MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VSL INDIA PRIVATE LIMITED |
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Registered Office : |
36, Annai Indra Nagar, Thuraipakkam, Old Mahabalipuram
Road, Chennai - 600 096 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.11.1999 |
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Com. Reg. No.: |
18-43540 |
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CIN No.: [Company
Identification No.] |
U28920TN1999PTC043540 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV02361C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To manufacture, distribute, deal in, operate and to act as agents, advisers,
consultants and contractors in respect of all manner of pre-stressing and
post tensioning system, ground anchor and associated works mainly in power
sector like nuclear power plant reactors and infrastructure sector like cable
stayed bridges and segmental bridges. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company having moderate track records. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow and delayed. The company can
be considered normal for small business dealings against safe and secured
trade terms and conditions. |
LOCATIONS
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Registered Office : |
36, Annai Indra Nagar, Thuraipakkam, Old Mahabalipuram
Road, Chennai - 600 096, India |
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Tel. No.: |
91-44-42251111 |
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Fax No.: |
91-44-42251010 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Muthuganesan Rajamani |
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Designation : |
Managing Director |
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Address : |
59Kalakshetra Colony, Beach Road, Besantnagar, Chennai – 6000090,
Tamilnadu, India |
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Date of Birth/Age : |
23.07.1970 |
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Date of Appointment : |
11.11.1999 |
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Name : |
Mr. Johannes Himavan |
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Designation : |
Director |
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Address : |
1, Rhu Cross # 13-01, Singapore – 437431 |
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Date of Birth/Age : |
21.05.1949 |
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Date of Appointment : |
26.03.2000 |
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Name : |
Mr. Jean Philippe Trin |
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Designation : |
Director |
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Address : |
171, Rue Dufau Bourg, Polissonniere, Paris- 75009, France |
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Date of Birth/Age : |
14.06.1962 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Geneau De Damarliere Herve |
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Designation : |
Director |
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Address : |
38 Rue Du Plateau, 78690 Les Essarts, Lerot France |
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Date of Birth/Age : |
22.05.1951 |
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Date of Appointment : |
12.02.2002 |
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Name : |
Mr. Payne Andrew |
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Designation : |
Director |
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Address : |
21 E, The Manhattan No. 33, Tai Tam Road, Hon Kong |
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Date of Birth/Age : |
11.10.1955 |
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Date of Appointment : |
09.08.2002 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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VSL International Limited |
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5200022 |
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Mr. Huganesan Rajamanimut |
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1 |
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Total |
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5200023 |
BUSINESS DETAILS
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Line of Business : |
To manufacture, distribute, deal in, operate and to act as agents, advisers,
consultants and contractors in respect of all manner of pre-stressing and
post tensioning system, ground anchor and associated works mainly in power
sector like nuclear power plant reactors and infrastructure sector like cable
stayed bridges and segmental bridges. |
GENERAL
INFORMATION
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No. of Employees : |
3,900 [Group Companies] |
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Bankers : |
BNP Paribas, Prince Towers – 3rd Floor, 25-26, College
Road, Chennai – 600006 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Masilamani and Company Chartered Accountants |
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Address : |
22, Fifth Cross Street, Slake Area, Nungambakkam, Chennai – 600034,
Tamilnadu, India |
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Tel. No.: |
91-44-28175658/28172025 |
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E. Mail.: |
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Holding Company : |
VSL International Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 65.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5,200,023 |
Equity Shares |
Rs. 10/- each |
Rs. 52.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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52.000 |
52.000 |
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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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0.000 |
9.455 |
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4] (Accumulated Losses) |
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[22.269] |
0.000 |
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NETWORTH |
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29.731 |
61.455 |
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LOAN FUNDS |
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1] Secured Loans |
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10.815 |
1.629 |
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2] Unsecured Loans |
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148.016 |
96.871 |
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TOTAL BORROWING |
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158.831 |
98.500 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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188.562 |
159.955 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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67.962 |
43.313 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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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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177.687 |
125.854 |
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Sundry Debtors |
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196.504 |
154.646 |
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Cash & Bank Balances |
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30.902 |
20.132 |
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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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121.915 |
66.714 |
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Total
Current Assets |
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527.008 |
367.346 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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406.408 |
250.704 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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406.408 |
250.704 |
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Net Current Assets |
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120.600 |
116.642 |
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MISCELLANEOUS EXPENSES |
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0.000 |
000 |
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TOTAL |
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188.562 |
159.955 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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1063.582 |
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Total Income |
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1063.582 |
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Profit/(Loss) Before Tax |
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(31.018) |
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Provision for Taxation |
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0.705 |
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Profit/(Loss) After Tax |
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(31.723) |
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Expenditures : |
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Other Expenditure |
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1076.896 |
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Total Expenditure |
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1076.896 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
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(2.98) |
-- |
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Net Profit Margin (PBT/Sales) |
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(2.91) |
-- |
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Return on Total Assets (PBT/Total Assets} |
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(5.21) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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(1.04) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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19.01 |
5.68 |
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Current Ratio (Current Asset/Current Liability) |
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1.30 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from Rajah
Annamalai Building Annexe, 1st Floor Unit, 18-3, Rukmini
Lakshmipathi Road, Egmore to the present address.
VSL INDIA is a wholly owned subsidiary of VSL INTERNATIONAL,
Switzerland and part of BOUYGUES CONSTRUCTION, France. VSL\'s experience in
post-tensioning and related engineering goes back 50 years. VSL operates
through 35 subsidiaries as a world-wide network, including 2 production
facilities in Spain and China. With 3,900 employees, including 1,100 engineers
and technicians, the group provides technical consultancy and support for the
full range of works from project planning (development of preliminary designs,
alternative design proposals) to complete final designs, construction
engineering and on-site activities. The company has adapted post-tensioning
principles to civil structures such as LNG tanks, reservoirs, plants, tunnels,
off-shore platforms, concrete floating barges dams and stay cables. In addition
to post-tensioning and stay cables, the group\'s scope of works covers rock and
soil anchors, stabilized walls, heavy lifting, bearings, repair works,
monitoring, geotechnics & deep foundations, formwork systems, precasting
and segmental erection launching gantries.
Bankers Charges
Report as per Registry
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Name of the company |
VSL INDIA
PRIVATE LIMITED |
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Presented By |
BNP PARIBAS,
Prince Towers – 3rd Floor, 25-26, College Road, Chennai – 600006
and VSL INDIA PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement dated
18.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR 20.000
Millions and interest, costs, charges and other expenses that may be debited
to the amount from time to time. Nature of
Facility : Short Term Loan |
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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 |
Hypothecation by
way of Exclusive Charge in favour of the Bank. - All movable assets such as raw materials,
stock-in-process, finished goods, ;lying at various factories, godowns,
warehouses retail outlets etc. wherever situated, or in transit, both
presents and future, belonging to the company. -
All book debts, outstanding moneys, receivable, claims and bills which
are now due and owing or which may at time hereafter during the continuance
of this security become due and owing to the company in the course of its
business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: BNP Paribas Prime Lending Rate, payable monthly in arrears. Margin 25 % on
stock and book debts. Other terms and
conditions as per the sanction letter and agreement dated 18.08.2005. |
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5) Name and Address and description of the person entitled to the charge. |
BNP PARIBAS, Prince Towers – 3rd Floor, 25-26, College
Road, Chennai – 600006 |
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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 |
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.42.90 |
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UK Pound |
1 |
Rs.84.69 |
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Euro |
1 |
Rs.57.21 |
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 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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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23 |
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 |
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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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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