MIRA
INFORM REPORT
|
Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VETAL TEXTILES AND ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 1, Industrial Estate, Civil Aerodrome Post, Coimbatore 641
014, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.02.1993 |
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Com. Reg. No.: |
181-004263 |
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CIN No.: [Company
Identification No.] |
U17111TZ1993PTC004263 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBV03054C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Ginning, Spinning, Weaving and Grain Milling Machines |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 470000 |
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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. Trade
relations are fair. Financial position is satisfactory. 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 : |
Plot No. 1, Industrial
Estate, Civil Aerodrome Post, Coimbatore 641 014, Tamil Nadu, India |
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Tel. No.: |
91-422-2627036, 2627512 |
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Fax No.: |
91-422-2628439 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Ramasamy Venkatesan |
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Designation : |
Managing Director |
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Address : |
4 Green Fields Colony, Puliakulam Road, Coimbatore – 641045,
Tamilnadu, India |
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Date of Birth/Age : |
17.09.1952 |
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Qualification : |
B.E., M. Tech., a technocrat from IIT, Kanpur |
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Experience : |
26 Years |
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Date of Appointment : |
16.02.1993 |
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Name : |
Ms. Venkatesan Rajeswari |
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Designation : |
Director |
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Address : |
4 Green Fields Colony, Puliakulam Road, Coimbatore – 641045,
Tamilnadu, India |
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Date of Birth/Age : |
28.01.1960 |
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Date of Appointment : |
16.02.1993 |
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Name : |
Mr. Raghuraam Raja |
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Designation : |
Director |
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Address : |
4 Green Fields Colony, Puliakulam Road, Coimbatore – 641045,
Tamilnadu, India |
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Date of Appointment : |
29.09.2006 |
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Other Directorship : |
Vetal Information Systems Private Limited U72200TZ1995PTC005765 Vetal Controls Private Limited U65999TZ1990PTC002712 |
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Name : |
Ms. Venkatesan Priya |
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Designation : |
Director |
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Address : |
436, Avanashi Road, Pelamedu, Coimbatore – 641004, Tamilnadu, India |
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Date of Appointment : |
29.09.2006 |
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Other Directorship : |
Vetal Information Systems Private Limited U72200TZ1995PTC005765 Vetal Controls Private Limited U65999TZ1990PTC002712 |
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Proprietorship : |
Vetal Hi-Tech Industries Plot No. 21, Industrial Estate, Civil Aerodrome Post, Coimbatore –
641014, Tamilnadu, India |
KEY EXECUTIVES
|
Name : |
M R L Narasimha |
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Designation : |
Company Secretary |
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Address : |
P B No. 1029, 6 Diwan Bahadur Road, R S Puram, Coimbatore 641 002,
Tamilnadu |
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Tel. No.: |
91-422-2552367,
2552841 |
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Fax No.: |
91-422-2543862 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr Ramasamy
Venkatesan |
|
170,000 |
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Ms Venkatesan
Rajeswari |
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71,000 |
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Ms V Nikethana |
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93,500 |
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Ms V Priya |
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15,500 |
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Total |
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350,000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Ginning, Spinning, Weaving and Grain Milling Machines |
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Product : |
TEXTILE MACHINERY
DIVISION Weaving Fabric Inspection Machine Ginning Cotton Contamination Cleaning Machine Spinning Cotton Contamination Cleaning Machine Dust & Fire Extraction Machine Heavy Metal Finder Cotton Bale Scan FOOD PROCESSING
DIVISION Color Sorters X - Ray Machines |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
· ICICI Bank Limited ·
State Bank of India, SIB Division, Main Branch, Coimbatore – 641018 ·
Bank of Nova Scotia |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
CSK Prabhu and Company Chartered Accountants |
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Address : |
7, First
Floor, Auditor Association Buildings, D B Road, R S Puram, Coimbatore 641 002,
Tamilnadu |
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Associates/Subsidiaries : |
·
Vetal Instruments
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Group of
Companies : |
U72200TZ1995PTC005765
U65999TZ1990PTC002712 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350,000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350,000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
3.500 |
3.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
114.950 |
56.645 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
118.450 |
60.145 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
2.408 |
4.359 |
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2] Unsecured Loans |
|
0.324 |
7.971 |
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TOTAL BORROWING |
|
2.732 |
12.330 |
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DEFERRED TAX LIABILITIES |
|
6.804 |
10.972 |
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TOTAL |
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127.986 |
83.447 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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43.329 |
79.294 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
2.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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26.213 |
8.225 |
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Sundry Debtors |
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34.533 |
21.732 |
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Cash & Bank Balances |
|
59.485 |
0.545 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
53.256 |
16.554 |
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Total
Current Assets |
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173.487 |
47.056 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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41.678 |
29.891 |
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Provisions |
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47.152 |
15.012 |
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Total
Current Liabilities |
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88.830 |
44.903 |
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Net Current Assets |
|
84.657 |
2.153 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
|
127.986 |
83.447 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
416.607 |
NA |
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Other Income |
|
14.740 |
NA |
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Total Income |
|
431.347 |
NA |
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Profit/(Loss) Before Tax |
|
125.235 |
NA |
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Provision for Taxation |
|
42.984 |
NA |
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Profit/(Loss) After Tax |
|
82.251 |
NA |
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Earnings in Foreign Currency : |
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Total Earnings |
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41.108 |
4.761 |
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Imports : |
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Total Imports |
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12.258 |
3.194 |
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Depreciation & Amortization |
|
64.751 |
NA |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
19.07 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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30.06 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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57.76 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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1.06 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.77 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.95 |
1.05 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
VETAL TEXTILES
AND ELECTRONICS PRIVATE LIMITED |
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Presented By |
State Bank of
India, SIB Division, Coimbatore – 641018 |
||||||
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1) Date and description of instrument creating the change |
02.06.1994 General Agreement
of companies of Small Industrial Advances and Hypothecation of movable book
debts and other assets Ancillary
agreement No. 2 for Rs. 0.500 Million Ancillary Agreement
No. 3 for Rs. 1.000 Million |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 Million Comprising
of : Rs. In Millions
Together with all
interest, discount, commission, charges, costs and other Expenses payable to
or incurred by the Bank. |
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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 |
All present and
future goods, Raw Materials, semi finished goods, finished goods,
consumables, bill in course of collection, other assets including documents
of title to goods, outstanding moneys, receivables, invoice, documents,
contracts, engagements, security and all future machineries wherever lying,
stored and kept and whether in India or elsewhere throughout the World
whether in possession of the company or of the bank or of any third party
including those in the course of shipment, transit or delivery by the way of
first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India SIB Division, Main Branch, Coimbatore –
641018 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
AS PER WEBSITE
PROFILE
INSPECTION . DETECTION
. SORTING
Subject Designs offers quality products and cost - effective solutions for wide range of industrial applications world wide in simplified forms.
Increasing range of products has not diluted their attention to major ones. While small products are getting compact & accurate larger ones are getting upgraded quickly.
Innovation had been the driving factor for growth since inception
Textile Division
1983 - Started with 5 people and became an OEM supplier to LMW (Lakshmi Machine Works) for photocell units stop motion units
1987 - Started to offer stop motion units for Blow room, Carding, Draw Frame, Ribbon Lap, Comber etc...,
1992 - Spark Detector Prototype launched in ITME, Mumbai
1995 - Electronic Metal Detector launched
1998 - Foreign Particle Detector launched
2000 - Achieves almost 80% market share in India for Spark Detectors & Metal Detectors
2003 - Vetal Scan - Cotton Contamination Cleaning Machine launched
2004 - Polysensor (R) launched in ITME, Mumbai. First export of vetal scan to Indonesia
2005 - Exports to Thailand, Turkey Established
Food Processing Division
2001 - Rice Color Sorter launched
2003 - Achieves 100 machine sales
2004 - 'UNIVERSAL HIGH PRODUCTION SERIES' launched. Within 5 months more than 50 machines installed
2006 - x-ray detection launched in AAHAR - 2006
Corporate
Subject founded in 1983 manufactures electronic products for diverse industries.
Subject is a familiar name in cotton spinning with products like Fire Diversion Machine, Metal Detection Machine, Cotton Contamination Cleaning Machine, etc. and Infra Red Photocell units with 65 different applications.
Subject has installations throughout India and a few Southeast Asian countries and breakaway Republics of USSR.
Subject product range is of high quality in design and performance with Sales / Service / Spares support extended throughout India through their Engineers / Agents / Representatives.
Management
Mr. R. Venkatesan, B.E., M. Tech., a technocrat from IIT, Kanpur is the Managing Director who has 26 years of experience in this field.
Mr. Raghuram Raja is the Joint Managing Director of the Company.
Evolution
Every one appreciates Vetal in keeping pace with technology and guiding it into users advantage quickly and effectively. Flexibility in design and Vetal's never say die attitude in bringing change and sportive mindset to accept criticisms and above all sincere efforts to put customer feed back into action has turned them as most after sought company.
ONE SOURCE
ONE SOLUTION
FIRST
- Indian Company to design and manufacture Cotton Contamination Cleaning Machine.
- To introduce rectangular ducting at the input right from previous machine.
- To recommend the machine should be placed after Final Cleaner.
- To develop the machine without collaboration or copying.
- To achieve maximum efficiency in cleaning.
VETAL SCAN -
Vetal's new model VETAL SCAN - COTTON CONTAMINATION CLEANING MACHINE has revolutionized the Contamination Cleaning methods in the textile industry. Claimed to be the most compact machine today it has unique features not found in any other machine.
Many spinning mills using
other Contamination Cleaning machines had embraced Vetal Scan realizing
the technological advantages and result it produces. Vetal will outgrow its
competitors within a short period with excellent patronage it enjoys with the customers.
Evolution of CCCM MODELS
- This 3*2*3 the first of its generation had Opening Rollers and Flap Diverters
- The Second of its kind modelled on Separate Detector and First Time Pneumatic Air Jets suffered from the drawback of installation difficulty.
- The Compact Model of CCCM
- The First Successful Indian machine for foreign particle detection
- Relaunch model with more attractive colours and features
Domestic Sales
Except for the state of Tamilnadu Authorised Agents extend service operating from strategic points.
North India : Comprising of Punjab, Himachal Pradesh, Haryana, Delhi and Jammu and Kashmir
Middle India : Comprising of Rajasthan & Madhya Pradesh
West India : Comprising of Maharashtra & Gujarat
South India : Comprising of Karnataka , Andhra Pradesh and Kerala
Tamilnadu : Contact Person : M. Selvakumar, Asst Manager. Mobie : 98422 - 70589
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. 39.39 |
|
UK Pound |
1 |
Rs. 81.49 |
|
Euro |
1 |
Rs. 58.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|