MIRA
INFORM REPORT
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Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
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Name : |
VRUSHABH BELTINGS PRIVATE LIMITED |
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Registered
Office : |
333, Abhishek Complex, Akshar Chowk, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.03.2004 |
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Com. Reg. No.: |
04-43749 |
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CIN No.: [Company Identification
No.] |
U51909GJ2004PTC043749 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDV1007G |
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PAN No.: [Permanent Account No.] |
AABCV9406D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Distributor of Conveyor Belts,
Transmission Belts, Elevator Belts, PVC Belts. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 60000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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
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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 (GENERAL DETAILS)
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Name : |
Ms. Garima |
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Designation : |
Accounts Department |
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Date : |
01.03.2011 |
LOCATIONS
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Registered/ Head Office/ Factory 1: |
333, Abhishek Complex, Akshar Chowk, |
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Tel. No.: |
91-265-2352283/ 84/ 87/ 2333497/ 498 |
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Fax No.: |
91-265-2352287 |
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E-Mail : |
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Website : |
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Factory 2: |
92, GIDC, Raman Gamdi Por, District Vadodara – 391243, |
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Tel No.: |
91-265-2831570 |
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Email : |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Udyan Navinchandra Shah |
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Designation : |
Managing Director |
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Address : |
35-Shrinagar Society, Bhd. Dineshmill, |
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Date of Birth/Age : |
23.04.1966 |
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Date of Appointment : |
09.03.2004 |
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Name : |
Mrs. Arpana Udyan Shah |
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Designation : |
Director |
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Address : |
35/A, Shrinagar Society, Bhd. Dineshmill, |
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Date of Birth/Age : |
28.03.1971 |
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Date of Appointment : |
09.03.2004 |
KEY EXECUTIVES
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Name : |
Ms. Garima |
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Designation : |
Accounts Department |
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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Udyan Navinchandra Shah |
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700000 |
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Arpana Udyan Shah |
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300000 |
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Total |
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1000000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distributor of Conveyor Belts, Transmission
Belts, Elevator Belts, PVC Belts. |
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Exports : |
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Products : |
Conveyor Belts |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
40 (Office – 6 and Factory – 34) |
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Bankers : |
§
Bank of Vadodara Main Branch, P B. No. 132, Raopura, Vadodara – 390001, ·
United Bank of · ICICI Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Sanjay C Shah and Company Chartered Accountant |
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Address : |
701/A, Arihant Super Market, Near Lalbaug Crossing Majalpur, Vadodara
– 390011, |
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Tel No.: |
91-265-2660958 |
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Fax No.: |
91-265-2663098 |
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Mobile No.: |
91-9825029948 |
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Email : |
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Associates/Subsidiaries : |
§
Vrushabh
Rubbers |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
5.000 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.145 |
4.758 |
3.016 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.145 |
9.758 |
4.516 |
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LOAN FUNDS |
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1] Secured Loans |
34.422 |
23.778 |
21.097 |
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2] Unsecured Loans |
4.856 |
7.085 |
6.386 |
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TOTAL BORROWING |
39.278 |
30.863 |
27.483 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
55.423 |
40.621 |
31.999 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.866 |
32.825 |
19.880 |
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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 |
1.728 |
1.677 |
1.424 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.962
|
22.176 |
13.288 |
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Sundry Debtors |
28.786
|
23.931 |
34.556 |
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Cash & Bank Balances |
0.612
|
0.480 |
0.157 |
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Other Current Assets |
1.914
|
0.595 |
0.836 |
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Loans & Advances |
0.060
|
1.050 |
0.967 |
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Total
Current Assets |
64.334
|
48.232 |
49.804 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
39.847
|
41.683 |
37.897 |
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Other Current Liabilities |
0.192
|
0.206 |
0.912 |
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Provisions |
0.570
|
0.300 |
0.325 |
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Total
Current Liabilities |
40.609
|
42.189 |
39.134 |
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Net Current Assets |
23.725
|
6.043 |
10.670 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Preliminary Expenses |
0.104 |
0.076 |
0.025 |
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TOTAL |
55.423 |
40.621 |
31.999 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
114.400 |
92.589 |
103.537 |
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Other Income |
0.062 |
0.063 |
0.025 |
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TOTAL (A) |
114.462 |
92.652 |
103.562 |
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Less |
EXPENSES |
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Materials Consumed |
92.573 |
76.871 |
91.745 |
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Direct Expenses |
7.107 |
4.566 |
4.329 |
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Administrative and Other Expenses |
9.215 |
7.763 |
6.025 |
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Preliminary Expenses |
0.024 |
0.019 |
0.012 |
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TOTAL (B) |
108.919 |
89.219 |
102.111 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.543 |
3.433 |
1.451 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.562 |
1.735 |
0.817 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.981 |
1.698 |
0.634 |
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Less |
TAX (H) |
0.594 |
0.383 |
0.579 |
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PROFIT AFTER TAX
(G-H) (I) |
1.387 |
1.315 |
0.055 |
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Earnings Per
Share (Rs.) |
1.39 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.21
|
1.42 |
0.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.730
|
1.83 |
0.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.10
|
2.09 |
0.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.17 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.95
|
7.49 |
14.75 |
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Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.14 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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(Rs. In Millions) |
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Creditors for Goods |
38.009 |
34.580 |
35.940 |
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Creditors for Others |
0.351 |
6.743 |
0.722 |
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Creditors for Expenses |
1.487 |
0.360 |
1.235 |
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Total |
39.847 |
41.683 |
37.897 |
TRADE REFERENCE:
·
FORM 8:
|
Corporate
identity number of the company |
U51909GJ2004PTC043749 |
|
Name of the
company |
Vrushabh Beltings
Private Limited |
|
Address of the
registered office or of the principal place of business in |
333 Abhishek Complex,
Akshar Chowk, |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
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Particular of
charge holder |
Bank of Vadodara Main
Branch, P. B. No. 132, Raopura, Vadodara – 390001, Gujarat, India |
|
Nature of
instrument creating charge |
Supplemental Memorandum
of Deposit of Title Deeds |
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Date of
instrument Creating the charge |
10.03.2010 |
|
Amount secured by
the charge |
Rs.49.170
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Cash Credit
(Hypothecation) (Book-Debts), Term Loan-I, Term Loan II,
Term Loan III , WCDL -- 0.50%
over BOI BPLR min 12.50% P.A with monthly rests Terms of
repayment: Term Loan- III
(New) Repayable by 60 EMIS each of Rs.56,245 commencing next month of 1st
disbursement Margin: NA Extent and
Operation of the charge: The charge shall
operate to cover the company’s immovable together with the interests, costs,
charges, commissions etc. |
|
Particulars of
the property charged |
All the pieces and
parcel of land known as Plot No. 92 in Por Ramangamdi Industrial Estate area
consisting of rev Surv No. 993/P and 994/P in the |
|
Particulars of
the present modification |
The Limits have
been enhanced by Rs.17.500 Millions i.e from Rs.31.670 Millions making total
limits to Rs.49.170 Millions The enhanced limits shall continue to cover the
Immoveable property. |
FIXED ASSETS:
· Computer
· Die
· Air Conditioner
· Eicher Tempo
· Electric Fitting
· Epbx System
· Factory Shed
· Freeze
· Machinery
· Furniture
· Sumo-Spacio
·
· Tool and Tackels
· Wagon R
· TVS Victor
WEBSITE DETAILS:
PROFILE:
Vrushabh is one of the manufacturer and distributor of Conveyor
Belts, Transmission Belts, Elevator Belts, PVC Belts in the country having a
substantial market share since 1990, With one of the largest and biggest range
of Conveyor Belts in the region. Vrushabh has a Belt for almost every material
handling application from light to heavy duty.
The aim of the company is to fullfill and match customer's
requirements by manufacturing and marketing suitable conveyor belts to their
specific requirements with unmatched and fabulous after sales-service support.
Thanks in part to their distributor partners.
The activities were never limited to manufacturing and
selling of conveyor belt to customers but also to provide them with immediate
services for any kind of operational wear and tear and breakage of conveyor
belts. They have setup the sister concern "Vrushabh Rubbers" which takes care of customer's sites and
Conveyor Belts.
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
-- |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.