MIRA
INFORM REPORT
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Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
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Name : |
VINDI VAK PUMP PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1905 / 1906 Phase IV, GIDC Vatva, Ahmedabad 382445, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.02.1996 |
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Com. Reg. No.: |
028754 |
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CIN No.: [Company Identification
No.] |
U29120GJ1996PTC28754 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV00531G |
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PAN No.: [Permanent Account No.] |
AAACV5009R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Vaccum Pump, Water Ring Vaccum Pump,
Liquid Ring Vaccum Pump. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 12000 |
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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. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct The company can be considered 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
|
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
|
Name : |
Mr. Dinesh Patel |
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Designation : |
Director |
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Contact No.: |
91-9825023216 |
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Date : |
18.03.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 1905 / 1906 Phase IV, GIDC Vatva, Ahmedabad 382445, |
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Tel. No.: |
91-79-25893659 |
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Mobile No.: |
91-9825023216 (Dinesh) |
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Fax No.: |
91-79-25892214 |
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E-Mail : |
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Website : |
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Area : |
50000 sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Chintan Patel |
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Designation : |
Director |
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Date of Birth/Age : |
15.08.1984 |
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Date of Appointment : |
15.06.2008 |
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Name : |
Mr. Dinesh Kumar Patel |
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Designation : |
Director |
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Date of Birth/Age : |
03.01.1959 |
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Date of Appointment : |
05.02.1996 |
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Name : |
Mr. Vinodchahdra Shah |
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Designation : |
Director |
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Date of Birth/Age : |
06.11.1960 |
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Date of Appointment : |
05.02.1996 |
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Name : |
Mr. Shirishbhai Patel |
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Designation : |
Director |
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Date of Birth/Age : |
29.07.1958 |
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Date of Appointment : |
05.02.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Sarojben D Patel |
18900 |
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Lopaben V Shah |
3600 |
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Nayanaben S Patel |
20100 |
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Vinodchahdra Shah |
100 |
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Shirishbhai Patel |
100 |
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Tulsibhai A Patel |
100 |
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Dineshbhai Patel |
54000 |
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Shirishkumar Patel |
62800 |
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Vinodchandra Shah |
79300 |
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Dineshbhai Patel HUF |
10000 |
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Total |
249000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 Exporter of Vaccum Pump, Water Ring Vaccum Pump,
Liquid Ring Vaccum Pump. |
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Products : |
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Exports : |
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Products : |
Vaccum Pump, Water Ring Vaccum Pump |
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Countries : |
Malyasia, UAE, |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 Approximately |
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Bhagat and Associates Chartered Accountant |
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Address : |
103 / 104 Panchdeep Complex Mayur Colony, Mithakali Six Road,
Navrangpura, Ahmedabad 380009, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10 each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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249000 |
Equity Shares |
Rs. 10 each |
Rs.2.490 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 |
2.490 |
2.490 |
2.490 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.513 |
0.118 |
0.460 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.003 |
2.608 |
2.950 |
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LOAN FUNDS |
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1] Secured Loans |
1.696 |
2.779 |
3.615 |
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2] Unsecured Loans |
9.552 |
9.565 |
8.895 |
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TOTAL BORROWING |
11.248 |
12.344 |
12.510 |
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DEFERRED TAX LIABILITIES |
0.793 |
0.844 |
0.771 |
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TOTAL |
15.044 |
15.796 |
16.231 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.844 |
10.273 |
10.993 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.079 |
0.077 |
0.078 |
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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 |
3.076
|
4.537 |
4.509 |
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Sundry Debtors |
10.860
|
3.428 |
6.191 |
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Cash & Bank Balances |
2.785
|
3.493 |
0.672 |
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Other Current Assets |
0.047
|
0.042 |
0.000 |
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Loans & Advances |
1.590
|
0.484 |
1.211 |
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Total
Current Assets |
18.358
|
11.984 |
12.583 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.049
|
3.547 |
5.351 |
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Other Current Liabilities |
1.013
|
1.377 |
0.584 |
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Provisions |
2.175
|
1.614 |
1.488 |
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Total
Current Liabilities |
13.237
|
6.538 |
7.423 |
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Net Current Assets |
5.121
|
5.446 |
5.160 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.044 |
15.796 |
16.231 |
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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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Sales |
41.803 |
30.409 |
35.081 |
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Other Income |
0.673 |
0.499 |
0.109 |
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TOTAL (A) |
42.476 |
30.908 |
35.190 |
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Less |
EXPENSES |
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Cost of Materials |
29.441 |
20.017 |
23.686 |
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Manufacturing Expenses |
0.612 |
0.896 |
0.593 |
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Employees Remuneration |
3.920 |
3.369 |
2.941 |
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Selling and Distribution Expenses |
2.375 |
1.099 |
2.871 |
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Administrative Expenses |
1.639 |
1.567 |
1.087 |
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TOTAL (B) |
37.987 |
26.948 |
31.178 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.489 |
3.960 |
4.012 |
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Less |
FINANCIAL
EXPENSES (D) |
1.532 |
1.681 |
1.815 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.957 |
2.279 |
2.197 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.511 |
1.636 |
1.664 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.446 |
0.643 |
0.533 |
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Less |
TAX (H) |
0.469 |
0.431 |
0.180 |
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PROFIT AFTER TAX
(G-H) (I) |
0.977 |
0.212 |
0.353 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.011 |
0.388 |
0.643 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.073 |
0.035 |
0.040 |
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Dividend |
0.498 |
0.473 |
0.498 |
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Tax on Dividend |
0.084 |
0.080 |
0.070 |
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Earnings Per
Share (Rs.) |
-- |
0.046 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.30
|
0.69 |
1.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.45
|
2.11 |
1.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.12
|
2.88 |
2.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.24 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.41
|
7.56 |
7.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.83 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
- Zydus Cadila
- Intas Pharma
- Pharmalab
FIXED ASSETS:
- Air
Conditioner
- Alluminium
Die
- Computer
- Crane
- Dead Stock
- Electric
Installation
- Electronic
Scale
- Equipment
- Freexe
- Instruments
- Land
- Luna
- Mobile Phone
- Patterns
- Plant and
Machinery
- Sweeping
Machine
- Tata Safari
EX
- Wagon R
- Magnetic
Drill
- Machinery
Tools
- Radial Drill
Machine
FORM 8
|
Corporate
identity number of the company |
U29120GJ1996PTC28754 |
|
Name of the
company |
VINDI VAK PUMP PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 1905 / 1906 Phase IV, GIDC Vatva, Ahmedabad 382445, |
|
This form is for |
Modification of
charge Creation of
charge |
|
Type of charge |
Immovable property
Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
Small Industries Development Bank of India, Navjivan Amrit Jayanti
Bhavan, 1st Floor, Navjivan, Shmedabad 380014, Gujarat, India Email: jaykgupta@sidbi.in |
|
Nature of
instrument creating charge |
Deed of
hypothecation and mortgage deed executed by the company in favour of SIDBI to
secure the additional term loan of Rs. 4.500 millions |
|
Date of
instrument Creating the charge |
19.11.2010 |
|
Amount secured by
the charge |
Rs. 7.700
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Term Loan - 9.75%
P. A. With Monthly Rest on the amt of the loan outstanding Terms of repayment Term Loan - 60
Monthly Installments of Rs. 0.075 million each commencing after a moratorium
of 6 months from the date of first disbursement Margin Term Loan - 25% Extent and operation of the charge A)1st charge by
way of hypothecation of all the movable including plant, machinery and
equipment acquired / to be acquired under the project / scheme AND Extension
of 1st charge on all movable assets, present and future, of the borrower
subject to prior charges created / to be created i.f.o of the Borrower's
bankers on current assets [B] Extension of 1st charge by way of mortgage of
leasehold rights of the Co. immovable properties situate at Plot No.1905 and
1906, Phase IV, Vatva GIDC, Ahmedabad Other Term Loan I
- 3.200 Term Loan II –
4.500 Total - 7.700 |
|
Short particulars
of the property charged (Including location of the property) |
First charge by
way of hypothecation of all the movable including plant, machinery and
equipment acquired / to be acquired under the project / scheme. Extension of
First charge on all movable assets, present and future, of the borrower, in
such form as may be required by SIDBI
subject to prior charges created / to be created in favour of the Company's
bankers on current assets of the Company as may be agreed to by SIDBI for
securing the borrowing for working capital requirements. Extension of First charge by way of
mortgage of leasehold rights of the borrowers immovable properties situate at
Plot No.1905 & 1906, Phase IV, Vatva GIDC, Ahmedabad |
|
Date of
instrument modifying the charge |
27.03.2007 |
|
Particulars of
the present modification |
SIDBI has
sanctioned new term loan [ii] of Rs.4.500 millions thereby the total limits
sanctioned by SIDBI has been modified,
revised, and increased to Rs.7.700 millions thus, first charge by way of
hypothecation on movable assets [both present and future] and first charge by
way of mortgage on immovable property is extended and will now operate for
Rs.7.700 millions. |
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.