MIRA
INFORM REPORT
|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
VACTECH COMPOSITES PRIVATE LIMITED |
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Registered
Office : |
19/20, 2nd
Floor, Sahara Market, Opposite Mehsana Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.08.2008 |
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Com. Reg. No.: |
04-054748 |
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Capital
Investment / Paid-up Capital : |
Rs.1.100 millions |
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CIN No.: [Company Identification
No.] |
U25209GJ2008PTC054748 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTV02220B |
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PAN No.: [Permanent Account No.] |
AACCV8000C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of dredging of all kind of Industrial
Hardware Items. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 62000 |
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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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Corporate Office : |
19/20, 2nd
Floor, Sahara Market, Opposite Mehsana Nagar, |
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Tel. No.: |
91-260-2431488/ 2421488 |
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Fax No.: |
91-260-2401157 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
"Manasa" Matadakani, 1st |
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Branch Office 2 : |
Located at: v
Chennai |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bhavinkumar Jawaharlal Shah |
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Designation : |
Director |
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Address : |
101, Hastgiri Apartment, 1st Floor, Near |
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Date of Birth/Age : |
01.06.1976 |
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Date of Appointment : |
11.08.2008 |
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DIN No.: |
02283738 |
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Name : |
Mrs. Chaitali Bhavinkumar Shah |
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Designation : |
Director |
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Address : |
101, Hastgiri Apartment, 1st Floor, Near |
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Date of Birth/Age : |
27.06.1978 |
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Date of Appointment : |
11.08.2008 |
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DIN No.: |
02283739 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhavinkumar Jawaharlal Shah |
|
90000 |
|
Chaitali Bhavinkumar Shah |
|
20000 |
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Total |
|
110000 |
As on 30.09.2011
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of dredging of all kind of Industrial
Hardware Items. |
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Products : |
v Peelply v
Vacuum Bagging Film v
Breather Fabrics v
Release Film v
Sealant Tapes v
Paint Rollers and Accessories v
Vacuum Hose and Accessories v
Vacuum Infusion Mesh v
Spiral Tube v
Electric Operated Scissors v
Accessories |
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 : |
Kakaria and Associates Chartered Accountants |
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Address : |
“Kakaria's Excellanza”, Royal Fortune Complex, |
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Tel. No.: |
91-260-3981000 (30 Lines) |
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Fax No.: |
91-260-3981000 (30 Lines) |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAHFK2571P |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000 |
Equity Shares |
Rs.10/- each |
Rs.1.100 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000 |
Equity Shares |
Rs.10/- each |
Rs.1.100 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.100 |
1.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.455 |
8.447 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.555 |
9.547 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
3.578 |
1.021 |
0.000 |
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2] Unsecured Loans |
1.444 |
6.797 |
0.262 |
|
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TOTAL BORROWING |
5.022 |
7.818 |
0.262 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.577 |
17.365 |
0.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.582 |
2.018 |
0.410 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.035 |
0.032 |
0.030 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
9.241
|
9.711 |
0.000 |
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Sundry Debtors |
34.478
|
20.098 |
0.000 |
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Cash & Bank Balances |
0.655
|
0.765 |
0.081 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
3.858
|
2.610 |
0.025 |
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Total
Current Assets |
48.232
|
33.184 |
0.106 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
27.363
|
15.774 |
0.196 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
3.917
|
2.105 |
0.000 |
|
Total
Current Liabilities |
31.280
|
17.879 |
0.196 |
|
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Net Current Assets |
16.952
|
15.305 |
(0.090) |
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MISCELLANEOUS EXPENSES |
0.008 |
0.010 |
0.012 |
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TOTAL |
20.577 |
17.365 |
0.362 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
138.168 |
71.915 |
0.000 |
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Other Income |
NA |
NA |
0.000 |
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TOTAL |
NA |
NA |
0.000 |
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Less |
EXPENSES |
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|
NA |
NA |
0.000 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
0.000 |
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PROFIT BEFORE
TAX |
8.538 |
4.460 |
0.000 |
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Less |
TAX |
2.529 |
1.413 |
0.000 |
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PROFIT AFTER TAX
|
6.009 |
3.047 |
0.000 |
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Earnings Per
Share (Rs.) |
54.63 |
27.70 |
0.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
6.20 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.48
|
12.67 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.47 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.33
|
2.69 |
4.58 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.86 |
0.54 |
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 |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if
applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from 18/20, 2nd Floor, Sahara Market, Opposite Mehsana Nagar, Silvassa Road, Vapi – 396 191, Gujarat to the present address w.e.f. 18.08.2008.
BUSINESS
OPERATIONS
During the year, the
Company reported increase in income to Rs.138.168 millions as against Rs.71.915
millions in the previous year. Profit Before Tax increased to Rs.8.538 millions
as compared to Rs.4.460 millions in the previous year. Profit after tax
increased to Rs.6.009 millions as against Rs.3.047 millions in the previous
year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209GJ2008PTC054748 |
|
Name of the
company |
VACTECH COMPOSITES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
19/20, 2nd
Floor, Sahara Market, Opposite Mehsana Nagar, E-Mail: bhavin@vactechcomposites.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Others
(Hypothecation of unencumbered plant and machinery) |
|
Particular of
charge holder |
State Bank of E-Mail: sbi.11029@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Loan
cum Hypothecation |
|
Date of
instrument Creating the charge |
30.11.2010 |
|
Amount secured by
the charge |
Rs.14.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at 3.25%
above Bank rate. Presently effective rate 11.35% p.a. Terms of
Repayment: Repayable on
demand. The facility is available for 12 months and it is subject to review
every 12 months. Retention of bills 90 days. Margin: Raw Material:
Imported - 25% Semi-Finished
Goods - 40% Finished Goods -
30% Domestic
Receivables (upto 90 days) - 50% Extent and
Operation of the charge: As stated in the
agreement Others: Cash Credit
Facility: Rs.4.000 millions Bills Discounting
under LC: Rs.10.000 millions |
|
Short particulars
of the property charged |
Hypothecation of
all present and future current assets of the firm. EM over
residential premise at Flat No.202, 2nd Floor, Yaskamal-A,
R.S.No.28/K, City S.No.3997, R.S.No.27/1/1/A/1, Vibhag No.2/A, City
S.No.4048, Tithal Road, Valsad belongs to Shri Jahawarlal Shah EM over office
property admeasuring 750 sq ft. at 19/20, 2nd Floor, Sahara
Market, Near Reliance Petrol Pump, Vapi belong to Shri Bhavin Jawaharlal
Shah. Hypothecation of
unencumbered plant and machinery of Vactech Compoisites Private Limited and
Joywin Techno Polymer (Asso. of Vactech Composites Private Limited). Personal
Guarantee of Shri Bhavin J. Shah, Smt. Chaitali B. Shah, Shri Jawaharlal Shah
and Shri Nikhil Shah. |
FIXED ASSETS:
v
Vehicle Purchase A/c
v
Air Conditioner
v
Computer
v
Furniture and Fixture
v
Mobile A/c
v
Office Equipment
v
Plant and Machinery
v
Water Dispenser
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 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.54.17 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.