MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
VINYL CHEMICALS PRIVATE LIMITED (w.e.f. 03.12.2002) |
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Formerly Known
As : |
SUN ACE VINYL CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
123/ 3RT, 3rd Floor, Sanjeeva Reddy Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.09.1985 |
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Com. Reg. No.: |
01-005825 |
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CIN No.: [Company Identification
No.] |
U24110AP1985PTC005825 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of PVC Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 132000 |
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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.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
|
Registered Office : |
123/ 3RT, 3rd Floor, Sanjeeva Reddy Nagar, |
|
Tel. No.: |
91-40-65999763 |
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Fax No.: |
91-40-42007313 |
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E-Mail : |
Sales: sales@vinylchem.com Exports : export@vinylchem.com |
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Website : |
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Factory : |
Near WCADL, |
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Admin Office : |
5-5-201, 2nd Floor, BS Complex, Ranigunj, Secunderabad, |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Turlapati Venkata Hanumantha Rao |
|
Designation : |
Managing Director |
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Address : |
8-3-898/6, Yellareddy Guda, |
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Date of Birth/Age : |
05.07.1952 |
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Date of Appointment : |
25.09.1985 |
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DIN No.: |
01872123 |
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Name : |
Mr. Subhas Chandra Bose Venigalla |
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Designation : |
Director |
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Address : |
Flat No.D2, Satya Sai Apartments, Kamalapuri Colony, |
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Date of Birth/Age : |
25.08.1948 |
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Date of Appointment : |
05.07.2008 |
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DIN No.: |
00353729 |
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Name : |
Mr. Malayanur Anantha Padmanabha Rao |
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Designation : |
Director |
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Address : |
Flat No.412, Swagruhavengamamba Apartments, Saroor Nagar, |
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Date of Birth/Age : |
13.01.1959 |
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Date of Appointment : |
29.01.2008 |
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DIN No.: |
01654582 |
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Name : |
Mr. Venkateswar Rao Valaga |
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Designation : |
Director |
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Address : |
8-3-898/6, Yellareddy Guda, |
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Date of Birth/Age : |
11.09.1956 |
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Date of Appointment : |
15.01.2009 |
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DIN No.: |
01864785 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Velaga Seshavani |
|
10440 |
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T. Sumathi |
|
900 |
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T.V. Hanumantha Rao |
|
8450 |
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A. Srinivasa Rao |
|
80 |
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A. Venkat Rao |
|
80 |
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A. Satyanarayana Rao |
|
1000 |
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Velaga Narayana Rao |
|
9500 |
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Velaga Ankineedu |
|
5500 |
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Velaga Venkateswar Rao |
|
7900 |
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Turlapati Venkata Seshu |
|
2500 |
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Velaga Papa Rao |
|
10400 |
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T.L. Sumitra |
|
1100 |
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V. Narasimha Rao |
|
1500 |
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Turlapati Lalitha Saroja |
|
11600 |
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Turlapati Lavanya |
|
1900 |
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V. Sudha Rani |
|
1450 |
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T.V.P.C.H.M. Sai Babu |
|
750 |
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D. Vasundara |
|
300 |
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T. Manmadha Rao |
|
5000 |
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M.S.R.V. Prasad |
|
85000 |
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M. Rajyalakshmi |
|
234650 |
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Total
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|
400000 |
As on 24.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Chemicals. |
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Products : |
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Exports : |
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Countries : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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2009-10 |
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Installed Capacity |
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4000 T.P.A. |
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Actual Production |
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2684694 Kgs. |
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GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
R.B. Associates Chartered Accountants |
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Address : |
Flat No.305 A and B, 3rd Floor, |
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Tel. No.: |
91-40-66632045 |
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Mobile No.: |
91-9246539341 |
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Fax No.: |
91-40-66669827 |
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E-Mail : |
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PAN
of auditor or auditor's firm : |
AAFFR1152B |
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Enterprises where key managerial personnel exercise significant
influence : |
Vishwajit Chemicals Limited |
CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000
millions |
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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 |
40.000 |
40.000 |
30.000 |
|
|
2] Share Application Money |
14.177 |
15.173 |
9.727 |
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|
3] Reserves & Surplus |
10.428 |
10.428 |
10.428 |
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|
4] (Accumulated Losses) |
(31.573) |
(37.632) |
(37.474) |
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NETWORTH |
33.032 |
27.969 |
12.681 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
10.496 |
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2] Unsecured Loans |
47.796 |
36.223 |
17.069 |
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TOTAL BORROWING |
47.796 |
36.223 |
27.565 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
80.828 |
64.192 |
40.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.449 |
20.642 |
20.131 |
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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 |
0.725 |
0.642 |
0.552 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
16.843
|
14.051 |
16.566 |
|
|
Sundry Debtors |
34.609
|
41.979 |
20.525 |
|
|
Cash & Bank Balances |
6.271
|
3.014 |
8.863 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.300
|
11.399 |
15.757 |
|
Total
Current Assets |
70.023
|
70.443 |
61.711 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
15.369
|
27.535 |
42.148 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
15.369
|
27.535 |
42.148 |
|
|
Net Current Assets |
54.654
|
42.908 |
19.563 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
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TOTAL |
80.828 |
64.192 |
40.246 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
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Income |
264.683 |
171.514 |
276.259 |
|
|
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Other Income |
0.152 |
7.648 |
2.845 |
|
|
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TOTAL (A) |
264.835 |
179.162 |
279.104 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
200.868 |
135.587 |
211.817 |
|
|
|
Manufacturing Expenses |
41.755 |
36.863 |
47.048 |
|
|
|
Other Expenses |
13.216 |
8.083 |
14.785 |
|
|
|
Increase/ (Decrease) in stocks |
1.450 |
(2.767) |
1.600 |
|
|
|
TOTAL (B) |
257.289 |
177.766 |
275.250 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.545 |
1.396 |
3.854 |
|
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|
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|
|
|
|
Less |
INTEREST (D) |
0.000 |
0.000 |
1.805 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.545 |
1.396 |
2.049 |
|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.280 |
1.174 |
1.186 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
6.265 |
0.222 |
0.863 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
(0.083) |
(0.055) |
(0.130) |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
6.348 |
0.277 |
0.993 |
|
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|
Prior Year Adjustments |
(0.289) |
(0.435) |
(1.103) |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(37.632) |
(37.474) |
(37.364) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(31.573) |
(37.632) |
(37.474) |
|
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|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
4.177 |
3.829 |
11.429 |
|
|
TOTAL EARNINGS |
4.177 |
3.829 |
11.429 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
-- |
7.402 |
-- |
|
|
TOTAL IMPORTS |
-- |
7.402 |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.87 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.40
|
0.15 |
0.36 |
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
0.13 |
0.31 |
|
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|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.56
|
0.24 |
1.05 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.01 |
0.07 |
|
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|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
2.28 |
5.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.56
|
2.56 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 6-3-240/6/1/A,
Premnagar, Khairatabad,
OPERATIONS:
During the year, the company has improved its performance substantially
by making a Net Profit of Rs.6.265 millions for the year and increased its
turnover by about 50%. The company has made considerable progress in finding
new clientele by offering new range of product mixes.
The company is confident of higher performance in ensuing financial
year.
FORM 8:
|
Corporate
identity number of the company |
U24110AP1985PTC005825 |
|
Name of the company
|
VINYL CHEMICALS PRIVATE LIMITED (w.e.f. 03.12.2002) |
|
Address of the
registered office or of the principal place of business in |
Near WCADL, |
|
This form is for |
Modification of charge |
|
Type of charge |
Hypothecation Equitable mortgage or mortgage of property by depositing the title
deeds |
|
Particular of
charge holder |
State Bank of E-Mail: sa04106@sbi.co.in |
|
Amount secured by
the charge |
Rs.1.700 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Margin 25% on stocks receivable cover period for 45 days interest 16.5
% p.a. repayable on demand. Hypothecation of stocks such as raw materials
semi finished goods, book debts, bill in course of correction and other
assets |
|
Description of
the property charged indicating whether it is a charged on |
Immovable properties Plant and machinery Stock in trade Book debts |
|
Charge
identification number of the charge to be modified |
90129179 |
|
Brief description
of the instrument modifying the charge under section 135 |
Letters of Extension of Equitable Mortgage |
|
Date of
instrument modifying the charge |
16/06/2006 |
|
Particulars of
the present modification |
Extension of Equitable Mortgage on 2.00 Acres of Land situated in
S.No.60/A, |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Lab Equipment
·
Computers
·
Software
·
Furniture and Fixtures
·
Vehicles
·
Electrical Equipments
·
·
Capital Work in progress
WEBSITE DETAILS:
PROFILE:
Subject,
With an installed capacity of 8000 MT per year today Subject is a producer of
PVC stabilizers, with products exported globally. They currently serve markets
in the Middle East,
They provide the highest quality products and services to its customers in
support of their value creation by the continuous innovation. They strive to
deliver and meet customer expectations. The customers have come to expect
reliability in everything they do for them, and they execute - from product
performance through the order process to the final delivery.
FACILITIES:
They are
committed to continuous improvement in the performance, and they seek smart and
simple solutions to deliver on the customers’ needs. The production facilities,
research centers and service centers work with customers in more than 10
countries to provide products that make an essential contribution to society
and sustainable development for the customers.
The state of the art production
facilities along with the Research centers at
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.