MIRA
INFORM REPORT
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Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VCS INDIA PRIVATE LIMITED |
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Formerly Known As : |
VISHWAKARMA COOLING SYSTEM |
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Registered Office : |
B-10, Shrinathji Flats, Nirmal Bunglows, Opp. Baroda Express Way,
Khokhra, Amraiwadi, Ahmedabad – 380 008, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.01.2007 |
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Com. Reg. No.: |
49869 |
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CIN No.: [Company
Identification No.] |
U29299GJ2007PTC049869 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Softy Ice-Cream Machines and Spare Parts. |
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 6005 |
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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 has taken over the running business of erstewhile sole
proprietory concern Vishwakarma Cooling Systems. Trade relations are fair. Business
is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Farookh |
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Designation : |
General Manager |
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Date : |
02.08.2008 |
LOCATIONS
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Registered Office : |
B-10, Shrinathji Flats, Nirmal Bunglows, Opp. Baroda Express Way,
Khokhra, Amraiwadi, Ahmedabad – 380 008, Gujarat, India |
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Tel. No.: |
91-79-25892957/ 25878077 |
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Mobile No.: |
91-9825023410 |
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Fax No.: |
91-79-25892957 |
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E-Mail : |
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Website : |
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Area : |
2400 Sq. ft |
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Location : |
Owned |
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Factory : |
S–5, Ravi Randal Society, Near Jashodanagar Cross Road, CTM, Ahmedabad
– 380 026, Gujarat, India |
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Area : |
15000 Sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Hashmukh Gajjar |
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Designation : |
Director |
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Address : |
B-10, Shrinathji Flats, Nirmal Bunglows, Opp. Baroda Express Way,
Khokhra, Amraiwadi, Ahmedabad – 380 008, Gujarat, India |
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Date of Birth/Age : |
24.05.1986 |
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Qualification : |
Mech. Engg. |
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Name : |
Mr. Narottam Pannara |
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Designation : |
Director |
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Address : |
S–5, Ravi Randal Society, Near Jashodanagar Cross Road, CTM, Ahmedabad
– 380 026, Gujarat, India |
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Date of Birth/Age : |
19.08.1934 |
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Qualification : |
H.S.C. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 24.01.2007
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Names of Shareholders |
No. of Shares |
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Mr. Hashmukh Gajjar |
5000 |
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Mr. Narottam Pannara |
5000 |
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Total |
10000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors. |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Softy Ice-Cream Machines and Spare Parts. |
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Products : |
v
Ripple Softy Ice Cream Machine v
Ripple Softy With Twin Flavour Ice Cream Machine v
Ripple Softy With Thick Shake Machine v
Plane Softy With Thick Shake Machine v
Continuous Ice Cream Freezer In Small Capacity ( 80 Ltr./Hr) |
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Exports : |
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Countries : |
v South Africa v UAE v Turkey v Russia |
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Imports : |
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Countries : |
v USA |
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Terms : |
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Selling : |
Cash, T.T. 100% Advance |
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Purchasing : |
Credit ( 30 days) |
GENERAL
INFORMATION
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No. of Employees : |
Total : 32 ( Office : 12, Factory : 20) |
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Bankers : |
v ICICI Bank Maninagar v HDFC Bank Maninagar v State Bank of India SMECCC Branch, Opp. Gandhidham Railway Station, Ellisbridge, Ahmedabad – 380 009, Gujarat, India |
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Facilities : |
OD – Rs. 1.000 million OD – Rs. 0.400 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Jesalpura and Company Chartered Accountants |
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Address : |
A-4, Joshibag Apartment, Near Navrang School, Six Road, Naranpura,
Ahmedabad – 380 014, Gujarat, India |
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Tel. No.: |
91-9428041255 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
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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10000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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1.097 |
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3] Reserves & Surplus |
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0.004 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.201 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.001 |
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TOTAL |
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1.202 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.049 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.998 |
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Sundry Debtors |
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0.417 |
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Cash & Bank Balances |
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1.221 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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2.636 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.506 |
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Provisions |
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0.002 |
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Total
Current Liabilities |
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1.508 |
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Net Current Assets |
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1.128 |
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MISCELLANEOUS EXPENSES |
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0.024 |
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TOTAL |
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1.202 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.26 |
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Current Ratio (Current Asset/Current Liability) |
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1.75 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Praymin Therate Limited – Chennai
v
Hotel Samrat- Mumbai
v
C – Scopes - Ahmedabad
As Per Website Details
Subject the Company that is constantly moving ahead in the manufacture of Ice Cream machinery, Continuous Freezers, Sundae Counters, Mix Processors and Fast Food Parlor Equipment.
Subject offers one stop solutions starting from layout design, training and recipes, supply of ingredients, staff support, to installation at site and efficient after sales service. In other words they, at subject undertake the project on turkey basis at no extra cost to the clients.
Subject was established and supported by leading professionals in the field of hospitality with more than 15 years experience in the industry in serving its clients, having built an excellent reputation over for quality and reliability in the market by sheer dint of hard work and dedication.
The subject range consists of unique and innovative equipments designed to fulfill the requirements of varied vendors of ice cream, fast food and other processed quick-serve items.
Director’s
Profile
Mr. Hasmukh Gujjar is well
experienced and Qualified, Financially sound, Enjoys Better credit and
reputation in the market.
Subject is having 17 years of experience,
Proven design, unmatched quality, best service, excellent performance, quality
product. “Ensure the best return of the value.
Subject seems to be progressive.
R and D and
Inspection :
VCS's commitment to its products-machineries par excellence is supported
by a sustained R & D programme by which individual machines are configured
to standard specifications and the procedure is regulated and monitored closely
to maintain and effect optimal performance aimed at product life and minimal or
zero replacement of parts.
Customer Care :
VCS does not confirm to what is understood as casual customer care, viz.
no following-up on sales until there is a distress call from the customer.
They, at Vishwakarma Cooling Systems, are constantly in touch with the customer
who has placed his trust in the machine.
In other words, the sales engineers in close co-operation with the
customers' operators are ever at the beck and call, and keep in touch
regularly- even anticipating any confusion or anxiety by calling up
periodically to know if the machines are running as expected.
It is this genuine client servicing that has gained the trust of the
customers who compulsively recommend us to even distant entrepreneurs seeking
quality machinery.
Updating and Constant
Innovation :
One of the pressing
demands of the business is innovation. Changing habits and preferences in food
and consumption of confectionery and ice cream all over the world keeps
changing the type of machinery needed by vendors. More varieties of parlor and
branded products, serving styles, colors and ingredients require changes in
configuration of such machineries.
Never the one remain
obsolescent, VCS is always in
touch with changing trends and anticipate newer ways of OTC presentation of cold
confectionery as dictated by styles that are becoming popular everywhere the
world over.
They, at VCS, assure the potential customers-and all those
who seek to set up top-of-the-line parlors with state-of-the-art machinery- of
the finest products that are reliable, giving optimum performance time and
again, and being the latest and competitive range.
Quality
As a quality driven
company, VCS India constantly
upgrades its technology to keep pace with the latest development and innovations
taking place in its area of interest. Through a sustained R and D programme
each machine is configured to standard specifications and the procedure is
regulated and monitored closely to maintain and effect optimal performance
aimed at product life and minimal or zero replacement of parts. Besides, by
being in constant touch with the clients, the company is not just able to get a
constant feed back about their products but have also gained the trust of their
customers who have recommend them to other companies seeking quality machinery.
The company assures quality product, proven design,
excellent performance and best service.
They are an ISO
certified company.
Exports
Subject is one of the leading
manufacturers and Exporters of ice cream making machines. They are well known
in the local market for the commitment to Quality and Time Schedule. Till now
they have exported the machines to South Africa and UAE.
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 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 :
The 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.
The 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. 42.37 |
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UK Pound |
1 |
Rs. 84.01 |
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Euro |
1 |
Rs. 65.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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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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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
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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, they have no basis upon which to
recommend credit dealings |
No Rating |
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