MIRA
INFORM REPORT
|
Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIDYUT METALLICS PRIVATE LIMITED |
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Registered
Office : |
Malhotra House, 4th Floor, Opposite G.P.O., Fort,
Mumbai – 400001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.10.1953 |
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Com. Reg. No.: |
11-018405 |
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CIN No.: [Company Identification
No.] |
U28931MH1953PTC018405 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Marketers of Safety Razor Blades, Twin
Type Shaving System Razors, Razor Blade Manufacturing Machines and Accessories,
Industrial Blades and Industrial Knives. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4200000 |
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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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Sandesh |
|
Designation : |
Accounts Department |
|
Date : |
26.03.2011 |
LOCATIONS
|
Registered Office : |
Malhotra House, 4th Floor, Opposite G.P.O.,
Fort, Mumbai – 400001, |
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Tel. No.: |
91-22-22697584 |
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Fax No.: |
91-22-25823415 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Paresh Biharilal Vyas |
|
Designation : |
Whole Time Director |
|
Address : |
703, Raheja Estate, Park Land 2, A wing, 7th floor,
Kulupwadi, Boriwali [West], Mumbai 400066, Maharashtra, India |
|
Date of Birth/Age : |
12.05.1956 |
|
Date of Appointment : |
22.09.1993 |
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DIN No. : |
00048903 |
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Name : |
Ms. Hiroo Suresh Advani |
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Designation : |
Director |
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Address : |
403, |
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Date of Birth/Age : |
04.03.1945 |
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Date of Appointment : |
01.10.2007 |
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Date of Cessation : |
21.09.2010 |
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DIN No. : |
00265233 |
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Name : |
Mr. Mohamed Hanil Mohamed Ismail Shaikh |
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Designation : |
Director |
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Address : |
Seva Vikas Mandal, R. No. D-111, |
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Date of Birth/Age : |
14.07.1959 |
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Date of Appointment : |
30.09.2008 |
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DIN No. : |
02160327 |
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Name : |
Mr. Amit Prakash Chand Bhansali |
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Designation : |
Additional Director |
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Address : |
1/4/1 watkins lane, |
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Date of Birth/Age : |
28.12.1979 |
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Date of Appointment : |
18.02.2011 |
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DIN No. : |
02625472 |
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Name : |
Mr. Swapnil Subhash Joshi |
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Designation : |
Additional Director |
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Address : |
305, Nirmal Apartment, Chitaley Marg, Dhantoli, |
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Date of Birth/Age : |
07.03.1984 |
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Date of Appointment : |
01.09.2009 |
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DIN No. : |
02623290 |
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Name : |
Mr. Abhishek Kumar |
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Designation : |
Additional Director |
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Address : |
Block No.15, Flat No.296, Lodhi Colony, |
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Date of Birth/Age : |
18.12.1981 |
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Date of Appointment : |
01.09.2009 |
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DIN No. : |
02738117 |
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Name : |
Mr. Rakesh Rajinder Kumar Malhotra |
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Designation : |
Additional Director |
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Address : |
5th Fl Rubens Apartment, 30, |
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Date of Birth/Age : |
15.02.1963 |
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Date of Appointment : |
18.02.2011 |
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DIN No. : |
02771792 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Rajinder Kumar Malhotra |
2398603 |
|
Rajiv Malhotra |
2376604 |
|
Transauto and Mechaids Private Limited – |
5379109 |
|
Rakesh Malhotra |
01 |
|
Total |
10154317 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
52.98 |
|
Other Top Fifty Shareholders |
47.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Safety Razor Blades, Twin
Type Shaving System Razors, Razor Blade Manufacturing Machines and
Accessories, Industrial Blades and Industrial Knives. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2500 (approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking Relations
: |
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Financial
Institute : |
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Auditors : |
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Name : |
CLB and Associates Chartered Accountant |
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Address : |
77, |
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Tel. No.: |
91-22-22052224/22066860 |
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Mobile No.: |
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Fax No.: |
91-22-22052224 |
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E-Mail : |
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Website : |
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Pan No.: |
AAEFC1382K |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
500000 |
Preferences Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10154317 |
Equity Shares |
Rs. 10/- each |
Rs. 101.543
Millions |
|
50000 |
Preferences Shares |
Rs. 100/- each |
Rs. 5.000
Millions |
|
|
Total |
|
Rs. 106.543 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
106.543 |
101.543 |
101.543 |
|
|
2] Share Application Money |
20.170 |
20.170 |
0.000 |
|
|
3] Reserves & Surplus |
935.940 |
911.712 |
813.578 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1062.653 |
1033.425 |
915.121 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1486.453 |
1560.710 |
1322.455 |
|
|
2] Unsecured Loans |
259.893 |
322.036 |
278.803 |
|
|
TOTAL BORROWING |
1746.346 |
1882.746 |
1601.258 |
|
|
DEFERRED TAX LIABILITIES |
102.499 |
79.033 |
20.093 |
|
|
|
|
|
|
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TOTAL |
2911.498 |
2995.204 |
2536.472 |
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APPLICATION OF FUNDS |
|
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|
|
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FIXED ASSETS [Net Block] |
997.438 |
905.511 |
812.458 |
|
|
Capital work-in-progress |
226.483 |
329.839 |
325.735 |
|
|
|
|
|
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INVESTMENT |
10.690 |
10.690 |
10.690 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1059.312
|
878.410 |
909.754 |
|
|
Sundry Debtors |
1959.421
|
1957.080 |
1449.118 |
|
|
Cash & Bank Balances |
9.907
|
17.123 |
49.275 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
379.652
|
320.837 |
353.329 |
|
Total
Current Assets |
3408.292
|
3173.450 |
2761.476 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1105.533 |
1134.038 |
|
|
Other Current Liabilities |
1689.832
|
290.547 |
220.049 |
|
|
Provisions |
41.573
|
28.206 |
19.800 |
|
Total
Current Liabilities |
1731.405
|
1424.286 |
1373.887 |
|
|
Net Current Assets |
1676.887
|
1749.164 |
1387.589 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2911.498 |
2995.204 |
2536.472 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2989.954 |
3088.825 |
|
|
|
Other Income |
|
16.253 |
13.634 |
|
|
|
TOTAL (A) |
3755.062 |
3006.207 |
3102.459 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
1345.868 |
1453.905 |
|
|
|
Manufacturing expenses |
|
374.908 |
422.265 |
|
|
|
Payments to and provisions for employees |
|
577.146 |
607.203 |
|
|
|
Research and development expenses |
|
5.942 |
5.306 |
|
|
|
Selling, administration and other expenses |
|
329.226 |
305.511 |
|
|
|
TOTAL (B) |
331.747 |
2633.090 |
2794.190 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
437.592 |
373.117 |
308.269 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
277.161 |
253.543 |
202.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
160.431 |
119.574 |
105.529 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
102.561 |
99.176 |
89.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
57.870 |
20.398 |
15.955 |
|
|
|
|
|
|
|
|
|
|
Depreciation for
earlier years written back |
0.000 |
145.049 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
33.376 |
67.312 |
13.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
24.494 |
98.135 |
2.182 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
797.803 |
699.668 |
697.486 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
822.030 |
797.803 |
699.668 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.43 |
9.66 |
0.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.89
|
3.26 |
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.68 |
0.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.31
|
0.50 |
0.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.27
|
3.20 |
3.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
2.23 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to small scale industries |
NA |
96.516 |
|
|
- Ohers |
NA |
1009.017 |
|
|
Total |
NA |
1105.533 |
1134.038 |
Operations:
During the period, the company registered a sales turnover including
exports of Rs. 3715.693 millions as compared to Rs. 3050.780 millions in the
previous year. Domestic sales increased from Rs. 1793.317 millions to Rs.
2345.684 millions whereas export sales increased from Rs. 1257.462 millions to
Rs. 1370.009 millions during the period.
Form 8:
|
Corporate
identity number of the company |
U28931MH1953PTC018405 |
||||||
|
Name of the
company |
VIDYUT METALLICS PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
Malhotra House, 4th Floor, Opposite G.P.O.,
Fort, Mumbai – 400001, |
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|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Registered
indenture of mortgage over immovable property of VMPL situate at S. Nos.
90/1, 95/4, 95/8, Naupada, Thane. |
||||||
|
Date of
instrument Creating the charge |
09.12.2010 |
||||||
|
Amount secured by
the charge |
Rs. 500.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 18% Terms of Repayment
– Bullet repayment at the end of one year. Extent and
Operation of the charge – First charge by creation of registered mortgage
over company is immovable property situated at survey nos. 90/1, 95/4 and
95/8 naupada, thane to cover full value of loan of Rs. 500.000 millions. |
||||||
|
Particulars of
the property charged |
Survey Nos. 90/1,
95/4, 95/8, Naupada Thane. |
Fixed Assets:
- Land, Free
hold
- Land,
Leasehold
- Staff
Quarters
- Factory
building
- Ownership
flats
- Plant and
machinery
- Air
conditioner and refrigerators
- Furniture and
fixtures
- Office
equipments
- Vehicles
- Tube well
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.