MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
V. V. F. LIMITED |
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Registered Office : |
Plot No.109, Opposite Sion (East), Off. |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1939 |
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Com. Reg. No.: |
002994 |
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CIN No.: [Company
Identification No.] |
U99999MH1939PLC002994
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTV00663F |
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Legal Form : |
A
Closely Held Public Limited Liability company |
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Line of Business : |
Manufacturing
and |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Good |
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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 in its’ field. Available
information indicates high financial responsibility of the company. Financial
position of the company is good. Payments are correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. It
can be regarded as a promising business partner in a long-run. |
LOCATIONS
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Registered Office : |
Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai – 400022, Maharashtra, India |
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Tel. No.: |
91-22-24073221-23/ 24093882/ 24030802/ 24016749 |
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Fax No.: |
91-22-24091554/ 24073771 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Oleochemicals/ Soaps
Plot
109 and 109-B, Opposite Sion Fort Garden, 109, Sion (East), Mumbai – 400022,
India Tel.
No. 91-22-24073221-3 Fax
No. 91-22-24091554 E-Mail doy@vvfltd.com
Soaps/Personal Care Products/
Oleochemicals
NOP Compound,
Maneklal Road, Navsari, Dist. Bulsar – 396445, Gujarat, India Tel.
No. 91-2637-250227/47498 Fax
No. 91-2637-256622 E-Mail vvfltd@ad1.vsnl.net.in
Personal Care Products/ Soaps
141,
Survey No. 194/4, Panchal Udyog Nagar, Bhimpore, Nani Daman (Union
Territory), India Tel.
No. 91-260-2263075 Fax
No. 91-260-2263790 E-Mail vita@ad1.vsnl.net.in
Storage Tank Farm
Plot
Nos. 1779 and 1098, Hay Bunder Road, Sewree, Mumbai –
400033, India Tel.
No. 91-22-23721967/3728035 Fax
No. 91-22-23726238 E-Mail tankfarms@vvfltd.com
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Location : |
Owned |
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Works : |
·
Survey No.65, Meghpar Borichi, Galpadar Anjar Road,
Gandhidham, Gujarat – 370201, India
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Wind
mills: |
Located
at Satara,
Maharashtra, India |
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Branches : |
214,
DDA Commercial Complex, Phase I, Jhandewalan, New Delhi – 11005, India |
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Tel. No.: |
91-11-3517800/3523536/3537800 |
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Fax No.: |
91-11-3545475 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Rustom Godrej Joshi |
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Designation : |
Chairman
and Managing Director |
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Address : |
Flat 50, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony,
Dadar, Mumbai 400014, Maharashtra, India
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Date of Birth/Age : |
05.05.1953 |
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Date of Appointment : |
24.11.1972 |
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Name : |
Mr.
Faraz Godrej Joshi |
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Designation : |
Whole Time Director |
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Address : |
40 – A, Hill Stone, B. G. Kher Marg, Malabar Hill, Mumbai 400006, Maharashtra,
India |
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Date of Birth/Age : |
21.07.1946 |
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Date of Appointment : |
24.11.1972 |
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Name : |
Mr. Rajamani Subramaniam Iyer |
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Designation : |
Director |
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Address : |
3/99, Kaushalya Mahal, Sion [West], Mumbai 400022, Maharashtra, India |
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Date of Birth/Age : |
25.12.1927 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr.
Julio Frederick Ribeiro |
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Designation : |
Director |
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Address : |
51, 5th Floor, Sagar Tarang, Worli Seaface, Mumbai 400025,
Maharashtra, India |
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Date of Birth/Age : |
05.05.1929 |
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Date of Appointment : |
23.01.2001 |
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Name : |
Rashmin
Balakrishna Joshi |
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Designation : |
Whole-time Director |
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Address : |
1005, ‘B’ Wing, Raj Residency, Mahavir Nagar, Kandivali 400067,
Maharashtra, India |
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Date of Birth/Age : |
25.11.1962 |
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Date of Appointment : |
01.10.2001 |
KEY EXECUTIVES
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Name : |
Mr. Makarand Purushottam Karnataki |
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Designation : |
Company Secretary |
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Address : |
606, Royal Ashar Residency, Alwares Glades Road, Off Pokhran Road No.
2, Thane 400610, Maharashtra, India |
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Tel No. : |
91-22-24016749 |
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Fax No. : |
91-22-24091554 |
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Date of Birth/Age : |
12.04.1970 |
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Date of Appointment : |
12.06.2002 |
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Name : |
Mr. Mr. Jagmohan Agarwal |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. Mohan Parshuram Sonar |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
15.06.1967 |
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Date of Appointment : |
16.07.2007 |
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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Vita Oil Private Limited |
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200000 |
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R. F. Exports Private Limited |
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1000000 |
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Rustom Godrej Joshi |
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2007750 |
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Faraz Joshi |
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2007850 |
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Neville Rustom Joshi |
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100 |
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Navshri Oil Products Private Limited |
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100 |
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Godsil Investments Private Limited |
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200 |
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Inter Rec Products Limited |
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996000 |
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Total |
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6212000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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23.01 |
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Directors or relatives of the Directors |
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76.99 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Sale of Processed Oils, Fatty Acid and Allied Products, Soaps Noodles/
Soaps, Shaving Cream and Wind Mills. |
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Products : |
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Brand Names : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
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Processed Oils, Fatty Acids & Allied Products
[Non-Edible] |
MT |
42,000 |
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Oils |
MT |
250 |
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Soaps Noodles/Soaps, etc. |
MT |
54,100 |
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Shaving Cream |
MT |
400 |
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Wind Mills |
MW |
3.5 |
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Soap Cakes, etc. |
MT |
- |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
724 |
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Bankers : |
D. N.
Road, Mumbai – 400 001, Maharashtra, India
Free
Press Journal Road, Nariman Point, Mumbai – 400 021, India
Commercial
Branch, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India
Mumbai Large Corporate
Branch, Bank of India Building, 70/0, M. G. Road, Mumbai 400023, Maharashtra,
India
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
H. N. Mehta Associates Chartered Accountants |
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Address : |
50-51, Ali Chambers, Tamarind Lane, Flora Fountain, Mumbai 400023,
Maharashtra, India |
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Associates |
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Subsidiaries : |
CIN No. : U24230MH2004PTC145489
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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1050000 |
Preference Shares |
Rs. 100/- each |
Rs. 105.000 Millions |
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Total |
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Rs. 205.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5216000 |
Equity Shares |
Rs. 10/- each |
Rs. 52.160
Millions |
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996000 |
Preference Shares |
Rs. 100/-
each |
Rs. 99.600
Millions |
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Total |
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Rs. 151.760 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 |
151.760 |
156.760 |
162.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2213.157 |
1965.195 |
1469.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2364.917 |
2121.955 |
1631.800 |
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LOAN FUNDS |
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1] Secured Loans |
3984.880 |
2182.053 |
1654.100 |
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2] Unsecured Loans |
1416.952 |
1329.345 |
1252.600 |
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TOTAL BORROWING |
5401.832 |
3511.398 |
2906.700 |
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DEFERRED TAX LIABILITIES |
377.549 |
348.350 |
0.000 |
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TOTAL |
8144.298 |
5981.703 |
4538.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4116.582 |
3526.483 |
3386.600 |
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Capital work-in-progress |
618.644 |
845.197 |
0.000 |
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INVESTMENT |
200.834 |
21.054 |
21.100 |
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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 |
2978.737
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2957.460 |
1536.300
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Sundry Debtors |
1574.854
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864.732 |
953.300
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Cash & Bank Balances |
86.787
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116.982 |
98.000
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
1190.359
|
647.957 |
293.800
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Total
Current Assets |
5830.737
|
4587.131 |
2881.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2539.028
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2909.430 |
1678.300
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Provisions |
83.471
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88.732 |
72.300
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Total
Current Liabilities |
2622.499
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2998.162 |
1750.600 |
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Net Current Assets |
3208.238
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1588.969 |
1130.800
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8144.298 |
5981.703 |
4538.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
8518.398 |
6787.750 |
5464.400 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total
Income |
8518.398 |
6787.750 |
5464.400 |
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Profit/(Loss) Before
Tax |
391.133 |
610.425 |
534.100 |
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Provision for
Taxation |
112.672 |
78.215 |
179.900 |
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Profit/(Loss)
After Tax |
278.461 |
532.210 |
354.200 |
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Export Value |
2690.021 |
2625.794 |
NA |
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Import Value |
3008.786 |
3501.344 |
NA |
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Expenditures : |
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Depreciation & Amortization |
400.407 |
263.620 |
0.000 |
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Other Expenditure |
7726.858 |
5913.705 |
4930.300 |
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Total Expenditure |
8127.265 |
6177.325 |
4930.300 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.27
|
7.84 |
6.48
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Net Profit Margin (PBT/Sales) |
(%) |
4.59
|
8.99 |
9.77
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.93
|
7.52 |
8.52
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.29 |
0.32
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Debt Equity Ratio (Total Liability/Networth) |
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3.39
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3.07 |
2.85
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Current Ratio (Current Asset/Current Liability) |
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2.22
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1.52 |
1.64
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LOCAL AGENCY FURTHER INFORMATION
Form 8 Bankers
Charges Report as per Registry
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This Form is for |
Creation of charge |
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Corporate
identity number of the company |
U99999MH1934PTC002994 |
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Name of the
company |
V. V. F. LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
109, Sion East, Mumbai – 400 022, Maharashtra India |
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Type of charge |
Movable Property Floating Charge |
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Particular of
charge holder |
Bank of India Mumbai Large
Corporate Branch, Bank of India Building, 70/0, M. G. Road, Mumbai 400023,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Term
Loan and hypothecation of movable assets, goods, property, Plant and
Machinery |
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Date of
instrument Creating the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest 2.25%
p.a. below bank rate subject to a minimum of 10.25% p.a. or at such other
rate as may be notified by the bank to the company from time to time. [b] Terms of
repayment repayment in 11
quarterly installments of Rs. 16.500 Millions each and 12th
quarterly installment of Rs. 18.500 Millions each, with six months moratorium
from the date of first disbursements [c] Margin as may be
stipulated by the bank from time to time. [d] Extent and
operation of the charge the security and
charge created over the properties shall be a security by way of first charge
for due repayment of credit facilities together with all accessories, stores and
spares and other monies due and payable thereon. |
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Short particulars
of the property charged |
First charge by
way of hypothecation on all movable assets, goods, property, plant and
machinery together with all
accessories, stores and spares relating thereto, now belonging or hereafter
to belong to the company situated at Survey No. 635, Sim or Anjar , District
Kutch 370110 [Kutch – II Property] |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
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Name of the company |
V. V. F. Limited |
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Presented By |
Mr. Makarand
Karnataki, Company Secretary |
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1) Date and description of instrument creating the change |
Memorandum of Entry creating equitable mortgage by deposit of title
deeds with Bank of India on 12.01.2006. |
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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 |
Equitable
mortgage created by deposit of title deeds by way of constructive delivery
with Bank of India, BOI acting as agent of State Bank of Patiala in respect
of Kutch I immovable Property. [a] All that
piece and parcels of industrial land or ground terrace with messauges
hereditaments, tenements standing thereon situate lying and being upon the
land bearing Revenue Survey No. 65 admeasuring Acres 5, Gunthas 22 being
22460 sq. mtrs. At village Meghpar Borichi, Taluka Anjar, District Kutch. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Mortgage created
by way of 1st charge on Kutch I property to secure working capital
term loan of Rs. 100.000 Millions with interest, cost, expenses, charges,
commission etc, |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of
Patiala Commercial Branch,
Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
New Projects:
The Company has commissioned Acid Stripper (Thermal De-acidulation) and
Hydrogenation units at Taloja and Second Oil Splitting unit Kutch. The De-bottleneck
of Fatty Alcohol plant in Taloja is in progress. Civil construction of personal
care products plant at Baddi, Himachal Pradesh has been complete. The Plant is
expected to start commercial production in November 2007.
Fixed
assets
- Land
- Building
- Plant and Machinery
- Electrical
Installation
- Furniture and Fixtures
- Office Equipments
- Air Conditioners
- Cooling Machine
- Laboratory Apparatus
- Vehicles
- Boiler
- Water Cooler
- Weigh Bridge/Scale
- Process
Vessel and Lift
AS
PER WEBSITE
HISTORY
The company is a global player in the
Oleochemicals and Personal Care industries. They are also India’s contract
manufacturer of toiletries and cosmetics for some of the world’s most popular
brands.
Over a proud history of more than 60 years, they have created
an organization steeped in traditional values of honesty, integrity, customer
centricity and a rigorous work ethic. They have also fostered a culture focused
on excellence which has resulted in their cutting edge expertise in research
and product development. Their factories boast of state-of-the-art technology,
ISO Certified environment-friendly processes and highly trained and productive
manpower. No wonder the quality of their products is indisputably world-class.
Their turnover has grown rapidly over the past few years to
touch Rs. 6750 million (year ended March 2006) and is expected to grow to Rs.
10020 million by March 2007.
For them, however, this is the beginning. The strong
foundation they have painstakingly built over the years is now the launch pad,
as they expand in several new directions. They are on the threshold of an
entirely new and exciting phase of their evolution as a global oleo chemicals
and personal care player. The possibilities are limitless as they march on the
road ahead. They invite you to join them on this exciting journey!
CORE
VALUES
Every Employee must be considered as an individual and we
must respect their dignity and recognize their merit.
Equal opportunities for employment development and
advancement should be available for all.
The Suppliers and Business Associates must be given a fair
and reasonable deal.
They must be good citizens - pay the fair share of taxes and
abide by all applicable Laws and Regulations.
They must protect the environment and the natural resources.
They must make a sound profit by driving business ethically,
using legitimate modern methods and techniques.
Adequate reserves must be created to face adverse times.
Stockholders should receive a fair return on their investments.
STRENGTH
- Over the last 68 years, they have established as the leading Indian
contract manufacturer for some of the world’s leading brands.
- Very highly regarded research and development team.
- State of the art completely integrated manufacturing
infrastructure.
- All organization-wide processes completely ISO 9001:2000 Certified.
- Highly evolved people practices centering on building excellence in
every sphere of their work.
- All their products are 100% vegetable oil based.
- Flexibility to execute large and small orders of toiletries and
cosmetics in several sizes and volumes.
- End to End solution provider.
- Awarded Best Contract Manufacturer many times by multinationals.
OLEO CHEMICALS
The Oleo
chemicals business is company first and stills the largest business division.
The Oleo Chemicals divisions today has grown from a small plant manufacturing
vanaspati ghee (partially hydrogenated vegetable oils) to a very large and
global operation manufacturing a variety of fatty alcohols, fatty acids,
glycerine and soap noodles.
With manufacturing facilities in India, Dubai and Canada and prestigious
clients spread across five continents, the Oleo chemicals business is truly a
global multinational operation providing customers with quality products.
The Oleo
chemicals business division has always been at the forefront of technology and
has numerous firsts to its credit. Most recently, in 2004, they commissioned a
fatty alcohol plant incorporating Lurgi’s Latest Wax Ester Technology, for the
first time worldwide.
PERSONAL CARE
With decades of experience and specialized know how, they manufacture a complete range of world-class toiletries and cosmetics using the purest ingredients, state-of-the-art technology and ISO Certified processes. With the foundation of the strengths they have developed over the last several decades, their Personal Care Business is now growing at a phenomenal pace and is poised to introduce several products and services that will challenge current benchmarks in the industry.
Each product that they manufacture is tuned to greatly enhance both the outer
beauty and inner well-being of their consumers and bring about a harmonious
connection between mind, body & spirit. In essence, their effort is forever
tuned towards connecting intimately with consumer needs and then creating
products and services that give the customer a complete and unforgettable
experience.
The Brands have always enjoyed a loyal and fast expanding consumer base. The
popular brands include Doy, Doy Care AloeVera, Doy Care Crème, Jo and Shiff.
FULLY INTEGRATED OPERATIONS
The contract manufacturing operations are fully integrated and their various facilities are outlined below
- Global Procurement and Bulk Storage of Vegetable Oils
- Fat Splitting, Fatty Acid Distillation and Fractionation Plants
- Glycerine Refining
- Fatty Alcohol Manufacturing
- Soap Noodle Plants and Soap Stamping Machinery
- Soap Wrapping and Cartoning Machinery
- Domestic and Export Logistics
The fully integrated model creates several advantages for their customers
- A complete spectrum of quality toiletries and cosmetics manufactured under one roof
- Steady Pricing due to continuous stock of Oil
- Better Fatty Acids for Noodles by the use of state-of-the-art splitting and distillation
- Lowered Cost due to manufacturing of all intermediate products
- Very high quality finished products using cutting edge machinery
- Trouble Free and Cost efficient deliveries through plants located in India , Dubai and Canada
- Products and Services based on a complete understanding of quality parameters and the business needs
- Long term cost advantage through strategic cooperation
LOCATIONS:
Subject has grown from a small single location company to a
multilocation, global entity. The company has manufacturing plants at several
locations in India as well as abroad.
Subject intends to expand its locations to better service
its global customers most competitively.
INDIA
MUMBAI:
Subject has large integrated oleochemicals complex at Sion
(East) in Mumbai.
The complex has various production facilities such as oil
and fat splitting plants, fatty acid distillation plants, fatty acid
fractionation units, fatty acid hydrogenation plants, glycerine refining and
purification units, and continuous saponification plants obtained from global
equipment suppliers of repute.
All these plants are controlled by fully automated distributed
control systems (DCS). Modern, well-equipped quality control and R&D
laboratories support these production facilities. This oleo chemicals complex
is ISO 9001:2000 certified by TUV, Germany.
TALOJA:
The recently commissioned fatty alcohols plant is located at
Taloja, about 50 km east of Mumbai. This plant is a part of a large proposed
oleo chemicals complex spread over 68,000 sq. m. Oil and fat splitting plant,
fatty acid distillation and fractionation units as well as specialized soap noodles
plant are under construction.
The fatty alcohols plant has been commissioned in August
2004. The process know-how has been obtained from Lurgi, Germany. The latest
Wax Ester Technology is used for the first time to produce high purity fatty
alcohols from fatty acids.
NAVSARI:
Specialized soaps plant is located at Navsari in Gujarat
State, approximately 290 km north of Mumbai. These specialized soaps are
exported to USA and other developed countries for the hotel industry.
There are three dedicated, fully automated lines for
manufacturing wrapped and cartoned soaps for export.
This facility is ISO 9001:2000 certified by TUV, Germany.
KUTCH:
One of the largest toilet soap manufacturing plant in India
spread over 70,000 sq. m is located at Kutch in Gujarat State, approximately
900 km north of Mumbai. This facility houses various units to manufacture soap
noodles, toilet soaps, refined glycerine and also talcum powder. There are
seven fully automated toilet soap finishing lines. The glycerine manufacturing
facility is capable of producing IP, BP and USP grades. The talcum powder unit
is designed on pharmaceutical standards with a class 100,000 environment and
follows GMP accordingly.
DAMAN:
The personal care products manufacturing facility is located
at Daman, a Union Territory, about 200 km north of Mumbai. It has a total
constructed area of 20,000 sq. m and is one of the most modern units suitable
for pharmaceutical and cosmetics formulations. It is capable of producing
liquids, creams and emulsions - formulations of various personal care products.
The entire unit is designed to comply with a class 100,000 environment as per
pharmaceutical norms. The facility meets cGMP requirements. It is also ISO
9001:2000 certified by TUV, Germany.
INTERNATIONAL
VVF North America Inc. produces and markets the following
products -
- Hotel / Motel Bar Soaps, wrapped and unwrapped
Hotel size Bottles (30 styles to choose
from)
- Complete Stock Hotel Amenity Programs
Custom Hotel Amenity Programs
- Custom Hotel Accessory items
Retail Soaps in various packaging
- Bundled Retail Soaps
Industrial Bar Soaps
- Retail Liquids
Deodorant Sticks in retail and travel
sizes
CANADA
- ONTARIO
VVF America manufactures anti-perspirants, deodorants and
pain relieving sticks. The facility in Milton, Ontario also manufactures its
deo containers. Markets served include private label and contract
manufacturing.
U.S.A.
– KANSAS
At the new Kansas City Plant, VVF will manufacture a full
line of packaged cleaning products including soap bars, shampoos, liquid soaps,
light duty liquids and other homecare and personal care products.
The Kansas City plant is a highly automated, state of the art soap and liquid
cleaning products manufacturing facility, occupying over 25 acres and well
served by rail and road links to the entire North American continent. The new
plant will be used to service existing brand-name contract manufacturing
customers, with whom we have business in Asia, Europe and the Middle East &
North America. The new facility will be used to expand our business in the
hospitality market, serving major hotel chains with soaps, shampoos and related
products. The private label business with supermarket, mass merchandise and
drugstore chains, will be extended to the US market using the new plant. The
plant’s capacity is sufficient to enable us to achieve the market share and
leadership in the US that we currently enjoy in the Southeast Asian market for
the same products.
UAE -
VVF Dubai has two state-of-the art toiletry manufacturing
plants, strategically located to deliver excellent logistic advantage to
customers in Middle East, Africa and Europe. GCC and Arab league markets
will benefit from custom duty exemption while importing from these plants.
The facilities can handle a wide range of products including
transparent and translucent soaps, shampoos, lotions and creams. The liquid
plant conforms to world class standards including USP 30 grade purified water.
POLAND
- RACIBORZ
VVF Sp. z o. o acquired this robust facility from a global
giant based in Germany. The plant manufactures soap noodles and finished
soaps. With the completion of the upgradation of capacity, this plant
will be capable of servicing the VVF customer base in the whole of
Europe. Being centrally located and close to relatively competitive
source of raw materials, the Raciborz plant will bring a lot of value to its
customers.
Singapore
VVFSingapore Pte. Limited is a company engaged in the
trading and marketing of oleo chemicals and their derivatives in South East
Asia. The Company also facilitates sourcing of oleo chemicals for VVF
Group companies around the world. It services a number of global
customers in South East Asia and works with them in their development needs.
INDONESIA
- MEDAN
PT. VVF Indonesia has started a large size greenfield
project that will have positive implications for VVF plants and customers all
over the world. This will be a well integrated facility which will
exploit the availability of vegetable oils in the region, at world’s best
rates.
VVF
CHEMICALS LLC
VVF established oleo chemicals operations in North America
in 2005. The company now has its head office in New Jersey with customer
service and order entry in its Houston, TX office. Product is stored throughout
the continent, convenient to customers. VVF has bulk storage tanks on the
Houston ship channel from which it delivers to consumers across the NAFTA
region by rail and road. VVF‘s rail fleet consists of purpose built and custom
finished tank cars which are dedicated to VVF products only. The company also
packaged goods warehouses in a number of locations including Newark, NJ<
Memphis, TN, Chicago, IL and Los Angeles, CA. In addition VVF works closely
with a group of dedicated distributors carrying the company’s products.
While enjoying the benefits that come from being part of a rapidly growing
multinational oleo chemical and personal care products company, VVF in the US
operates as your local partner in North America
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. 49.95 |
|
UK Pound |
1 |
Rs. 79.56 |
|
Euro |
1 |
Rs. 63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|