MIRA
INFORM REPORT
|
Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VINAY WIRES AND POLY PRODUCTS PRIVATE LIMITED |
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Registered Office : |
16/40, Civil Lines, Kanpur 208001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.01.1999 |
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Com. Reg. No.: |
20-24161 |
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CIN No.: [Company
Identification No.] |
U27104UP1999PTC024161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPV00107C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of steel wires and all ferrous and
non ferrous metals |
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 |
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Maximum Credit Limit : |
USD 170000 |
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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. Trade relations are fair. Business is active. Payments are reported as 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 : |
16/40, Civil Lines, Kanpur, Uttar Pradesh 208001, India |
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Tel. No.: |
91-512-2305586 |
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Fax No. : |
91-512-2304275 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Vinay Kanodia |
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Designation : |
Director |
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Address : |
26/21, Birhana Road, Kanpur 208001, Uttar Pradesh, India |
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Date of Birth/Age : |
07.11.1974 |
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Date of Appointment : |
01.10.2006 |
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Name : |
Mr. Brijesh Kanodia |
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Designation : |
Managing Director |
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Address : |
26/21, Birhana Road, Kanpur 208001, Uttar Pradesh, India |
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Date of Appointment : |
28.01.1999 |
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Name : |
Mrs. Gayatri Devi Kanodia |
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Designation : |
Director |
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Address : |
26/21, Birhana Road, Kanpur 208001, Uttar Pradesh, India |
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Date of Appointment : |
28.01.1999 |
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Name : |
Mr. Ram Chandra Singh |
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Designation : |
Director |
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Address : |
16/11, Civil Lines, Kanpur 208001, Uttar Pradesh, India |
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Date of Appointment : |
28.01.1999 |
KEY EXECUTIVES
|
Name : |
S. Kumar and Company |
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Designation : |
Company Secretary |
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Address : |
74/232, Dhankutt, Kanpur 208001 |
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Tel. No. : |
91-512-2319964 |
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Mobile No. : |
91-9839067735 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Brijesh Kanodia |
|
91800 |
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Gayatri Devi Kanodia |
|
56500 |
|
Ram Chandra Singh |
|
10500 |
|
Vinay Kanodia |
|
77800 |
|
Sonali Kanodia |
|
111250 |
|
Munni Devi |
|
2000 |
|
Nand Gopal Malviya |
|
4000 |
|
Manoj Kedia |
|
6000 |
|
Siddarth Dixit |
|
1800 |
|
Rajeev Kumar Pandey |
|
8800 |
|
Vivek Dixit |
|
1900 |
|
Anurag Mathur |
|
15000 |
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Prabhu N. Pandey |
|
7000 |
|
Deepak Poddar |
|
7000 |
|
Minaj |
|
10000 |
|
Rajash Dixit |
|
20000 |
|
Shree Sudarshan Casting [Private] Limited |
|
60000 |
|
SPS Commodeal [Private] Limited |
|
40000 |
|
Globe Stores |
|
15000 |
|
Nawal Sales [Private] Limited |
|
30000 |
|
Veena Mercantiles Private Limited |
|
80000 |
|
Bhanu Investments Limited |
|
10000 |
|
Jaisri Properties and Exports Private Limited |
|
20000 |
|
Varsha Trading Private Limited |
|
60000 |
|
Chintamani Holding [Private] Limited |
|
15000 |
|
Millan Merchant [Private] Limited |
|
20000 |
|
Fedder Tie Up [Private] Limited |
|
15000 |
|
Raghu Vimcom [Private] Limited |
|
15000 |
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PNC Capital Trust Limited |
|
145000 |
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Jayoo Finance and Investments Limited |
|
15000 |
|
Walter Merchandise [Private] Limited |
|
5000 |
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Total |
|
976350 |
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Equity Share
Break-up |
|
Percentage of
Holding |
|
Bodies Corporate |
|
55.80 |
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Directors or relatives of the Directors |
|
36.05 |
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Other top fifty shareholders |
|
8.15 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of steel wires and all ferrous and
non ferrous metals |
GENERAL
INFORMATION
|
Bankers : |
Ř ICICI Bank Ř State Bank of India Overseas Branch, 15/54-B, Civil Lines, Kanpur 208001, Uttar Pradesh,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mahendra and Mahendra Chartered Accountants |
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Address : |
Chamber No. 1, 1st floor, Gopala Chamber, 14/123-A, Parade,
Kanpur 208001, Uttar Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
976350 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.763
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
9.763 |
9.763 |
9.764 |
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2] Share Application Money |
2.422 |
2.422 |
2.422 |
|
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3] Reserves & Surplus |
30.484 |
28.329 |
23.478 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.669 |
40.514 |
35.664 |
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|
LOAN FUNDS |
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1] Secured Loans |
67.512 |
50.346 |
43.839 |
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2] Unsecured Loans |
12.461 |
11.690 |
10.344 |
|
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TOTAL BORROWING |
79.973 |
62.036 |
54.183 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
122.642 |
102.550 |
89.847 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
52.391 |
49.142 |
49.988 |
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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 |
31.472
|
18.535 |
21.484 |
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Sundry Debtors |
46.764
|
41.399 |
32.269 |
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Cash & Bank Balances |
2.928
|
6.112 |
4.786 |
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Other Current Assets |
0.852
|
1.808 |
1.169 |
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Loans & Advances |
13.893
|
9.502 |
5.454 |
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Total
Current Assets |
95.909
|
77.356 |
65.162 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.613
|
23.228 |
24.247 |
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Provisions |
1.045
|
0.720 |
1.056 |
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Total
Current Liabilities |
25.658
|
23.948 |
25.303 |
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Net Current Assets |
70.251
|
53.408 |
39.859 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
122.642 |
102.550 |
89.847 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
318.011 |
253.560 |
179.674 |
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Other Income |
0.464 |
0.277 |
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|
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Total Income |
318.475 |
253.837 |
179.674 |
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Profit/(Loss) Before Tax |
2.407 |
5.947 |
0.313 |
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Provision for Taxation |
0.252 |
1.095 |
-- |
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Profit/(Loss) After Tax |
2.155 |
4.852 |
0.313 |
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Expenditures : |
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Financial Charges |
7.498 |
5.663 |
4.599 |
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Depreciation & Amortization |
3.230 |
2.955 |
2.878 |
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Other Expenditure |
305.340 |
239.272 |
171.884 |
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Total Expenditure |
316.068 |
247.890 |
179.361 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.67
|
1.91 |
0.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.75
|
2.34 |
0.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.62
|
4.70 |
0.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.14 |
0.008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
2.12 |
2.22 |
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Current Ratio (Current Asset/Current Liability) |
|
3.73
|
3.23 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
80023784 |
|
Corporate
identity number of the company |
U27104UP1999PTC024161 |
|
Name of the
company |
VINAY WIRES AND
POLY PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
16/40, Civil Lines, Kanpur 208001, Uttar Pradesh, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of
India Overseas Branch,
15/54-B, Civil Lines, Kanpur 208001, Uttar Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter evidencing
deposit of title deeds for creation of equitable mortgage |
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Date of
instrument Creating the charge |
23.12.2006 |
|
Amount secured by
the charge |
Rs. 77.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest interest to be
charged @ 11.00% per annum with monthly rests. [b] Terms of
repayment [i] Working
Capital – Repayable on demand [ii] Term
Loan - Repayable as per letter
regarding the grant of individual limits within the overall limit dated
02.07.2003 [c] Margin
[d] Extent and
operation of the charge The company’s
immovable properties as mentioned hereunder are mortgaged to collaterally
secure various credit facilities aggregating to R. 77.400 Millions granted by
the Bank to the borrower. |
|
Short particulars
of the property charged |
Equitable
mortgage by deposit in respect of company’s following immovable properties :- [i] Plot No. B-4,
Site II and Plot No. C-2, Site I, Industrial area, Rania [ii] Plot No.
C-3, C-4 and C-5 Industrial area, Rania together with all
the building, structures now standing thereon and together with the
construction that may hereafter be made thereon and also together with the fixtures,
fittings and other things attached thereto, free from all other charges and
encumbrances. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
Total amount of charge
secured against equitable mortgage of co’s immovable properties above have
now been enhanced from Rs. 54.200 Millions to Rs. 77.400 Millions. Break-up is as under : CC [Stocks] - Rs. 27.500 Millions CC [ Book Debts]
– Rs. 25.000 Millions Term loan - Rs. 12.400 Millions Stand by line of
credit – Rs. 2.500 Millions Letter of credit
– Rs. 10.000 Millions --------------------------------------------------- Total Rs. 77.400 Millions |
|
Name of the company |
VINAY WIRES AND
POLY PRODUCTS PRIVATE LIMITED |
|
Presented By |
Mr. Brijesh
Kanodia |
|
1) Date and description of instrument creating the change |
Form C-1 dated 10.05.2002 known as agreement of loan Form C-2 dated 10.05.2002 known as agreement of hypothecation of goods
and assets Form C-5 dated 10.05.2002 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 11.000
Millions |
|
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
plant and machineries of the company, stocks both raw and finished all
present and future book debts of the company. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest @ 12.75%
p.a. |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of
India, Phool Bag Branch, Kanpur |
|
6) Date and brief description of
instrument modifying the charge |
Form No. C – 5
known as letter regarding the grant of individual limits within the over all
limits for Rs. 45.600 Millions Form No. C-9,
known as Memorandum of Deposit for creation of charge for Term Loan/Over all
limit for Rs. 45.600 Millions |
|
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. |
The charge for
the original limit of Rs. 11.000 Millions which was modified on 02.07.2003 to
Rs. 44.400 Millions as under Cash Credit Rs. 3.000 Millions Book Debts Rs. 8.000 Millions Term Loans Rs. 23.900 Millions Bang Guarantee
Rs. 9.500 Millions Is now further
modified to cover the following credit facilities granted by the bank as
under : Cash Credit Rs. 4.500 Millions Cash Credit Rs. 13.500 Millions Term Loan Rs. 22.600 Millions SLC Limit Rs. 2.500 Millions FLC Limit Rs. 2.500 Millions |
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. 39.68 |
|
UK Pound |
1 |
Rs. 77.67 |
|
Euro |
1 |
Rs. 57.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|