MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
VINAY WIRE AND POLY PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
16/40, Civil Lines, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.01.1999 |
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Com. Reg. No.: |
20-24161 |
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Capital
Investment / Paid-up Capital : |
Rs.16.088
Millions |
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CIN No.: [Company Identification
No.] |
U27104UP1999PTC024161 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KNPV00107C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Plastic Films |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 430000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. 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 normal for business dealings at usual
trade terms and 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 (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
|
Registered Office : |
16/40, Civil Lines, |
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Tel. No.: |
91-512-2305586 / 3091324 / 2304275 |
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Fax No. : |
91-512-2304275 |
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E-Mail : |
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Website : |
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Area : |
500 sq. yards |
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Locations : |
Owned |
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Factory 1: |
B -4, Site – II, USIDC Industrial Area, Rania, Kanpur – 209115, Uttar
Pradesh, India |
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Factory 2: |
C – 2 to C – 5, Site – II, USIDC Industrial Area, Rahia, |
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Factory 3: |
R. S. No.1366 and 1368 of Virangram, Near Belapir Dargahi, |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Brijesh Kanodia |
|
Designation : |
Managing Director |
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Address : |
26/21, |
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Date of Appointment : |
28.01.1999 |
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DIN No.: |
00858299 |
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Name : |
Mr. Vinay Kanodia |
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Designation : |
Director |
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Address : |
26/21, |
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Date of Birth/Age : |
07.11.1974 |
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Date of Appointment : |
01.10.2006 |
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DIN No.: |
00868386 |
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Name : |
Mrs. Gayatri Devi Kanodia |
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Designation : |
Director |
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Address : |
26/21, |
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Date of Appointment : |
28.01.1999 |
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DIN No.: |
01221960 |
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Name : |
Mr. Chandra Narayan Malviya |
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Designation : |
Director |
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Address : |
LIG – 208, Barra – 7, Kanpur–208006, |
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Date of Birth : |
12.07.1979 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
02083495 |
KEY EXECUTIVES
|
Name : |
S. Kumar and Company |
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Designation : |
Company Secretary |
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Address : |
74/232, Dhankutt, |
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Tel. No. : |
91-512-2319964 |
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Mobile No. : |
91-9839067735 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
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Brijesh Kanodia |
|
152500 |
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Gayatri Devi Kanodia |
|
88500 |
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Vinay Kanodia |
|
88300 |
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Sonali Kanodia |
|
136250 |
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Sweta Kanodia |
|
65000 |
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Brijesh Kanodia HUF |
|
20000 |
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Munni Devi |
|
2000 |
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Rajeev Kumar Pandey |
|
6800 |
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Anurag Mathur |
|
15000 |
|
Prabhu N. Pandey |
|
7000 |
|
Minaj |
|
10000 |
|
Rajash Dixit |
|
20000 |
|
Shree Sudarshan Casting [Private] Limited |
|
60000 |
|
Veena Mercantiles Private Limited |
|
80000 |
|
Varsha Trading Private Limited |
|
60000 |
|
PNB Capital Trust Limited |
|
145000 |
|
Jayoo Finance and Investments Limited |
|
15000 |
|
Walter Merchandise [Private] Limited |
|
5000 |
|
Deesha Tieup Private Limited, India |
|
30000 |
|
Fitworth Distributors Private Limited, India |
|
40000 |
|
Kokila Export Private Limited, India |
|
40000 |
|
Lumax Mercantile Private Limited, India |
|
40000 |
|
Midnight Agencies Private Limited, India |
|
40000 |
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Sahaj Tieup Private Limited, India |
|
30000 |
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Sai Baba Financial Private Limited, India |
|
6000 |
|
S. P. Vinamay Private Limited, India |
|
10000 |
|
Subham Commodities Private Limited, India |
|
20000 |
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Subh Labh Treading Private Limited, India |
|
14000 |
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Surpati Distributors Private Limited, India |
|
20000 |
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Top Line Finvest Private Limited, India |
|
20000 |
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Metropolitan Carriage and trading Company (Private) Limited, India |
|
9000 |
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Laskhmi Ashiana Makers (Private) Limited, India |
|
12000 |
|
Ushodaya Marketing Private Limited, India |
|
9000 |
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Mukesh and Company, India |
|
2200 |
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Kanpur General Trading, India |
|
2200 |
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Sri Narsingh Infrastructure Private Limited |
|
32000 |
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Kiwi Dealers Private Limited |
|
20000 |
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Kaushal Holdings Private Limited |
|
16000 |
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Vaibhav Laxmi Vainya Private Limited |
|
20000 |
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Coronet Industries |
|
50000 |
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New Age Import Private Limited |
|
114000 |
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Annleela Vinimay Private Limited |
|
28000 |
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Balaji Indofin Private Limited |
|
8000 |
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Rani Sati Deal Trade Private Limited |
|
80000 |
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Vinay Kanodia HUF |
|
3390 |
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Krishnam Kanodia HUF |
|
3390 |
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Pari Kanodia HUF |
|
3390 |
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Aryaman Kanodia HUF |
|
3390 |
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Adya Kanodia HUF |
|
3390 |
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|
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Total |
|
1705700 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
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|
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Bodies corporate |
|
59.98 |
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Directors or relatives of directors |
|
33.45 |
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Other top fifty shareholders |
|
6.57 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Plastic Films |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Ř ICICI Bank Ř State Bank of Overseas Branch,
15/54-B, Civil Lines, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
· Electronica Finance Limited 128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune – 411038, Maharashtra, India |
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Auditors : |
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Name : |
Bansal Gupta and Associates Chartered Accountants |
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Address : |
112/351, Swaroop Nagar, Kanpur – 208001, Uttra Pradesh, India |
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PAN No.: |
AAJCS0930P |
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Associates/Subsidiaries : |
Simone Plast Private Limited U25206UP2003PTC027395 |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1705700 |
Equity Share |
Rs.10/- each |
Rs.17.057
Millions |
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(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1608750 |
Equity Share |
Rs.10/- each |
Rs.16.088
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.088 |
16.088 |
13.208 |
|
|
2] Share Application Money |
10.617 |
8.122 |
0.922 |
|
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3] Reserves & Surplus |
80.703 |
76.148 |
62.302 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
107.408 |
100.358 |
76.432 |
|
|
LOAN FUNDS |
|
|
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1] Secured Loans |
106.671 |
98.701 |
51.559 |
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2] Unsecured Loans |
43.961 |
28.412 |
47.232 |
|
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TOTAL BORROWING |
150.632 |
127.113 |
98.791 |
|
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DEFERRED TAX LIABILITIES |
11.658 |
9.357 |
0.000 |
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|
|
|
|
|
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TOTAL |
269.698 |
236.828 |
175.223 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
130.711 |
112.296 |
57.372 |
|
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Capital work-in-progress |
0.000 |
0.000 |
18.588 |
|
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|
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|
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INVESTMENT |
5.737 |
7.216 |
1.174 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
85.640
|
43.068 |
37.006
|
|
|
Sundry Debtors |
75.669
|
58.720 |
56.538
|
|
|
Cash & Bank Balances |
15.520
|
7.913 |
19.085
|
|
|
Other Current Assets |
12.332
|
10.530 |
1.957
|
|
|
Loans & Advances |
19.927
|
29.058 |
15.475
|
|
Total
Current Assets |
209.088
|
149.289 |
130.061 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
69.954
|
25.364 |
25.504
|
|
|
Other Current Liabilities |
4.270
|
3.859 |
1.612
|
|
|
Provisions |
1.614
|
2.750 |
4.856 |
|
Total
Current Liabilities |
75.838
|
31.973 |
31.972
|
|
|
Net Current Assets |
133.250
|
117.316 |
98.089
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
269.698 |
236.828 |
175.223 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
490.515 |
|
|
|
Other Income |
|
|
1.484 |
|
|
|
TOTAL (A) |
555.699 |
409.974 |
491.999 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
527.034 |
383.935 |
467.012 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28.665 |
26.039 |
24.987 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
14.082 |
7.375 |
9.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.583 |
18.664 |
15.642 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.113 |
4.385 |
3.973 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
8.470 |
14.279 |
11.669 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
4.015 |
11.953 |
2.502 |
|
|
|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
4.455 |
2.326 |
9.167 |
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
14.578 |
|
|
TOTAL EARNINGS |
NA |
NA |
14.578 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
93.198 |
|
|
|
Stores & Spares |
NA |
NA |
1.062 |
|
|
TOTAL IMPORTS |
NA |
NA |
94.260 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.77 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.80
|
0.57 |
1.86
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
2.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.49
|
5.46 |
6.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.14 |
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
1.59 |
1.71
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
4.67 |
4.07
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL
PERFORMANCE:
With due efforts of the company management, company was able to increase
in the gross margin due to bulk import of plastic granules from the
international market as the price in the international market were low as
compared to the local market.
FORM 8
|
Corporate
identity number of the company |
U27104UP1999PTC024161 |
|
Name of the
company |
VINAY WIRE AND POLY PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
16/40 Civil Lines, Kanpur – 208001, Uttar Pradesh, India |
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
80023784 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Other: Fixed Assets and Current Assets |
|
Particular of
charge holder |
State Bank of Address :
Overseas Branch, 15/54-B, Civil Lines, Email : v1maheshwari@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
(i) Arrangement
Letter (ii) Supplemental
Agreement of loan cum hypothecation (SME-4) (iii) Form -B |
|
Date of
instrument Creating the charge |
14.01.2011 |
|
Amount secured by
the charge |
Rs.210.400
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
[a] Rate of
Interest: Cash Credit- Interest
at the rate of 6.75% above Base Rate i.e. 14.35% per annum. Term Loan-
Interest at the rate of 7.50% above Base Rate i.e.15.10% per annum [b] Terms of
repayment : Working Capital-
Repayable on Demand. Term Loan- As per
existing repayable. [c] Margin : 25 percent
on Raw materials (Imported / Indigenous) 25 percent on
Stock in Process 25 percent on
Finished Goods 40 percent on
Domestic Receivables 15 percent on
Letter of Credit [d] Extent and
operation of the charge : The Company's
properties are Hypothecated and mortgaged to secure credit facilities
aggregating to Rs. 210.400 Millions granted by the Bank to the Borrowers:- CC (stocks) Rs.
50.000* Millions CC (B/D) Rs. 32.500* Millions Term Loan Rs. 24.500 Millions LC Rs.100.000 Millions CEL (FC) Rs. 3.400**
Total Rs.210.400 Millions *Both way
interchangeability between CC (Stocks) and CC (BD) to the extent of
Rs.10.000. **CEL of
Rs.10.000 Millions corresponding to Forward Contract Notional limit of Rs.170.000
Millions |
|
Short particulars
of the property charged |
Primary Security:- (a) Hypothecation
of entire current assets (present and future) of the Company including goods
in transit and book debts. (b) First charge
on entire fixed assets of the company (excluding vehicle financed by other
FIs) including Equitable mortgage of lease hold land measuring 11387 square
meters at Survey No. 1366 and 1368 at Tehsil Viramgam, District Ahmedabad Gujrat and building constructed
there. Collateral Security:- (a) Equitable
mortgage of property at Plot No. C-2, C-3, C-4 and C-5, Industrial Area,
Site-II, Rania, Kanpur Dehat, measuring 2638.42 square meters in the name of
the Company. (b) Equitable
mortgage of property at Plot No. B-4, Industrial Area, Site-II, Rania, Kanpur
Dehat, measuring 1239 square meters in the name of the Company. (c) Extension of
charge on the entire fixed assets of the Company (excluding vehicle financed
by other FIs) Residual WDV value as on 31.03.2010 Rs.83.900 Millions. (d) Lien on STDR
of Rs.1.500 Millions. (e) Corporate
Guarantee of M/s Simone Plasts Private Limited, TNW: Rs.3.000 Millions as on
31.03.2009. (f) Extension of
charge on entire current assets of the company. |
|
Date of latest
modification prior to the present modification |
30.06.2009 |
|
Particulars of
the present modification |
The various
credit facilities granted by the Bank has been enhanced from Rs. 145.000
Millions to Rs.210.400 Millions. Therefore, total amount of charge secured
against hypothecation of entire current assets, stocks, book debts, plant and
machinery etc has been enhanced from Rs. 145.000 Millions to Rs. 210.400
Millions. |
FIXED ASSETS:
v Land
v Building
v Plant and Machinery
v Computers
v Cars and Scooters
v Commercial Vehicles
v Office Furniture and Fixtures
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.