MIRA
INFORM REPORT
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Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
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Name : |
VIMAL INTERTRADE PRIVATE LIMITED |
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Registered Office : |
C-310, Shyam Kamal
Agarwal Market, Vile Parle (East), Mumbai – 400 057, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.08.2004 |
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Com. Reg. No.: |
11-147822 |
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CIN No.: [Company
Identification No.] |
U51490MH2004PTC147822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV11775B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Distributor and Dealer
of Specialty Chemicals and Resins. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 710000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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
|
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 DECLINED BY
MANAGEMENT NON CO OPERATIVE [NAME NOT DISCLOSED]
LOCATIONS
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Registered Office/ Head Office/ Factory : |
C-310, Shyam Kamal Agarwal Market, Vile Parle (East), Mumbai – 400
057, |
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Tel. No.: |
91-22-65093909 |
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Fax No.: |
91-22-26127382 |
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E-Mail : |
info@vimalagencies.net |
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Website : |
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Regional Offices and Warehouses : |
Located at: ·
Chennai ·
·
Kolkata |
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Business division: |
Paints and Coatings coating@vimalagencies.net
(Paints) bmct@vimalagencies.net (Construction) bmct@vimalagencies.net (Adhesive) plastpack@vimalagencies.net
(Leather) ink@vimalagencies.net (Inks) diamond_tools@vimalagencies.net
(Diamond Tools) powder_coating@vimalagencies.net
(Powder Coating) Plastic and Polymers chemical@vimalagencies.net
(Auxiliaries) chemical@vimalagencies.net
(Water Treatment) chemical@vimalagencies.net
(Electronics) chemical@vimalagencies.net
(Lubricant) Specialty Chemicals lifescience@vimalagencies.net
(Pharma) lifescience@vimalagencies.net
(Agro) lifescience@vimalagencies.net
(Personal Care Personal Care) lifescience@vimalagencies.net
(Food) lifescience@vimalagencies.net
(Household) lifescience@vimalagencies.net (Flavor and Fragrance) |
DIRECTORS
As on 30.09.2010
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Name : |
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Designation : |
Managing Director |
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Address : |
602, Prangan, |
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Date of Birth/Age : |
02.12.1963 |
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Experience : |
22 Years |
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Date of Appointment : |
03.08.2004 |
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Name : |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.08.1970 |
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Date of Appointment : |
03.08.2004 |
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Name : |
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Designation : |
Director |
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Address : |
602, Prangan, |
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Date of Birth/Age : |
24.10.1968 |
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Date of Appointment : |
03.08.2004 |
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Name : |
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Designation : |
Director |
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Address : |
602, Prangan, |
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Date of Birth/Age : |
09.05.1973 |
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Date of Appointment : |
03.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Bimal V. |
|
267000 |
|
Vasantrai R. |
|
50 |
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Mayur V. |
|
74150 |
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Paras V. Shah |
|
74150 |
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Hiren V. |
|
74150 |
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Vasantrai R. Shah
(HUF) |
|
200 |
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Dhirajben V. Shah |
|
250 |
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Shilpa B. Shah |
|
500 |
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Ami M. Shah |
|
500 |
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Binkal P. Shah |
|
500 |
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Vaishali H. Shah |
|
500 |
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Bimal V. Shah
(HUF) |
|
500 |
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Paras V. Shah
(HUF) |
|
500 |
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Mayor V. Shah
(HUF) |
|
500 |
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Hiren V. Shah (HUF) |
|
500 |
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Total
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|
493950 |
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 : |
Distributor and Dealer
of Specialty Chemicals and Resins. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the Management |
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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 : |
Rajiv N. Shah and
Associates Chartered
Accountants |
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Address : |
A-1, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- Each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
493950 |
Equity Share |
Rs.100/- each |
Rs.49.395
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 |
49.395 |
49.395 |
49.395 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
127.022 |
98.454 |
92.455 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
176.417 |
147.849 |
141.850 |
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LOAN FUNDS |
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1] Secured Loans |
182.555 |
182.101 |
113.740 |
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2] Unsecured Loans |
1.575 |
79.180 |
148.475 |
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TOTAL BORROWING |
184.130 |
261.281 |
262.215 |
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DEFERRED TAX LIABILITIES |
0.631 |
0.000 |
0.057 |
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TOTAL |
361.178 |
409.130 |
404.122 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.783 |
7.218 |
5.323 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.061 |
0.050 |
0.000 |
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DEFERREX TAX ASSETS |
0.773 |
0.718 |
0.122 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
165.723
|
187.966 |
161.440
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Sundry Debtors |
311.441
|
302.134 |
287.694
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Cash & Bank Balances |
3.794
|
7.304 |
14.929
|
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Other Current Assets |
0.000 |
0.000 |
0.000
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|
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Loans & Advances |
68.448
|
48.966 |
48.888
|
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Total
Current Assets |
549.406
|
546.370 |
512.951
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
166.036
|
117.753 |
90.074 |
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Other Current Liabilities |
4.834
|
1.438 |
1.333
|
|
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Provisions |
27.273
|
26.382 |
23.262
|
|
Total
Current Liabilities |
198.143
|
145.573 |
114.669
|
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Net Current Assets |
351.263
|
400.797 |
398.282
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MISCELLANEOUS EXPENSES |
0.298
|
0.347 |
0.395 |
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TOTAL |
361.178 |
409.130 |
404.122 |
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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 |
1539.910 |
1643.655 |
1374.386 |
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Other Income |
0.266 |
0.320 |
0.853 |
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TOTAL (A) |
1540.176 |
1643.975 |
1375.239 |
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Less |
EXPENSES |
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TOTAL (B) |
1460.726 |
1587.884 |
1312.022 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
79.450 |
56.091 |
63.217 |
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Less |
FINANCIAL
EXPENSES (D) |
32.377 |
44.836 |
34.124 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.073 |
11.255 |
29.093 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.694 |
1.359 |
0.738 |
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PROFIT BEFORE
TAX (E-F) (G) |
45.379 |
9.896 |
28.355 |
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Less |
TAX (H) |
15.475 |
3.833 |
9.172 |
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PROFIT AFTER TAX
(G-H) (I) |
29.904 |
6.063 |
19.183 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
47.911 |
41.913 |
22.781 |
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BALANCE CARRIED
TO THE B/S |
76.480 |
47.911 |
41.913 |
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Earnings Per
Share (Rs.) |
60.54 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.94
|
0.37 |
1.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.95
|
0.60 |
2.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.13
|
1.79 |
5.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.07 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.17
|
2.75 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
|
2.77
|
3.75 |
4.47 |
LOCAL AGENCY FURTHER INFORMATION
YEAR IN
RETROSPECT:
2009-10 commenced with the concern that the world economy may further worsen and
plunge into a long depression. However, as the year moved on, there were
tentative indications of improvement in India, particularly seen during the
second half even as the large developed economies continued to post a negative
growth in GDP. The key developing economies,
The overall
performance of the Chemical Industry
deteriorated during the year, not only because of the economic
downturn, but also due to fundamental changes taking place in the structure of
the Industry. Environment protection and energy conservation are two foremost
challenges for the chemical companies as they endeavour to become competitive
and customer focused.
Amidst this
background, the performance of the
Company for 2009-10 was as follows:
- Though the Sales
have decreased marginally by 6.74% from 1643.700 Millions to 1539.900 Millions.
The PBT has jumped by 458 % from 989.600 Millions to 45.378 Millions which
clearly shows that there is no real decrease in overall performance of the Company. The decrease in
sales in terms of value is largely attributable to the fact that the Indian
- Rupee
appreciated by 11% bringing down import costs substantially and sluggish demand
pushed the prices further down.
- The inventory
levels came down by 13% from 188.000 Millions levels to 165.700 Millions level.
And the inventory carrying costs were also brought down from 5.056 Millions to
3.583 Millions on increased volume of sales.
FUTURE STRATEGY
The Company is
committed to work with a sense of purpose, with an inspiring vision and with a
strategy of transformation. Therefore, the Company will not only face the
contemporary challenges, but will also pledge its unflinching allegiance to a
future that has multidimensional multipliers for growth. And to achieve all that
is visualized by the Company, they have shifted the focus of the existing
strategy of capitalizing in the domestic market and sourcing products/material
only from US or European based MNC’s to exploring export potential in SARC
countries and sourcing of low cost products/materials from Asia Pacific. The
Company has been putting in rigorous efforts for achieving the desired goals.
RESOURCES
The Company has
been consistently strengthening its marketing team by regularly inducting new professionally
qualified manpower for massive marketing operations. The total marketing team
now consists of more than 45 young and energetic marketing professional headed
by key management personnel. With a view to meeting with the ever increasing working capital
requirement, the Company is in the process of putting up an appropriate
proposal for availing enhanced credit facilities with their bankers, Bank of
Baroda for both fund and non-fund based credit facilities.
FUTURE GROWTH
The Directors have
been putting in best efforts for expanding the customer base, the product
segment base, the infrastructural set up.
Bankers Charges
Report as per Registry
|
Name of the
company |
VIMAL INTERTRADE
PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Composite
hypothecation agreement dated 06.10.2005. |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 100.000
Millions |
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3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
1) The whole of
the borrower’s stocks, both present and future and including but without prejudice
to the generality of the foregoing words, all stocks of raw material,
work-in-progress, semi finished goods and finished goods such as various
chemicals, packing materials and stores etc., whatsoever and wheresoever
situate and / or in transit whether now belonging to or that may at any time
during the continuous of this security belong the borrower or that may be
held by any party anywhere to the order and disposition of the borrower. 2) All the
present and future book debts, outstanding monies, receivables, claims,
bills, contracts, engagements and securities which are now due and owing or
which may at any time hereafter during the continuance of this security
become due and owing to the borrower in the course of its business by any
person, firm, company or body corporate or by the Government of India or any
State Government of Indian Railways or any Government Department of Office or
any Municipal or Local or Public or Semi-Government Body or authority
whatsoever including those relating to the assets leased out and / or given
on hire purchase basis. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
The charges are
created to secure following credit facilities together with interest /
commission and margin as stated there against.
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5) Name and Address and description of the person entitled
to the charge. |
Bank of |
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6) Date and brief
description of instrument modifying the charge |
N A |
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7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
N A |
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Corporate
identity number of the company |
U51490MH2004PTC147822 |
|
Name of the
company |
VIMAL INTERTRADE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-310, Shyam Kamal,
Agarwal Market, Vile Parle (East), Mumbai-400057, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90354117 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge
holder |
Bank of Email ID: shirishshetye@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
composite instrument of hypothecation of goods, book-debts, moveable
machinery and vehicles. |
|
Date of
instrument Creating the charge |
09.02.2010 |
|
Amount secured by
the charge |
Rs.461.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on the
cash credit limit at the rate of 0.50% over Prime Lending Rate of the Bank i.e.
12.50% p.a. with monthly rests. Terms of
Repayment On Demand. Margin 25% on the Stock
and Book Debts. 10% cash margin
in respect of LC and G'tee. Extent and
Operation of the charge The charge is
modified to secure Line of Credit : Cash Credit (Hypn. of Stock and Book
Debts) - Rs.400 Millions [with sub-limit: Inland/Foreign LC - Rs.150 Millions
and Bank Guarantee - Rs.50 Millions] and National Credit exposure (for
forward cover limit Rs.1227.600 Millions) - Rs.61.400 Millions, aggregating
to Rs.46,14,00,000/- together with interest, additional interest, further
interest by way of liquidated damages, compound interest, commitment charges,
commission, Premia on pre-payment, cost, charges and expense |
|
Short particulars
of the property charged |
Stocks of RMs,
SIP, FGs, consumable spares and packing materials. All the Book
Debts in respect of supplies made to various Govt. Departments or limited
companies etc. as evidenced by supply bills, receipted challans/receipted
invoices deposited with the Bank. All the moveable
machinery of the Borrower including all stores and spare parts, both present
and future and all the vehicles. |
|
Date of latest
modification prior to the present modification |
12.09.2008 |
|
Particulars of
the present modification |
The charge is
increased upto Rs.461.400 Millions to cover Line of Credit: Cash Credit
(Hypn. of Stock and Book Debts) - Rs.400 Millions (increased from Rs.225.000
Millions) [with sub-limit: Inland/Foreign LC - Rs.150 Millions and Bank
Guarantee - Rs.50 Millions] and National Credit exposure (for forward cover
limit Rs.1227.600 Millions) - Rs.61.400 Millions (Fresh). |
Fixed Assets:
·
Computer Systems
·
Office Equipments
·
Furniture and Fixture
·
Vehicle
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.44.97 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.