MIRA
INFORM REPORT
|
Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
V. V. ECO GUM MANUFACTURING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
117 G. V. M. M. Industrial Estate, Odhav, Ahmedabad-382415, Gujarat. |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.01.2001 |
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Com. Reg. No.: |
04-039164 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U24113GJ2001PTC039164 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturing of textile auxiliaries for sizing, dyeing, printing and
finishing. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
117 G. V. M. M. Industrial Estate, Odhav, Ahmedabad-382415, Gujarat,
India |
|
Tel. No.: |
91-079-2902981/2901919 |
|
Fax No.: |
91-079-2902982 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Nanubhai Shivlal Chotala |
|
Designation : |
Director |
|
Address : |
A/14, Mani Bhuvan, 2nd Floor, M. G. Road, Vile Parle
(East), Mumbai-400057, Maharashtra, India |
|
Date of Appointment : |
15.01.2001 |
|
DIN No.: |
00548745 |
|
|
|
|
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 |
U24110MH1982PTC028364 |
V V
Dye-Chem Private Limited |
Director |
1/4/1996 |
1/4/1996 |
- |
Active |
NO |
|
2 |
U24110MH1984PTC034591 |
Vivi
Orgo-Chem Industries Private Limited |
Director |
1/4/1996 |
1/4/1996 |
- |
Active |
NO |
|
3 |
U24113GJ2001PTC039164 |
V V
Eco Gum Manufacturing Private Limited |
Director |
15/01/2001 |
15/01/2001 |
- |
Active |
NO |
|
Name : |
Mr. Chetan Nanubhai Chotalia |
|
Designation : |
Director |
|
Address : |
D-602, The Spring Fields, Lokhandwala Complex, Andheri (West),
Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
15.01.2001 |
|
DIN No.: |
00548815 |
|
|
|
|
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 |
U24110MH1982PTC028364 |
V V
Dye-Chem Private Limited |
Director |
10/10/1982 |
10/10/1982 |
- |
Active |
NO |
|
2 |
U24110MH1984PTC034591 |
Vivi
Orgo-Chem Industries Private Limited |
Director |
23/01/1995 |
23/01/1995 |
- |
Active |
NO |
|
3 |
U24113GJ2001PTC039164 |
V V
Eco Gum Manufacturing Private Limited |
Director |
15/01/2001 |
15/01/2001 |
- |
Active |
NO |
|
Name : |
Mr. Vikram Nanubhai Chotalia |
|
Designation : |
Director |
|
Address : |
303/304 Classic CHS LTD, Plot No.4, CTS 81, JVPD Scheme, Vile Parle
(West), Mumbai-400056, Maharashtra, India |
|
Date of Appointment : |
15.01.2001 |
|
DIN No.: |
00548651 |
|
|
|
|
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 |
U24110MH1982PTC028364 |
V V
Dye-Chem Private Limitesd |
Director |
1/4/1996 |
1/4/1996 |
- |
Active |
NO |
|
2 |
U24110MH1984PTC034591 |
Vivi
Orgo-Chem Industries Privatr Limited |
Director |
1/4/1996 |
1/4/1996 |
- |
Active |
NO |
|
3 |
U24113GJ2001PTC039164 |
V V
Eco Gum Manufacturing Private Limited |
Director |
15/01/2001 |
15/01/2001 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Nanubhai S Chotalia |
50987 |
|
Chetan N. Chotalia |
24496 |
|
Vikram N. Chotalia |
24498 |
|
Pushpaben N. Chotalia |
1 |
|
Prafullaben C. Chotalia |
1 |
|
Swetaben V. Chotalia |
1 |
|
Arvindbhai K. Desai |
1 |
|
V.V. Orgo CHEM Industries Private Limited, India |
10 |
|
Harsh C. Chotalia |
1 |
|
Rushabh C. Chotalia |
1 |
|
Nanubhai S. Chotalia (HUF) |
1 |
|
Vikram N. Chotalia |
1 |
|
Chetan N. Chotalia (HUF) |
1 |
|
Total |
100000 |
EQUITY SHARE BREAKUP
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of textile auxiliaries for sizing, dyeing, printing and
finishing. |
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|
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Thickner TA |
|
NA |
NA |
20.115 |
|
Thickner A08 |
|
NA |
NA |
44.278 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Baroda, 47, Nitin Niwas, M.G.Road, Vile
Parle (East), Mumbai-400057, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
V.I. Patel and Company Chartered Accountant |
|
Address : |
305, ‘Abhiraj’, 68-B, Swastik Society, C. G. Road, Navrangpura,
Ahmedabad-380009, Gujarat, India. |
|
PAN. No.: |
AAMPP2281Q |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
Millions |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.369 |
5.286 |
3.235 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.369 |
6.286 |
4.235 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.422 |
0.085 |
7.627 |
|
|
2] Unsecured Loans |
11.300 |
8.333 |
3.820 |
|
|
TOTAL BORROWING |
17.722 |
8.418 |
11.447 |
|
|
DEFERRED TAX LIABILITIES |
0.492 |
0.333 |
0.262 |
|
|
|
|
|
|
|
|
TOTAL |
25.583 |
15.037 |
15.944 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.462 |
4.477 |
3.951 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.594
|
4.079 |
3.158 |
|
|
Sundry Debtors |
13.418
|
6.634 |
9.714 |
|
|
Cash & Bank Balances |
0.340
|
0.237 |
0.197 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.733
|
2.817 |
1.374 |
|
Total
Current Assets |
23.085
|
13.767 |
14.443 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.416
|
1.337 |
1.446 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.553
|
1.880 |
1.019 |
|
Total
Current Liabilities |
3.969
|
3.217 |
2.465 |
|
|
Net Current Assets |
19.116
|
10.550 |
11.978 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.010 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
25.583 |
15.037 |
15.944 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
67.127 |
58.801 |
38.679 |
|
|
|
Other Income |
0.039 |
0.032 |
0.000 |
|
|
|
TOTAL (A) |
67.166 |
58.833 |
38.679 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
46.845 |
40.235 |
25.275 |
|
|
|
Manufacturing Expenses |
6.433 |
5.604 |
6.304 |
|
|
|
Administrative Expenses |
11.394 |
9.594 |
5.097 |
|
|
|
TOTAL (B) |
64.672 |
55.433 |
36.675 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.494 |
3.400 |
2.036 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.494 |
3.400 |
2.036 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.895 |
0.583 |
0.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.599 |
2.817 |
1.397 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.516 |
0.766 |
0.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.083 |
2.051 |
1.083 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.287 |
3.235 |
2.152 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6.370 |
5.286 |
3.235 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.83 |
20.51 |
10.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.61
|
3.49 |
2.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.38
|
4.79 |
3.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.41
|
15.44 |
7.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.45 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.01
|
1.90 |
3.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.82
|
4.28 |
5.86 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The Sales of the Companys has been placed at Rs.67.127
Millions as compared to previous figure of Rs. 58.801 Millions whereas after
providing for Interest, Depreciation and Other Expences, the Company has earned
Net Profit of Rs.1.083 as compared to previous year fisgure of Rs.2.051
Millions. In spite of Increase in Turn over the profit has gone down due to
despressed Market Conditins aroasd. The
Company with to maintain its market share, continued performance at
law-Margin. The Directors are optimistic of achieving better results in the coming year.
FORM 8
|
Corporate
identity number of the company |
U24113GJ2001PTC039164 |
|
Name of the
company |
V. V. ECO GUM MANUFACTURING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
117 G. V. M. M. Industrial Estate, Odhav, Ahmedabad-382415, Gujarat,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Charge
identification number of the charge to be modified |
90106720 |
|
Particular of
charge holder |
Bank of Baroda, 47, Nitin Niwas, M.G.Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India Email: shirishshetye@gmail.com
|
|
Nature of
instrument creating charge |
Supplemental composite instrument of hypothecation of goods, book-debts, moveable machinery & vehicles. |
|
Date of
instrument Creating the charge |
17.09.2008 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest on the Cash Credit limit at the rate of 0.75% over Prime Lending
Rate of the Bank with minimum 14.75% p.a. plus interest tax with monthly
rests. Terms of repayment On Demand Margin 30% on the
Stocks. 40% on the Book
Debts Extent and operation of the charge The charge is modified to secure the PC/FBP/UFBP/PSDL CUM CC facility of Rs.15.000/- [with sub-limit : Cash Credit limit of Rs.2.000 Millions], together with interest, additional interest, further interest by way of liquidated damages, compound interest, commitment charges, commission, Premia on pre-payment, cost, charges, expenses and other monies payable by the Borrower to the Bank. Other Nil |
|
Short particulars
of the property charged (Including location of the property) |
All the Borrower's stocks of RMs, SIP, FGs, consumable spares and packing materials, all the book-debts in respect of supplies made to various Govt. Departments or limited companies etc. as evidenced by supply bills, receipted challans/receipited invoices deposited with the bank from time to time and all the moveable machinery of the Borrower, including all stores and spare parts, both present and future, belonging to the Borrower and all the vehicles. |
|
Date of
instrument modifying the charge |
10.09.2007 |
|
Particulars of
the present modification |
The charge is increased upto Rs.15.000 Millions to cover PC/FBP/UFBP/PSDL CUM CC facility (increased from Rs.8.000 Millions to Rs.15.000 Millions) [with sub-limit : Cash Credit limit of Rs.2.000 Millions]. |
FIXED ASSETS:
·
Air Conditioner
·
Air Cooler
·
Computer
·
Cycle
·
Cars
·
Dead Stock
·
Electric Fitting
·
Factory Building
·
Fax Machine
·
Furniture
·
Laboratory Equipment
·
Plant and Machinery
·
Telecom Equipment
·
Water Cooler
·
Washing Machine
·
Mobile Phone
·
New Blender Machine
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.49.13 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.00 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.