MIRA
INFORM REPORT
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Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
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Name : |
VCORR PACKSYS PRIVATE LIMITED |
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Registered
Office : |
19, Mahamane, Veerashaiva Nagar, Chincholi Bunder Road, Malad (West),
Mumbai – 400064, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.05.2003 |
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Com. Reg. No.: |
11-140431 |
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Capital
Investment / Paid-up Capital : |
Rs.0.105 Million |
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CIN No.: [Company Identification
No.] |
U28129MH2003PTC140431 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of VCI Papers, Films, Rust Inhibiting
Chemicals and Oil |
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No. of Employees
: |
Information Declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000 |
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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 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. Profit and loss of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Ms. Pallavi |
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Designation : |
Account Department |
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Contact No.: |
91-22-28731323 |
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Date : |
05.03.2012 |
LOCATIONS
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Registered Office : |
19, Mahamane, Veerashaiva Nagar, Chincholi Bunder Road, Malad (West),
Mumbai – 400064, Maharashtra, India |
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Tel. No.: |
91-22-28903450 |
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Fax No.: |
91-22-28731323 / 28711324 |
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E-Mail : |
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Website : |
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Head Office : |
Plot – 88, Panvel Industrial Co-Operative Estate, Panvel – 410206, Navi
Mumbai, Maharashtra, India |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Vivek A. Virkar |
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Designation : |
Director |
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Address : |
19, Mahamine,
Veershaiva, Nagar, Malad (West), Mumbai-400064, Maharashtra, India |
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Date of Birth/Age : |
03.04.1965 |
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Date of Appointment : |
13.05.2003 |
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DIN No.: |
01208298 |
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Name : |
Mrs. Sunita V.
Virkar |
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Designation : |
Director |
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Address : |
19, Mahamine,
Veershaiva, Nagar, Malad (West), Mumbai-400064, Maharashtra, India |
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Date of Birth/Age : |
05.01.1969 |
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Date of Appointment : |
01.03.2005 |
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DIN No.: |
01208328 |
KEY EXECUTIVES
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Name : |
Ms. Pallavi |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Vivek A. Virkar |
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998 |
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Sunita V. Virkar |
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53 |
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Total |
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1051 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of VCI Papers, Films, Rust Inhibiting
Chemicals and Oil |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
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Particulars |
Unit |
Actual
Production |
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Anti Corrosive Polymer Film |
Kgs |
134803 |
GENERAL INFORMATION
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No. of Employees : |
Information Declined by the management. |
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Bankers : |
The Hongkong and
Shanghai Banking Corporation , APJ Chambers, Ground Floor, 3 Wallace Street,
Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anay Gogte and Company Chartered Accountants |
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Address : |
1/F-6, Krishna Nagar Chs Limited, Chandavarkar Road, Borivali (West),
Mumbai – 400092, Maharashtra, India |
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PAN.: |
AAIPG0263F |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1051 |
Equity Shares |
Rs.100/-
each |
Rs.0.105
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.105 |
0.105 |
0.105 |
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2] Share Application Money |
0.600 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.277 |
1.711 |
0.974 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.982 |
1.816 |
1.079 |
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LOAN FUNDS |
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1] Secured Loans |
2.688 |
1.840 |
1.980 |
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2] Unsecured Loans |
1.015 |
1.055 |
1.494 |
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TOTAL BORROWING |
3.703 |
2.895 |
3.474 |
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DEFERRED TAX LIABILITIES |
0.054 |
0.000 |
0.197 |
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TOTAL |
6.739 |
4.711 |
4.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.563 |
1.502 |
1.507 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.330 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.247 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.262
|
2.828 |
1.749 |
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Sundry Debtors |
7.487
|
4.765 |
4.560 |
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Cash & Bank Balances |
2.890
|
1.837 |
1.021 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.630
|
2.113 |
2.740 |
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Total
Current Assets |
15.269
|
11.543 |
10.070 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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2.602 |
2.018 |
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Other Current Liabilities |
7.689
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3.619 |
2.874 |
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Provisions |
2.734
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2.360 |
1.935 |
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Total
Current Liabilities |
10.423
|
8.581 |
6.827 |
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Net Current Assets |
4.846
|
2.962 |
3.243 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.739 |
4.711 |
4.750 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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16.893 |
19.941 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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16.175 |
19.729 |
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PROFIT BEFORE
TAX |
NA |
0.718 |
0.212 |
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Less |
TAX |
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PROFIT AFTER TAX
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0.737 |
0.097 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
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0.974 |
0.877 |
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BALANCE CARRIED
TO THE B/S |
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1.711 |
0.974 |
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Earnings Per
Share (Rs.) |
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701.48 |
92.53 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
NA
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4.36 |
0.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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5.50 |
1.83 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.40 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.74
|
6.32 |
9.45 |
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Current Ratio (Current Asset/Current Liability) |
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1.46
|
1.35 |
1.48 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Sundry Creditors |
Not Available |
2.602 |
2.018 |
Note:
The registered address of the company has been shifted from “14, J. R.
Building, Opposite Pritam Fast Food,
Aarey Road, Goregaon (East), Mumbai – 400063, Maharashtra, India” to the
present address w.e.f. 08.04.2010
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28129MH2003PTC140431 |
|
Name of the
company |
VCORR PACKSYS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
19, Mahamane,
Veershaiva Nagar, Chincholi Bunder Road, Malad (West), Mumbai – 400064,
Maharashtra, India E-mail : anaygogte@gmail.com |
|
This form is for |
Creation of charge |
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Type of charge |
Movable property (not being pledge) |
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Particular of
charge holder |
NKGSB Co-Operative
Bank Limited, 16/17,Rameshwar Tower, Next To Gokhale High School, Shimpoli
Road, Borivali (West), Mumbai – 400092, Maharashtra, India E-Mail : suvishwa@mtnl.net.in |
|
Nature of
instrument creating charge |
Agreement for
hypothecation of movable property for L/C on DA basis dated 23.09.2011 (Rs.7.500
Millions LC 90 days usance) |
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Date of
instrument Creating the charge |
23.09.2011 |
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Amount secured by
the charge |
Rs.7.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
as per the bank policy Terms of
Repayment Repayment upto
31.07.2012 Margin Margin : 25% by
way F.D.R. Extent and
Operation of the charge As per agreement
for hypothecation of movable property for L/C on DA basis (LC (90 days usance
for purchase of raw material Rs. 7.500 Millions ) Others Original limit
Rs.4.000 Millions for purchase of raw materials and limit increased by
Rs.3.500 Millions, hence, the total aggregating limit of Rs. 7.500 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of purchase
the machinery description as : LDPE, chemicals, fillers, LLDPE, oils etc Hypothecation of
all the raw material, consumables and stock being purchased and lying or
loose at places/premises at Plot
No.88, Panvel, Industrial Estate, Panvel – 410206, Navi Mumbai, India or
elsewhere Hypothecation to
and in favour of the bank all the tangible movable property including the
stocks for the time being whether new / manufactured or in process of
manufacturing |
Fixed Assets:
·
Plant
and Machinery
·
Electrical
Installations
·
Computer
·
Computer
Software
·
Air
Conditioner
·
Office
Equipment
·
Vehicles
·
Furniture
and Fixture
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.49.80 |
|
|
1 |
Rs.78.79 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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.