MIRA INFORM REPORT
|
Report No. : |
325097 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
VOLGADELITE PLASTIC UDYOG LIMITED (w.e.f. 01.06.2011) |
|
|
|
|
Formerly Known
As : |
VOLGADELITE PLASTIC UDYOG PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 49, Hissa No. 3A, Plot No – C, Village Devdal, Kaman Road, Taluka
Vasai – 401208, Maharashtra |
|
Tel. No.: |
91-95250-2210555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.05.1994 |
|
|
|
|
Com. Reg. No.: |
11-078300 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 83.348 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1994PTC078300 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Barcodes, Stickers and Labels, Packaging Films and
Laminates, Leather Designer Bags. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Under liquidation |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
As per Registrar of Companies the status of the company is shown as
“Under Liquidation”. The financial position of the company is weak. Net worth of the
company has been fully eroded. Credit to the company is not been recommended. The company cannot be considered for any business dealings. |
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 DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY
|
Name : |
Mr. Chari |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-28810575 |
|
Date : |
28.05.2015 |
LOCATIONS
|
Registered Office : |
Survey No. 49, Hissa No. 3A, Plot No – C, Village Devdal, Kaman Road,
Taluka Vasai – 401208, Maharashtra, India |
|
Tel. No.: |
91-95250-2210555/300/321 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Unit No. 230, 2nd Floor, Building No. 2, New Sonal Link Industrial
Estate, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India |
|
Tel. No.: |
91-22-28810575/28885955 |
|
Fax No.: |
91-22-28888189 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Pramodkumar Mahendrapal Drolia |
|
Designation : |
Managing Director |
|
Address : |
D-201, Panchavati Garden, Upper
Govind Nagar, Malad East, Mumbai – 400097, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1952 |
|
Date of Appointment : |
10.05.1994 |
|
DIN No.: |
00895187 |
|
|
|
|
Name : |
Praveenkumar Mahendrapal Drolia |
|
Designation : |
Whole Time Director |
|
Address : |
C-804 Orion, Vasant Galaxy, Bangur Nagar, Goregaon West, Mumbai –
400090, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1960 |
|
Date of Appointment : |
10.05.1994 |
|
DIN No.: |
01058572 |
KEY EXECUTIVES
|
Name : |
Mr. Chari |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Pramod Kumar Drolia |
|
1959935 |
|
Pravin Kumar Drolia |
|
3622745 |
|
Bipin Kumar Drolia |
|
1181272 |
|
Mahendrapal Praveen Kumar (HUF) |
|
139523 |
|
Mahendrapal Drolia |
|
225 |
|
Ginidevi Drolia |
|
225 |
|
Sunil Kumar Agarwal |
|
78750 |
|
Synthico Marketing Private Limited, India |
|
247500 |
|
Jemtech Engineering P. Limited, India |
|
225000 |
|
Wizard Traders P. Limited |
|
225000 |
|
Bina Knitwear |
|
20000 |
|
Oriental Finlease Limited, India |
|
562500 |
|
Aajiwan Industries Limited, India |
|
72075 |
|
|
|
|
|
Total |
|
8334750 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
16.22 |
|
Directors or relatives of Directors |
83.78 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Barcodes, Stickers and Labels, Packaging Films and
Laminates, Leather Designer Bags. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/60/90 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/60/90 days) |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
|||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||
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Customers : |
Not Divulged
|
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No. of Employees : |
100 (Approximately) |
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Bankers : |
|
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
A.K. Sonthalia and Company Chartered Accountant |
|
Address : |
Kalbadevi Road, Mumbai – 400002, Maharashtra, India |
|
PAN No.: |
AORPS3132E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs.10/- each |
Rs. 145.000 Million |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.000 Million |
|
|
Total |
|
Rs. 150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8334750 |
Equity Shares |
Rs.10/- each |
Rs. 83.348
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
83.348 |
83.348 |
83.348 |
|
(b) Reserves & Surplus |
(182.069) |
(178.859) |
(57.662) |
|
(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) |
(98.721) |
(95.511) |
25.686 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
121.067 |
121.143 |
67.328 |
|
(b) Deferred tax liabilities (Net) |
10.767 |
10.767 |
9.449 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.588 |
|
Total Non-current
Liabilities (3) |
131.834 |
131.910 |
77.365 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
383.052 |
389.358 |
287.619 |
|
(b) Trade
payables |
70.456 |
73.811 |
177.958 |
|
(c) Other
current liabilities |
0.247 |
0.295 |
37.968 |
|
(d) Short-term
provisions |
0.608 |
0.722 |
1.126 |
|
Total Current
Liabilities (4) |
454.363 |
464.186 |
504.671 |
|
|
|
|
|
|
TOTAL |
487.476 |
500.585 |
607.722 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
149.098 |
149.099 |
146.538 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
40.028 |
40.028 |
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 |
29.814 |
22.142 |
9.137 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
8.179 |
|
Total Non-Current
Assets |
218.940 |
211.269 |
163.854 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
64.718 |
64.718 |
58.492 |
|
(c) Trade
receivables |
187.038 |
194.657 |
269.148 |
|
(d) Cash
and cash equivalents |
0.247 |
0.962 |
26.344 |
|
(e) Short-term
loans and advances |
16.533 |
28.979 |
44.437 |
|
(f) Other
current assets |
0.000 |
0.000 |
45.447 |
|
Total
Current Assets |
268.536 |
289.316 |
443.868 |
|
|
|
|
|
|
TOTAL |
487.476 |
500.585 |
607.722 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5.290 |
224.015 |
933.824 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(0.531) |
(71.148) |
(9.232) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.679 |
35.340 |
46.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3.210) |
(106.488) |
(55.769) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.000 |
13.576 |
18.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(3.210) |
(120.064) |
(74.677) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.318 |
(0.618) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(3.210) |
(121.382) |
(74.059) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.38) |
(14.56) |
(8.88) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(60.68) |
(54.18) |
(7.93) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(10.04) |
(31.76) |
(0.99) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.72) |
(26.07) |
(12.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
1.26 |
(2.91) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(5.11) |
(5.34) |
13.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59 |
0.62 |
0.88 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
83.348 |
83.348 |
83.348 |
|
Reserves & Surplus |
(57.662) |
(178.859) |
(182.069) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
25.686 |
(95.511) |
(98.721) |
|
|
|
|
|
|
long-term borrowings |
67.328 |
121.143 |
121.067 |
|
Short term borrowings |
287.619 |
389.358 |
383.052 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
354.947 |
510.501 |
504.119 |
|
Debt/Equity
ratio |
13.819 |
(5.345) |
(5.107) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
933.824 |
224.015 |
5.290 |
|
|
|
(76.011) |
(97.639) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
933.824 |
224.015 |
5.290 |
|
Profit |
(74.059) |
(121.382) |
(3.210) |
|
|
(7.93%) |
(54.18%) |
(60.68%) |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from Unit No. 230 and 231 Building No. 2, Sonal Link Road, Industrial
Estate Link Road, Malad (West), Mumbai – 400064, Maharashtra, India to the present address w.e.f. 09.11.2012.
UNSECURED LOAN
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate borrowings |
0.100 |
0.100 |
|
Loans and advances from directors |
14.704 |
14.780 |
|
|
|
|
|
Total |
14.804 |
14.880 |
|
|
|
|
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10029763 |
14/01/2012 * |
499,400,000.00 |
State Bank of India |
Malad West Branch, S.V. Road, Near Chincholi Phatak, Malad West, Mumbai, Maharashtra - 400064, INDIA |
B34285999 |
|
2 |
10029809 |
14/01/2012 * |
499,400,000.00 |
State Bank of India |
Malad West Branch, S.V. Road, Near Chincholi Phatak, Malad West, Mumbai, Maharashtra - 400064, INDIA |
B34334441 |
|
3 |
90349000 |
03/11/2004 * |
2,500,000.00 |
STATE BANK OF INDIA |
MUMBAI, MUMBAI, Maharashtra, INDIA |
- |
|
4 |
90387315 |
20/09/2005 * |
2,500,000.00 |
STATE BANK OF INDIA |
MALAD WEST, MUMBAI, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Factory
Building
- Plant and
Equipments
- Factory
Equipments
- Furniture and
Fixture
- Vehicles
- Motor
Vehicles
- Office
Equipments
- Computer
Equipments
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. 63.76 |
|
UK Pound |
1 |
Rs. 97.80 |
|
Euro |
1 |
Rs. 69.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
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.