MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VAIBHAV PLASTIMOULDS PRIVATE LMITED |
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Registered
Office : |
J-2, MIDC, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.09.1993 |
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Com. Reg. No.: |
11-074135 |
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Paid-up Capital
: |
Rs. 2.999 Millions |
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CIN No.: [Company Identification
No.] |
U36100MH1993PTC074135 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPV03186B |
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PAN No.: [Permanent Account No.] |
AABCV6733B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Water Tanks, Pipes etc |
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No. of Employees
: |
30 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 67000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
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 : |
Ms. Rohini |
|
Designation : |
Accountant |
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Contact No.: |
91-7104-236672 |
|
Date : |
05.05.2011 |
LOCATIONS
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Registered Office/ Factory : |
J-2, MIDC, Hingna Road, Nagpur-440016, |
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Tel. No.: |
91-7104-236671/ 72/ 645768/ 2520131 |
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Mobile No.: |
91-9371637667 (Mr. Vaibhav Agrawal) |
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Fax No.: |
91-7104-236672/ 645768 (Direct Number)/ 2527960 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Vishal Rameshchand Agrawal |
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Designation : |
Whole Time Director |
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Address : |
House No. 580, |
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Date of Birth/Age : |
05.07.1973 |
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Date of Appointment : |
24.09.1993 |
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DIN No.: |
00170814 |
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Name : |
Mrs. Urmiladevi Rameshchand Arawal |
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Designation : |
Whole Time Director |
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Address : |
House No. 580, |
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Date of Birth/Age : |
30.04.1946 |
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Date of Appointment : |
01.08.2005 |
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DIN No.: |
00170999 |
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Name : |
Mr. Vaibhav Rameshchand Agrwal |
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Designation : |
Whole Time Director |
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Address : |
House No. 580, |
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Date of Birth/Age : |
12.09.1979 |
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Date of Appointment : |
03.10.2007 |
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DIN No.: |
00170776 |
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Name : |
Mr. Nilesh Rameshcahndra Agrawal |
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Designation : |
Whole Time Director |
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Address : |
House No. 580, |
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Date of Birth/Age : |
15.04.1969 |
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Date of Appointment : |
18.06.2010 |
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DIN No.: |
00170708 |
KEY EXECUTIVES
|
Name : |
Ms. Rohini |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vishal R Agrawal |
|
71000 |
|
Rameshchand Agrawal |
|
500 |
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Urmila Agrawal |
|
500 |
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Rameshchand Agrwal (HUF) |
|
1300 |
|
Neelesh Agrawal |
|
1000 |
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Alka Agrawal |
|
500 |
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Alpana Agrwala |
|
500 |
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Vishal Agrawal (HUF) |
|
820 |
|
Vaibhav Agrawal |
|
500 |
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Shriya Agrawal |
|
300 |
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Vaibhav Agrawal Jointly with Neha Agrawal |
|
144460 |
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Puranchand Agrawal (HUF) jointly with Rameshchand Agrawal |
|
30000 |
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Nilesh Agrawal Jointly with Alka Agrawal |
|
5000 |
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Neha Agrwal Jointly with Vaibhav Agrawal |
|
500 |
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Vishaka Bansal Jointly Urmila Agrawal |
|
30000 |
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Urmila Agrawal Jointly with Rameshchand Agrawal |
|
4840 |
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Vishal Agrawal Jointly with Alpana Agrawal |
|
6640 |
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Alpanan Agrawal Jointly with Vishal Agrawal |
|
800 |
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Vaibhav Rameshchand Agrawal (HUF) |
|
800 |
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Total |
|
299960 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Water Tanks, Pipes etc |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
30 (approximately) |
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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 : |
Radheshyam Sarda and Company Chartered Accountant |
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Address : |
Ganpati Apartment, 43, |
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Pan No.: |
AFCPS5046M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
299960 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.999
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 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
2.999 |
2.999 |
2.940 |
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2] Share Application Money |
0.000 |
0.000 |
7.450 |
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3] Reserves & Surplus |
15.690 |
15.690 |
8.300 |
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4] (Accumulated Losses) |
(1.809) |
(4.603) |
(6.562]) |
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NETWORTH |
16.880 |
14.086 |
12.128 |
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LOAN FUNDS |
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|
1] Secured Loans |
38.596 |
27.430 |
32.645 |
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2] Unsecured Loans |
4.386 |
22.013 |
18.500 |
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TOTAL BORROWING |
42.982 |
49.443 |
51.145 |
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DEFERRED TAX LIABILITIES |
1.216 |
0.883 |
0.530 |
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TOTAL |
61.078 |
64.412 |
63.803 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.985 |
34.955 |
31.113 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.006 |
0.006 |
0.006 |
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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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|
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Inventories |
17.759
|
7.310
|
7.564 |
|
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Sundry Debtors |
7.706
|
12.946
|
14.191 |
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Cash & Bank Balances |
0.398
|
0.479
|
1.931 |
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Other Current Assets |
2.035
|
0.000
|
0.000 |
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Loans & Advances |
6.620
|
13.793
|
11.942 |
|
Total
Current Assets |
34.518
|
34.528
|
35.628 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.475
|
2.345
|
2.442 |
|
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Other Current Liabilities |
6.324
|
2.406
|
0.419 |
|
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Provisions |
0.632
|
0.326
|
0.083 |
|
Total
Current Liabilities |
9.431
|
5.077
|
2.944 |
|
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Net Current Assets |
25.087
|
29.451
|
32.684 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61.078 |
64.412 |
63.803 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Other Income |
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TOTAL (A) |
111.632 |
75.918 |
32.061 |
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Less |
EXPENSES |
|
|
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|
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TOTAL EXPENSES
(B) |
96.468 |
62.508 |
28.291 |
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.164 |
13.410 |
3.770 |
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Less |
FINANCIAL
EXPENSES (D) |
6.088 |
5.912 |
2.259 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.076 |
7.498 |
1.511 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.381 |
4.794 |
1.182 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.695 |
2.704 |
0.329 |
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Less |
TAX (H) |
0.901 |
0.745 |
0.133 |
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PROFIT AFTER TAX
(G-H) (I) |
2.794 |
1.959 |
0.196 |
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BALANCE CARRIED
TO THE B/S |
(1.809) |
(4.603) |
(6.562) |
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|
Earnings Per
Share (Rs.) |
6.03 |
6.53 |
0.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.50
|
2.58
|
0.61 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.24
|
3.89
|
0.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.19
|
0.03 |
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|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.11
|
3.87
|
4.46 |
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|
|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
6.80
|
12.10 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U36100MH1993PTC074135 |
|
Name of the
company |
VAIBHAV PLATIMOULDS PRIVATE LMITED |
|
Address of the
registered office or of the principal place of business in |
J-2, MIDC, Hingna Road, Nagpur-440016, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10069402 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Memorandum for recording
extension of mortgage by deposit of title deeds covering enhanced limits
and/or creation of equitable mortgage on additional properties for existing
limits and enhance limits and additional facilities (SME-7) |
|
Date of
instrument Creating the charge |
17.03.2011 |
|
Amount secured by
the charge |
Rs. 68.940
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Cash Credit
Limit: @14.50% p.a. with monthly rests Term Loan: @15.25%
p.a. with monthly rests Terms of
Repayment – Cash Credit
Limit: @14.50% p.a. with monthly rests Term Loan:
@15.25% p.a. with monthly rests Margin – Raw Materials
(Indigenous) - 25% Finished Goods -
25% Domestic
Receivables - 40% Letters of Credit:
20% Extent and
Operation of the charge – Existing credit
facilities of Rs. 43.700 millions (DCC of Rs. 20.000 millions, SLOC of Rs.
1.500 millions, TL-1 of Rs. 19.500 millions and TL-2 of Rs. 2.700 millions)
enhanced to Rs. 68.940 millions (DCC of Rs. 30.000 millions, SLOC of Rs.
4.500 millions, TL-1 of Rs. 19.500 millions, TL-2 of Rs. 2.700 millions, LC
of Rs. 12.000 millions and Forward Contract of Rs. 0.240 million) against
extension of equitable mortgage of industrial plot and building at J-2, M.I.D.C.
Industrial Estate, Hingna, Nagpur. |
|
Short particulars
of the property charged |
Extension of
equitable mortgage of industrial plot and bldg at J-2, M.I.D.C. Indl Estate,
Hingna, |
|
Date of last
modification prior to the present modification |
08.02.2010 |
|
Particulars of
the present modification |
Existing credit facilities
of Rs. 43.700 millions (DCC of Rs. 20.000 millions, SLOC of Rs. 1.500
millions, TL-1 of Rs. 19.500 millions and TL-2 of Rs. 2.700 millions)
enhanced to Rs. 68.940 millions (DCC of Rs. 30.000 millions, SLOC of Rs.
4.500 millions, TL-1 of Rs. 19.500 millions, TL-2 of Rs. 2.700 millions, LC
of Rs. 12.000 millions and Forward Contract of Rs. 0.240 million) against
extension of equitable mortgage of industrial plot and building at J-2,
M.I.D.C. Industrial Estate, Hingna, Nagpur. |
Fixed Assets:
·
Plot
·
Building
·
Computer
·
Machinery
·
Truck
·
Air Conditioner
·
Car
·
Electric Fittings
·
Aquaguard
·
Trasnformer
·
Furniture
·
Fire Extinguisher
·
Office equipment
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.