|
Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIMAL FLEXSOL LIMITED |
|
|
|
|
Registered
Office : |
Vimal House 31, G. I. D. Cestate Highway, Mehsana – 384002, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.08.1998 |
|
|
|
|
Com. Reg. No.: |
04-34515 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.25.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36998GJ1998PLC034515 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV01409C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
and Supplier of PVC Winding Wires, PVC Wires, PVC Insulated Wires, PVC
Insulated Cables, PVC Insulated Winding Wires. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
appears to be low. Reserves are reported to be insufficient. Even though, the
company has recorded an increase in its sales turnover, there appears some
dip in it profits during 2011. However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Bharat Patel |
|
Designation : |
Accountant |
|
Contact No.: |
91-2762-231839 |
|
Date : |
27.07.2012 |
LOCATIONS
|
Registered Office : |
Vimal House 31, G. I. D. Cestate Highway, Mehsana – 384002, Gujarat,
India |
|
Tel. No.: |
91-2762-253496 |
|
Mobile No.: |
91-9879104223 (Mr. Valkesh K. Patel) |
|
Fax No.: |
91-2762-251498 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
219, G.I.D.C. Estate, Highway,
Mehsana - 384002, |
|
Tel. No.: |
91-2762-231839/ 255190 |
|
Fax No.: |
91-2762-255190/ 231839 |
|
|
|
|
Factory : |
Motap Char Rasta, Mehsana-Modhera Road, At and Post: Motap – 384225,
Gujarat, India |
|
Tel No.: |
91-2734-292805 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Valkeshbhai Kantibhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
Vimal Park, Opposite Rajkamal Petrol Pump, Mehsana – 384002, Gujarat,
India |
|
Date of Birth/Age : |
02.09.1969 |
|
Date of Appointment : |
11.08.1998 |
|
DIN No.: |
00124398 |
|
|
|
|
Name : |
Mr. Hareshbhai Harjivanbhai Patel |
|
Designation : |
Director |
|
Address : |
38, Simandhar Society, Nagalpur, Mehsana – 384002, Gujarat, India |
|
Date of Birth/Age : |
19.06.1977 |
|
Date of Appointment : |
03.12.2001 |
|
DIN No.: |
00028181 |
|
|
|
|
Name : |
Mr. Nitin Narayanbhai Patel |
|
Designation : |
Director |
|
Address : |
Vimal Park, Behind Vijay Guest House, Highway, Mehsana – 384002,
Gujarat, India |
|
Date of Birth/Age : |
03.06.1978 |
|
Date of Appointment : |
24.03.2009 |
|
DIN No.: |
02485561 |
|
|
|
|
Name : |
Mr. Sanjaykumar Narayanbhai Patel |
|
Designation : |
Director |
|
Address : |
Vimal Park Society, Behind Rajkamal Pump, Mehsana – 384002, Gujarat,
India |
|
Date of Birth/Age : |
03.10.1976 |
|
Date of Appointment : |
24.03.2009 |
|
DIN No.: |
02582427 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Patel |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Dahyabhai S. Patel |
|
100 |
|
Valkesh K. Patel |
|
36100 |
|
Pradip C. Patel |
|
100 |
|
Naranbhai S. Patel |
|
100 |
|
Jashiben Vallabhbhai Patel |
|
27000 |
|
Jadavji Gangaramdas Patel |
|
15600 |
|
Kantaben Dahyabhai Patel |
|
20000 |
|
Sankarbhai Jesangbhai Patel |
|
12000 |
|
Babubhai Joitaramdas Patel |
|
20000 |
|
Joitaram Ambaram Patel |
|
20000 |
|
Narayanbhai S. Patel |
|
28000 |
|
Kantibhai Shivabhai Patel |
|
26500 |
|
Kalpeshkumar Dahyabhai Patel |
|
18000 |
|
Jashiben V. Patel |
|
32500 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
47.60 |
|
Directors or relatives of directors |
|
16.92 |
|
Other top fifty shareholders |
|
35.48 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of PVC Winding Wires, PVC Wires, PVC Insulated Wires, PVC
Insulated Cables, PVC Insulated Winding Wires. |
|
|
|
|
Products : |
· PVC Winding Wires and Cables · Three Core Flat Cables · PVC Wires for Household Wiring (Domestic) ·
PVC Insulated Winding Wires ·
PVC Flat Cables ·
PVC Insulated Electrical Wires ·
HR PVC
Copper Winding Wires as per IS 8783 (Part-4 / Sec-1) |
|
|
|
|
Exports : |
|
|
Products : |
· PVC Winding Wires · PVC Wires · PVC Insulated Wires · PVC Insulated Cables ·
PVC Insulated Winding Wires |
|
Countries : |
UAE |
|
|
|
|
Terms : |
|
|
Selling : |
Credit, Advance |
|
|
|
|
Purchasing : |
Credit, Advance |
GENERAL INFORMATION
|
Customers : |
Dealers |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Ø
The Mehsana Urban Co-Operative Bank Limited Mehsana, Gujarat, India Ø
HDFC Bank Limited Mehsana, Gujarat, India Ø
State Bank of India Mehsana, Gujarat, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haresh S. Kansara and Company Chartered Accountants |
|
Address : |
S/22, 23, Palika Bazar, Opposite Nagrpalika Office, Mehsana – 384001,
Gujarat, India |
|
Tel. No.: |
91-2762-254256 |
|
PAN No. : |
ABVPK2140D |
|
|
|
|
Associates/Subsidiaries : |
Ø
Vimal Cables Limited Ø
VImal Pumps Private Limited Ø
Vimal Dairy Limited Ø
Vimal Oil and Food Limited Ø
Vim Pack Ø
Vimal Electric Company |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2600000 |
Equity Shares |
Rs.10/- each |
Rs.26.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
|
|
|
|
|
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 |
25.000 |
22.100 |
22.100 |
|
|
2] Share Application Money |
4.435 |
7.335 |
7.335 |
|
|
3] Reserves & Surplus |
14.469 |
11.096 |
5.456 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.904 |
40.531 |
34.891 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.993 |
6.155 |
0.000 |
|
|
2] Unsecured Loans |
13.339 |
6.799 |
6.083 |
|
|
TOTAL BORROWING |
16.332 |
12.954 |
6.083 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.236 |
53.485 |
40.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.005 |
25.742 |
28.001 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.700 |
0.700 |
0.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.520
|
8.728 |
4.895
|
|
|
Sundry Debtors |
16.172
|
10.661 |
5.997
|
|
|
Cash & Bank Balances |
10.968
|
10.541 |
1.805
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
2.863
|
2.052 |
1.892
|
|
Total
Current Assets |
38.523
|
31.982 |
14.589 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
2.043
|
4.628 |
1.875
|
|
|
Other Current Liabilities |
0.377
|
0.150 |
0.293
|
|
|
Provisions |
0.572
|
0.161 |
0.175 |
|
Total
Current Liabilities |
2.992
|
4.939 |
2.343
|
|
|
Net Current Assets |
35.531
|
27.043 |
12.246
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
60.236 |
53.485 |
40.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
115.631 |
72.229 |
48.752 |
|
|
|
Other Income |
0.905 |
1.095 |
1.199 |
|
|
|
TOTAL (A) |
116.536 |
73.324 |
49.951 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Closing Goods |
3.461 |
(4.121) |
2.918 |
|
|
|
Raw Material Consumed |
97.092 |
61.780 |
36.482 |
|
|
|
Manufacturing Expenses |
3.224 |
3.323 |
2.440 |
|
|
|
Administrative and Selling Expenses |
3.648 |
2.141 |
2.783 |
|
|
|
Directors Remunerations |
0.540 |
0.093 |
0.108 |
|
|
|
Amortization of Preliminary Expenses |
0.000 |
0.027 |
0.025 |
|
|
|
TOTAL (B) |
107.965 |
63.243 |
44.756 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.571 |
10.081 |
5.195 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.165 |
1.167 |
1.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.406 |
8.914 |
3.927 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.516 |
2.506 |
2.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.890 |
6.408 |
1.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.075 |
0.396 |
(0.341) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.815 |
6.012 |
1.792 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.929 |
0.917 |
(0.875) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10.744 |
6.929 |
0.917 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.53 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
180.000 |
|
|
|
|
|
Expected Sales (2012-13): Rs.250.000 Millions
The above information has been parted by Mr. Bharat Patel.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.27
|
8.20 |
3.59
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.36
|
8.87 |
2.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.22
|
11.10 |
3.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.16 |
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.44 |
0.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.88
|
6.48 |
6.23
|
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Passport No of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
FUTURE PROSPECTUS:
The current economic position of cable Industries
and sluggish market, the company has tried hard and has achieved increase in
the turnover in comparison to last year and also company is definitely trying
hard to achieve the more positive results in the coming year. The director’s
hope for brightening and hours mounting prosperities in the next few year to
come shortly and thus it will definitely prove to be a boon to the company as a
whole with great return.
FIXED ASSETS:
· Land
· Office Equipments
· Computer
· Vehicle Car
· Vehicle Staff Bus
· Electric Ins.
· Factory Building
· Plant and Machinery
· Tube Well
· Dead Stock
· Vehicle HC
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.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.