MIRA
INFORM REPORT
|
Report Date : |
20.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VALIANT ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
72 - N, Pologround, Industrial Estate, Indore – 452015, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.06.1989 |
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Com. Reg. No.: |
10 – 15331 |
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CIN No.: [Company
Identification No.] |
U03150MP1989PTC005331 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLV00097G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of High Pressure Sodium Vapour Lamps and Metal Halide Lamps. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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
20000 |
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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 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 / Head Office / Factory : |
72 - N, Pologround, Industrial Estate, Indore
– 452015, Madhya Pradesh, India |
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Tel. No.: |
91-731-2424241/ 2424320 |
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Fax No.: |
91-731-2424320 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Ashok Kumar Goyal |
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Designation : |
Director
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Address : |
231-B. G. Scheme, No-74-C, Vijay Nagar, Indore, Madaya Pradesh – 452010, India |
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Date of Birth/Age : |
22/07/1949 |
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Date of Appointment : |
27/06/1989 |
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Name : |
Mr Akshat Goyal |
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Designation : |
Director |
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Address : |
231-B.G.Scheme,
No-74-C, Vijay Nagar, Indore, Madaya Pradesh - 452 010, India |
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Date of Birth/Age : |
12/10/1982 |
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Date of Appointment : |
01/03/2001 |
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Name : |
Ms Ila Bansal |
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Designation : |
Director |
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Address : |
603-Sakar
Residency Majestic Block, A.B.Road, Indore, Madaya Pradesh 452008, India |
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Date of Birth/Age : |
25/11/1977 |
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Date of Appointment : |
01/03/2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr. Ashok Kumar Goyal |
1152 |
4.71 |
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Mr. Rasik Lal Jain |
3168 |
12.94 |
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Ms. Chhaya Goyal |
1638 |
6.69 |
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Mr. Natwar Nagar |
360 |
1.47 |
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Mr. Govind Das Nagar |
18 |
0.07 |
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Mr. Rakesh Goyal |
180 |
0.74 |
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Mr. Bhaskar G Khanolkar |
180 |
0.74 |
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Mr. Kamlesh Vaid & Mrs Anuradha Vaid |
918 |
3.75 |
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Mr. Kamlesh Kumar Bbulal (HUF) |
18 |
0.07 |
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Mrs. Aruna Jain |
648 |
2.65 |
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Mrs. Anuradha Vaid |
5400 |
22.06 |
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Mr. Akshat Goyal |
10800 |
44.12 |
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TOTAL |
24480 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of High Pressure Sodium Vapour Lamps and Metal Halide Lamps. |
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Products : |
High Pressure Mercury Vapuur Lamps High Pressure Sodium Vapour Lamps SON T-70 Watt SON T-250 Watt Metal Halide Lamps |
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Brand Names : |
VAPOLITE |
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Imports from : |
Germany, Japan, Holland, Belgium, Korea and Italy [Raw Materials, HPSV Burners, Quartz Tubes, Glass Shells and Metal Halide Burners] |
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Terms : |
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Selling : |
Contract (30 days) and Cash |
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Purchasing : |
Contract (30 days), Cash and L/C |
PRODUCTION
STATUS
|
Particulars |
Licensed Capacity |
Installed Capacity |
Actual Production |
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HPMV / HPSV Lamps Metal Halide Lamps |
150000 Pcs. |
120000 Pcs. |
N.A. |
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HPMV Burners |
100000 Pcs. |
30000 Pcs. |
N.A. |
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HPMV Lamps |
N.A. |
N.A. |
41478 Nos. |
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HPSV Lamps |
N.A. |
N.A. |
78106 Nos. |
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Metal Halide Lamps |
N.A. |
N.A. |
2500 Nos. |
GENERAL
INFORMATION
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Customers : |
Manufacturers, Wholesalers and Retailers. Orissa Electricity Board BSES BEST Government of NCT Delhi MP State Electricity Boards Madhuri Wires, Bangalore, Karnataka Kalpana Lamp & Comp. Industries, Indore, Madhya Pradesh S. V. Industries, Dewas, Madhya Pradesh Telux, Germany Spezialglas GmbH, Germany Osram GmbH, Germany Osram Silvania Inc., USA Philips Lighting B.V., Holland Philips Lighting B.V., Belgium Philips Lighting B.V., Netherlands Kobun Kogyo Company Limited, South Korea Saes Getters, Italy Delhi Electric Supply Undertaking Madhya Pradesh Electricity Board Uttar Pradesh State Electricity Board B.B.M.B. Rajasthan State Electricity Board Maharashtra State Electricity Board, Mumbai Maharashtra State Electricity Board, Khapaerkheda, Maharashtra Maharashtra State Electricity Board, Koradi, Maharashtra Maharashtra State Electricity Board, Eklehra, Maharashtra Maharashtra State Electricity Board, Nasik, Maharashtra Gujarat Electricity board, Baroda, Gujarat Municipal Corporation, Indore, Madhya Pradesh Municipal Corporation, Bhopal, Madhya Pradesh Municipal Corporation, Mumbai Municipal Corporation, Hyderabad, Andhra Pradesh Municipal Corporation, Thane, Maharashtra Municipal Corporation, Kalyan, Maharashtra Indore Development Authority, Indore, Madhya Pradesh Jaipur Development Authority, Jaipur, Rajasthan Cantonment Boards Railway Board - Western Railway and Central Railway Coal India Limited C.P.W.D. / P.W.D. / Bank Note Press Ordnance Factories C.A.T. (BARC) All India Radio / Doordarshan / P & T Surya Roshni Limited Mysore Lamps Limited Genelec Limited Sylvania Laxman Limited |
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No. of Employees : |
37 |
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Bankers : |
Bank of Baroda Industrial Estate Branch, Indore, Madhya Pradesh Tel. No. 91-731-2542720 / 2535630 Fax No. 91-731-2430253 HDFC Bank ICICI Bank Limited Indore Rewa Sidhi Gramin Bank Morwa |
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Facilities : |
Secured
Loans : Cash Credit A/c – Rs. 3.163 millions from Bank of Baroda [It is
secured by hypothecation of stocks of raw materials, finished goods and stock
in process] |
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Banking Relations : |
Satisfactory
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Auditors : |
Ujjwal Bhorkar & Atul Kulkarni Chartered Accountants, 216, Ashram Complex, Behind 56, Shops, 584, M.G. Road, Indore - 452001, India |
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Tel. No.: |
91-731-2532808/ 2537088 |
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Fax No.: |
91-731-2432942 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
24500 |
Equity
Shares |
Rs. 100/- each |
Rs. 2.450 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
24480 |
Equity
Shares |
Rs. 100/- each |
Rs. 2.448 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.448 |
2.448 |
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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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3.047 |
1.551 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
5.495 |
3.999 |
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LOAN FUNDS |
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1] Secured Loans |
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3.678 |
3.886 |
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2] Unsecured Loans |
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10.695 |
6.413 |
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TOTAL BORROWING |
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14.373 |
10.299 |
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DEFERRED TAX LIABILITIES |
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0.093 |
0.125 |
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TOTAL |
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19.961 |
14.423 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.855 |
2.243 |
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Capital work-in-progress |
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2.985 |
0.000 |
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INVESTMENT |
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0.591 |
0.991 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.580 |
6.704 |
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Sundry Debtors |
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6.383 |
5.941 |
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Cash & Bank Balances |
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0.128 |
0.464 |
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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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2.477 |
1.133 |
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Total Current Assets |
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16.568 |
14.242 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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3.038 |
3.053 |
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Total Current Liabilities |
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3.038 |
3.053 |
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Net Current Assets |
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13.530 |
11.189 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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19.961 |
14.423 |
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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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31.771 |
29.059 |
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Profit/(Loss)
Before Tax |
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2.092 |
1.675 |
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Provision
for Taxation |
|
0.596 |
0.404 |
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Profit/(Loss)
After Tax |
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1.496 |
1.271 |
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Import
Value |
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6.091 |
6.273 |
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Total
Expenditure |
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28.309 |
26.253 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.71 |
4.37 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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6.99 |
5.73 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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6.50 |
7.27 |
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Return
on Investment (ROI) (PBT/Networth) |
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27.22 |
31.78 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.62 |
2.58 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
5.45 |
4.66 |
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Quick Ratio |
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2.96 |
2.47 |
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Current Liabilities/Networth |
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0.55 |
0.76 |
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Fixed Asset / Networth |
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0.52 |
0.56 |
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Average Collection Days |
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77.89 |
74.13 |
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Account Receivables Turnover |
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4.69 |
4.92 |
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Inventory Turnover |
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3.95 |
4.36 |
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Asset Turnover |
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10.48 |
13.04 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was promoted by Mr. A. K. Goyal, a technocrat alongwith Mr. Rasik Jain.
Supplying to Government Departments on DGS&D rate contract basis.
The
company has received ISI & ISO 9001:2000 Certificate.
The
overall performance of the subject company was satisfactory with sales
registering a growth of 3% in value terms.
The Profits increased by more than 10%.
The subject company’s project at Roorkee, Uttaranchal is taking shape
and building construction has already been started. The subject has already purchased some of the machineries needed
for the new project.
The
details of Investment as on 31st March, 2005 was as follows :
|
Particulars |
Amount (INR) as on 31.03.2005 |
|
Birla Dividend Yield Plus
(Dividend) Plan 15686.275 Units @ 12.75 each |
200000 |
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UTI Growth & Value, Annual
Dividend Plan 3932315 Units @ 17.00 each |
66850 |
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Prudential ICICI Power
(Dividend) Plan |
212000 |
|
UTI Master Value Fund |
111927 |
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Total |
590777 |
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.44.99 |
|
UK
Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
|
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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|