MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VASHI ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
165-A, Bijlee Ghar, Cardinal Gracious Road, Andheri (E), Chakala,
Mumbai-400099, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.03.1991 |
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Com. Reg. No.: |
11-060890 |
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CIN No.: [Company
Identification No.] |
U3190MH1991PTC060890 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV03532E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Trader and importer of electrical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1200000 |
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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 an established company having fine track. Financial position
of the company appears to be sound. Trade relations are fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Suraj Dedoja |
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Designation : |
Director |
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Contact No.: |
91-9820519364 |
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Date : |
14.04.2011 |
LOCATIONS
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Registered/ Branch Office : |
165-A, Bijlee Ghar, Cardinal Gracious Road, Andheri (E), Chakala, Mumbai-400099,
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Tel. No.: |
91-22-29213100/28263990 |
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Mobile No.: |
91-9820248492 (Mr. Ameet) |
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Fax No.: |
91-22-29213155/28349746 |
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E-Mail : |
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Website : |
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Area : |
15000 sq. ft. (Owned) |
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Warehouse: |
A-6, Plot No. 74, Shree Ganesh Comlex, Dapole Road, Mankole Naka,
Taluka Bhiwandi, Thane - 421305, Maharashtra, India. |
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Tel. No.: |
91-2522-277343 |
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Fax No.: |
91-2522-241654 |
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Area : |
120000 sq. ft. (Owned) |
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Branch Office 2 : |
Sagar Ratan Industrial Estate, Plot No. D-265, MIDC, Turbhe, Navi
Mumbai-400705, |
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Tel. No.: |
91-22-67911445/6 |
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Fax No.: |
91-22-27681977 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Madan Baldev Dodeja |
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Designation : |
Chairman |
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Address : |
1401/B, 14th Floor, Vallencia, |
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Date of Appointment : |
22.03.1991 |
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Name : |
Mr. Mohan Baldev Dodeja |
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Designation : |
Director |
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Address : |
1401/B, 14th Floor, Vallencia, |
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Date of Appointment : |
22.03.1991 |
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Name : |
Mrs. Uma Madan Dodeja |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
26.02.2002 |
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Name : |
Mrs. Anita Mohan Dodeja |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
26.02.2002 |
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Name : |
Mr. Suraj M. Dodeja |
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Designation : |
Director |
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Address : |
1401/B, 14th Floor, Vallencia, |
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Date of Appointment : |
12.11.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Madan Baldev Dodeja |
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14800 |
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Mohan Baldev Dodeja |
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13600 |
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Anita Mohan Dodeja |
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9100 |
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Pushpa Dodeja |
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500 |
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Kiran Dodeja |
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100 |
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Suraj Dodeja |
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14000 |
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Amit Dodeja |
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5000 |
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Pratik Dodeja |
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4250 |
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Madan Dodeja (Karta of Baldev Dodeja HUF) |
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10010 |
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Mohan Dodeja (Karta of Mohan Dodeja HUF) |
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10010 |
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Madan Dodeja (Karta of Madan Dodeja HUF) |
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10 |
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Uma Madan Dodeja |
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3510 |
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Total |
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84890 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and importer of electrical products. |
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Products : |
Ř
Siemens Motors and Switchgears Ř
Legrand Switchgears Ř
Finolex Cables Ř
Wires Ř
V Belts Ř
Bonfiglioli Motors and Gears Boxes Ř
Ř
Polycab Wires Ř
Castrol Industrial Lubricants |
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Imports : |
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Products : |
Electrical Products |
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Countries : |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
Andhra Bank, 116-Saurabh,
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinod S. Mehta and Company Chartered Accountant |
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Address : |
114, Jolly Bhavan-1, 10 New Marine Lines, Mumbai-400020, |
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Tel. No.: |
91-22-66333501/02/03/04 |
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Fax No.: |
91-22-66333506 |
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E-Mail : |
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Associates/Subsidiaries : |
Ř
Western Lube Company Address: 165-A, Bijlee Ghar, Cardinal
Gracious Road, Andheri (E), Chakala, Mumbai
- 400099, Maharashtra, India. Line of Business: Trader and importer of
electrical products. Ř
Western Auto Spare Address: 165-A, Bijlee Ghar, Cardinal
Gracious Road, Andheri (E), Chakala, Mumbai
- 400099, Maharashtra, India. Line of Business: Trader and importer of
electrical products. |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
84890 |
Equity Shares |
Rs.100/-each |
Rs.8.489
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.489 |
8.489 |
8.489 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
301.435 |
254.430 |
204.198 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
309.924 |
262.919 |
212.687 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
134.515 |
98.934 |
78.736 |
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TOTAL BORROWING |
134.515 |
98.934 |
78.736 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
444.439 |
361.853 |
291.423 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.584 |
52.476 |
24.220 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.323 |
0.323 |
0.257 |
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DEFERREX TAX ASSETS |
0.004 |
0.178 |
0.493 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
223.460
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177.683 |
97.668 |
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Sundry Debtors |
282.787
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240.973 |
290.184 |
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Cash & Bank Balances |
0.194
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0.089 |
0.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
152.202
|
75.406 |
43.225 |
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Total
Current Assets |
658.643
|
494.151 |
431.077 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
112.674
|
51.634 |
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Other Current Liabilities |
79.420
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71.620 |
128.133 |
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Provisions |
87.021
|
62.021 |
36.491 |
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Total
Current Liabilities |
279.115
|
185.275 |
164.624 |
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Net Current Assets |
379.528
|
308.876 |
266.453 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
444.439 |
361.853 |
291.423 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1309.195 |
1295.711 |
1268.972 |
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Other Income |
9.202 |
18.947 |
20.964 |
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TOTAL |
1318.397 |
1314.658 |
1289.936 |
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Less |
EXPENSES |
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Increase / Decrease in Stocks |
(45.777) |
(80.016) |
(23.483) |
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Other Expenses |
1290.753 |
1318.306 |
1253.017 |
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TOTAL |
1244.976 |
1238.290 |
1229.534 |
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PROFIT BEFORE
TAX |
73.421 |
76.368 |
60.402 |
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Less |
TAX |
26.416 |
26.136 |
(94.796) |
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PROFIT AFTER TAX
|
47.005 |
50.232 |
155.198 |
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Earnings Per
Share (Rs.) |
553.72 |
591.73 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.56
|
3.82 |
12.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.61
|
5.89 |
4.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.15
|
13.97 |
13.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.29 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
1.08 |
1.14 |
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Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.67 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
Working Results:
During the year under consideration, the Company has attained
Sales Turnover of Rs. 1309.195 Millions (Previous Year Rs.1295.711 Millions)
and Other Income of Rs.9.202 Millions as compared to Rs. 18.947 Millions for
corresponding previous year. The Company's Net Profit is Rs.73.421 Millions as
compared to Rs.76.368 Millions for the corresponding previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U31904MH1991PTC060890 |
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Name of the
company |
VASHI ELECTRICALS
PVT LTD |
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Address of the
registered office or of the principal place of business in |
Andheri (E), Mumbai-400099, |
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Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Andhra Bank,
116-Saurabh, |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Composite
Agreement |
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Date of
instrument Creating the charge |
13.10.2006 |
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Amount secured by
the charge |
Rs.10.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
decided, from time to time, by the Bank. Terms of
Repayment As may be
decided, from time to time, by the Bank. Margin (1) Letter of
Credit - Cash Margin - 10% (2) Bank
Guarantee - Cash Margin - 10% Extent and
Operation of the charge To secure the due
repayment of Letter of Credit Facility of Rs.5.000 Millions and Bank Guarantee facility of Rs.5.000
Millions granted by the Bank to the
Company. |
|
Short particulars
of the property charged |
All, present and
future, Goods, Vehicles, Tangible Movable Machinery, Book-debts of the
Company more particularly. |
Trade References:
- Den Cienga
- Polyfab
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.