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MIRA
INFORM REPORT
|
Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VIKARSH STAMPINGS INDIA PRIVATE LIMITED |
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Registered Office : |
Chintamani Warehouse Street No. 25/1, Tathawade Mulshi , Pune – 411
033, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.08.2003 |
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Com. Reg. No.: |
11-18260 |
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CIN No.: [Company
Identification No.] |
U29230PN2003PTC018260 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04072F |
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PAN No.: [Permanent
Account No.] |
AABCV7049J |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer and Exporter
of Electrical Transformer Cores, Transformer Laminations, Transformer
Stampings, and Transformer Toroidal Cores. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29040 |
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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. The company is progressing well. Trade relations
are reported as fair. 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 : |
Chintamani Warehouse Street No. 25/1, Tathawade Mulshi , Pune – 411
033, Maharashtra |
|
Tel. No.: |
91-20-24452797 / 32929415 / 24471685 |
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Mobile No.: |
91-9326063861 |
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Fax No.: |
91-20-24471685 |
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E-Mail : |
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Website : |
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Administrative Office : |
F 1A, Nandlal Co-operative-Housing Society, 418 Narayan Peth, Pune –
411 030, Maharashtra |
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E-Mail : |
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Corporate Office: |
At Post Dhangarwadi, Taluka Khandala, Satara, Maharashtra |
DIRECTORS
|
Name : |
Mr. Ramesh Shankar Wani |
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Designation : |
Director |
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Address : |
Flat No. D -67, Pate Height, 382 Shaniwar Peth, Pune – 411 030,
Maharashtra Email ID: |
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Date of Birth/Age : |
01.06.1944 |
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Date of Appointment : |
01.12.2003 |
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Email ID: |
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|
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Name : |
Mr. Milind Ramewsh Wani |
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Designation : |
Director |
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Address : |
382 Shaniwar Peth Pate Heights, Flat No. 67, opposite Kanya Shala, Pune
– 411 030, Maharashtra |
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Date of Birth/Age : |
24.09.1973 |
|
Date of Appointment : |
25.08.2003 |
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|
|
|
Name : |
Mr Sameer Sambhaji Shinde |
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Designation : |
Director |
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Address : |
175 Kasba Peth, Pune – 411 011, Maharashtra |
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Date of Birth/Age : |
07.03.1975 |
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Date of Appointment : |
25.08.2003 |
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|
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Name : |
Mr. Laxmikant Nathuram Trivedi |
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Designation : |
Director |
|
Address : |
Flat No. 203, Sainath Society, 524 Rasta Peth, Pune- 411 011, Maharashtra |
|
Date of Birth/Age : |
17.08.1975 |
|
Date of Appointment : |
25.08.2003 |
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|
|
|
Name : |
Mrs. Sheetal Laxmiaknt Trivedi |
|
Designation : |
Director |
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|
197, Somwar Peth, Pune – 411 011, Maharashtra |
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Date of Birth/Age : |
05.07.1980 |
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Date of Appointment : |
01.12.2003 |
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Name : |
Mr. Sambhaji Bapurao Shinde |
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Designation : |
Director |
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Address: |
175 Kasba Peth, Pune – 411 011, Maharashtra |
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Date of Birth/Age : |
05.09.1941 |
|
Date of Appointment : |
01.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Milind Wani |
|
37000 |
|
Mr. Sameer Shinde |
|
37000 |
|
Mr. Laxmikant Trivedi |
|
47000 |
|
Mr. Ramesh Wani |
|
13000 |
|
Mr., Sambhaji Shinde |
|
13000 |
|
Mrs. Sheetal Trivedi |
|
3000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Electrical Transformer Cores, Transformer Laminations,
Transformer Stampings, and Transformer Toroidal Cores. |
|
|
|
|
Products : |
· Transformer Cores · Transformer Laminations · Transformer Stampings ·
Transformer Toroidal Cores |
GENERAL
INFORMATION
|
Bankers : |
Pune People’s Co-operative Bank Limited Address: 606, Sadashiv Peth, Pune – 411 030, Maharashtra Email ID: punepeoplesvsnl.com |
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|
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
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|
Name : |
Mr. Vijay Maybhate Chartered Accountants |
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Address : |
418, Narayan Peth, Nandlal Society , Pune – 411 030, Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
232500 |
Equity shares |
Rs. 10/-
each |
Rs. 2.325
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.325 |
1.500 |
|
|
2] Share Application Money |
|
0.00 |
0.000 |
|
|
3] Reserves & Surplus |
|
4.935 |
0.965 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
7.260 |
2.465 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
14.126 |
3.528 |
|
|
2] Unsecured Loans |
|
0.362 |
0.187 |
|
|
TOTAL BORROWING |
|
14.487 |
3.715 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
21.747 |
6.180 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.143 |
2.275 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.250 |
0.043 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
15.890 |
3.046 |
|
|
Sundry Debtors |
|
15.158 |
5.637 |
|
|
Cash & Bank Balances |
|
3.334 |
0.695 |
|
|
Other Current Assets |
|
1.552 |
0.260 |
|
|
Loans & Advances |
|
4.354 |
1.710 |
|
Total
Current Assets |
|
40.288 |
11.348 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
21.631 |
6.306 |
|
|
Provisions |
|
3.313 |
1.196 |
|
Total
Current Liabilities |
|
24.944 |
7.502 |
|
|
Net Current Assets |
|
15.344 |
3.845 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.010 |
0.016 |
|
|
|
|
|
|
|
|
TOTAL |
|
21.747 |
6.180 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover (including other income) |
|
|
73.729 |
|
Total Income |
|
|
73.729 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
5.914 |
|
Provision for Taxation |
|
|
-- |
|
Profit/(Loss) After Tax |
|
|
5.914 |
|
|
|
|
|
|
Total Expenditure |
|
|
67.814 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
8.02 |
- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
8.02 |
- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
12.73 |
- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.81 |
- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.43 |
4.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.61 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U29230PN2003PTC018260 |
|
Name of the company |
VIKARSH STAMPINGS INDIA PRIVATE LIMITED |
|
Address |
Chintamani Warehouse Serial No. 25/1, Tathawade Mulshi , Pune – 411
033, Maharashtra |
|
This Form is for |
Creation of charge |
|
Type of Charges |
· Movable property · Floating Charge |
|
Particular of the charge holder
|
Pune People’s co-operative Bank Limited Address: 606, Sadashiv Peth, Pune – 411 030, Maharashtra Email ID: punepeoplesvsnl.com
|
|
Nature or description of the instrument creating charge |
Deed of Hypothecation made on 5th Day of the month October
in the year 2006 |
|
Date of the instrument creating charge |
05.10.2006 |
|
Amount Secure by the charge |
Rs. 1.700 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: 12% p.a Terms of Repayment: The borrower shall make the repayment of the loan within 60 months
from the date of this agreement i.e, 05.10.2006. The EMI of the said loan is
Rs. 32100/- payable on or before 15th of every month and first EMI
would be payable on 05.11.2006. Margin: No stipulation as to margin Extent and operation of the
charge: The borrower hypothecated articles described in the schedule in favour
of the lender bank as a collateral security for the repayment of the said
loan amount. The borrower also hereby declares and agrees that he has created a
floating charge on the goods and stock in trade and the charge will be
enforceable in the event of borrower making default in repayment of the loan
amount together with the interest thereon and other incidental charges. Others: In the Event of borrower committing default in repayment of the said loan
amount along with the interest thereon the lender will have right to enforce
the said security by selling the said articles / goods described in the
Schedule or by causing it to be sold and by appropriating the sale proceeds
thereof towards the repayment of the said loan amount together with interest
and incidental charges. |
|
Short particulars of the Property charged |
Machinery valued at Rs. 2.556 millions situated at M/s Vikarsh
Stampings India Private Limited Chintamani Warehousing Corporation survey No.
25/1, Tathawade, Taluka Mulshi, District , Pune |
|
Name of the
company |
VIKARSH STAMPINGS INDIA PRIVATE LIMITED |
|
Presented
By |
Mr. Laxmikant
Trivedi, director |
|
1) Date and
description of instrument creating the change |
Dated :
02.08.2004 Deed of
hypothecation |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.500
millions |
|
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 |
Stock and
machinery lying at Godown at Tahtawade, Pune, book debts upto 90 days |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest : 15%p.a Margin: 50% |
|
5) Name and Address
and description of the person entitled to the charge. |
Pune People’s co-operative Bank Limited Address: 606, Sadashiv Peth, Pune – 411 030, Maharashtra |
|
Name of the
company |
VIKARSH STAMPINGS INDIA PRIVATE LIMITED |
|
Presented
By |
Mr. Laxmikant
Trivedi, director |
|
1) Date and
description of instrument creating the change |
· Deed of hypothecation dated 19.07.2005 · Agreement of hypothecation of book debts dated 19.07.2005 (Both the documents constitute single charge) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 10.000
millions |
|
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 |
Stock of raw
material, finished and semi finished goods lying at Tathawadede, Pune and
book debts upto 3 months and machinery utilized for stampings business at
tahtawade and Silwassa workshops. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Raet of interest: 15% p.a Margin: 50% |
|
5) Name and
Address and description of the person entitled to the charge. |
Pune People’s co-operative Bank Limited Address: 606, Sadashiv Peth, Pune – 411 030, Maharashtra |
WEBSITE DETAILS:
Profile
The Company is a leading manufacturer, exporter and supplier of Electrical
Transformer Cores, Transformer Laminations, Transformer Stampings, and
Transformer Toroidal Cores to suit client's requirements since past seven
years.
The company has made a firm landing in the business through meticulous planning
and continuous learning since the day one of its establishment. Manufacturing
flawless products and delivering them undamaged has earned the company a
respect that its competitors yearn for. Subject believes in producing standard
quality risk-free products modeled to meet the diverse requirements of the
transformer industry.
Products
The product range includes:
|
·
Transformer
Toroidal Cores ·
Transformer
Stampings |
Transformer Cores
Proper calibration
and attention to detail during the production stage ensures that their cores enable
lower losses, longer life and high reliability. Currently they produce two
types of cores:
· Strips
They have acquired
cutting edge technical expertise to manufacture 25 KVA - 10,000 KVA mitred core
Quality Standards
they follow for Manufacturing C.R.G.O. Mitred Cores:
·
Burr Level:-
Max 0.022 mm.
·
Width Cutting
Tolerance:- +/-0.3 mm
·
Length Cutting
Tolerance:- +/-0.3 mm
·
Losses:- As
certified by the mill Guarantee.
·
Stacking factor
(%):- 95 Min.
·
Flatness:- Wave
height to length Ratio:- 1.5 Max.
·
Ductility:
Minimum Number of bends :- > = 3
The round cores they
produce come with following specifications:
|
I.D. |
O.D. |
Height |
|
20mm |
650mm |
10 To 100 mm |
The round cores they
produce come with following specifications:
|
Width |
Length |
|
20 - 600 mm |
20 - 3000 mm |
·
Special Type of
E & I : - As per the client's design
·
Raw Material
Available:
·
Special Type of
HI-B Grades material is also available. Details for same will be provided on
request.
|
Grade |
Thickness |
Watts / Kg. |
|
M/3 |
0.23mm |
0.85 watts / kg |
|
M/4 |
0.27 mm |
0.90 watts / kg |
|
M/5 |
0.30 mm |
1.02 watts / kg |
Transformer Laminations
They can manufacture
precision quality Mitred Core Laminations as per customers requirement.
Special Features
·
Ranging from 25
KVA to 10000 KVA
·
Available with
'V' Notching
·
Available with
Holing Facilities
Strengths
Quality
Products manufactured at the company conform to the standards set by national
as well as international agencies. However, as a part of the company's
commitment to quality they are consistently working towards upgrading the
benchmark for quality which is being rigorously followed by their expert team.
All the products pass through various stages of quality checks before they are
delivered.
Team
The reliable team of engineers at the company understand the importance that
precision holds in the manufacturing of electrical products, and hence is
sensitive to the specifications provided by customers. The engineers keep
abreast of the development and the management encourages them to implement the
latest technologies. The company provides them with the training and equipment
that is quintessential to meet the the changing standards of engineering
products.
Infrastructure
The Company has a robust infrastructure that includes manufacturing plant
equipped with modern machinary and a whole range of other equipment, required
for production, testing and safe handling. The Pune based plant has current
capacity of 175 MT/month and an installed capacity of 250 MT/month.
The plant also houses a testing facility that tests:
·
Iron Losses:- Iron
losses are tested by Epston Square method and certificate will be provided if
required.
·
Magnetization
Force: - AT/ Cm are checked for Toroidal Cores and separate detailed catalog
will be provided on request.
They also have
well-constructed storage facilities for safe housing of the manufactured goods
as well as raw materials, which is guarded 24/7 by trusted security agents.
Clients
Their expansion plan is fueled by the support and complete faith of highly
satisfied loyal customers who vouch for their products and services. They fully
rely on them for products that are unsurpassed in quality and available at
unbeatable price.
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.39.32 |
|
UK Pound |
1 |
Rs.81.35 |
|
Euro |
1 |
Rs.56.75 |
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 |
NO |
|
--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 |
|