MIRA
INFORM REPORT
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Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
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Name : |
VESTRO SOLVENTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 290, 291 and 292, Sy No. 170/Part, Dhoolapally, Adjacent To
IDA, Jeedimela, Quthbullapur, Mandal, R R District, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
06.12.2001 |
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Com. Reg. No.: |
01-038165 |
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CIN No.: [Company Identification
No.] |
U24231AP2001PTC 038165 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV01931G |
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PAN No.: [Permanent Account No.] |
AABCV5324J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Chemicals, Solvent and Acids. |
RATING & COMMENTS
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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 130428 |
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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 a well 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.
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. Padmakar |
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Designation : |
Accounts Manager |
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Contact No.: |
91-40-23191833 |
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Date : |
19.01.2011 |
LOCATIONS
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Registered Office : |
Plot No. 290, 291 and 292, Sy No. 170/Part, Dhoolapally, Adjacent To
IDA, Jeedimela, Quthbullapur, Mandal, R R District, |
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Tel. No.: |
91-40-23191833 |
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Fax No.: |
91-40-23098637 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
AS ON : 30.09.2010
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Name : |
Mr. RamaSubba Reddy Nandigala |
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Designation : |
Managing Director |
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Address : |
Flat No. 402, H. No. 538-3Rt, Saraca Sadan Apartment, Opp. Kakatiya
Acadamy, Sr. Nagar, Hyderabad – 500038, Andhra Pradesh, India |
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Date of Birth/Age : |
01.08.1959 |
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Date of Appointment : |
06.12.2001 |
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Name : |
Mr. Venkata Lakshmi Nandigala |
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Designation : |
Whole Time Director |
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Address : |
401, 538/3Rt, Saraca Sadan, S.R. Nagar, |
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Date of Birth/Age : |
24.05.1969 |
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Date of Appointment : |
06.12.2001 |
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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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Mr. RamaSubba Reddy Nandigala |
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60000 |
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Mr. Venkata Lakshmi Nandigala |
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12000 |
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Mr. Venkata Sai Harish Nandigala |
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12000 |
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Mr. Venkata Sai Kiran Nandigala |
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12000 |
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Mr. Malla Reddy Nandigala |
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2000 |
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Mr. Pereshwara Reddy Nandigala |
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2000 |
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Total |
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100000 |
AS ON : 30.09.2010
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Category |
Percentage |
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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 |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Chemicals, Solvents and Acids. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
Production Status
:
This clause is not applicable since the company is not involved in
manufacturing activity.
GENERAL INFORMATION
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Customers : |
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Suppliers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J. Madhava Rao Chartered Accountant |
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Address : |
#7-1-621/A, Flat No. 411, 4th Floor, B Block, Ameer Estate,
Beside ICICI Bank, Sr. Nagar, Hyderabad – 500038, Andhra Pradesh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.607 |
23.393 |
16.540 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.607 |
24.393 |
17.540 |
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LOAN FUNDS |
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1] Secured Loans |
32.268 |
9.368 |
22.362 |
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2] Unsecured Loans |
4.420 |
3.787 |
3.007 |
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TOTAL BORROWING |
36.686 |
13.155 |
25.369 |
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DEFERRED TAX LIABILITIES |
0.000 |
(0.714) |
(0.387) |
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TOTAL |
69.295 |
36.834 |
42.522 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.352 |
32.290 |
27.017 |
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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 |
6.113
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1.128 |
1.251 |
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Sundry Debtors |
87.357
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53.119 |
71.198 |
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Cash & Bank Balances |
0.189
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0.039 |
0.156 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.308
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5.678 |
5.445 |
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Total
Current Assets |
95.967
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59.964 |
78.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
10.392
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9.322 |
2.825 |
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Sundry Creditors |
57.803 |
39.113 |
51.186 |
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Provisions |
3.829
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6.985 |
8.534 |
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Total
Current Liabilities |
72.024
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55.420 |
62.545 |
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Net Current Assets |
23.943
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4.544 |
15.505 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.00 |
0.000 |
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TOTAL |
69.295 |
36.834 |
42.522 |
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Expected Sales (2010-2011) : Rs. 800.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
--
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-- |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
--
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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--
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-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.33
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2.81 |
5.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
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1.08 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
57.803 |
39.113 |
51.186 |
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Total |
57.803 |
39.113 |
51.186 |
Trade References :
- Symed Labs
Limited
- Vasudha
Pharma Chem Limited
- Mitsuya Boeki
Limited,
- Radiant Agro
Chemicals Limited
Financials Results :
During the period under review, the company
has achieved a turnover of Rs. 466.000 millions and a profit of Rs. 821.300
millions after depreciation and provision for taxes.
Fixed Assets :
- Land
- Plant and Machinery
- Shed and building
- CWIP
- Computers
- Furniture and Fixtures
- Office equipments
- Vehicles (M. Bike)
- Car
- Air Conditioner
- Goods TPRT Vehicles
- Hydrogen Gas Cylenders
- 100% Dep. Assets
Form : 8
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Corporate identity
number of the company |
U24231AP2001PTC038165 |
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Name of the
company |
VESTRO SOLVENTS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 290, 291 and 292, Sy No. 170/Part, Dhoolapally, Adjacent To
IDA, Jeedimela, Quthbullapur, Mandal, R R District, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, |
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Nature of
instrument creating charge |
Memorandum
recording past transactions of creation of Mortgage by Delivery of Title
Deeds. |
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Date of
instrument Creating the charge |
31/07/2010 |
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Amount secured by
the charge |
Rs. 23.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest at the rate
as may be communicated by the Bank from time to time. Terms of repayment : On Demand. Margin : As may be
stipulated by the Bank from time to time. Extent and operation of the charge : The Company
accorded & gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as stated under Item No.15 below, as security for repayment of
Rs.23.000 Millions by the Company, together with principal, interest,
liquidated damages, costs, charges & expenses. Other : NIL. |
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Short particulars
of the property charged (Including location of the property) |
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Date of
instrument modifying the charge |
21/05/2010 |
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Particulars of the
present modification |
The equitable
mortgage/charge shall now stand increased from Rs.20.000 millions to
Rs.23.000 millions [Comprising: Cash Credit of Rs.13.000 millions, Letter of
Credit of Rs.10.000 millions, Letter of Credit (Sub limit to CC of Rs.10.000
millions), BG (Sub limit to CC of Rs.2.500 millions )], in favour the Bank. |
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. 45.38 |
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|
1 |
Rs. 72.71 |
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Euro |
1 |
Rs. 61.15 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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.