MIRA
INFORM REPORT
|
Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
VEEKAY PLOYCOATS LIMITED |
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Registered
Office : |
Flat No.7-D, 7th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.11.1992 |
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Com. Reg. No.: |
55-051038 |
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Capital
Investment / Paid-up Capital : |
Rs.122.937 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1992PLC021038 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Rexene Manufacturer |
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No. of Employees
: |
600 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [46] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1910000 |
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Status : |
Satisfactory |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
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. Puneet |
|
Designation : |
Account Executive |
|
Date : |
17.08.2011 |
LOCATIONS
|
Registered Office : |
Flat No.7-D, 7th Floor, |
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Tel. No.: |
91-11-43135500 / 23355356 / 23352621 |
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Fax No.: |
91-11-23721847 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
40th Milestone, |
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Tel. No.: |
91-124-2372397 / 2372242 / 2210234 / 4702100 |
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Fax No.: |
91-124-2371761 |
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E-Mail : |
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Factory 2 : |
ViII, Binola, P.O. Bhora Kalan, Gurgaon, |
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Tel. No.: |
91-124-3250977 / 3209904 / 3209905 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Vinod Kumar Garg |
|
Designation : |
Managing Director |
|
Address : |
ND-27, Pitampura,
Delhi-110034, |
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Date of Birth/Age : |
25.10.1956 |
|
DIN : |
00002673 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Vijay Kumar Garg |
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Designation : |
Whole-time Director |
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Address : |
ND-27, Pitampura,
Delhi-110034, |
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Date of Birth/Age : |
08.07.1962 |
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DIN : |
00002689 |
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Date of Appointment : |
01.04.2007 |
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|
Name : |
Mr. Nitin Garg |
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Designation : |
Director |
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Address : |
ND-27, Pitampura,
Delhi-110034, |
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Date of Birth/Age : |
20.11.1982 |
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DIN : |
00002703 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Lokesh Kumar Garg |
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Designation : |
Director |
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Address : |
ND-27, Pitampura,
Delhi-110034, |
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Date of Birth/Age : |
12.07.1972 |
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DIN : |
00003110 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mrs. Rekha Garg |
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Designation : |
Director |
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Address : |
ND-27, Pitampura,
Delhi-110034, |
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Date of Birth/Age : |
11.11.1963 |
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DIN : |
00002762 |
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Date of Appointment : |
18.11.1992 |
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Name : |
Mr. Arun Kumar Agrawal |
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Designation : |
Director |
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Address : |
16. |
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Date of Birth/Age : |
16.08.1956 |
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DIN : |
00306783 |
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Date of Appointment : |
10.08.2005 |
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Name : |
Mr. Ramesh Kumar Kamdar |
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Designation : |
Director |
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Address : |
A/21, Ganga Apartment,
Mainpura, |
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Date of Birth/Age : |
25.12.1954 |
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DIN : |
00306848 |
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Date of Appointment : |
09.03.2005 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
D-602. Vinoba Kunj..
Sector-9. Rohini, New Delhi-110085, |
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Date of Birth/Age : |
13.04.1980 |
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DIN : |
00452849 |
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Date of Appointment : |
09.03.2005 |
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|
Name : |
Mr. Praveen Bhatnagar |
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Designation : |
Director |
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Address : |
929, Sector-4, R.K.
Puram, |
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Date of Birth/Age : |
02.03.1959 |
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DIN : |
01193544 |
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Date of Appointment : |
01.07.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Puneet |
|
Designation : |
Account Executive |
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|
Name : |
Ms. Monika Gurwala |
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Designation : |
Secretary |
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Experience : |
AOUPG6811R |
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Date of Appointment : |
01.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vinod Kumar Garg |
|
1476900 |
|
Vijay Kumar Garg |
|
735900 |
|
RekhaGarg |
|
81900 |
|
Anita Garg |
|
8900 |
|
Risha Garg |
|
13500 |
|
Nitin Garg |
|
130500 |
|
Mayank Garg |
|
112500 |
|
Sonal Garg |
|
100000 |
|
Lokesh Garg |
|
237500 |
|
Vinod Kumar Garg HUF |
|
274000 |
|
Veekay Fotokad India
Private Limited |
|
3884000 |
|
Feron Biopharmaceuticals
Private Limited |
|
200000 |
|
|
|
386566 |
|
Veekay Smartec Limited |
|
1424500 |
|
A.N. Medical Equipments
Private Limited |
|
666000 |
|
EMM AAR Tourism Private
Limited |
|
698000 |
|
LKG Exports Private
Limited |
|
716000 |
|
M.N. Buildwell
Private Limited |
|
586000 |
|
RV Healthways Private
Limited |
|
396000 |
|
Alupan Composite Panels Private Limited |
|
280000 |
|
Arion Commercial Private
Limited, |
|
50000 |
|
Total |
|
12458666 |
As on 24.02.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Arion Commercial Private
Limited, |
|
320000 |
|
Total |
|
320000 |
As on 31.03.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Arion Commercial Private
Limited, |
|
140000 |
|
Total |
|
140000 |
As on 06.06.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Arion Commercial Private
Limited, |
|
10000 |
|
Total |
|
10000 |
As on 20.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
3.00 |
|
Bodies corporate |
71.00 |
|
Directors or relatives of Directors |
23.00 |
|
Other top fifty shareholders |
0.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Rexene Manufacturer |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
600 [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 : |
A. K. Khetan and Company Chartered Accountant |
|
Address : |
422-A, World Trade Centre, |
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Tel. No.: |
91-11-41063941 / 23413941 |
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E-Mail : |
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Associates : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,293,666 |
Equity Shares |
Rs.10/-each |
Rs.122.937
millions |
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|
|
|
|
As on 29.09.2010
Authorised Capital : Rs.150.000
millions
Issued, Subscribed & Paid-up Capital : Rs.132.737 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
122.937 |
78.101 |
77.601 |
|
|
2] Share Application Money |
0.000 |
28.000 |
2.000 |
|
|
3] Reserves & Surplus |
356.241 |
132.459 |
114.479 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
479.178 |
238.560 |
194.080 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
456.296 |
258.504 |
244.444 |
|
|
2] Unsecured Loans |
3.500 |
5.500 |
3.500 |
|
|
TOTAL BORROWING |
459.796 |
264.004 |
247.944 |
|
|
DEFERRED TAX LIABILITIES |
6.344 |
9.227 |
5.292 |
|
|
|
|
|
|
|
|
TOTAL |
945.318 |
511.791 |
447.316 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
370.471 |
185.125 |
168.623 |
|
|
Capital work-in-progress |
40.635 |
53.308 |
5.655 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.090 |
14.090 |
9.090 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
273.915
|
171.401 |
185.260 |
|
|
Sundry Debtors |
476.120
|
275.807 |
258.810 |
|
|
Cash & Bank Balances |
39.122
|
38.970 |
29.402 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
112.716
|
62.929 |
49.269 |
|
Total
Current Assets |
901.873
|
549.107 |
522.741 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
342.552
|
268.567 |
237.115 |
|
|
Other Current Liabilities |
22.845
|
10.903 |
10.685 |
|
|
Provisions |
18.354
|
10.369 |
11.024 |
|
Total
Current Liabilities |
383.751
|
289.839 |
258.824 |
|
|
Net Current Assets |
518.122
|
259.268 |
263.917 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.031 |
|
|
|
|
|
|
|
|
TOTAL |
945.318 |
511.791 |
447.316 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Turnover |
1895.268 |
1464.920 |
1320.641 |
|
|
|
Other Income |
13.285 |
3.366 |
1.392 |
|
|
|
Profit on Exchange Fluctuations and
Derivatives |
0.000 |
0.000 |
13.777 |
|
|
|
TOTAL (A) |
1908.553 |
1468.286 |
1335.810 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and Manufacturing |
1531.159 |
1109.330 |
1029.092 |
|
|
|
Packing Material Consumed |
18.962 |
15.806 |
15.386 |
|
|
|
Manufacturing Expenses |
117.408 |
88.372 |
84.342 |
|
|
|
Administrative and Selling Expenses |
69.636 |
48.516 |
40.703 |
|
|
|
Loss on Exchange Fluctuations and
Derivatives |
6.980 |
27.768 |
0.000 |
|
|
|
Excise Duty |
76.740 |
73.232 |
83.913 |
|
|
|
Increase / [Decrease] in Stocks |
[62.563] |
[1.877] |
[5.416] |
|
|
|
TOTAL (B) |
1758.322 |
1361.147 |
1248.020 |
|
|
|
|
|
|
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|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
150.231 |
107.139 |
87.790 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.470 |
55.228 |
34.812 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.761 |
51.911 |
52.978 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.816 |
21.087 |
23.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
59.945 |
30.824 |
29.722 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
15.506 |
14.344 |
8.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
44.439 |
16.480 |
20.844 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
44.439 |
16.480 |
20.844 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
-- |
518.618 |
332.661 |
|
|
TOTAL EARNINGS |
NA |
518.618 |
332.661 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.61 |
2.12 |
2.88 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
2500.000 |
|
|
|
|
|
The above information has been parted by Mr. Puneet [Account Executive ]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.33
|
1.12 |
1.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.16
|
2.10 |
2.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.71
|
4.20 |
4.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
2.32 |
2.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
1.89 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
The financial year presented to mix of opportunities and adversities.
The Company’s sales grew to Rs.1900.000 millions, and increase of 29% over the previous
year. For the period, the net profit (PAT) stood at Rs.44.400 millions against
Rs.16.400 millions during the previous period due to rise in sales, export
incentives and new unit at Haridwar.
PROJECT
The Company has acquired industrial land at Bhiwadi to expand the
existing manufacturing facilities with a Capital lay out of Rs.1000.000
millions approx. The implementation of the plant is in progress and it is
expected to commence the production in the third quarter of 2010-2011. This
will give considerable rise to Company’s sales and net worth.
The unit settled up at Haridwar is in full operation.
Share Capital
During the period, the Directors have allotted 39,23,566 Equity Shares
of Rs. 10/- each at the premium of Rs. 40/- fully paid. The Authorised Share
Capital of the Company also increased from Rs.100.000 millions to Rs.150.000
millions during the period.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1992PLC051038 |
|
Name of the
company |
VEEKAY POLYCOATS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No-7d 7th
Floor Hansalya Bldg., |
|
This form is for |
Modification of charge
|
|
Charge
identification (ID) number of the charge to be modified |
10236551 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Barclays Bank PLC, Eros Corporate Towers, Nehru Place, New Delhi-19, New Delhi - 110019, Delhi, India |
|
Nature of
instrument creating charge |
Memorandum of
Deposit for Creation of Charge for Overall Limit dated 28/04/2011 for Working
capital limits. |
|
Date of
instrument Creating the charge |
28.04.2011 |
|
Amount secured by
the charge |
Rs.100.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As may be specified by the Bank from time to time. Terms of
Repayment - As may be specified by the Bank from time to time. Margin - As may
be specified by the Bank from time to time. Extent and
Operation of the charge - Equitable mortgage of following properties for
Working capital limits as per sanction letter. : 1) land and building at Village Narsinghpur, Gurgaon. 2) Land and
building at Village Bhorakalan, Binola, Gurgaon. 3) IIE Ranipur,
Haridwar. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable mortgage
of following properties for Working capital limits as per sanction letter: 1) Khasra Nos 15 and 16 of Village
Narsinghpur at milestone 40 of NH-8, near sector 37 of HUDA, Gurgaon 2) Plot and Land bearing Khewat, Khata No.
838 M N-93 Kila No. 10/3, 4-12,11/2, 5-15,20/3,6-16,26/2,2-10 total kila 4
total area 19 kanal 13 marla Vaka Sivana mauja Bhora Kalan, Sub Tehsil Farukh
Nagar, Dist. Gurgaon, Haryana. 3) |
|
Date of
instrument modifying the charge |
|
|
Particulars of
the present modification |
Equitable
mortgage of following properties for Working capital limits as per sanction
letter. : 1) land and building at Village Narsinghpur, Gurgaon. 2) Land and building
at Village Bhorakalan, Binola, Gurgaon. 3) IIE Ranipur,
Haridwar. |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Installations
·
Tempo
·
Car
·
Scooter
·
Mobile Phones
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.45.93 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.