MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIRTUOUS URJA LIMITED (w.e.f 24.02.2009) |
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Formerly Known
As : |
GENUS URJA LIMITED |
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Registered
Office : |
D-116, Okhla Industrial Area, Phase-1, Okhla, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.04.2007 |
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Com. Reg. No.: |
55-162295 |
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Paid-up Capital : |
Rs. 43.650 Millions |
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CIN No.: [Company Identification
No.] |
U51395DL2007PLC162295 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELV09110D |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Trader and Supplier of Coal Products |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
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 370000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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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 : |
D-116, Okhla Industrial Area, Phase-1, Okhla, |
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Tel. No.: |
91-11-26371882/83/84 |
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Fax No.: |
91-11-26371881 |
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E-Mail : |
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Website : |
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Corporate Office : |
206/207, Tirupati Udyog, I.B. Patel Marg, W.E. Highway, Near H.P.
Petrol Pump, Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-40147915 |
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Fax No.: |
91-22-40147918 |
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E-Mail : |
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Branches : |
Located at:
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Overseas Office : |
Located at: |
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DIRECTORS
As On 28.09.2010
|
Name : |
Mr. Narayan Prasad Todi |
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Designation : |
Director |
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Address : |
B-5, Ganpati Enclave, |
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Date of Birth/Age : |
11.12.1966 |
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Date of Appointment : |
19.04.2007 |
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Name : |
Ms. Anju Agarwal |
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Designation : |
Director |
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Address : |
12, Dwarkapuri, Jamnalal Bajaj Marg, Near Bharat Mata Mandir, C-Scheme,
Jaipur – 302016, |
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Date of Birth/Age : |
05.06.1977 |
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Date of Appointment : |
19.04.2007 |
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Name : |
Ms. Seema Todi |
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Designation : |
Director |
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Address : |
B-5, Ganpati Enclave, |
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Date of Birth/Age : |
13.08.1970 |
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Date of Appointment : |
19.04.2007 |
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Date of Ceasing : |
15.05.2010 |
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DIN No.: |
00014303 |
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Name : |
Mr. Kailash Chandra Agarwal |
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Designation : |
Director |
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Address : |
H. No.25, Jawahar Nagar, |
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Date of Birth/Age : |
20.10.1971 |
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Date of Appointment : |
15.09.2008 |
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DIN No.: |
00895365 |
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Name : |
Simpal Ram Gopal Agarwal |
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Designation : |
Whole Time Director |
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Address : |
H. No.25, Jawahar Nagar, |
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Date of Birth/Age : |
01.09.1973 |
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Date of Appointment : |
18.05.2010 |
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DIN No.: |
03072646 |
KEY EXECUTIVES
|
Name : |
Gaurav Gupta and Associates |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kailash Chandra Agarwal |
|
2451000 |
|
Ishwar Chand Agarwal |
|
995000 |
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Himanshu Agarwal |
|
405000 |
|
Anand Todi |
|
250000 |
|
Rakesh Agarwal |
|
60000 |
|
Genus Power Infrastructures Limited – |
|
40000 |
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Kailash Industries Limited – |
|
40000 |
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Kailash Coal and Coke Company Limited – |
|
40000 |
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Genus Paper Products Limited – |
|
40000 |
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Vivekshil Dealers Private Limited – |
|
40000 |
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Shanty Devi Agarwal |
|
1000 |
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Jjitendra Kumar Agarwal |
|
1000 |
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Amit Kumar Agarwal |
|
1000 |
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Monisha Agarwal |
|
900 |
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Rajendra Kumar Agarwal |
|
100 |
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Total |
|
4365000 |
As On 22.01.2011
|
Names of Shareholders |
|
No. of Shares |
|
CRG Trading and Finvest Private Limited – |
|
1785000 |
As On 28.09.2010
|
Category |
Percentage |
|
Bodies corporate |
4.60 |
|
Directors or relatives of Directors |
80.40 |
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Other top fifty shareholders |
15.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Supplier of Coal Products |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
Pradeep Hari and Company Chartered Accountant |
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Address : |
Miglani Cinema Complex, |
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Tel. No.: |
91-591-3295849 |
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Fax No.: |
91-591-2490306 |
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E-Mail : |
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Pan No.: |
AOSPK1459H |
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Group Companies : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4365000 |
Equity Shares |
Rs. 10/- each |
Rs. 43.650
Millions |
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|
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|
After 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4365000 |
Equity Shares |
Rs. 10/- each |
Rs. 43.650
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 |
|
|
|
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1] Share Capital |
43.650 |
2.100 |
0.500 |
|
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2] Share Application Money |
38.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.646 |
0.113 |
0.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
94.796 |
2.213 |
0.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
1.013 |
0.000 |
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TOTAL BORROWING |
0.000 |
1.013 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.018 |
0.000 |
0.000 |
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TOTAL |
94.814 |
3.226 |
0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.955 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.125 |
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 |
130.884
|
15.290 |
0.000 |
|
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Sundry Debtors |
329.283
|
68.874 |
0.000 |
|
|
Cash & Bank Balances |
47.648
|
4.410 |
0.056 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
6.121
|
0.139 |
0.000 |
|
Total
Current Assets |
513.936
|
88.713 |
0.056 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
410.600
|
83.504 |
0.000 |
|
|
Other Current Liabilities |
3.612
|
2.281 |
0.000 |
|
|
Provisions |
6.481
|
0.057 |
0.000 |
|
Total
Current Liabilities |
420.693
|
85.842 |
0.000 |
|
|
Net Current Assets |
93.243
|
2.871 |
0.056 |
|
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MISCELLANEOUS EXPENSES |
0.491 |
0.355 |
0.444 |
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TOTAL |
94.814 |
3.226 |
0.500 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
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Income |
|
682.039 |
71.452 |
|
|
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Other Income |
|
1.708 |
0.031 |
|
|
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TOTAL (A) |
|
683.747 |
71.483 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
757.067 |
85.982 |
|
|
|
Personnel Expenses |
|
2.157 |
0.002 |
|
|
|
Other Expenses |
|
21.124 |
0.620 |
|
|
|
Increase/Decrease in Stock |
|
(115.594) |
(15.291) |
|
|
|
TOTAL (B) |
|
664.754 |
71.313 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
18.993 |
0.170 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
18.993 |
0.170 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.012 |
0.000 |
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
18.981 |
0.170 |
|
|
|
|
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|
|
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|
Less |
TAX (I) |
|
6.448 |
0.057 |
|
|
|
|
|
|
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|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
12.533 |
0.113 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.113 |
0.000 |
|
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|
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|
|
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|
BALANCE CARRIED
TO THE B/S |
|
12.646 |
0.113 |
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IMPORTS |
|
|
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|
Coal and Coke |
|
118.183 |
0.000 |
|
|
TOTAL IMPORTS |
|
118.183 |
0.000 |
|
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|
|
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|
Earnings Per
Share (Rs.) |
|
43.27 |
2.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.83
|
0.16 |
NA |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.78
|
0.24 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.69
|
0.19 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.08 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.44
|
39.25 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.03 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE IN NAME
To make the name
more suitable for its objects and expanding activities, the Board of Directors of
the Company decided to change its name from Genus Urja Limited to ‘Virtuous
Urja Limited’. The name of the Company has been changed from Genus Urja Limited
to ‘Virtuous Urja Limited’ with effect from 24.02.2009 as per the Fresh
Certificate of Incorporation issued by the Registrar of Companies, NCT of Delhi
and Haryana.
BUSINESS
PERFORMANCE REVIEW
During the year,
the company has recorded a markable growth in Gross Sales/turnover of Rs.
682.039 Million as compared to Rs. 71.452 Million of the previous year. The
company has recorded a Net Profit before tax of Rs. 18.982 Million for the year
as compared to Rs. 0.170 Million reported during the last year, which shows a
sustainable growth in the business and operations of the Company.
Form 8:
|
Corporate
identity number of the company |
U51395DL2007PLC162295 |
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|
Name of the
company |
Virtuous Urja
Limited |
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|
Address of the
registered office or of the principal place of business in |
D-116, Okhla Industrial
Area, Phase-1, Okhla, |
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|
This form is for |
Modification of
charge |
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|
Type of charge |
Book Debts 1st P/Passu Charge Over Goods Procured Under Lc. |
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Particular of
charge holder |
|
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Nature of
instrument creating charge |
Deed of Hypothecation
of Current Assets (Stocks And Book Debts) |
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Date of
instrument Creating the charge |
05.04.2011 |
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Amount secured by
the charge |
Rs. 650.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– As per sanction letter no. Axisb/mc-1/vm/10-11/499 dated 30.03.2011 to be
amended from time to time. Terms of
Repayment – As per sanction letter no.
Axisb/mc-1/vm/10-11/499 dated 30.03.2011 to be amended from time to time. Margin – As per sanction letter no.
Axisb/mc-1/vm/10-11/499 dated 30.03.2011 to be amended from time to time. Extent and
Operation of the charge - Pari Passu Charge. Others - The
Above Is To Secure The Following Credit Facilities :- LC = Rs. 650.000
millions LOU / Buyers
Credit / SBLC / BG = Rs. 450.000 millions (Sub Limit Of LC) |
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|
Particulars of
the property charged |
Hypothecation by
way of first and exclusive charge over goods procured under LC stored or to
be stored at the company's godowns or premises or wherever else the same may
be. |
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|
Date of
instrument modifying the charge |
29.01.2010 |
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|
Particulars of
the present modification |
Bank's First Pari
Passu Charge Over All Present and Future Current Assets And Goods Procured Under
Lc Stored Or To Be Stored At The Company's Godowns Or Premises Or Wherever
Else The Same May Be, Already Regd. For Rs. 480.000 millions Shall Stand
Enhanced To Rs. 650.000 millions All Other Terms
and Conditions Remaining The Same. |
Fixed Assets:
- Plant and machinery
- Furniture and fixture
- Computer
- Vehicles
AS PER WEBSITE DETAILS
CORPORATE PROFILE:
Subject is promoted
by Genus Power Infrastructures Limited and integral part of USD 400 Million Kailash
Group of companies with diversified interest in Electronic Power Meters and
Power Distribution Management and having its Corporate Office at Mumbai.
Foresight is a gift when you combine it with skill and business acumen the
result is often a position of power and control. That in nutshell is the story
of Kailash Group. Front-runner, spotting opportunity and market makers - a
story of vision, speed, control and operational excellence which is shown time
and again by the group in its various business endeavours.
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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.