MIRA
INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIPUL LIFE SCIENCE LIMITED (w.e.f. 26.07.2008) |
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Formerly Known
As : |
VIPUL DYES AND
SOLVENT LIMITED |
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Registered
Office : |
Room No.5, Bandukwala Building, 226-228, Samual Street, Masjid
(West) Mumbai - 400003, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.09.2003 |
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Com. Reg. No.: |
11-084942 |
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Capital
Investment / Paid-up Capital : |
Rs. 32.535 Million |
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CIN No.: [Company Identification
No.] |
U24114MH2003PLC084942 |
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PAN No.: [Permanent
Account No.] |
AAACV2736R |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Exporter and Importer of Special Chemicals and Pharma
Chemicals. |
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No. of Employees
: |
Not Divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 443000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Deven Mehta |
|
Designation : |
Chief Finance Officer |
|
Date : |
11.08.2011 |
LOCATIONS
|
Registered Office : |
Room No.5, Bandukwala Building, 226-228, Samual Street, Masjid
(West) Mumbai, 400003, Maharashtra |
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Tel. No.: |
91-22-25900658 |
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Fax No.: |
91-22-25900050 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Sunil Suresh Sheth |
|
Designation : |
Managing Director |
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Address : |
505/506, Silver Avenue, Devidayal Road, B.P.Ground Mulund (W), Mumbai
– 400080, Maharashtra, India |
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Date of Birth/Age : |
24.03.1971 |
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Date of Appointment : |
01.04.2010 |
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DIN No : |
01356340 |
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Name : |
Mr. Vipul Suresh Sheth |
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Designation : |
Whole Time Director |
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Address : |
1201, B.P.S Aastha Devidayal Road, B.P.Ground Mulund (W), Mumbai – 400080,
Maharashtra, India |
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Date of Birth/Age : |
31.08.1975 |
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Date of Appointment : |
01.04.2010 |
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DIN No : |
01570125 |
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Name : |
Mr. Suresh Mulchand Sheth |
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Designation : |
Director |
|
Address : |
1201, B.P.S Aastha Devidayal Road, B.P.Ground Mulund (W), Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
30.09.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sunil S Sheth |
|
55480 |
|
Rama G Gandhi |
|
5000 |
|
Ajit Arbatti |
|
7000 |
|
Jignesh Shah |
|
4000 |
|
Sanjeev Punja |
|
1750 |
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Vinod M Gandhi |
|
1000 |
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Pooja C Gandhi |
|
4000 |
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Ravindra S Gupta |
|
5000 |
|
Parshwa Intermediate Private Limited – India |
|
15000 |
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Jalpaben Nagindas Shah |
|
1500 |
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Dilipbhai Jayantilal Joshi |
|
1000 |
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Hasmuchray Kantilal Shah (HUF) |
|
1500 |
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Charulataben Jamanadas Shah |
|
1500 |
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Gunvantrai J Gandhi |
|
2500 |
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Dilip R Thacker |
|
10000 |
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AS ON
30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
22.10 |
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Directors or relatives of Directors |
20.39 |
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Other top fifty shareholders |
51.82 |
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Others |
5.69 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Special Chemicals and Pharma
Chemicals. |
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Products: |
Development of Plot |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management. |
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Bankers : |
ING Vysya Bank Limited, 382/384, Narasinatha Street, Katha Bazar,
Mandvi (w), Mumbai – 400009, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Lakhani and Company Chartered Accountant |
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Address : |
Hemshar Saka, 19 Gola Lane, Behind Badri Mahal, Mumbai – 400001,
Maharashtra , India |
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Tel. No.: |
91-22-22071224/22073964/22070670 |
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Fax No.: |
91-22-22074321 |
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E-Mail : |
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PAN No : |
AAAFL1302L |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up
capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
279350 |
Equity Shares (fully paid up) |
Rs.100/-
each |
Rs.27.935
Millions |
|
92000 |
Equity Shares (92,000
(P.Y.10,000)Equity shares of Rs.100/- each, Rs.50- partly paid up (of the
above 92,000 partly paid, 50,000 shares allotted on reissue of forfeited
shares)) |
Rs.50/- each |
Rs.4.600
Millions |
|
|
|
|
|
|
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Total |
|
Rs.32.535Millions |
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 |
32.535 |
30.935 |
30.935 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
78.387 |
35.969 |
25.992 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
110.922 |
66.904 |
56.927 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
13.740 |
36.008 |
40.536 |
|
|
TOTAL BORROWING |
13.740 |
36.008 |
40.536 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
124.662 |
102.912 |
97.463 |
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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|
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FIXED ASSETS [Net Block] |
6.912 |
7.767 |
5.582 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
8.073 |
5.513 |
5.409 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.652
|
42.733 |
42.733 |
|
|
Sundry Debtors |
160.154
|
94.580 |
94.580 |
|
|
Cash & Bank Balances |
6.172
|
6.939 |
6.939 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.130
|
2.814 |
2.813 |
|
Total
Current Assets |
216.108
|
224.827 |
147.065 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
105.722 |
108.335 |
59.479 |
|
|
Liabilities |
0.709
|
26.860 |
1.223 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
106.431
|
135.195 |
60.702 |
|
|
Net Current Assets |
109.677
|
89.632 |
86.363 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.109 |
|
|
|
|
|
|
|
|
TOTAL |
124.662 |
102.912 |
97.463 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.208 |
|
|
|
INCOME |
|
|
|
|
|
|
|
Sales |
460.982 |
693.018 |
340.046 |
|
|
|
Other Income |
3.624 |
0.892 |
2.786 |
|
|
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TOTAL (A) |
464.606 |
693.910 |
342.832 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
428.351 |
642.798 |
318.224 |
|
|
|
Trading Expenses |
10.473 |
20.229 |
7.198 |
|
|
|
Office & Administration Expenses |
11.646 |
12.929 |
8.472 |
|
|
|
Selling and Distribution Expenses |
5.712 |
3.168 |
1.048 |
|
|
|
Preliminary Expenses written off |
0.000 |
0.109 |
0.036 |
|
|
|
TOTAL (B) |
456.182 |
679.233 |
334.978 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.424 |
14.677 |
7.854 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.369 |
5.038 |
3.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.055 |
9.639 |
3.956 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.538 |
1.465 |
1.052 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.517 |
8.174 |
2.904 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.500 |
3.031 |
1.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
3.017 |
5.143 |
1.693 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
0.000 |
0.166 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) |
3.017 |
4.977 |
1.693 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS INCOME
TAX PROVISION FOR EARLIER YEARS NOW REVERSED |
0.000 |
0.000 |
1.219 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.969 |
22.992 |
20.080 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
30.986 |
27.969 |
22.992 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
9.54 |
16.64 |
5.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.64
|
0.74 |
0.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.97
|
1.17
|
0.85
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.02
|
3.51 |
1.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.08
|
2.55 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.66 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
ADDRESS CHANGE NOTE : Registered office of the
company has been shifted from 43 Kailash Darshandr Ambedkar Road, Mulund west,Mumbai-400080,
Maharashtra, India to present address w.e.f.12.06.2007.
SUNDRY CREDITORS DETAILS :
(Rs. In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
For Goods and Others |
105.722 |
108.335 |
59.479 |
|
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FORM 8:-
|
Name of the
company |
VIPUL DYES AND SOLVENTS LIMITED |
|
Presented By |
ING Vysya Bank Limited , Mumbai |
|
1) Date and
description of instrument creating the change |
Agreement for hypothecation
of stock in trade, Machinery, book debts, bills and all other movables dated
20.04.2002 Registered on 14.06.2002 Registered on 14.06.2002 (D-23) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 6.600
millions |
|
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 |
Hypothecation of
stocks of chemicals purchased out of LCs opened and receivables from sale of chemicals
procured under LCs |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin 15% FLC DA – Rs. 5.400 millions, FLC of Rs.1.200 millions
Security also to secure Interest, cost of expenses, charges, commission etc. |
|
5) Name and
Address and description of the person entitled to the charge. |
ING Vysya Bank Limited, Regional Office, Central Bombay, Infotech Park, modern Mill Compound, Sane Guruji Marg, mahalaxmi, Mumbai – 400 011, and having branch at , Mandvi Branch, Narsi Natha Street, Mumbai – 400 009, Maharashtra, India |
|
6) Date and brief description of instrument
modifying the charge |
(1) Supplemental
General hypothecation agreement and (2) Letter of hypothecation Secure time
trust loan against goods both dated 16.09.2004 and create charge |
|
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. |
The original change
dated 20.04.2002 for Rs. 6.600 millions now modified enhancing the limit from
Rs. 6.600 millions to Rs. 20.000 millions Further modified
on 16.09.2004 enhancing the limit from Rs.20.000 millions to Rs.30.000
millions against hypothecation by way of 1st charge entire current
assets including stock in trade and receivables. Margin: Upto Rs.10.000
Millions – 20% Above Rs.10.000
to Rs.20.000 Millions – 40% Above Rs.20.000
Millions – 50% |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90229775 |
|
Corporate
identity number of the company |
U24114MH2003PLC084942 |
|
Name of the
company |
VIPUL DYES AND
SOLVENTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Room No.5, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
ING Vysya Bank Limited,
382/384 Narasinatha Street, Katha Bazar, Mandvi (West), Mumbai – 400 009,
Maharashtra, India Email Id: mandvibr@ingvysyabank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry Relating to Mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
03.07.2008 |
|
Amount secured by
the charge |
Rs.47.675
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: IVRR – 2.75% LC bill
discounting (As a sub-limit to CC): IVRR – 4.5% SOD/LIC: IVVR –
3.25% ILC: Commission
as per bank norms Terms of
Repayment CC: on demand LC (sub-limit of
CC): On demand SOD/LIC: On
demand ILC: On demand Margin CC: 25% on Stock
and Debtors LC (sub-limit of
CC): Nil SOD/LIC: 10% ILC: 15% Extent and
Operation of the charge First charge on commercial
premises No.15, adm. 801 sq fts. Carpet along with terrace admn. 150 Sq. fts
Carpet area, on the 1st Floor, in the building known as “ |
|
Short particulars
of the property charged |
Commercial
Premises No.15, adm 801 Sq.fts. Carpet along with terrace adm. 150 Sq.fts
Carpet area, on the 1st Floor, in the building known as “MANISHA
HEIGHTS” aituated under S. No. 353, H. NO. 1A Corresponding CTS No.12, CTS
No.4/7 (pt) |
|
Particulars of
the Present Modification |
The total has
been enhanced from Rs.45.000 Million to Rs.47.675 Million with additional SOD
limit of Rs.267.500 Million. The existing limits are additionally secured by
EM on the Immovable property of the company. (SOD limit of Rs.267.500 Million
is secured by immovable property only). |
FIXED ASSTES:
·
Air Conditioner
· Computers
· Furniture and Fixtures
· Office Equipment
· Mobile Phone
· Motor Car
· Motor Cycle
· Telephone
· Office Premises
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. 45.37 |
|
|
1 |
Rs. 73.53 |
|
Euro |
1 |
Rs. 64.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
|
|
--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 |
|
45 |
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.