MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
V I OFFICE
EQUIPMENT PRIVATE LIMITED |
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Registered Office : |
No. 13, Kamala Arcade,
669, New No. 306, Mount Road, Chennai – 600006, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.04.1989 |
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Com. Reg. No.: |
18-17214 |
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CIN No.: [Company
Identification No.] |
U51909TN1989PTC017214 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV00516F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of articles
of paper and paperboard. |
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 48000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having moderate track. Profit margin is low. Payments are
reported as slow but correct. The company can
be considered for small to mediocre business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office/Factory : |
No. 13, Kamala
Arcade, 669, New No. 306, Mount Road, Chennai – 600006, Tamilnadu, India |
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Tel. No.: |
91-44-28297188 / 28523688 / 28553956 / 28528916 / 28297356 |
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Fax No.: |
91-44-28297326 /
28521326 / 28297328 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Chand
Baid |
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Designation : |
Managing Director
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Address : |
B -4 -4, Silver
Park Apartments, 24 Thani Kachalam Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
25.11.1958 |
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Date of Appointment : |
01.06.1996 |
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Name : |
Mr. Navratan Baid
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Designation : |
Whole Time
Director |
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Address : |
B-36, First
Floor, Jangpura Extension, New Delhi – 110 014, India |
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Date of Birth/Age : |
05.08.1957 |
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Date of Appointment : |
11.04.1989 |
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Name : |
Mrs. Sunita Baid |
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Designation : |
Director |
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Address : |
B-4-4, Silver
Park Apartments, 24 Thanikachalam Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
05.03.1967 |
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Date of Appointment : |
01.06.1996 |
KEY EXECUTIVES
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Name : |
Mr. S. Sridhar |
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Designation : |
Senior Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 15.09.2008)
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Names of Shareholders |
No. of Shares |
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Navratan Baid |
13600 |
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Vijay Chand Baid |
87700 |
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Priyankar Baid |
300 |
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Praghya Baid |
100 |
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Preksha Baid |
100 |
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Subukaran Baid |
500 |
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Indira Devi Baid |
300 |
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Ujjuwal Baid |
1500 |
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Bhavuk Baid |
11300 |
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Muskan Baid |
4300 |
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Vaishaly Baid |
200 |
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Usha Devi Baid |
2300 |
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Prerna Baid |
3500 |
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Jinesh Baid |
5400 |
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Mamol’s Baid |
500 |
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Anandamal Baid |
12700 |
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Nilesh Kumar Baid
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126300 |
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Meera Devi Baid |
50900 |
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Sunita Baid |
212400 |
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Bharathi Baid |
15500 |
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Ashoka Kumar |
10 |
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K C Chhajer |
100 |
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Total |
549510 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
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Category |
Percentage |
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Directors or relatives of directors
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100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
articles of paper and paperboard. |
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Products : |
Thermal
Transformer Ribbon
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(As on 31.03.2008)
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Installed Capacity |
1800000 Rolls |
GENERAL
INFORMATION
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Bankers : |
·
Canara Bank Thousand Lights, 5, Greams Road, Chennai – 600006, Tamilnadu, India ·
Standard Chartered Bank No. 8, Haddows Road, Ground Floor,
Jayalakshmi Estates, Nugambakkam, Chennai – 600 006, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. C. Bichhawat
and Company Chartered
Accountants |
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Address : |
No. 160,
Govindappa Naicken Street, Parrys, 2nd Floor, Chennai – 600 001,
Tamilnadu, India |
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Tel No.: |
91-44-25380012 / 42012012 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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549510 |
Equity Shares |
Rs.10/- each |
Rs.5.495 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.495 |
5.495 |
5.495 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.154 |
3.815 |
3.535 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.649 |
9.310 |
9.030 |
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LOAN FUNDS |
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1] Secured Loans |
12.909 |
10.433 |
12.010 |
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2] Unsecured Loans |
6.763 |
9.702 |
9.793 |
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TOTAL
BORROWING |
19.672 |
20.135 |
21.803 |
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DEFERRED TAX LIABILITIES |
0.203 |
0.201 |
0.226 |
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TOTAL |
29.524 |
29.646 |
31.059 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.631 |
1.962 |
1.863 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.474 |
0.540 |
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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 |
25.976
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28.170 |
28.251 |
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Sundry Debtors |
16.025
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19.504 |
16.416 |
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Cash & Bank Balances |
2.194
|
2.942 |
3.705 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.082
|
1.901 |
1.811 |
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Total
Current Assets |
46.277
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52.517 |
50.183 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
18.102
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25.060 |
21.348 |
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Provisions |
0.284
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0.251 |
0.185 |
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Total
Current Liabilities |
18.386
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25.311 |
21.533 |
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Net Current Assets |
27.891
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27.206 |
28.650 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.004 |
0.006 |
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TOTAL |
29.524 |
29.646 |
31.059 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
160.448 |
NA |
167.027 |
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Total Income |
160.448 |
NA |
167.027 |
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0.658 |
NA |
0.469 |
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Provision for Taxation |
0.319 |
NA |
0.000 |
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Profit/(Loss) After Tax |
0.339 |
NA |
0.469 |
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Earnings in Foreign Currency : |
0.138 |
NA |
NA |
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CIF Value : |
59.108 |
NA |
NA |
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Total Expenditure |
159.790 |
NA |
166.558 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.21
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NA |
0.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.41
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NA |
0.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
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NA |
0.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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NA |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.94
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4.88 |
4.80 |
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Current Ratio (Current Asset/Current Liability) |
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2.52
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2.07 |
2.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
V I OFFICE EQUIPMENT PRIVATE LIMITED |
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Presented By |
Canara Bank,
Thousand Lights Branch, Chennai – 600 006 |
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Date and description of instrument creating the change |
21.12.1993
Hypothecation agreement on stock |
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Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500
Millions |
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Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock of imported
Thermal Paper, Fax Roll Papers, Eloppies etc. |
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Gist of the terms and conditions and extent and operation of the charge. |
OCC Rs.0.500
million Payable on Demand
ROI @ 16.58 % P.
A. |
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Name and Address and description of the person entitled to the charge. |
Canara Bank,
Thousand Lights Branch, Chennai – 600 006 |
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Date and brief description of instrument modifying the charge |
Supplemental
common hypothecation agreement dated 24.12.2004 |
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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. |
On 24.12.2004 in
addition to the existing limits (OCC Limit Rs. 5.00 millions, FLC / ILC limit
Rs. 15 millions CDB / LCDB Limit Rs. 1 Million) The Bank is sanctioned FLC (ST) Limit of Rs.10.000 millions Total Limits
enhanced from 21.000 millions to 31.000 millions Now the total
limits are OCC : Rs. 5
Millions FLC / ILC Regular
: Rs. 15 Millions FLC / ILC (ST) :
Rs. 10 Millions CDB / LCDB Rs.
1.00 Millions Total Rs. 31 Millions Existing
collateral securities will continue as security for total enhanced
limits. |
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Corporate
identity number of the company |
U51909TN1989PTC017214 |
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Name of the
company |
V I OFFICE
EQUIPMENT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 13, Kamala
Arcade, 669, New No. 306, Mount Road, Chennai – 600006, Tamilnadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Others o
Inventory |
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Particular of
charge holder |
Standard Chartered Bank No. 8, Haddows Road, Ground Floor, Jayalakshmi Estates, Nugambakkam,
Chennai – 600 006, Tamilnadu, India |
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Nature of instrument
creating charge |
18.09.2008 |
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Date of
instrument Creating the charge |
Rs.34.500
millions |
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Amount secured by
the charge |
·
Rate of
interest Overdraft of INR Rs.17.500 millions interest of 12.50% p.a. Import
Letter of Credit of INR Rs.15.000 millions, Forex Forward of INR Rs.2.000
millions Interest on od to be applied on monthly rest on the overdraft
facility. These rates are subject to change at the discretion of the Bank and
are also subject to guidelines issued by regulatory authorities. ·
Terms of
repayment As agreed by and with the Bank ·
Margin As applicable, if any ·
Extent and
operation of the charge Hypothecation by way of first charge on all the stocks and book debts,
both present and future. |
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Particulars of
the property charged |
Hypothecation by
way of first charge on all the stocks and book debts, both present and
future. |
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Particulars of
the present modification |
Hypothecation of stocks and book debts amount has been enhanced from 27.500 millions to 34.500 millions. |
Fixed Assets
·
Air Conditioners
·
Cellular
·
Computer
·
Cycle
·
Electrical Fittings
·
Factory Building
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Fax Machine
·
Furniture and Furnitures
·
Land
·
Machinery
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Manual Tools
·
Motor Car – Hyundai
·
Printer (Laser)
·
Telephone Accessories
·
Two Wheeler
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Welding Scale
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Delivery Van
·
Vehicle Honda Dio
·
Computer Laptop
·
Vehicle Honda Activa
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.48.79 |
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UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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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 |
4 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
|
|
>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 |
|