MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
VINDHYA KABELMATS [INDIA] PRIVATE LIMITED |
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Registered Office : |
17/18/19, Udyog Vihar, Rewa 486001, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.01.1994 |
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Com. Reg. No.: |
10-008051 |
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CIN No.: [Company
Identification No.] |
U31300MP1994PTC008051 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cable Making Machines |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 11000 |
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Status : |
Improving |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company. Its profitability is improving and expected to wipe off
previous losses soon. Trade relations
are fair. Payments are however
reported as slow but correct. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. S. K. Singh |
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Designation : |
General Manager |
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Contact No.: |
91-7662-220207 |
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Date : |
13.06.2008 |
LOCATIONS
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Registered Office/Factory : |
17/18/19, Udyog Vihar, Rewa 486001, Madhya Pradesh, India |
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Tel. No.: |
91-7662-220235 / 220207 / 309211 |
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Mobile No.: |
91-9425194521 |
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Fax No.: |
91-7662-220207 |
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E-Mail : |
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Area : |
1.5 Acres |
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Location : |
Leased |
DIRECTORS
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Name : |
Mrs. Sushila Singh |
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Designation : |
Director |
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Address : |
Baikunth Shree NH – 7, Ram Krishna Puram, Godahar, Rewa 485001, Madhya
Pradesh, India |
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Date of Birth/Age : |
15.07.1952 |
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Qualification : |
DME |
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Date of Appointment : |
10.01.1994 |
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Name : |
Mr. Yogendra Pratap Singh |
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Designation : |
Director |
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Address : |
Baikunth Shree NH – 7, Ram Krishna Puram, Godahar, Rewa 485001, Madhya
Pradesh, India |
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Date of Birth/Age : |
01.08.1948 |
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Qualification : |
Graduate |
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Date of Appointment : |
10.01.1994 |
KEY EXECUTIVES
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Name : |
R. K. Mishra and Associates |
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Designation : |
Company Secretary |
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Address : |
8, K. B. Complex, Near Bus Stand, Satna 485001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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Yogendra Pratap Singh |
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3550 |
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Shushila Singh |
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8500 |
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Amrendra Singh |
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1800 |
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Mrigendra Singh |
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1400 |
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Deependra Singh |
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1250 |
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Ritu Singh |
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1000 |
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Total |
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17500 |
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Equity Share Break-up
[As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cable Making Machines |
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Exports : |
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Countries : |
Nigeria |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
55 [In Office 15 + In Factory 40] |
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Bankers : |
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Facilities : |
C/C Rs. 10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hari Om Agrawal and Company Chartered Accountants |
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Address : |
552/5, Laxmi Market, Rewa Road,. Satna 485001, Madhya Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17500 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.750
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 |
1.750 |
1.750 |
1.750 |
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2] Share Application Money |
1.284 |
1.284 |
1.284 |
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3] Reserves & Surplus |
0.500 |
0.500 |
0.500 |
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4] (Accumulated Losses) |
[1.141] |
[1.573] |
[1.955] |
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NETWORTH |
2.393 |
1.961 |
1.579 |
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LOAN FUNDS |
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1] Secured Loans |
8.499 |
7.481 |
8.726 |
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2] Unsecured Loans |
5.704 |
6.202 |
6.703 |
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TOTAL BORROWING |
14.203 |
13.683 |
15.429 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.596 |
15.644 |
17.008 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.052 |
2.247 |
2.498 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.061 |
0.061 |
0.060 |
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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 |
26.668
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23.288 |
16.810 |
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Sundry Debtors |
14.925
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10.375 |
8.163 |
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Cash & Bank Balances |
0.303
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0.106 |
0.135 |
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Other Current Assets |
0.553
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0.547 |
0.202 |
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Loans & Advances |
1.590
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0.808 |
2.066 |
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Total
Current Assets |
44.039
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35.124 |
27.376 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.367
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21.706 |
12.926 |
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Provisions |
0.189
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0.082 |
0.000 |
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Total
Current Liabilities |
29.556
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21.788 |
12.926 |
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Net Current Assets |
14.483
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13.336 |
14.450 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.596 |
15.644 |
17.008 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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32.195 |
27.534 |
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Total Income |
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32.195 |
27.534 |
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Profit/(Loss) Before Tax |
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0.538 |
0.464 |
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Provision for Taxation |
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0.107 |
0.082 |
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Profit/(Loss) After Tax |
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0.431 |
0.382 |
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Expenditures : |
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Financial charges |
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1.310 |
0.996 |
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Depreciation & Amortization |
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0.258 |
0.282 |
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Other Expenditure |
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30.089 |
25.792 |
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Total Expenditure |
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31.657 |
27.070 |
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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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PAT / Total Income |
(%) |
1.34
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1.39 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.68
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1.69 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.17
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1.25 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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18.28
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18.08 |
17.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.49
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1.61 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Universal
Cables Limited, Satna
- Vindhya
Telelinks Limited
- Paramount
Communications Limited, Rajasthan
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
VINDHYA
KABELMATS [INDIA] PRIVATE LIMITED |
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Presented By |
Mr. Yogendra
Pratap Singh |
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1) Date and description of instrument creating the change |
Agreement of hypothecation
of entire plant and machinery on 23.03.1995 for Term Loan against plant and
machinery Equitable
mortgage of leasehold land 106600 Sq. fts. together with building situated at
Plot No. 17/18/19, Udyog Vihar, Rewa 486001, Madhya Pradesh, India |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions Declaration of
Directors and execution of hypothecation of plant and machinery,
hypothecation of raw materials, hypothecation of book debts etc and E.M. of
factory lease hold land and building etc. executed on 31.03.2001 for : 1. Vindhya
Kabelmats [India] Private Limited a] CC Limit of
Rs. 5.000 Millions b] L/G Limit of
Rs. 2.500 Millions 2. Y-Pee Flexo
Plast [India] Private Limited a] CC limit of
Rs. 1.200 Millions b] Term loan of
Rs. 1.550 Millions 3. Vindhya
Kabelmats [India] Private Limited a] CC limit of
Rs. 6.500 Millions b] L/G limit of
Rs. 1.500 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 |
Hypothecation of entire plant and machinery
situated at Plot No. 17/18/19, Udyog Vihar, Rewa 486001, Madhya
Pradesh, India Equitable mortgage of factory land and building as per terms and
conditions shown in the sanction letter, On 12.05.2000 declaration of the director of the Vindhya Kabelmats
[India] Private Limited, Registered office Plot No. 17/18/19, Udyog Vihar, Rewa 486001, Madhya Pradesh, India. Minute of the board resolution and loan
sanction letter for loan provided to Y – Pee Flexo [India] Private Limited.
By the Union Bank of India, Rewa Branch, Madhya Pradesh 1. Hypothecation of Plant and
Machinery 2. Hypothecation of raw materials, goods in process, finished goods
consumables stores and spares 3. hypothecation of book debts not old than 90 days. 4. E.M. of plot no. Plot
No. 17/18/19,
Udyog Vihar, Rewa with factory building. 5. E. M. of plant and house no. 703/2 pateri, satna in the name of
Shri Y. P. S. 6. E. M. of plot no. 746/2 satna in the name of Smt. Sushila Singh 7. Extension of E.M. of leasehold factory plot no. 92 Udyog Vihar,
Chorhata, Rewa with factory building in the name of Mrigendra Singh belonging
to Y Pee Flexo [India] Private Limited. 8. Personal guarantee of Shri Y. P. S. and Smt. Sushila Singh 9. Letter of guarantee for corporate guarantee given for advances by Y
–Pee Flexo [India] Private Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. interest @ 4% over the PLR subject to
minimum 16% per annum 2. Margin 25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Rani Gunj, Rewa 486001 |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
agreement executed on 01.02.2005 for cash credit limit of Rs. 8.500 Millions Letter of
guarantee executed on 01.02.2005 for Rs. 11.000 Millions |
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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. |
Cash Credit limit
is reduced from Rs. 9.500 Millions to Rs. 8.500 Millions Terms and
conditions changed and Terms and conditions are :
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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] 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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.87 |
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UK Pound |
1 |
Rs. 83.41 |
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Euro |
1 |
Rs. 66.11 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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37 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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