MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
VCS INDIA PRIVATE LIMITED |
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Formerly Known As : |
VISHWAKARMA COOLING SYSTEM |
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Registered Office : |
B-10, Shrinathji Flats, Nirmal Bunglows, Opposite Baroda Express Way,
Khokhra, Amraiwadi, Ahmedabad-380008, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
25.01.2007 |
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Com. Reg. No.: |
04-49869 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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CIN No.: [Company
Identification No.] |
U29299GJ2007PTC049869 |
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IEC No.: |
0806018071 |
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PAN No.: [Permanent
Account No.] |
AACCV4053F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Softy Ice-Cream Machines and Spare Parts. |
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No. of Employees : |
50 (In Office 12, In Factory 38) [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 1000 |
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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 a successor of Vishwakarma Cooling System, a proprietory
concern. It is an established company having moderate track. Profitability of
the company appears to be low. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Mr. Farook Katri |
|
Designation : |
General Manager |
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Contact No.: |
91-9375523410 |
|
Date : |
01.11.2011 |
LOCATIONS
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Registered Office : |
B-10, Shrinathji Flats, Nirmal Bunglows, Opposite Baroda Express Way,
Khokhra, Amraiwadi, Ahmedabad-380008, Gujarat, India |
|
Tel. No.: |
91-79-25892957/ 25878077 |
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Mobile No.: |
91-9375523410 (Mr. Farook Katri) |
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Fax No.: |
91-79-25892957/ 258693038 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq. ft |
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Location : |
Owned |
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Corporate Office/ Factory : |
VCS India House, 96/7, Behibnd Shiv Estate, Near Ravi Randal Society,
Near Jasodanagar Cross Road, N. H. No. 8, CTM, Ahmedabad-380026, Gujarat,
India |
|
Tel No.: |
91-79-25892957/ 25878077/ 25893038 |
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Fax No.: |
91-79-25892957/ 25893038 |
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Area : |
15000 Sq. ft |
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Location : |
Owned |
DIRECTORS
As on 25.07.2008
|
Name : |
Mr. Hashmukh Gajjar |
|
Designation : |
Director |
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Address : |
B-10, Shrinathji Flats, Nirmal Bunglows, |
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Date of Birth/Age : |
24.05.1986 |
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Qualification: |
B.Tech |
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Qualification : |
Mech. Engineer |
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Date of Appointment: |
25.01.2007 |
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Name : |
Mr. Narottam Pannara |
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Designation : |
Director |
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Address : |
S–5, Ravi Randal Society, Near |
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Date of Birth/Age : |
19.08.1934 |
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Qualification : |
H.S.C. |
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Date of Appointment: |
25.01.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Farook Katri |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2008
|
Names of Shareholders |
No. of Shares |
|
Hashmukh Gajjar |
5000 |
|
Narottam Pannara |
5000 |
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|
Total |
10000 |
Equity Share
Breakup (Percentage of Total Equity)
As on 28.03.2008
|
Category |
Percentage |
|
Directors or relatives of directors. |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Softy Ice-Cream Machines and Spare Parts. |
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Products : |
· Softy Ice Cream Machine · Ripple Softy Ice Cream Machine · Ripple Softy With Twin Flavour Ice Cream Machine · Ripple Softy With Thick Shake Machine · Plane Softy With Thick Shake Machine · Thick Shake Machine · Continuous Ice Cream Freezer In Small Capacity ( 80 Ltr./Hr) · Accesory Equipment · Mix Processing Machine · Fast Food Parlour Equipment |
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Exports : |
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Products : |
Softy Ice Cream Machine and Spare parts |
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Countries : |
·
South Africa ·
UAE ·
Turkey ·
Russia ·
USA |
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Terms : |
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Selling : |
L/C / Cash / Credit (Advance Payment) |
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Purchasing : |
L/C / Cash / Credit (30 days) (Advance Payment) |
GENERAL INFORMATION
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Customers: |
Wholesalers and Retailers |
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No. of Employees : |
50 (In Office 12, In Factory 38) [Approximately] |
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Bankers : |
· ICICI Bank, Maninagar Branch, India · HDFC Bank, Maninagar Branch, India · State Bank of India, SMECCC Branch, Opposite Gandhidham Railway Station, Ellisbridge, Ahmedabad – 380009, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajesh Jesalpura and Company Chartered Accountants |
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Address : |
A-4, Joshibag Apartment, Near Navrang School, Six Road, Naranpura,
Ahmedabad – 380014, Gujarat, India |
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Mobile No.: |
91-9428041255 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.238 |
0.142 |
0.118 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.338 |
0.242 |
0.218 |
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|
LOAN FUNDS |
|
|
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1] Secured Loans |
1.432 |
0.101 |
1.471 |
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2] Unsecured Loans |
4.543 |
3.968 |
2.293 |
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TOTAL BORROWING |
5.975 |
4.069 |
3.764 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.313 |
4.311 |
3.982 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.726 |
4.870 |
5.278 |
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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 |
0.059 |
0.039 |
0.029 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.546 |
1.942 |
1.193 |
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Sundry Debtors |
1.264 |
1.124 |
0.829 |
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Cash & Bank Balances |
0.660
|
0.672
|
0.678 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
0.257
|
0.344
|
0.223 |
|
Total
Current Assets |
4.727
|
4.082
|
2.923 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
4.213
|
4.697 |
4.267 |
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Provisions |
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Total
Current Liabilities |
4.213
|
4.697
|
4.267 |
|
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Net Current Assets |
0.514
|
[0.615]
|
[1.344] |
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MISCELLANEOUS EXPENSES |
0.014 |
0.017 |
0.019 |
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TOTAL |
6.313 |
4.311 |
3.982 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
17.874 |
14.756 |
11.323 |
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Other Income |
0.626 |
0.623 |
1.207 |
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TOTAL (A) |
18.500 |
15.379 |
12.530 |
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Less |
EXPENSES |
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|
|
|
|
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Raw Material Consumption |
13.234 |
10.499 |
7.831 |
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Manufacturing Expenses |
0.394 |
0.471 |
0.231 |
|
|
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Payment to and provision from employees |
1.288 |
1.103 |
1.169 |
|
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Administrative and General Expenses |
1.483 |
1.191 |
1.164 |
|
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Selling and Distribution Expenses |
1.757 |
1.906 |
1.013 |
|
|
|
Prior Period Adjustment |
0.033 |
0.079 |
0.000 |
|
|
|
Increase/ Decrease in stock |
[0.603] |
[0.750] |
[0.122] |
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|
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TOTAL (B) |
17.586 |
14.499 |
11.530 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.914 |
0.880 |
1.000 |
|
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|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.153 |
0.281 |
0.313 |
|
|
|
|
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.761 |
0.599 |
0.687 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.603 |
0.518 |
0.599 |
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|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.158 |
0.081 |
0.088 |
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|
|
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Less |
TAX (I) |
0.062 |
0.056 |
0.021 |
|
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|
PROFIT AFTER TAX
(G-I) (J) |
0.096 |
0.025 |
0.067 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.142 |
0.117 |
0.050 |
|
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|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.238 |
0.142 |
0.117 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.60 |
2.50 |
6.70 |
|
Expected Sales (2011-12): Rs.20.000 Millions
The above information has been parted by Mr. Farook Katri.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.52
|
0.16
|
0.53 |
|
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|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.88
|
1.04
|
0.78 |
|
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|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.51
|
1.89
|
1.07 |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.66
|
0.40 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
30.14
|
36.22
|
36.84 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
0.87
|
0.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
No |
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16) Details of sister concerns |
-- |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
-- |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299GJ2007PTC049869 |
|
Name of the
company |
VCS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-10, Shrinathji Flats, Nirmal Bunglows, |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
06.11.2007 |
|
Amount secured by
the charge |
Rs. 1.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital:
Interest @ 0.75% above SBAR, (SBAR = 12.75% w.e.f. 09.04.2007) minimum of
13.50% p.a. rising or falling therewith, on daily products with monthly
rests. (Present effective rate 13.50%) linked to SBAR which is changing form
time to time Terms of
Repayment Working capital:
Repayable on demand with validity of 1 year from the date of sanction Margin Raw Materials:
25% Stock in Process:
40% Finished Goods :
40% Book Debts: 50% Extent and
Operation of the charge The credit
facilities of Rs. 1.500 Millions to be secured by way of first charge over
hypothecation of stocks of raw materials, stock in process, finished goods,
book debts/ receivables and all together current assets both present and
future of the company acquired/ to be acquired out of bank’s finance. Other
terms and conditions as per letter of arrangement. Others Individual limits
within overall limits as under: Demand Cash
Credit : Rs. 1.500 Millions |
|
Short particulars
of the property charged |
Hypothecation of
stocks of raw materials, stock in process, finished goods, book debts/
receivables and other current assets both present and future of the company. |
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
|
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.