MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
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) : |
31.03.2011 |
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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.5.810 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH199PTC109595 |
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|
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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: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 77000 |
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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 |
|
Designation : |
Director |
|
Contact No.: |
91-22-26736570 |
|
Date : |
29.06.2012 |
LOCATIONS
|
Registered Office : |
405, Durga A-8, Veera Industrial Estate, Off Veera Desai Road, Behind
Balaji Tele Films, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Tel. No.: |
91-22-26736570(4 Lines) |
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Fax No.: |
91-22-26736522 |
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E-Mail : |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Sanjay Kumar Agarwal |
|
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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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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|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Kumar Agarwal |
|
275497 |
|
Preety Sanjay Kumar Agarwal |
|
104500 |
|
Sanjay Kumar Vishesh Kumar HUF |
|
500 |
|
Maganwati Agarwal |
|
100500 |
|
Sundarlal Sanjay Kumar HUF |
|
10 |
|
Mahendra Kumar Bihani |
|
1 |
|
Rajeshwar Sharma |
|
1 |
|
Ramesh Kumar Damani |
|
1 |
|
Realstone Export Limited, |
|
20000 |
|
Statford Textiles Specialities Limited, |
|
20000 |
|
Utkantha Trading and Properties Limited, |
|
20000 |
|
Duralloy Cutters Limited, |
|
20000 |
|
Visagar Financial Services Limited
(Formerly known as Inca Finlease
Limited) , |
|
20000 |
|
Total |
|
581010 |
As on 28.09.2011
Equity Shres Break –up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
17.21 |
|
Directors or relatives of directors |
|
82.79 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Awe-inspiring |
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GENERAL INFORMATION
|
Suppliers : |
·
VBR Industries ·
Veer Polytex Private limited ·
Amardeep Plastics ·
Angel Tieups Private limited ·
Bhavik Enterprise Limited ·
Gouri Shankar Polymers ·
Union Quality Plastic Limited ·
Commercial Sun Bags Private limited ·
Gurukrupa Impex ·
Jewel Polymers ·
Lts Plastics India Private limited ·
Oswal International ·
Plus Barrels ·
Surya Polytex |
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Customers : |
·
Roto ·
Roromac Global Private Limited ·
R.S. Vanijya Private limited ·
Vijeta Polymers ·
Kesar Impex ·
K.K Poycolour India Limited ·
Veer Plastic Private limited ·
Union Polymers Private limited ·
Precision Polyplast Private limited ·
Shyamoc Plastic Limited ·
Shri Khemasti
Plastic Private limited ·
Bhavik Enterprises Limited |
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No. of Employees : |
Information denied by management |
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Bankers : |
·
Axis Bank Limited, Laxmi The Mall Building No.5, Laxmi
Industrial Estate, New Link Road, Andheri (West), Mumbai-400053, Maharashtra,
India ·
Axis Bank Limited, Royal Accord IV, Near
Lokhanwala Circle, Lokhandwala Complex, Andheri (West), Mumbai -400043,
Maharashtra, India |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A G Mundra and Company Chartered Accountants |
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Address : |
115, Rewa Chember 31, 1st New Marine lines, Mumbai –
400020, |
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Tell No.: |
91-22-22032010 |
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Email : |
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Pan No.: |
AAFPM5090H |
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CAPITAL STRUCTURE
As on.31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
581010 |
Equity Shares |
Rs.10/- each |
Rs.5.810
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
5.810 |
4.810 |
4.810 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.558 |
7.726 |
6.813 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.368 |
12.536 |
11.623 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.157 |
0.506 |
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2] Unsecured Loans |
12.717 |
19.416 |
21.890 |
|
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TOTAL BORROWING |
12.717 |
19.573 |
22.396 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.085 |
32.109 |
34.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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Capital work-in-progress |
3.592 |
4.092 |
3.241 |
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|
0.000 |
0.000 |
0.000 |
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INVESTMENT |
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|
|
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DEFERREX TAX ASSETS |
8.044 |
3.368 |
4.073 |
|
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|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
7.682
|
4.114
|
10.755 |
|
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Sundry Debtors |
15.702
|
25.903
|
42.033 |
|
|
Cash & Bank Balances |
0.029
|
0.096
|
0.073 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
20.043
|
35.309
|
17.904 |
|
Total
Current Assets |
43.456
|
65.422 |
70.765 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditor |
|
|
|
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Other Current Liabilities |
23.034
|
40.799
|
44.094 |
|
|
Provisions |
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|
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Total
Current Liabilities |
23.034
|
40.799 |
44.094 |
|
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Net Current Assets |
20.422
|
24.623 |
26.671 |
|
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MISCELLANEOUS EXPENSES |
0.027 |
0.026 |
0.034 |
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TOTAL |
32.085 |
32.106 |
34.019 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
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|
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Income |
420.964 |
529.773 |
173.046 |
|
|
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Other Income |
2.617 |
2.172 |
2.602 |
|
|
|
Direct Income |
3.097 |
4.991 |
1.783 |
|
|
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TOTAL |
426.678 |
536.936 |
177.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
421.288 |
530.406 |
172.375 |
|
|
|
Administrative and Selling Expenses |
3.860 |
5.055 |
4.277 |
|
|
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TOTAL |
425.148 |
535.461 |
176.652 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.530 |
1.475 |
0.779 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.501 |
0.351 |
0.370 |
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PROFIT BEFORE
TAX |
1.029 |
1.124 |
0.409 |
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|
|
|
|
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Less |
TAX |
0.197 |
0.211 |
0.133 |
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|
|
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PROFIT AFTER TAX |
0.832 |
0.913 |
0.276 |
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|
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|
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TOTAL IMPORTS |
411.052 |
496.452 |
147.758 |
|
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|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1.43 |
1.90 |
0.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.19
|
0.17 |
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.24
|
0.21 |
0.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.19
|
1.62 |
0.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.85
|
4.82 |
5.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.60 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors (Current Liability and Provision)
(Rs.
In millions)
|
Particulars |
31.03.2011 |
|
31.03.2009 |
|
Yash Paul Tandon |
0.050 |
0.050 |
|
|
T.D S Payable |
0.183 |
0.352 |
|
|
Electricity Expenses Payable |
0.003 |
0.003 |
|
|
Maintains Charges Payable |
0.033 |
0.017 |
|
|
Telephone Expenses Payable |
0.008 |
0.011 |
|
|
A G Mundra and Company |
0.027 |
0.027 |
|
|
Mr. Shiv Hari Jalan |
0.004 |
0.008 |
|
|
Income Tax Payable A. Y 2011-12 |
0.108 |
0.000 |
|
|
Anty Dumping Duty Payable |
0.336 |
0.000 |
|
|
Axis Bank CC Account |
9.958 |
10.438 |
|
|
VBR Industries |
0.645 |
0.645 |
|
|
Q Chwm II Distributors Company Limited |
3.156 |
0.000 |
|
|
Rk Resian Plast Private Limited |
0.000 |
0.405 |
|
|
S R Polyimpex Private Limited |
0.000 |
2.694 |
|
|
Advance from
Customers |
|
|
|
|
Keshara Enterprises |
0.000 |
0.250 |
|
|
KLJ Enterprises |
0.000 |
0.263 |
|
|
Galaxy Enterprises |
0.000 |
4.961 |
|
|
Admanum Packaging |
0.000 |
3.300 |
|
|
Commercial Sun Bags limited |
0.000 |
2.350 |
|
|
Gurukrupa Impex |
0.057 |
0.057 |
|
|
Jewel Polymers |
0.000 |
1.000 |
|
|
Lts Plastics India Private limited |
0.000 |
0.250 |
|
|
Oswal International |
0.000 |
1.529 |
|
|
Plus Barrels |
0.000 |
0.370 |
|
|
Precision Polyplast Private
limited |
0.000 |
1.722 |
|
|
Safe Flex International |
0.000 |
2.500 |
|
|
Shakthi Ployweave P Limited |
0.000 |
0.750 |
|
|
Sharadha Impex |
0.000 |
1.500 |
|
|
Surya Polytex |
1.000 |
1.000 |
|
|
Veer Polytex P Limited |
0.246 |
3.712 |
|
|
Amardeep Plastics |
0.300 |
0.000 |
|
|
Angel Tieups Private limited |
3.000 |
0.000 |
|
|
Bhavik Enterprise Limited |
2.819 |
0.000 |
|
|
Gouri Shankar Polymers |
0.750 |
0.000 |
|
|
Union Quality Plastic Limited |
0.350 |
0.000 |
|
|
Sales Tax Payable |
0.000 |
0.635 |
|
|
|
23.034
|
40.799 |
44.094 |
|
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 |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
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 |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Note : Registered Office
of the company has been shifted from 18, Blue Moon Society,
OPERATION :
The turnover for the year is Rs.420.964 millions as compared to
Rs.529.774 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 Email: vishesh@vsnl.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
90365843 |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, Corproate Banking Branch,Axis House,Gr Floor Bombay
Dying Mill Compound, P.B. Marg,WorliMumbai-400020, Maharashtra, India Email: adlalwani@rediffmail.com
|
|
Nature of
instrument creating charge |
Link
Cum Supplementary Agreement |
|
Date of
instrument Creating the charge |
25.05.2012 |
|
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 CC=BASE RATE+3% i.e.13% P.A. At Monthly Rests AND/OR As
Stipulated By Bank From Time To Time Terms of
repayment Cash Credit= On demand and/or as stipulated by bank from
time to time. Margin Cash
Credit=25% margin on stock and book-debts. receivables upto 60 will only be
eligible for drawing power calculations, LER=nil and/or as stipulated by bank
from time to time.. Extent and
operation of the charge First
Charge (Present And Future) = Total Limit Of RS.32.000 Millions(Cash
Credit=32.000 millions) (Sub
Limit Under Cc Limit (1)Letter Of Credit(Import)=RS. 32.000 Millions (2)LOU
For Buyers Credit=RS. 32.000 Millions(3)LER Limit=Rs. 3.200 Millions)) and/or
as stipualted by bank from time to time Others: As
stipualated by bank from time to time and as per agreement attached and/or as
per sanction letter of the bank |
|
Short particulars
of the property charged (Including location of the property) |
First
charge(Present and future) on following assets :- (1)Hypothecation of all
present and future Stock of RM, SIP /goods/inventroies/products kept at
borrower place/premises/factories/ godowns etc or wherever else and or in
transit including bought under L.C/Bank Finance. (2)
Hypothecation of all present and future Book Debts, outstanding monies,
receivables, claims due and owing to the (3)Hypothecation
of present and future Movable plant & machinery, fixtures, fittings,
furniture, vehicles together with spares tools & accessories lying on the
premises of the (4)
Hypothecation of all current, movable
and fixed assets of the company |
|
Particulars of
the present modification |
By
this modification limit remain same. Total limit= Rs..32.000 Millions(cash credit=Rs.32.000
Millions)(sub limit under CC limit (1)letter of credit(import)=Rs..32.000
Millions (2)
LOU for buyer credit=Rs..32.000 Millions (3)LER
limit=3.200 Millions),continued security as given by original charge as well
as by modifications(more defined in point no 15 and as per agreement
attached),terms and conditions as per agreement attached and/or as per
sanction letter of the bank |
FIXED ASSETS
· Computer
· Office Equipment
· Air – Conditioner
· Furniture and Fixtures
· Motor Car
· Mobile Phone
· 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.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BYI |
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.