MIRA
INFORM REPORT
|
Report Date : |
28.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
V I T
P PRIVATE LIMITED |
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Registered Office : |
Building
“D”, Plot No. 17, Software Units Layout, Madhapur, Hyderabad – 500081, Andhra
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
02.04.1997 |
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Com. Reg. No.: |
01-26801 |
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CIN No.: [Company
Identification No.] |
U72200AP1997PTC026801 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in Industrial Technology Parks and Property Development
Projects. |
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 |
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Maximum Credit Limit : |
USD
3250000 |
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Status : |
Good |
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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. Financial position is satisfactory. 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
|
Registered Office : |
Building
“D”, Plot No. 17, Software Units Layout, Madhapur, Hyderabad – 500081, Andhra
Pradesh |
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Tel. No.: |
91-40-55021031 |
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Fax No.: |
91-40-5502001 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Pang Yee Ean |
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Designation : |
Chairman
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|
Address : |
Flat
202, Gama Block, Jayabheri Silicon County, Kondapur, Hyderabad |
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Date of Birth/Age : |
05.02.1969 |
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Date of Appointment : |
14.06.2005 |
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Name : |
Mr. Y.
M. Reddy |
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Designation : |
Director |
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Address : |
No. 3,
6th Street, Nandanam Extension, Chennai – 35, Tamilnadu, India |
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Date of Birth/Age : |
13.12.1957 |
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Date of Appointment : |
02.03.2005 |
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Name : |
Mr. F.
C. Kin Yuen |
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Designation : |
Director
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Address : |
Block
690 C, Choa Chu Kaug Crescent, # 05-90, Singapore – 683690 |
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Date of Birth/Age : |
23.06.1995 |
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Date of Appointment : |
02.03.2005 |
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Name : |
Mr. G.
K. Huat |
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Designation : |
Director
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Address : |
7,
Chestnut Terrace, Singapore – 679125 |
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Date of Birth/Age : |
20.10.1964 |
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Date of Appointment : |
14.06.2005 |
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Name : |
Mr. T.
J. Hiang |
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Designation : |
Director
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Address : |
Block
502, Pasir Rls Street, 52, # 11 – 229, Singapore – 510502 |
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Date of Birth/Age : |
19.07.1962 |
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Date of Appointment : |
14.06.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Ascendas
Property Fund [India] Pte Limited, Singapore |
|
5595118 |
|
Ascendas
Property Fund Trustee Pte. Limited [Nominee of Ascendas Property Fund India
Pte Limited] |
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2 |
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TOTAL |
|
5595120 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in Industrial Technology Parks and Property Development
Projects. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash
and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
End
Users |
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No. of Employees : |
400 |
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Bankers : |
U T I
Bank Limited Begumpet,
Hyderabad – 500016, Andhra Pradesh, India |
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Facilities : |
Credit
Limit : Rs. 305 millions [charged dated 02.06.2004] |
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Banking Relations : |
Satisfactory
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Auditors : |
S. R.
Batliboi & Associates Chartered
Accountants, Hyderabad,
Andhra Pradesh, India Note :
Price Water House, Chartered Accountant is appointed as Auditors after the
Annual General Meeting |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5600000 |
Equity
Shares |
Rs. 100/- each |
Rs. 560.000 millions |
|
4400000 |
Preference
Shares |
Rs. 100/- each |
Rs. 440.000 millions |
|
|
TOTAL |
|
Rs. 1000.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5595120 |
Equity
Shares |
Rs. 100/- each |
Rs. 559.512 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
559.512 |
559.512 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
310.149 |
169.730 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
869.661 |
729.242 |
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LOAN FUNDS |
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1] Secured Loans |
|
182.475 |
144.366 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
182.475 |
144.366 |
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DEFERRED TAX LIABILITIES |
|
55.501 |
38.630 |
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TOTAL |
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1107.637 |
912.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1087.088 |
812.855 |
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Capital work-in-progress |
|
93.850 |
155.966 |
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INVESTMENT |
|
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
|
72.502 |
42.739 |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
|
72.502 |
42.739 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
|
145.813 |
99.332 |
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Total Current Liabilities |
|
145.813 |
99.332 |
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Net Current Assets |
|
[73.311] |
[56.593] |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
1107.637 |
912.238 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
345.428 |
234.250 |
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Profit/(Loss)
Before Tax |
|
170.674 |
104.052 |
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Provision
for Taxation |
|
30.255 |
17.248 |
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Profit/(Loss)
After Tax |
|
140.419 |
86.804 |
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Total
Expenditure |
|
174.754 |
130.197 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
40.65 |
37.05 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
49.40 |
44.41 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
14.71 |
12.16 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
0.14 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
0.37 |
0.33 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
0.49 |
0.43 |
LOCAL AGENCY
FURTHER INFORMATION
The
subject was originally incorporated as Baan IT Park India Private Limited. The name was changed to Venenburg IT Park
Private Limited w.e.f. 13.12.1999 and again it was changed to the present
w.e.f. 18.10.2005.
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.44.93 |
|
UK
Pound |
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.57.34 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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