MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
VISHAL CABLES PRIVATE LIMITED |
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Registered
Office : |
Shop No. 56, Ashoka Shopping Centre, G T Hospital Complex, L T Marg,
Mumbai-400001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.08.2004 |
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Com. Reg. No.: |
11-148182 |
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Capital
Investment / Paid-up Capital : |
Rs.4.500
Millions |
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CIN No.: [Company Identification
No.] |
U31300MH2004PTC148182 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV14303C |
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PAN No.: [Permanent Account No.] |
AABCV9245N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Communication Equipments, Electrical Cables Wires and Copper Brass. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12000 |
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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. There appears
some accumulated losses recorded by the company. 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.
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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 |
LOCATIONS
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Registered Office : |
Shop No. 56, Ashoka Shopping Centre, G T Hospital Complex, L T Marg, Mumbai-400001,
Maharashtra, India |
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Tel. No.: |
91-22-22695486/22641337 |
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Fax No.: |
91-22-22695490 |
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E-Mail : |
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Factory: |
Plot No. E/41, Near ASB Company, Additional Ambernath MIDC,
Anandnagar, Thane-421506, |
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Tel. No.: |
91-251-2620077 |
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Fax No.: |
91-251-2620099 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Hirasingh Girdharsing Ailsinghani |
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Designation : |
Director |
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Address : |
Flat No. 201, |
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Date of Birth/Age : |
01.12.1960 |
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Date of Appointment : |
24.08.2004 |
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Name : |
Mr. Dilipsingh Girdharsing Ailsinghani |
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Designation : |
Director |
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Address : |
Flat No. 201, |
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Date of Birth/Age : |
23.04.1963 |
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Date of Appointment : |
24.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Hirasingh Girdharsing Ailsinghani |
|
215000 |
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Dilipsingh Girdharsing Ailsinghani |
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215000 |
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Durubhai Girdharsing Ailsinghani |
|
5000 |
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Sunita Hirasingh Ailsinghani |
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5000 |
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Vijaylaxmi Dilipsingh Ailsinghani |
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5000 |
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Manmohansingh Dilipsingh Ailsinghani |
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5000 |
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Total |
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450000 |
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 |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Communication Equipments, Electrical Cables Wires and Copper Brass. |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Dena Bank, Ulhasnagar Sector 2 Branch, Opposite Post Office, Furniture
Bazar, Ulhas Nagar, Thane-421002, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
M N Jhavar and Company Chartered Accountant |
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Address : |
6, Ramani Bhavan, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.500 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.383) |
(1.327) |
(1.341) |
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NETWORTH |
3.117 |
3.173 |
3.159 |
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LOAN FUNDS |
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1] Secured Loans |
31.265 |
21.181 |
11.083 |
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2] Unsecured Loans |
37.361 |
22.861 |
9.635 |
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TOTAL BORROWING |
68.626 |
44.042 |
20.718 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
71.743 |
47.215 |
23.877 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.660 |
42.120 |
21.159 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
19.431
|
5.789 |
1.239 |
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Sundry Debtors |
21.275
|
4.163 |
3.122 |
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Cash & Bank Balances |
0.753
|
0.193 |
0.432 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.931
|
1.766 |
1.575 |
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Total
Current Assets |
43.390
|
11.911 |
6.368 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.970
|
6.968 |
3.664 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.349
|
0.018 |
0.010 |
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Total
Current Liabilities |
14.319
|
6.986 |
3.674 |
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Net Current Assets |
29.071
|
4.925 |
2.694 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.170 |
0.024 |
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TOTAL |
71.743 |
47.215 |
23.877 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Turnover |
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90.737 |
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Other Income |
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NA |
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TOTAL |
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NA |
6.087 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
16.442 |
6.070 |
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Advertising Expenses |
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TOTAL |
|
16.442 |
6.070 |
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PROFIT BEFORE
TAX |
|
(0.056) |
0.017 |
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Less |
TAX |
|
0.000 |
0.003 |
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PROFIT AFTER TAX
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(0.056) |
0.014 |
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Earnings Per
Share (Rs.) |
|
(0.13) |
0.03 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.07)
|
0.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02)
|
0.01 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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26.61
|
16.08 |
7.72 |
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Current Ratio (Current Asset/Current Liability) |
|
3.03
|
1.70 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10187955 |
|
Corporate
identity number of the company |
U31300MH2004PTC148182 |
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Name of the
company |
VISHAL CABLES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No. 56, Ashoka Shopping Centre, G T Hospital Complex, L T Marg, Mumbai-400001,
Maharashtra, India |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
Dena Bank, Ulhasnagar Sector 2 Branch, Opposite Post Office, Furniture
Bazar, Ulhas Nagar, Thane-421002, Maharashtra, India |
|
Email |
|
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of entry for record of additional charge of equitable
mortgage |
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Date of
instrument Creating the charge |
25.03.2011 |
|
Amount secured by
the charge |
Rs.45.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
bank Terms of
Repayment As stipulated by
bank Margin As stipulated by
bank Extent and
Operation of the charge The company has
extended equitable mortgage by deposit of title deeds to secure the total
credit facilities of Rs. 45.000 Millions
(Term Loan I – 7.500 Millions , Term Loan II – 7.500 Millions , Cash
Credit facility - Rs. 30.000 Millions ) |
|
Short particulars
of the property charged |
Plot No E-41,
admeasuring 5000 sq mtrs in the Addl Ambernath Industrial Area, Taluka
Ulhasnagar, Dist Thane alongwith existing and future construction |
|
Particulars of
the present modification |
The company had created equitable mortgage by deposit of title deeds
on 26/10/2009 to secure the credit facilities of Rs. 40.000 Millions (Term Loan I – 7.500 Millions , Term Loan
II – 7.500 Millions , Term loan III – 5.000 Millions , Cash Credit facility -
Rs. 20.000 Millions ) By the present modification the charge has been extended to secure
the revised total credit facilities of
Rs.45.000 Millions (Term Loan I –
7.500 Millions , Term Loan II – 7.500 Millions , Cash Credit facility - Rs.
30.000 Millions ) |
Fixed Assets:
- Building Under Construction
- Computer
- Furniture and Fixtures
- Lab Equipments
- Machinery
- Office Equipments
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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
2 |
|
--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 |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.