MIRA
INFORM REPORT
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Report Date : |
27th
October, 2006 |
IDENTIFICATION
DETAILS
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Correct Name : |
VASU
TECH LIMITED |
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Formerly Known As : |
VARMA
TRAFAG LIMITED |
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Registered Office : |
P O
Sangwari, District Rewari – 123 401, Haryana, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
02.03.1984 |
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Com. Reg. No.: |
05-17618 |
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CIN No.: [Company
Identification No.] |
U51909DL1984PLC017618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV05599G |
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PAN No.: [Permanent
Account No.] |
AAACV0054C |
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Legal Form : |
A
Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturing
and Selling of Thermostats, Pressure Switches, Temperature and Pressure
Transmitters, Controllers, Density Gauges and Spares and Services for the
said instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
-- |
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Status : |
Poor |
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Payment Behaviour : |
Unknown
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Litigation : |
Unknown
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Comments : |
Financial
position of the company is poor. Ways and means position is difficult. No
payments are available. The company can be considered for any business
dealings on safe and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
P O
Sangwari, District Rewari – 123 401, Haryana, India |
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Tel. No.: |
91-1274-249040/
249738/ 249739 |
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Telefax No.: |
91-1274-249738/
249040 |
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E-Mail : |
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Website : |
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Branches
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C-7, 2nd
Floor, Friends Colony (East), New Delhi - 110065, India. |
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Tel.
No.: |
91-11-41628761/
41628762 |
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Fax
No.: |
91-11-41628770 |
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E-Mail
: |
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DIRECTORS
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Name : |
Mr.
Rattan Lal Varma |
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Designation : |
Chairman
and Managing Director |
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Address : |
A –
123, New Friends Colony, New Delhi – 110 065, India |
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Date of Birth/Age : |
21.04.1928 |
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Date of Appointment : |
02.03.1984 |
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Name : |
Mr.
Dhruv Varma |
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Designation : |
Managing
Director |
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Address : |
A –
123, New Friends Colony, New Delhi – 110 065, India |
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Date of Birth/Age : |
25.10.1961 |
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Date of Appointment : |
07.05.1986 |
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Name : |
Ms.
Aruna Varma |
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Designation : |
Director
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Address : |
A –
123, New Friends Colony, New Delhi – 110 065, India |
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Date of Birth/Age : |
06.02.1941 |
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Date of Appointment : |
02.03.1984 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Selling of Thermostats, Pressure Switches, Temperature and Pressure
Transmitters, Controllers, Density Gauges and Spares and Services for the
said instruments. |
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Products with ITC Code : |
ª
Thermostats
– 90.32 ª
Pressure
Switches – 90.32 ª
Temperature
and Pressure Transmitters ª
Controllers ª
Density
Gauges – 85.36 |
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PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Thermostats |
Nos. |
100000 |
80000 |
265 |
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Pressure Switches |
Nos. |
60000 |
50000 |
3907 |
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Transmitter for Temperature and Pr.
Explosion Proof |
Nos. |
2500 |
2500 |
-- |
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Controllers, Regulators and Density Gauges
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Nos. |
10000 |
10000 |
-- |
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Process Timers |
Nos. |
2000 |
NA |
-- |
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Heating Systems and Solenoid Valves |
Nos. |
100 |
50 |
-- |
GENERAL
INFORMATION
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No. of Employees : |
About
20 |
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Bankers and Financial Institutions : |
¯
Canara
Bank ¯
Oriental
Bank of Commerce ¯
ICICI
Bank Limited ¯
HSIDC |
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Facilities : |
Secured Loan (Rs. in millions)
Unsecured Loan (Rs. in millions)
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Banking Relations : |
Unknown
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Auditors : |
Obhrai
Kataria and Associates Chartered
Accountants |
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Address : |
4th
Floor, Dakha House, 18/17, W. E. A., Karol Bagh, New
Delhi – 110 005, India |
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Tel. No.: |
91-11-25768424/
51450810 |
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Fax No.: |
91-11-51450816 |
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E-Mail : |
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Associates : |
¯
Associated
Engineers ¯
Suneja
Enterprises ¯
Thermocon
Enterprises ¯
Usha
Enterprises |
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Subsidiaries : |
ª
Vasucorp
Inc. (formerly Vasu Tech Inc.) |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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5000000 |
Equity
Shares |
Rs. 10/- |
Rs. 50.000 millions |
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25000 |
15% Cumulative Redeemable Preference
Shares |
Rs. 1000/- |
Rs. 25.000 millions |
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5000000 |
7% Cumulative Convertible Preference
Shares |
Rs. 10/- |
Rs. 50.000 millions |
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Total |
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Rs. 125.000 millions
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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3756564 |
Equity
Shares |
Rs. 10/- |
Rs. 37.566 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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37.566 |
37.566 |
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2] Reserves & Surplus |
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56.260 |
68.397 |
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NETWORTH |
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93.826 |
105.963 |
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LOAN FUNDS |
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1] Secured Loans |
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266.282 |
279.623 |
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2] Unsecured Loans |
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397.847 |
272.401 |
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TOTAL BORROWING |
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664.129 |
552.024 |
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TOTAL |
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757.955 |
657.987 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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62.614 |
67.957 |
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Capital work-in-progress |
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206.679 |
162.988 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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88.066 |
89.118 |
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Sundry Debtors |
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85.511 |
84.612 |
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Cash & Bank Balances |
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2.284 |
9.445 |
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Loans & Advances |
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28.274 |
28.279 |
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Total Current Assets |
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204.135 |
211.454 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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113.497 |
107.603 |
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Provisions |
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18.604 |
18.548 |
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Total Current Liabilities |
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132.101 |
126.151 |
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Net Current Assets |
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72.034 |
85.303 |
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MISCELLANEOUS EXPENSES |
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416.628 |
341.739 |
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TOTAL |
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757.955 |
657.987 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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25.049 |
2.823 |
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Profit/(Loss)
Before Tax |
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(11.095) |
(28.020) |
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Provision
for Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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(11.095) |
(28.020) |
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Import
Value |
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0.477 |
0.094 |
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Total
Expenditure |
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36.144 |
30.843 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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(992.561) |
(992.561) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(992.561) |
(992.561) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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(2.34) |
(6.33) |
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Return
on Investment (ROI) (PBT/Networth) |
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(0.12) |
(0.26) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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9.48 |
7.40 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.54 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Incorporated in India, headquarters in New
Delhi, India, the company is in the process of setting up our global operations
for taking our new development – the VCU Technology platform – to the global
markets. Whilst the company currently have on-going operations in India, our
globally patented VCU Technology is the vehicle for our going global and
entering the world markets.
The company is currently working in the domain of controls:
ª Household Appliance Controls
ª Industrial Controls
ª Heating Ventilation Air-conditioning (HVAC) + Home
& Building Controls
ª Automotive Controls
ª Commercial Refrigeration Controls
The
company’s fixed asset of important value includes:
¯
Land
¯
Building
¯
Plant
and Machinery
¯
Vehicles
¯
Furniture
¯
Office
Equipments
Contact
We have started our operations in USA :
Vasucorp Inc.
Suite 300, 1250, 24th Street, N.W. Washington
D.C.-20037, USA
Vasu Tech Limited
Registered Office & Works:
P.O.
Sangwari, District - Rewari, Haryana - 123401, India.
Phone:
91-1274-249738/ 249739
Telefax:
91-1274-249040
Email: works@in.vasutech.com
Delhi Office:
C-7, 2nd
Floor, Friends Colony (East), New Delhi - 110065, India.
Phone:
91-11-41628761/ 41628762
Fax:
91-11-41628770
Email: corporate@in.vasutech.com
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.44.84 |
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UK
Pound |
1 |
Rs.85.55 |
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Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
-- |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
-- |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
1 |
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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 |
YES |
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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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7 |
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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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