|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VAIBHAVLAXMI EXPORTS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.07.2010 |
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Com. Reg. No.: |
04-061613 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U51900GJ2010PTC061613 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Textile and Yarn Fabrics. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 13000 |
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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 a relatively new company having moderate track.
Profitability 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 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 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 04.08.2011
|
Name : |
Mr. Niranjankumar Rameshbhai Patel |
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Designation : |
Director |
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Address : |
Patel Society, Kundal, Kadi, Mehsana – 382 715, |
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Date of Birth/Age : |
14.07.1976 |
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Date of Appointment : |
15.07.2010 |
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DIN No.: |
01456889 |
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Other Directorship :
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Name : |
Mr. Munjal Vinodbhai Dalal |
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Designation : |
Director |
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Address : |
32, Kalindi Bunglows, Near |
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Date of Birth/Age : |
05.12.1977 |
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Date of Appointment : |
15.07.2010 |
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DIN No.: |
02668356 |
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Other Directorship :
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Name : |
Mr. Ashishkumar Rameshbhai Patel |
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Designation : |
Additional Director |
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Address : |
16, Patel Society, Kundal, Kadi, Mehsana – 382 715, |
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Date of Appointment : |
20.07.2010 |
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DIN No.: |
01645462 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Niranjankumar Rameshbhai Patel |
|
50000 |
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Munjal Vinodbhai Dalal |
|
50000 |
|
Himakshi Vinodbhai Dalal |
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50000 |
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Neha Munjalbhai Dalal |
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50000 |
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Nisha Akshatbhai Patel |
|
50000 |
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Vinodbhai Babubhai Dalal |
|
50000 |
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Vishal Baldevbhai Patel |
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50000 |
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Hansaben Baldevbhai Patel |
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50000 |
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Baldevbhai Ganeshdas Patel |
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50000 |
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Bhikhabhai Ganeshdas Patel |
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50000 |
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Total |
|
500000 |
As on 04.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Textile and Yarn Fabrics. |
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Products : |
v
Cotton Bales v
Cotton Seeds Cake v
Cotton Seeds Oil v
Raw Cotton v
Threads |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. Shah and Associates Chartered Accountants |
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Address : |
8, |
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Income-tax
PAN of auditor or auditor's firm : |
AEDPS5131D |
CAPITAL STRUCTURE
As on 04.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
millions |
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|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
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|
1.000 |
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2] Share Application Money |
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|
2.000 |
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3] Reserves & Surplus |
|
|
0.364 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
3.364 |
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LOAN FUNDS |
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|
1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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|
2.000 |
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TOTAL BORROWING |
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|
2.000 |
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DEFERRED TAX LIABILITIES |
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|
0.003 |
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TOTAL |
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5.367 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
0.037 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERRED TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
0.000 |
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Sundry Debtors |
|
|
23.743 |
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Cash & Bank Balances |
|
|
0.099 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
|
|
0.140 |
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Total
Current Assets |
|
|
23.982 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
18.563 |
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Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.175 |
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Total
Current Liabilities |
|
|
18.738 |
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Net Current Assets |
|
|
5.244 |
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MISCELLANEOUS EXPENSES |
|
|
0.086 |
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|
|
|
|
|
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TOTAL |
|
|
5.367 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
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|
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TURNOVER |
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Income |
|
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104.047 |
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Other Income |
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NA |
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TOTAL |
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NA |
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|
|
Less |
EXPENSES |
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|
NA |
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|
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PROFIT BEFORE
TAX |
|
|
0.532 |
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Less |
TAX |
|
|
0.168 |
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|
|
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PROFIT AFTER TAX
|
|
|
0.364 |
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|
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EARNINGS IN
FOREIGN CURRENCY |
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|
|
|
|
|
|
F.O.B. Value of Sales |
|
|
87.256 |
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TOTAL EARNINGS |
|
|
87.256 |
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|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
|
3.64 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
2.21 |
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|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.16 |
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|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
6.16 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last one year |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation for
coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials, if
provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
REVIEW OF
OPERATION:
During the period the
Company has achieved turnover of Rs.104.047 millions and has earned Net Profit
of Rs.0.532 million before tax provisions. The board of directors wishes to
increase the volume of the business of the company and trying to make more
profit in the forthcoming years.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51900GJ2010PTC061613 |
|
Name of the
company |
VAIBHAVLAXMI EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-Mail: vlindustries@yahoo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others
(Hypothecation of entire current assets of the Company) |
|
Particular of
charge holder |
State Bank of E-Mail: sbi.00549@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
(a) Agreement of
loan cum Hypothecation (SME-2), dated 04.11.2011. (b) Memorandum relating
to deposit of title deed for creation of charge for term loan/overall limit,
dated 04.11.2011. (c) Letter of
arrangement (SME-1), dated 04.11.2011. |
|
Date of
instrument Creating the charge |
04.11.2011 |
|
Amount secured by
the charge |
Rs.120.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As agreed by and
with the bank from time to time Terms of
Repayment: As agreed by and
with the bank from time to time Margin: Margin on EPC
-10% Extent and
Operation of the charge: (i) First Charge
byway hypothecation of entire current and movable assets of the company
including of all type of stocks BD,
documents of title to the goods, outstanding moneys, bills, invoices, receivables
etc. both present and future (ii) Collateral
security byway creation of mortgage over immovable properties in the name of
Natvarlal Mohanlal Patel and Vishnubhai Haribhai Mistri as continuing
security for due repayment of all monies including interest, costs, charges,
expenses payable by borrower to Bank Others: The credit
facilities secured as under (i) EPC/FBD -
Rs.100.000 millions (ii) CEL -
Rs.20.000 millions (Limit for forward contracts) |
|
Short particulars
of the property charged |
Hypothecation of
entire current and movable assets of the company including of all type of
stocks, BD, documents of title to the goods, outstanding moneys, bills,
invoices, receivables etc. both present and future Collateral
security-Residential NA land located at Plot No.1 to 31, Near Balapir Dargah,
|
WEBSITE DETAILS:
PRESS RELEASES:
RATING OF [ICRA]A4
ASSIGNED TO BANK FACILITIES OF VAIBHAV LAXMI EXPORTS PRIVATE LIMITED
05-April-12
ICRA has assigned an [ICRA]A4 (pronounced ICRA A four) rating to
Rs.100.000 millions fund based Export Packaging Credit facility and to
Rs.20.000 millions non-fund based Forward Contract Facility of Vaibhav Laxmi
Exports Private Limited (VLEPL). The assigned ratings are constrained by
VLEPL‘s modest scale of operation coupled with low profitability and exposure
to regulatory risks governing export of cotton. The ratings are also
constrained by its weak financial profile with low profits, accruals and net
worth. The ratings, however, favorably consider the long experience of the
promoters in the cotton industry, operational support from group companies
engaged in similar line of business and favorable location of the firm giving
it easy access to high quality finished cotton.
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.54.55 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
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 |
|
27 |
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.