MIRA INFORM REPORT

 

 

Report Date :

03.05.2013

 

IDENTIFICATION DETAILS

 

Name :

VINAYAK TRANSCO LIMITED

 

 

Registered Office :

AA-237, Shalimar Bagh, Near Azadpur Mandi, New Delhi – 110 088

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

21.06.2007

 

 

Com. Reg. No.:

55-165058

 

 

Capital Investment / Paid-up Capital :

Rs.5.720 millions

 

 

CIN No.:

[Company Identification No.]

U40102DL2007PLC165058

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Cable Raceways, Cable Tray Bends, Slotted Angles, Junction Boxes, Galvanized Angles, Perforated Cable Trays, Ladder Type Cable Trays, GI Earthing Strips, Earthing Electrodes, Telecom Towers, Galvanized Towers, Transmission Towers, Solar Street Light Pole, Prefabricated Structures, Substation Structures etc.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 166000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. 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)

India

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 :

AA-237, Shalimar Bagh, Near Azadpur Mandi, New Delhi – 110 088, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

cagoelrkg@gmail.com

 

 

Factory :

Behind Modi Nagar, Rolls Limited, Major Asha Ram Tyagi Road
Modinagar, Ghaziabad – 201 204, Uttar Pradesh, India

Tel. No.:

91-1232-243397

Fax No.:

91-1232-230990

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Jagdish Prasad Murlidhar Gupta

Designation :

Managing Director

Address :

Lower Bazar, Modi Nagar, Ghaziabad – 201 204, Uttar Pradesh, India

Date of Birth/Age :

07.05.1948

Date of Appointment :

01.04.2013

DIN No.:

00264940

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U21012UP1979PLC004889

MODINAGAR PAPER MILLS LIMITED

Director

01/03/2001

01/03/2001

-

Active

NO

2

U65921UP1995PLC019051

MODINAGAR ROLLS LIMITED

Whole-time director

01/04/2010

01/04/2001

-

Active

NO

3

U40102DL2007PLC165058

VINAYAK TRANSCO LIMITED

Managing director

01/04/2013

21/06/2007

-

Active

NO

4

U85110UP2008PLC036306

SHAKUNTALA DEVI HOSPITAL LIMITED

Director

17/11/2008

17/11/2008

-

Active

NO

 

 

Name :

Mr. Ram Kishore

Designation :

Whole Time Director

Address :

Bhagwanganj Mandi, Modi Nagar, Ghaziabad – 201 204, Uttar Pradesh, India

Date of Birth/Age :

10.08.1946

Date of Appointment :

01.04.2013

DIN No.:

01535265

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U40102DL2007PLC165058

VINAYAK TRANSCO LIMITED

Whole-time director

01/04/2013

21/06/2007

-

Active

NO

 

 

Name :

Mr. Pramod Brij Mohan Kansal

Designation :

Whole Time Director

Address :

Upper Bazar, Modi Nagar, Ghaziabad – 201 204, Uttar Pradesh, India

Date of Birth/Age :

25.10.1960

Date of Appointment :

01.04.2013

DIN No.:

01535224

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U40102DL2007PLC165058

VINAYAK TRANSCO LIMITED

Whole-time director

01/04/2013

21/06/2007

-

Active

NO

 

 

Name :

Mr. Amit Jagdish Prasad Gupta

Designation :

Director

Address :

Lower Bazar, Modi Nagar, Ghaziabad – 201 204, Uttar Pradesh, India

Date of Birth/Age :

21.10.1973

Date of Appointment :

21.06.2007

DIN No.:

00293664

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U65921UP1995PLC019051

MODINAGAR ROLLS LIMITED

Whole-time director

01/04/2010

27/11/1999

-

Active

NO

2

U21019UP2004PTC028216

MRL PRINTING ROLLS PRIVATE LIMITED

Director

14/01/2004

14/01/2004

-

Active

NO

3

U40102DL2007PLC165058

VINAYAK TRANSCO LIMITED

Director

21/06/2007

21/06/2007

-

Active

NO

4

U28910UP2009PLC038302

MRL COATERS AND PLATERS LIMITED

Director

24/09/2009

24/09/2009

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Ram Kishore

 

27125

Jagdish Prasad Gupta

 

49700

Pramod Kansal

 

92200

Amit Gupta

 

87625

Shakuntala Gupta

 

34675

Komal Kansal

 

43675

Ginni Gupta

 

47750

Mithlesh Agarwal

 

25250

Amit Agarwal

 

43500

Robin Kansal

 

29000

Ram Kishore (HUF)

 

40000

Jagdish Prasad Gupta (HUF)

 

51500

Total

 

572000

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Cable Raceways, Cable Tray Bends, Slotted Angles, Junction Boxes, Galvanized Angles, Perforated Cable Trays, Ladder Type Cable Trays, GI Earthing Strips, Earthing Electrodes, Telecom Towers, Galvanized Towers, Transmission Towers, Solar Street Light Pole, Prefabricated Structures, Substation Structures etc.

 

 

Products :

 

PRODUCTION STATUS (AS ON 31.03.2011):

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Steel and Structure

MT

N.A.

3600

2048

 

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
  • Bank of Baroda, Branch Gandhi Nagar, Gandhi Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Loans

 

 

- Term Loan from Banks

1.790

0.000

- Car Loan from Banks

0.182

0.000

- Car Loan from Others

0.591

0.000

SHORT TERM BORROWINGS

 

 

Loans From Banks

 

 

- Cash Credit Facilities

40.690

25.218

Total

43.253

25.218

 

Notes:

 

Long-term borrowings

 

There is no default in repayment of any loan or interest thereon.

 

Term Loans from Bank are secured by Hypothecation of Machineries purchased from Term Loan and Equitable Mortgage of Land of the company and Personal Guarantee of Mr. Jagdish Prasad Gupta, Mr. Ram Kishore Agarwal, Mr. Pramod Kansal and Mr. Amit Gupta, directors of the company.

 

Interest rate on term loan from bank is Base Rate plus 2.80% p.a.

 

Car Loan from Bank and Others are secured by Car financed from the loan.

 

Interest rate on Car loan taken from HDFC Bank is 13.00% p.a. and from Kotak Mahindra Prime Limited is 11.25% p.a.

 

Repayment Schedule:

(Rs. in millions)

 

Term Loans from Banks

Car Loans from Banks

Car Loans from Others

for 2012-13

0.516

0.110

0.486

for 2013-14

0.431

0.125

0.543

for 2014-15

0.489

0.057

0.048

for 2015-16

0.556

0.000

0.000

for 2016-17

0.314

0.000

0.000

 

Interest @ 7% p.a. has been paid to all unsecured loans. Further, there is no stipulation towards repayment of these unsecured loans.

 

Short Term Borrowings

 

Cash Credit Facilities are secured by Hypothecation by way of first and exclusive charge on all present and future stocks and Book-Debts of the company and Equitable Mortage of Land of the company and Personal Guarantee of Mr. Jagdish Prasad Gupta, Mr. Ram Kishore Agarwal, Mr. Pramod Kansal and Mr. Amit Gupta

Rate of Interest on Cash Credit is Base Rate plus 2.80% p.a. There is no default in repayment of any loan or interest

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M J R A and Associates

Chartered Accountants

Address :

109, Prerna Complex, B-3, Subhash Chowk, Laxmi Nagar, Delhi – 110 092, India

Tel. No.:

91-11-22458048

Mobile No.:

91-9810229150

Income-tax PAN of auditor or auditor's firm :

AAHFM0717D

 

 

CAPITAL STRUCTURE

 

As on 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

750000

Equity Shares

Rs.10/- each

Rs.7.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

572000

Equity Shares

Rs.10/- each

Rs.5.720 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

5.720

5.720

5.720

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

35.857

34.204

32.595

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

41.577

39.924

38.315

LOAN FUNDS

 

 

 

1] Secured Loans

43.253

25.218

16.310

2] Unsecured Loans

3.496

2.037

1.063

TOTAL BORROWING

46.749

27.255

17.373

DEFERRED TAX LIABILITIES

0.339

0.320

0.320

 

 

 

 

TOTAL

88.665

67.499

56.008

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

29.578

21.496

19.519

Capital work-in-progress

0.145

0.048

0.236

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
26.856

23.224

16.986

 

Sundry Debtors
48.336

29.935

21.521

 

Cash & Bank Balances
1.623

0.861

0.557

 

Other Current Assets
0.000

0.055

0.000

 

Loans & Advances
1.686

2.150

1.962

Total Current Assets
78.501

56.225

41.026

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
16.634

7.916

4.282

 

Other Current Liabilities
2.925

2.354

0.524

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
19.559

10.270

4.806

Net Current Assets
58.942

45.955

36.220

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.033

 

 

 

 

TOTAL

88.665

67.499

56.008

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from Operations

127.661

109.566

109.304

 

 

Other Income

0.035

0.030

0.016

 

 

TOTAL                                     (A)

127.696

109.596

109.320

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

115.169

97.782

103.027

 

 

Changes in Inventories of Finished Goods and Work-in-Progress

(6.290)

(3.729)

 

 

 

Employee Benefits Expense

5.869

5.273

 

 

 

Other Expenses

3.443

3.386

 

 

 

TOTAL                                     (B)

118.191

102.712

103.027

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

9.505

6.884

6.293

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

4.715

2.843

2.270

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4.790

4.041

4.023

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2.398

1.696

1.759

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

2.392

2.345

2.264

 

 

 

 

 

Less

TAX                                                                  (H)

0.739

0.736

0.711

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.653

1.609

1.553

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.89

2.81

3.22

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.29

1.47

1.42

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.87

2.14

2.07

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.21

3.02

3.74

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.06

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
1.12

0.68

0.45

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.01

5.47

8.54

 

 

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

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 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

No

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

No

 

 


 

Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Other Loan and Advances

 

 

- Loans from related parties

0.883

1.310

- From Other Companies

2.613

0.531

SHORT TERM BORROWINGS

 

 

- Accounts Overdrawn from Banks

0.000

0.196

Total

3.496

2.037

 

 

FINANCIAL RESULTS

 

The company achieved a turnover of Rs.127.661 millions and a net profit before tax of Rs.2.392 millions with a net profit after taxation of Rs.1.653 millions.

 

FIXED ASSETS:

 

·         Land - Freehold

·         Buildings

·         Car

·         Computer

·         Cycle

·         Furniture and Fixture

·         Office Equipments

·         Plant and Machinery

·         Scooter

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.53.74

UK Pound

1

Rs.83.54

Euro

1

Rs.70.72 

 

 

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

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.