MIRA
INFORM REPORT
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Report Date : |
21st March 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
VEEJAY SALES AND SERVICES LIMITED |
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Registered Office : |
Sengalipalayam, NGGO Colony Post, Coimbatore – 641 022, Tamilnadu,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.01.1995 |
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Com. Reg. No.: |
18-5705 |
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CIN No.: [Company
Identification No.] |
U05150TZ1995PLC005705 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Carry on business as agents of manufacturers of machinery including
textile machinery of every description of both Indian and Foreign origin and
to buy, sell, repair, alter, manipulate, import, export, let on hire (other
than hire purchase) and deal in such machinery and earn commission or other
remuneration on such transactions. |
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 : |
-- |
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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 experienced and respectable businessmen.
Trade relations are 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 : |
Sengalipalayam, NGGO Colony Post, Coimbatore – 641 022, Tamilnadu,
India |
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Tel. No.: |
91-422-2460662, 2460365, 2460561, 2460562, 2461564, 2461672 |
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Fax No.: |
91-422-2461565/ 2460453 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. V J Jayaraman |
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Designation : |
Managing Director |
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Address : |
165, Tea Estate Compound, Race Course, Coimbatore – 641 018,
Tamilnadu, India |
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Date of Birth/Age : |
12.03.1942 |
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Date of Appointment : |
23.01.1995 |
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Name : |
Mrs. J Vidya |
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Designation : |
Director |
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Address : |
165, Tea Estate Compound, Race Course, Coimbatore – 641 018,
Tamilnadu, India |
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Date of Birth/Age : |
16.07.1945 |
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Date of Appointment : |
23.01.1995 |
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Name : |
Mr. J Anand |
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Designation : |
Director |
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Address : |
165, Tea Estate Compound, Race Course, Coimbatore – 641 018,
Tamilnadu, India |
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Date of Birth/Age : |
20.09.1971 |
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Date of Appointment : |
23.01.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. V Jayaraman |
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14780 |
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Mrs. J Vidya |
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14780 |
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Mr. J Anand |
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19640 |
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Mr. J Vijayakumar |
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200 |
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Mrs. V Mahita |
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200 |
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Mr. D Ranganathan |
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200 |
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Mr. D Soundaraj |
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200 |
BUSINESS DETAILS
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Line of Business : |
Carry on business as agents of manufacturers of machinery including
textile machinery of every description of both Indian and Foreign origin and
to buy, sell, repair, alter, manipulate, import, export, let on hire (other
than hire purchase) and deal in such machinery and earn commission or other
remuneration on such transactions. |
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Products : |
Þ Commission
Agents |
GENERAL
INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
Þ State Bank of
India Þ HDFC Bank
Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D Jayaram Chartered Accountants |
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Address : |
94/32, Dr. Nanjappa Road, 1st Floor, United Shopping
Complex, Coimbatore – 641 018, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 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 |
0.500 |
0.500 |
0.500 |
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2] Reserves & Surplus |
28.458 |
17.835 |
14.680 |
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NETWORTH |
28.958 |
18.335 |
15.180 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.069 |
24.263 |
0.000 |
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TOTAL BORROWING |
0.069 |
24.263 |
0.000 |
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DEFERRED TAX LIABILITIES |
7.162 |
8.068 |
0.000 |
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TOTAL |
36.189 |
50.666 |
15.180 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.929 |
28.738 |
0.536 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.750 |
9.478 |
10.228 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
6.886
|
5.656 |
0.335 |
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Cash & Bank Balances |
1.412
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7.559 |
5.185 |
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Loans & Advances |
1.992
|
1.662 |
3.643 |
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Total
Current Assets |
10.290
|
14.877 |
9.163 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1.780
|
1.511 |
1.603 |
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Provisions |
0.000
|
0.916 |
3.144 |
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Total
Current Liabilities |
1.780
|
2.427 |
4.747 |
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Net Current Assets |
8.510
|
12.450 |
4.416 |
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TOTAL |
36.189 |
50.666 |
15.180 |
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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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Total Income |
23.838 |
21.018 |
15.042 |
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Profit/(Loss) Before Tax |
10.694 |
12.139 |
8.887 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
10.694 |
12.139 |
8.887 |
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Expenditures : |
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Salaries, Wages and Bonus |
6.061 |
4.145 |
4.147 |
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Payment to Auditors |
0.028 |
0.017 |
0.016 |
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Power and Fuel |
0.054 |
0.050 |
0.069 |
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Depreciation and Amortization |
4.574 |
2.446 |
0.169 |
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Other Expenditure |
2.358 |
2.221 |
1.753 |
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Interest |
0.008 |
0.000 |
0.000 |
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Insurance Expenses |
0.060 |
0.000 |
0.000 |
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Total Expenditure |
13.143 |
8.879 |
6.154 |
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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 |
(%) |
44.86
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57.75 |
59.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
44.86
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57.75 |
59.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.16
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22.86 |
44.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.66 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.31
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2.89 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
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5.78
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1.19 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
The Company’s Fixed Assets of important value includes:
Þ
Furniture
Þ
Office Equipments
Þ
Vehicles
Þ
Computers
As Per Web:
Profile
Veejay Lakshmi Engineering Works Limited was established in 1976, in Coimbatore, India. With an annual turnover of US$25 million. Veejay Lakshmi is the largest manufacturer of Two-for-one Twister (TFO) in India with more than 4500 installations worldwide. Veejay Lakshmi is also the only manufacturer of Automatic Cone Winders (ACW) in India.
Continuing the tradition of commitment in delivering quality products to meet customer requirements, in combination with continuous Research and development for design improvements and cutting edge technology innovation, investments are continuously undertaken in improving the production facilities with the latest advanced technology machines to obtain high productivity, quality and achieve reduction in product costs
Spares
- Two-for-one Twister
Two-for-one twister spares for all the
various models are readily available and can be despatched immediately without
time delays.
Spares
- Automatic Cone Winder
From 01 January 2005, Veejay Lakshmi is
handling all manufacturing, marketing, installation, after sales service and
supply of all spare parts relating to Automatic cone winder through its own
separate sales and distribution network, Veejay Sales and Services Ltd (VSSL).
The marketing arrangement for selling
locally made Automatic cone winders and related spare parts through Veejay
Savio Lakshmi Machinery Ltd (VSL), a company set up for marketing the joint
venture agreement has come to an end from December 2004.
The activities of Veejay Sales and Services
Ltd (VSSL) include:
Þ Marketing,
Erection and after-sale service of Automatic cone winders.
Þ Supply of all
spare parts for Automatic cone winder.
Þ Repair and
Reconditioning of printed circuit Boards.
Þ Annual maintenance
contracts for the maintenance of Automatic cone winders.
Þ Upgradation of old
Automatic cone winders to present standards (From Ispector Control System to
Industrial PC Control system)
Supply
Of Spare Parts
A warehouse of spare parts for all automatic
cone winder spares is maintained separately to facilitate easy and timely
despatch of spares to all customers. Reliable automatic cone winder spares both
Mechanical and Electrical are available at very competitive rates. Electronic
Printed Circuit Boards are also available as spares.
Pcb
Reconditioning Facility
Veejay Lakshmi also has established a full
fledged PCB reconditioning Lab facility to offer PCB reconditioning and repair
facilities to all customers with minimal time for service.
Contact
Veejay Lakshmi
Engineering Works Limited
Sengalipalayam, Coimbatore 641 022, Tamilnadu, South India
Tel: 91-422-2460662, 2460365, 2460561,
2460562, 2461564, 2461672
Fax: 91-422-2461565, 2460453
E-mail: sales@vjlakshmi.com
Sales
and Service Network
Mumbai
Solaris-Ii, 414 Bldg No.2,Opp.Larsen &
Toubro, Saki Vihar Road, Andheri (East), Mumbai - 400 072, Maharashtra, India
Mr.Mohan Gokhale - Regional Sales Manager
Ph : 022-28574647, 28572845; Fax: 022-28571689
Mobile : 09322948569
Email: vjlakshmimumbai@sify.com
New Delhi
602 Sethi Bhavan, 7 Rajendra Place, New
Delhi-110 008, India
Mr.S.K.Palit -Regional Sales Manager
Ph: 011-25736525; Fax: 011-25754952
Mobile : 09312474859
Email : vjlakshmidelhi@vsnl.net
Ahmedabad
408 Abhijeet, Mitha Khali Six Road, Ellis
Bridge, Ahmedabad- 380 006, Gujarat, India
Mr.Anil Dixit - Area Sales Manager
Ph: 079-26560438; Fax: 079 26402351
Mobile : 09327647856
Email : vjlaksmiabd@yahoo.com
Chandigarh
House No.848 (Ff), Sector 16D, Chandigarh -
160 015, India
Mr.Gautam Sanyal, Regional Sales Manager
Telefax : 0172 2541036
Mobile : 09316574869
EMail : veejaygautam@hotmail.com
Coimbatore
Veejay Lakshmi Engg. Works Limited
Sengalipalayam, Coimbatore 641 022, Tamilnadu, India
Tel: 0422 2460662, 2460365, 2460561, 2460562, 2461564, 2461672
Fax : (91-422) 2461565,2460453
E-mail : sales@vjlakshmi.com
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.43.70 |
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UK Pound |
1 |
Rs.85.90 |
|
Euro |
1 |
Rs.58.25 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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 |
|
55 |
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 |
|