MIRA
INFORM REPORT
|
Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
V V F LIMITED |
|
|
|
|
Formerly Known As : |
VEGETABLE VITAMIN FOODS COMPANY LIMITED |
|
|
|
|
Registered Office : |
Plot No.109, Opposite Sion (East), Off. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012
[Profit and Loss] |
|
|
|
|
Date of Incorporation : |
14.09.1939 |
|
|
|
|
Com. Reg. No.: |
11-002994 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.57.364
Millions [AS ON 31.03.2011] |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1939PLC002994
|
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTV00663F |
|
|
|
|
Legal Form : |
A
Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
and |
|
|
|
|
No. of Employees: |
Information
denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The balance
sheet for the year 2012 is not made available. Mr. Amit Dodani, from the legal department has denied to give details
of the subject to us. He confirmed that the company’s entire business is
transferred to other company [VVF India Limited w.e.f. 01.06.2012]. The subject has not earned any income from sale of products. It has
recorded some income sale of services and has also incurred loss during 2012. However, trade relations are reported as fair. Business is active.
Payment terms are slow. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB – [Term Loans] |
|
Rating Explanation |
Moderate risk of default |
|
Date |
November 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 [Non Fund Based Limits] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
November 2011 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Amit Dodani |
|
Designation : |
Legal Department |
|
Contact No.: |
91-22-40282000 |
|
Date : |
04.03.2013 |
LOCATIONS
|
Registered / Corporate Headquarter Office
: |
Plot No.109, Opposite Sion (East), Off. |
|
Tel. No.: |
91-22-40282000/ 40282250/ 24073221-23/ 24093882/
24030802/ 24016749 |
|
Fax No.: |
91-22-24091554/ 24073771/ 24086698 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Survey No.65, Meghpar Borichi, |
|
Tel. No.: |
91-2836-246985/ 83/ 84 |
|
Fax No.: |
91-2836-246981 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Village Bhatauli, Kalan (Baddi), H B No.214 Paragana
Dharampur, Taluka Nalagarh District Solan-173205, |
|
Tel. No.: |
91-1795-661300 |
|
Fax No.: |
91-1795-275034 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No. V-41, Taloja Industrial Area, Village – Chat,
Taluka Panvel, District Raigad-410208, |
|
Tel. No.: |
91-22-27412036/ 37 |
|
Fax No.: |
91-22-27412173 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Survey No.635, SIM of Anjar, Taluka Anjar District
Kutch-370110, |
|
|
|
|
Factory 5 : |
Soaps/Personal Care Products/ Oleo
Chemicals
NOP Compound,
|
|
Tel. No.: |
91-2637-250227/47498 |
|
Fax No.: |
91-2637-256622 |
|
E-Mail : |
|
|
|
|
|
Factory 6 : |
Personal Care Products/ Soaps
141,
Survey No. 194/4, Panchal Udyog Nagar, Bhimpore, Nani Daman ( |
|
Tel. No.: |
91-260-2263075 |
|
Fax No.: |
91-260-2263790 |
|
E-Mail : |
|
|
|
|
|
Factory 7 : |
Hay, |
|
Tel. No.: |
91-22-23721967/23728035/
6238 |
|
Fax No.: |
91-22-24086698 |
|
E-Mail : |
|
|
|
|
|
Wind
Mills: |
Located
at Satara, |
|
|
|
|
Branch Office
: |
214,
DDA Commercial Complex, Phase I, Jhandewalan, |
|
Tel. No.: |
91-11-3517800/3523536/3537800 |
|
Fax No.: |
91-11-3545475 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr.
Rustom Godrej Joshi |
|
Designation : |
Chairman
and Managing Director |
|
Address : |
501, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony, Dadar,
Mumbai 400014, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1953 |
|
Date of Appointment : |
24.11.1972 |
|
Din No.: |
00277901 |
|
|
|
|
Name : |
Mr.
Faraz Godrej Joshi |
|
Designation : |
Whole Time Director |
|
Address : |
40 – A, Hill Stone, B. G. Kher Marg, Malabar Hill, Mumbai 400006,
Maharashtra, India |
|
Date of Birth/Age : |
21.07.1946 |
|
Date of Appointment : |
24.11.1972 |
|
Din No.: |
00278206 |
|
|
|
|
Name : |
Mr. Rajamani Subramaniam Iyer |
|
Designation : |
Director |
|
Address : |
21, 2nd Floor, |
|
Date of Birth/Age : |
25.12.1927 |
|
Date of Appointment : |
30.09.1996 |
|
Din No.: |
00278672 |
|
|
|
|
Name : |
Mr.
Julio Frederick Ribeiro |
|
Designation : |
Director |
|
Address : |
51, 5th Floor, Sagar Tarang, Worli Seaface, Mumbai 400025, |
|
Date of Birth/Age : |
05.05.1929 |
|
Date of Appointment : |
23.01.2001 |
|
Din No.: |
00047630 |
|
|
|
|
Name : |
Ms. Rashmin
Balakrishna Joshi |
|
Designation : |
Whole-time Director |
|
Address : |
1005, ‘B’ Wing, Raj Residency, Mahavir Nagar, Kandivali 400067, |
|
Date of Birth/Age : |
25.11.1962 |
|
Date of Appointment : |
01.10.2001 |
|
Din No.: |
00278358 |
|
|
|
|
Name : |
Ms. Shanaz Diwan |
|
Designation : |
Whole Time Director |
|
Address : |
40A, Hillstonme, B G Kher Marg, Malabar Hill, Mumbai – 400 006, |
|
Date of Birth/Age : |
22.02.1950 |
|
Date of Appointment : |
30.01.2008 |
|
Din No.: |
02019387 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Dodani |
|
Designation : |
Legal Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vita Oil Private Limited, |
|
200000 |
|
R. F. Exports Private Limited, |
|
1015000 |
|
Rustom Godrej Joshi |
|
1955688 |
|
Faraz
Godrej Joshi |
|
1955788 |
|
Neville Rustom Joshi |
|
100 |
|
Navsari Oil Products Private Limited, India |
|
150100 |
|
Godsil Investments Private Limited, |
|
200 |
|
Shanaz Diwan |
|
359525 |
|
V V F Employees Benefit |
|
100000 |
|
|
|
|
|
TOTAL
|
|
5736401 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
23.80 |
|
Directors
or relatives of directors |
|
74.46 |
|
Other
top fifty shareholders |
|
1.74 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Processed Oils, Fatty Acid and Allied Products |
MT |
468000 |
|
Soap Noodles |
MT |
164540 |
|
Toilet Soaps |
MT |
106600 |
|
Talc Powder |
MT |
13035 |
|
Hair Dye |
MT |
660 |
|
Toothpaste |
MT |
1080 |
|
Other Personal Care Products |
MT |
2630 |
|
Wind Mills |
KW/H |
3500 |
NOTE:
1.
Licensed capacities as Industrial Licensing has
been abolished for these products.
2. Capacities include
Captive Consumption.
ACTUAL PRODUCTION:
|
Particulars |
Actual
Production * In MT |
|
Processed Oil, Acids and Allied Products (Non-Edible) |
148579.99 |
|
Soap Noodles |
14895.79 |
|
Toilet Soap [ Including M.T. 6603.02 processed foroutsideparty] |
45380.07 |
|
Talc Powder |
5110.77 |
NOTE: * Excludes Production for Captive Consumption.
GENERAL INFORMATION
|
No. of Employees : |
Information
denied by the management. |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H. N. Mehta Associates Chartered Accountants |
|
Address : |
50-51, Ali Chambers, |
|
Tel. No.: |
91-22-22652956/ 22653482/ 22656089 |
|
Fax No.: |
91-22-22651708 |
|
E-Mail : |
|
|
PAN No: |
AAAFH6348C |
|
|
|
|
Wholly Owned Subsidiaries : |
·
VVF ( ·
VVF FZE ·
VVF ·
Navnirman Urjashakti Private Limited ·
Navimumbai Instrastructure Development Private
Limited ·
VVF Infrastructure Private Limited ·
VVF ( ·
Vita Biopharma Private Limited ·
Synergy ( |
|
|
|
|
Wholly Owned Step-Down Subsidiaries : |
·
VVF Intervest LLC ·
VVF LLC ·
VVF Spolka Z.O.O. ·
VVF ·
VVF ·
VVF ·
VVF ·
PT VVF ·
VVF European Holdings Limited ·
VVF Rus LLC |
|
|
|
|
Step Down Joint Venture/ Associates : |
Green Planet Industries LLC |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1050000 |
Preferences Shares |
Rs.100/- each |
Rs.105.000 Millions |
|
|
TOTAL
|
|
Rs.205.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5736400 |
Equity Shares |
Rs.10/- each |
Rs.57.364
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
57.364 |
156.964 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2510.662 |
2031.640 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2568.026 |
2188.604 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6058.010 |
7065.626 |
|
|
2] Unsecured Loans |
|
449.951 |
616.366 |
|
|
TOTAL BORROWING |
|
6507.961 |
7681.992 |
|
|
DEFERRED TAX LIABILITIES |
|
18.695 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
9094.682 |
9870.596 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
5669.916 |
6266.304 |
|
|
Capital work-in-progress |
|
399.401 |
62.902 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1001.953 |
1001.115 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
213.421 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3610.930
|
3287.837
|
|
|
Sundry Debtors |
|
3057.229
|
2596.622
|
|
|
Cash & Bank Balances |
|
200.052
|
215.720
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans & Advances |
|
2722.846
|
2417.634
|
|
Total
Current Assets |
|
9591.057
|
8517.813
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
7241.830
|
5837.181
|
|
|
Other Current Liabilities |
|
281.657
|
313.764
|
|
|
Provisions |
|
44.158
|
40.014
|
|
Total
Current Liabilities |
|
7567.645
|
6190.959
|
|
|
Net Current Assets |
|
2023.412
|
2326.854
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
9094.682 |
9870.596 |
|
NOTE: Balance
sheet for the year 2012 is not available only Profit and Loss A/C is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
262.955 |
17692.876 |
12882.057 |
|
|
|
Other Income |
17.856 |
74.096 |
159.610 |
|
|
|
TOTAL (A) |
280.811 |
17766.972 |
13041.667 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
0.000 |
11728.247 |
|
|
|
|
Purchases of stock-in-trade |
0.000 |
511.097 |
|
|
|
|
Employee benefit expense |
21.158 |
697.927 |
|
|
|
|
Other expenses |
89.053 |
2532.749 |
10848.841 |
|
|
|
Prior period items |
0.000 |
(9.786) |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
0.005 |
(316.024) |
|
|
|
|
TOTAL (B) |
110.216 |
15144.210 |
10848.841 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
170.595 |
2622.762 |
2192.826 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.581 |
1106.095 |
1126.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.014 |
1516.667 |
1066.437 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.768 |
788.375 |
646.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
35.246 |
728.292 |
419.952 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
44.396 |
240.959 |
130.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(9.150) |
487.333 |
289.457 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
361.507 |
72.050 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
99.600 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
749.240 |
361.507 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export on F.O.B. basis |
0.000 |
5693.524 |
|
|
|
|
Services |
133.709 |
127.493 |
3869.301 |
|
|
|
Interest |
0.505 |
8.532 |
|
|
|
TOTAL EARNINGS |
134.214 |
5829.549 |
3869.301 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
102.831 |
NA |
|
|
|
Capital Goods |
0.000 |
6390.806 |
NA |
|
|
TOTAL IMPORTS |
0.000 |
6493.637 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
1.60 |
84.95 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.25)
|
2.74
|
2.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.40
|
4.12
|
3.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.77
|
2.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.28
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
2.53
|
3.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.27
|
1.38 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
Not Available |
7241.830
|
5837.181
|
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10148752 |
|
Corporate
identity number of the company |
U99999MH1939PLC002994 |
|
Name of the
company |
V V F LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.109, Opposite Sion (East), Off. |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Third
Supplemental Joint Deed of Hypothecation Agreement dated 7th February 2012. |
|
Date of
instrument Creating the charge |
07.02.2012 |
|
Amount secured by
the charge |
Rs.10600.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letters of the Consortium Banks. Terms of
Repayment As per sanction
letters of the Consortium Banks. Margin As per sanction
letters of the Consortium Banks. Extent and
Operation of the charge First pari passu
charge on entire current assets of the Company and movable fixed assets such as
plant and machinery lying at Borrowers leasehold premises situated at
Navsari. Second pari passu charge on movable fixed assets of the Company
situated at Sion, Taloja and Others ICICI Bank
Limited has enhanced the working capital facility by Rs.600.000 Millions out
of which working capital facility of Rs.500.000 Millions taken over from
Indusind Bank Limited. Due to this the charge of Indusind Bank Limited stands
satisfied. No Dues Letter from Indusind Bank in this respect is attached. In
addition ICICI Bank. Central Bank of |
|
Short particulars
of the property charged |
Entire current
assets of the company including stocks, books debts, outstandings, money
receivables, claims, raw material, finished and semi finished goods etc, Movable and
immovable fixed assets lying at borrower's leasehold premises situated at NOP
Compound, Maneklal Road, Navsari, Gujarat - 396 445 Movable fixed
assets of the Company situated at i) 109 and 109B, Sion (E), Mumbai-400022,
ii) Plot No. V-41, Taloja Industrial Area, Panvel, Raigad-410208 and iii)
S.No.65, Meghpar Borichi, Anjar, |
|
Date of latest
modification prior to the present modification |
30.08.2011 |
|
Particulars of the
present modification |
Vide this Third
Supplemental Joint Deed of Hypothecation the enhanced working capital
facilities of Rs.200.000 Millions sanctioned by Central Bank of India and
Rs.600.000 Millions sanctioned by ICICI Bank Limited (including taken over
limits of Rs.500.000 Millions of Indusind Bank) has been secured under BOI
Consortium arrangement and the charge created in favour of IndusInd Bank
Limited of Rs.500.000 Millions stands satisfied. The total charge under
consortium arrangement of working capital stands secured to Rs.10600.000
Millions. |
FIXED
ASSETS:
- Land
- Building
- Plant and Machinery
- Electrical
Installation
- Furniture and Fixtures
- Office Equipments
- Air Conditioners
- Cooling Machine
- Laboratory Apparatus
- Vehicles
- Boiler
- Water Cooler
- Weigh Bridge/Scale
- Process
Vessel and Lift
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.54.65 |
|
|
1 |
Rs.82.65 |
|
Euro |
1 |
Rs.71.21 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.