MIRA
INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIPRA INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Bisra Road, Behind Indian Overseas Bank, Rourkela, Sundergarh –
769011, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.08.1997 |
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Com. Reg. No.: |
005041 |
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CIN No.: [Company Identification
No.] |
U26956OR1997PTC005041 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BBNV00007A |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturing of Calcium Carbide, Ferro Silicon and Iron Ore. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 348936 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Bisra Road, Behind Indian Overseas Bank, Rourkela, Sundergarh –
769011, Orissa, India |
|
Tel. No.: |
91-661-2510531 |
|
Fax No.: |
91-661-2502079 |
|
E-Mail : |
info@vipraindustries.com |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Arun Agarwal |
|
Designation : |
Managing Director |
|
Address : |
1/18, Civil Township, Rourkela, Sundergarh – 769004, Orissa, India |
|
Date of Birth/Age : |
16.10.1955 |
|
Date of Appointment : |
22.08.1997 |
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|
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|
Name : |
Ms. Prema Agarwal |
|
Designation : |
Director |
|
Address : |
Bisra Road, Rourkela, Sundergarh – 769001, Orissa, India |
|
Date of Birth/Age : |
15.06.1960 |
|
Date of Appointment : |
22.08.1997 |
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|
|
|
Name : |
Mr. Kavit Agarwal |
|
Designation : |
Director |
|
Address : |
Bisra Road, Rourkela, Sundergarh – 769001, Orissa, India |
|
Date of Birth/Age : |
11.04.1981 |
|
Date of Appointment : |
22.11.2003 |
|
|
|
|
Name : |
Mr. Vivek Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
Bisra Road, Rourkela, Sundergarh – 769001, Orissa, India |
|
Date of Birth/Age : |
17.06.7979 |
|
Date of Appointment : |
22.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Arun Agarwal |
|
70000 |
|
Prema Agarwal |
|
63500 |
|
Vivek Kumar Agarwal |
|
46000 |
|
Kabit Agarwal |
|
36300 |
|
Paper Print |
|
28000 |
|
Shree Hanuman Agencies |
|
214500 |
|
Vipra Tech (P) Limited, Orissa |
|
370000 |
|
AKPK Associates (P) Limited, West Bengal |
|
20000 |
|
Delux Leaf In (P) Limited, West Bengal |
|
25000 |
|
Gokul Trezim (P) Limited, West Bengal |
|
30000 |
|
Managalam Trafin (P) Limited, West Bengal |
|
25000 |
|
Meghdoot Finvest (P) Limited, West Bengal |
|
50000 |
|
Paridhi Finvest (P) Limited, West Bengal |
|
50000 |
|
Vipra Tradent (P) Ltd., Orissa |
|
1281000 |
|
Georgia Distributors (P) Limited, West Bengal |
|
300000 |
|
Padma Estate (P) Limited, West Bengal |
|
212500 |
|
Ashish Industrial Corporation, West Bengal |
|
325000 |
|
Nalimber Suppliers (P) Limited, West Bengal |
|
150000 |
|
Incook Tracon (P) Limited, West Bengal |
|
200000 |
|
Dodha Engg & Credit (P) Limited, West Bengal |
|
100000 |
|
Kotyak Distributors (P) Limited, West Bengal |
|
350000 |
|
Topgrain Mgf (P) Limited, West Bengal |
|
200000 |
|
Fun N Fun Fool (P) Limited, West Bengal |
|
150000 |
|
Deepraj Vinimay (P) Limited, West Bengal |
|
200000 |
|
Krypton Datamaterials Limited, West Bengal |
|
200000 |
|
Simandara Commodities (P) Limited, West Bengal |
|
100000 |
|
Times Tracon (P) Limited, West Bengal |
|
100000 |
|
Tyford Dealer (P) Limited, West Bengal |
|
70000 |
|
Simandara Commodities (P) Limited, West Bengal |
|
80000 |
|
Multi Code Vining (P) Limited, West Bengal |
|
250000 |
|
Total |
|
5296800 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Calcium Carbide, Ferro Silicon and Iron Ore. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
U. K. Mohaptra and Company Chartered Accountant |
|
Address : |
237, Bapuji Nagar, Second Floor, Bhubaneswar – 751009, Orissa, India |
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|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 55.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,96,800 |
Equity Shares |
Rs.10/- each |
Rs. 52.968 Millions |
|
|
Share Application Money |
|
Rs. 19.325 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 72.293
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
52.968 |
52.968 |
52.968 |
|
|
2] Share Application Money |
19.325 |
19.325 |
19.325 |
|
|
3] Reserves & Surplus |
14.941 |
14.654 |
13.608 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
87.234 |
86.947 |
85.901 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.876 |
103.787 |
118.561 |
|
|
2] Unsecured Loans |
14.337 |
14.700 |
15.930 |
|
|
TOTAL BORROWING |
115.213 |
118.487 |
134.491 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.015 |
|
|
|
|
|
|
|
|
TOTAL |
202.447 |
205.434 |
221.407 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
54.567 |
59.988 |
63.625 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
116.761
|
120.719 |
101.140 |
|
|
Sundry Debtors |
37.963
|
44.764 |
41.260 |
|
|
Cash & Bank Balances |
0.181
|
0.401 |
1.463 |
|
|
Other Current Assets |
15.763
|
15.763 |
15.763 |
|
|
Loans & Advances |
93.933
|
49.926 |
53.234 |
|
Total
Current Assets |
264.601
|
231.573 |
212.860 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
82.359
|
74.167 |
45.101 |
|
|
Other Current Liabilities |
34.462
|
12.490 |
10.894 |
|
|
Provisions |
0.000
|
0.000 |
0.143 |
|
Total
Current Liabilities |
116.821
|
86.657 |
56.138 |
|
|
Net Current Assets |
147.780
|
144.916 |
156.722 |
|
|
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|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.530 |
1.060 |
|
|
|
|
|
|
|
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TOTAL |
202.447 |
205.434 |
221.407 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
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|
|
|
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Sales & Other Income |
NA |
86.606 |
171.309 |
|
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PROFIT BEFORE
TAX |
0.415 |
1.621 |
1.439 |
|
|
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|
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Less |
TAX |
-- |
0.575 |
0.554 |
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|
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PROFIT AFTER TAX
|
-- |
1.046 |
0.885 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
--- |
13.608 |
12.723 |
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
-- |
14.654 |
13.608 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
1.87 |
0.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.13
|
0.55 |
0.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.65
|
2.35 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.67 |
3.79 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U26956OR1997PTC005041 |
||||||
|
Name of the
company |
VIPRA INDUSTRIES PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Bisra Road, Behind Indian Overseas Bank, Rourkela, Sundergarh –
769011, Orissa, India |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property Book debts Movable property Floating charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
1)Sanction Letter 2)Hypothecation
Cum Loan Agreement 3)Agreement Of
Term Loan & Hypothecation Of Movable Assets/Goods/Plant & Machinery 4)L-516 5)Board
Resolution |
||||||
|
Date of
instrument Creating the charge |
30.06.2009 |
||||||
|
Amount secured by
the charge |
Rs. 111.932
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 12% P.A With
Monthly Rest Terms of
Repayment 1)cash credit-on
demand 2)term
loan-details as per sanction letter 3)wctl-details as
per sanction letter Margin Cash Credit- Stocks-25% Book Debts-40% Extent and
Operation of the charge 1.Hypothecation
Of The Existing Machinery 2.Em Of Existing
Factory Land (Mouza-Barapada, Khata No-54/2, Plot No-139. 140,1410 & 139,
Total Area Ac 6.00 Dec) & Building And Hypothecation Of Plant &
Machineries And Other Fixed Assets Of The Iron Ore Crusher Unit Located At
Barbil, Dist-Keonjhar 3.Hypothecation
Of Raw Materials, Wip, Finished Goods, Consumables, Stores And Receivables
Etc Others CASH CREDIT
- RS.35.000 Millions TERM LOAN - RS.11.932 Millions WCTL - RS65.000 Millions
-------------------------------- TOTAL RS.111.932 Millions -------------------------------- |
||||||
|
Particulars of
the property charged |
Hypothecation Of
The Existing Machineries Em Of Existing
Factory Land (Mouza-Barapada, Khata No-54/2, Plot No-139. 140,1410 & 139,
Total Area Ac 6.00 Dec) & Building And Hypothecation Of Plant &
Machineries, Fixed Assets Located At Barbil Hypothecation Of
Raw Materials, Wip, Finished Goods, Consumables, Stores And Receivables Etc Em Of Existing
Factory Building And Hypothecation Of Plant & Machineries And Other Fixed
Assets Of The Ferro Alloys Plant Located At Mandiakudar, Dist-Sundergarh Em Of Land &
Building In The Name Of Smt Prema Agarwal Located At Mouza-Raghuanathpali,
Civil Township, Rourkela, Plot No- 18, Khata No-57 & 132, Area Ac 0.25
Dec |
||||||
|
Particulars of
the present modification |
Total Limit
Becomes RS.111.932 Millions |
FIXED ASSETS
·
Land Deve & Boundry
Wall
·
Electrical Equipments
·
Building
·
Plant and Machinery
·
Pollution Control E, WIP
·
Weight Machine
·
Furniture and Fixture
·
Laboratory
·
Motor Vehicles
·
Airconditioner
·
Fire Safety Equipment’s
·
Computer
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.