MIRA
INFORM REPORT
|
Report Date : |
27TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
VBROS
AUTO PRIVATE LIMITED |
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|
|
|
Registered Office : |
A-1/
118, 3rd Floor, Safdarjung Enclave, Delhi – 110029, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
08.04.1999 |
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Com. Reg. No.: |
55-99215 |
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CIN No.: [Company
Identification No.] |
U74300DL1999PTC099215 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV02821A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of Plastic Injection Moulded Parts for Two Wheelers, Four wheelers and
other Automobiles |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
25000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
A-1/ 118,
3rd Floor, Safdarjung Enclave, Delhi – 110029, India |
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|
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Corporate
Office : |
Plot No.-198, Sector-06, IMT Manesar,
Gurgaon - 122050, Haryana, India |
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Tel. No.: |
91-124-3950980/4367045/46/47 |
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Fax No.: |
91-124-4367048 |
DIRECTORS
|
Name : |
Mr.
Vijay Khemchandani |
|
Designation : |
Managing
Director |
|
Mobile No.: |
941-919810077463 |
|
Address : |
743 A,
Sector – 14, Gurgaon, Haryana |
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Date of Birth/Age : |
07.08.1960 |
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Date of Appointment : |
08.04.1999 |
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|
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Name : |
Dr.
Harish Khemchandani |
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Designation : |
Director
|
|
Address : |
563,
Housing Board, Saraswati Vihar, Chakkar Pur, Gurgaon, Haryana |
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Date of Birth/Age : |
09.09.1958 |
|
Date of Appointment : |
08.04.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Vijay Khemchandani |
|
75850 |
|
Dr.
Harish Khemchandani |
|
1100 |
|
M/s
Shri Nivas Leasing and Finance Limited |
|
Nil |
|
M/s
Northern Food Limited |
|
Nil |
|
M/s
North East Capital and Financial Services Private Limited |
|
Nil |
|
M/s
Bascist Finacap Limited |
|
Nil |
|
Ms.
Kanta Sabhnani |
|
1000 |
|
Mr.
Matha Ram Sabhnani |
|
11500 |
|
Mr.
Avinash Sabhnani |
|
2500 |
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Mrs.
Pooja Khemchandani |
|
3000 |
|
Mr.
Rajesh Hajarika |
|
1250 |
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Mrs.
Parveen Madan |
|
1250 |
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Mrs.
Sarita Virmani |
|
1750 |
|
Total
|
|
99200 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of Plastic Injection Moulded Parts for Two Wheelers, Four wheelers and
other Automobiles |
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Products : |
Plastic Injection
Moulded Parts for Two Wheelers, Four wheelers and other Automobiles |
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GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
v
ICICI
Bank Limited v
HSIDC
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Sunil
Arora and Associates Chartered
Accountants A-18,
NDSE – I, New Delhi – 110049 Tel.
No.: 91-11-24610414 – 17 (4 lines) Fax
No.: 91-11-24610428 Arora’s
KDC – 28, P S Road, Karol Bagh, New Delhi – 110005 Tel.
No.: 91-11-25731664 Fax
No.: 91-11-25764740 Email
: saa@nde.vsnl.net.in |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
99200 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.992 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
0.992 |
0.992 |
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|
2] Share Application Money |
|
0.700 |
0.000 |
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3] Reserves & Surplus |
|
5.122 |
4.515 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.814 |
5.507 |
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LOAN FUNDS |
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|
|
|
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1] Secured Loans |
|
1.883 |
0.839 |
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2] Unsecured Loans |
|
2.500 |
1.800 |
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TOTAL BORROWING |
|
4.383 |
2.639 |
|
|
DEFERRED TAX LIABILITIES |
|
0.311 |
0.211 |
|
|
|
|
|
|
|
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TOTAL |
|
11.508 |
8.357 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
7.736 |
7.908 |
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Capital work-in-progress |
|
5.160 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
1.620 |
0.000 |
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Sundry Debtors |
|
11.103 |
7.732 |
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Cash & Bank Balances |
|
0.008 |
0.273 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.201 |
0.246 |
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Total Current Assets |
|
12.932 |
8.251 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
14.247 |
7.813 |
|
|
Provisions |
|
0.082 |
0.000 |
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Total Current Liabilities |
|
14.329 |
7.813 |
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Net Current Assets |
|
(1.397) |
0.438 |
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MISCELLANEOUS EXPENSES |
|
0.009 |
0.011 |
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TOTAL |
|
11.508 |
8.357 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
36.096 |
29.750 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
1.052 |
0.577 |
|
Provision
for Taxation |
|
0.444 |
0.235 |
|
Profit/(Loss)
After Tax |
|
0.608 |
0.342 |
|
|
|
|
|
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Total
Expenditure |
|
38.026 |
31.321 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
1.68 |
6.21 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
15.43 |
10.47 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
5.08 |
3.57 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
0.10 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
2.74 |
1.89 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
0.90 |
1.05 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Land
v
Building
v
Plant
and machinery
v
Furniture
and Fixture
v
Mould
and Dies
v
Computer
v
Vehicles
v
Cycle
Financial
Result
During
the period the company has earned a profit of Rs. 1.053 millions as compared to
profit of Rs. 0.578 millions during the previous year.
Dividend
The
directors propose that no dividend be paid on the equity shares of the company
as the company requites funds to meet the working capital requirement and any
outflow of funds at this stage may jeopardise the future growth of the company.
|
Name of the company |
VBROS AUTO PRIVATE LIMITED |
|
Presented By |
Mr.
Vijay Khemchandani |
|
1) Date and description of instrument creating the change |
Hypothecation of Assets vide agreement dated 02.12.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the fixed assets except vehicles 8 plot at IMI Mansard and current assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
12.5 % basing 1 % area and above the bank PLR which is 11.5 % and personal as per agreement dated 02.12.2005 enclosed |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Sector – 14, Gurgaon |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
As per
website
Vbros Auto Pvt. Ltd. is a leading
manufacturer and exporter of Plastic Injection Moulded Parts for Two
Wheelers, Four wheelers and other Automobiles. Their company has
earned an enviable position in the domestic and international market due to its
qualitative product range. With a well-equipped manufacturing unit and highly
qualified team of professionals, they are committed to deliver the premium
quality products. The company aspires to provide the most efficient automobiles
parts for the smooth functioning of the vehicles.
Vbros Auto Pvt. Ltd. proudly manufactures
and exports high quality Plastic Injection Moulded Parts for Two
Wheelers, Four wheelers, Tractors and other Automobiles to enhance the
efficiency of the vehicles. They are committed to quality and continuously
strive for the most effective functioning of they products. As the operation is
spread worldwide, they take it upon us to produce goods matching the
international standards and therefore they engineers are invariably indulged
into the development of new technology for the effective use of they products.
They are ready to accept the challenges of the globalized world and offer the
best products.
They production capacities are immense. With the
assimilation of most sophisticated machineries and equipment, Vbros
Auto Pvt. Ltd. is producing today a mix of products that are
generating customer satisfaction in the market. The strict quality control
management allows us to be the enviable manufacturer of Plastic
Injection Moulded Parts for Two Wheelers, Four wheelers, Tractors and other
Automobiles in the market.
They believe in healthy competition. Quality,
opportune delivery and competitive prices are the only aspects on which they
compete with they rivals. They invariable determination to counter all
predicaments is the reason for they sustained growth and success. As they grow
a decade old, they commitment to customer satisfaction deepens with every
passing moment and every transaction is accomplished successfully.
|
Business Type |
Exporter ,
Manufacturer |
|
Export Percentage |
25% |
|
Primary Competitive
Advantages |
Products manufactured
with PVC Components |
|
Year of Establishment |
1996 |
|
Export Markets |
world wide |
|
OEM Service Provided |
Yes |
|
Monthly Production
Capacity |
as per requirement |
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 records 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.46.34 |
|
UK
Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.58.14 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |