MIRA
INFORM REPORT
|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
VINERGY INTERNATIONAL PRIVATE LIMITED
(w.e.f. 06.10.2005) |
|
|
|
|
Formerly Known
As : |
SUMEX ORGANIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Peninsula Business Park, USnit No. 501 (A), 5th Floor,
Tower ‘A’, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.01.1991 |
|
|
|
|
Com. Reg. No.: |
11-059979 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 14.219 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1991PTC059979 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS15051B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5473J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of
Chemicals, Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic
Soda Lye. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having moderate track record. As per ROC the date of balance sheet (i.e. financial filed) is shown
as 31-03-2013 but the documents related to the financial for the year 2013
are not available from any sources. As per available financial of 2012, there seems some dip in the
turnover, the company has also incurred a loss. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slow
on talks over coal supply contracts, uncertainty over cancellation of blocks
weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits: “BB-“ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
January 2014 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based limits: “A4“ |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk, |
|
Date |
January 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Venkat |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-66537221 |
|
Date : |
15.09.2014 |
LOCATIONS
|
Registered Office : |
Peninsula Business Park, Unit No. 501 (A), 5th Floor, Tower
‘A’, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Head/ Regional Office: |
Shivsagar Estate, A Block, 1st Floor, South Wing, Dr. Annie Besant Road,
Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66537221/ 22 |
|
Fax No.: |
91-22-66537224/ 25 |
|
|
|
|
Regional Offices : |
Located at: ·
New Delhi ·
Hyderabad ·
Kolkata ·
Navi Mumbai |
|
|
|
|
Sales Offices/ Depots : |
Located at: ·
New Delhi ·
Jodhpur ·
Kandla ·
Baroda ·
Rajkot ·
Vapi ·
Mumbai ·
Thane ·
JNPT ·
Karwar ·
Mangalore ·
Bangalore ·
Hyderabad ·
Kakinada ·
Kolkata ·
Haldia ·
Varanasi ·
Guwahati ·
Meghnagar |
DIRECTORS
As on: 26.09.2013
|
Name : |
Mr. Mukul Mahavirprasad Agarwal |
|
Designation : |
Managing director |
|
Address : |
181, Tanna Residency, 'B' Wing, 382, Veer Savarkar Marg, Prabhadevi,
Mumbai - 400025, Maharashtra, India |
|
Date of Birth/Age : |
04.01.1966 |
|
Date of Appointment : |
01.02.2008 |
|
PAN No.: |
AADPA1645C |
|
DIN No.: |
01673950 |
|
|
|
|
Name : |
Mrs. Sharda Mahavirprasad Agarwal |
|
Designation : |
Whole-time director |
|
Address : |
181, Tanna
Residency, 'B' Wing, 392, Veer Savarkar Marg, Prabhadevi, Mumbai - 400025,
Maharashtra, India |
|
Date of Birth/Age : |
09.07.1942 |
|
Date of Appointment : |
24.01.1991 |
|
PAN No.: |
AADPA1646B |
|
DIN No.: |
00242695 |
KEY EXECUTIVES
|
Name : |
Mr. Venkat |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sharda Mahavirprasad Agarwal |
|
610100 |
|
Mukul Mahavirprasad Agarwal |
|
95300 |
|
Suman Mukul Agarwal |
|
268856 |
|
Sureshchandra Purshottamdas Mody |
|
400 |
|
Priyanka Mukul Agarwal |
|
118148 |
|
Komal Mukul Agarwal |
|
120148 |
|
Juhi Mukul Agarwal |
|
120148 |
|
Parsoli Securities Limited, India |
|
70000 |
|
Paryank Ramesh Shah |
|
9375 |
|
Anand Balmukund Desai |
|
6250 |
|
Raksha Anand Desai |
|
3125 |
|
|
|
|
|
Total |
|
1421850 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
1.32 |
|
Bodies corporate |
|
4.92 |
|
Directors or relatives of directors |
|
93.76 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of
Chemicals, Fuel and Lubricants, Furnace Oil, Carbon Tetrachloride and Caustic
Soda Lye. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Yes Bank Limited, Tiecicion House, 1st Floor, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400011, Maharashtra, India · Bank of India, Tardeo Road Branch, Hotel Rose Wood Building, Tardeo Road, Mumbai - 400034, Maharashtra, India ·
ING Vysya Bank Limited, Patel Chambers, Ground
Floor Sandhurst Bridge, Opera House, Mumbai - 400007, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.S. Saraf and Company Chartered Accountants |
|
Address : |
301/A ,Sea Wind, New Raviraj Complex, Jesal Park Bhayandar (East) , Mumbai 401105, Maharashtra, India |
|
PAN No.: |
BFAPS4854L |
|
|
|
|
Subsidiaries : |
·
Vinergy Global Tankers Private Limited
[U63090MH2008PTC177593] ·
Vania Limited |
|
|
|
|
Companies Significantly Influenced: |
·
Total Vinergy Bitumen India Private Limited ·
Winfull Finvest Private Limited ·
Vinergy Developers Private Limited ·
Parsoli Securites Limited ·
Veritech Pharmaceuticals Private Limited ·
Valencia Exim Pte. Limited · Vinserve Solutions LLP. · Valencia FZE · Vinergy Djibouti International FZCO ·
Chemicalexchange.com (Bombay) Private Limited |
CAPITAL STRUCTURE
As on: 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1421850 |
Equity Shares |
Rs.10/- each |
Rs. 14.219 Millions
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
14.219 |
12.969 |
|
(b) Reserves & Surplus |
|
468.271 |
465.071 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
482.490 |
478.040 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1028.552 |
953.850 |
|
(b)
Trade payables |
|
164.184 |
677.996 |
|
(c) Other
current liabilities |
|
277.612 |
101.305 |
|
(d) Short-term
provisions |
|
18.746 |
23.331 |
|
Total Current
Liabilities (4) |
|
1489.094 |
1756.482 |
|
|
|
|
|
|
TOTAL |
|
1971.584 |
2234.522 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
126.013 |
132.310 |
|
(ii)
Intangible Assets |
|
16.738 |
8.158 |
|
(iii)
Capital work-in-progress |
|
69.147 |
51.354 |
|
(iv) Intangible assets under development |
|
21.599 |
21.599 |
|
(b) Non-current
Investments |
|
3.890 |
72.459 |
|
(c) Deferred tax
assets (net) |
|
26.094 |
16.596 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
263.481 |
302.476 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
195.318 |
517.717 |
|
(c)
Trade receivables |
|
760.071 |
801.082 |
|
(d) Cash
and cash equivalents |
|
35.939 |
67.628 |
|
(e)
Short-term loans and advances |
|
716.775 |
545.619 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1708.103 |
1932.046 |
|
|
|
|
|
|
TOTAL |
|
1971.584 |
2234.522 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12.844 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
491.019 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
503.863 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
838.928 |
|
|
2] Unsecured Loans |
|
|
95.878 |
|
|
TOTAL BORROWING |
|
|
934.806 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1438.669 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
137.546 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
42.610 |
|
|
DEFERREX TAX ASSETS |
|
|
(2.792) |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
339.922 |
|
|
Sundry Debtors |
|
|
807.494 |
|
|
Cash & Bank Balances |
|
|
113.067 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
622.908 |
|
Total
Current Assets |
|
|
1883.391 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
554.674 |
|
|
Other Current Liabilities |
|
|
67.412 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
622.086 |
|
|
Net Current Assets |
|
|
1261.305 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1438.669 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
3838.749 |
4912.793 |
7530.584 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3773.212 |
4887.493 |
7360.399 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.537 |
25.300 |
170.185 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
104.706 |
79.356 |
60.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(39.169) |
(54.0560 |
110.038 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.613 |
12.274 |
13.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(54.782) |
(66.330) |
96.304 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(9.231) |
(20.507) |
31.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(45.551) |
(45.823) |
65.022 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
318.092 |
363.915 |
305.395 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
6.502 |
|
|
BALANCE CARRIED
TO THE B/S |
272.541 |
318.092 |
363.915 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
NA |
720.114 |
|
|
TOTAL EARNINGS |
NA |
NA |
720.114 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
NA |
NA |
1944.932 |
|
|
TOTAL IMPORTS |
NA |
NA |
1944.932 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.03 |
(36.23) |
50.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.19) |
(0.93) |
0.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.96) |
(3.20) |
4.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
(0.14) |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.13 |
2.00 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.10 |
3.03 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
12.969 |
14.219 |
|
Reserves & Surplus |
465.071 |
468.271 |
|
Net worth |
478.040 |
482.490 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
953.850 |
1028.552 |
|
Total borrowings |
953.850 |
1028.552 |
|
Debt/Equity ratio |
1.995 |
2.132 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
7530.584 |
4912.793 |
3838.749 |
|
|
|
(34.762) |
(21.862) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
7530.584 |
4912.793 |
3838.749 |
|
Profit |
65.022 |
(45.823) |
(45.551) |
|
|
0.86% |
(0.93)% |
(1.19)% |
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 |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
29.617 |
43.802 |
|
Loans and advances from others |
15.823 |
53.244 |
|
|
|
|
|
Total |
45.440 |
97.046 |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 30/01/2014 |
|||||||
|
Lodging No:- |
ITXAL/283/2014 |
Filing Date:- |
30/01/2014 |
Reg. No.:- |
ITXA/376/2014 |
Reg. Date:- |
24/02/2014 |
|
|
|||||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX-5 |
Respondent:- |
VINERGY INTERNATIONAL PRIVATE LIMITED |
||||
|
Petn. Adv.: |
A.K. SAXENA (0) |
Resp. Adv.: |
AASIFA KHANAM KHAN AND SATISH R. |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Next Date: |
28/10/2014 |
Stage: |
FOR ADMISSION |
||||
|
Coram: |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|
||||
|
|
|||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured
|
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10511715 |
08/07/2014 |
150,000,000.00 |
CANBANK FACTORS LIMITED |
# 67/1, KANAKAPURA MAIN ROAD, BASAVANAGUDI, BANGALORE, KARNATAKA - 560004, INDIA |
C14164206 |
|
2 |
10258558 |
26/11/2010 |
200,000,000.00 |
YES BANK LIMITED |
TIECICION HOUSE, 1ST FLOOR, DR. E. MOSES ROAD, MAHALAXMI, MUMBAI, MAHARASHTRA - 400011, INDIA |
B01507763 |
|
3 |
10165955 |
05/06/2009 |
300,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A65393522 |
|
4 |
10164197 |
05/06/2009 |
150,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS, GROUND FLOOR SANDHURST BRIDGE, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA |
A64647878 |
|
5 |
10164198 |
05/06/2009 |
150,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS, GROUND FLOOR SANDHURST BRIDGE, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA |
A64648207 |
|
6 |
10165408 |
26/11/2010 * |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B01478387 |
|
7 |
10165410 |
05/06/2009 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A64773377 |
|
8 |
10165454 |
05/06/2009 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A64773146 |
|
9 |
10165897 |
05/06/2009 |
200,000,000.00 |
BANK OF INDIA |
TARDEO ROAD BRANCH,, HOTEL ROSE WOOD BUILDING, TA |
A65057960 |
|
10 |
10146834 |
27/01/2009 |
200,000,000.00 |
BANK OF INDIA |
TARDEO ROAD BRANCH, HOTEL ROSE WOOD BUILDING, TARDEO ROAD, MUMBAI, MAHARASHTRA - 400034, INDIA |
A56524408 |
* Date of charge modification
FIXED
ASSETS:
·
·
·
Leasehold
Improvements
·
Administrative
Buildings
·
Equipment
and Apparels
·
Hydrogen
Gas Cylinders
·
Chlorine
Tonners
·
Computer
and Peripherals
·
Furniture
and Fixtures
·
Vehicles
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. 61.10 |
|
|
1 |
Rs. 99.05 |
|
Euro |
1 |
Rs. 79.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.