MIRA INFORM REPORT
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Report Date : |
01ST May, 2006 |
IDENTIFICATION DETAILS
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Name : |
G
VARADAN ENGINEERING PRIVATE LIMITED |
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Registered Office : |
No. 429, 9th
Main, NGEF Layout, Nagarbhavi, Bangalore – 560072, Karnataka |
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Country : |
India
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
17th
June, 1998 |
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CIN No.: |
U85110KA1998PTC023859 |
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Com. Reg. No.: |
08-23859
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TAN No.: (Tax Deduction &
Collection Account No.) |
BLRG03757F |
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PAN No.: (Permanent Account No.) |
AAACE4312Q |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Importer and Exporter of Design Nozzles Showers for Application in Paper,
Sugar, Coal, Cement, Hollow Block Steel, Tile Industries |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000 |
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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. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
No. 429, 9th
Main, NGEF Layout, Nagarbhavi, Bangalore – 560072, Karnataka |
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Tel. No.: |
91-80-23213542/23213541/57675980 |
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Fax No.: |
91-80-23213498 |
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Mobile No.: |
91-9845029263 |
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E-Mail : |
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Website: |
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Area : |
1500
Sq. ft |
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Location : |
Rented
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Factory 1 : |
Prasanth
Nagar, Vyaya Nagar, Bangalore – 560040 |
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Area : |
4000
Sq. ft |
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Location : |
Rented
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Branches : |
Kolkata
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DIRECTORS
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Name : |
Mr.
Varadan Govind |
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Designation : |
Chairman
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Name : |
Mr.
S R Shankar |
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Designation : |
Managing
Director |
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Name : |
Mrs.
Vijaya Govind |
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Designation : |
Director
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MAJOR SHAREHOLDERS
Directors
and Associates – 100%
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer and Exporter of Design Nozzles Showers for Application in Paper,
Sugar, Coal, Cement, Hollow Block Steel, Tile Industries |
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Exports to : |
Asia
& Africa |
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Imports from : |
USA,
Europe |
GENERAL INFORMATION
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Suppliers : |
v
Guru Steel &
Engineering Company – India v
Jindal Trading Company
- India |
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Customers : |
v
Everst Paper Mills
Private Limited – India v
L & T Limited – India
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No. of Employees : |
16 |
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Bankers : |
v
Veerasaiva Cooperative
Bank Limited – Bangalore v
Deepak Sahakari Bank
Limited – Bangalore v
Carana Bank, Chandra
Layout Brach, Bangalore v
Bank of India –
Bangalore |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
M/s.
Aru & Dev Chartered
Accountant |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.500 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1200 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.120 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.120 |
0.120 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.145 |
0.082 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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0.265 |
0.202 |
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LOAN FUNDS |
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1] Secured Loans |
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0.109 |
0.223 |
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2] Unsecured Loans |
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1.070 |
0.928 |
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TOTAL
BORROWING
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1.179 |
1.151 |
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DEFERRED TAX LIABILITIES |
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0.038 |
0.000 |
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TOTAL
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1.482 |
1.353 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.597 |
0.551 |
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Capital work-in-progress
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INVESTMENT
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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0.799 |
0.808 |
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Sundry Debtors
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0.879 |
0.980 |
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Cash & Bank Balances
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0.350 |
0.408 |
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Other Current Assets
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0.000 |
0.000 |
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Loans & Advances
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0.884 |
0.519 |
Total Current Assets
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2.912 |
2.715 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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1.902 |
1.916 |
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Provisions
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0.134 |
0.000 |
Total Current Liabilities
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2.036 |
1.916 |
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Net Current
Assets
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0.876 |
0.799 |
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MISCELLANEOUS EXPENSES
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0.009 |
0.003 |
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TOTAL
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1.482 |
1.353 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
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7.955 |
8.347 |
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Profit/(Loss) Before Tax
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0.371 |
0.227 |
Provision for Taxation
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0.133 |
0.000 |
Profit/(Loss) After Tax
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0.238 |
0.227 |
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Total Expenditure
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7.585 |
8.120 |
KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
PAT / Total Income
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(%)
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2.99 |
2.71 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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4.66 |
2.71 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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10.57 |
6.95 |
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Return on Investment (ROI)
(PBT/Networth) |
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1.40 |
1.12 |
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Debt Equity Ratio
(Total Liability/Networth) |
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12.13 |
15.18 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.43 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Orginally
Established in 1950 as “G Varadan Private Limited”
As
per Website Details:
G.Varadan Engineering Pvt. Ltd, established in the year
1950, is a leading manufacturer and exporter of different types of nozzles like
spray nozzle,belt type nozzle,shower systems both Stationary and Oscillating.
The company also manufacturers GVE-DSM filters for Paper, Coal, Starch, Sugar
Industries apart from covering the tile industry.
GVE can offer a wide variety of other products like Fixed Speed & Variable
Speed Oscillating Units, filtering media for re-use of back water and nozzles.
G.Varadan Engineering Pvt. Ltd, having a vast experience of 53 years in
manufacturing Import substitute products is headquartered at Bangalore, and
headed by Shri Varadan Govind. The company since its establishment has
developed its export markets in US, Australia and Far East.
The company, an OEM service provider, aims at achieving high level of customer
satisfaction by producing high quality products at a competitive price.
The company desires to reach at zenith in the engineering service industry by
manufacturing products of top class quality at reasonable prices. G. Varadan
solicits trade inquiries from buyers interested in different type of
nozzles,filters.
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Company Profile |
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Factory Tour |
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]
Management
Company's
Vision
The company's vision is to become world class Engineering
service provider and to create state of the art manufacturing facilities for
the manufacture of mechanical components and sub assemblies with the top class
quality at reasonable prices. The unit has ambitious plans to create an
organization to serve Engineering Industries of different products by supplying
critical components.
Company's
Hierarchy
Varadan
Govind, Managing Director, Mobile No. 9845033673; S.R. Shankar, Director
(Technical), Mobile No. 98450-29263; R. Murugesan, General Manager (W), Mobile
No. 56712263.
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.44.97 |
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UK
Pound |
1 |
Rs.81.04 |
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Euro |
1 |
Rs.56.41 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
|
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |