MIRA
INFORM REPORT
|
Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VEENA
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
S-145,
MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.10.1996 |
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Com. Reg. No.: |
11-103190 |
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CIN No.: [Company
Identification No.] |
U29299PN1996PTC103190 |
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
Manufacturers
of X Ray Machines, Air Compressor, Canapies Sheet Metal. |
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
425000 |
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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 and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. 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 : |
S-145,
MIDC, Bhosari, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-30680821
/ 24111340 / 27120332 |
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Fax No.: |
91-20-30680822
/ 1 / 27120332 / 23068020 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Shailendra Nath Agarwal |
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Designation : |
Managing
Director |
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Address : |
S
258/3, House No. 1823, Balaki Park, Baner, Behind Anand Park, Pune – 411045,
Maharashtra, India |
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Date of Birth : |
19.10.1946 |
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Date of Appointment : |
04.11.1996 |
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Name : |
Ms.
Veena Shailendra Agarwal |
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Designation : |
Director
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Address : |
S
258/3, House No. 1823, Balaki Park, Baner, Behind Anand Park, Pune – 411045,
Maharashtra, India |
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Date of Appointment : |
09.10.1996 |
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Name : |
Mr.
Atin Brijendra Agarwal |
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Designation : |
Director
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Address : |
3,
Camelia Court, Gulmohar Park, Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth : |
25.04.1976 |
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Date of Appointment : |
09.10.1996 |
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Name : |
Mr.
Bijendra Nath Agarwal |
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Designation : |
Director
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Address : |
3,
Camelia Court, Gulmohar Park, Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth : |
08.09.1947 |
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Date of Appointment : |
09.10.1996 |
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Name : |
Mr.
Avinash Shailendra Agarwal |
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Designation : |
Director
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Address : |
9,
Balaji Park, Behind Anand Park, Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
29.01.1978 |
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Date of Appointment : |
01.10.2005 |
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Name : |
Ms.
Kavita Brijendra Agarwal |
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Designation : |
Director
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Address : |
3,
Camelia Court, Gulmohar Park, Aundh, Pune – 411007, Maharashtra, India |
KEY EXECUTIVES
|
Name
: |
Ms.
Deepika Agarwal |
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Designation
: |
Company
Secretary |
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Address
: |
N
Wing, Flat No. 15, Vishal Garden, Chakan Shikrapur Road, Chakan, Pune –
410501, Maharashtra, India |
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Date
of Birth/Age : |
22.08.1976 |
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Date
of Appointment : |
01.11.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
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Mr.
Bijendra Nath Agarwal |
|
600000 |
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Mr.
Atin Brijendra Agarwal |
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660200 |
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Ms.
Veena Shailendra Agarwal |
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600000 |
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Mr.
Paridhi Brijendra Agarwal |
|
20000 |
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Mr.
Avinash Shailendra Agarwal |
|
360200 |
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Mr.
Rahul Shailendra Agarwal |
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30000 |
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Ms.
Kavita Brijendra Agarwal |
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140000 |
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Mr.
Bijendra Nath Agarwal – HUF |
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260000 |
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Mr.
Shailendra Nath Agarwal |
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510000 |
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Mr.
Bijendra Nath Agarwal Joint With Ms. Kavita Brijendra Agarwal |
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340000 |
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Ms.
Kavita Brijendra Agarwal Joint With Mr. Bijendra Nath Agarwal |
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160000 |
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Ms.
Pooja Atin Agarwal Joint With Atin Brinjendra Agarwal |
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80000 |
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Ms.
Pooja Avinash Agarwal Joint With Avinash Shailendra Agarwal |
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100000 |
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Mr.
Shailendra Nath Agarwal – HUF |
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60000 |
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Ms.
Veena Shailendra Agarwal Joint With Mr. Shailendra Nath Agarwal |
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140000 |
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Ms.
Pooja Atin Agarwal |
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20000 |
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Kavita
Industries Private Limited |
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250000 |
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Chandra
Mauli Tradex Private Limited |
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300000 |
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Mr.
Atin Brinjendra Agarwal |
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99800 |
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Mr.
Avinash Shailendra Agarwal Joint With Pooja Avinash Agarwal |
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59800 |
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Mr.
Hari Motumal Lulla |
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100000 |
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Ms.
Hetal Mahesh Pawani |
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200000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of X Ray Machines, Air Compressor, Canapies Sheet Metal. |
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Products : |
X Ray
Machines, Air Compressor, Canapies Sheet Metal |
GENERAL
INFORMATION
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Bankers : |
UTI
Bank Limited Sterling
Plaza 1262/B, J. M. Road, Deccan Gymkhana, Pune – 411004, Maharashtra, India Bank
of India Pune
Corporate Banking Branch, University Road, Shivajinagar, Pune – 411005,
Maharashtra, India |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
Prakash
Shah and Company Chartered
Accountants 882 B
/ 2, Bhandarkar Road, Pune – 411004, Maharashtra, India |
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Associates/Subsidiaries : |
Chandra
Mauli Tradex Private Limited K-58,
1st Floor, Jangpura Extn., New Delhi - 110014 Kavita
Industries Private Limited 11,
Rajratan Apartments, Aundh, Pune - 411007 |
CAPITAL STRUCTURE
As on 18.08.2006
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity
Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity
Shares |
Rs.10/- each |
Rs. 75.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.000 |
15.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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83.262 |
13.034 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
108.262 |
28.034 |
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LOAN FUNDS |
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1] Secured Loans |
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162.287 |
43.616 |
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2] Unsecured Loans |
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9.573 |
12.674 |
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TOTAL BORROWING |
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171.860 |
56.290 |
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DEFERRED TAX LIABILITIES |
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5.493 |
0.000 |
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TOTAL |
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285.615 |
84.324 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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118.903 |
39.541 |
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Capital work-in-progress |
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12.301 |
2.464 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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102.243 |
23.035 |
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Sundry Debtors |
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74.737 |
49.010 |
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Cash & Bank Balances |
|
3.008 |
1.170 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
55.846 |
8.155 |
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Total Current Assets |
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235.834 |
81.370 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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69.863 |
37.850 |
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Provisions |
|
10.735 |
1.430 |
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Total Current Liabilities |
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80.598 |
39.280 |
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Net Current Assets |
|
155.236 |
42.090 |
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MISCELLANEOUS EXPENSES |
|
0.175 |
0.229 |
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TOTAL |
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285.615 |
84.324 |
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KEY
RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.33 |
3.41 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.93 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
VEENA INDUSTRIES PRIVATE LIMITED |
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Presented By |
VEENA INDUSTRIES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Composite
Hypothecation deed [Current Assets, Movables and Receivables] dated
23.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
88.800 Millions
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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 |
First
charge on all tangible movable machineries, plant and machinery fixture,
fittings, other installations cranes, furniture computers and other
accessories vehicles together with spares, tools and accessories and all other articles lying on the factory
premises, warehouses and godowns at Bhosari, Chakan, Silvassa or wherever
else situated more particularly mentioned in schedule II of the deed First
charge on the whole of borrowers movable goods and assets both present and
future including stocks of raw material, finished goods, consumables stores an spares etc. situated in or upon
or about the borrowers factory premises, warehouses and godowns at Bhosari,
Chakan, Silvassa or wherever else situated more particularly mentioned in
schedule II of the deed First
charge on all present and future book dents, outstanding monies receivables,
engagements and securities including those relating to assets leased out and
given on hire purchases basis more particularly mentioned in schedule II of
the deed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
UTI
Bank Limited, 1262/B, Sterling Plaza, Jangli Maharaj Road, Deccan Gymkhana,
Pune – 411004, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U29299PN1996PTC103190 |
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Name
of the company |
VEENA
INDUSTRIES PRIVATE LIMITED |
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Address
of the registered office or of the principal place of business in India of the company |
S-145,
MIDC, Bhosari, Pune – 411026, Maharashtra |
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This
form is for |
Creation
of charge |
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Type
of charge |
Hypothecation
|
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Particular
of charge holder |
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Amount
secured by the charge |
Rs.
180.000 Millions |
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Brief
of the principal terms an conditions and extent and operation of the charge |
All
terms and conditions remaining the same as for the original charge dated
23.02.2006 |
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Description
of the property charged indicating whether it is a charged on |
Plant
and machinery, Furniture and Fixture, Stock in trade, Book debts and Vehicles
|
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Particulars
of the property charged |
all
tangible movable machineries, plant, machineries, furniture, fittings other
installations, movable goods and assets, both present and future, present and
future book debts, outstanding monies, receivables, claims, bills contracts,
at the premises at S-145, MIDC, Bhosari, Pune – 411026 |
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Charge
identification number of the charge to be modified |
90087159 |
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Brief
description of the instruments modifying the charge under section 135 |
Agreement
dated 04.06.2006 for interchangeability between cash credit and bills
discounting facility |
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Date
of instrument modifying the charge |
04.06.2006 |
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Particulars
of the present modification |
Interchangeability
between cash credit and bills discounting facility Cash
credit : Rs. 90.000 Millions Bills
Discounting Facility Rs. 120.000 Millions |
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Corporate
identity number of the company |
U29299PN1996PTC103190 |
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Name
of the company |
VEENA
INDUSTRIES PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
S-145,
MIDC, Bhosari, Pune – 411026, Maharashtra |
|
This
form is for |
Modification
of charge |
|
Type
of charge |
Other |
|
Particular
of charge holder |
Bank
of India Pune
Corporate Banking Branch, University Road, Shivajinagar, Pune – 411005,
Maharashtra, India |
|
Nature
of instrument creating charge |
Hypothecation
movable machinery |
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Date
of instrument Creating the charge |
16.05.2006 |
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Amount
secured by the charge |
Rs.
120.000 Millions |
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Brief
of the principal terms an conditions and extent and operation of the charge |
Interest
0.75 % below PLR, Minimum 10.50 % p.a. with monthly rests, First charge on
assets hypothecated. |
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Description
of the property charged indicating whether it is a charged on |
Plant
and machinery |
|
Particulars
of the property charged |
All
tangible movable machineries & plant future at the premises at S-145,
MIDC, Bhosari, Pune – 411026 |
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.44.11 |
|
UK
Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|