MIRA
INFORM REPORT
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Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VEDIKA SECURITIES PRIVATE LIMITED |
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Registered Office : |
28, Vishka 2B, Shambhunath Pandit Street, Bhowanipore, Kolkata-700020,
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 : |
06.02.1995 |
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Com. Reg. No.: |
21-68107 |
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CIN No.: [Company
Identification No.] |
U51909WB1995PTC068107 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV01787C |
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PAN No.: [Permanent
Account No.] |
AAACV8839R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Company acts as Stock and Share Broker |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Rajesh Sharma, Executive confirmed the details however he denied
financials. Summarized profit and loss A/C may follow soon. Subject is a well established stock broker. Trade relations are fair.
Financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY (General Details)
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Name : |
Mr. Rajesh Sharma |
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Designation : |
Chief Operating Officer |
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Date : |
03.07.2008 |
LOCATIONS
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Registered Office : |
28, Vishka 2B, Shambhunath Pandit Street, Bhowanipore, Kolkata-700020,
West Bengal, India |
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Tel. No.: |
90-33-22231245 |
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E-Mail : |
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Website : |
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Area : |
1500 sq ft. (Owned) |
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Branch Office : |
AC Market Building, 9th Floor, 1, Shakespeare Sarani,
Kolkata-700071, India |
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Tel. No.: |
91-33-22829051 |
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Area : |
1700 sq ft (Owned) |
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Branch Office : |
8, Lyons Range, Ground Floor, Kolkata-700001, India |
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Tel. No.: |
91-33-223121327 |
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Area : |
500 sq ft (Owned) |
DIRECTORS
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Name : |
Mr. Champalal changoiwala |
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Designation : |
Director |
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Date of Birth/Age : |
71Years |
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Qualification : |
C.A |
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Name : |
Mr. Kanta Prasad Changoiwala |
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Designation : |
Director |
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Date of Birth/Age : |
65 Years |
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Qualification : |
C.A |
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Name : |
Mr. Sunil Kumar Changoiwala |
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Designation : |
Director |
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Date of Birth/Age : |
44 Years |
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Qualification : |
B.Com |
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Name : |
Mr. Anil Changoiwala |
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Designation : |
Director |
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Date of Birth/Age : |
48 Years |
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Qualification : |
B.Com |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Sharma |
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Designation : |
Chief Operating Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 11.03.2008
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List of Allotees |
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No. of Shares Alloted |
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Kanta Prasad Changoiwala |
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10000 |
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Abha Changoiwala |
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10000 |
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Sunil Kumar Changoiwala |
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4400 |
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Sumita Changoiwlala |
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4000 |
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Ayush Changoiwala |
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2000 |
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Anil Changoiwala |
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1000 |
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Madhu Changoiwala |
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1500 |
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Radhika Changoiwala |
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500 |
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Sonepat (India) Limited |
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7500 |
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Classic Plasto Products Private Limited |
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7500 |
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Sunil KR. Changoiwala and Sons HUF |
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1600 |
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Champalal Changoiwala |
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2000 |
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Anil Changoiwala |
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1000 |
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Krishna Devi Changoiwala |
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1000 |
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Kanta Prasad Changoiwala |
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10000 |
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Sunil Kumar Changoiwala |
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2500 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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26.31 |
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Directors or relatives of directors |
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72.68 |
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Other top fifty (50) shareholders (other than listed above) |
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1.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company acts as Stock and Share Broker |
GENERAL
INFORMATION
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No. of Employees : |
23 ( Office 15, FactoryI – 6, FactoryII-2) |
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Bankers : |
HDFC Bank, Kolkata |
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Facilities : |
O D A/C |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jagdish Ashok and Company Chartered Accountant |
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Address : |
Elgin Chambers, 1-A, Ashutosh Mukherjee Road, 3rd Floor,
Room No. 304, Kolkata-700020, West Bengal, India |
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Tel. No.: |
91-33-24767609 |
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Memberships : |
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Holding Company: |
Classic Plasto Products Private Limited |
CAPITAL STRUCTURE
As on 21.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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 |
|
2700000 |
Equity Shares |
Rs. 10/-
each |
Rs. 27.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
27.000 |
26.500 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.469 |
21.047 |
7.596 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
58.469 |
47.547 |
32.596 |
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LOAN FUNDS |
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1] Secured Loans |
12.040 |
4.332 |
8.337 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.040 |
4.332 |
8.337 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.509 |
51.879 |
40.933 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.015 |
4.758 |
4.105 |
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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 |
0.175
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1.329 |
0.000 |
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Sundry Debtors |
29.655
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19.314 |
6.757 |
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Cash & Bank Balances |
42.993
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54.982 |
42.780 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
18.957
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25.522 |
15.559 |
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Total
Current Assets |
91.780
|
101.147 |
65.096 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.083
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53.929 |
27.667 |
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Provisions |
0.207
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0.103 |
0.609 |
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Total
Current Liabilities |
29.290
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54.032 |
28.276 |
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Net Current Assets |
62.490
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47.115 |
36.820 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.006 |
0.008 |
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TOTAL |
70.509 |
51.879 |
40.933 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.70
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1.22 |
1.12 |
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Current Ratio (Current Asset/Current Liability) |
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3.13
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1.87 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51909WB1995PTC068107 |
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Name of the
company |
VEDIKA SECURITIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
28, Vishka 2B, Shambhunath Pandit Street, Bhowanipore, Kolkata-700020,
West Bengal, India |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
United Bank of
India, Kolkata Stock Exchange Branch, 7, Lyons range, Kolkata-700001, West
Bengal, India |
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Nature of
instrument creating charge |
Deed of hypothecation
of Debts and Movable Assets Deed of
Hypothecation of Movable Plant and Machinery |
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Date of
instrument Creating the charge |
01.03.2006 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
All the
hypothecation Book Debts, receivables and movable assets etc. and all the
documents under this security shall be held as the Bank’s exclusive property
specifically appropriated to this security and the Borrower will not create
or suffer any mortgage, charge, lien, or encumbrance affecting the same. Commission : as
per Bank guidelines form time to time. All other terms
and conditions as per sanction letter. |
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Description of the
property charged indicating whether it is a charged on |
Furniture and
Fixture Plant and
Machinery Book Debts |
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Particulars of
the property charged |
Hypothecation by
way of first charge in favour of the Bank all present and future Book debts, outstanding
moneys, receivables, claims, bills, contracts, engagements, securities,
rights and movables assets (except property effectively otherwise
hypothecated, charged or mortgaged to the Bank) of the company AND
Hypothecation by way of first charge in favour of the Bank and its assigns
all movable plant, machinery, equipments, appliances like computer and office
equipments, furniture and fixture etc. which
are now or shall hereafter at any time or from time or from time to
time during the continuance of the security hereby created be brought in or
stored or to be in or about the Borrower’s premises at 2B, Shambhu Nath
Pandit Street, Kolkata-700020 to secure the said Bank Guaranteed facility. |
AS PER WEBSITE
History
Subject was primarily promoted by Sri Champalal Changoiwalla and Sri Kanta Prasad Changoiwala in February 1995 with the objective of carrying on share
broking business. The Company acquired the membership of the Capital Market segment
of the National Stock Exchange of India Limited (NSE) and commenced its
operations in September 1995 from Kolkata. Its subsequently took up the trading
rights for the Futures and Options Segment of NSE. Moving ahead – it became the
self-clearing member for the derivatives segment.Today they provide various
financial products.
If
there is anything unique about their organization, it is undoubtedly the right
people at Subject.
At Subject, they believe that it is right
people who create a world class organization. The people are its key reason for
success, providing the platform of innovative ideas across all functions. Subject are proud of being respected
financial services provider managed by a highly skilled and dedicated team.
Innovative
thinking, and a relentless, youthful pursuit of goals, is key attributes of
their family. The collective experience across diverse function in subject
forms the bedrock of Subject’s market competitiveness. There is an additional
focus on updating skills of its personnel on a continual basis. They are an
esteemed broker in the equity market with vast experience and a track record of
success. Subject has always guided her clients and sub-brokers to the best
available investment solutions so that they can take decisions and go for
stronger investments.
Management Profile:
Mr. Champalal Changoiwalla
Mr. Champalal
Changoiwalla made his foray in the broking business at Calcutta Stock Exchange
(CSEA) in the year 1959 under
the guidance of his father Late Sri Gopikishan Changoiwalla. Armed with the
degree of Chartered Accountancy and Bachelor of Commerce, he served at the helm
of affairs of CSEA on the Indian Government’s Finance Ministry nominated posts
of Vice President and President. He heads the operations at Subject’s
registered office in Kolkata. Under his guidance and leadership, Subject has
grown from strength to strength.
Mr. Kanta Prasad Changoiwala
Mr. Kanta Prasad
Changoiwala equipped with Masters of Commerce, Bachelor of Law and Chartered
Accountancy degrees set his sights on a career in securities market in the year
1978.
Mr. Anil Changoiwala
Mr. Anil Changoiwala,
Son of Sri Champalal Changoiwala, is the gem of the company, he take care of
operations Surveillance, Finance, and overall development of Subject. He has an
experience of over 17 years in the Financial Market.
Mr. Sunil Kumar Changoiwala
Mr. Sunil Kumar
Changoiwala, son of Sri Champalal Changoiwala, ably assists in Marketing and
managing the overall operations from Kolkata. He carries with him a rich
experience of over 15 years in the Securities market.
Smt. Madhu Changoiwala
Dr. Madhu Changoiwala had done her Masters in Science
from the reputed Banaras Hindu University. She rode further to complete her
Ph.D in Botany from Calcutta University. Ranging from being a teacher during
1988-89 to an Authorized assistant at Akash and Company (Stock Broker) in
Chennai for over 6 yrs. She is now the chief research and technical analyst in Subject.
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.43.12 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.67.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--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 |
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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 |
|
--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 |
|