MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
VASANTHA TOOLS CRAFTS PRIVATE LIMITED |
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Registered
Office : |
7-24/2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.12.1988 |
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Com. Reg. No.: |
01-009373 |
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CIN No.: [Company Identification
No.] |
U25203AP1988PTC009373 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Injection Moulds fro Plastic Items. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 810000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Trade
relations are reported as fair.
Business is active. Payments are reported to be 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. Ubed Udulla |
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Designation : |
Accountant |
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Date : |
11.03.2011 |
LOCATIONS
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Registered Office/ Factory/ Warehouse
: |
7-24/2, |
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Tel. No.: |
91-40-44613333/ 44613330/ 27713786/ 23199800/ 23092073 |
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Fax No.: |
91-40-23097023 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.yards (Owned) |
DIRECTORS
As on 15.09.2010
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Name : |
Mr. Anugu Reddy Dayanand |
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Designation : |
Managing Director |
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Address : |
Plot No. 127, 31-4/5, Sri Satya Sai Enclave, Kanjiguda,
Thirumalagherry, Secunderabad-500015, |
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Date of Birth/Age : |
30.01.1962 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
12.12.1988 |
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DIN No.: |
00587666 |
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Name : |
Mr. Pingali R Renuka |
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Designation : |
Director |
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Address : |
Plot No. 127, 31-4/5, Sri Satya Sai Enclave, Kanjiguda,
Thirumalagherry, Secunderabad-500015, |
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Date of Birth/Age : |
15.08.1966 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
02.04.1990 |
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DIN No.: |
00588553 |
KEY EXECUTIVES
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Name : |
Mr. Ubed Udulla |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
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Names of Shareholders |
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No. of Shares |
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Anugu Dayanand Reddy |
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25000 |
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Pingali Renuka Reddy |
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25000 |
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Total |
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50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Injection Moulds fro Plastic Items. |
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Products : |
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Exports : |
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Products : |
Injection Moulds for Plastic Items |
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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 ·
Unilever Global ·
P and G ·
MOHEB ·
Natpack ·
JRD International ·
Angel ·
·
Tupperware ·
Loreal ·
Covinkare ·
Cholayil ·
Colgate ·
Godrej ·
Sara Lee Limited ·
Emami ·
ESSEL Phopack ·
Anchor Wire |
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No. of Employees : |
Approximately 250 (Office 30, Factory 230) |
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Bankers : |
Citi Bank N.A., 1st Floor, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V M Chakrapani and Company Chartered Accountant |
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Address : |
# 5-5- 8/9 and 10, 2nd Floor, |
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Tel. No.: |
91-40-27704329/ 27713786 |
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Fax No.: |
91-40-42012140 |
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Associates/Subsidiaries : |
Renuka
Plasticrafts Private Limited Address: 7-24/2, Activity: Manufacturer of Injection Moulds fro Plastic articles. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs. 100/-
each |
Rs. 5.000
Millions |
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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
197.794 |
168.263 |
158.748 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
202.794 |
173.263 |
163.748 |
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LOAN FUNDS |
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1] Secured Loans |
13.681 |
19.460 |
36.828 |
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2] Unsecured Loans |
47.663 |
44.294 |
23.248 |
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TOTAL BORROWING |
61.344 |
63.754 |
60.076 |
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DEFERRED TAX LIABILITIES |
1.173 |
4.159 |
2.706 |
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TOTAL |
265.311 |
241.176 |
226.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
192.179 |
150.913 |
114.022 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.315 |
2.315 |
12.015 |
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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 |
72.065
|
77.852 |
62.637 |
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Sundry Debtors |
21.038
|
20.927 |
23.091 |
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Cash & Bank Balances |
4.916
|
16.810 |
2.518 |
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Other Current Assets |
64.583
|
23.000 |
30.685 |
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Loans & Advances |
11.621
|
18.152 |
40.378 |
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Total
Current Assets |
174.223
|
156.741 |
159.309 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.097
|
9.170 |
8.134 |
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Other Current Liabilities |
57.817
|
45.487 |
32.072 |
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Provisions |
19.492
|
14.136 |
18.610 |
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Total
Current Liabilities |
103.406
|
68.793 |
58.816 |
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Net Current Assets |
70.817
|
87.948 |
100.493 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
265.311 |
241.176 |
226.530 |
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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 (Annual Turnover) |
332.293 |
216.986 |
241.176 |
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Other Income |
2.379 |
5.479 |
7.257 |
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TOTAL |
334.672 |
222.465 |
248.433 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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168.764 |
174.681 |
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Advertising Expenses |
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TOTAL |
269.003 |
168.764 |
174.681 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
65.669 |
53.701 |
73.752 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
16.556 |
16.422 |
16.180 |
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PROFIT BEFORE
TAX |
49.113 |
37.279 |
57.572 |
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Less |
TAX |
16.693 |
12.798 |
16.272 |
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PROFIT AFTER TAX
|
32.420 |
24.481 |
41.300 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.000 |
57.467 |
1.270 |
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TOTAL EARNINGS |
0.000 |
57.467 |
1.270 |
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Earnings Per
Share (Rs.) |
0.65 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.69
|
11.00 |
16.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.78
|
14.88 |
23.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.40
|
12.12 |
21.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.22 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
0.77 |
0.73 |
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Current Ratio (Current Asset/Current Liability) |
|
1.68
|
2.28 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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a. Creditors for Raw Material |
21.815 |
7.099 |
1.868 |
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b. Creditors fro Consumables |
0.675 |
0.501 |
0.886 |
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c. Creditors for Outside Jobbing |
0.791 |
0.162 |
4.196 |
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d. Creditors for Building |
0.065 |
0.000 |
0.000 |
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e. Creditors for Capital Expenditure |
0.414 |
0.042 |
0.122 |
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f. Other Creditors |
2.337 |
1.366 |
1.062 |
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Total |
26.097 |
9.170 |
8.134 |
Trade References:
·
Hindustan Liver Limited
Results of Operations:
The company’s performance for the year has
been satisfactory despite challenging and volatile market conditions. Turnover for
the year was Rs. 332.293 Millions against Rs. 216.986 Millions in the previous
year, reflecting an increase of 53.14%. The operating profit stands at Rs.
49.113 Millions and profit after tax, for the year is about 32.420 Millions.
Projections for the Current Year:
They are hopeful of achieving a turnover of
Rs. 500.000 Millions for the ensuring Financial year. The company has achieved
has a turnover of Rs. 230.000 Millions till reporting dated in the current
fiscal and already has orders worth Rs. 270.000 Millions to be executed ass on
the date of the report.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25203AP1988PTC009373 |
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Name of the
company |
VASANTHA TOOLS CRAFTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
7-24/2, |
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Type of charge |
Immovable
Property Movable Property |
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Particular of
charge holder |
Citi Bank N.A., 1st Floor, |
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Nature of description
of the instrument creating or modifying the charge |
Term Loan
Agreement Modification to
Memorandum of Entry |
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Date of
instrument Creating the charge |
03.03.2008 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest LIBOR rate plus
849 basis points or at such other rates as may be fixed by the bank from time
to time Terms of
Repayment Repayable in 36
Monthly installments Margin Nil Extent and
Operation of the charge First Charge |
|
Short particulars
of the property charged |
First charge on
all movable fixed assets present and future whether installed/ not and
whether lying loose / in transit brought/ stored at factories premises
including machinery and mortgage by deposit of title deeds of factory land
and building at 7-224/2, Plot No. 4 to 11, Pipeline Road, Subhashnagar, Plot
No. 163, 164 and 165 Sy. No. 244, 316 |
Fixed Assets:
·
Land
·
Trade Mark
·
·
Plant and Machinery
·
Tools and Equipments
·
Electrical Installations
·
Furniture and Fittings
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Vehicles
·
Generator
·
Office Equipments
·
Design Software
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Computer Equipments
·
Air Conditioner
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.