MIRA
INFORM REPORT
|
Report Date : |
18.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VASTRAKALA EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.10, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.06.1999 |
|
|
|
|
Com. Reg. No.: |
042662 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.530 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51109TN1999PTC042662 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEV02318B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Household Furnishings. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 173304 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track.
Profitability of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms an conditions. |
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 (30.09.2011) |
Current Rating (31.12.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office: |
No.10, Rutland Gate 5th Street, Nungambakkam, Chennai –
600006, Tamilnadu, India |
|
Tel. No.: |
91-44-24994132/24994184/49406969 |
|
E-Mail : |
|
|
|
|
|
Factory |
16 A, Kasturi Ranga Road, Alwarpet, Chennai – 600018, India |
DIRECTORS
AS ON 23.09.2011
|
Name : |
Mr. Malavika Shivakumar |
|
Designation : |
Managing Director |
|
Address : |
12, Rutland Gate 5th Street, Nungambakkam, Chennai – 600006,
Tamilnadu, India |
|
Date of Birth/Age : |
16.02.1966 |
|
Date of Appointment : |
16.06.1999 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51109TN1999PTC042662 |
VASTRAKALA EXPORTS PRIVATE LIMITED |
Managing director |
16/06/1999 |
16/06/1999 |
- |
Active |
NO |
|
2 |
U74994TN2008PTC068331 |
LSR ENTERPRISES PRIVATE LIMITED |
Director |
24/06/2008 |
24/06/2008 |
- |
Active |
NO |
|
3 |
U55109TN2008PTC068391 |
LESAGE HOTELS AND RESORTS PRIVATE LIMITED |
Director |
27/06/2008 |
27/06/2008 |
- |
Active |
|
Name : |
Mr. Shivakumar Rajagopal |
|
Designation : |
Director |
|
Address : |
12, Rutland Gate 5th Street, Nungambakkam, Chennai –
600006, Tamilnadu, India |
|
Date of Birth/Age : |
12.04.1933 |
|
Date of Appointment : |
16.06.199 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51109TN1999PTC042662 |
VASTRAKALA EXPORTS PRIVATE
LIMITED |
Director |
16/06/1999 |
16/06/1999 |
- |
Active |
NO |
|
Name : |
Mr. Sandeep S Rao |
|
Designation : |
Director |
|
Address : |
4/4, Sowbhagya Sea View Avenue, Neelankarai, Chennai – 600041,
Tamilnadu, India |
|
Date of Birth/Age : |
16.11.1970 |
|
Date of Appointment : |
31.05.2004 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated
Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51109TN1999PTC042662 |
VASTRAKALA EXPORTS PRIVATE LIMITED |
Director |
31/05/2004 |
31/05/2004 |
- |
Active |
NO |
|
2 |
U74994TN2008PTC068331 |
LSR ENTERPRISES PRIVATE LIMITED |
Managing director |
20/02/2009 |
24/06/2008 |
- |
Active |
NO |
|
3 |
U55109TN2008PTC068391 |
LESAGE HOTELS AND RESORTS PRIVATE LIMITED |
Director |
27/06/2008 |
27/06/2008 |
- |
Active |
|
Name : |
Mr. Savouret Patrick |
|
Designation : |
Director |
|
Address : |
207, Rue St. Honore, Paris, France - 75001 |
|
Date of Birth/Age : |
23.10.1962 |
|
Date of Appointment : |
04.08.2006 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51109TN1999PTC042662 |
VASTRAKALA EXPORTS PRIVATE
LIMITED |
Director |
04/08/2006 |
04/08/2006 |
- |
Active |
NO |
|
Name : |
Mr. Jean Francons Lesage |
|
Designation : |
Director |
|
Address : |
207, Rue St. Honore, Paris, France - 75001 |
|
Date of Birth/Age : |
26.12.1965 |
|
Date of Appointment : |
04.08.2006 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U51109TN1999PTC042662 |
VASTRAKALA EXPORTS PRIVATE
LIMITED |
Director |
04/08/2006 |
04/08/2006 |
- |
Active |
NO |
|
2 |
U74994TN2008PTC068331 |
LSR ENTERPRISES PRIVATE LIMITED
|
Director |
03/10/2008 |
03/10/2008 |
- |
Active |
NO |
|
3 |
U18101DL2010PTC200667 |
WHITE CHAMPA FASHION
PRIVATE LIMITED |
Additional director |
25/04/2012 |
25/04/2012 |
- |
Active |
NO |
|
Name : |
Mr. Stephanie Sabina Decloux |
|
Designation : |
Director |
|
Address : |
207, Rue St. Honore, Paris, France - 75001 |
|
Date of Birth/Age : |
26.12.1973 |
|
Date of Appointment : |
04.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Malavika Shivakumar |
|
12977 |
|
Sarl Jean Francons Lesage |
|
27091 |
|
Sandeep S Rao |
|
12978 |
|
Total |
|
53046 |
AS ON 23.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.07 |
|
Directors or relatives of Directors |
8.93 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Household Furnishings. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Andhra Bank ·
HDFC Bank |
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Facilities : |
|
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijayaraghavan And Associates Chartered Accountant |
|
Address : |
51 Giri Road, T.Nagar, Chennai – 600017, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.10/- each |
Rs.0.750 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
53046 |
Equity Shares |
Rs.10/- each |
Rs.0.530
Million |
|
|
|
|
|
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 |
0.530 |
0.530 |
0.530 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
42.796 |
32.507 |
29.259 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.326 |
33.037 |
29.789 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.576 |
5.758 |
4.327 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6.576 |
5.758 |
4.327 |
|
|
DEFERRED TAX LIABILITIES |
0.075 |
0.075 |
0.075 |
|
|
|
|
|
|
|
|
TOTAL |
49.977 |
38.870 |
34.191 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.769 |
25.285 |
26.912 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.033 |
0.033 |
0.033 |
|
|
DEFERREX TAX ASSETS |
0.699 |
0.474 |
0.143 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.415
|
0.464 |
1.269 |
|
|
Sundry Debtors |
22.667
|
16.952 |
13.108 |
|
|
Cash & Bank Balances |
8.137
|
1.620 |
2.270 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.506
|
6.988 |
7.503 |
|
Total
Current Assets |
38.725
|
26.024 |
24.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.841
|
8.463 |
14.556 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
5.408
|
4.483 |
2.491 |
|
Total
Current Liabilities |
11.249
|
12.946 |
17.047 |
|
|
Net Current Assets |
27.476
|
13.078 |
7.103 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
49.977 |
38.870 |
34.191 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
58.775 |
64.992 |
|
|
|
|
Other Income |
20.809 |
5.986 |
|
|
|
|
TOTAL |
79.584 |
70.978 |
73.104 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
66.219 |
66.069 |
67.249 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13.365 |
4.909 |
5.855 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.470 |
1.661 |
2.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9.895 |
3.248 |
3.226 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
29.824 |
15.705 |
NA |
|
|
TOTAL EARNINGS |
29.824 |
15.705 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.43
|
4.58 |
4.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.74
|
7.55 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.09
|
9.57 |
11.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.15 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41
|
0.57 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.44
|
2.01 |
1.42 |
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 three years |
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 |
FORM 8:
|
Corporate identity number of the company |
U51109TN1999PTC042662 |
|
Name of the company |
VASTRAKALA EXPORTS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No.10, Rutland Gate 5th Street,
Nungambakkam, Chennai - 600 006, Tamil Nadu, India |
|
This form is for |
Creation of charge Modification of charge |
|
Type of charge |
Book Debts Immovable Property |
|
Particular of charge holder |
Andhra Bank |
|
Nature of instrument creating charge |
Composite Agreement R.F.No.255b |
|
Date of instrument Creating the charge |
08/12/2009 |
|
Amount secured by the charge |
Rs.5.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest PLR
Minus 1% Terms of Repayment Renewable Every Year Margin Hypothecation Of Book Debts Not Older Than
90 Days - 50% Margin. Extent and Operation of the charge Throughout The Period Of Loan |
|
Short particulars of the property charged |
Land And Building 15.66 Grounds In
S.No.99/1c1a and 99/1c1b Situated At Muthukadu Village, Kanchipuram Dist.
Book Debts Not Older Than 90days With 50% Margin |
|
Date of instrument modifying the charge |
05/11/2007 |
|
Particulars of the present modification |
Modification Of Nature Of Loan Conversion
Of Existing "Cash Credit Loan" To "Secured Overdraft"
With Increased Limit Of Rs.5.000 Millions As Against Original Limit Of
Rs.2.500 Millions. |
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.55.15 |
|
|
1 |
Rs.86.30 |
|
Euro |
1 |
Rs.67.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.