|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
VANTAMURI TRADING AND INVESTMENTS LIMITED (w.e.f.25.01.2012) |
|
|
|
|
Formerly Known
As : |
SHREE RENUKA INFRAPROJECTS LIMITED |
|
|
|
|
Registered
Office : |
B. C. 105 Havelock Road, Camp, Belgaum – 590001, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.01.2007 |
|
|
|
|
Com. Reg. No.: |
08-041567 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909KA2007PLC041567 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Coal and Sugar. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 623000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Even though the company was incorporated in the year 2007. It has
commenced its commercial operation from the year 2012 after the Balance Sheet
date and has achieved a sizeable turnover till date. Since it is company first year of business operation, the company is
improving. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
B. C. 105 Havelock Road, Camp, Belgaum – 590001, Karnataka, India |
|
Tel. No.: |
91-831-2469891/ 2404000 |
|
Fax No.: |
91-831-2404961 |
|
E-Mail : |
|
|
|
|
|
Corporate / Site Office : |
23, 2nd Floor, Madhuli CHS, Behind Shiv Sagar, Worli,
Mumbai , Maharashtra, India |
|
Tel. No.: |
91-22-43601300 |
|
E-Mail : |
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|
|
|
|
Branch Office : |
Plot No. 331, Chandrasekhar, Bhubaneshwar, District Khurda, Orissa, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Nandan Vithal Yalgi |
|
Designation : |
Director |
|
Address : |
879, Buda Scheme No. 40, Hanmannavar Marg, Kuvmpu Nagar, Belgaum –
590001, Karnataka, India |
|
Date of Birth/Age : |
15.08.1969 |
|
Date of Appointment : |
24.01.2007 |
|
DIN No.: |
00225833 |
|
|
|
|
Name : |
Mr. Vishwanath Ladalemohan Mathur |
|
Designation : |
Whole-time director |
|
Address : |
1408, B Wing, Astra Dosti Acres, Behind Antop Hill, Bus Depot, Wadala
(East), Mumbai – 400037, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1944 |
|
Date of Appointment : |
05.10.2007 |
|
DIN No.: |
00349774 |
|
|
|
|
Name : |
Jandhyala Suresh Kumar |
|
Designation : |
Director |
|
Address : |
62, Road No.72, Prashashan Nagar, Jubilee Hills, Hyderabad – 500033,
Andhra Pradesh, India |
|
Date of Birth/Age : |
27.05.1969 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
01858774 |
|
|
|
|
Name : |
Mr. Satish Maniklal Mehta |
|
Designation : |
Director |
|
Address : |
Mehta Cottage No.3, Basavanagar, Club Road, Belgaum – 590001, Karnataka,
India |
|
Date of Birth/Age : |
11.11.1969 |
|
Date of Appointment : |
24.07.2012 |
|
DIN No.: |
01762138 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Murkumbi Madhusudan Vidya |
|
100 |
|
Murkumbi Madhusudan Narendra |
|
100 |
|
Shree Renuka Energy Limited, India |
|
1999400 |
|
Nandan Vithal Yalgi |
|
100 |
|
Fernandes Thomas Joseph |
|
100 |
|
Kalutimaleppa Sidram |
|
100 |
|
Vishwanath Ladalemohan Mathur |
|
100 |
|
|
|
|
|
Total |
|
2000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Shree Renuka Energy Limited, India |
|
15000000 |
|
|
|
|
|
Total |
|
15000000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.97 |
|
Directors
or relatives of directors |
|
0.01 |
|
Other
top fifty shareholders |
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Coal and Sugar. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
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|||||||||||||||||||||
|
Bankers : |
ICICI Bank
Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390007, Gujarat,
India |
|||||||||||||||||||||
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|||||||||||||||||||||
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Facilities : |
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|||||||||||||||||||||
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Banking Relations
: |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Ashok Kumar Prabhashankar and Company Chartered Accountants |
|
Address : |
S-2, Narayana, 25, Mission Road, Shama Rao Compound, Bangalore –
560027, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAKFA0917E |
|
|
|
|
Holding Company : |
Shree Renuka Energy Limited [U40102KA2008PLC045442] |
|
|
|
|
Subsidiary : |
Damodar Resource Holdings (FZE) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
15,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000
Millions |
|
|
15,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
Total |
|
Rs. 170.000
Millions |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
150.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(14.308) |
0.000 |
0.000 |
|
|
NETWORTH |
155.692 |
20.000 |
20.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1200.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1200.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1355.692 |
20.000 |
20.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.620 |
0.747 |
0.800 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.002 |
2.002 |
2.002 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
412.830
|
0.640 |
0.730 |
|
|
Other Current Assets |
940.296
|
16.666 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
1.446 |
|
Total
Current Assets |
1353.126
|
17.306 |
2.176 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
0.056
|
0.055 |
0.118 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.056
|
0.055 |
0.118 |
|
|
Net Current Assets |
1353.070
|
17.251 |
2.058 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
15.140 |
|
|
|
|
|
|
|
|
TOTAL |
1355.692 |
20.000 |
20.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.695 |
|
|
|
TOTAL (A) |
|
|
0.695 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
4.361 |
|
|
|
TOTAL (B) |
|
|
4.361 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(3.666) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
10.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(14.298) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
|
(14.308) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
|
(14.308) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
(7.15) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2058.71)
|
N.A. |
N.A. |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
N.A. |
N.A. |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.06)
|
N.A. |
N.A. |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
N.A. |
N.A. |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.71
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
24162.96
|
314.65 |
18.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
one year |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
|
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 |
Yes |
WORKING RESULTS
There was no
revenue from operations, for the Company during the year. The other income was to
the tune of Rs. 0.695 Million. The Company incurred expenditure of Rs. 15.003
Millions resulting in loss of Rs. 14.308 Millions during the year. The major
items of expenditure were financial cost of Rs. 10.632 Millions and writing off
of preliminary expenses of Rs. 3.392 Million.
The Company
commenced business of trading in sugar after the Balance Sheet date and so far
achieved turnover of about Rs. 400.000 Millions. The Company has exported sugar
purchased domestically.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51909KA2007PLC041567 |
|
Name of the
company |
VANTAMURI TRADING
AND INVESTMENTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
B. C. 105 Havelock Road, Camp, Belgaum – 590001, Karnataka, India Email: sadekar@renukasugars.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
ICICI Bank
Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390007, Gujarat,
India Email: shanthi.venkatesan@icicibank.com
CIN No.:
L65190GJ1994PLC021012 |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation. |
|
Date of
instrument Creating the charge |
28.02.2012 |
|
Amount secured by
the charge |
Rs. 1200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest LTWCF: Base rate
10% and spread 3.5%. LOC-STL: Base
rate 10% and spread 3.5%. Terms of Repayment LTWCF: Bullet
repayment at the final maturity date. LOC-STL: Maximum
tenor of each tranche: 365 days or validity of the facility. Margin LTWCF: Nil Extent and Operation of the charge LTWCF: Exclusive
charge over current assets of the Company and all proceedings arising from
DSRA. LOC-STL:
Exclusive charge of the Company's entire stocks of raw materials,
semi-finished and finished goods, consumables stores & spares and each
other movables, book debts, present or future. Others As per the
sanction letter CBG/2011-12/CMOG No. 12/CBGMUM/41585, dated February 28,
2012. |
|
Short particulars
of the property charged |
Whole of stocks
of raw materials, goods-in-process, semi-finished and finished goods,
consumable stores, spares, book debts, etc. All rights,
title, interest, benefits, claims & demands, monies, book debts, cash
flows, receivables, proceedings from DSRA, etc. |
FIXED ASSETS:
Ř Computer
Ř Vehicles
Ř Office Equipments
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 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. 82.45 |
|
Euro |
1 |
Rs. 70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.