MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIMALACHAL PRINT AND PACK PRIVATE LIMITED |
|
|
|
|
Registered Office : |
5, Saket Industrial Estate, 437 Morajya, Tal. Sanand, Ahmedabad –
382213, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
16.11.1993 |
|
|
|
|
Com. Reg. No.: |
020669 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74950GJ1993PTC020669 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMV00249E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV7000Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Packaging Materials. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 766145 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Pancholi |
|
Designation : |
Account Executive |
|
Date : |
06.09.2008 |
LOCATIONS
|
Registered Office : |
5, Saket Industrial Estate, 437 Morajya, Tal. Sanand, Ahmedabad –
382213, Gujarat, India |
|
Tel. No.: |
91-2717- 250296 |
|
Fax No.: |
91-2717- 250722 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Girishbhai Shah |
|
Designation : |
Director |
|
Address : |
139, V R Shah Smruti Sixan Mandir, B/H Yogeshwar Nagar Society, Vasna,
Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
27.05.1943 |
|
Date of Appointment : |
16.11.1993 |
|
|
|
|
Name : |
Mr. Ravindra Shah |
|
Designation : |
Director |
|
Address : |
A- 202, 2nd Floor, AUM darshan Chel, Shankar Lane,
kandiwali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1947 |
|
Date of Appointment : |
16.11.1993 |
|
|
|
|
Name : |
Mr. Biren Harishbhai Shah |
|
Designation : |
Director |
|
Address : |
A 102, Darshan Apartment, Shankar Lane, kandiwali (West), Mumbai –
400067, Maharashtra, India |
|
Date of Birth/Age : |
31.08.1972 |
|
Date of Appointment : |
16.11.1993 |
|
|
|
|
Name : |
Mr. Manish Harish Shah |
|
Designation : |
Director |
|
Address : |
A 102, Darshan Apartment, Shankar Lane, kandiwali (West), Mumbai –
400067, Maharashtra, India |
|
Date of Birth/Age : |
27.11.1964 |
|
Date of Appointment : |
16.11.1993 |
|
|
|
|
Name : |
Mrs. Hansaben Girishbhai Shah |
|
Designation : |
Director |
|
Address : |
V R Shah Smruti ADA. EDU, B/H Yogeshwar Nagar Society, Vasna,
Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
19.12.1945 |
|
Date of Appointment : |
16.11.1993 |
|
|
|
|
Name : |
Mr. Kinnari Aasit Shah |
|
Designation : |
Director |
|
Address : |
I – 4, Jan Vishram Society, Nr. Canara Bank, Ambawadi, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
24.12.1969 |
|
Date of Appointment : |
16.11.1993 |
|
|
|
|
Name : |
Mr. Harmish G. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mimish G. Shah |
|
Designation : |
Director |
|
Address : |
V R Shah Smruti ADA. EDU, B/H Yogeshwar Nagar Society, Vasna,
Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
09.02.1974 |
|
|
|
|
Name : |
Ms. Nipa Harmish Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.01.1973 |
|
Date of Appointment : |
01.08.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Girishbhai Shah |
|
160000 |
|
Mr. Harmish G Shah |
|
155000 |
|
Rashmibhai V Shah |
|
19000 |
|
Kokilaben H Shah |
|
60000 |
|
Manishbhai H Shah |
|
160000 |
|
Harishbhai Balchand Shah, HUF |
|
2500 |
|
Shilpaben M Shah |
|
20000 |
|
Birenbhai R Shah |
|
96000 |
|
Ravindrabhai B Shah |
|
30000 |
|
Pannaben R Shah |
|
30000 |
|
Ravindrabhai Balchand Shah, HUF |
|
25000 |
|
Nikhil Ravindrabhai Shah |
|
150000 |
|
Hemal Ravindrabahi Shah |
|
150000 |
|
Rupal Biren Shah |
|
60000 |
|
Bijal Hemalhai Shah |
|
30000 |
|
Sejal Nikhil Shah |
|
30000 |
|
Naisarji Biren Shah |
|
24000 |
|
Girishbhai Vadilal Shah, HUF |
|
155000 |
|
Hansaben Girishbhai Shah |
|
155000 |
|
Harmishbhai Girishbhai Shah, HUF |
|
155000 |
|
Bina Mimish Shah |
|
155000 |
|
Nipa Harmesh Shah |
|
500 |
|
Kinariben G Shah |
|
1999500 |
|
|
|
|
AS ON 29.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Packaging Materials. |
|
|
|
|
Products : |
· Soap Wrappers · Laminates · Detergent Bags
and Pouches · LD Coated Paper
and Boards · Hotmelt Coated
Packaging Materials |
|
|
|
|
Exports : |
|
|
Countries : |
Gulf Countries |
|
|
|
|
Imports : |
|
|
Countries : |
USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
|
Customers : |
Wholesaler |
|
|
|
|
No. of Employees : |
80 |
|
|
|
|
Bankers : |
AXIS Bank, Law Garden Trisul, 3rd Floor, Opp. Samartheshwar Temple, Law Garden
Ellisbridge – 380006, Gujarat, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Kantilal and Company Chartered Accountant |
|
Address : |
804, Sarap Building, Income Tax, Ahmedabad – 380014, Gujarat,
India |
|
Tel No.: |
91-79-27543499 |
|
|
|
|
Memberships : |
· Ajya Mistry and
Sons – Mumbai · Echjay
Industries – Thane · Harsheet
Enterprises – Vasai · KVNS Paper products
– Rajapalayam · Sourabh Polymers
Limited – Nashik · Shah Exports –
Ahmedabad · Parikh Packaging
Private Limited – Ahmedabad · Ad Industries –
Ahmedabad · Panorama
Packaging Private Limited – Ahmedabad · Packotech
Systems – Ahmedabad |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- Each |
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1999500 |
Equity Shares |
Rs. 10/- Each |
Rs.19.995 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.995 |
19.995 |
19.995 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
133.234 |
107.550 |
89.864 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
153.229 |
127.545 |
109.859 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.323 |
0.000 |
13.117 |
|
|
2] Unsecured Loans |
72.642 |
67.860 |
81.475 |
|
|
TOTAL BORROWING |
92.965 |
67.860 |
94.592 |
|
|
DEFERRED TAX LIABILITIES |
6.538 |
5.658 |
6.503 |
|
|
|
|
|
|
|
|
TOTAL |
252.732 |
201.063 |
210.954 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
92.289 |
79.251 |
58.624 |
|
|
Capital work-in-progress |
23.149 |
18.640 |
4.792 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.674 |
18.640 |
4.792 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.674 |
0.674 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.126
|
32.097 |
26.781 |
|
|
Sundry Debtors |
58.693
|
34.009 |
33.773 |
|
|
Cash & Bank Balances |
4.102
|
65.993 |
73.554 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
37.531
|
32.763 |
34.419 |
|
Total
Current Assets |
145.452
|
164.862 |
168.527 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
12.806
|
49.939 |
9.035 |
|
|
Provisions |
16.027
|
12.425 |
12.625 |
|
Total
Current Liabilities |
28.833
|
62.364 |
21.660 |
|
|
Net Current Assets |
116.619
|
102.498 |
146.867 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
252.732 |
201.063 |
210.954 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
335.001 |
266.353 |
|
|
Other Income |
|
3.243 |
7.144 |
|
|
Total Income |
|
338.244 |
273.497 |
|
|
|
|
|
|
|
|
Import Value |
|
13.515 |
9.021 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
41.010 |
28.056 |
|
|
Provision for Taxation |
|
13.688 |
8.774 |
|
|
Profit/(Loss) After Tax |
|
27.322 |
19.282 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
31.022 |
29.420 |
|
|
Administrative Expenses |
|
16.131 |
13.961 |
|
|
Raw Material Consumed |
|
226.689 |
179.574 |
|
|
Personal Expenses |
|
12.610 |
11.485 |
|
|
Financial Charges |
|
6.107 |
4.370 |
|
|
Increase/(Decrease) in Finished Goods |
|
(5.754) |
(1.157) |
|
|
Depreciations |
|
10.429 |
7.788 |
|
Total Expenditure |
|
302.988 |
246.598 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
08.07
|
07.05 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
01.22
|
10.53 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.56
|
09.94 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
26.76
|
21.99 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
1.02 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.04
|
2.64 |
7.78 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
·
Hindustan Lever
·
Colgate
Form No.8
|
This form is for |
Creation of
charge |
||||||||
|
Corporate
identity number of the company |
U74950GJ1993PTC020669 |
||||||||
|
Name of the
company |
VIMALACHAL PRINT
AND PACK PRIVATE LIMITED |
||||||||
|
Address of the registered
office or of the principal place of
business in India of the company |
5, Saket Industrial Estate, 437 Morajya, Near Changodar, Ahmedabad –
382213, India |
||||||||
|
Type of charge |
Book Debts Movable Property |
||||||||
|
Particular of
charge holder |
|
||||||||
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of current assets executed on 03.02.2007 |
||||||||
|
Date of
instrument Creating the charge |
03.02.2007 |
||||||||
|
Amount secured by
the charge |
Rs.40.000
Millions |
||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @3.50%
below the BPLR of the BAK (Which BPLR is 13.00% P.A. as of the date) this
effective rate of interest as of this date being 9.50% p.a. payable monthly
rests and at such other rates and rests as may be prescribed by the bank from
time to time as per the change in their BPLR. Terms of
Repayment Repayable on
demand Margin Stock, Spares and
Consumable :25% Book Debt: 30% Extent and
Operation of the charge All securities as
described herein below in column no. 14 have been charged / hypothecated to
the bank as first charge to secured working capital of rs.40.000 millions
(Rs. Forty millions only) granted or to be granted by the bank to the
borrower. |
||||||||
|
Short particulars
of the property charged |
Primary ·
All the
stock present and future consisting stock including raw material, stock in
process, cash and other current assets whatsoever, being movable properties
of the company in course of transit to or store or brought into factory or
premises of borrower. ·
All out
standings, monies receivable, claim and bills which are now due and owning to
the borrower in course of business collateral ·
Pledge of
reliance fixed horizon mutual fund units (Close ended) or similar unit of
40.000 millions |
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|