MIRA
INFORM REPORT
|
Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
VINERGY INTERNATIONAL PRIVATE LIMITED
(w.e.f. 06.10.2005) |
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Formerly Known
As : |
SUMEX ORGANIC PRIVATE LIMITED |
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Registered
Office : |
Urmi Chambers, 3rd Floor, Apsara Complex, D. B. Marg, Grant
Road [East], Mumbai – 400 007, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.01.1991 |
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Com. Reg. No.: |
11-59979 |
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Capital
Investment / Paid-up Capital : |
Rs.12.844 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1991PTC059979 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS15051B |
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PAN No.: [Permanent Account No.] |
AAACS5473J |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufacturer of
Chemicals, Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic
Soda Lye |
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No. of Employees
: |
80 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [53] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2000000 |
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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 a well established company having fine track. The company is
doing well. 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 DECLINED BY
|
Name : |
Madam Bindiya |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9920368787 |
LOCATIONS
|
Registered Office : |
Urmi Chambers, 3rd Floor, Apsara Complex, D. B. Marg, Grant
Road [East], Mumbai – 400 007, Maharashtra, India |
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Tel. No.: |
91-22-66537221/22 |
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Fax No.: |
91-22-66537225/26 |
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E-Mail : |
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Website : |
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Administrative Office: |
403, Arun
Chambers, |
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Tel. No.: |
91-22-66537222/20 |
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Fax No.: |
91-22-66537224/23515089 |
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E-Mail : |
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Website : |
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Marketing Office : |
C-83 A, 8th Floor, Himalaya House, 23, Kasturba Gandhi
Marg, Tel : 91-11-4153 1153 / 54 Telefax : 91-11-4153 1153 E-mail: harkamal@vinergy.in
E-mail: rakesht@vinergy.in
Tel: 91-281-244 3721 / 247 8713 Fax: 91-281-247 1665 E-mail: kuldipsinh@vinergy.in |
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Depots : |
JNPT- BPCL JNPT-BPCL Liquid Cargo, Jetty Project, Tel: 91-22-2724 2490 E-mail: bunkers@vinergy.in
Tel: 91-93753 56586 E-mail: babu@vinergy.in
Fax: 91-260-451 1295 E-mail: ali@vinergy.in |
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Regional Office : |
Located at ·
·
·
Kolkata ·
Navi Mumbai |
DIRECTORS
As on 29.09.2011
|
Name : |
Mrs. Sharda Mahavirprasad Agarwal |
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Designation : |
Whole-time director |
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Address : |
181, Tanna
Residency, 'B' Wing, 392, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025, |
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Date of Birth/Age : |
09.07.1942 |
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Date of Appointment : |
24.01.1991 |
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DIN : |
00242695 |
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Other Directorship:
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Name : |
Mr. Mukul Mahavirprasad Agarwal |
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Designation : |
Managing director |
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Address : |
181, Tanna
Residency, 'B' Wing, 392, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025, |
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Date of Birth/Age : |
04.01.1966 |
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Date of Appointment : |
01.02.2008 |
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DIN : |
01673950 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sharda Agarwal |
|
610100 |
|
Mukul Agarwal |
|
95300 |
|
Suman Agarwal |
|
610100 |
|
SureshChandra P Mody |
|
400 |
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Priyanka Agarwal |
|
4400 |
|
Komal Agarwal |
|
6400 |
|
Juhi Agarwal |
|
6400 |
|
Parsoli Securities Limited, |
|
70000 |
|
Paryank Shah |
|
9375 |
|
Anand Desai |
|
6250 |
|
Raksha Desai |
|
3125 |
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Total |
|
1421850 |
As on 29.09.2011
|
Equity Shares Breakup |
Percentage of Holding |
|
Category |
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|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
1.32 |
|
Bodies corporate |
4.92 |
|
Directors or relatives of Directors |
93.76 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals,
Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic Soda Lye |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
80 [Approximately] |
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Bankers : |
·
ICICI
Bank Limited, ·
Standard
Chartered Bank ·
Yes Bank
Limited, Tiecicion House, 1st Floor, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011, Maharashtra, India ·
Bank
of ·
ING
Vysya Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dayal And Lohia Chartered
Accountants |
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Address : |
Kamanwala
Chambers, 1st Floor, Office Nos.6 and 7, |
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PAN No.: |
AAAFD1548C |
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Subsidiaries : |
·
Vinergy
Global Tankers Private Limited CIN U63090MH2008PTC177593 ·
Vania
Limited |
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Joint Venture : |
Total Vinergy
Bitumen India Private Limited |
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Companies
significantly Influenced : |
·
Total Vinergy Bitumen
lndia Private Limited ·
Winfull Finvest Private Limited ·
Vinergy Developers Private Limited ·
Rex Fuel Management Private Limited ·
Parsoli Securites
Limited ·
Chemical Exchange.Com ( ·
Veritech
PharmaceuticaIs Private
Limited ·
·
|
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/-each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1421850 |
Equity Shares |
Rs.10/-each |
Rs.14.219 millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/-each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1284350 |
Equity Shares |
Rs.10/-each |
Rs.12.844 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.844 |
12.844 |
12.844 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
491.019 |
425.997 |
361.146 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
503.863 |
438.841 |
373.990 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
838.928 |
682.876 |
531.205 |
|
|
2] Unsecured Loans |
95.878 |
81.485 |
68.449 |
|
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TOTAL BORROWING |
934.806 |
764.361 |
599.654 |
|
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DEFERRED TAX LIABILITIES |
2.791 |
2.164 |
5.471 |
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|
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|
|
|
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TOTAL |
1441.460 |
1205.366 |
979.115 |
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
137.546 |
110.628 |
185.997 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
42.609 |
45.641 |
14.548 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
339.922
|
397.689 |
226.060 |
|
|
Sundry Debtors |
807.494
|
558.037 |
552.158 |
|
|
Cash & Bank Balances |
113.067
|
214.690 |
12.299 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
622.908
|
417.045 |
157.981 |
|
Total
Current Assets |
1883.391
|
1587.461 |
948.498 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
554.674 |
509.039 |
131.860 |
|
|
Other Current Liabilities |
67.412
|
29.325 |
38.068 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
622.086
|
538.364 |
169.928 |
|
|
Net Current Assets |
1261.305
|
1049.097 |
778.570 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1441.460 |
1205.366 |
979.115 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TURNOVER
[Inclusive of other income] |
7513.500 |
7846.423 |
6524.121 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
7668.426 |
6374.273 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
7343.255 |
7668.426 |
6374.273 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
170.245 |
177.997 |
149.848 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
60.147 |
63.008 |
37.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
110.098 |
114989 |
112.599 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.794 |
13.794 |
12.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
96.304 |
101.195 |
100.129 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
31.282 |
40.041 |
35.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
65.022 |
61.154 |
64.627 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
305.395 |
257.870 |
211.666 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.502 |
6.115 |
6.462 |
|
|
|
Interim Dividend |
0.000 |
6.423 |
10.223 |
|
|
|
Tax on Dividend |
0.000 |
1.091 |
1.738 |
|
|
BALANCE CARRIED
TO THE B/S |
369.915 |
305.395 |
257.870 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
720.114 |
620.179 |
184.364 |
|
|
TOTAL EARNINGS |
720.114 |
620.179 |
184.364 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials for Trial Run |
0.000 |
14.908 |
0.770 |
|
|
|
Trading Goods |
1944.932 |
1640.641 |
522.692 |
|
|
|
Capital Goods |
0.000 |
0.000 |
4.064 |
|
|
TOTAL IMPORTS |
1944.932 |
1655.549 |
527.526 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.63 |
47.61 |
50.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.86
|
0.78 |
0.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
|
5.96 |
8.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.23 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
2.97 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
2.95 |
5.58 |
LOCAL AGENCY FURTHER INFORMATION
Note : The Registered office address of the
company has been shifted from Shiv
Sagar Estate, "A" Block, 1st Floor, South Wing,
Highlights of
2009-2010
The company achieved a turnover of Rs.7513.500 millions as compared to
the previous year turnover of Rs.7846.423 millions. The profit after tax has
increased marginally and stood at Rs.65.022 millions.
The company views this as a consolidation phase after phenomenal growth
in the earlier years.
Contingent
Liabilities
Rs
in Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
(a) Estimated amount of
contracts remaining to be executed on capital account-not provided for |
15.261 |
0.000 |
|
(b) Outstanding Bank
Guarantees |
17.613 |
14.790 |
Amalgamation With
Arkay Sales And Services Private Limited And Fixwell Developers Private Limited
The Company has merge with its wholly owned Indian subsidiary Arkay
Sales and Services Private Limited and Fixwell Developers Private Limited
pursuant to Bombay High Court order dated 8th May 2009 w.e.f. 1st April 2008.
As per the scheme of amalgamation the entire business of both the Transferor
Companies as going concern along with all the properties and liabilities as on
appointed date i.e 1st April 2008 have stand transferred to and vested in or
deemed to be transferred to and vested in the Transferee Company.
Charges Report as
per Registry
|
Corporate
identity number of the company |
U24110MH1991PTC059979 |
|
Name of the
company |
VINERGY
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shiv Sagar
Estate, "A" Block, 1st Floor, South Wing, Dr. Annie Besant Road,
Worli, Mumbai – 400018, Maharashtra, India |
|
This form is for |
Creation
of Charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Yes Bank Limited,
Tiecicion House, 1st Floor, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011, Maharashtra, India |
|
Nature of
instrument creating charge |
Mortgage deed |
|
Date of
instrument Creating the charge |
26.11.2010 |
|
Amount secured by
the charge |
Rs.200.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC: Base rate + 5.5%, WCDL to be decided at time of disbursement LC/BC
1.0%, Terms of Repayment
- As agreed by and with the Bank from time to time. Margin - As
agreed by and with the Bank from time to time. Extent and
Operation of the charge - The Banks (Standard Chartered Bank, Bank of India,
ICICI Bank Limited, Yes Bank Limited, and ING Vysya Bank Limited) are having
pari passu charge on the security given by the Company |
Fixed
Assets
·
·
·
Leasehold
Improvements
·
Administrative
Buildings
·
Equipment
and Apparels
·
Hydrogen
Gas Cylinders
·
Chlorine
Tonners
·
Computer
and Peripherals
·
Furniture
and Fixtures
·
Vehicles
WEB DETAILS
Profile
Subject is a proficiently managed,
rapidly expanding organization in the distribution and marketing of
chemicals, liquid fuels, lubricants, power, petrochemicals,
solvents and energy. Vinergy defines quality and performance
standards in the fields of Marketing and Logistics of industrial products and
services. Their developments have rung in a new era that has set high standards
for achieving customer delight. With sound operating results, Vinergy is
surging ahead with initiatives to develop
quality products and create new Businesses through
strategic collaborations and entering new markets.
Vinergy has been guided under the
stable and inspiring leadership of Mr. Mukul Agarwal who has instilled within
Vinergy the importance of being a high end service provider in the area of
marketing and distribution. Vinergy has been a witness to his untiring efforts
for the past two decades.
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.53.21 |
|
|
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.69.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.