MIRA
INFORM REPORT
|
Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIMAL FIRE CONTROLS PRIVATE LIMITED |
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Registered Office : |
19-20, Vardhaman Industrial Estate, Behind Punjab and Sind Bank, LBS
Marg, Vikhroli [West], Mumbai 400083, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.11.1996 |
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Com. Reg. No.: |
104191 |
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CIN No.: [Company
Identification No.] |
U29193MH1996PTC104191 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV05829F |
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PAN No.: [Permanent
Account No.] |
AAACV9204L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Fire fighting equipments |
RATING &
COMMENTS
|
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 97000 |
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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 meeting its normal
commitments timeously. Trade
relations are fair. Business is
active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hitesh Patel |
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Designation : |
Accountant |
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Contact No.: |
91-9819997070 |
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Date : |
28.05.2008 |
LOCATIONS
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Registered Office : |
19-20, Vardhaman Industrial Estate, Behind Punjab and Sind Bank, LBS Marg,
Vikhroli [West], Mumbai 400083, Maharashtra, India |
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Tel. No.: |
91-22-25783335 / 3336 / 3337 |
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Fax No.: |
91-22-25783338 / 2655 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Yogesh Kantilal Doshi |
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Designation : |
Director |
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Address : |
6, Krishna Kunj, 140-Vallabh Baug Lane, Ghatkopar [East], Mumbai
400077, Maharashtra, India |
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Date of Birth/Age : |
13.11.1966 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.11.1996 |
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Name : |
Mr. Bhavesh Chimanlal Doshi |
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Designation : |
Director |
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Address : |
402, Park Land Court, Near Manisha Society, Old Padra Road, Vadodara
390010, Gujarat, India |
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Date of Birth/Age : |
05.03.1967 |
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Date of Appointment : |
17.06.1997 |
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Name : |
Mr. Nalin Chimanlal Doshi |
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Designation : |
Director |
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Address : |
Flat No. 2201/2202, Odyssey, Hiranandani Garden, Powai, Mumbai 400076,
Maharashtra, India |
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Date of Birth/Age : |
26.07.1957 |
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Date of Appointment : |
04.12.2006 |
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Name : |
Mr. Vijay Chimanlal Doshi |
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Designation : |
Director |
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Address : |
33, Madhav Baug, Society, Behind Sapna Hall, Makarpura, Baroda 390009,
Gujarat, India |
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Date of Birth/Age : |
25.08.1970 |
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Date of Appointment : |
01.10.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
|
Names of Shareholders |
|
No. of Shares |
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C. Bharat Doshi |
|
400 |
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Kantilal Doshi |
|
53900 |
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C. Rajesh Doshi |
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10 |
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Sangita Doshi |
|
131610 |
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Jasmina Bharat Doshi |
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85610 |
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C. Bhavesh Doshi |
|
100010 |
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B. Jagruti Doshi |
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71110 |
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C. Vijay Doshi |
|
175010 |
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Vijay Doshi |
|
92010 |
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Yogesh Doshi |
|
160010 |
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Falgun Doshi |
|
14510 |
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Amita Doshi |
|
8510 |
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Nalin Doshi |
|
70010 |
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G. Doshi |
|
10 |
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Dhanlaxmi Doshi |
|
50010 |
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Nalin Doshi |
|
348300 |
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Bhavesh Chiman Doshi |
|
15010 |
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Rajesh Doshi |
|
80500 |
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Vijay Doshi |
|
62560 |
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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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fire fighting equipments |
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Products : |
·
3d Haz-Chem Multipurpose (3 In 1) Monitor 1000 To
6000 Us Gpm (Dry Powder, Foam & Water From Single Monitor)
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GENERAL
INFORMATION
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Customers : |
(Reliance Industries Limited)
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Bankers : |
First Floor, BBC Tower, Near
World Trade Center, Sayajigunj, Baroda, Gujarat 390005, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Y. Iyer and Company Chartered Accountants |
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Address : |
Flat No. 4, Bijal Apartment, Opposite Crossword, Alkapuri, Vadodara
390005, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs. 10/-
each |
Rs. 18.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
18.000 |
18.000 |
18.000 |
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2] Share Application Money |
0.188 |
1.877 |
1.877 |
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3] Reserves & Surplus |
6.084 |
4.566 |
3.232 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.272 |
24.443 |
23.109 |
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LOAN FUNDS |
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1] Secured Loans |
39.618 |
0.074 |
0.764 |
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2] Unsecured Loans |
0.018 |
15.858 |
25.531 |
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TOTAL BORROWING |
39.636 |
15.932 |
26.295 |
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DEFERRED TAX LIABILITIES |
0.333 |
0.434 |
1.298 |
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TOTAL |
64.241 |
40.809 |
50.702 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.979 |
6.607 |
7.634 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.044 |
0.044 |
0.040 |
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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 |
13.508
|
13.710 |
12.677 |
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Sundry Debtors |
48.219
|
23.331 |
24.345 |
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Cash & Bank Balances |
8.104
|
3.718 |
2.388 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.998
|
5.745 |
4.142 |
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Total
Current Assets |
81.829
|
46.504 |
43.552 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.952
|
12.645 |
3.055 |
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Provisions |
3.968
|
1.469 |
0.695 |
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Total
Current Liabilities |
24.920
|
14.114 |
3.750 |
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Net Current Assets |
56.909
|
32.390 |
39.802 |
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MISCELLANEOUS EXPENSES |
0.309 |
1.768 |
3.226 |
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TOTAL |
64.241 |
40.809 |
50.702 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
54.191 |
64.834 |
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Other Income |
|
54.191 |
64.834 |
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Total Income |
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|
4.950 |
2.196 |
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Profit/(Loss) Before Tax |
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- |
- |
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Provision for Taxation |
|
4.950 |
2.196 |
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Profit/(Loss) After Tax |
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Expenditures : |
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Interest |
|
3.484 |
4.382 |
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Depreciation & Amortization |
|
1.212 |
2.660 |
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Other Expenditure |
|
44.545 |
55.596 |
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Total Expenditure |
|
49.241 |
62.638 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.13
|
3.38 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.13
|
3.38 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.57
|
4.13 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.65
|
1.22 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
|
3.28
|
3.29 |
11.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
VIMAL FIRE
CONTROLS PRIVATE LIMITED |
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Presented By |
Vijay C. Doshi,
Director |
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1) Date and description of instrument creating the change |
1. General Agreement for the grant of small industrial
advances and hypothecation of movables, book debts and other assets dated
21.10.1997 2. Ancillary
agreement No. 1 to the general hypothecation of goods, book debts, movables
and other assets dated 21.10.1997. 3. Ancillary agreement No. 3 to the General
agreement working capital finance receivables and bills in the course of
collection dated 21.10.1997. 4. Ancillary
agreement No. 6 to the general agreement working capital finance for letter
of credit, guarantee and indemnities dated 27.10.1997. All documents
consist of single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.000
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 |
All the present
and future stocks including raw materials WIP, whether in the company’s premises or in transit. Book debts, Bill receivables and all
current assets including present and future fixed assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The margin on raw
material 25% work in progress and finished goods 25% and book debts 40%
letter of credit 15% Bank Guarantee 15% 2.75% above State
Bank of India advance rate [SBAR] min. 16.25% inclusive of interest tax subject to revision with
change in SBAR. |
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5) Name and Address and description of the person entitled to the charge. |
State bank of India, Makarpura Branch, GIDC, Vadodara |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
letter dated 10.05.2001 to cover existing facilities of Rs. 40.000 Millions
as additional security. |
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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. |
By this
hypothecation letter dated 10.05.2001 the plant and machinery offered as
additional security to cover existing limit of Rs. 40.000 Millions |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29193MH1996PTC104191 |
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Name of the
company |
VIMAL FIRE
CONTROLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
19-20, Vardhaman Industrial Estate, Behind Punjab and Sind Bank, LBS
Marg, Vikhroli [West], Mumbai 400083, Maharashtra |
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Type of charge |
|
|
Particular of
charge holder |
SBI Factors and
Commercial Services Private Limited First Floor, BBC
Tower, Near World Trade Center, Sayajigunj, Baroda, Gujarat 390005, Gujarat,
India |
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of
hypothecation of book debts and assets |
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Date of
instrument Creating the charge |
27.03.2006 |
|
Amount secured by
the charge |
Rs. 25.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Fianance
charge[s] on the prepayment made by us to you against the factored invoices
will be levied at @ 12.75% p.a. i.e. at monthly rest. [b] Terms of
repayment On demand [c] Margin 20% [d] Extent and
operation of the charge All Debts arising
out of sales transactions to approved parties will be assigned and first
charge on fixed assets and current assets including receivables of the
company. |
|
Short particulars
of the property charged |
All Debts arising
out of sales transactions to approved parties will be assigned and first
charge on fixed assets and current assets including receivables of 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 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. 42.89 |
|
UK Pound |
1 |
Rs. 84.84 |
|
Euro |
1 |
Rs. 67.61 |
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 |
NO |
|
--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. |
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 |
|