MIRA INFORM REPORT

 

 

 

Report Date :

03.11.2008

 

IDENTIFICATION DETAILS

 

Name :

VINOD CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Subhadra Bhawanarya Nagar, Lucknow, Uttar Pradesh – 226004

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

29.12.1971

 

 

Com. Reg. No.:

20- 003496

 

 

CIN No.:

[Company Identification No.]

U24231UP1971PTC003496

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Provider of superior service

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1395

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and Delayed 

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company having moderate track records. Financial position is considered as moderate. Payments are reported as slow and delayed.

 

The concern can be considered for small to mediocre business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Subhadra Bhawanarya Nagar, Lucknow, Uttar Pradesh – 226004, India

Tel No.:

91-522- 2691296

Fax No.:

91-522- 2691296

E-Mail :

Vcpl71@sify.com

 

 

Head Office :

221, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India

Tel. No.:

91-22- 40901234

Fax No.:

91-22- 40901260

E-Mail :

info@vcpworld.com

 

 

DIRECTORS

 

Name :

Mr. Ganpatrai Vaid

Designation :

Director

Address :

602/ 603 C/ Falcon Castle Tej Apartment, Tulsi Pipe Line Road, Lower Parel, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

11.07.1922

Date of Appointment :

29.12.1971

 

 

Name :

Mr. Vinod Kumar Vaid

Designation :

Director

Address :

602/ 603 C/ Falcon Castle Tej Apartment, Tulsi Pipe Line Road, Lower Parel, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

28.02.1949

Date of Appointment :

29.12.1971

 

 

Name :

Mrs. Shobha Devi Vaid

Designation :

Director

Address :

602/ 603 C/ Falcon Castle Tej Apartment, Tulsi Pipe Line Road, Lower Parel, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

19.02.1928

Date of Appointment :

29.12.1971

 

 

Name :

Mr. Shashi Prakash Vaid

Designation :

Director

Address :

602/ 603 C/ Falcon Castle Tej Apartment, Tulsi Pipe Line Road, Lower Parel, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

28.10.1954

Date of Appointment :

29.12.1971

 

 

Name :

Mr. Bharat Vaid

Designation :

Director

Address :

602/ 603 C/ Falcon Castle Tej Apartment, Tulsi Pipe Line Road, Lower Parel, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

29.08.1971

Date of Appointment :

30.06.1990

 

 

Name :

Mr. Siddharth Vaid

Designation :

Director

Address :

602/ 603 C/ Falcon Castle Tej Apartment, Tulsi Pipe Line Road, Lower Parel, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

18.01.1977

Date of Appointment :

30.09.1995

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2007

 

Names of Shareholders

 

No. of Shares

Mr. Ganpatrai Vaid

 

311

Mr. Vinod Kumar Vaid

 

311

Mrs. Shobha Devi Vaid

 

311

Mr. Shashi Prabha Vaid

 

311

Mrs. Ritu Vaid

 

311

Mr. Bharat Vaid

 

311

 

 

 

 

AS ON 29.09.2007

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Provider of superior service

 

 

Products :

 

 

GENERAL INFORMATION

 

Suppliers :
  • Amex Platinum Card of Mr. V. K. Vaid
  • Cement Trade Company Private Limited
  • Citi Bank Platinum Visa of Mr. V. K. Vaid
  • Eashwar Logistics
  • First Flight Courier
  • First Flight Courier Limited
  • Gemini Infocom Private Limited
  • Kishor Kumar Gokaldas
  • Mr. Kiran Patel
  • Security Deposit – Rent
  • Speed and Safe Courier Services
  • Aramax (India) Private Limited
  • Cochin Club
  • Cochin Yacht Club
  • Neat Cleaning Services
  • Speed and Safe Courier
  • Vayuveg Courier Services
  • Professional Couriers
  • Rainbow Enterprises
  • Thomas Mathew- Parel- Link Heights  

 

 

Customers :
  • Balaji Industrial Products Limited
  • Dalmia Refractories
  • Syntronics Limited
  • DCB Kerala

 

 

Employees :

8

 

 

Bankers :
  • Federal Bank Limited, Kalamassery
  • Federal Bank Limited, Mumbai
  • HDFC Bank Limited, Muvattupuzha
  • Punjab National Bank CHN, (Aluva)
  • CBL, Cochin – Current A/c
  • Federal Bank Limited, Kayamkulam
  • Federal Bank Limited, Aroor

 

 

 

 

 

Banking Relations :

Unknown

 

 

Auditors :

 

Name :

S. K. Jindal and Company

Chartered Accountant

Address :

Subhadra Bhawan, Arya Nagar, Lucknow, Uttar Pradesh – 226004, India

 

 

CAPITAL STRUCTURE

 

AS ON 29.09.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500

Equity Shares

Rs. 100/- Each

Rs.0.750 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2799

Equity Shares

Rs. 100/- Each

Rs.0.279 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.279

0.279

0.279

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.095

0.000

4] (Accumulated Losses)

(0.998)

0.000

(0.652)

NETWORTH

(0.719)

0.374

(0.373)

LOAN FUNDS

 

 

 

1] Secured Loans

0.575

0.781

0.248

2] Unsecured Loans

10.969

7.954

8.730

TOTAL BORROWING

11.544

8.735

8.978

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

10.825

9.103

8.605

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.855

5.427

4.048

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
3.732

0.876

4.158

 

Cash & Bank Balances
1.682

2.903

1.970

 

Other Current Assets
0.643

0.233

0.261

 

Loans & Advances
2.719

1.381

1.279

Total Current Assets
8.776

5.393

7.668

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
3.807

1.718

3.113

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
3.807

1.718

3.113

Net Current Assets
4.970

3.675

4.557

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

10.825

9.103

8.605

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales (Estimated)

 

 

10.000

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
(21.35)

27.94

(32.41)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.30

3.13

2.46

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTRY

 

Subject, incorporated in 1971, is an international marketing company with business in over 15 countries including the African continent. They are primarily focused on the cement industry, and have interests in petrochemicals, steel and thermal power generation industry.

 
They add value to their customers by bringing together internationally certified and well reputed suppliers for each specialized field. They provide superior service and ensure timely supply of highest quality products at most competitive prices.

 

 

Fixed Assets

 

 

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

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.80.36

Euro

1

Rs.62.84

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

29

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions