MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VICTOR COMPONENTS SYSTEMS PRIVATE LIMITED |
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Registered Office : |
B-86, Okhla Industrial Area, Phase-I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.03.1990 |
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Com. Reg. No.: |
55-39488 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC039488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV01706F |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Transformers, Coils and High Tech Wire Wound Components. |
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 90000 |
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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 records. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
B-86, Okhla Industrial Area, Phase-I, |
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Tel. No.: |
91-11-26372403 / 26372404 / 36372405 / 66607454 |
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Fax No.: |
91-11-26812668 / 55107452 / 3 / 4 |
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E-Mail : |
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Website : |
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Area : |
32,000 sq.ft, |
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Location : |
Industrial |
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Factory : |
A-28, Sector-83, Phase- II, Noida, |
DIRECTORS
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Name : |
Mr. Pawan Kumar Sharma |
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Designation : |
Director |
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Address : |
13 / 403, Geeta Colony, |
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Date of Birth/Age : |
04.03.1966 |
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Date of Appointment : |
13.03.1990 |
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Name : |
Mr. Harpreet Singh Oberoi |
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Designation : |
Director |
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Address : |
G-2/ G-6, |
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Date of Birth/Age : |
29.03.1963 |
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Date of Appointment : |
01.10.1995 |
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Name : |
Mr. Gurbachan Kochhar Singh |
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Designation : |
Director |
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Address : |
GL – 13, |
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Date of Birth/Age : |
17.06.1950 |
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Date of Appointment : |
13.03.1990 |
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Date of Ceasing : |
15.03.1999 |
KEY EXECUTIVES
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Name : |
H J and Company |
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Designation : |
Company Secretary |
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Address : |
G- 221, Nanak Pura, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Pawan Kumar Sharma |
69000 |
6.90 % |
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Ms. Amarjeet Kaur |
39000 |
3.90 % |
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Mr. Harpreet Singh Oberoi |
60000 |
6.00 % |
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Ms. Jyoti Sharma |
45000 |
4.50 % |
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Mr. Som Dutt Sharma |
15000 |
1.50 % |
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Mr, Pawan Kumar Sharma and Ms. Jyoti Sharma |
331500 |
33.15 % |
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Mr. Harpreet Singh Oberoi and Ms. Amarjeet Kaur |
331500 |
33.15 % |
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Ms. Jyoti Sharma and Mr. Pawan Kumar Sharma |
19500 |
1.95 % |
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Ms. Amarjeet Kaur and Harpreet Singh Oberoi |
19500 |
1.95 % |
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Mr. B S Randhawa |
6000 |
0.60 % |
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Mr. Pritam Singh |
12000 |
1.20 % |
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Mr. Jitender Singh |
6000 |
0.60 % |
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Mr. Anuj Jain |
12000 |
1.20 % |
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Mr. Vijay Sharma |
6000 |
0.60 % |
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Ms. Divya Bhasin |
12000 |
1.20 % |
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Mr. J P Singh |
6000 |
0.60 % |
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Mr. Rajeev Awasthi |
10000 |
1.00 % |
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Total |
1000000 |
100.00 % |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Transformers, Coils and High Tech Wire Wound Components. |
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Products : |
Ř SMPS- TXR for TVs, VCR, DVD, Computer Monitor and Electronic Equipment (from 10W to 250W) Ř SMPS Transformer for TVs, VCR, DVD, Computer, Monitor, Electronics Equipment (from 10W to 250W) Ř
Small Ferrite Transformers ( for Ř Small Ferrite- TXR: Small Ferrite Transformers Ř Linear Transformer (size: EI 28 TO EI 105) Ř Line Filters Ř Choke Coils Ř Degaussing Coil for Color TVs and Monitors Ř EMI Filters Ř AC/DC Adapter ( from 1.5 V to 24 V ) Ř Coils (for Power Supplies, AC/DC Converters, Telephones, Acs, Home Electric Appliance, Electronic Toys and Games |
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Machinery: |
· Wire Cutting machinery · Crimping and Testing machinery |
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Brand Names : |
VICTOR |
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Principal Products/ Services : |
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Exports : |
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Countries : |
Europe and |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Contract, Cash and Credit upto 30-60 days |
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Purchasing : |
Credit upto 30-60 days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Around 500 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singhal Matta and Company Chartered Accountants |
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Address : |
B-21, Lajpar Nagar- I, |
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Tel. No.: |
91-11-29810849/ 29818588 |
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Fax No.: |
91-11-56035091/ 9811711531 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/-each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/-each |
Rs. 10.000 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 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.769 |
9.176 |
4.703 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.769 |
19.176 |
14.703 |
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LOAN FUNDS |
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1] Secured Loans |
6.540 |
7.318 |
16.481 |
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2] Unsecured Loans |
13.222 |
13.137 |
13.098 |
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TOTAL BORROWING |
19.762 |
20.455 |
29.579 |
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DEFERRED TAX LIABILITIES |
4.195 |
3.699 |
0.000 |
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TOTAL |
47.726 |
43.330 |
44.282 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.751 |
34.161 |
28.999 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.017
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30.334 |
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Sundry Debtors |
48.974
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36.254 |
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Cash & Bank Balances |
1.853
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6.352 |
72.269 |
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Other Current Assets |
3.917
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3.784 |
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Loans & Advances |
11.496
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5.448 |
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Total
Current Assets |
96.257
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82.172 |
72.269 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
84.341
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71.629 |
56.986 |
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Provisions |
1.941
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1.374 |
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Total
Current Liabilities |
86.282
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73.003 |
56.986 |
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Net Current Assets |
9.975
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9.169 |
15.283 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
47.726 |
43.330 |
44.282 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
296.039 |
219.755 |
168.027 |
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Other Income |
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Total Income |
296.039 |
219.755 |
168.027 |
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Profit/(Loss) Before Tax |
7.038 |
6.634 |
3.783 |
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Provision for Taxation |
2.445 |
2.162 |
3.316 |
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Profit/(Loss) After Tax |
4.593 |
4.472 |
0.467 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
0.000 |
2.787 |
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Total Earnings |
0.000 |
0.000 |
2.787 |
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Imports : |
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Raw Materials |
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Stores & Spares |
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37.203 |
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Capital Goods |
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Others |
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Total Imports |
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37.203 |
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Expenditures : |
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Depreciation & Amortization |
2.606 |
2.110 |
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Financial charges |
2.578 |
2.420 |
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Total Expenditure |
283.817 |
208.591 |
160.838 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.55
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2.03 |
0.28
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Net Profit Margin (PBT/Sales) |
(%) |
2.38
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3.02 |
2.26
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.25
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5.70 |
3.74
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.34 |
0.26
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Debt Equity Ratio (Total Liability/Networth) |
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4.46
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4.87 |
5.89
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Current Ratio (Current Asset/Current Liability) |
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1.12
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1.13 |
1.27
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LOCAL AGENCY FURTHER INFORMATION
PROFILE
Its an ISO 9001 and 14001 certified company, manufactures OEM wound components for various industries like Consumer Electronics, Telecommunications, Computers, Electronics Energy Meter etc.
It is one of the fastest growing company in
The company started its operation in the year 1990 with a
mere turnover of around 0.47 Millions ( 10,000
The company is exporting some of its products like AC/DC
adapters and UHF TV antenna to European markets since February, 1997 and EMI
Filters, Coils and Transformers to the
Under the management of Mr. Pawan Sharma, Mr. H. S. Oberoi and 500 dedicated personnel, the company has received awards for Victor Company understands that being a successful electronics business means more than satisfying customers with outstanding products and services, it means setting an example for corporate responsibility and making a contribution to the community and environment. Cleaner manufacturing facilities and the uses of recycled parts are just one of the many example of how Victor Company is striving to make the world a better place.
The company also contribute to this global vision and has taken pro-active steps in implementing the ISO 14000 Environment Management Standards. Victor was certified for meeting and all the requirements of this standards by an Independent Agency in the year 2000.
Sony designates Victor Components Systems Private Limited as Green Partners. Sony established the Sony Green Partner Standards in July 2001 with the aim of encouring suppliers to introduced Green Partner Environmental Management Systems. “ Management regulation for environment-related substances to be controlled which are included in parts and materials”. Environment-related substances to be immediately banned or reduced were identified, as well as their applications.
The company has commenced the production of various types of wiring harness. The wire cutting, crimping and testing machines are brought from the reputed Korean suppliers. The connectors, housing and crimps are also imported from manufactures of the same like Molex, Yeon Ho, KET, AMPs etc.
The company started its operation in the year 1990. The company turnover of around Rs. 200 Millions ( 6.7 Million USD ) in the year 2003-04 as claimed by the subject.
Awards:
· Golden Association of the Decade Award- 2001 awarded by LG India
·
Top Vendor “ Z ” QI Achiever- 2003 awarded by
Bharti Telecom
Trade terms with :
- Ascom India Private Limited
- Bharti Telecom Limited
- Bharti Telenet Limited
- Bentex Linger Switchgear Company
- Emco Limited
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.40.93 |
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1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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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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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
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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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