MIRA
INFORM REPORT
|
Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VISION MILLENNIUM EXPORTS PRIVATE LIMITED |
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Registered Office : |
810, Maker Chambers V, Nariman Point, Mumbai – 400 021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
24.12.1998 |
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Com. Reg. No.: |
11-117622 |
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CIN No.: [Company
Identification No.] |
U51900MH1998PTC117622 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV07327F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer of Edible Oil and Oil Products. |
RATING &
COMMENTS
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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 210000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Sujit (Export Executive) and Mr. Rajesh (Accountant) although agreed
to part require details but later on interaction of their superiors, declined
the same. Subject is a well established company having satisfactory track. Their
trade relations are fair. Payments are reported as slow but correct. However the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
810, Maker Chambers V, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-66301305 / 22828936
/ 22828937 / 22850924 / 22813688 |
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Fax No.: |
91-22-22828935 / 22828935 |
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E-Mail : |
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Factory 1 : |
Betul, Madhya
Pradesh (Registered Office) Kosmi Industrial Area, Betul (M.P.), India. |
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Tel. No.: |
91-7141 -239071, 239011 |
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Fax No.: |
91-7141-239131 |
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Factory 2 : |
MIDC Solapur,
Maharashtra B-12, M.I.D.C Chincholi, Solapur (M.S.)-413255 |
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Tel. No.: |
91-217-2357326 / 27 |
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Fax No.: |
91-217-2357332 |
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Factory 3 : |
Bhogaon Solapur,
Maharashtra 74/1 , Mardi cross, Barsi Road, Bhogaon, Taluka North Solapur, (M.S.) |
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Tel. No.: |
91-217- 2351288, 2351299 |
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Fax No.: |
91-217-2351379 |
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Factory 4 : |
Chhindwara,
Madhya Pradesh Village Partala, Parasia Road, Chhindwara (MP) |
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Mobile No.: |
91-9926002021 |
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Oil Marketing Offices : |
131/13, Above Andhra Bank, Zone II, M P Nagar, Bhopal (M.P.) 462011. |
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Tel. No.: |
91- 755 – 5283133 / 5269229 |
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De Oil Cake Marketing Offices
1 : |
·
D - 3, Rainbow Manor, Trichy road, Coimbatore – 641018, Tamilnadu,
India. Tel. No.: 91-422-2305070,9842265080 ·
25, bbd road. Eliza Apts. Phase 3, 3rd floor Hind Motor, Hoogli. Kolkata
– 712233, West Bengal, India Tel. No.: +91-33-26940709 |
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Aviva Crop Science (Seed
Marketing Division) : |
34, Sri Malaani Colony, Tarbund Road, New Bowen Pally, Secundrabad - 9 |
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Mobile No.: |
91-9952601978 |
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Poushtik Feeds (Agro-Vet
Division) : |
B-12, M.I.D.C Chincholi, Solapur (M.H)-413255 |
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Tel. No.: |
91-22-2784 1020 |
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Fax No.: |
91-22-2748 4609 |
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Mobile No.: |
91-9764089000 |
DIRECTORS
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Name : |
Mrs. Kanchan Daga |
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Designation : |
Director |
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Address : |
67B, Sonmarg, Napeansea Road, Mumbai – 400 006, Maharashtra, India |
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Date of Appointment : |
24.12.1998 |
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Date of Ceasing : |
07.07.2000 |
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Name : |
Mrs. Nirmala Daga |
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Designation : |
Director |
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Address : |
67B, Sonmarg, Napeansea Road, Mumbai – 400 006, Maharashtra, India |
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Date of Appointment : |
24.12.1998 |
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Date of Ceasing : |
24.11.2000 |
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Name : |
Mrs. Sushila Daga |
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Designation : |
Director |
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Address : |
67B, Sonmarg, Napeansea Road, Mumbai – 400 006, Maharashtra, India |
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Date of Appointment : |
24.12.1998 |
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Date of Ceasing : |
24.11.2000 |
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Name : |
Mr. D D Mishra |
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Designation : |
Director |
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Address : |
5B, Vaibhav B Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Appointment : |
06.03.2000 |
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Date of Ceasing : |
28.06.2001 |
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Name : |
Mr. Manish Bothra |
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Designation : |
Director |
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Address : |
67B, Sonmarg, Napeansea Road, Mumbai – 400 006, Maharashtra, India |
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Date of Appointment : |
24.04.2000 |
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Name : |
Mr. D Narsimhan |
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Designation : |
Director |
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Address : |
9D/303, Neelam Nagar, Phase II, Gavanpara, Mulund (East), Mumbai, Maharashtra,
India |
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Date of Appointment : |
07.07.2000 |
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Name : |
Mr. Nilay Daga |
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Designation : |
Director |
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Address : |
Daga House, Kothi Bazar, Betul – 460 001, Madhya Pradesh, India |
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Date of Birth/Age : |
10.12.1977 |
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Date of Appointment : |
31.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.12.2007)
|
Names of Shareholders |
No. of Shares |
|
Kanchan Daga |
166700 |
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Nirmala Daga |
166700 |
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Sushila Daga |
166600 |
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Total |
500000 |
Equity shares Breakup (percentage of total equity)
(As on 31.12.2007)
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Category |
Percentage |
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Other top fifty (50) shareholders
|
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of Edible Oil and Oil Products. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
·
Greater Bombay Co-Operative Bank Limited GBCB House, 89 Bhuleshwar, Mumbai – 400
002, Maharashtra, India ·
Greater Bombay Co-Operative Bank Limited Baldota Bhavan, 117 M K Marg, Churchgate,
Mumbai – 400 020, Maharashtra, India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dhanesh Borania and Company Chartered Accountants |
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Address : |
Navrang Building, 4th Floor, 330 Narshi Natha Street,
Masjid Bunder, Mumbai – 400 009, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2007 |
30.06.2006 |
30.06.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.377 |
20.777 |
14.876 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.377 |
25.777 |
19.876 |
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LOAN FUNDS |
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1] Secured Loans |
34.517 |
0.000 |
0.000 |
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2] Unsecured Loans |
34.095 |
0.000 |
0.000 |
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TOTAL BORROWING |
68.612 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.035 |
0.000 |
0.000 |
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TOTAL |
110.024 |
25.777 |
19.876 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.547 |
0.630 |
0.657 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
36.654 |
17.969 |
0.538 |
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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 |
25.050
|
10.062 |
6.860 |
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Sundry Debtors |
106.240
|
79.008 |
65.502 |
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Cash & Bank Balances |
7.951
|
13.909 |
21.675 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.090
|
9.728 |
25.305 |
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Total
Current Assets |
140.331
|
112.707 |
119.342 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
67.512
|
105.536 |
100.669 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
67.512
|
105.536 |
100.669 |
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Net Current Assets |
72.819
|
7.171 |
18.673 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.007 |
0.008 |
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TOTAL |
110.024 |
25.777 |
19.876 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
30.09.2007 |
30.06.2006 |
|
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Sales Turnover |
|
2152.019 |
1318.987 |
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Other Income |
|
4.376 |
5.556 |
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Total Income |
|
2156.395 |
1324.543 |
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Profit/(Loss) Before Tax |
|
15.929 |
5.968 |
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Provision for Taxation |
|
0.329 |
0.068 |
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Profit/(Loss) After Tax |
|
15.600 |
5.900 |
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Expenditures : |
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Purchases |
|
1978.539 |
1237.483 |
|
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Direct Expenses |
|
154.338 |
64.732 |
|
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Administrative Expenses |
|
4.316 |
6.246 |
|
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Loss on NCDEX transactions |
|
6.372 |
0.000 |
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Loss on share investments |
|
0.000 |
0.337 |
|
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Employee Cost |
|
1.994 |
1.753 |
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|
Increase/(Decrease) in Finished Goods |
|
(14.988) |
(3.202) |
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Finance Cost |
|
9.787 |
11.162 |
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Depreciation & Amortization |
|
0.108 |
0.064 |
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Total Expenditure |
|
2140.466 |
1318.575 |
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KEY RATIOS
|
PARTICULARS |
|
30.09.2007 |
30.06.2006 |
30.06.2005 |
|
PAT / Total Income |
(%) |
0.72
|
0.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.74
|
0.45 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.31
|
5.27 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.23 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.29
|
4.09 |
5.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.07 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
VISION MILLENNIUM EXPORTS PRIVATE LIMITED |
|
Presented By |
Greater Bombay Co-Operative Bank Limited and Vision Millennium Exports
Private Limited |
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1) Date and description of instrument creating the change |
Dated 12th
August, 2003 Deed of
Hypothecation Stock and Book-debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.100.000
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 |
The whole of the
current assets of the Borrower, namely, stocks of raw materials, Stock in
Process, semi-finished and finished goods, stores and spares, Bills
receivable and book debts and all other movables both present and future
whether now lying loose or in cases or which are now lying or stores in or
about nor shall hereinafter form time to time during the continuance of the
security of these presents be brought into or upon or be stored or be in or
about of the Borrower’s premises and godowns situate anywhere in India or in
or the course of transit or on high seas or on order or delivery, howsoever
and wheresoever in the possession of the Borrower and either by way of
substituting or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Penal
Interest at the rate of 2% p.a. with agreed rests over and above the agreed
rate of interest. ·
This
agreement shall operate as continuance security fore the balance due to the
Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Greater Bombay Co-Operative Bank Limited Baldota Bhavan, 117 M K Marg, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U51900MH1998PTC117622 |
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Name of the
company |
VISION MILLENNIUM EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
810, Maker Chambers V, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Greater Bombay Co-Operative Bank Limited GBCB House, 89 Bhuleshwar, Mumbai – 400 002, Maharashtra, India |
|
Nature of
instrument creating charge |
·
Supplemental
Agreement; and ·
Facility
Agreement (Collectively
constitute a single charge for Rs.80.000 millions) |
|
Date of
instrument Creating the charge |
04.08.2008 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest @ 13.50% p.a. at monthly rests. ·
Terms of
repayment On demand ·
Margin 30% against Stocks; and 40% against Receivable. ·
Extent and
operation of the charge The Company Hypothecated Stocks and Assets by way of First charge as stated
in Item No. 14 as security for the repayment of Cash Credit facility together
with interest, costs, charges, expenses etc. |
|
Particulars of
the property charged |
The whole of the
Current Assets of the Borrower namely, Stocks of Raw Materials, Stocks in
process, Semi-Finished and Finished Goods. |
|
Particulars of
the present modification |
The charge now
increased from Rs.50.000 millions to Rs.80.000 millions |
Fixed Assets
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixtures
·
Computers
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|