MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VAN INKS AND CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
961, Gali Telian Tilak Bazar, Behind Novelty Cinema, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.11.1993 |
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Com. Reg. No.: |
55-056104 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.847
million |
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CIN No.: [Company Identification
No.] |
U74899DL1993PTC056104 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Printing Ink and Chemical. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 11000 |
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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 fair. Business
is active. Payments 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
961, Gali Telian Tilak Bazar, Behind Novelty Cinema, |
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Tel. No.: |
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Fax No.: |
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E-Mail : |
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Factory : |
No.B-150, Phase- II, Noida - 201 301, |
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Tel. No.: |
91-120-4546912/ 13/ 14/ 15/ 16 |
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Fax No.: |
91-120-4546914 |
DIRECTORS
As on 30.09.2010
|
Name : |
Vipra Suraj Prakash Kapoor |
|
Designation : |
Director |
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Address : |
140, Sector-15A, Noida – 201 301, |
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Date of Birth/Age : |
12.08.1971 |
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Date of Appointment : |
24.11.2010 |
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DIN No.: |
03346961 |
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Name : |
Mr. Vikas Kapoor |
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Designation : |
Director |
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Address : |
140, Sector-15A, Noida – 201 301, |
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Date of Birth/Age : |
03.06.1970 |
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Date of Appointment : |
18.11.1993 |
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DIN No.: |
01385532 |
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Name : |
Mr. Arun Kumar Sansi |
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Designation : |
Director |
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Address : |
955, Gali Tota Maina, Behind Novelty, |
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Date of Birth/Age : |
01.05.1974 |
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Date of Appointment : |
18.11.1993 |
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DIN No.: |
01413593 |
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Name : |
Ms. Neelam Malik |
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Designation : |
Director |
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Address : |
A2/98, Safdarjung Enclave, |
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Date of Birth/Age : |
13.08.1954 |
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Date of Appointment : |
18.11.1993 |
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Date of Ceasing : |
01.08.2006 |
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Name : |
Shikhar Jagdish Kumar Kapoor |
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Designation : |
Director |
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Address : |
140, Sector-15A, Noida – 201 301, |
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Date of Birth/Age : |
11.12.1977 |
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Date of Appointment : |
26.04.2007 |
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Date of Ceasing : |
24.11.2010 |
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DIN No.: |
01385517 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vikas Kapoor |
|
32900 |
|
Arun Kumar Sansi |
|
17900 |
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Neelam Malik |
|
22600 |
|
P.K. Malik |
|
1010 |
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Anuj Sansi |
|
1800 |
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Dev Kumar Sansi |
|
6000 |
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Kaushal Sansi |
|
2500 |
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Total |
|
84710 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Printing Ink and Chemical. |
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Products : |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
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Actual
Production |
|
Ink |
[Kgs] |
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|
377942.00 |
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Thinner |
[Ltrs.] |
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|
40222.00 |
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GENERAL INFORMATION
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Suppliers : |
v
All Exem Private Limited v
Aman Overseas v
Ambika Overseas v
Bansal Trading Company v
Brij Lal Jain and Sons v
Kamal Flexco v
MBRO Trade House v
Orient Polyfilms Private Limited v
Parkash Dye Chemical v
Parkash International v
Premier Pigments and Chemicals v
R.S. Chemicals v
Sanvy Resins and Coating Private Limited v
Vikrant Manufacturing (Private) Limited v
Swastik Chemicals v
Yash Trading Company |
||||||||||||||||||||||||
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Customers : |
v
A P Polypack v
A R Poly Pack v
A R Poly Plast v
Adarsh Plastic Works v
Alfa Packaging v
Ambica Laminators v
Ambica Printo Pack v
Amit Plastics v
Arvind Priya Gramodyog v
Bajaj Industries v
Centra Pack v
Delhi Laminator Private Limited v
Flexo Graphia v
Ganpati Packing Industries v
Gaurav Plastics v
Gee Gee Plastics v
Gokul Enterprises v
Guru Laminator v
Himalaya v
Hind Ploy Bag v
Indopack Industries v
Jai Shree Industries v
Jai Shree Poly Plast Private Limited v
Jain Bros. International Limited v
Jindal Print Pack v
K.S. Plastic ( v
Kishori Metal Industries v
Kundan Enterprises v
Kwality Paper v
Mansarover Plastic v
Mayur Paints ( v
Paras Printers v
Prime Industries v
R K H Enterprises v
Rajesh Marketing v
Rajesh Plastic Industries v
Rajindra Poly Prints v
Riya Poly Pack Private Limited v
Saket Polymer v
Sambhav Printopack v
Shivaliya Printopack v
Shivam Poly Printers v
Shree Krishan Poly Flexible Private Limited v
Shree Raj Poly Packers and Printers v
Shree Ram Trading Company v
Shree Shyam Polymers v
Shyam Packaging v
Silver Grace Poly Pack Limited v
Stable Packaging Private Limited v
Star Polyfab v
Suman Polypack Company v
Swami Enterprises v
Tirupati Poly Roto Lamination Private Limited v
Unipack v
Vibgyor International v
Vinayak Ploy Care v
Vipin Laxmi Pack (Private) Limited v
Well Tech Packaging |
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Bankers : |
Oriental Bank of Commerce, Bhangel, Noida – 201 301, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.K. Tuli and Associates Chartered Accountants |
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Address : |
FF-8, 7A/41, W.E.A., Karol Bagh, |
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Tel. No.: |
91-11-25734493, 25763830 |
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Fax No.: |
91-11-45104493 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84710 |
Equity Shares |
Rs.10/- each |
Rs.0.847
million |
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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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|
|
|
1] Share Capital |
0.847 |
0.847 |
0.847 |
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2] Share Application Money |
1.324 |
1.840 |
1.015 |
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|
3] Reserves & Surplus |
0.572 |
0.088 |
0.088 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
2.743 |
2.775 |
1.950 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
4.495 |
3.873 |
1.848 |
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2] Unsecured Loans |
1.237 |
0.437 |
0.737 |
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TOTAL BORROWING |
5.732 |
4.310 |
2.585 |
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DEFERRED TAX LIABILITIES |
0.016 |
0.014 |
0.000 |
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|
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|
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TOTAL |
8.491 |
7.099 |
4.535 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.696 |
3.448 |
1.236 |
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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 |
5.164
|
2.830 |
2.658 |
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|
Sundry Debtors |
4.541
|
3.859 |
1.912 |
|
|
Cash & Bank Balances |
0.066
|
0.003 |
0.008 |
|
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Other Current Assets |
0.225
|
0.029 |
0.044 |
|
|
Loans & Advances |
0.101
|
0.101 |
0.279 |
|
Total
Current Assets |
10.097
|
6.822 |
4.901 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
4.685
|
2.892 |
1.153 |
|
|
Other Current Liabilities |
0.467
|
0.268 |
0.438 |
|
|
Provisions |
0.150
|
0.011 |
0.011 |
|
Total
Current Liabilities |
5.302
|
3.171 |
1.602 |
|
|
Net Current Assets |
4.795
|
3.651 |
3.299 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.491 |
7.099 |
4.535 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
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|
|
|
|
|
|
Income |
34.364 |
22.584 |
10.713 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
34.364 |
22.584 |
10.713 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
33.261 |
22.253 |
10.557 |
|
|
|
Administrative Expenses |
|
|
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Advertising Expenses |
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|
|
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TOTAL |
33.261 |
22.253 |
10.557 |
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.103 |
0.331 |
0.156 |
|
|
|
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.467 |
0.304 |
0.151 |
|
|
|
|
|
|
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|
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|
PROFIT BEFORE
TAX |
0.636 |
0.027 |
0.005 |
|
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|
|
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|
|
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Less |
TAX |
0.152 |
0.027 |
0.011 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
0.484 |
0.000 |
(0.006) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.088 |
0.088 |
0.091 |
|
|
|
|
|
|
|
|
|
|
Deferred Tax |
-- |
-- |
0.003 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.572 |
0.088 |
0.088 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
5.74 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.41
|
0.00 |
(0.006) |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
|
0.26 |
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.01 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.02
|
2.70 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
2.15 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90042120 |
|
Corporate identity
number of the company |
U74899DL1993PTC056104 |
|
Name of the
company |
VAN INKS AND CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
961, Gali Telian Tilak Bazar, Behind Novelty Cinema, |
|
Type of charge |
Immovable
Property Movable Property Others (Stocks,
Plant and Machinery) |
|
Particular of
charge holder |
Oriental Bank of Commerce, Bhangel, Noida – 201 301, E-Mail: visharma_1973@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
to secure credit/loan facilities (DOC-13). Letter of deposit
of title deeds (LTR-22). |
|
Date of
instrument Creating the charge |
30.05.2008 |
|
Amount secured by
the charge |
Rs.2.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest will be
charged at PLR, which at present comes to 13.25% p.a., with monthly rests. Penal interest
will be charged @ 2% p.a. over and above normal rate of interest, in case of
default made by the borrower. Terms of
Repayment: Repayment will be
made as and when demanded by the bank in writing. Margin: 25% Extent and
Operation of the charge: The charge is
extendable upto Rs.2.000 millions. |
|
Short particulars
of the property charged |
Equitable
mortgage of property situated at B-150, Phase-II, Noida, Uttar Pradesh. Hypothecation of
entire stock of raw materials, semi finished goods and finished goods of
inks, chemicals etc., stores and spares etc., receivables of the company and
existing as well as future plant and machinery and other accessories of the
company. |
|
Date of latest
modification prior to the present modification |
17.10.2007 |
|
Particulars of
the present modification |
The Bank has
enhanced cash credit (hypothecation) limit to Rs.2.000 millions. |
FIXED ASSETS:
v
Land
v
Plant and Machinery
v
Weighing Machine
v
Building
v
Furniture and Fixture
v
Computer and Printer
v
Generator
v
Fax
v
Water Pump
v
Cooler
v
Cooling Tower
v
EPABX System
v
Air Conditioner
v
Office Equipments
v
Scooter
v
Refrigerator
v
Fire Machine
v Mahindra Tempo
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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
3 |
|
--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 |
YES |
|
--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.