MIRA INFORM REPORT
|
Report No. : |
329291 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
V V F LIMITED |
|
|
|
|
Formerly Known
As : |
VEGETABLE VITAMIN FOODS COMPANY LIMITED |
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|
Registered
Office : |
109, Sion (East), Mumbai - 400022, Maharashtra, India |
|
Tel. No.: |
91-22-40282000/ 24034541/ 40282250 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.09.1939 |
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Com. Reg. No.: |
11-002994 |
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Capital
Investment / Paid-up Capital : |
Rs.57.360 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1939PLC002994 |
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|
|
IEC No.: |
0388119993 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACV3847R |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing
and Marketing of Personal Care Products and Oleo Chemicals and also
Generation of Power and Warehousing. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a satisfactory track
record. Profit margin seems to be decent. Financial as well as liquidity
position seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The subject can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = BB+ |
|
Rating Explanation |
Moderate risk of default regarding timely
payments. |
|
Date |
March, 2014 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (91-22-40282000)
LOCATIONS
|
Registered Office : |
109, Sion (East), Mumbai – 400022, Maharashtra, India |
|
Tel. No.: |
91-22-40282000/ 24034541/ 40282250 |
|
Fax No.: |
91-22-24086698 |
|
E-Mail : |
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|
Website : |
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Factory 1 : |
Storage Tank
Facilities Hay
Bunder Road, Sewree, Mumbai – 400033, Maharashtra, India |
|
Tel. No.: |
91-22-23728035/ 6238/ 1967 |
|
Fax No.: |
91-22-23703095 |
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|
|
|
Factory 2 : |
Oleo Chemicals,
Soap Pellets and Fatty Alcohols Plot No. V 41, MIDC Industrial Area,
Taloja, District Raigad – 410208 Maharashtra,
India |
|
Tel. No.: |
91-22-27412036/ 37 |
|
Fax No.: |
91-22-27412173 |
|
|
|
|
Factory 3 : |
Bar Soaps and
Liquid Personal Care Products NOP Compound, Maneklai Road, Navsari – 396445, Gujarat, India |
|
Tel. No.: |
91-2637-250227/ 257360 |
|
Fax No.: |
91-2637-256622 |
|
|
|
|
Factory 4 : |
Soap Pellets, Bar
Soaps and Glycerin Survey No. 65 and 95 A, Meghpar Borichi, Galpadar Road, Anjar, Kutch – 370201 Gujarat, India |
|
Tel. No.: |
91-2836-246982/ 83/ 84 |
|
Fax No.: |
91-2836-246981 |
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|
|
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Factory 5 : |
Bar Soaps Hadbast No. 214, V.P.O. Bhatoli Kalan Baddi, Tehsil -
Nalagarh, District Salon – 173205, Himachal Pradesh, India |
|
Tel. No.: |
91-179-5661300 |
|
Fax No.: |
91-179-5275034 |
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|
|
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Factory 6 : |
Personnel Care Products 7, Tiljala Road, Kolkata – 700039, West Bengal, India |
|
Tel. No.: |
91-33-23434151/ 52 |
|
Fax No.: |
91-33-23434497 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr.
Rustom Godrej Joshi |
|
Designation : |
Managing
Director |
|
Address : |
501, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony, Dadar,
Mumbai - 400014, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1953 |
|
Qualification : |
IIT
(Chemistry) |
|
Date of Appointment : |
24.11.1972 |
|
PAN No.: |
AABPJ7137L |
|
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 |
|
Qualification : |
B.E.(Civil) |
|
Date of Appointment : |
24.11.1972 |
|
PAN No.: |
AAGPJ8762Q |
|
DIN No.: |
00278206 |
|
|
|
|
Name : |
Ms. Shanaz Diwan |
|
Designation : |
Whole Time Director |
|
Address : |
40A, Hillstonme, B G Kher Marg, Malabar Hill, Mumbai - 400006,
Maharashtra, India |
|
Date of Birth/Age : |
22.02.1950 |
|
Qualification : |
BSC. |
|
Date of Appointment : |
30.01.2008 |
|
PAN No.: |
AABPD7249M |
|
DIN No.: |
02019387 |
|
|
|
|
Name : |
Mr. Rajamani Subramaniam Iyer |
|
Designation : |
Director |
|
Address : |
21, 2nd Floor, Khetani Heights, Plot No. 123, Road No. 27,
Sion East, Mumbai - 400022, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1927 |
|
Qualification : |
M.
Com. & PGDBM |
|
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, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1929 |
|
Qualification : |
B.Com
& LLB |
|
Date of Appointment : |
23.01.2001 |
|
DIN No.: |
00047630 |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Vita Oil Private Limited, India |
200000 |
|
R. F. Exports Private Limited, India |
1015000 |
|
Rustom Godrej Joshi |
1955688 |
|
Faraz
Godrej Joshi |
1955788 |
|
Neville Rustom Joshi |
99 |
|
Navsari Oil Products Private Limited, India |
150100 |
|
Godsil Investments Private Limited, India |
200 |
|
Shanaz Diwan |
359522 |
|
V V F Employees Benefit Trust, India |
100000 |
|
Shirin rustom Joshi |
1 |
|
Sheila Diwan |
1 |
|
Gitanjali Diwan |
1 |
|
Total |
5736400 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
23.80 |
|
Directors
or relatives of directors |
74.46 |
|
Others |
1.74 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of personal care products and Oleo Chemicals and also
Generation of Power and warehousing. |
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Products : |
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Brand Names : |
Not
Divulged |
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Agencies Held : |
Not
Divulged |
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Exports : |
Not
Divulged |
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Imports : |
Not
Divulged |
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Terms : |
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Selling : |
Not
Divulged |
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Purchasing : |
Not
Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Bank of India Mumbai Large Corporate Branch, Oriental Building, 364, D N Road,
Mumbai - 400001, Maharashtra, India · Indian Overseas Bank Plot No.4/4, Sector 5, Vashi, Navi Mumbai - 400703, Maharashtra, India · State Bank of Patiala Atlanta, first Floor, Nariman Point, Mumbai - 400021, Maharashtra,
India · Export Import Bank of India Centre One Building, Floor 21, World trade centre complex, Cuffe
Parade, Mumbai - 400005, Maharashtra, India · Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021,
Maharashtra, India · ICICI Banking limited Banking Corporation Limited, 215, Free Press house, Nariman Point,
Mumbai - 400021, Maharashtra, India · ICICI Limited 163, Backbay Reclamation, Mumbai - 400020, Maharashtra, India · Bank of India 70/80, M.G Road, Bombay, Maharashtra, India |
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Facilities : |
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Auditors : |
|
|
Name : |
T.P.
Ostwal and Associates Chartered Accountants |
|
Address : |
Bharat House, 4th
Floor, 104, Mumbai Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
PAN No: |
AAEFT8386J |
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|
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Memberships : |
-- |
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|
|
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Collaborators : |
-- |
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Subsidiary Company : |
VVF Intervest LLC |
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|
|
|
Others: |
Green Planet Industries LLC |
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|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Navsari Oil Products Private Limited (U24118MH1985PTC037964) · Vita Oil Private Limited (U15140MH1979PTC022030) · Vita Trading Private Limited (U51909MH2005PTC156458) · VVF (INDIA) LIMITED (U24296MH2010PLC210239) |
|
|
|
|
Wholly Owned Subsidiaries : |
·
VVF (America) Inc. ·
Navnirman Urja Shakti Private Limited. · VVF Infrastructure Private Limited. |
|
|
|
|
Subsidiaries : |
·
Synergy (India) Marketing Private Limited. · VVF FZCO |
|
|
|
|
Wholly Owned Step-down Subsidiaries : |
·
VVF Intervest LLC ·
VVF
LLC ·
VVF Illinois LLC ·
VVF Illinois Services LLC ·
VVF Kansas LLC ·
VVF Kansas Services LLC ·
VVF Life Sciences Pte. Limited. – w.e.f.
18.7.2013 ·
VVF Life Sciences South Africa (Pty)
Limited. – w.e.f. 14.10.2013 |
|
|
|
|
Step-down Subsidiaries : |
· VVF Spolka z.o.o |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
1050000 |
Preferences Shares |
Rs.100/- each |
Rs.105.000 Million |
|
|
|
|
|
|
|
TOTAL |
|
Rs.205.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5736400 |
Equity Shares |
Rs.10/- each |
Rs.57.364
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 |
57.360 |
57.360 |
573.640 |
|
(b) Reserves & Surplus |
689.260 |
589.260 |
4852.460 |
|
(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) |
746.620 |
646.620 |
5426.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
131.290 |
249.280 |
4449.620 |
|
(b) Deferred tax liabilities (Net) |
20.530 |
21.150 |
227.570 |
|
(c)
Other long term liabilities |
84.750 |
84.750 |
0.000 |
|
(d)
long-term provisions |
139.570 |
86.150 |
1355.490 |
|
Total
Non-current Liabilities (3) |
376.140 |
441.330 |
6032.680 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
114.020 |
128.430 |
50.000 |
|
(b)
Trade payables |
2.420 |
2.790 |
68.190 |
|
(c)
Other current liabilities |
122.260 |
197.640 |
4182.260 |
|
(d)
Short-term provisions |
1.790 |
1.510 |
12.820 |
|
Total
Current Liabilities (4) |
240.490 |
330.370 |
4313.270 |
|
|
|
|
|
|
TOTAL |
1363.250 |
1418.320 |
15772.050 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
127.190 |
139.180 |
1523.980 |
|
(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 |
912.200 |
912.200 |
9121.960 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
86.920 |
86.560 |
860.850 |
|
(e)
Other Non-current assets |
6.490 |
6.490 |
64.860 |
|
Total
Non-Current Assets |
1132.800 |
1144.430 |
11571.650 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1.270 |
2.040 |
32.990 |
|
(c)
Trade receivables |
57.600 |
190.250 |
1090.110 |
|
(d)
Cash and cash equivalents |
50.410 |
1.650 |
35.880 |
|
(e)
Short-term loans and advances |
109.360 |
75.830 |
562.140 |
|
(f)
Other current assets |
11.810 |
4.120 |
2479.280 |
|
Total
Current Assets |
230.450 |
273.890 |
4200.400 |
|
|
|
|
|
|
TOTAL |
1363.250 |
1418.320 |
15772.050 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
368.520 |
348.910 |
2629.550 |
|
|
|
Other Income |
4.650 |
4.660 |
178.560 |
|
|
|
TOTAL (A) |
373.170 |
353.570 |
2808.110 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(0.030) |
(0.020) |
0.050 |
|
|
|
Employees benefits expense |
34.510 |
54.200 |
211.580 |
|
|
|
Other expenses |
119.030 |
54.340 |
890.530 |
|
|
|
TOTAL (B) |
153.510 |
108.520 |
1102.160 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
219.660 |
245.050 |
1705.950 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.790 |
82.980 |
1215.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
175.870 |
162.070 |
490.150 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
13.270 |
13.210 |
137.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
162.600 |
148.860 |
352.460 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
62.600 |
44.850 |
260.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
100.000 |
104.010 |
(91.500) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
198.410 |
201.780 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.43 |
18.13 |
(1.60) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
112.870 |
185.830 |
410.657 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
27.14 |
29.81 |
-3.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
59.61 |
70.23 |
64.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
36.05 |
29.41 |
5.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.23 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.87 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.83 |
0.97 |
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 |
573.640 |
57.360 |
57.360 |
|
Reserves & Surplus |
4852.460 |
589.260 |
689.260 |
|
Net
worth |
5426.100 |
646.620 |
746.620 |
|
|
|
|
|
|
long-term borrowings |
4449.620 |
249.280 |
131.290 |
|
Short term borrowings |
50.000 |
128.430 |
114.020 |
|
Current Maturities of Long term debt |
410.657 |
185.830 |
112.870 |
|
Total
borrowings |
4910.277 |
563.540 |
358.180 |
|
Debt/Equity
ratio |
0.905 |
0.872 |
0.480 |
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 |
2629.550 |
348.910 |
368.520 |
|
|
|
(86.731) |
5.620 |
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
|
2629.550 |
348.910 |
368.520 |
|
Profit |
(91.500) |
104.010 |
100.000 |
|
|
(3.48%) |
29.81% |
27.14% |
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 |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
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 |
Yes |
|
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 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10519270 |
10/10/2014 * |
350,000,000.00 |
Kotak Mahindra Bank Limited |
27bkc, C 27, G Block, Bandra Kurla Complex,
Bandra (East), Mumbai - 400051,Maharashtra, India |
C30401715 |
|
2 |
10476953 |
15/01/2014 |
800,000,000.00 |
ICICI Bank Limited |
ICICI Bank Towers, Bandra Kurla Complex, Bandra
(East), Mumbai-400051,Maharashtra, India |
B96097639 |
|
3 |
10247721 |
18/10/2010 |
1,500,000,000.00 |
Central Bank of India |
Industrial Finance Branch, Chandramukhi,
Ground Floor, Nariman Point, Mumbai- 400051, Maharashtra, India |
A96984315 |
|
4 |
10202879 |
21/12/2009 |
95,400,000.00 |
Henkel India Limited |
No.3, Cenotaph Road, Teynampet,, 1st
Floor,, Chennai- 600018, Tamil Nadu, India |
A78528494 |
|
5 |
10148752 |
28/05/2012 * |
10,600,000,000.00 |
Bank of India |
Mumbai Large Corporate Branch, Oriental
Building, |
B40255069 |
|
6 |
90240565 |
30/03/1999 |
50,000,000.00 |
ICICI Limited |
163; Backbay Reclamation, Mumbai- 400051,
Maharashtra, India |
- |
|
7 |
90239000 |
25/07/1983 |
533,162.00 |
Bharat Petroleum Corporation Limited |
Currimbhoy Road, Ballard Estate, Mumbai-
400051, Maharashtra, India |
- |
|
8 |
90238985 |
06/05/1983 |
1,181,700.00 |
Bharat Petroleum Corporation Limited |
Bharat Bhavan, 4 And 6 Carrimbhoy
Road, Mumbai-400051, Maharashtra, India |
- |
*Date of modification Charges
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
131.290 |
152.010 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Deposits |
114.020 |
128.430 |
|
|
|
|
|
Total |
245.310 |
280.440 |
OPERATIONS REVIEW:
The total revenue for the year
increased by 5.54% to Rs.373.17 Million as compared to the previous year and
resulted in the net profit of Rs.100.00 Million. This has been possible because
of focused management approach, reduction in cost and optimum utilization of
financial and human resources.
COMPANY OVERVIEW:
Subject is a public limited
company domiciled and headquartered in India. It was incorporated on 14
September 1939 under the Indian Companies Act, 1913 and deemed to be
incorporated under the Companies Act, 1956. Subject is primarily engaged in
generation of power and warehousing. Subject has operations in India.
During the previous year,
the scheme of Arrangement of demerger between VVF Limited (Demerged Company)
and VVF (India) Limited (Resulting Company) and their respective shareholders
was approved by the Honorable High Court of Judicature at Bombay on 20 April
2012. Subject had received certified copy of the High Court Order on 11 May
2012 and accordingly the scheme became effective from 1 June 2012, the date of
filing of the said order with the Registrar of Companies.
FIXED ASSETS:
·
Land
·
Leasehold Land
·
Building
·
Plant and Equipments
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
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 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. 63.66 |
|
|
1 |
Rs. 100.50 |
|
Euro |
1 |
Rs. 71.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.