MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
V M ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
Plot No. A / 102, ‘H’ Block, MIDC, Pimpri, Pune – 411018, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.03.1969 |
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Com. Reg. No.: |
11 - 14224 |
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CIN No.: [Company
Identification No.] |
U28920MH1969PTC14224 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04330E |
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PAN No.: [Permanent
Account No.] |
AAACV9755E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of X – Ray Equipments |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 3596 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. A / 102, ‘H’ Block, MIDC, Pimpri, Pune – 411018, |
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Tel. No.: |
91-20-27472323 / 32660761 |
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Fax No.: |
91-20-27461458 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Devendra Digamabar Anjikar |
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Designation : |
Director |
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Address : |
13600, Dvyill Society, |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mrs. Vaishali Devendra Anjikar |
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Designation : |
Director |
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Address : |
13600, Dvyill Society, |
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Date of Appointment : |
01.04.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Devendra Digamabar Anjikar |
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1620 |
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Mr. Digamabar Narsiya Anjikar |
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2620 |
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Mr. Vaishali Devendra Anjikar |
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750 |
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Category |
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Percentage
of Holding |
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Directors or Relatives or Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of X – Ray Equipments |
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Products : |
³ Industrial X-Ray Machines ³ X Ray Equipments ³ Medical Equipments ³ X-Ray Machines ³ Portable X-Ray Machines ³ Mobile X-Ray Machines ³ Ultra Sound Scanning Systems |
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GENERAL INFORMATION
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Bankers : |
Bank of Specialized SSI
Branch, Pimpri, Pune - 411018 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Mohan Paranjpe Chartered Accountants |
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Address : |
B – 3, Sarita Co-Op. HSG Society, Behind Kothrud Petrol Pump, Pune –
411038, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.399 |
0.421 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.899 |
0.921 |
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LOAN FUNDS |
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1] Secured Loans |
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2.561 |
2.739 |
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2] Unsecured Loans |
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1.171 |
0.695 |
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TOTAL BORROWING |
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3.732 |
3.434 |
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DEFERRED TAX LIABILITIES |
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0.020 |
0.031 |
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TOTAL |
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4.651 |
4.386 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.038 |
1.204 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.660 |
1.967 |
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Sundry Debtors |
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4.848 |
5.507 |
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Cash & Bank Balances |
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0.479 |
0.050 |
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Other Current Assets |
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0.052 |
0.027 |
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Loans & Advances |
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0.008 |
0.051 |
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Total
Current Assets |
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7.047 |
7.602 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.111 |
3.485 |
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Provisions |
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0.325 |
0.936 |
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Total
Current Liabilities |
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3.436 |
4.421 |
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Net Current Assets |
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3.612 |
3.181 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.001 |
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TOTAL |
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4.651 |
4.386 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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11.495 |
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Other Income |
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0.000 |
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Total Income |
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11.495 |
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Profit/(Loss) Before Tax |
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0.023 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.023 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.200 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.200 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.32 |
0.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.82 |
4.80 |
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Current Ratio (Current Asset/Current Liability) |
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2.05 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
V M ENGINEERING
COMPANY PRIVATE LIMITED |
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Presented
By |
Mr. Devendra
Digamber Anjikar – Director |
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1) Date and description of instrument creating the change |
Memorandum of deposit
o ftitle deeds to create equitable mortgage dated – 29.06.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 millions |
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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 that piece
and parcel of industries Plot No. A / 102, (S.N. 129) in “H” Block of Pimpri
Industrial Area, Situated at village Pimpri, Tal – Haveli, Dist – Pune,
containing by admeasurements 615 square meter approximately along with
industries shed and other structure standing thereon more particularly
described in schedule 2 of memorandum of deposit of title deeds as per
annexure hereto |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The first charge
by way of mortgage on landed property described at S. No. 3 above and
building structure erected upon it created in favour of Bank of Baroda for
securing due repayment of the loan and credit facilities agree gating sum of
Rs.2.500 millions by the company to Bank of Baroda on the following Term and
conditions
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5) Name and Address and description of the person entitled to the charge. |
Bank of Specialized SSI
Branch, Pimpri, Pune - 411018 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
As per Web Details
Company Profile
Established in 1967,
Subject has made a name for itself as a leading manufacture of X-ray equipments
in the country. The company has been original equipment supplier for various
multinational companies. The company has gain much acclaim for precise
engineering x-ray equipments of excellent quality & high standard of
workmanship. They offer complete solutions for wide range of x-ray applications
in various fields such as medical x-ray field, Industrial x-ray field, Security
x-ray field.
Subject has over 40 years of experience and over 100 dedicated employees offers
sales and service solutions for more than 1500 users in
Their vision, strategy & beliefs
Their vision
Their vision is to be dedicated to helping customers thrive in a changing
world. They believe in progress, growth and possibility. They want to help all
their customers make their lives and businesses better with products and
services that are tailored to their needs and easy to use. They're passionate
about customers and are working to meet the needs they have today and
innovating to meet the needs they will have tomorrow
Their strategy
Their aim is to
build long-term partnerships with their customers. With their support, they aim
to maximize the potential of their traditional business, through a combination
of enhanced quality of service, creative marketing, innovative pricing and cost
efficiency. At the same time, they'll pursue profitable growth by migrating
their customers to new wave products and services
Their Beliefs
They Deeply
Believe In:
³
Non-Negotiable Product
And Workplace Safety
³ Uncompromising quality
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Passionate customer care
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Fearless innovation
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Rapid Continuous
Improvement
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.40.26 |
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1 |
Rs.81.15 |
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Euro |
1 |
Rs.56.28 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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32 |
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. |
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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