Shah |
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Designation : |
Director |
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Address : |
A/3, Indraprashth, Jain Mandir Road, Mulund (West), Mumbai 400 080,
Maharashtra, India |
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Date of Birth/Age : |
23.10.1986 |
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Date of Appointment : |
01.12.2005 |
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DIN or Income-tax PAN : |
00368637 |
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Name : |
Mr. Ramalingam Ragavan |
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Designation : |
Director |
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Address : |
A-27, Laxman Apartments, Azad Lane, Off S.V. Road, Andheri (West), Mumbai
400 058, Maharashtra, India |
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Name : |
Mr. Sudhir Kumar Bhargava |
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Designation : |
Director |
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Address : |
56, Dariya Mahal A, Napeansea Road, Mumbai 400 006, Maharashtra,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 18.09.2008
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Names of Shareholders |
No. of Shares |
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Piyush M. Shah |
4200 |
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Viral P. Shah |
2000 |
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Ketan V. Gada |
2000 |
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Niket R. Shah |
2000 |
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Total |
10200 |
As on 18.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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 of Kitchen Appliances. |
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GENERAL
INFORMATION
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Suppliers : |
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Bankers : |
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Facilities : |
Unsecured
Loans :
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Girish Shah and Associate Chartered Accountants |
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Address : |
504, Konark Darshan, Zaver Road, Mulund (East), Mumbai 400 080,
Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10200 |
Equity Shares |
Rs.10/- each |
Rs.0.102
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.102 |
0.102 |
0.102 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.397 |
0.082 |
(0.079) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.499 |
0.184 |
0.023 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
5.622 |
5.073 |
1.474 |
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TOTAL BORROWING |
5.622 |
5.073 |
1.474 |
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DEFERRED TAX LIABILITIES |
0.026 |
0.018 |
0.000 |
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Cash & Bank Balance |
0.073 |
0.000 |
0.000 |
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TOTAL |
6.220 |
5.275 |
1.497 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.790 |
2.558 |
1.460 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.977
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3.864 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.000
|
0.265 |
0.005 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.118
|
0.896 |
0.048 |
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Total
Current Assets |
7.095
|
5.025 |
0.053 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.270
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2.170 |
0.020 |
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Provisions |
0.402
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0.149 |
0.011 |
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Total
Current Liabilities |
3.672
|
2.319 |
0.031 |
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Net Current Assets |
3.423
|
2.706 |
0.022 |
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MISCELLANEOUS EXPENSES |
0.007 |
0.011 |
0.015 |
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TOTAL |
6.220 |
5.275 |
1.497 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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22.350 |
3.801 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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22.350 |
3.801 |
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Profit/(Loss) Before Tax |
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0.486 |
0.208 |
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Provision for Taxation |
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0.170 |
0.048 |
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Profit/(Loss) After Tax |
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0.316 |
0.160 |
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Expenditures : |
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Depreciation & Amortization |
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0.303 |
0.154 |
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Other Expenditure |
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21.561 |
3.439 |
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Total Expenditure |
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21.864 |
3.593 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.41
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4.21 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.17
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5.47 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.92
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2.74 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.97
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1.13 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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18.63
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40.17 |
65.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.93
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2.17 |
1.71 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The registered office of the company has been shifted from 25, 2nd Floor, Tardeo A/C Market, Tardeo, Mumbai 400 034, Maharashtra to the present address.
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24200MH1997PTC109067 |
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Name of the
company |
VIRAL NON STICK COATINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-11,Shanti Industrial Estate Sarojini Naidu Road, Mulund
(West), Mumbai 400 090, Maharashtra, India |
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Type of charge |
Movable Property Others (Bills) |
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Particular of
charge holder |
Bank of Maharashtra, Devchaya, M.G. Road, Mulund (West), Mumbai 400
080, Maharashtra, India E-Mail: bom90@mahabank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Composite Deed of
Hypothecation for all facilities |
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Date of
instrument Creating the charge |
19.03.2008 |
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Amount secured by
the charge |
Rs.2.000 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest as per Bank/ RBI guidelines presently @9.00% p.a. with monthly
rests. Terms of
Repayment: Repayment Review/ Renewal within one year. Margin: Packing
Credit 25% and FOBN/ FOBP 10% Extent and
Operation of the charge: Security to cover principal amount together with
interest, costs, charges and expenses etc. Others: Details
of Credit facilities as under: 1)
Packing
Credit Rs.0.700 million 2)
FOBN/ FOBP
Rs.1.300 millions Total = Rs.2.000 millions |
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Short particulars
of the property charged |
First and
exclusive charge and security by way of hypothecation of present and future stocks,
plant and machineries such as Power Press 2, Grooving Machine, Oven 2,
Compressors 3, Sand Blasting Machines 2, Painting Booth 2, Riretting
Machine, Weighing Machine, Automatic Screw Drives (Electrical) 2, Dies and
Tools and Bills. |
PERFORMANCE REVIEW:
During the year sales of the company was
Rs.22.350 millions and there was a net profit after tax of Rs.0.316 million
during the year.
FIXED ASSETS:
- Factory Building
- Furniture and Fixtures
- Leasehold Land
- Plant and Machinery
- Electrical Instrument
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 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 Intl
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 companys 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.49.84 |
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UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
31 |
This score serves as a reference to assess SCs 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 |
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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 |
|
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 |
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