MIRA INFORM REPORT
|
Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VISHAKHA POLYFAB PRIVATE LIMITED |
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Registered Office : |
Plot No 549/2, Village Vadsar, Taluka Kalol, Khatraj, Gandhinagar
382721, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1993 |
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Com. Reg. No.: |
04-20968 |
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CIN No.: [Company
Identification No.] |
U17110GJ1993PTC020968 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMVOO284E |
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PAN No.: [Permanent
Account No.] |
AAACV6439R |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers of Multilayer Plastics Extruded Film |
RATING &
COMMENTS
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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 450000 |
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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 records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as 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 : |
Plot No 549/2, Village Vadsar, Taluka Kalol, Khatraj, Gandhinagar -
382721, Gujarat, India |
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Tel. No.: |
91-79-26564886 91-2764-281048 / 281581 / 281582 / 281795 |
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Fax No.: |
91-79-26460802 / 26560729 |
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E-Mail : |
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Website : |
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Corporate Office : |
805/807 ‘Samedh’, Panchacati, C. G. Road, Ahmedabad - 380009, Gujarat,
India |
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Tel. No.: |
91-79-26564891 / 26568693 / 26568694/ 26564886 |
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Fax No.: |
91-79-26560729 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Bhadresh Nagindas Doshi |
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Designation : |
Director |
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Address : |
26 Shrushti Bunglows, Ashwamegh 4B Extn, 132 Ring Road, Satellite, Ahmedabad
- 380015 |
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Date of Birth/Age : |
08.02.1956 |
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Date of Appointment : |
08.06.2000 |
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Name : |
Mr. Jigish Nagindas Doshi |
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Designation : |
Director |
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Address : |
26 Shrushti Bunglows, Ashwamegh 4B Extn, 132 Ring Road, Satellite,
Ahmedabad - 380015 |
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Date of Birth/Age : |
17.01.1961 |
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Date of Appointment : |
10.12.1999 |
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Name : |
Mr. Pranav Vinodbhai Adani |
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Designation : |
Director |
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Address : |
Shantivan, Behind Karnavati Club, S. G. Highway, Ahmedabad - 380 058 |
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Date of Birth/Age : |
09.08.1978 |
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Date of Appointment : |
06.10.2001 |
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Name : |
Mr. Kamal Daulalji Moondra |
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Designation : |
Director |
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Address : |
22 Kaushalya Bunglows, Ramdevnagar, Ahmedabad |
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Date of Birth/Age : |
05.05.1958 |
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Date of Appointment : |
06.10.2001 |
KEY EXECUTIVES
|
Name : |
Mrs. Rujunta Mehta |
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Designation : |
Company Secretary |
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Address : |
21 Lad Society, Near Nehru Park, Vastrapur, Ahmedabad – 380015 |
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Date of Birth/Age : |
25.01.1976 |
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Date of Appointment : |
22.12.2003 |
MAJOR SHAREHOLDERS
(As on 31.03.2006)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Bhadresh Nagindas Doshi |
270000 |
6.75 % |
|
Mr. Umesh Doshi |
209500 |
5.24 % |
|
Mr. Jigish Nagindas Doshi |
1520000 |
38.00 % |
|
Mr. Jigish Nagindas Doshi |
500 |
0.01 % |
|
M/s. Adani Wilmar Limited |
2000000 |
50.00 % |
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|
|
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Total |
4000000 |
100.00 % |
(As on 30.09.2007)
|
Equity Share
Breakup |
|
Percentage |
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Category |
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Bodies corporate |
|
50.00 |
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Directors or relatives of directors |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Multilayer Plastics Extruded Film |
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Products : |
Polyester Fabrics |
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Terms : |
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Selling : |
On Credit [60 to 90 days] |
GENERAL
INFORMATION
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Customers : |
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Suppliers : |
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Bankers : |
New Cloth Market Branch, O/s. Raipur Gate, Raipur, Ahmedabad - 380001 |
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Facilities : |
Cash Credit Rs.40.000 Millions from Bank of Baroda as per
Hypothecation Agreement dated May 1, 2006 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dharmesh A Parikh and Associates Chartered Accountant |
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Address : |
303/304, Milestones, Near Drive-in-Cinema, Opposite TV Tower, Thaljet,
Ahmedabad 380 054 |
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Tel No.: |
91-79-27474466 |
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Fax no.: |
91-79-27479955 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
||
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|
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4000000 |
Equity shares |
Rs.10/- each |
Rs.40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
||
|
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|
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|
4000000 |
Equity shares |
Rs.10/- each |
Rs.40.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
40.000 |
40.000 |
40.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
71.720 |
71.816 |
52.139 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
111.720 |
111.816 |
92.139 |
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LOAN FUNDS |
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1] Secured Loans |
72.366 |
50.380 |
54.194 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
72.366 |
50.380 |
54.194 |
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DEFERRED TAX LIABILITIES |
7.950 |
0.000 |
0.000 |
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TOTAL |
192.036 |
162.196 |
146.333 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
112.965 |
92.150 |
85.037 |
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Capital work-in-progress |
0.000 |
10.066 |
0.000 |
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INVESTMENT |
0.000 |
0.155 |
0.155 |
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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 |
45.171
|
39.116 |
36.613 |
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Sundry Debtors |
59.174
|
61.719 |
44.707 |
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Cash & Bank Balances |
1.502
|
2.096 |
8.063 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
43.854
|
41.090 |
25.380 |
|
Total
Current Assets |
149.701
|
144.021 |
114.763 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
30.694
|
41.100 |
28.093 |
|
|
Provisions |
39.936
|
43.096 |
25.529 |
|
Total
Current Liabilities |
70.630
|
84.196 |
53.622 |
|
|
Net Current Assets |
79.071
|
59.825 |
61.141 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
192.036 |
162.196 |
146.333 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
313.180 |
303.320 |
229.499 |
|
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Other Income |
2.414 |
2.036 |
2.532 |
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Total Income |
315.594 |
305.356 |
232.031 |
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Profit/(Loss) Before Tax |
22.386 |
41.490 |
38.434 |
|
|
Provision for Taxation |
8.417 |
14.342 |
14.414 |
|
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Profit/(Loss) After Tax |
13.969 |
27.148 |
24.020 |
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Export Value |
4.532 |
15.041 |
NA |
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Import Value |
109.907 |
84.726 |
NA |
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Expenditures : |
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Financial Charges |
7.674 |
4.140 |
3.605 |
|
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Depreciations |
14.583 |
0.000 |
0.000 |
|
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Other Expenditure |
270.951 |
259.726 |
189.992 |
|
Total Expenditure |
293.208 |
263.866 |
193.597 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
4.43
|
8.89 |
10.35 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.15
|
13.68 |
16.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.52
|
17.57 |
19.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.37 |
0.42 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
1.20 |
1.17 |
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Current Ratio (Current Asset/Current Liability) |
|
2.12
|
1.71 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
Incorporated on December 29, 1993 the subject
is engaged in the business of Manufacturers and suppliers of flexible packing
products, multilayer flexible packing films and EvOH/Nylon based high barrier
films to the food, beverage Industry and other industrial sectors.
Form 8:
|
Name of the company |
VISHAKHA POLYFAB
PRIVATE LIMITED |
|
Mr. Jigish N. Doshi [Director] |
|
|
1) Date and description of instrument creating the change |
Joint deed of
Hypothecation dated 08.06.2001 in favour of Bank of Baroda |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
Millions |
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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 |
Whole of the
movable properties of the company including its raw material, stock in
process, finished goods, entire receivables of the company as well as all
entire movable plant an machinery, machinery spares, tools and accessories
and other movables, both present and future situated at Block No. 549/2,
Village Vadsar, Kalol, Gandhinagar
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure various
credit facilities granted or to be granted to the company by bank of Baroda,
new Cloth Market Branch, the company has created a charge by way of
hypothecation of movable properties of the company including its raw
material, stock in process, finished goods, entire receivables of the company
as well as entire plant and machinery of the company situated at Block No.
549/2, Village Vadsar, Kalol, Gandhinagar |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda New Cloth Market Branch, O/s. Raipur Gate, Raipur, Ahmedabad;380001,
Gujarat, India |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
composite instrument of Hypothecation of Goods, Book Debts, Movable
machineries and vehicles executed on dated 23.12.2005 for additional credit
limit of Rs. 10.000 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. |
To secure
additional Working Capital facilities limit of Rs. 10 Millions making
aggregate facilities to Rs. 94.500 Millions granted or to be granted, to the
company by Bank of Baroda, New Cloth Market Branch, the company has created a
charge by way of extension of hypothecation of movable properties of the
company including its raw materials, stock in process, finished goods, entire
receivables of the company as well as entire plant and machinery of the company
situated at Block No. 549/2, Village Vadsar, Kalol, Gandhinagar. The other
terms and conditions for aggregate enhanced limit of Rs. 94.500 millions |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90099383 |
|
Corporate
identity number of the company |
U17110GJ1993PTC020968 |
|
Name of the
company |
VISHAKHA POLYFAB PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No 549/2, Village Vadsar, Taluka Kalol, Khatraj, Gandhinagar
382721, Gujarat, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda New Cloth Market Branch, O/s. Raipur Gate, Raipur, Ahmedabad;380001,
Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry |
|
Date of
instrument Creating the charge |
17.05.2007 |
|
Amount secured by
the charge |
Rs. 86.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50 % below BPLR
p.a. with monthly rest on Cash Credit Limit as well as Term Loan Terms of
Repayment Payable on demand
Margin 25 % on stocks 40 % on Book debts
/ receivable 30 % on term loan
III, 39.39 % on Term Loan – IV and 38.46 % on term loan – V Extent and
Operation of the charge Exclusive first
charge on Bank of Baroda |
|
Date of latest
modification prior to the present modification |
08.01.2007 |
As per Web site:
Subject was conceived in 2001 with a vision to cater to the
growing demand for flexible packaging. In just 4 years, a company has emerged
as a leader in high-strength flexible packaging films. In fact, it is the ONLY
7 layer EVOH/Nylon based high-barrier film manufacturer in India. And with a
production capacity of over 3,600 metric tons per annum it is also India’s
largest high barrier multilayer flexible film manufacturer. On the anvil are
ambitious plans for capacity addition and a new multi-layer extrusion plant,
over and above the existing 5 layer and 7 layer extrusion
plants.
Team Vishakha is led by Mr. Jigish Doshi, a technocrat with
over 20 years of rich experience in manufacturing and trading. Over the years,
under his leadership, Vishakha has grown and expanded its scale of operations
exponentially, and today it caters to Indian as well as international markets.
In just 4 years, Vishakha has won the trust of hundreds of
clients ranging from multinational leaders in edible oil to India’s leading
packaged food brands. Vishakha’s value proposition stems from a deep rooted
customer centric philosophy. A philosophy that nurtures continuous innovation,
obsession to quality and an untiring commitment to excellence.
This translates into a fresh approach to flexible packaging
and makes terrific sense every single time. Because every single brand and
every single client is unique and different. This approach also enables
Vishakha to conceive and deliver tailor made solutions as per specific
requirements. If there is one big differentiator that separates Vishakha from
the rest, it is this relentless quest for the highest degree of customization
and customer delight. This has been Vishakha’s core philosophy for sustained
growth and shall continue to remain so.
The first and foremost function of any product packaging is the
protection of the contents. The packaging has to offer enough barriers against
moisture, oxygen and other external elements. The second absolutely essential functionality
of the packaging is the retention power. Especially for edible products, the
packaging has to ensure that the original properties are retained and
preserved. Yet another packaging function is the prevention of adulteration and
short weight of products when sold loose.
Company multi-layer flexible packaging films are excellent performers
when it comes to protection of contents. The EVOH / Nylon based high-barrier
films provide perfect barriers against Oxygen and moisture, thereby protecting
the contents and ensuring a longer shelf life. These high-strength multi-layer
films also have an excellent retention power which helps in preserving the
taste, aroma, flavour, colour, texture and integrity of the products. Little
wonder that when it comes to locking in the freshness and ensuring a longer
shelf life, most brands prefer the Company.
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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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/normal. |
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 |
|