MIRA INFORM REPORT

 

 

Report No. :

354514

Report Date :

14.12.2015

 

IDENTIFICATION DETAILS

 

Name :

VERSATILE ALUCAST PRIVATE LIMITED

 

 

Registered Office :

A-8/2, M.I.D.C. Shiroli, Kolhapur – 416122, Maharashtra

Tel. No.:

91-230-2468586

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.03.2010

 

 

Com. Reg. No.:

11-135891

 

 

Capital Investment / Paid-up Capital :

Rs. 15.000 Million

 

 

CIN No.:

[Company Identification No.]

U28939PN2010PTC135891

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of other iron and steel casting and products thereof. (Registered Activity)

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2010 and it is having moderate track record.

 

The company has reported weak financial profile marked by accumulated losses, which has eroded that net worth of the company in FY-15.

 

Rating is further constrained due to company’s huge external borrowings which has risked the liquidity position of the company.

 

However, the company has achieved significant growth into its sales turnover from its previous FY-14.

 

In view of aforesaid, the company can be considered for business dealings with safe and secure 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Gopal Jadhav

Designation :

Finance Manager

Contact No.:

91-230-2468586

Date :

11.12.2015

 

 

LOCATIONS

 

Registered Office :

A-8/2, M.I.D.C. Shiroli, Kolhapur – 416122, Maharashtra, India

Tel. No.:

91-230-2468586

Fax No.:

Not Available

E-Mail :

jitu_160372@yahoo.com

Website :

www.versatileengineers.com

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Prabhakar Vithal Janwadkar

Designation :

Director

Address :

2079, Kh ,E Ward, Prabha Bungalow, 14th Lane, Rajarampuri, Kolhapur - 416008, Maharashtra, India

Date of Birth/Age :

24.04.1955

Date of Appointment :

23.03.2010

DIN No.:

00279523

 

 

Name :

Beena Prabhakar Janwadkar

Designation :

Director

Address :

2079, Prabha, 14th Lane, Rajarampuri, Kolhapur - 416008, Maharashtra, India

Date of Birth/Age :

11.05.1960

Date of Appointment :

23.03.2010

DIN No.:

02771687

 

 

Name :

Amruta Yatin Janwadkar

Designation :

Director

Address :

2079, Prabha, 14th Lane, Rajarampuri, Kolhapur - 416008, Maharashtra, India

Date of Birth/Age :

25.08.1983

Date of Appointment :

23.03.2010

DIN No.:

02951067

 

 

Name :

Yatin Prabhakar Janwadkar

Designation :

Director

Address :

2079, Prabha, 14th Lane, Rajarampuri, Kolhapur - 416008, Maharashtra, India

Date of Birth/Age :

18.11.1982

Date of Appointment :

23.03.2010

DIN No.:

02955838

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2015

 

Names of Shareholders

No. of Shares

% of Holdings

Janwadkar Vithal Prabhakar

6000

40.00

Janwadkar Prabhakar Beena

4500

30.00

Janwadkar Prabhakar Yatin

4250

28.33

Janwadkar Yatin Amruta

250

1.67

 

 

 

Total

15000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 31.03.2015

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of other iron and steel casting and products thereof. (Registered Activity)

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Bank of India

Branch Address

1243/82, A, B, Jayant Santosh Plaza, Besides Parvati, Multiplex, Shivaji Udyamnagar, Kolhapur – 416008, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Bank of India – Term loan

36.431

43.806

 

 

 

SHORT TERM BORROWING

 

 

Bank of India – Cash Credit

15.740

4.865

Bank of India – Term loan

14.200

12.900

Total

66.371

61.571

 

Note:

 

Long Term Borrowings

 

Bank Loan: Cash credit and Term loans secured against Debitors/Receivables, Inventories, Factory Buildings, Plant and Machinery and other all current assets and non-current assets.

 

Auditors :

 

Name :

P.K. Gandhi and Associates

Chartered Accountants

Address :

Shiv-darshan Co-operative Society, Nagala Park, Kolhapur – 416003, Maharashtra, India

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

ACFPG0982L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Related Party :
  • Versatile Engineers
  • Prabha Engineers

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000

Equity Shares

Rs.1000/- each

Rs. 15.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000

Equity Shares

Rs.1000/- each

Rs. 15.000z Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

15.000

15.000

15.000

(b) Reserves & Surplus

(24.752)

(14.151)

(0.948)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(9.752)

0.849

14.052

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

96.165

78.645

69.544

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

96.165

78.645

69.544

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

29.940

17.765

8.816

(b) Trade payables

10.515

2.853

0.705

(c) Other current liabilities

1.656

9.327

2.150

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

42.111

29.945

11.671

 

 

 

 

TOTAL

128.524

109.439

95.267

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

91.360

87.398

82.620

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.069

1.471

1.393

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

94.429

88.869

84.013

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

14.699

3.423

1.580

(c) Trade receivables

12.598

1.685

2.440

(d) Cash and cash equivalents

0.064

0.123

0.058

(e) Short-term loans and advances

5.747

8.006

6.139

(f) Other current assets

0.807

0.922

1.037

(g) Dies and Pattern

0.180

6.411

0.000

Total Current Assets

34.095

20.570

11.254

 

 

 

 

TOTAL

128.524

109.439

95.267

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

 

31.03.2014

31.03.2013

 

SALES

 

 

 

Income

30.022

8.998

 

 

Other Income

0.390

0.101

 

 

TOTAL                                    

30.412

9.099

2.046

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Material Purchased

19.680

6.412

 

 

Consumables Purchased

4.211

0.000

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(11.276)

(1.842)

 

 

Employees benefits expense

3.442

0.970

 

 

Amortization Preliminary Expenses

0.115

0.115

 

 

Other expenses

10.218

3.932

 

 

TOTAL                                    

26.390

9.587

0.787

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

4.022

(0.488)

1.259

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

8.184

8.744

1.516

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

(4.162)

(9.232)

(0.257)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

5.486

3.971

0.659

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

(9.648)

(13.203)

(0.916)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

(9.648)

(13.203)

(0.916)

 

 

 

 

 

 

Earnings Per Share (Rs.)

643.22

880.2

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

(9.749)

NA

NA

Net cash flows from (used in) operations

(9.749)

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(32.14)

(146.73)

0.00

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

13.40

(5.42)

0.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(7.51)

(12.06)

(0.96)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.99

(15.55)

(0.07)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(12.93)

113.56

5.58

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.81

0.69

0.96

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

15.000

15.000

15.000

Reserves & Surplus

(0.948)

(14.151)

(24.752)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

14.052

0.849

-9.752

 

 

 

 

long-term borrowings

69.544

78.645

96.165

Short term borrowings

8.816

17.765

29.940

Total borrowings

78.360

96.410

126.105

Debt/Equity ratio

5.576

113.557

-12.931

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2.046

9.099

30.412

 

 

344.721

234.235

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2.046

9.099

30.412

Profit

(0.916)

(13.203)

(9.648)

 

(44.77%)

(145.10%)

(31.72%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from 2079, Prabha Bunglow, Rajapurrampuri, 14th Lane, Kolhapur – 416008, Maharashtra, India to the present address w.e.f. 28.03.2013.

 

 

RESULTS OF OPERATIONS

 

The company has reported total income of Rs. 30.413 Million for the current year as compared to Rs. 9.098 in the previous year. The net loss for the year amounted to Rs. 9.848 Million in the current year as compared to Rs. 13.203 Million in the previous year.

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Loan from Director

59.734

34.839

 

 

 

Total

59.734

34.839

 

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10370099

12/07/2012

31,000,000.00

Bank Of India

1243/82 A, B, Jayant SAntosh Plaza,, Beside Parvati Multiplex, Shivaji Udyamnagar, Kolhapur, Maharashtra - 416008, INDIA

B45530151

2

10370107

12/07/2012

80,000,000.00

BANK OF INDIA

1243/82,A,B, Jayant Santosh Plaza, Beside Parvati, Multiplex, Shivaji Udyamnagar, Kolhapur, Maharashtra - 416008, INDIA

B45532405

 

* Date of charge modification

 

 

FIXED ASSETS

 

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. 66.79

UK Pound

1

Rs. 101.10

Euro

1

Rs. 73.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

1

--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

 

11

 

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

 

--

 

 

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