|
Report Date : |
02.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VAVA TECHNOGLASS ( |
|
|
|
|
Registered
Office : |
137, First Floor, 3rd |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.02.2008 |
|
|
|
|
Com. Reg. No.: |
08-045181 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.450
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912KA2008PTC045181 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV08904A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV8977G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Sanitary Ware like Glass Products, Outdoor Spa,
Jacuzzi, Bath Tub, Shower etc. |
|
|
|
|
No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 13000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a successor of Vava Services a proprietory concern started
in the year 2005. It is an established company having moderate track. Trade relations are reported as fair.
Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
INFORMATION PARTED BY
|
Name : |
Dr. Ajit Gajanan |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9449874870 |
|
Date : |
27.06.2012 |
LOCATIONS
|
Registered Office : |
137, First Floor, 3rd Main,
9th Cross, T K Layout, Kuvempunagar, Mysore-570009, |
|
Tel. No.: |
91-821-2342722/ 2518556 |
|
Mobile No.: |
91-9449874870 (Dr. Aji Gajanan) |
|
Fax No.: |
91-821-2518556 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Located at: · Bangalore · Kerala |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Aji Gajanan |
|
Designation : |
Managing Director |
|
Address : |
L76 6th Cross, University Quarters, Gangotri,
Mysore-570000, |
|
Date of Birth/Age : |
02.03.1969 |
|
Date of Appointment : |
05.02.2008 |
|
DIN No.: |
01461537 |
|
|
|
|
Name : |
Mrs. Beena Sasindhran |
|
Designation : |
Director |
|
Address : |
Nak Kaara House, Vel Lang Alloor D P IR Injalakuda, Trissur-680662, |
|
Date of Birth/Age : |
27.10.1965 |
|
Date of Appointment : |
05.02.2008 |
|
DIN No.: |
01432558 |
|
|
|
|
Name : |
Mrs. Mallika Nanjundappa |
|
Designation : |
Additional Director |
|
Address : |
9/10 B1 Chamundi Vihar, Layout Mysore-570010, |
|
Date of Birth/Age : |
02.11.1974 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
02480452 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Aji Gajanan |
|
77834 |
|
Beena Sasindhran |
|
77833 |
|
Rinu Agastin |
|
11500 |
|
Mallika Nanjundappa |
|
9340 |
|
Sarojamma Mallappa |
|
68493 |
|
|
|
|
|
Total |
|
245000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of Directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Sanitory Ware like Glass Products, Outdoor Spa,
Jacuzzi, Bath Tub, Shower etc. |
|
|
|
|
Products : |
Mirror and Sanitary Fittings |
|
|
|
|
Imports : |
|
|
Products : |
Sanitary Ware |
|
Countries : |
|
GENERAL INFORMATION
|
No. of Employees : |
45 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of Rasmeccc, Akruthi Complex, CH-29, 3rd Cross, 10th
Main, Saraswathipuram, Mysore – 570 009,
Karnataka, India · HSBC Bank |
|||||||||||||||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Manjunatha and Shobhavathi Chartered Accountant |
|
Address : |
No. 688/1A, 16th |
|
Tel. No.: |
91-821-2344698 |
|
Fax No.: |
91-821-2344698 |
|
PAN No.: |
AAOFM4254E |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs. 10/- each |
Rs.4.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
245000 |
Equity Shares |
Rs. 10/-each |
Rs. 2.450
Millions |
|
|
|
|
|
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
245000 |
Equity Shares |
Rs. 10/-each |
Rs. 2.450
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 |
2.450 |
2.450 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.683 |
0.266 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.133 |
2.716 |
0.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.039 |
2.009 |
0.000 |
|
|
2] Unsecured Loans |
1.619 |
1.189 |
0.000 |
|
|
TOTAL BORROWING |
3.658 |
3.198 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.791 |
5.914 |
0.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.073 |
0.945 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.017 |
0.002 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.854
|
9.965
|
0.000 |
|
|
Sundry Debtors |
1.539
|
0.742
|
0.000 |
|
|
Cash & Bank Balances |
0.312
|
0.313
|
0.011 |
|
|
Other Current Assets |
0.825
|
0.566
|
0.060 |
|
|
Loans & Advances |
0.835
|
0.152
|
0.288 |
|
Total
Current Assets |
12.365
|
11.738
|
0.359 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.009
|
0.025
|
0.000 |
|
|
Other Current Liabilities |
6.444
|
6.625
|
0.011 |
|
|
Provisions |
0.221
|
0.134
|
0.000 |
|
Total
Current Liabilities |
6.674
|
6.784
|
0.011 |
|
|
Net Current Assets |
5.691
|
4.954
|
0.348 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.010 |
0.013 |
0.152 |
|
|
|
|
|
|
|
|
TOTAL |
6.791 |
5.914 |
0.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
10.165 |
8.285 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
9.333 |
7.723 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.832 |
0.562 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.209 |
0.165 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.623 |
0.397 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.206 |
0.131 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.417 |
0.266 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.70 |
1.09 |
0.00 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
20.000 |
|
|
(due to
expansion of business) |
||
The above information has been parted by Dr. Aji Gajanan (Managing
Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.10
|
3.21 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.64
|
3.26 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.15 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.30
|
3.68 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.73 |
32.64 |
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 |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
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 |
FINANCIAL RESULT
The company has earned gross revenue of Rs.10.165 Millions during the year as against Rs.8.285 millions in the previous year. The company has earned a net profit of Rs.0.417 Million after tax as against Rs.0.266 Million in the previous year. The Board hope to perform better in future.
FORM 8:
|
Corporate
identity number of the company |
U36912KA2008PTC045181 |
|
Name of the
company |
VAVA TECHNOGLASS ( |
|
Address of the
registered office or of the principal place of business in |
137, First Floor, 3rd Main,
9th Cross, T K Layout, Kuvempunagar, Mysore - 570009,
Karnataka, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of Rasmeccc, Akruthi Complex, CH-29, 3rd Cross, 10th
Main, Saraswathipuram, Mysore-570009,
Karnataka, India |
|
Nature of
instrument creating charge |
Agreement of Loan
cum Hypothecation |
|
Date of
instrument Creating the charge |
08.03.2010 |
|
Amount secured by
the charge |
Rs. 2.000
Millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest at 0.25%
above State Bank Advance Rate (SBAR = 11.75% w.e.f. 29.06.2009), rising or
falling therewith, on daily products with monthly rests. Present effective
rate; 12% p.a. Terms of
Repayment Repayable on
demand. The facility is available for 12 months, subject to review/ renewal
every 12 months or as per the Bank’s scheme. Margin 25% Extent and
Operation of the charge Secured by charge
on Hypothecation of Stocks and Receivables. Others Guaranteed by
Directors of the company with Collateral Security. |
|
Short particulars
of the property charged |
Stock-in-trade
(Imported) at No. 137, 3rd |
FIXED ASSETS:
· Furniture, Fittings and Electrical Fittings
· Plant and Machinery
· Computer/ Software Books
· UPS
· Web Designing
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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.