MIRA
INFORM REPORT
|
Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VARROC POLYMERS PRIVATE LIMITED |
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Formerly Known As : |
MOULDCRAFT (HINDUSTAN) PRIVATE LIMITED |
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Registered Office : |
Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad 431 105,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
11-90037 |
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CIN No.: [Company
Identification No.] |
U25209MH1995PTC090037 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Injection moulded
engineering plastic components, Multilayer co-extruded
thermoplastic sheets, Injection and
compression moulded automotive and Allied rubber products, Polyurethane foam seat assemblies, Rear view
mirrors, Air cleaner
assemblies, Acrylic and
poly urethane painted parts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 381000 |
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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. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per commitments.
The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad 431 105,
Maharashtra, India |
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Tel. No.: |
91 2431 251625-26 |
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Fax No.: |
91 2431 251627 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Naresh Adishwarlal Chandra |
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Designation : |
Director |
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Address : |
Bhagwati Bhavan, 31, M L Dahanukar Marg, Mumbai 400 026, Maharashtra,
India |
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Date of Birth/Age : |
11.02.1935 |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. Tarang Naresh Jain |
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Designation : |
Managing Director |
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Address : |
Halcyon, Gut 41 (P), Opp WALMI, Aurangabad – Paithan Road, Aurangabad 431
005, Maharashtra, India |
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Date of Birth/Age : |
21.03.1962 |
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Date of Appointment : |
28.06.1995 |
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Other Directorships : |
* Varroc
Engineering Private Limited * Varroc Trading
Private Limited * Varroc Lighting
Private Limited * Varroc Exhaust Systems
Private Limited * Varroc
Elastomers Private Limited * Durovalves India
Private Limited |
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Name : |
Mr. Anurang Jain |
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Designation : |
Director |
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Address : |
Green Leaf Manor, Gut 41-3B, Opp WALMI, Aurangabad – Paithan Road, Aurangabad
431 005, Maharashtra, India |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. Rahul Sethi |
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Designation : |
Director |
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Address : |
Plot No. 40, N-1, Sector 1, CIDCO, Aurangabad 431 003, Maharashtra,
India |
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Date of Birth/Age : |
02.12.1951 |
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Date of Appointment : |
28.06.1995 |
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Name : |
Mr. M S Dhabher |
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Designation : |
Director |
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Address : |
Block No. 29, N-3, CIDCO, Aurangabad 431 003, Maharashtra, India |
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Date of Appointment : |
28.06.1995 |
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Date of Ceasing : |
30.09.1999 |
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Name : |
Mr. Pradeepkumar N Dhoot |
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Designation : |
Director |
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Address : |
Dhoot Bunglow, Station Road, Aurangabad 431 005, Maharashtra, India |
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Date of Birth/Age : |
22.03.1960 |
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Date of Appointment : |
30.09.1999 |
KEY EXECUTIVES
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Name : |
Mr. Anil Ghatiya |
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Designation : |
Company Secretary |
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Address : |
E – 14, Chanakya Puri, Daragah Road, Aurangabad 431 005, Maharashtra,
India |
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Date of Birth/Age : |
09.03.1980 |
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Date of Appointment : |
01.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Mr. Naresh Chandra |
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10 |
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Mr. Tarang Jain |
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10 |
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Mr. Rahul Sethi |
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10 |
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Varroc Engineering Private Limited |
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1680000 |
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Waluj Components Private Limited |
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560000 |
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Rajkumar Engineering Private Limited |
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560000 |
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
GENERAL
INFORMATION
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Bankers : |
* Saraswat
Co-Operative Bank Limited, Station Road, Aurangabad 431 001, Maharashtra,
India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R H Malpani and Company Chartered Accountants |
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Address : |
208, 1st Floor, Mondha Road, Aurangabad 431 001,
Maharashtra, India |
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Subsidiaries : |
* Varroc
Engineering Private Limited * Varroc Trading
Private Limited * Varroc Lighting
Private Limited * Varroc Exhaust
Systems Private Limited * Varroc
Elastomers Private Limited * Durovalves India
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
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2800030 |
Equity Shares |
Rs. 10/- each |
Rs. 28.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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28.000 |
28.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
67.220 |
29.848 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
95.220 |
57.848 |
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LOAN FUNDS |
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1] Secured Loans |
|
78.505 |
48.378 |
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2] Unsecured Loans |
|
85.910 |
85.910 |
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TOTAL BORROWING |
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164.415 |
134.288 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.961 |
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TOTAL |
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259.635 |
193.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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95.805 |
91.875 |
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Capital work-in-progress |
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0.000 |
1.083 |
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INVESTMENT |
|
6.955 |
0.025 |
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DEFERREX TAX ASSETS |
|
0.039 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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40.903 |
34.562 |
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Sundry Debtors |
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122.856 |
141.529 |
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Cash & Bank Balances |
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26.386 |
16.641 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
47.594 |
38.850 |
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Total
Current Assets |
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237.739 |
231.582 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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80.133 |
127.098 |
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Provisions |
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0.770 |
4.370 |
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Total
Current Liabilities |
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80.903 |
131.468 |
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Net Current Assets |
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156.836 |
100.114 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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259.635 |
193.097 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover (including other income) |
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803.625 |
435.170 |
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Total Income |
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803.625 |
435.170 |
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Profit/(Loss) Before Tax |
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105.323 |
23.521 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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105.323 |
23.521 |
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Expenditures : |
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Interest |
|
6.715 |
4.724 |
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Depreciation & Amortization |
|
21.950 |
23.070 |
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Other Expenditure |
|
669.646 |
383.856 |
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Total Expenditure |
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698.311 |
411.650 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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13.10 |
5.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.10 |
5.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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30.92 |
7.24 |
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Return on Investment (ROI) (PBT/Networth) |
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1.10 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.57 |
5.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.93 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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This form is for |
Modification of
charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90158083 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U25209MH1995PTC090037 |
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Name of the company |
VARROC POLYMERS PRIVATE LIMITED |
|
Address |
Gut No. 99, Village Pharola, Taluka Paithan, Aurangabad 431 105, Maharashtra, India |
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Type of Charges |
Book debts, movable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Saraswat Co-Operative Bank Limited Station Road, Aurangabad 431 001, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Deed of further charge for bank guarantee |
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Date of the instrument creating charge |
13.09.2006 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs.
80.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: NA Terms of repayment: as and when bank guarantee matures Margin: 20% on Term Deposit Extent and operation of the charge: further charge on current assets Others: commission 2% on performance guarantees and 3% on other guarantees |
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Short particulars of the Property charged |
All the stocks of raw material, consumables, tools, packing materials, electrical items, stocks of finished or semi finished goods and book debts outstanding, monies, receivables and claims. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
13.09.2006 |
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Particulars of the present modification |
The bank has sanctioned bank guarantee limit of Rs. 5.000 millions which is also secured by current assets of the company, in addition to the cash credit limit of Rs. 75.000 millions thereby making the total amount secured through this charge to Rs. 80.000 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.39.98 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--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 |
|