MIRA
INFORM REPORT
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Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
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Name : |
VISHESH POLYIMPEX PRIVATE LIMITED |
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Registered
Office : |
405, Durga A-8, Veera Industrial Estate, Off Veera Desai Road, Behind
Balaji Tele Films, Andheri (West), Mumbai-400053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.07.1997 |
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Com. Reg. No.: |
11-109595 |
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Capital
Investment / Paid-up Capital : |
Rs.4.810 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH199PTC109595 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV07458D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Awe-inspiring |
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No. of Employees
: |
Not Divulged by Management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 50000 |
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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.
Profitablility of the company appears to be low. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small to mediocre 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjay Agarwal |
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Designation : |
Director |
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Date : |
19.09.2011 |
LOCATIONS
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Registered Office : |
405, Durga A-8, Veera Industrial Estate, Off Veera Desai Road, Behind
Balaji Tele Films, Andheri (West), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-26736570 |
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Fax No. : |
91-22-26736522 |
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E-Mail : |
DIRECTORS
As On : 25.09.2010
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Name : |
Ms. Preety Sanjay Kumar Agarwal |
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Designation : |
Director |
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Address : |
C-10, |
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Date of Birth/Age : |
13.05.1972 |
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Date of Appointment : |
24.07.1997 |
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DIN No : |
01885896 |
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Other Directorship : |
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Name : |
Mr. Sanjay Kumar Agarwal |
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Designation : |
Director |
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Address : |
C-10, |
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Date of Birth/Age : |
28.12.1969 |
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Date of Appointment : |
24.07.1997 |
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DIN No : |
01885941 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjay Kumar Agarwal |
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275497 |
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Preety Sanjay Kumar Agarwal |
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104500 |
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Sanjay Kumar Vishesh Kumar HUF |
|
500 |
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Maganwati Agarwal |
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100500 |
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Sundarlal Sanjay Kumar HUF |
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10 |
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Mahendra Kumar Bihani |
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1 |
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Rajeshwar Sharma |
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1 |
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Ramesh Kumar Damani |
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1 |
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Total |
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481010 |
AS ON 25.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Awe-inspiring |
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Products : |
Plastic Raw Material |
GENERAL INFORMATION
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No. of Employees : |
Not divulged by management. |
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Bankers : |
v Axis Bank Limited,
Laxmi The Mall Building No.5, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai-400053, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A G Mundra and Company Chartered Accountant |
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Address : |
51, Abhsihek, 5th Floor, 303/307, |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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481,010 |
Equity Shares |
Rs. 10/- each |
Rs. 4.810
millions |
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As on : 25.09.2010
Authorised Capital : Rs. 6.000 millions
Issued,
Subscribed & Paid-up Capital : Rs. 5.810 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.810 |
4.810 |
3.810 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.726 |
6.813 |
1.538 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.536 |
11.623 |
5.348 |
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LOAN FUNDS |
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1] Secured Loans |
0.157 |
0.506 |
0.821 |
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2] Unsecured Loans |
19.416 |
21.890 |
14.889 |
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TOTAL BORROWING |
19.573 |
22.396 |
15.710 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.109 |
34.019 |
21.058 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.092 |
3.241 |
3.217 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.368 |
4.073 |
2.162 |
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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 |
4.114
|
10.755 |
4.071 |
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Sundry Debtors |
25.903
|
42.033 |
1.785 |
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Cash & Bank Balances |
0.096
|
0.073 |
0.057 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
35.309
|
17.904 |
13.197 |
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Total
Current Assets |
65.422
|
70.765 |
19.110 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
40.768
|
44.078 |
3.452 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.031
|
0.016 |
0.000 |
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Total
Current Liabilities |
40.799
|
44.094 |
3.452 |
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Net Current Assets |
24.623
|
26.671 |
15.658 |
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MISCELLANEOUS EXPENSES |
0.026 |
0.034 |
0.021 |
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TOTAL |
32.109 |
34.019 |
21.058 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
529.774 |
173.046 |
36.089 |
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Other Income |
2.172 |
2.602 |
2.687 |
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Direct Income |
4.991 |
1.783 |
0.000 |
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TOTAL |
536.937 |
177.431 |
38.776 |
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Less |
EXPENSES |
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Cost of Goods Sold |
530.406 |
172.375 |
35.241 |
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Administrative and Selling Expenses |
5.055 |
4.277 |
2.199 |
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TOTAL |
535.461 |
176.652 |
37.440 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1.476 |
0.779 |
1.336 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.351 |
0.370 |
0.498 |
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PROFIT BEFORE
TAX |
1.125 |
0.409 |
0.838 |
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Less |
TAX |
0.212 |
0.133 |
0.053 |
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PROFIT AFTER TAX
|
0.913 |
0.276 |
0.785 |
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IMPORTS VALUE |
496.452 |
147.758 |
27.875 |
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Earnings Per
Share (Rs.) |
1.90 |
0.57 |
2.06 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.17
|
0.15 |
2.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
0.24 |
2.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.62
|
0.55 |
3.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.04 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.82
|
5.72 |
3.58 |
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Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.60 |
5.53 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
PARTIAL DETAILS
(Rs.
In millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Yash Paul Tandon |
0.050 |
0.050 |
0.550 |
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D S Payable |
0.352 |
0.248 |
0.108 |
|
Electricity Expenses Payable |
0.003 |
0.004 |
0.001 |
|
Telephone Expenses Payable |
0.011 |
0.012 |
0.010 |
|
A G Mundra and Company |
0.027 |
0.041 |
0.031 |
|
Mr. Shiv Hari Jalan |
0.008 |
0.004 |
0.008 |
|
Sales Tax Payable |
0.635 |
0.470 |
0.031 |
Note : Registered Office
of the company has been shifted from 18, Blue Moon Society,
OPERATION :
The turnover for the year is Rs. 529.774 millions as compared to Rs.
173.046 millions in the previous year.
FORM 8
|
Corporate
identity number of the company |
U51900MH1997PTC109595 |
|
Name of the
company |
VISHESH
POLYIMPEX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
405, Durga A-8, Veera Industrial Estate, Off Veera Desai Road, Behind
Balaji Tele Films, Andheri (West), Mumbai-400053, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, Laxmi The Mall Building No.5, Laxmi Industrial
Estate, New Link Road, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Deed of Hypothecation (SDH) dated 08.12.2010 |
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Date of
instrument Creating the charge |
08.12.2010 |
|
Amount secured by
the charge |
Rs. 32.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per sanction letter or as stipulated by Bank from time to time. Terms of
repayment As
per sanction letter or as stipulated by Bank from time to time. Margin As
per sanction letter or as stipulated by Bank from time to time. Extent and
operation of the charge Credit
facilities granted by the Bank enhanced from Rs.25.000 millions to Rs. 32.000
millions to secure following limits CC
Rs.32.000 millions Import
LC(within CC Limited) (Rs. 32.000 millions) The
security by way of hypothecation of Stocks, Book Debts, Plant, Machinery
etc., given earlier des. in Sch. to SDH shall continue as security for the
enhanced limit. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of all present and future Stock of RM, SIP and other Current Assets Hypothecation
of all present and future Book Debts, outstanding monies, receivables, claims
due and owing to the Company in the course of its business. Hypothecation
of present and future Movable plant and machinery, fixtures, fittings,
furniture, vehicles together with spares tools and accessories lying on the
premises of the |
|
Charge
identification number of the charge to be modified |
90365843 |
|
Date of
instrument modifying the charge |
09.04.2009 |
|
Particulars of
the present modification |
Now
vide this modification the Credit facilities granted by the Bank enhanced from
Rs.25.000 millions to Rs. 32.000 millions to secure following limits CC
Rs.32.000 millions Import
LC(within CC Limited) (Rs. 32.000 millions) The
security by way of hypothecation of Stocks, Book Debts, Plant, Machinery
etc., given earlier des. in Sch. to SDH shall continue as security for the
enhanced limit. |
FIXED ASSETS
ü
Computer
ü
Office Equipment
ü
Air – Conditioner
ü
Furniture and Fixtures
ü
Motor Car
ü
Mobile Phone
ü
Office Premises
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.47.79 |
|
|
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.65.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.