MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VINIR ENGINEERING PRIVATE LIMITED |
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Registered Office : |
# 104, Bommasandra Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.08.1983 |
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Com. Reg. No.: |
5477 |
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CIN No.: [Company
Identification No.] |
U74210KA1983PTC005477 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV00374D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of components for the railway, construction equipment,
oil and gas and other industrial product. |
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 1514600 |
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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 records. Directors are reported as experienced 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
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Registered Office : |
# 104, Bommasandra Industrial Area, |
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Tel. No.: |
91-80-27832313 |
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Fax No.: |
91-80-27831764 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Ms. Veena Gupta |
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Designation : |
Director |
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Address : |
No.6, 100 , F. T. Road, 1st Phase I stage, BTM Layout,
Bangalore - 560068, Karnataka, India |
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Name : |
Ms. Tina Gupta |
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Designation : |
Director |
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Address : |
No.6, 100 , F. T. Road, 1st Phase I stage, BTM Layout,
Bangalore - 560068, Karnataka, India |
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Name : |
Ms. Kadambari Gupta |
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Designation : |
Director |
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Address : |
No.6, 100 , F. T. Road, 1st Phase I stage, BTM Layout,
Bangalore - 560068, Karnataka, India |
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Name : |
Mr. Naresh Chandra Gupta |
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Designation : |
Managing Director |
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Name : |
Mr. Nitesh Gupta |
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Designation : |
Director |
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Name : |
Mr. Ritesh Gupta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. B Mahesh Shenoy |
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Designation : |
Company Secretary |
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Mobile No.: |
91-9341258531 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of components for the railway, construction equipment,
oil and gas and other industrial product. |
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Products : |
Open Die Foreign : Oil and gas Closed Die Forging : Automotive, earthmoving, hydraulics, Oil and gas, spaceframes, mining,
engineering Upset Die Forging : Automotive, Earthmoving, Mining Machine Tools |
GENERAL INFORMATION
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Bankers : |
Canara Bank Cantonment Branch, No. 88, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. K. Rungta and company Chartered Accountant |
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Address : |
D-1, Jyoti Complex, No. 134/1, Infantry Road, Bangalore – 560001,
Karnataka, India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,90,000 |
Equity |
Rs. 10/- Each |
Rs. 4.900 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,25,500 |
Equity |
Rs. 10/- Each |
Rs. 3.255
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 |
3.255 |
3.255 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.610 |
13.820 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
37.865 |
17.075 |
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LOAN FUNDS |
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1] Secured Loans |
64.969 |
27.205 |
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2] Unsecured Loans |
0.000 |
0.400 |
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TOTAL BORROWING |
64.969 |
27.605 |
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DEFERRED TAX LIABILITIES |
11.188 |
12.887 |
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TOTAL |
114.022 |
57.567 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.490 |
31.667 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
8.875 |
1.699 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.929
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9.255 |
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Sundry Debtors |
87.308
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49.412 |
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Cash & Bank Balances |
3.890
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1.619 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
9.844
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5.261 |
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Total
Current Assets |
122.971
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65.547 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
65.313
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41.347 |
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Provisions |
0.000
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0.000 |
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Total
Current Liabilities |
65.313
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41.347 |
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Net Current Assets |
57.658
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24.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
114.022 |
57.567 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
369.263 |
225.975 |
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Other Income |
4.760 |
6.951 |
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Total Income |
374.023 |
232.926 |
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Profit/(Loss) Before Tax |
29.029 |
7.836 |
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Provision for Taxation |
8.239 |
4.876 |
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Profit/(Loss) After Tax |
20.790 |
2.960 |
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Depreciation & Amortization |
2.218 |
1.467 |
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Other Expenditure |
342.776 |
223.623 |
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Total Expenditure |
344.994 |
225.090 |
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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 |
(%) |
5.56
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1.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.86
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3.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.19
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7.92 |
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Return on Investment (ROI) (PBT/Networth) |
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0.77
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0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.44
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4.03 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
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1.58 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U74210KA1983PTC005477 |
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Name of the company |
VINIR ENGINEERING PRIVATE LIMITED |
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Address |
# 104, Bommasandra Industrial Area, |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property (not being pledge), Others, Hypothecation of stock |
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Particular of the charge holder |
Canara Bank Cantonment
Branch, No. 88, |
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Nature or description of the instrument creating charge |
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Date of the instrument creating charge |
18.11.2006 |
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Amount Secure by the charge |
Rs. 10.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of interest: Total Amount Secured By The Charge;
Rate of Interest : For Pc Limit : Minimum of 8.25% compounded Monthly For Be Limit : 14.25% b) Terms of repayment : The borrower shall on demand pay to the Bank the amount outstanding and owing by him to the Bank c) Margin : For PC Limit Margin is 10% For Be Margin is 10% d) Extent and operation of the charge : Hypothecation of stock belonging to the company |
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Particulars of the Property charged |
Hypothecation of stock belonging to the company |
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Name of the company |
M/s VINIR ENGINEERING PRIVATE LIMITED |
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Presented
By |
VINIR
ENGINEERING PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
18.11.2005 Hypothecation Deed for Machinery Imported Under LC |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.013 Millions (LC Limit) |
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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 off all the Present and Future Plant and
Machineries like One Unit of the makino CNC Vertical machinery centre model
V77 belonging to the company installed at 104, Bommasandra Indl. Area, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 5.5% above BPLR with a minimum of 16.25% p. a. Repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Cantonment branch, |
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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 |
Website Details:
Subject, is a Supplier of Closed Die Forgings, Vertical Upset Forgings, Open Die
Forgings and Fully Machined Components. Subject are exporters of
the above components to
Automotive industry
Oil and Gas Industry
Surface well head and Oilfield industry
Pipeline flanges
Earthmoving industry
Hydraulic Cylinder industry
Engineering
Agriculture
The company also
manufactures specialized components for the Railway, Construction Equipment,
Oil & Gas and other industries. It is capable of producing large volume
parts in steel.
Over the years, Subject has been investing in creating State-of-the-art
facilities, world-class capacities and capabilities. The facilities include,
fully automated forging and machining lines, the largest of its kind and
comparable to the best in the industry. Subject has
built up a strong capability in design and engineering, including a full
fledged product testing and validation facility, which gives Subject a Full Service Supply
Capability - from product conceptualization to designing to manufacturing and
product testing & validation.
Subject is
a customer focused organization and a partner in progress to its customers. Subject also
holds the distinction of being one of the first Indian automotive component
manufacturing company that made a breakthrough in
The Forging Division can produce forgings up to 70 kgs, depending on material and complexity.
The Machining Division allows them to offer fully machined forgings thus saving customers; time and money. Their Machining Division maintains state-of-the-art equipment through a leasing program whereby some equipment is replaced each year.
The primary motto of the Company being:
Total Customer Satisfaction
Continuous Improvement
Dedication to Quality
"Subject is in the business of providing manufacturing services related to the hot forging and machining of metals according to the specification of their customers. They will strive to do this better to achieve world class manufacturing and continually improve so that all customers and members of the Subject Team can share prosperity in long term growth"
Subject, situated at
It has been a dynamically
growing company with initial sales to customers in the southern part of
Mr. N C Gupta - Managing Director
Mr. Nitesh Gupta - Director (Technical)
Mr. Ritesh Gupta - Director (Commercial)
Mr. C. Ram Pradeep - Deputy General Manager (Works)
Mr. Manjunath - Manager (Quality)
Mr. Y. Maleshappa - Works Manager Unit 1
Mr. D. K. Das - Works Manager Unit 2
Mr. Raghavendra - Executive (Marketing)
Mr. Peter - Executive (Stores)
Mr. Tharaka - Executive (Purchase)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.73 |
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1 |
Rs.81.43 |
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Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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 |
NO |
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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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48 |
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
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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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