MIRA
INFORM REPORT
|
Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
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Name : |
V. K. PACKWELL PRIVATE LIMITED |
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Registered
Office : |
44-B, Co-operative Estate, Dada Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.03.2007 |
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Com. Reg. No.: |
20-032936 |
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Paid-up Capital
: |
Rs. 3.510 Millions |
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CIN No.: [Company Identification
No.] |
U21098UP2007PTC032936 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of HDPE Laminated Fabrics |
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No. of Employees
: |
30 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 170000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported to be
slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Hitesh |
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Designation : |
Manager |
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Date : |
14.05.2011 |
LOCATIONS
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Registered Office/ Factory : |
44-B, Co-operative Estate, Dada Nagar, |
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Tel. No.: |
91-512-2394949 |
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Mobile No.: |
91-9984088884 (Mr. Hitesh) |
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Fax No.: |
91-512-2332404 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Vikesh Ram Dutta Gupta |
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Designation : |
Director |
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Address : |
783/110, W-1, Juhi Gaushala, |
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Date of Birth/Age : |
06.07.1967 |
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Date of Appointment : |
01.03.2007 |
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DIN No.: |
00987764 |
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Name : |
Mrs. Sandhya Rani Gupta |
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Designation : |
Director |
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Address : |
783/110, W-1, Juhi Gaushala, |
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Date of Birth/Age : |
15.07.1970 |
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Date of Appointment : |
01.03.2007 |
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DIN No.: |
00987820 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Vikesh Kumar Gupta |
|
5500 |
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Sandhya Rani Gupta |
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5500 |
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Vikesh Kumar Gupta (HUF) |
|
500 |
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Siddharth Education Beneficiary Trust |
|
500 |
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Parth Education Beneficiary Trust |
|
500 |
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Gaurangi Education Benficiary Trust |
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500 |
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Gita Apartment Private Limited – |
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247000 |
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Bihari Ji Awas Private Limited
– |
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227000 |
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Total |
|
487000 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
97.95 |
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Directors or relatives of Directors |
2.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of HDPE Laminated Fabrics |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
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 : |
Batra Agarwal and Associates Chartered Accountant |
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Address : |
15/79 (2), Civil Lines, |
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Tel. No.: |
91-512-2375901 |
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Pan No.: |
AAOPA1669F |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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351000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.510
Millions |
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As On 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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487000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.870
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 |
3.510 |
0.100 |
0.100 |
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2] Share Application Money |
7.600 |
29.100 |
1.600 |
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3] Reserves & Surplus |
31.949 |
0.561 |
0.044 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.059 |
29.761 |
1.744 |
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LOAN FUNDS |
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1] Secured Loans |
1.380 |
2.160 |
1.488 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.380 |
2.160 |
1.488 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.439 |
31.921 |
3.232 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.559 |
16.528 |
0.593 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
5.677
|
7.767 |
2.576 |
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Sundry Debtors |
0.787
|
9.053 |
1.106 |
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Cash & Bank Balances |
0.049
|
0.631 |
0.028 |
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Other Current Assets |
0.126
|
0.126 |
0.030 |
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Loans & Advances |
12.096
|
0.000 |
0.000 |
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Total
Current Assets |
18.735
|
17.577 |
3.740 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.686
|
1.600 |
1.050 |
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Other Current Liabilities |
0.212
|
0.000 |
0.000 |
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Provisions |
0.054
|
0.612 |
0.083 |
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Total
Current Liabilities |
5.952
|
2.212 |
1.133 |
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Net Current Assets |
12.783
|
15.365 |
2.607 |
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MISCELLANEOUS EXPENSES |
0.097 |
0.028 |
0.032 |
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TOTAL |
44.439 |
31.921 |
3.232 |
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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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Other Income |
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TOTAL |
68.905 |
35.284 |
2.649 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
67.179 |
34.199 |
2.537 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.726 |
1.085 |
0.112 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.596 |
0.311 |
0.045 |
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PROFIT BEFORE
TAX |
1.130 |
0.774 |
0.067 |
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Less |
TAX |
0.352 |
0.256 |
0.023 |
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PROFIT AFTER TAX
|
0.778 |
0.518 |
0.044 |
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Earnings Per
Share (Rs.) |
2.22 |
51.80 |
NA |
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Expected Sales (2010-2011) : Rs. 100.000 Millions
The above information has been parted by Mr. Hitesh
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.13
|
1.47 |
1.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
2.27 |
1.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.15 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
|
3.15
|
7.95 |
3.30 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from Room No. 107,
Radha Kripa Complex, 49/52, General Ganj,
BUSINESS:
Company is setting up new unit for manufacturing of HDPE
laminated fabrics at Dada Nagar,
Form 8:
|
Corporate
identity number of the company |
U21098UP2007PTC032936 |
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|
Name of the
company |
V. K. PACKWELL
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
44-B,
Co-Operative Estate, Dada Nagar, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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Nature of instrument
creating charge |
Hypothecation of
Goods and Book Debts to secure cash credit facility. |
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Date of
instrument Creating the charge |
21.10.2010 |
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Amount secured by
the charge |
Rs. 22.200
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest to be charged @ 4.50% over Base Rate i.e. 13.00% per annum with
monthly rests or at such other rate(s) as may be notified by the Bank to the
Borrower from time to time. Terms of
Repayment - Working Capital - Repayable on demand Margin - 25% on
Stocks 35% on Book Debts Extent and
Operation of the charge – The Company's
assets as mentioned hereunder (As per column No.15) are hypothecated to
secure following credit facilities aggregating to Rs.222.00 Lacs granted by
the Bank to the Borrower:- 1. Cash Credit
(Stocks) Rs.22.200 millions 2. Cash Credit
(Book Debts) Rs.22.200 millions Total (Overall limit) Rs.22.200 millions |
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Particulars of
the property charged |
Hypo. of all
present and future goods, stocks of raw materials, WIP, finished goods such
as HDPE granules, HDPE laminated fabric, flat pipe etc. consumables, stores
and spares etc. Hypo. of all present
and future book debts, outstanding decrees, money receivables, claims, bills,
securities, Government subsidies, Investments, rights and other movable
assets of the Borrower. |
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Particulars of
the present modification |
The Cash Credit
limit has now been enhanced from Rs.20.000 millions to Rs.22.200 millions by
sanction an Adhoc Cash Credit limit of Rs.2.200 millions. Therefore, total
amount of charge secured against hypothecation of all stocks, book debts etc.
has now been enhanced from Rs.20.000 millions to Rs.22.200 millions. |
Fixed Assets:
- Office and
electrical equipment
- Furniture and
fixture
- Machinery
- Vehicle
- Computer
- Building
under construction
AS PER WEBSITE
DETAILS
PROFILE:
To make the best use of available resources and to satisfy there customers by providing timely, cost effective and qualitative products which is there goal and VK PACKWELL commitment.
Subject has immense knowledge, expertise and latest manufacturing technologies to develop Tarpaulins.
It is inspired for making Tarpaulins and constantly seeking innovation to harness the potential of the latest technology so that it can supply the product which can deliver to the clients the best and the most advanced product which meets and suits the customer's requirement most effectively and precisely, because "nothing is more important than customer satisfaction and there commitment".
HISTORY:
Subject was setup in 01.03.2007 with a vision of becoming a leading Tarpaulin suppliers company in the country.
In a span of almost 3.5 years it has pioneered the field of manufacturing Tarpaulin...
It has ventured into diversified avenues including HDPE laminated fabrics with a single minded focus of providing high quality Tarpaulins worldwide and to achieve customer satisfaction efficiently through sustainable and high performance products.
MARKETS COVERED
Currently it caters to the needs of its customers in major
cities in
Subject offers a wide range of Tarpaulins and an assorted range of colors and sizes to suit a variety of operational requirements.
Presence in all Major cities Nationwide
Subject has a well established client base in all major
cities in North India and has production facilities and offices in
It is uniquely capable of offering products while at the same time ensuring local support. This understanding of gives the organization an unparalleled edge to deliver the best products to it's customers who get localized support through there networks located around the Nation.
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.