MIRA INFORM REPORT

 

 

Report Date :

18.02.2008

 

IDENTIFICATION DETAILS

 

Name :

VIKVIN OVERSEAS PRIVATE LIMITED

 

 

Registered Office :

House No. 60, Pocket G – 23, Sector 7, Rohini, New Delhi 110085

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

10.07.1997

 

 

Com. Reg. No.:

55-088484

 

 

CIN No.:

[Company Identification No.]

U18101DL1997PTC088484

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of footwear accessories, footwear components and moulded insole shoes components.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 16000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small company in its field.   Trade relations are fair. Scale of activity is limited.    Payments are however reported as usually correct and as per commitments. .

 

The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

House No. 60, Pocket G – 23, Sector 7, Rohini, New Delhi 110085, India

E-Mail :

noidacom@hotmail.com

 

 

Factory 1 :

C-184-A, Phase-II, Extention, Hosiery Complex, Noida, Uttar Pradesh - 201 301, India

Tel. No.:

91-120-2563679/2563689  

Fax No.:

91-120-2563689

 

 

DIRECTORS

 

Name :

Mr. Rajen Mohan

Designation :

Director

Address :

D-33, Sector – Alpha 1, Greater Noida 201305, Uttar Pradesh, India

Date of Birth/Age :

29.01.1969

Date of Appointment :

20.11.1999

 

 

Name :

Mr. Madan Lal Mohan

Designation :

Director

Address :

D-33, Sector – Alpha 1, Greater Noida 201305, Uttar Pradesh, India

Date of Birth/Age :

04.01.1943

Date of Appointment :

27.05.2001

 

 

Name :

Swarn Lata Mohan

Designation :

Director

Address :

D-33, Sector – Alpha 1, Greater Noida 201305, Uttar Pradesh, India

Date of Birth/Age :

27.05.1947

Date of Appointment :

20.11.1999

 

 

Name :

Mr. Deepak Singh Mohan

Designation :

Director

Address :

D-33, 5th Cross Street, Sector – Alpha 1, Greater Noida 201305, Uttar Pradesh, India

Date of Birth/Age :

01.11.1967

Date of Appointment :

20.11.1999

 

 

Name :

Mr. Devender Singh Mohan

Designation :

Director

Address :

D-33, 5th Cross Street, Sector – Alpha 1, Greater Noida 201305, Uttar Pradesh, India

Date of Birth/Age :

04.01.1969

Date of Appointment :

20.11.1999

 

 

Name :

Mr. Mukesh Sharma

Designation :

Director

Address :

L – 58, Sector 11, Noida 201301, Uttar Pradesh, India

Date of Appointment :

20.11.1999

Date of Ceasing :

27.05.2001

 

 

Name :

Mr. Vishnu Sahai Sarin

Designation :

Director

Address :

L – 114, Sector 25, Jalvayu Vihar, Noida 201301, Uttar Pradesh, India

Date of Appointment :

10.07.1997

Date of Ceasing :

20.11.1999

 

 

Name :

Mr. Vineet Sarin

Designation :

Director

Address :

L – 114, Sector 25, Jalvayu Vihar, Noida 201301, Uttar Pradesh, India

Date of Appointment :

10.07.1997

Date of Ceasing :

20.11.1999

 

 

Name :

Mrs. Lata Sarin

Designation :

Director

Address :

L – 114, Sector 25, Jalvayu Vihar, Noida 201301, Uttar Pradesh, India

Date of Appointment :

10.07.1997

Date of Ceasing :

20.11.1999

 

 

Name :

Mr. Vikram Sarin

Designation :

Director

Address :

L – 114, Sector 25, Jalvayu Vihar, Noida 201301, Uttar Pradesh, India

Date of Appointment :

10.07.1997

Date of Ceasing :

20.11.1999

 

 

Name :

Mrs. Poonam Sarin

Designation :

Director

Address :

L – 114, Sector 25, Jalvayu Vihar, Noida 201301, Uttar Pradesh, India

Date of Appointment :

10.07.1997

Date of Ceasing :

20.11.1999

 

 

KEY EXECUTIVES

 

Name :

D. Verma and Associates

Designation :

Company Secretary

Address :

N-226, LGF, Greater Kailash-I, New Delhi 110048, India

E-mail :

sabina@dvaindia.org

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Rajen Mohan

 

39530

Devender Mohan

 

39530

Deepak Singh Mohan

 

40940

Madan Lal Mohan

 

40000

Swarn Lata Mohan

 

40000

Total

 

200000

 

 

 

Equity Share Break-up

 

Percentage of Holding

Directors or relatives of the Directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of footwear accessories, footwear components and moulded insole shoes components.

 

 

GENERAL INFORMATION

 

Bankers :

Ř       ICICI Bank Limited

Ř       Bank of India, Noida Branch, Sector 9, Noida

Ř       ABN Amro Bank

Ř       Intec Securities Limited

      701, Manjusha 57, Nehru Place, New Delhi 110119, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Rajeev Sharma and Associates

Chartered Accountants

Address :

E-30, A 1st floor, Sector 3, Noida 201301, Uttar Pradesh, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs. 10/- each

Rs. 2.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs. 10/- each

Rs. 2.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

2.000

2.000

2] Share Application Money

 

1.417

1.417

3] Reserves & Surplus

 

0.725

0.596

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

4.142

4.013

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.672

2.101

2] Unsecured Loans

 

0.827

0.021

TOTAL BORROWING

 

2.499

2.122

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

6.641

6.135

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

6.083

4.187

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

3.277

1.004

 

Sundry Debtors
 

2.560

3.791

 

Cash & Bank Balances
 

0.011

0.043

 

Other Current Assets
 

0.136

0.138

 

Loans & Advances
 

0.179

0.170

Total Current Assets
 

6.163

5.146

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

5.538

3.135

 

Provisions
 

0.067

0.063

Total Current Liabilities
 

5.605

3.198

Net Current Assets
 

0.558

1.948

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

6.641

6.135

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

9.658

Total Income

 

 

9.658

 

 

 

 

Profit/(Loss) Before Tax

 

 

0.133

Provision for Taxation

 

 

0.064

Profit/(Loss) After Tax

 

 

0.069

 

 

 

 

Total Expenditure

 

 

9.525

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

0.71

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.37

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.08

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.03

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.95

1.32

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.09

1.60

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8

 

Bankers Charges Report as per Registry

 

Name of the company

VIKVIN OVERSEAS PRIVATE LIMITED

Presented By

Intec Securities Limited

1) Date and description of instrument creating the change

20.08.2003

under composite loan agreement

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

Rs. 0.275 Million

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

75 KVA D. G. set Ashok Leyland make engine model AIGP 402

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

24 EMIIS of Rs. 0.013 Million bearing interest @ 9.75%

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

Ř       Intec Securities Limited

701, Manjusha 57, Nehru Place, New Delhi 110119, India

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

 

Name of the company

VIKVIN OVERSEAS PRIVATE LIMITED

Presented By

Bank of India, Noida Branch, Sector 9, Noida

1) Date and description of instrument creating the change

07.01.2000 equitable mortgage by deposit of title deeds and registered on 01.02.2000

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

Rs. 2.950 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

Equitable mortgage of land, building and other fixed assets situated at C-184, Phase II, Extension 4, Noida

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

Hypothecation of abovesaid property to secure various Credit facilities granted to the company amounting to Rs. 2.950 Millions as collateral security.

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

Bank of India

Noida Branch, Sector 9, Noida

6) Date  and brief description of instrument modifying the charge

Oral assent dated 04.01.2006 for extension of equitable mortgage.

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.

[i] the cash credit [Book Debts] limit has been enhanced from Rs. 0.300 Million to Rs. 1.500 Million.  Further the term loan of Rs. 0.500 Million and Rs. 1.350 Millions have now been paid off and Cash Credit [stocks] limit remained the same.  Therefore total amount of charge secured against equitable mortgage by way of deposit of title Deeds in respect of company’s immovable properties as mentioned in Column No. 3 above has now been reduced from Rs. 2.950 Millions to Rs. 2.300 Millions to collaterally secure the following credit facilities granted by bank to the company

 

Sr.

Nature of facility

Amount

[Rs. In Millions]

1

Cash Credit [stocks]

0.800

2

Cash Credit [Book Debts]

1.500

 

Total

2.300

 

[ii] the details of securities for the enhanced credit facilities of Rs. 2.300 Millions are as under :

equitable mortgage by way of deposit of title deeds of the company’s immovable properties comprising land and building and other structures, machinery and plant and other structures and fittings erected  or installed thereon [both present and future] situated at 184 A, Block C, Extension 4, Phase II, Noida and bounded as under:

East: Plot No. C-184

West: Plot No. C-183

North: Plot No. C-171

South : 18 meters wide road

Tenure Lease Hold

Other terms and conditions remained the same.

 

 

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 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. 39.66

UK Pound

1

Rs. 78.16

Euro

1

Rs. 58.09

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

36

 

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