MIRA
INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
VAV LIFE SCIENCES
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
51-B, Mittal
Court, Nariman Point, Mumbai – 400021, |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.01.2003 |
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|
|
|
Com. Reg. No.: |
11-138713 |
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|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 6.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH2003PTC138713 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09283B /
MUMV09284C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV5999H |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Exporters of Organic, Inorganic and Bio
Chemicals. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory: |
51/B, Mittal
Court, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-22836802 |
|
Fax No.: |
91-22-22836809 |
|
E-Mail : |
sabita@vav.in |
|
Website : |
DIRECTORS
As on 20.07.2011
|
Name : |
Mr. Arun Radhyeshyam
Kedia |
|
Designation : |
Director |
|
Address : |
192/C Grand
Paradi Apartment, Kemps Corner, Mumbai – 400036, |
|
Date of Birth/Age : |
25.08.1967 |
|
Date of Appointment : |
16.01.2003 |
|
DIN NO: |
00235581 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24230MH2003PTC138713 |
Vav Life Sciences Private Limited |
Director |
16/01/2003 |
16/01/2003 |
- |
Active |
NO |
|
2 |
U24100MH2009PTC190024 |
Vav Lipids Private Limited |
Director |
2/2/2009 |
2/2/2009 |
- |
Active |
NO |
|
3 |
U15132MH2011PTC215418 |
Konkan Dhara Krushi Utpad Private Limited |
Director |
8/11/2011 |
8/11/2011 |
-
|
|
|
|
Name : |
Sabita Arun Kedia
|
|
Designation : |
Director |
|
Address : |
192/C Grand
Paradi Apartment, Kemps Corner, Mumbai – 400036, |
|
Date of Birth/Age : |
09.08.1971 |
|
Date of Appointment : |
29.07.2006 |
|
DIN NO: |
00552187 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24230MH2003PTC138713 |
Vav Life Sciences Private Limited |
Director |
29/07/2006 |
29/07/2006 |
- |
Active |
NO |
|
2 |
U24100MH2009PTC190024 |
Vav Lipids Private Limited |
Director |
2/2/2009 |
2/2/2009 |
- |
Active |
NO |
|
Name : |
Pritma Ishnath Singh |
|
Designation : |
Director |
|
Address : |
210/C Twinkle Star, Behind Evershine Complex, 100 Feet Road, Vasai (West), Thane – 401202, Maharashtra, India |
|
Date of Birth/Age : |
10.01.1977 |
|
Date of Appointment : |
16.02.2009 |
|
DIN NO: |
02553978 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 20.07.2011)
|
Names of Shareholders |
|
No. of Shares |
|
Arun Kedia |
|
240000 |
|
Sabita Kedia |
|
120000 |
|
bimala Kedia |
|
119980 |
|
Arun Kedia (HUF) |
|
120000 |
|
B P Refineries |
|
20 |
|
Total |
|
600000 |
Equity Share
breakup (percentage of total equity)
(AS ON 20.07.2011)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters of
Organic, Inorganic and Bio Chemicals. |
PRODUCTION STATUS 31.03.2011
|
Particulars |
Unit |
|
|
Actual
Production |
|
Chemicals |
Kg |
|
|
23382 |
GENERAL INFORMATION
|
Bankers : |
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|||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
N M Dani and
Company Chartered
Accountants |
|
Address : |
301/B, Prime
Avenue, 159, |
|
PAN NO : |
AABCH6079C |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs. 10/- Each |
Rs. 7.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs. 10/- Each |
Rs. 6.000 Millions |
NOTE:
Of the above 300000 shares of Rs.10/- issued as a Bonus Shares by
capitalizing out of general reserve)
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 |
|
|
|
|
|
1] Share Capital |
6.000 |
6.000 |
6.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.644 |
16.640 |
10.635 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.644 |
22.640 |
16.635 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.062 |
0.199 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.062 |
0.199 |
|
|
DEFERRED TAX LIABILITIES |
0.147 |
0.102 |
0.115 |
|
|
|
|
|
|
|
|
TOTAL |
29.791 |
22.804 |
16.949 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.936 |
1.084 |
1.240 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
12.575 |
10.000 |
2.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.655
|
0.928 |
2.938 |
|
|
Sundry Debtors |
10.663
|
4.714 |
8.181 |
|
|
Cash & Bank Balances |
6.117
|
10.663 |
3.312 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.897
|
8.182 |
7.865 |
|
Total
Current Assets |
28.332
|
24.487 |
22.296 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
6.714
|
4.258 |
2.733 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
9.349
|
8.548 |
6.422 |
|
Total
Current Liabilities |
16.063
|
12.806 |
9.155 |
|
|
Net Current Assets |
12.269
|
11.681 |
13.141 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.011 |
0.039 |
0.068 |
|
|
|
|
|
|
|
|
TOTAL |
29.791 |
22.804 |
16.948 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
76.458 |
65.722 |
73.172 |
|
|
|
Other Income |
1.820 |
2.443 |
2.284 |
|
|
|
TOTAL (A) |
78.278 |
68.165 |
75.456 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed/Purchased |
48.211 |
41.449 |
55.173 |
|
|
|
Purchase Expenditure |
1.816 |
0.915 |
1.916 |
|
|
|
Employee Cost |
7.118 |
5.711 |
3.253 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1.378) |
1.005 |
(1.568) |
|
|
|
Selling, Administrative and Other Expenses |
10.603 |
9.040 |
8.198 |
|
|
|
TOTAL (B) |
66.370 |
58.120 |
66.972 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.908 |
10.045 |
8.484 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.002 |
0.020 |
0.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.906 |
10.025 |
8.443 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.248 |
0.228 |
0.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.658 |
9.797 |
8.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.171 |
2.564 |
2.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.487 |
7.233 |
5.705 |
|
|
|
|
|
|
|
|
|
Less |
Earlier year tax
adjustment |
(0.084) |
0.174 |
(0.017) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.639 |
7.335 |
5.524 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.000 |
5.700 |
3.000 |
|
|
|
Dividend |
1.200 |
1.200 |
0.750 |
|
|
|
Tax on Dividend |
0.199 |
0.203 |
0.127 |
|
|
BALANCE CARRIED
TO THE B/S |
8.643 |
7.639 |
7.335 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
65.268 |
61.695 |
49.581 |
|
|
TOTAL EARNINGS |
65.268 |
61.695 |
49.581 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.028 |
0.000 |
0.246 |
|
|
|
Trading goods |
0.000 |
0.242 |
4.427 |
|
|
TOTAL IMPORTS |
1.028 |
0.242 |
4.673 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.15 |
12.06 |
0.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.84
|
10.61 |
7.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.24
|
14.90 |
11.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.04
|
38.31 |
31.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.43 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.56 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.91 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
DOMESTIC SALES
The total value of domestic sales this year is Rs. 4.800 Millions
against Rs. 3.200 Millions in the previous year.
PROGRESS AND FUTURE PROSPECTS
Steady progress continues in the company as in
the previous years. In the current year, company started its sale of the high
demand nutraceutical product and is in discussion with the customers for next
year’s contract. Additionally, company is also focusing on the finished
formulation of the said products. The company is also trying to develop the
higher derivative of these products for pharmaceuticals and nutraceuticals
segments in house. Discussion with customers in this segment are already in
process. Hence the company is now diversified itself into nutraceuticlas range
of value added products.
The company has now started its focus on
specific market segment, both by geography and by application.
The company has acquired an industrial shed in
Vasai for the purpose of diversifying into manufacturing through its subsidiary
VAV Lipids Private Limited .They are in process of developing the premises as
per good manufacturing practices (c- CMP).
CONTINGENT
LIABILITIES
- The supplier has filed suit against the company amounting to Rs. 0.215 Millions which the company has disputed. The matter is pending before the H’ble court and as per court direction the company has deposited the said amount with the court.
- the company has given a guarantee on behalf of the company’s directors for acquiring the house property amounting to Rs. 8.500 millions (previous year Rs. 9.000 Millions)
- the company has filed a police complaints for the recovery of the good sent for processing to the processor in the earlier year. The processor claimed good lost by the fire and hence unable to return the goods to the company. The company has claimed loss of Rs. 1.700 Millions pending settlement/ recovery the closing stock is accordingly adjusted I the year of loss.
- capital commitments (net of Advances) Rs. 0.311 Million.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24230MH2003PTC138713 |
|
Name of the
company |
VAV LIFE SCIENCES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
51/B, Mittal
Court, Nariman Point, Mumbai – 400021, Email: sabita@vav.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of E-Mail: svg1959@yahoo.com |
|
Nature of
instrument creating charge |
Hypothecation cum
loan agreement (plant and machinery, stocks and book debts). |
|
Date of
instrument Creating the charge |
08.12.2009 |
|
Amount secured by
the charge |
Rs 32.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest @ 9.25% P.A. Terms of repayment On Demand Margin 20% (Against raw
material, finished goods, stores) Extent and operation of the charge The change will operate
to the extent of Rs. 32.500 Millions on the security offered by the company.
For the following limits. EPC Rs. 7.500 Millions FBP/FBN Rs. 7.500 Millions L/C Rs. 15.000 Millions Bank Guarantee
Rs. 2.500 Millions Total Rs. 32.500 Millions |
|
Short particulars
of the property or assets changed |
All tangible
movable machineries and plant (both present and future), whether installed or
not and whether lying or at site or in transit or acquired subsequently. All tangible
movable properties, assets and stocks, whatsoever nature of the borrower
(both present and future) including but without prejudice to the generality
of the foregoing all stock of raw material such as chemicals and semi finished
goods, spare parts, components and stocks in process of the borrower’s
situated place at Mumbai. |
FIXED ASSETS:-
- Computers
- Vehicles
- Office
Equipments
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.50.72 |
|
|
1 |
Rs.79.87 |
|
Euro |
1 |
Rs.68.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--AFFILIATION |
YES/NO |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.