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MIRA
INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRANAV VIKAS (INDIA) PRIVATE LIMITED |
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Registered Office : |
12 A, Shivaji Marg, New Delhi –110015 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.1987 |
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CIN No.: [Company
Identification No.] |
U24290DL1987PTC028569 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP03347B |
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PAN No.: [Permanent
Account No.] |
AAACP1537C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Aluminum Heat Exchangers for automotive air
conditioning applications |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 550000 |
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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. Available information indicates satisfactory financial responsibility
of the company. Trade relations are fair. Business is active. Payments are
reported as 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 : |
12 A, Shivaji Marg, New Delhi –110015, India |
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Tel. No.: |
91-11-42070707 / 42070777 / 25119021 |
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Mobile No.: |
91-9313460053 (Mr. Pawan) |
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Fax No.: |
91-11-25451004 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Plot no. 65, sector 27 A, Faridabad, Haryana – 121001 |
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Tel. No.: |
91-129-4196000, 4093100, 4093143, 4196016 |
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Fax No.: |
91-129-4196196 |
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E-Mail : |
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Location : |
Owned |
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Factory: |
45 – 46, NIT Industrial Area,Faridabad – 121001 |
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Tel. No.: |
91-129-4093000 – 100 |
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Fax No.: |
91-129-402305 |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
8 GF, Modhu Industrial Estate, Bhudhkar Marg, Worli, Mumbai |
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Tel. No.: |
91-22-24920027, 24924509 |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
510 The Pentagon, Parvati, Pune – 411009 |
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Tel. No.: |
91-20-24231171, 32924830 |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
Kamla Arcade 669 Anna Salai, Chennai – 600006 |
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Tel. No.: |
91-33-28555984 |
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Fax No.: |
91-33-28550273 |
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Mobile No : |
91-9382155124 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Naveen Agarwal |
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Designation : |
Director |
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Address : |
1306 Beverly Park, DLF, Ph-II, Gurgaon |
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Date of Birth/Age : |
12-06-1959 |
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Qualification : |
Graduate |
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Other
Directorship : |
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Date of Appointment : |
10-07-1987 |
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Name : |
Mr. Praveen Agaarwal |
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Designation : |
Director |
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Address : |
89 Sunder Nagar, New Delhi |
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Date of Birth/Age : |
03-09-1953 |
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Date of Appointment : |
08-02-1995 |
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Name : |
Ms. Sumedha Sharaff |
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Designation : |
Director |
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Address : |
A – 11 Anand Niketan, New Delhi – 110021 |
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Date of Birth/Age : |
10-02-82 |
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Date of Appointment : |
29-03-2006 |
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Name : |
Mr. Terasaki Masto |
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Designation : |
Director |
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Address : |
C-10 Greater Kaiulesh-II, New Delhi – 110048 |
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Date of Birth/Age : |
20-05-1956 |
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Date of Appointment : |
01-95-2005 |
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Name : |
Ms. Puja Agarwal |
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Designation : |
Director |
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Address : |
89 Sunder Nagar, New Delhi |
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Date of Birth/Age : |
17-02-1957 |
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Date of Appointment : |
09-04-1991 |
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Name : |
Mr. Dinesh Nandan Jain |
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Designation : |
Director |
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Address : |
30, F-29, Rohini, Sec-7, New Delhi – 110085 |
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Date of Birth/Age : |
03-04-1954 |
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Date of Appointment : |
15-051996 |
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Name : |
Mr. Kai Tervyuki |
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Designation : |
Director |
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Address : |
307 Obrl Kagoharo, 3731-1 Higashi Kata Saitana, Japan |
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Date of Birth/Age : |
06-02-1962 |
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Date of Appointment : |
29-03-2004 |
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Name : |
Mr. Miami Zawa Iwao |
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Designation : |
Director |
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Address : |
C-10 Greater Kailesh-II, New Delhi – 110048 |
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Date of Birth/Age : |
26-09-1954 |
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Date of Appointment : |
01-05-2001 |
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Name : |
Mr. Yuchi Yasoi |
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Designation : |
Director |
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Address : |
Kmeido 3 – 38 – 16 Koto Ku, Japan |
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Date of Birth/Age : |
03-12-1954 |
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Date of Appointment : |
29-12-2000 |
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Name : |
Mr. R K Gupta |
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Designation : |
Director |
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Address : |
HSIDC Pliot 13-14, Sec-16, Panchkul, Haryana |
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Date of Birth/Age : |
19-08-1946 |
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Date of Appointment : |
29-12-2000 |
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Name : |
Mr. Tadasi Takayangi |
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Designation : |
Director |
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Address : |
B – 531, New Friends Colony, New Delhi - 110065 |
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Date of Birth/Age : |
07-01-1955 |
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Date of Appointment : |
20-12-2001 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Aluminum Heat Exchangers for automotive air
conditioning applications |
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|
Products : |
An ISO / TS 16949: 2002 Certified company Evaporators, Condensers, Oil Coolers, Radiators, Heater Cores &
Inter Coolers. |
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Terms : |
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Selling : |
L C, Cash / Credit |
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Purchasing : |
L C, Cash / Credit |
PRODUCTION STATUS
Capacity to increase production by: 25 %
GENERAL
INFORMATION
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Suppliers : |
Own manufacturing (purchase of raw material from open market)
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Customers : |
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No. of Employees : |
300 |
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Bankers : |
MILUHO LORPOATE BANK LIMITED, 4th floor East Tower, Sood
Tower Barakhamba Road, New Delhi – 110001 |
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Facilities : |
29.01.2007 Rs.
50.000 Millions 20.08.2007 Rs.
152.500 Millions 06.10.2007 Rs. 70.000 Millions 07.11.2007 Rs.
122.500 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Narsimha and Company Chartered Accountants |
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Address : |
211 Hans Bhawan, Bahodur Saha Zafar Marg, New Delhi |
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Associates/Subsidiaries : |
VIKAS GROUP Turnover : Rs. 5000 Millions
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
|
50,000 |
Performance Shares |
Rs. 10/- each |
Rs. 5.000
Millions |
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|
Total |
|
Rs.
50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 34.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
34.000 |
34.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
104.326 |
89.270 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
138.326 |
123.270 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
210.459 |
119.750 |
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2] Unsecured Loans |
|
173.060 |
131.470 |
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TOTAL BORROWING |
|
383.519 |
251.220 |
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DEFERRED TAX LIABILITIES |
|
31.155 |
26.862 |
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TOTAL |
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553.000 |
401.352 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
280.340 |
233.526 |
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Capital work-in-progress |
|
76.841 |
16.399 |
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INVESTMENT |
|
10.726 |
10.726 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
111.381 |
90.678 |
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Sundry Debtors |
|
65.350 |
55.258 |
|
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Cash & Bank Balances |
|
37.791 |
8.740 |
|
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Other Current Assets |
|
0.313 |
0.177 |
|
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Loans & Advances |
|
50.130 |
30.677 |
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Total
Current Assets |
|
264.965 |
185.530 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
70.768 |
35.731 |
|
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Provisions |
|
9.104 |
9.109 |
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Total
Current Liabilities |
|
79.872 |
44.840 |
|
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Net Current Assets |
|
185.093 |
140.690 |
|
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.011 |
|
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|
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TOTAL |
|
553.000 |
401.352 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
470.000 |
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
|
0.015 |
Expected Sales [2008-09] : Rs. 650.000 Millions
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.35 |
2.40 |
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
3.32 |
4.14 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
COMPANY OVERVIEW
In 1992, Subject
was started as a joint venture with Sanden Corporation of Japan to establish manufacturing
facilities for world class skived Condensers, which were later on upgraded to
Multi Flow Condensers.
Subject is engaged in
manufacturing of Evaporators, Condensers, Oil Coolers, Radiators, Heater Cores
& Inter Coolers.
Subject has dedicated manufacturing facilities for Heat Exchangers using the
Modern technology of Nocoloc Brazing.
It has the capacity to manufacture 600,000 heat exchangers annually. The
capacity will be ramped up to another 600,000 with the installation of two more
brazing furnaces by the end of 2007.
Encouraged by the customer response, PVL has expand it’s
customer base as follows: Maruti-Suzuki, General Motors, Honda-Keihin, Fiat
India, Tata Motors, Mahindra & Mahindra, HM, Behr India, Denso, Bajaj Auto,
Fiat Motors & Eicher Motors.
To maintain two quality standards as per international
norms, the company in the past has been certified with ISO 9002 followed by QS-9000. The company is now
certified and complying with the requirement of ISO /TS 16949: 2002. Subject adopts tools such as QCDD i.e Zero defect quality, competitive cost, just in time delivery
and timely development to achieve total customer satisfaction. It also
emphasizes on QCMS i.e. Quality Chain Management System
to ensure a zero defect quality product.
DETAILS OF GROUP
COMPANIES
|
Name of the
Company – 1 |
SANDEN VIKAS (INDIA) PRIVATE LIMITED |
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|
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|
Office + Factory |
Plot no. 65, sector 27 A, Faridabad, Haryana – 121001 |
|
Phone: |
91-129-4196000 |
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Fax: |
91-129-4196196 |
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E-Mail: |
|
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Website: |
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Service Center
Phone: |
91-129-419070, 4196071 |
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Fax: |
91-129-4196196 |
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E-Mail: |
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CIN |
U45202DL1982PTC014381 |
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Registered on |
23-09-1982 |
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Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 55.000 Millions |
|
Paid up Capital |
Rs. 32.500 Millions |
|
|
|
|
Activities: |
Piston (Wabble Plate), Scroll Compressor. HVAC, An ISO / TS-16949, ISO-14001 |
|
Collaborators |
Sanden Corporation, Japan |
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|
|
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Name of the
Company – 2 |
KENMORE VIKAS (INDIA) PRIVATE LIMITED |
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|
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Office + Factory |
4, 20th Milestone, Mathura Road, Faridabad - 121006, Haryana |
|
Phone: |
91-129-2277677, 2279448, 2279277 |
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Fax |
91-129-4042163 |
|
E – mail |
|
|
Website |
|
|
|
|
|
CIN |
U74899DL1998PTC091512 |
|
Registered on |
05-01-1998 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 20.000 Millions |
|
Paid up Capital |
Rs. 9.950 Millions |
|
|
|
|
Activities: |
Aluminum Receiver dryers, Machined Flanges & Pads, CNC machineing
of compressor mfg. Brackets & clutch parts. An ISO/TS-16949 : 2002 |
|
|
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|
Name of the
Company – 3 |
ECOCAT (INDIA) PRIVATE LIMITED. Formally known as Vikem Metalkat Private Limited |
|
|
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Office + Factory |
Plot no. 4, 20th Milestone, Mathura Road, Faridabad -
121006, Haryana |
|
Phone: |
91-129-4103529-33 |
|
Fax |
91-129-2273501 |
|
E – mail |
|
|
Website |
|
|
|
|
|
CIN |
U74899DL1991PTC044234 |
|
Registered on |
07-05-1991 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 40.000 Millions |
|
Paid up Capital |
Rs. 33.947 Millions |
|
|
|
|
Activities: |
Metalic Substrate Catalytic Convertors, EGR
Coolers & Exhaust Manifold systems ISO/TS-16949: 2002 |
|
Collaborators |
ECOCAT Oy, Finland |
|
|
|
|
Name of the Company
– 4 |
GALLAY INDIA PRIVATE LIMITED |
|
|
|
|
Office + Factory |
Plot No. 49, DLF, Industrial Estate 1, Faridabad – 121003, Haryana -
121001 |
|
Phone: |
91-129- 2272641 / 1061 /7671 / 9448 / 9277 |
|
Fax |
91-129 – 2250819 |
|
E – mail |
|
|
Website |
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|
|
|
|
CIN |
U74899DL1993PTC052660 |
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Registered on |
18-03-1993 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 7.500 Millions |
|
Paid up Capital |
Rs. 7.500 Millions |
|
|
|
|
Activities: |
Sheet Metal and Injection Moulding
Components An ISO 9001 |
|
|
|
|
Name of the
Company – 5 |
LIVVEL PRODUCTS PRIVATE LIMITED |
|
|
|
|
Office + Factory |
Plot No. 63, Sector 27 A, Faridabad – 121003, Haryana – 121001 |
|
Phone: |
91-129 - 4045023, 4045022 |
|
Fax |
91-129 - 2279857 |
|
E – mail |
|
|
Website |
|
|
|
|
|
CIN |
U74899DL1987PTC029261 |
|
Registered on |
18-09-1987 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes capital |
Rs. 2.000 Millions |
|
Paid up Capital |
Rs. 1.750 Millions |
|
|
|
|
Activities: |
Manufacturing of Food products |
|
|
|
|
Name of the
Company – 6 |
RPS VIKAS CASTINGS PRIVATE LIMITED |
|
|
|
|
Office + Factory |
73 / 8, Mathura Road, Village - Mithnol (Aurangabad), Tehsil - Hodal,
Distt. : Faridabad, Haryana |
|
|
|
|
CIN |
U27310DL2004PTC131667 |
|
Registered on |
29-12-2004 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 35.000 Millions |
|
Paid up Capital |
Rs. 19.800 Millions |
|
|
|
|
Activities: |
Iron Casting |
|
|
|
|
Name of the
Company – 7 |
CHEMVIKAS ENGINEERING PRIVATE LIMITED |
|
|
|
|
Office + Factory |
Plot no. 63, Sector 27 A, Faridabad – 121003, Haryana |
|
Phone: |
91-129 – 4043498, 4043499 |
|
Fax |
91-129 – 2279857 |
|
E – mail |
|
|
Website |
|
|
|
|
|
CIN |
U24299DL2003PTC118414 |
|
Registered on |
10-01-2003 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 3.000 Millions |
|
Paid up Capital |
Rs. 1.250 Millions |
|
|
|
|
Activities: |
Manufacturing and marketing of “C-Shine”
and “ Coil Rinse” for cleaning and maintaining the coils of Airconditioners |
|
Joint Venture |
Joint ventures with Chemguard Laboratories , Malaysia |
|
|
|
|
Name of the
Company – 8 |
AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED |
|
|
|
|
Office + Factory
|
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Phone: |
91-11- 42070707 |
|
Fax |
91-11 –25451004 |
|
E – mail |
|
|
Website |
|
|
|
|
|
CIN |
U34300DL1998PTC093446 |
|
Registered on |
28-04-1998 |
|
Registered
office |
12 A, SHIVAJI MARG, NEW DELHI –110015 |
|
Authorizes
capital |
Rs. 10.000 Millions |
|
Paid up Capital |
Rs. 7.500 Millions |
|
|
|
|
Activities: |
General motors Franchisee in New Delhi |
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.39.93 |
|
UK Pound |
1 |
Rs.79.34 |
|
Euro |
1 |
Rs.62.55 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|